BAT Results Presentation Deck

Looking into 2020 › Vapour markets yet to return to previous levels › Modern Oral sales suspension in Russia; Vapour ban in Mexico > First signs of Coronavirus impact BRITISH AMERICAN TOBACCO 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** *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 19

View entire presentation