英美烟草+2023巴克莱全球必需消费品会议（演示资料）-英-36页

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Classified -Confidential

A Purposeful and Profitable

Pathway to

A Better Tomorrow

Our New Category Journey

Classified -Confidential

The information contained in this presentation in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use at this presentation.

The presentation is not directed to, or intended for distribution to or use by, any person or entity that is acitizen or resident or located in any jurisdiction where such

distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

References in this presentation to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when

denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be.

The information contained in this presentation does not purport to be comprehensive and has not been independently verified.Certain industry and market data contained in

this presentation has come from third party sources.Third party publications, studies and surveys generally state that the data contained therein have been obtained from

sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data.

Forward-looking Statements

This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities.This presentation

contains certain forward-looking statements, including “forward-looking” statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.

These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan,"

"potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions.These include statements regarding our intentions,

beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and

business circumstances occurring from time to time in the countries and markets in which the British American Tobacco Group (the “Group”) operates.

All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors.It is believed that the expectations reflected

in this presentation are reasonable but they may be affected by awide range of variables that could cause actual results to differ materially from those currently anticipated.

In particular, among other statements:certain statements on slides 5, 6, 17,27 and 33.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following:the

impact of competition from illicit trade;the impact of adverse domestic or international legislation and regulation;the inability to develop, commercialise and deliver the

Group's New Categories strategy;adverse litigation and dispute outcomes and the effect of such outcomes on the Group's financial condition;the impact of significant

increases or structural changes in tobacco, nicotine and New Categories related taxes;translational and transactional foreign exchange rate exposure;changes or differences

in domestic or international economic or political conditions;the ability to maintain credit ratings and to fund the business under the current capital structure;the impact of

serious injury, illness or death in the workplace;adverse decisions by domestic or international regulatory bodies;changes in the market position, businesses, financial

condition, results of operations or prospects of the Group; direct or indirect adverse impacts associated with Climate Change and the move towards aCircular Economy; and

Cyber Security caused by the heightened cyber-threat landscape, the increased digital interactions with consumers and changes to regulation

Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.The forward-looking statements reflect

knowledge and information available at the date of preparation of this presentation and BAT undertakes no obligation to update or revise these forward-looking statements,

whether as aresult of new information, future events or otherwise.Readers are cautioned not to place undue reliance on such forward-looking statements.

Important Information

Classified -Confidential

Forward-looking Statements (continued)

Additional information concerning these and other factors can be found in BAT’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Annual Report

on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC’s website, http://www.sec.gov, and BAT’s Annual Reports, which may be

obtained free of charge from the British American Tobacco website www.bat.com.

Additional Information

All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc.(“Reynolds”) are initially prepared on the basis of U.S. GAAP

and constitute the primary financial statements or financial records of the U.S. business/Reynolds.This financial information is then converted to International Financial

Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this

presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds’ primary U.S. GAAP based financial statements and information.

Our Vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain oral products including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the US, are subject to

the Food and Drug Administration (“FDA”) regulation and no reduced-risk claims will be made to these products without agency clearance.

No Profit or Earnings Per Share Forecasts

No statement in this presentation is intended to be aprofit forecast and no statement in this presentation should be interpreted to mean that earnings per share of BAT for the

current or future financial years would necessarily match or exceed the historical published earnings per share of BAT.

Audience

The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers.

BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may

come and any such responsibility or liability is expressly disclaimed.The material in this presentation is not provided for product advertising, promotional or marketing

purposes.This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products.Our products are

sold only in compliance with the laws of the particular jurisdictions in which they are sold.

Important Information

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Classified-ConfidentialAPurposefulandProfitablePathwaytoABetterTomorrowOurNewCategoryJourneyTM1Classified-Confidential2TheinformationcontainedinthispresentationinrelationtoBritishAmericanTobaccop.l.c.(“BAT”)anditssubsidiarieshasbeenpreparedsolelyforuseatthispresentation.Thepresentationisnotdirectedt...

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