Consensus

BAT invites registered sell-side analysts that monitor BAT's stock, to submit their forecasts to the Vuma Consensus service, an external web-based tool independently managed by Vuma Financial Limited (VUMA), a company independent of BAT.

The consensus figures are an aggregation of publicly available forecasts collated exclusively by VUMA, but only on the basis of information submitted by those analysts who choose to participate. The consensus figure for a particular item represents the arithmetic average of all figures for that item submitted to VUMA by analysts. VUMA has no access to BAT's internal forecasts, budgets or any other information which is not publicly available.

The consensus figures are not based on BAT's own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, BAT. The consensus figures do not necessarily reflect guidance provided from time to time by BAT where given in relation to equivalent metrics, which to the extent available can be found on the BAT website.

By enabling publication of the consensus figures and referencing the same on its website, BAT does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by BAT or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. BAT assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof.

BAT does not accept any liability whatsoever for reliance upon, or actions taken based on, any of the information set out in these consensus figures. The consensus figures are forward-looking and as such are speculative and rely on assumptions and events in the future (some or all of which may not be satisfied or may not occur). The consensus figures do not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Before making an investment decision, a prospective investor should consider its particular investment needs, objectives and financial circumstances, and should seek appropriate professional advice, tailored to the investor's circumstances. Any investment in securities is subject to investment risks.

Following the release of BAT's quarterly results, each of the contributing analysts is asked to submit their estimates to VUMA. The consensus figures therefore represent the estimates of these analysts only (not necessarily being the same analysts that contributed to consensus figures for previous quarters) at the time of publication. Analyst estimates can change significantly from time to time. Any such changes in analysts’ estimates will not be reflected in the consensus figures published on VUMA’s website until BAT invites sell-side analysts to submit their updated forecasts following the release of BAT's next quarterly results.

By clicking on the ‘accept’ button below, you confirm that you understand the nature of these consensus figures as outlined above.