BAT Results Presentation Deck

Good margin expansion: Successfully offsetting increasing NC investment and inflation 43.9% H1'22 Adjusted Operating Margin * On an adjusted current rate basis. See Appendix A1. 0.3 +0.9ppts* New Categories 1.3 Improvement in Traditional business and New Categories contributing to Operating Margin performance in HY23 partly offset by transactional FX (0.7) Rest of the Business Transactional FX BAT A BETTER TOMORROW 44.8% H1'23 Adjusted Operating Margin 35

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