BAT Investor Presentation Deck

32 In Summary 01 A Multi- Category Portfolio is essential Today's Themes 02 Tobacco Harm Reduction is a journey 03 New Categories are value accretive Delivering Multi- Stakeholder Value BAT = 28 10 Facts 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Most of the harm from smoking is caused by products of combustion, not nicotine 2 Vapour is the biggest contributor to consumer growth and accelerating 6 In general, new adult nicotine consumers don't go on to smoke 9 NCs are already positive at gross margin level in almost all Categories 3 Vapour & THP are equally effective at encouraging smokers to switch 4 Modern Oral will have a critical positive role to play 7 NC penetration correlates inversely to the age cohorts of adult consumers 10 Total nicotine revenue is growing year-on-year with NCS driving value accretion 8 Cigarette consumption is declining with poly-usage High Quality, Sustainable Business Model, Long into the Future BAT BAT A BETTER TOMORROW

View entire presentation