BAT Investor Conference Presentation Deck

Which vary by category Primary drivers c.70% Secondary drivers c.30% 1 IDENTITY 4 5% 16% AFFORDABILITY 8% 23% 14% 35% 2 THP SATISFACTION 15% 11% 8% 20% Vapour 5 FLAVOUR EXPLORATION 30% 18% Modern Oral 6 Drivers of New Category Conversion Source: Company data. * Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. 3 6 REDUCED RISK* 12% 5% BAT A BETTER TOMORROW 17% 9% CONVENIENCE 27% 23% 22

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