BAT Investor Conference Presentation Deck

Delivering shared stakeholder & shareholder value £5bn New Category revenue and profitability by 2025* Beyond Nicotine opportunities 3-5% Group Revenue Growth** High-Single Figure EPS^ growth Medium term outlook BAT A BETTER TOMORROW Cumulative free cash generation c.£40bn*** * Profitability at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. ** At constant rates. See Appendix A2. ^Adjusted diluted constant rate basis. See Appendix A1 & A2. *** Ambition over the next 5 years. Pre dividend payments. See Appendix A1 and A7. 49

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