BAT Results Presentation Deck

2022 Saw an Unprecedented Global Interest Rate Environment Policy rate forecasts % 5 4 2 1 Fed funds target rate ECB deposit rate -Bank of England Bank Rate -1 2015 2016 2017 2018 Source: Oxford Economics/Haver Analytics 2019 2020 2021 2022 Forecast 2023 2024 BAT A BETTER TOMORROW 4.0% BAT average cost of debt 38

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