BAT Investor Conference Presentation Deck

Continued Financial Delivery: confident in our medium-term financial algorithm post-COVID Drivers of cash generation Capital Allocation priorities ✓ Combustible value growth ✓ Working capital efficiencies ✓ Capex = Depreciation* ✓ £1bn Quantum savings 2020-2022 ✓ >90% operating cash flow conversion** ✓ 65% Dividend pay-out ✓ Continued investment in New Categories ✓ Deleverage to between 2-3x Adj net debt / Adj EBITDA^^ Adjusted Depreciation, Amortisation & Impairment of Property, Plant and Equipment and Intangible assets. ** Targeted annually. ^ Pre dividend payments. ^^Adjusted Net Debt to Adjusted EBITDA. BAT A BETTER TOMORROW c.£40bn 5 Year Cumulative Free Cash Flow 45

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