BAT Results Presentation Deck

Increasing investment and growing margin +50bps growth v FY18 42.6% 2018 Adjusted Operating Margin 3.9% Changes in underlying business +0.5% -3.0% Incremental New Categories investment impact -0.4% Impact of transactional FX BRITISH AMERICAN TOBACCO 43.1% 2019 Adjusted Operating Margin 32

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