BAT Results Presentation Deck

Strong Group Operating Margin Expansion: Successfully Offsetting Increasing Inflation 43.4 2021 Adjusted Operating Margin 1.2 Price/mix* and Operational Efficiencies (Rest of Business) * See Appendix A4. ** On an adjusted current rate basis. See Appendix A1. +1.5 pts 0.8 +150 bps Margin Improvement** Incremental New Categories (0.6) Transactional FX BAT A BETTER TOMORROW 44.9 2022 Adjusted Operating Margin** 33

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