BAT Investor Conference Presentation Deck

A Large, Growing Multi-Category Opportunity 2015 33mn Net Consumers VAPOUR TRAD ORAL THP 2020 -79mn Net Consumers** MODERN ORAL 2025* BAT A BETTER TOMORROW ~123mn Net Consumers** ~£4bn Industry revenue ~£16bn Industry revenue ~£29bn Industry revenue * 2025 estimate based on internal estimates. Industry Incidence Study & BAT internal estimates, excluding India and China. 2015 BAT revenue pre-RAI acquisition in 2017. **Total Non-Combustibles Net Consumers excludes-Poly users. Poly-usage across non-combustible products. *** Non-Combustible consumer definition. See Appendix A2. 15

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