BAT Results Presentation Deck

OPERATING MARGIN: Releasing Funds to Support the Growth Agenda 43.1% 2019 Adjusted Operating Margin 2.2 On an adjusted current rate basis. See Appendix A1. +100bps Operating Margin Growth* Price/mix and Operational Efficiencies +1.0 -0.9 + -0.4 c.£430m New Category Marketing Investment Incremental New Categories Transactional FX BAT 44.1% A BETTER TOMORROW 2020 Adjusted Operating Margin* 26

View entire presentation