BAT Results Presentation Deck

Committed to dividend growth & 65% pay-out ratio DISCIPLINE c.£650m Capex = Depreciation* Working Capital efficiencies CAPITAL £1bn Quantum savings expected 2020-2022 *Adjusted **Adjusted Net Debt to Adjusted EBITDA ALLOCATION PRIORITIES ● BAT A BETTER TOMORROW Deleverage (Adj Net debt/Adj EBITDA**) Around 3x expected by end 2021 1.5x-2.5x long term corridor Dividend 65% pay-out ratio growth in GBP BAT Ventures; partnerships/small scale M&A 46

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