BAT Results Presentation Deck

Delivering sustainable High Single Figure EPS growth Guidance 3-5% Revenue growth* £5bn New Category Revenue^ in 2023/24 Increased New Category Investment Continued margin growth Cash generation Continued deleveraging 65% Dividend pay-out ratio High Single Figure EPS Growth** › Dynamic New Category regulation > Agile and responsive › Retain flexibility to invest BRITISH AMERICAN TOBACCO *Adjusted, Constant currency basis. See Appendix A1-A2. ^ Adjusted basis. See Appendix A1. Stated at 2019 budget rates. **, *Adjusted diluted earnings per share at constant rate basis. See Appendix A1-A2 18

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