BAT Results Presentation Deck

Delivering today while investing in the future Margin growth* Investment Strong Cash-Flow De-leveraging on track ✓ Dividend *Adjusted basis See Appendix A1. Source: Company data +50bps £1.9bn free cashflow after dividends £500m incremental marketing investment 0.4 x (constant rates) BRITISH AMERICAN 65% pay-out ratio TOBACCO 21

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