22-Sep-21

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in

which such distribution would be unlawful

British American Tobacco p.l.c.

Pre-stabilisation Period Announcement

Deutsche Bank AG, London (contact: DCM on 0207-545-4153) hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU 2016 under the Market Abuse Regulation (EU/596/2014).

The Securities:

Issuer:                                                              British American Tobacco p.l.c.

Guarantor (if any):                                            

Aggregate nominal amount:                             TBC

Description:                                                      BAT - EUR PNC5.25 & PNC8 Dual-Tranche Hybrid

Issue/reoffer price:                                            TBC

Other offer terms::                                             TBC

Stabilisation:

Stabilising Manager(s):                                      BofA Securities, Citigroup, Deutsche Bank, Santander

Stabilisation period                                           22-Sep-21

expected to start on:                                          

Stabilisation period                                          

expected to end no later than:                            03-Nov-21

Existence, maximum size and conditions of       The Stabilisation Manager(s) may over‑allot the

use of over‑allotment                                       securities to the extent permitted in accordance

                                                                        with applicable law₈.

Stabilisation trading                                           TBC

In connection with the offer of the above securities, the Stabilisation Manager(s) may

over‑allot the securities or effect transactions with a view to supporting the market price of

the securities during the stabilisation period at a level higher than that which might otherwise

prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun,

may cease at any time9. Any stabilisation action or over‑allotment shall be conducted in

accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or

offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the

Issuer in any jurisdiction.

In addition, if and to the extent that this announcement is communicated in, or the offer of

the securities to which it relates is made in, any EEA Member State that has implemented

Directive 2003/71/EC, as amended (together with any applicable implementing measures in

any Member State, the "Prospectus Directive") before the publication of a prospectus in

relation to the securities which has been approved by the competent authority in that

Member State in accordance with the Prospectus Directive (or which has been approved by a

competent authority in another Member State and notified to the competent authority in that

Member State in accordance with the Prospectus Directive), this announcement and the offer

are only addressed to and directed at persons in that Member State who are qualified

investors within the meaning of the Prospectus Directive (or who are other persons to whom

the offer may lawfully be addressed) and must not be acted on or relied on by other persons

in that Member State11.

This announcement is not an offer of securities for sale into the United States. The securities

have not been, and will not be, registered under the United States Securities Act of 1933 and

may not be offered or sold in the United States absent registration or an exemption from

registration. There will be no public offer of securities in the United States.