BAT Investor Conference Presentation Deck

vuse With a Clear Pathway to Profitability Improved Trade Margin Reduced Cost of Goods Marketing Spend Effectiveness ■ ■ ■ E-Commerce expansion Subscription sales Channel shift away from high cost vape stores Front margin* already reduced significantly in France and Canada BAT Global deployment of MSE Model (Marketing Spend Effectiveness) A BETTER TOMORROW c. £100m productivity savings delivered in 2020 Design for automation ▪ Further scale benefits * Front margin refers to recommended trade margins based on recommended resale prices, not contingent on performance. ** Across New Categories Vuse migration and global brand benefits ▪ Scale benefits 29

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