BAT Investor Conference Presentation Deck

Continued Financial Delivery: confident in our medium-term financial algorithm post-COVID +3% to +5% Revenue Growth* High Single Figure EPS growth** BAT A BETTER TOMORROW ✓ +2% to +3% Combustibles Revenue Growth* ✓-3% to -4% Duty Paid Industry Cigarette Volume ✓Continued robust price mix*** (7.6% 3 year average) ✓New Category Revenue Growth towards £5bn 2025 target ✓Progressive operating margin ✓ Improving profitability from New Categories ✓ Reducing Net Finance Charge as Leverage reduces ✓Contribution from Associates * On a constant rate basis. See Appendix A2. ** On an adjusted, diluted, constant rate basis. See Appendix A1 & A2. *** Price/Mix definition. See Appendix A4. 44

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