BAT Results Presentation Deck

Cash: On track for another year of strong cash conversion in excess of 90% Further strong cash flow delivery: Continued working capital focus ● ● Cash flow weighted to H2, as normal Well on track to deliver: ● New ways of working releasing cash from business ● Another year of strong operating cash conversion >90%* **** Adj. net debt to adj. EBITDA** expected within our 2-3x corridor H1 Operating Cash Flow Conversion 80% 65%* HT'20 67% H121 77% H122 Impact of US excise deferral * H1 2020 normalised for US excise deferral. ** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1 *** Free Cash Flow before payment of dividends. See Appendix A1 & A7. **** See Appendix A8. BAT A BETTER TOMORROW c.£40bn 5 Year Cumulative Free Cash Flow*** 40

View entire presentation