BAT Results Presentation Deck

1 2 £6.5bn 3 Rewarding shareholders with a growing dividend 1.9 Allocation of free cash flow* 4.6 2019 ■ Dividends £7.3bn 5 2.6 4.7 £7.5bn 6 2.6 4.9 £8.0bn 1.0 2.0 4.9 2022 Making good progress towards middle of 2-3x adj. net debt to adj. EBITDA** €21bn cash returned to shareholders 3.51 * Free cash flow at current rates. See Appendices A1 & A5. ** Adjusted net debt to adjusted EBITDA at current rates. See Appendices A1 & A9. 2019 3.26 2020 2.99 BAT A BETTER TOMORROW 2020 2021 Share buy-back De-leverage & other c. £40bn cumulative free cash flow over next 5 years 2021 2.89 2022 22

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