<SEC-DOCUMENT>0000950157-26-000672.txt : 20260602
<SEC-HEADER>0000950157-26-000672.hdr.sgml : 20260602
<ACCEPTANCE-DATETIME>20260602163326
ACCESSION NUMBER:		0000950157-26-000672
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20260602
FILED AS OF DATE:		20260602
DATE AS OF CHANGE:		20260602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			British American Tobacco p.l.c.
		CENTRAL INDEX KEY:			0001303523
		STANDARD INDUSTRIAL CLASSIFICATION:	CIGARETTES [2111]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38159
		FILM NUMBER:		261056650

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		GLOBE HOUSE
		STREET 2:		4 TEMPLE PLACE
		CITY:			LONDON
		PROVINCE COUNTRY:   	X0
		BUSINESS PHONE:		44-207-845-2000

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		GLOBE HOUSE
		STREET 2:		4 TEMPLE PLACE
		CITY:			LONDON
		PROVINCE COUNTRY:   	X0
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>under the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 2, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-38159&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BRITISH AMERICAN TOBACCO P.L.C.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Globe House</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4 Temple Place</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>London WC2R 2PG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">&#9746;</FONT><FONT STYLE="background-color: white">&#9;</FONT>Form
40-F <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">This report includes materials as exhibits that have been published and made available by British American Tobacco p.l.c. (the &ldquo;Registrant&rdquo;)
as of June 2, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The
information contained in Exhibit 1 to this Form 6-K, except (i) the heading &ldquo;Firmly on track to deliver FY guidance, driven by
continued U.S. delivery and New Category momentum&rdquo;, the reference to &ldquo;; now expect mid-teens revenue growth for H1 and
FY 2026&rdquo; in the first bullet point, the reference to &ldquo;and category contribution&rdquo; (and the related endnote) in the
second bullet point, the third bullet point (and the related endnote), the sixth
bullet point (and the related endnote), the seventh bullet point (and the related endnote), the reference to &ldquo;: 3-5% revenue,
4-6% APFO and 5-8% diluted adjusted EPS growth, with 2026 performance still expected at the lower end of these ranges&rdquo; (and
the related endnotes) in the penultimate bullet point and the reference to &ldquo;; on track to reduce leverage to within 2-2.5x by
year-end&rdquo; (and the related endnote) in the last bullet point, (ii) the first sentence of the first paragraph, the reference to
&ldquo;and we now expect to deliver mid-teens for 2026&rdquo; in the first sentence of the third paragraph and the last paragraph
(and the related endnote) under the heading &ldquo;Tadeu Marroco, Chief Executive&rdquo;, (iii) (x) the reference to &ldquo;, now
expecting mid-teens revenue growth in H1 and FY26&rdquo; in the heading &ldquo;2. Accelerating New Category performance, now
expecting mid-teens revenue growth in H1 and FY26&rdquo;, (y) the last bullet point under the heading &ldquo;2.2 Vuse: Extending
global value share leadership; Strong U.S. financial performance&rdquo; and (z) the first bullet point (and the related endnote) and
the reference to &ldquo;We expect to be within our 2.0-2.5x adjusted net debt/adjusted EBITDA target range by year-end, while
maintaining a&rdquo; (and the related endnote) in the last bullet point under the heading &ldquo;3. Continued strong cash delivery,
and balanced capital allocation&rdquo;, (iv) the bullet points (and the related endnotes) under the heading &ldquo;Technical
guidance for FY26:&rdquo; (except for the first bullet point), (v) the heading &ldquo;Webcast and Conference call - The conference
call will begin at 8.30am (BST)&rdquo; and the three paragraphs thereunder, (vi) the paragraph under the heading &ldquo;Market share
data YTD March 2026 average share growth vs. FY25 average, unless otherwise stated&rdquo;, (vii) the heading &ldquo;H1 2025 Analysis
of adjusted profit from operations and diluted earnings per share by segment&rdquo; and the table and notes thereunder, (viii) the
second paragraph under the heading &ldquo;Note on Non-GAAP Measures&rdquo; and (ix) prong (i), prong (ii) and prong (iv) in the third sentence of the second paragraph under the heading
&ldquo;Forward looking statements&rdquo; is incorporated by reference into the Form S-8 Registration Statements File Nos.
333-223678, 333-219440, 333-237186, 333-285085 and 333-289164 of the Registrant and into the Form F-3 Registration Statement File
Nos. 333-288448, 333-288448-01, 333-288448-02, 333-288448-03, 333-288448-04 and 333-288448-05 of the Registrant, British American
Tobacco Holdings (The Netherlands) B.V., B.A.T Capital Corporation, B.A.T. Netherlands Finance B.V., Reynolds American Inc. and
B.A.T. International Finance p.l.c., and related Prospectuses, as such Registration Statements and Prospectuses may be amended from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 83%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="ex-1.htm">Exhibit&nbsp;1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom"></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><A HREF="ex-1.htm">Press Release entitled &ldquo;Firmly on track to deliver FY guidance, driven by continued U.S. delivery and New Category momentum&rdquo; dated June 2, 2026.</A></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">British American Tobacco p.l.c.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Nancy Jiang </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 31%"><FONT STYLE="font-size: 10pt">Nancy Jiang </FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Assistant Company Secretary </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Date: June 2, 2026</P>



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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex-1.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit 1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #333333"><B><IMG SRC="image_001.jpg" ALT="" STYLE="height: 75px; width: 179px"></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2
June 2026</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B0F0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Firmly
on track to deliver FY guidance, driven by continued U.S. delivery and New Category momentum</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B0F0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accelerating
                                            New Category revenue growth led by Modern Oral and Vapour; now expect mid-teens revenue growth
                                            for H1 and FY 2026</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Velo
                                            continues to deliver excellent revenue and category contribution<SUP>1</SUP> growth globally</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                         </TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Strong
                                            U.S. revenue and profit<SUP>2</SUP> growth, driven by combustibles, Modern Oral and Vapour,
                                            with performance expected to be skewed to H1 as we lap a stronger H2 comparator</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Resilient
                                            delivery in AME, with performance expected to accelerate in H2, driven by targeted commercial
                                            actions and the further roll-out of New Category innovations</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Stabilising
                                            performance in APMEA through the year, with sequential improvement in H1 vs. H2 2025</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Further
                                            improvement in New Category contribution<SUP>1</SUP>, driven by Modern Oral and Vapour</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                   </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">H2
                                            weighted Group profit<SUP>3</SUP> delivery, driven by stabilising our performance in APMEA
                                            and the increasing realisation of Fit2Win savings through the year</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Confident
                                            in sustainably delivering our mid-term algorithm: 3-5% revenue, 4-6% APFO<SUP>3</SUP> and
                                            5-8% adjusted diluted EPS<SUP>3</SUP> growth, with 2026 performance still expected at the
                                            lower end of these ranges</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Strong
                                            cash generation, with balanced capital allocation; on track to reduce leverage<SUP>4</SUP>
                                            to within 2-2.5x by year-end, alongside a progressive dividend and sustainable share buy-backs,
                                            with &pound;1.3bn in 2026</FONT></TD></TR>
                                                                                      </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tadeu
Marroco, Chief Executive</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;I am
pleased that our full-year delivery remains firmly on track. We are continuing to drive good momentum, and are confident in our ability
to sustainably deliver our mid-term algorithm and strong cash returns for shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the U.S.,
our robust delivery is driven by combustibles, Vapour and an excellent Modern Oral performance. The strength of our multi-category portfolio
and enhanced commercial execution in the world&rsquo;s largest nicotine value pool reinforces our confidence in future delivery. We welcome
the FDA&rsquo;s recent prioritisation guidance as an important step toward effective enforcement and expanding market access for responsible
products, and we are actively preparing our future Modern Oral and Vapour portfolio for market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In New Categories,
revenue growth is accelerating and we now expect to deliver mid-teens for 2026. We continue to prioritise investment in our most profitable
value pools, driving strong contribution growth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Velo continues
its excellent performance across all three regions. We further extended our global category volume share leadership<SUP>5</SUP> in Modern
Oral, the fastest growing New Category with the lowest risk<SUP>*&dagger;</SUP> profile, relative to cigarettes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In Vapour,
I am encouraged by improving performance in the U.S., the world&rsquo;s largest vapour market, while continuing to build a premium segment
with Vuse Ultra in other key markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In Heated
Products, we have proactively streamlined our commercial footprint to drive further scale in glo Hilo in priority markets, while also
initiating a platform reset with Hyper Pro Plus in the value segment. We expect H2 share performance improvement, despite financial delivery
being adversely impacted by material inventory movements in Japan alongside significant competitive intensity in the value segment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are closely
monitoring developments in the Middle East. While there is no significant impact on the Group at this time, the broader macroeconomic
and geopolitical backdrop is dynamic, increasing the risk of volatility in consumer sentiment should uncertainty persist.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
are making good progress towards our year</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-<FONT STYLE="font-size: 10pt">end
target leverage<SUP>4</SUP> range of 2.0&ndash;2.5x and remain committed to delivering sustainable shareholder value through robust cash
returns.&rdquo;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Our outlook
is underpinned by the following key areas where we have continued to make progress:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1. Combustibles:
Resilient financial delivery supported by robust pricing YTD</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Group
                                            value share in top markets<SUP>6</SUP> -20bps, volume share -30bps</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Continued
                                            momentum in U.S. revenue and profit<SUP>2</SUP> growth; share: -20bps value, -80bps volume,
                                            driven by heightened competitive activity mainly in deep discount (-20bps volume excl. deep
                                            discount)</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Resilient
                                            AME financial delivery led by Brazil and T&uuml;rkiye; share: -20bps value, +10bps volume</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
                                            APMEA, while progress has been slower than anticipated in H1, we expect a sequential improvement
                                            vs. H2 2025, and our performance to stabilise through the year; share: -30bps value, -30bps
                                            volume</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                   </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2. Accelerating
New Category performance, now expecting mid-teens revenue growth in H1 and FY26</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.1 Velo:
Continued strong growth and share gains globally; Further extending category leadership</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Volume
                                            share +5.7pts of Total Oral and +7.4pts of Modern Oral in top markets<SUP>5</SUP></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Strong
                                            double-digit revenue growth, driven by industry growth and share gains</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                   </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Velo
                                            Plus is delivering excellent results in the U.S., driving total volume share of Modern Oral
                                            +10.4pts, expect strong financial performance in H1 and FY</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Continued
                                            share leadership in AME, over-indexing on value share, with strong financial performance</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.2 Vuse:
Extending global value share leadership; Strong U.S. financial performance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Global
                                            value share in top markets<SUP>7</SUP> +1.3pts, with continued global leadership in tracked
                                            channels</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Strong
                                            U.S. financial performance in H1 and FY, value share +4.2pts</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AME
                                            value share -1.5pts, while maintaining value share leadership in Europe; financial delivery
                                            impacted by regulatory changes in the UK and Poland</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                <TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expect
                                            mid-single digit revenue growth in H1 and FY driven by the U.S.</FONT></TD></TR>
                                                                                                                </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.3 glo:
Innovation led share performance improvement expected in H2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Volume
                                            share in top markets<SUP>8</SUP> -1.6pts, AME -0.7pts, APMEA -2.1pts, reflecting heightened
                                            competition in value segment</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Continued
                                            premium share<SUP>9</SUP> progress, with glo Hilo across key markets: 2.6% (Japan), 8.8%
                                            (Poland) and 1.5% (Italy) and encouraging results in new launch markets, Romania and Greece</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                        </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Strengthening
                                            our value offer with Hyper Pro Plus launches in Q2 in Italy, Romania and Greece</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expect
                                            low double-digit revenue decline in H1 and FY, driven by material inventory movements in
                                            Japan, and competitive intensity in the value segment</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Improving
                                            volume share performance in H2 with glo Hilo scale and phased Hyper Pro Plus roll-outs</FONT></TD></TR>
                                                                                                                  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3. Continued
strong cash delivery, and balanced capital allocation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
                                            track to deliver operating cash flow conversion<SUP>10</SUP> in excess of 95% in FY26</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
                                            expect to be within our 2.0-2.5x adjusted net debt/adjusted EBITDA target range<SUP>4</SUP>
                                            by year-end, while maintaining a progressive dividend and sustainable share buy-backs, with
                                            &pound;1.3bn in 2026</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00B0F0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Technical
guidance for FY26:</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00B0F0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Global
                                            cigarette industry volume expected to be down c.2.5% (previously c.2%)</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                   </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lower
                                            end of our medium-term guidance ranges:</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3-5%
                                            revenue growth, mid-teens (previously low double-digit) New Category revenue growth</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4-6%
                                            adjusted profit from operations<SUP>3</SUP> growth &ndash; H2 weighted</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                   </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expected
                                            c.1% transactional FX<SUP>11</SUP> headwind</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                        </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5-8%
                                            adjusted diluted EPS<SUP>3</SUP> growth</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Translational
                                            FX<SUP>11</SUP> headwind of 2-3% on half-year and full-year adjusted diluted EPS growth</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
                                            finance costs<SUP>3</SUP> of c.&pound;1.75bn, (previously &pound;1.8bn) subject to interest
                                            rate volatility</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
                                            cash flow conversion<SUP>10</SUP> in excess of 95%, gross capital expenditure of c.&pound;750m</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                                           </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leverage<SUP>4</SUP>
                                            within our 2.0-2.5x adjusted net debt/adjusted EBITDA target corridor by year end</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
                                                                                                                                              </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For further
information, please contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #333333"><B>Media
Centre</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #333333">+44
(0) 20 7845 2888 (24 hours) |&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #00B1EB"><U>press_office@bat.com</U></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #333333">|&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #00B1EB"><U>@BATplc</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #00B1EB">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #333333"><B>Investor
Relations </B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
<FONT STYLE="color: #00B1EB"><U>ir_team@bat.com</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Victoria Buxton:
+44 (0)20 7845 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amy Chamberlain:
+44 (0)20 7845 1124</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Harney:
+44 (0)20 7845 1263</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Webcast
and Conference call - The conference call will begin at 8.30am (BST)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #262626">You
can access the audio webcast via our website. You can also listen via conference call by dialling the numbers below. Q</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uote
the <B>password &lsquo;BAT &ndash; First Half Pre-Close&rsquo;</B> when prompted by the operator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">UK Toll-Free:
0808 109 0700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">UK-Toll: +44
(0) 33 0551 0200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South Africa
Toll-Free: 0800 980 512</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">USA Toll-Free:
866 580 3963</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">USA Toll:
+1 786 697 3501</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>A playback
facility for the conference call will be available online via: <FONT STYLE="color: #00B1EB"><U>www.bat.com</U></FONT>.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Financial
guidance and trading update expectations based on constant rates: </I></B>Measures are calculated based on the prior year&rsquo;s exchange
rate, removing the potentially distorting effect of translational foreign exchange on the Group&rsquo;s results. The Group does not adjust
for normal transactional gains or losses in profit from operations which are generated by exchange rate movements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Market
share data YTD March 2026 average share growth v</I>s. <I>FY25 average, unless otherwise stated.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
announcement also contains New Category contribution, adjusted profit from operations, adjusted EBITDA, adjusted diluted earnings per
share, adjusted net debt, adjusted net finance costs and adjusted profit attributable to shareholders, all of which are before the impact
of adjusting items and which are reconciled from profit from operations, borrowings, net finance costs and profit attributable to shareholders.
See &ldquo;Note on Non-GAAP Measures&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1 </SUP><B>New
Category profitability at category contribution level:</B> Profit from operations before the impact of adjusting items and translational
foreign exchange, having allocated costs that are directly attributable to New Categories.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2 </SUP><B>Adjusted
Profit from Operations:</B> Profit from operations before the impact of adjusting items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3 </SUP><B>Adjusted
Profit from Operations (adjusted for Canada):</B> Profit from operations before the impact of adjusting items on an &ldquo;adjusted for
Canada&rdquo; basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net finance
costs (adjusted for Canada)</B>: Also presented on an &ldquo;adjusted for Canada&rdquo; basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
diluted EPS (adjusted for Canada): </B>Diluted earnings per share before the impact of adjusting items and the performance of Canada
(where applicable, and excluding New Categories), presented at the prior year&rsquo;s rate of exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
for Canada: </B>Certain adjusted measures, including adjusted profit from operations, category contribution, net finance costs, adjusted
diluted earnings per share, leverage and adjusted EBITDA, are also presented on an &ldquo;adjusted for Canada&rdquo; basis, reflecting
the removal of 100% of adjusted profit from operations of our Canadian business, excluding New Categories, from 2025 results and 85%
from 2026 results, to remove the distorting effect of the Canadian results, as from 29 August 2025, the date all of the Group&rsquo;s
outstanding tobacco litigation in Canada was settled. Annual payments based on a percentage (initially 85%, reducing over time) of the
Group&rsquo;s net income after taxes, based on amounts generated in Canada from all sources, excluding New Categories, will be paid out
by the Group until the aggregate settlement amount is paid.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP>
<B>Leverage</B> refers to the ratio of adjusted net debt to adjusted EBITDA, excluding cash and investments held at fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
net debt</B> is not a measure defined by IFRS. Adjusted net debt is total borrowings, including related derivatives, less cash and cash
equivalents and current investments held at fair value, excluding the impact of the revaluation of Reynolds American Inc. acquired debt
arising as part of the purchase price allocation process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
EBITDA</B> is not a measure defined by IFRS. Adjusted EBITDA is profit for the year before net finance costs/income, taxation on ordinary
activities, depreciation, amortisation, impairment costs, the Group&rsquo;s share of post-tax results of associates and joint ventures,
and other adjusting items, on an &ldquo;adjusted for Canada&rdquo; basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5</SUP>
<B>Top Modern Oral markets:</B> U.S. &ndash; Circana Non-Syndicated RSD, Sweden &ndash; NielsenIQ, Denmark &ndash; NielsenIQ, Norway
&ndash; NielsenIQ, Switzerland &ndash; IMS, the UK &ndash; NielsenIQ, Poland &ndash; NielsenIQ. These seven markets account for c.90%
of total industry Modern Oral revenue in 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>6</SUP>
<B>Top Cigarette markets:</B> U.S. &ndash; Circana Non-Syndicated RSD, Germany &ndash; NielsenIQ, Japan &ndash; CVS, Romania &ndash;
NielsenIQ, Brazil &ndash; Scanntech, Mexico &ndash; NielsenIQ, Pakistan &ndash; Access Retail. These seven markets account for c.50%
of cigarette industry revenue in 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>7</SUP>
<B>Top Vapour markets:</B> U.S. &ndash; Circana Non-Syndicated RSD, Canada &ndash; Scan Data, the UK &ndash; NielsenIQ, France &ndash;
Logista RA, Germany &ndash; NielsenIQ, Spain &ndash; Logista RA. These six markets account for c.70% of rechargeable closed systems consumables
and disposables industry revenue in tracked channels in 2025.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>8</SUP>
<B>Top HP markets:</B> Japan &ndash; CVS-BC, South Korea &ndash; CVS, Italy &ndash; NielsenIQ, Germany &ndash; NielsenIQ, Greece &ndash;
NielsenIQ, Poland &ndash; NielsenIQ, Romania &ndash; NielsenIQ, the Czech Republic &ndash; NielsenIQ, Portugal &ndash; Logista RA, Spain
&ndash; Logista RA. These ten markets account for c.80% of total industry HP revenue in 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>9 </SUP><B>Premium
share</B> refers to share of premium/above weighted average price segment in referenced markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>10</SUP>
<B>Operating Cash Conversion:</B> Net cash generated from operating activities before the impact of adjusting items and dividends from
associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion
of adjusted profit from operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>11
</SUP>Based on current exchange rates of USD/GBP 1.34795 as at 29 May 2026.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>*</SUP>
Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP>
Products sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and no reduced-risk claims
will be made as to these products without agency clearance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Share growth
refers to volume share for HP and Modern Oral and value share for Vapour. As used herein, volume share refers to the estimated retail
sales volume of the product sold as a proportion of total estimated retail sales volume in that category and value share refers to the
estimated retail sales value of the product sold as a proportion of total estimated retail sales value (rechargeable closed systems consumables
and disposables) in that category. Please refer to the 2025 Annual Report on Form 20-F for a full description of these measures, on pages
23 and 24. Industry and global revenue refer to the total industry revenue in the markets in which we are present.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New Categories
comprises Heated Products (HP), Vapour and Modern Oral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B1EB"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>H1
2025 Analysis of adjusted profit from operations and diluted earnings per share by segment</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Six
    months ended 30 June 2025</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Group
    Reported</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Adj
    Items<SUP>*</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Adjusted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Adj
    for Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>As
    adjusted for Canada</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(32,49,93) 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>&pound;m</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>&pound;m</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>&pound;m</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>&pound;m</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>&pound;m</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 44%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Profit
    from Operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">U.S.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>2,255</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>808</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>3,036</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>3,063</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">AME</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>1,969</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(495)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>1,474</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(154)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>1,320</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">APMEA</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>845</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>857</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>857</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Total
    Region</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>5,069</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>325</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>5,394</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(154)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>5,240</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Net finance
    costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(969)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>98</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(871)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(42)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(913)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Associates
    and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>1,474</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(1,242)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>232</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>232</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Profit
    before tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>5,574</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(819)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>4,755</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(196)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>4,559</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Taxation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(1,009)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(95)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(1,104)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>51</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(1,053)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Non-controlling
    interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(53)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(56)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(56)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Coupons
    relating to hybrid bonds net of tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(22)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(22)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(22)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Profit
    attributable to shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>4,490</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(917)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>3,573</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>(145)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>3,428</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63">Diluted
    number of shares (m)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>2,205</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; background-color: #EBEBEB"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>2,205</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; background-color: #EBEBEB"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>2,205</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>Diluted
    earnings per share (pence)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>203.6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; background-color: #EBEBEB"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>162.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; background-color: #EBEBEB"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #20315D 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0E2B63"><B>155.5</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; color: #0E2B63"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Notes
to the analysis of profit from operations above:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.5pt; color: #0E2B63"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*
Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B1EB"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Note on
Non-GAAP Measures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This announcement
contains several forward-looking non-GAAP measures used by management to monitor the Group&rsquo;s performance. For the non-GAAP information
contained in this announcement, no comparable GAAP or IFRS information is available on a forward-looking basis and our forward-looking
revenue and other components of the Group&rsquo;s results, including adjusting items, cannot be estimated with reasonable certainty due
to, among other things, the impact of foreign exchange and adjusting items, which could be significant, being highly variable. As such,
no reconciliations for this forward-looking non-GAAP information are available and we are unable to: present revenue before presenting
constant currency revenue&#894; or present profit from operations before presenting adjusted profit from operations at constant rates
as adjusted for Canada; or present diluted EPS before presenting adjusted EPS at constant rates as adjusted for Canada; or present profit/(loss)
for the year before presenting adjusted EBITDA at constant rates as adjusted for Canada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">One non-GAAP
measure which the Group uses and that is contained in this announcement is operating cash conversion, a non-GAAP measure defined as net
cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans
to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations.
This announcement also contains New Category contribution, adjusted profit from operations, adjusted diluted earnings per share, adjusted
EBITDA, adjusted net debt and adjusted net finance costs, all of which are before the impact of adjusting items and which are reconciled
from profit from operations, diluted earnings per share, profit / (loss) for the year, net debt and borrowings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusting
items, as identified in accordance with the Group&rsquo;s accounting policies, represent certain items of income and expense which the
Group considers distinctive based on their size, nature or incidence. These include significant items in, profit from operations, net
finance costs, taxation and the Group&rsquo;s share of the post-tax results of associates and joint ventures which individually or, if
of a similar type, in aggregate, are relevant to an understanding of the Group&rsquo;s underlying financial performance. Although the
Group does not believe that these measures are a substitute for IFRS measures, the Group does believe such results excluding the impact
of adjusting items provide additional useful information to investors regarding the underlying performance of the business on a comparable
basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Group&rsquo;s
Management Board reviews a number of our IFRS and non-GAAP measures for the Group and its geographic segments at constant rates of exchange.
This allows comparison of the Group&rsquo;s results, had they been translated at the previous year&rsquo;s average rates of exchange.
The Group does not adjust for the normal transactional gains and losses in operations that are generated by exchange movements. Although
the Group does not believe that these measures are a substitute for IFRS measures, the Group does believe that such results excluding
the impact of currency fluctuations year-on-year provide additional useful information to investors regarding the operating performance
on a local currency basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Group&rsquo;s
Management Board regularly reviews the measures used to assess and present the financial performance of the Group and, as relevant, its
geographic segments, and believes that these measures provide additional useful information to investors. Certain of our measures are
presented based on an adjusted basis and on a constant currency basis. Please refer to the 2025 Annual Report on Form 20-F for a full
description of each measure alongside non-financial measures, pages 23 to 24, 42 to 48, 71 to 75, 102 to 109 and 160 to 162.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forward
looking statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">References
in this announcement to &lsquo;BAT&rsquo;, &lsquo;Group&rsquo;, &lsquo;we&rsquo;, &lsquo;us&rsquo; and &lsquo;our&rsquo; when denoting
opinion refer to British American Tobacco p.l.c. (BAT PLC) and when denoting business activity refer to BAT Group operating companies,
collectively or individually as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This announcement
does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT PLC shares or other securities.
This announcement contains certain forward-looking statements, including &ldquo;forward-looking&rdquo; 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 &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;will,&rdquo; &ldquo;confident in&rdquo;,
&ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;positioned,&rdquo; &ldquo;strategy,&rdquo; &ldquo;outlook&rdquo;,
&ldquo;target&rdquo; and similar expressions. In particular, these forward-looking statements include statements regarding (i) the Group&rsquo;s
expectations with respect to growth of revenue and adjusted profit from operations in H1, H2 and FY 2026 at the Group, segment and category
levels, (ii) the Group&rsquo;s expectations with respect to New Category revenue in H1, H2 and FY 2026, (iii) the Group&rsquo;s expectations
to deliver on the mid-term algorithm in 2026, (iv) the Group&rsquo;s expectations with respect to Vuse revenue in H1 and FY 2026, (v)
statements under the heading &ldquo;Continued strong cash delivery, and balanced capital allocation&rdquo;, (vi) statements regarding
strong cash returns, (vii) statements regarding the progressive dividend and sustainable share buy-back, including &pound;1.3bn in 2026
and (viii) statements under the heading &ldquo;Technical guidance for FY26&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Group operates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 announcement are reasonable, but they may be affected by a wide range of variables that could cause actual results
and performance to differ materially from those currently anticipated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 increased competition from illicit trade and illegal products; changes or differences in domestic
or international economic or political conditions; the impact of adverse domestic or international legislation and regulation of tobacco,
New Categories and other regulation; the impact of supply chain disruptions; adverse litigation and external investigations and dispute
outcomes and the effect of such outcomes on the Group&rsquo;s financial condition; the impact of significant increases or structural
changes in tobacco, nicotine and New Categories related taxes; the inability to develop, commercialise and deliver the Group&rsquo;s
New Categories strategy; adverse decisions by domestic or international regulatory bodies, including disputed taxes, interest and penalties;
the impact of serious injury, illness or death in the workplace and those who work with the business; the ability to maintain credit
ratings and to fund the business under the current capital structure; translational and transactional foreign exchange rate exposure;
direct and indirect adverse impacts associated with climate change (both physical and transition); the ability to deliver a viable circular
business model in response to global demand, combined with increasing regulatory, stakeholder and consumer pressure; and the Group&rsquo;s
ability to defend against Cyber &amp; Digital actions that result in loss of confidentiality, availability or integrity of systems and
data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 30px; width: 795px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 announcement and BAT undertakes no obligation to update
or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned
not to place undue reliance on such forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No statement
in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings
per share of BAT PLC for the current or future financial years would necessarily match or exceed the historical published earnings per
share of BAT PLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional
information concerning these, and other factors can be found in BAT PLC filings with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;),
including the 2025 Annual Report on Form 20-F, filed on 13 February 2026, and Current Reports on Form 6-K, which may be obtained free
of charge at the SEC&rsquo;s website, http://www.sec.gov and BAT&rsquo;s website, http://www.bat.com.&nbsp;</FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
