6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

March 8, 2022

Commission File Number: 001-38159

BRITISH AMERICAN TOBACCO P.L.C.

(Translation of registrant’s name into English)

Globe House

4 Temple Place

London WC2R 2PG

United Kingdom
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒  Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This report includes materials as exhibits that have been published and made available by British American Tobacco p.l.c. as of March 8, 2022.

EXHIBIT INDEX

Exhibit	Description
Exhibit 1	Press Release entitled “Transaction in own shares” dated March 8, 2022.
Exhibit 2	Press Release entitled “Annual Report for the Year Ended 31 December 2021” dated March 8, 2022.

  

SIGNATURES

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.

British American Tobacco p.l.c.
By:	/s/ Oliver Martin
	Name:	Oliver Martin
	Title:	Assistant Secretary

Date:  March 8, 2022

EX-1

Exhibit 1

British American Tobacco p.l.c.

08 March 2022

TRANSACTION IN OWN SHARES

British American Tobacco p.l.c. (the “Company”) announces that in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 28 April 2021 it purchased the following number of its ordinary shares of 25 pence each (“shares”) from UBS AG as part of its buyback programme announced on 11 February 2022:

Date of purchase:	07 March 2022
Number of ordinary shares of 25 pence each purchased:	350,000
Highest price paid per share (pence):	3031.00
Lowest price paid per share (pence):	2915.50
Volume weighted average price paid per share (pence):	2976.7860

The Company intends to hold the purchased shares in Treasury. Following the purchase of these shares, the Company holds 167,240,718 of its shares in Treasury. The Company has 2,289,381,289 ordinary shares in issue (excluding Treasury shares).

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 as it applies in the UK, a schedule of individual trades carried out by UBS AG on 07 March 2022 is set out below.

Enquiries:

Investor Relations

British American Tobacco Investor Relations

Mike Nightingale / Victoria Buxton / William Houston / John Harney

+44 (0) 20 7845 1180 / 2012 / 1138 / 1263 

Schedule of purchases - aggregate information

Issuer name	ISIN Code	Transaction date	Daily total volume (in number of shares)	Daily weighted average price of shares acquired	Platform
British American Tobacco p.l.c.	GB0002875804	07/03/2022	260,000	2,975.7050	LSE
British American Tobacco p.l.c.	GB0002875804	07/03/2022	50,000	2,980.0337	CHIX
British American Tobacco p.l.c.	GB0002875804	07/03/2022	40,000	2,979.7535	BATE

Schedule of purchases - individual transactions

Number of shares purchased	Transaction price (per share)	Market	Time of transaction
Quantity	Price	Market	Execution Time
77	2998.000	BATE	16:25:01
105	2997.500	CHIX	16:25:00
637	2998.000	LSE	16:24:54
49	2998.000	LSE	16:24:54
99	2998.500	LSE	16:24:46
88	2999.500	BATE	16:24:38
7	2999.500	BATE	16:24:32
19	2999.500	BATE	16:24:32
87	2999.500	CHIX	16:24:28
377	3000.000	LSE	16:24:28
404	3000.000	LSE	16:24:28
97	2999.500	CHIX	16:24:05
123	2999.500	BATE	16:24:01
94	2999.500	CHIX	16:23:50
645	2998.500	LSE	16:23:48
83	2999.500	CHIX	16:23:38
103	3000.000	BATE	16:23:28
680	3001.000	LSE	16:23:28
86	3001.000	CHIX	16:23:28
30	3001.000	CHIX	16:23:28
135	3001.000	BATE	16:23:28
258	3001.500	LSE	16:23:26
258	3001.500	LSE	16:23:26
4	3001.500	LSE	16:23:26
100	3001.500	BATE	16:22:53
18	3001.500	BATE	16:22:53
60	3001.500	LSE	16:22:53
668	3001.500	LSE	16:22:53
65	3002.000	CHIX	16:22:52
28	3002.000	CHIX	16:22:52
194	3002.000	LSE	16:22:51
103	3001.500	CHIX	16:22:44
108	3000.500	BATE	16:22:05
664	3000.500	LSE	16:22:05
95	3001.500	CHIX	16:21:58
27	3001.500	CHIX	16:21:58
107	3001.000	BATE	16:21:37
667	3000.500	LSE	16:21:14
694	3001.000	LSE	16:21:14
123	3001.500	BATE	16:21:12
91	3001.500	CHIX	16:21:12
95	3001.500	CHIX	16:21:12

85	3001.000	CHIX	16:20:52
32	3000.000	CHIX	16:20:41
95	2999.500	CHIX	16:20:05
788	2999.500	LSE	16:20:05
108	2999.500	BATE	16:20:05
17	3000.500	BATE	16:19:56
107	3000.500	BATE	16:19:56
97	2999.500	CHIX	16:19:40
19	3001.500	BATE	16:19:24
26	3001.500	CHIX	16:19:24
47	3001.500	CHIX	16:19:23
60	3001.500	BATE	16:19:15
95	3001.500	LSE	16:19:01
362	3001.500	LSE	16:19:01
336	3001.500	LSE	16:19:01
32	3001.500	CHIX	16:19:01
53	3001.500	CHIX	16:19:01
41	3001.500	BATE	16:19:01
61	3001.500	BATE	16:19:01
83	3001.500	CHIX	16:18:10
82	3003.000	CHIX	16:18:00
782	3003.000	LSE	16:18:00
120	3001.500	BATE	16:17:30
91	3001.500	CHIX	16:17:21
688	3001.500	LSE	16:17:21
47	3001.500	LSE	16:17:21
123	3002.000	BATE	16:17:15
39	3002.000	BATE	16:17:02
71	3001.000	CHIX	16:16:39
25	3001.000	CHIX	16:16:39
713	3000.500	LSE	16:16:26
43	3001.000	CHIX	16:16:22
89	3001.000	CHIX	16:16:21
92	3001.000	CHIX	16:16:06
60	3000.000	BATE	16:15:44
54	3000.000	BATE	16:15:44
43	2999.500	LSE	16:15:44
641	2999.500	LSE	16:15:44
165	3000.000	BATE	16:15:27
81	3000.000	CHIX	16:15:23
140	2999.500	LSE	16:15:11
550	2999.500	LSE	16:15:11
7	3000.500	CHIX	16:14:28
20	3000.500	CHIX	16:14:28
38	3000.500	CHIX	16:14:28
32	3000.000	CHIX	16:14:28
17	3000.500	CHIX	16:14:22

98	3000.000	CHIX	16:14:15
743	3000.000	LSE	16:14:15
4	3000.500	CHIX	16:14:12
19	3000.000	CHIX	16:13:59
110	2999.500	BATE	16:13:48
99	3000.500	CHIX	16:13:37
24	3001.000	CHIX	16:13:31
448	3000.000	LSE	16:12:58
279	3000.000	LSE	16:12:58
650	3000.000	LSE	16:12:58
124	3000.500	BATE	16:12:58
84	3000.500	CHIX	16:12:58
115	3000.500	BATE	16:12:58
91	2999.000	CHIX	16:12:25
92	2999.500	CHIX	16:12:06
19	2999.500	CHIX	16:11:40
28	2998.000	CHIX	16:11:06
102	2998.000	BATE	16:11:00
737	2998.000	LSE	16:11:00
26	2998.500	CHIX	16:10:59
7	2999.000	CHIX	16:10:55
23	3000.500	CHIX	16:10:28
109	3000.500	BATE	16:10:01
111	3000.500	BATE	16:10:01
37	3001.500	CHIX	16:09:58
43	3001.500	CHIX	16:09:58
37	3001.500	CHIX	16:09:54
29	3001.500	CHIX	16:09:54
799	3001.500	LSE	16:09:50
91	2999.000	CHIX	16:09:18
775	2999.000	LSE	16:09:18
89	2999.500	CHIX	16:09:17
133	3000.500	BATE	16:08:25
93	3000.500	CHIX	16:08:25
82	3001.000	CHIX	16:08:19
128	3001.000	BATE	16:08:19
767	3001.500	LSE	16:08:09
543	3001.500	LSE	16:08:09
166	3001.500	LSE	16:08:09
130	3000.500	CHIX	16:07:50
53	2999.500	CHIX	16:07:42
722	3002.500	LSE	16:06:29
111	3003.000	BATE	16:06:26
91	3004.000	CHIX	16:06:13
93	3004.000	CHIX	16:06:13
7	3005.500	BATE	16:06:11
107	3005.500	BATE	16:06:11

103	3004.500	BATE	16:06:11
769	3004.500	LSE	16:05:23
82	3004.500	CHIX	16:05:23
109	3004.500	BATE	16:05:23
756	3004.500	LSE	16:05:23
2	3005.500	CHIX	16:05:16
19	3005.500	CHIX	16:05:16
83	3005.500	CHIX	16:05:16
113	3005.500	CHIX	16:05:16
100	3004.500	BATE	16:04:50
83	3004.000	CHIX	16:04:29
80	3004.000	CHIX	16:04:16
736	3003.000	LSE	16:04:03
22	3003.500	CHIX	16:03:41
5	3003.500	CHIX	16:03:31
7	3003.500	CHIX	16:03:22
7	3003.000	CHIX	16:03:14
102	3002.000	BATE	16:02:59
141	3002.500	BATE	16:02:58
100	3002.500	CHIX	16:02:58
656	3002.500	LSE	16:02:57
25	3003.000	CHIX	16:02:50
653	3003.000	LSE	16:02:29
82	3001.000	CHIX	16:01:41
109	3001.500	CHIX	16:01:40
141	3003.500	BATE	16:01:20
55	3003.500	CHIX	16:01:20
44	3003.500	CHIX	16:01:20
111	3004.000	BATE	16:01:12
778	3004.500	LSE	16:01:01
96	3004.500	CHIX	16:00:46
88	3004.500	CHIX	16:00:46
700	3005.500	LSE	16:00:34
90	3004.500	CHIX	15:59:54
118	3005.000	BATE	15:59:35
776	3005.500	LSE	15:59:25
57	3006.000	CHIX	15:59:23
104	3006.000	CHIX	15:59:23
118	3006.000	BATE	15:59:23
134	3006.000	BATE	15:59:23
29	3006.500	CHIX	15:59:17
733	3005.500	LSE	15:59:00
86	3006.000	CHIX	15:58:56
695	3000.000	LSE	15:57:59
82	3000.500	CHIX	15:57:24
89	3000.500	CHIX	15:57:24
242	3001.000	BATE	15:57:24

698	3000.500	LSE	15:57:24
98	3001.500	CHIX	15:57:17
121	3001.500	BATE	15:57:07
44	3000.500	CHIX	15:56:36
733	3000.500	LSE	15:56:34
77	3002.500	LSE	15:56:01
698	3002.500	LSE	15:56:01
78	3003.500	CHIX	15:55:59
13	3003.500	CHIX	15:55:59
41	3003.500	CHIX	15:55:58
15	3004.000	CHIX	15:55:24
695	3004.000	LSE	15:55:19
29	3002.000	CHIX	15:54:53
22	3002.000	CHIX	15:54:53
86	3001.000	LSE	15:54:50
85	3001.000	LSE	15:54:49
87	3001.000	LSE	15:54:47
109	3001.500	BATE	15:54:37
67	3002.000	CHIX	15:54:35
25	3002.000	CHIX	15:54:35
95	3003.000	CHIX	15:53:57
114	3003.000	BATE	15:53:57
698	3004.000	LSE	15:53:56
81	3001.000	CHIX	15:53:02
78	3004.000	LSE	15:52:42
78	3004.000	LSE	15:52:42
301	3004.000	LSE	15:52:42
103	3004.000	BATE	15:52:42
241	3004.000	LSE	15:52:42
54	3004.000	LSE	15:52:42
97	3004.500	CHIX	15:52:32
112	3005.500	BATE	15:52:18
90	3005.500	CHIX	15:52:18
121	3007.000	CHIX	15:51:25
790	3008.000	LSE	15:51:23
84	3008.000	CHIX	15:51:23
110	3008.500	BATE	15:51:19
110	3009.000	BATE	15:51:19
24	3009.500	CHIX	15:51:18
70	3009.500	CHIX	15:51:18
200	3009.000	LSE	15:50:54
287	3009.000	LSE	15:50:54
86	3009.000	LSE	15:50:54
87	3009.000	LSE	15:50:50
80	3007.500	CHIX	15:50:08
682	3007.500	LSE	15:49:52
84	3002.500	BATE	15:49:03

165	3002.000	CHIX	15:49:03
25	3002.500	BATE	15:49:03
46	3003.000	BATE	15:49:00
22	3003.000	BATE	15:49:00
280	3003.000	LSE	15:48:39
307	3003.000	LSE	15:48:39
63	3003.000	LSE	15:48:39
122	3003.000	BATE	15:48:39
22	3002.500	CHIX	15:47:56
697	3002.500	LSE	15:47:40
71	3002.500	LSE	15:47:38
113	3003.500	CHIX	15:47:34
30	3003.500	CHIX	15:47:34
84	3003.000	CHIX	15:47:18
704	3002.500	LSE	15:46:42
87	3002.500	LSE	15:46:42
118	3003.500	BATE	15:46:26
108	3004.000	CHIX	15:46:26
112	3004.000	BATE	15:46:26
121	3004.000	CHIX	15:46:26
39	3005.000	LSE	15:46:17
607	3005.000	LSE	15:46:17
108	3005.000	BATE	15:46:17
128	3005.500	BATE	15:46:13
128	3005.500	CHIX	15:46:13
103	3003.000	BATE	15:44:51
22	3003.000	BATE	15:44:51
765	3003.000	LSE	15:44:46
275	3003.500	LSE	15:44:24
484	3003.500	LSE	15:44:24
22	3000.000	CHIX	15:43:59
33	2999.500	CHIX	15:43:52
75	2999.500	CHIX	15:43:52
99	2999.500	CHIX	15:43:52
21	2999.500	BATE	15:43:49
115	2999.000	BATE	15:43:30
78	2998.500	BATE	15:43:11
27	2998.500	CHIX	15:42:51
21	2998.500	CHIX	15:42:49
1	2998.500	CHIX	15:42:48
711	2997.500	LSE	15:42:22
99	2996.000	CHIX	15:42:00
128	2997.500	CHIX	15:41:54
26	2998.500	CHIX	15:41:42
62	2998.500	CHIX	15:41:42
718	2998.000	LSE	15:41:03
124	2995.000	BATE	15:40:00

97	2995.000	CHIX	15:40:00
101	2996.500	BATE	15:39:32
141	2996.500	BATE	15:39:32
698	2997.000	LSE	15:39:29
87	2997.000	LSE	15:39:29
100	2998.000	CHIX	15:39:26
40	2997.000	CHIX	15:38:44
19	2997.000	CHIX	15:38:44
575	2997.000	LSE	15:38:40
161	2997.000	LSE	15:38:40
19	2997.500	CHIX	15:38:30
39	2997.500	CHIX	15:38:30
19	2997.500	CHIX	15:38:30
40	2997.500	CHIX	15:38:30
26	2997.500	CHIX	15:38:30
11	2997.500	CHIX	15:38:29
35	2997.500	CHIX	15:38:29
36	2997.500	CHIX	15:38:29
28	2997.500	CHIX	15:38:17
110	2996.500	BATE	15:37:59
115	2996.500	BATE	15:37:59
314	2997.500	LSE	15:37:55
431	2997.500	LSE	15:37:55
41	2998.500	CHIX	15:37:54
40	2998.500	CHIX	15:37:51
163	2996.000	CHIX	15:37:11
118	2996.000	BATE	15:37:02
709	2994.500	LSE	15:36:07
96	2992.000	CHIX	15:35:33
668	2992.500	LSE	15:35:18
97	2990.000	CHIX	15:34:41
94	2992.000	CHIX	15:34:18
113	2992.000	BATE	15:34:18
94	2994.500	CHIX	15:33:59
83	2994.500	CHIX	15:33:59
114	2995.000	BATE	15:33:57
100	2996.000	BATE	15:33:55
36	2996.000	BATE	15:33:55
762	2996.000	LSE	15:33:48
484	2996.000	LSE	15:33:48
247	2996.000	LSE	15:33:48
114	2996.000	BATE	15:33:48
99	2996.500	CHIX	15:33:44
2	2992.000	CHIX	15:33:02
44	2991.000	CHIX	15:31:44
46	2991.000	CHIX	15:31:44
82	2991.000	CHIX	15:31:35

102	2991.500	BATE	15:31:33
783	2994.000	LSE	15:30:59
106	2994.000	BATE	15:30:59
200	2994.500	CHIX	15:30:58
765	2988.000	LSE	15:29:49
104	2988.000	BATE	15:29:49
84	2989.000	CHIX	15:29:23
122	2989.000	BATE	15:29:23
176	2989.000	CHIX	15:29:23
62	2989.500	LSE	15:29:13
697	2989.500	LSE	15:29:12
87	2989.500	LSE	15:28:35
85	2989.500	CHIX	15:28:35
659	2989.500	LSE	15:27:49
49	2989.500	LSE	15:27:49
116	2989.500	BATE	15:27:49
93	2989.000	CHIX	15:27:09
789	2991.500	LSE	15:26:30
120	2991.500	BATE	15:26:30
672	2992.000	LSE	15:26:26
100	2992.500	CHIX	15:26:25
100	2992.500	CHIX	15:26:25
92	2993.000	CHIX	15:26:21
114	2988.000	BATE	15:25:17
31	2989.500	LSE	15:24:37
86	2989.500	LSE	15:24:37
669	2989.500	LSE	15:24:36
83	2991.000	CHIX	15:24:21
96	2993.000	CHIX	15:24:06
649	2994.500	LSE	15:23:50
105	2994.500	BATE	15:23:47
117	2995.500	BATE	15:23:37
41	2997.500	BATE	15:23:25
81	2997.500	CHIX	15:23:25
105	2997.500	BATE	15:23:25
62	2997.500	BATE	15:23:25
571	2997.500	LSE	15:23:25
88	2997.500	LSE	15:23:24
85	2997.500	LSE	15:23:21
29	2998.500	CHIX	15:23:17
22	2998.500	CHIX	15:23:17
32	2998.000	CHIX	15:23:06
693	2998.000	LSE	15:22:33
105	2998.000	BATE	15:22:33
39	2998.500	CHIX	15:22:28
21	2998.500	CHIX	15:22:27
21	2998.500	CHIX	15:22:27

33	2998.500	CHIX	15:22:27
707	2998.000	LSE	15:21:47
43	2998.500	CHIX	15:21:38
97	2998.500	CHIX	15:21:37
21	2998.500	CHIX	15:21:37
24	2998.500	CHIX	15:21:35
22	2998.500	CHIX	15:21:30
767	2998.000	LSE	15:21:01
1	2998.500	BATE	15:21:00
38	2998.500	CHIX	15:20:52
28	2998.500	CHIX	15:20:52
21	2998.500	CHIX	15:20:51
20	2998.500	CHIX	15:20:49
86	2996.500	LSE	15:20:25
34	2998.500	BATE	15:19:38
71	2998.500	BATE	15:19:38
80	2998.500	CHIX	15:19:38
107	2998.500	BATE	15:19:38
659	3000.000	LSE	15:19:27
84	2999.500	CHIX	15:19:27
107	2999.500	BATE	15:19:27
724	2999.500	LSE	15:18:54
54	2999.500	CHIX	15:18:54
26	2999.500	CHIX	15:18:54
110	2999.500	BATE	15:18:54
16	2998.500	CHIX	15:17:50
716	2998.500	LSE	15:17:49
72	2998.500	CHIX	15:17:49
23	2999.500	CHIX	15:17:37
100	2999.500	CHIX	15:17:37
104	2999.500	BATE	15:17:14
108	2999.500	BATE	15:17:14
91	2999.500	CHIX	15:17:14
81	2999.500	CHIX	15:17:14
11	2999.500	CHIX	15:17:14
69	2999.500	CHIX	15:17:00
135	3000.000	BATE	15:16:57
642	3000.000	LSE	15:16:57
85	2999.500	CHIX	15:16:20
1	2999.500	CHIX	15:16:20
88	3000.000	CHIX	15:16:19
721	3000.000	LSE	15:16:19
14	2996.500	CHIX	15:15:01
14	2996.500	CHIX	15:15:01
14	2996.500	CHIX	15:15:01
14	2996.500	CHIX	15:15:01
14	2996.500	CHIX	15:15:01

122	2995.500	BATE	15:14:38
85	2995.500	CHIX	15:14:38
108	2995.500	BATE	15:14:38
763	2997.000	LSE	15:14:37
284	2998.000	LSE	15:13:42
376	2998.000	LSE	15:13:42
3	2997.000	CHIX	15:12:59
97	2997.000	CHIX	15:12:59
82	2997.000	CHIX	15:12:57
708	2997.500	LSE	15:12:54
80	2998.000	CHIX	15:12:37
82	2998.000	CHIX	15:12:37
116	2998.500	BATE	15:12:37
105	2998.500	BATE	15:12:37
1	3000.000	CHIX	15:12:20
259	3000.500	LSE	15:12:02
250	3000.500	LSE	15:12:02
250	3000.000	LSE	15:12:02
116	2998.500	BATE	15:11:02
122	2998.500	BATE	15:11:02
89	3001.000	CHIX	15:10:57
96	3001.000	CHIX	15:10:57
25	3001.500	LSE	15:10:46
663	3001.500	LSE	15:10:46
25	3001.500	LSE	15:10:39
98	3002.000	CHIX	15:10:39
744	3003.500	LSE	15:10:34
93	3001.000	CHIX	15:09:27
90	3002.500	CHIX	15:09:07
11	3002.500	CHIX	15:08:59
136	3003.500	BATE	15:08:59
31	3004.000	LSE	15:08:59
34	3004.000	BATE	15:08:59
752	3004.000	LSE	15:08:59
28	3004.000	BATE	15:08:59
97	3004.000	BATE	15:08:59
115	3004.000	BATE	15:08:59
92	3005.500	CHIX	15:07:57
81	3005.500	CHIX	15:07:57
81	3006.500	CHIX	15:07:57
757	3007.000	LSE	15:07:57
209	3007.000	LSE	15:07:57
208	3007.000	LSE	15:07:57
311	3007.000	LSE	15:07:57
107	3007.000	CHIX	15:07:53
97	3007.500	CHIX	15:07:45
125	3006.500	CHIX	15:07:21

118	3003.500	BATE	15:06:50
8	3003.500	BATE	15:06:50
64	3004.000	BATE	15:06:50
17	3004.000	BATE	15:06:50
29	3004.000	BATE	15:06:50
549	3004.000	LSE	15:06:50
100	3004.000	LSE	15:06:50
109	3003.500	BATE	15:06:28
100	3002.500	LSE	15:06:06
98	3003.000	CHIX	15:06:05
110	3003.000	BATE	15:06:01
263	3003.000	LSE	15:05:28
453	3003.000	LSE	15:05:28
95	3001.500	CHIX	15:05:01
86	3001.500	CHIX	15:05:01
28	3002.000	LSE	15:05:01
491	3002.000	LSE	15:05:01
139	3002.000	LSE	15:05:01
86	3002.000	LSE	15:04:58
98	3001.000	CHIX	15:03:47
173	3001.000	BATE	15:03:47
26	3001.000	CHIX	15:03:47
103	3001.000	CHIX	15:03:46
13	3001.500	BATE	15:03:44
100	3001.500	BATE	15:03:44
476	3001.000	LSE	15:03:41
276	3001.000	LSE	15:03:41
50	3000.500	LSE	15:03:26
197	3000.500	LSE	15:03:26
70	3000.000	CHIX	15:03:05
27	3000.000	CHIX	15:03:05
97	3000.000	CHIX	15:03:05
18	3002.000	CHIX	15:02:56
469	3005.000	LSE	15:02:48
312	3005.000	LSE	15:02:48
94	2997.500	CHIX	15:01:38
111	2998.500	BATE	15:01:36
154	3000.000	LSE	15:01:29
574	3000.000	LSE	15:01:29
256	2998.500	BATE	15:01:06
98	2999.500	CHIX	15:01:06
136	2999.500	CHIX	15:01:06
26	3000.000	CHIX	15:01:04
80	3000.000	CHIX	15:01:04
104	2999.500	CHIX	15:00:34
791	2999.500	LSE	15:00:06
115	3000.000	BATE	14:59:40

146	3001.000	BATE	14:59:22
313	3002.000	LSE	14:59:20
45	3002.000	LSE	14:59:20
45	3002.000	LSE	14:59:20
250	3002.000	LSE	14:59:20
691	3002.000	LSE	14:59:20
24	3002.000	CHIX	14:59:07
24	3002.000	CHIX	14:59:07
50	3002.000	CHIX	14:59:07
24	3002.000	CHIX	14:59:07
23	3002.000	CHIX	14:58:59
3	3002.000	CHIX	14:58:59
26	3002.000	CHIX	14:58:59
26	3002.000	CHIX	14:58:59
26	3002.000	CHIX	14:58:59
26	3002.000	CHIX	14:58:59
26	3002.000	CHIX	14:58:59
125	3001.000	LSE	14:58:37
63	3002.000	CHIX	14:58:11
106	3002.500	BATE	14:57:42
706	3004.500	LSE	14:57:22
98	3004.500	CHIX	14:57:22
100	3004.500	BATE	14:57:22
99	3005.000	CHIX	14:57:19
57	3006.000	CHIX	14:57:09
27	3006.000	CHIX	14:57:09
121	3004.500	BATE	14:56:40
34	3005.000	CHIX	14:56:31
5	3005.000	CHIX	14:56:31
53	3005.000	CHIX	14:56:31
100	3005.000	CHIX	14:56:31
19	3005.000	CHIX	14:56:31
723	3005.000	LSE	14:56:31
43	3005.500	BATE	14:56:31
100	3005.500	BATE	14:56:25
390	3005.500	LSE	14:56:25
173	3005.500	LSE	14:56:25
173	3005.500	LSE	14:56:25
160	3005.500	BATE	14:56:25
10	3006.500	BATE	14:56:20
700	3004.000	LSE	14:55:44
16	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20

17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
17	3003.000	CHIX	14:55:20
5	3001.000	CHIX	14:54:34
117	3000.500	CHIX	14:54:17
53	3001.500	BATE	14:54:15
22	3001.500	BATE	14:54:15
35	3001.500	BATE	14:54:15
122	3001.500	BATE	14:54:15
87	3002.000	CHIX	14:54:14
120	3002.500	BATE	14:54:13
88	3003.500	CHIX	14:54:01
671	3004.000	LSE	14:54:00
81	3004.500	CHIX	14:53:56
12	3002.000	CHIX	14:53:12
73	3002.000	CHIX	14:53:12
739	3002.000	LSE	14:53:12
770	3002.500	LSE	14:53:12
93	3002.500	CHIX	14:53:12
29	3000.000	CHIX	14:52:36
141	2999.000	CHIX	14:52:23
110	2993.000	BATE	14:51:35
656	2993.000	LSE	14:51:35
118	2996.500	BATE	14:50:53
92	2997.500	LSE	14:50:52
310	2997.500	LSE	14:50:52
250	2997.000	LSE	14:50:52
97	2998.000	CHIX	14:50:52
148	2998.000	CHIX	14:50:52
102	2999.000	BATE	14:50:13
19	2999.000	BATE	14:50:13
87	2999.000	BATE	14:50:13
598	2999.500	LSE	14:50:12
103	2999.500	LSE	14:50:12
6	3000.000	BATE	14:49:51
385	3000.500	LSE	14:49:34
35	3000.500	LSE	14:49:34
352	3000.500	LSE	14:49:33
5	3000.500	LSE	14:49:33
115	3000.500	BATE	14:49:10
112	3000.500	BATE	14:49:10
108	3001.000	CHIX	14:49:04
644	3002.000	LSE	14:48:51
86	3002.500	CHIX	14:48:43
98	3004.000	CHIX	14:48:42
735	3004.500	LSE	14:48:42

89	3002.000	CHIX	14:47:52
110	3002.500	CHIX	14:47:52
681	3002.500	LSE	14:47:52
598	2997.500	LSE	14:46:45
38	2997.500	LSE	14:46:45
102	2997.500	LSE	14:46:45
104	2997.500	BATE	14:46:45
25	2997.500	BATE	14:46:45
101	2997.500	BATE	14:46:35
36	2998.000	CHIX	14:46:27
16	2998.000	CHIX	14:46:27
41	2998.000	CHIX	14:46:27
25	2999.000	CHIX	14:46:26
81	2999.000	CHIX	14:46:26
121	2999.000	BATE	14:46:26
34	2999.000	CHIX	14:46:26
25	2999.000	CHIX	14:46:26
717	3000.500	LSE	14:46:12
37	3000.000	LSE	14:46:03
20	3000.500	CHIX	14:46:02
100	3000.500	CHIX	14:46:02
3	3000.500	CHIX	14:46:02
30	3000.500	CHIX	14:46:02
612	3000.500	LSE	14:46:00
150	3000.500	LSE	14:46:00
94	2999.500	CHIX	14:44:41
120	2999.000	BATE	14:44:41
11	2999.000	BATE	14:44:41
22	2999.000	BATE	14:44:41
36	2999.000	BATE	14:44:41
24	2999.000	BATE	14:44:41
8	2999.000	BATE	14:44:41
119	2999.000	BATE	14:44:41
579	3000.000	LSE	14:44:41
135	2999.500	CHIX	14:44:41
77	3000.000	LSE	14:44:38
86	3000.000	CHIX	14:44:38
95	2999.500	CHIX	14:43:52
183	3000.500	BATE	14:43:46
111	3000.500	BATE	14:43:46
71	3002.000	BATE	14:43:41
88	3001.500	LSE	14:43:41
247	3001.500	LSE	14:43:41
466	3001.500	LSE	14:43:41
39	3001.000	CHIX	14:43:21
1	3000.500	CHIX	14:43:19
25	3001.000	CHIX	14:43:15

105	3000.500	BATE	14:43:11
359	3000.500	LSE	14:43:11
27	3000.500	LSE	14:43:11
213	3000.500	LSE	14:43:11
126	3000.500	LSE	14:43:11
156	2999.500	CHIX	14:42:48
24	3000.000	CHIX	14:42:46
98	3001.500	CHIX	14:42:25
659	3002.500	LSE	14:42:24
705	3000.000	LSE	14:41:56
20	2998.500	CHIX	14:41:21
72	2998.500	CHIX	14:41:21
123	2999.000	BATE	14:41:21
108	2999.500	CHIX	14:41:01
76	2999.500	LSE	14:41:01
462	2999.500	LSE	14:41:01
202	2999.500	LSE	14:41:01
124	2999.500	BATE	14:41:01
48	3001.000	CHIX	14:41:01
39	3001.000	CHIX	14:41:01
22	3001.000	CHIX	14:40:59
46	3000.000	BATE	14:40:58
76	3000.000	BATE	14:40:58
97	3000.500	CHIX	14:40:58
86	3000.000	CHIX	14:40:50
676	3000.500	LSE	14:40:37
100	3000.500	CHIX	14:39:50
82	3000.500	CHIX	14:39:50
779	3001.000	LSE	14:39:49
710	2999.500	LSE	14:39:01
87	2999.500	CHIX	14:39:01
121	3000.500	BATE	14:39:00
57	3000.500	BATE	14:39:00
65	3000.500	BATE	14:39:00
88	3001.000	BATE	14:38:54
151	3001.000	BATE	14:38:54
88	3001.000	CHIX	14:38:50
99	3001.000	CHIX	14:38:50
93	3001.000	CHIX	14:38:50
773	3001.500	LSE	14:38:47
500	2999.500	LSE	14:38:10
224	2999.500	LSE	14:38:10
96	2998.500	CHIX	14:37:48
92	2999.000	CHIX	14:37:43
100	2999.500	CHIX	14:37:39
107	2999.000	BATE	14:37:29
664	3000.500	LSE	14:37:27

207	3005.500	CHIX	14:36:43
799	3007.000	LSE	14:36:42
1	3008.000	CHIX	14:36:41
113	3013.000	BATE	14:36:02
91	3014.000	CHIX	14:36:02
170	3014.500	BATE	14:36:02
362	3017.500	LSE	14:36:00
250	3017.500	LSE	14:36:00
138	3017.500	LSE	14:36:00
92	3018.500	CHIX	14:36:00
114	3015.000	BATE	14:35:35
158	3015.500	BATE	14:35:35
85	3015.500	CHIX	14:35:35
668	3016.000	LSE	14:35:34
794	3016.000	LSE	14:35:34
68	3016.500	BATE	14:35:33
56	3016.500	BATE	14:35:32
100	3017.000	BATE	14:35:30
194	3016.500	CHIX	14:35:30
12	3017.500	CHIX	14:35:24
91	3012.500	CHIX	14:35:09
13	3013.000	CHIX	14:35:09
1	3012.000	CHIX	14:35:04
27	3012.000	CHIX	14:35:04
119	3011.500	BATE	14:35:04
100	3008.000	BATE	14:34:46
110	3008.000	BATE	14:34:39
1	3007.000	BATE	14:34:38
37	3007.000	CHIX	14:34:34
48	3007.000	CHIX	14:34:34
738	3006.000	LSE	14:34:33
736	3006.500	LSE	14:34:27
656	3005.500	LSE	14:34:16
644	3005.000	LSE	14:33:57
36	3000.000	CHIX	14:33:28
118	3000.000	CHIX	14:33:28
97	2999.500	CHIX	14:33:28
153	2999.500	CHIX	14:33:28
686	3000.500	LSE	14:33:27
781	3001.500	LSE	14:33:22
123	2999.000	BATE	14:32:58
747	2999.000	LSE	14:32:57
114	2999.500	BATE	14:32:57
98	3000.000	CHIX	14:32:53
47	3000.000	CHIX	14:32:53
134	2998.000	LSE	14:32:30
654	2998.000	LSE	14:32:30

774	2996.500	LSE	14:32:15
684	2995.500	LSE	14:32:02
284	2996.000	CHIX	14:31:55
119	2996.500	BATE	14:31:37
124	2996.500	BATE	14:31:37
126	2996.500	CHIX	14:31:37
121	2997.000	BATE	14:31:29
652	2997.000	LSE	14:31:29
202	2997.500	LSE	14:31:27
577	2997.500	LSE	14:31:27
663	2998.000	LSE	14:31:25
762	2998.000	LSE	14:31:25
99	2998.500	CHIX	14:31:21
93	2998.500	CHIX	14:31:21
98	2998.500	CHIX	14:31:13
113	2998.500	CHIX	14:31:06
8	2999.000	CHIX	14:31:04
771	2995.500	LSE	14:30:01
41	2995.500	BATE	14:29:16
87	2995.000	CHIX	14:29:14
68	2995.500	BATE	14:29:14
134	2995.500	BATE	14:29:14
139	2996.000	CHIX	14:29:07
2	2996.500	CHIX	14:29:07
200	2996.500	LSE	14:29:06
559	2996.500	LSE	14:29:06
45	2997.500	CHIX	14:28:46
45	2997.500	CHIX	14:28:46
103	2998.000	BATE	14:28:44
104	2998.000	BATE	14:28:44
105	2998.000	BATE	14:28:44
644	2999.000	LSE	14:28:22
698	2997.000	LSE	14:27:59
98	2997.000	CHIX	14:27:59
111	2997.500	BATE	14:26:27
82	2997.500	CHIX	14:26:27
537	2999.000	LSE	14:26:26
176	2999.000	LSE	14:26:26
100	2999.500	CHIX	14:26:24
152	2999.000	LSE	14:25:56
200	2999.000	LSE	14:25:56
324	2999.000	LSE	14:25:56
92	2999.500	CHIX	14:25:18
96	3000.000	CHIX	14:24:33
128	3000.000	CHIX	14:24:33
117	3000.500	BATE	14:24:26
82	3001.500	CHIX	14:24:01

799	3001.500	LSE	14:24:01
109	3001.500	BATE	14:24:01
103	3001.500	BATE	14:24:01
658	3001.000	LSE	14:22:31
86	2998.500	CHIX	14:21:17
7	2998.500	CHIX	14:21:17
82	2998.000	CHIX	14:21:13
45	2998.500	BATE	14:21:11
65	2998.500	BATE	14:21:11
99	2998.500	CHIX	14:21:11
703	2999.500	LSE	14:21:11
125	2999.000	CHIX	14:20:48
12	2997.500	LSE	14:20:27
700	2997.500	LSE	14:20:27
118	2989.000	BATE	14:17:16
88	2990.000	CHIX	14:17:04
703	2991.000	LSE	14:17:00
120	2995.500	BATE	14:15:10
95	2995.500	CHIX	14:15:10
94	2995.500	CHIX	14:15:10
114	2996.000	BATE	14:14:36
114	2996.000	BATE	14:14:36
661	2996.000	LSE	14:14:36
81	2996.500	CHIX	14:14:34
93	2996.500	CHIX	14:14:34
6	2995.500	CHIX	14:13:59
763	2994.500	LSE	14:13:24
111	2990.500	BATE	14:12:30
121	2990.500	BATE	14:12:30
200	2991.000	LSE	14:12:26
84	2992.000	CHIX	14:11:24
659	2992.500	LSE	14:11:03
96	2991.000	CHIX	14:09:49
84	2990.000	CHIX	14:09:03
71	2991.000	BATE	14:09:03
100	2991.000	BATE	14:08:55
648	2991.000	LSE	14:08:39
84	2987.000	CHIX	14:07:11
145	2987.000	CHIX	14:07:11
686	2988.000	LSE	14:06:38
96	2988.000	CHIX	14:06:38
673	2988.000	LSE	14:06:38
50	2984.500	LSE	14:05:46
111	2975.500	CHIX	14:03:20
109	2975.500	BATE	14:03:20
41	2975.500	BATE	14:03:20
69	2975.500	BATE	14:03:20

83	2976.000	CHIX	14:02:55
110	2976.000	BATE	14:02:55
780	2977.000	LSE	14:02:48
85	2972.500	LSE	14:01:45
87	2972.500	LSE	14:01:37
99	2973.000	CHIX	14:01:19
733	2973.000	LSE	14:01:00
16	2970.500	CHIX	13:59:59
121	2971.000	BATE	13:58:58
86	2971.500	CHIX	13:58:58
84	2971.500	CHIX	13:58:58
353	2972.500	LSE	13:58:12
305	2972.500	LSE	13:58:12
100	2972.500	LSE	13:58:12
118	2971.500	BATE	13:57:50
85	2972.500	CHIX	13:57:21
97	2973.500	CHIX	13:56:31
770	2974.500	LSE	13:56:31
80	2974.000	CHIX	13:54:45
228	2974.500	LSE	13:54:44
560	2974.500	LSE	13:54:44
102	2974.500	BATE	13:53:21
89	2975.500	CHIX	13:53:21
693	2975.500	LSE	13:53:21
89	2976.000	CHIX	13:52:28
43	2975.000	LSE	13:51:23
756	2975.000	LSE	13:51:23
106	2976.000	BATE	13:51:14
97	2977.000	CHIX	13:51:11
656	2978.500	LSE	13:50:13
108	2978.500	BATE	13:49:44
81	2979.500	CHIX	13:49:43
91	2979.500	CHIX	13:49:43
108	2979.500	BATE	13:49:43
3	2979.500	BATE	13:49:43
671	2980.500	LSE	13:49:42
100	2980.500	CHIX	13:49:42
94	2976.500	CHIX	13:46:50
104	2977.000	BATE	13:46:48
685	2978.000	LSE	13:46:44
87	2977.500	CHIX	13:44:31
438	2977.500	LSE	13:44:31
206	2977.500	LSE	13:44:31
119	2979.500	BATE	13:43:39
114	2979.500	BATE	13:43:39
90	2980.500	CHIX	13:43:29
81	2982.000	CHIX	13:42:01

687	2982.500	LSE	13:42:01
94	2984.000	CHIX	13:41:02
104	2984.500	BATE	13:41:00
103	2984.500	BATE	13:41:00
86	2985.000	CHIX	13:40:55
687	2985.500	LSE	13:40:55
82	2985.500	CHIX	13:40:55
33	2981.500	LSE	13:38:48
610	2981.500	LSE	13:38:48
104	2975.000	BATE	13:37:56
119	2975.500	BATE	13:37:56
6	2976.500	CHIX	13:37:47
74	2976.500	CHIX	13:37:47
46	2976.500	CHIX	13:37:47
14	2976.500	CHIX	13:37:46
98	2977.500	CHIX	13:37:01
90	2978.500	CHIX	13:37:01
745	2977.500	LSE	13:36:06
706	2965.000	LSE	13:33:32
105	2966.500	BATE	13:32:58
103	2970.000	BATE	13:32:48
84	2970.000	CHIX	13:32:48
12	2970.000	BATE	13:32:48
99	2970.000	BATE	13:32:46
89	2971.500	CHIX	13:32:43
776	2971.500	LSE	13:32:14
99	2971.000	CHIX	13:31:15
190	2971.000	LSE	13:30:12
82	2972.000	CHIX	13:29:55
47	2972.000	CHIX	13:29:55
590	2971.000	LSE	13:29:40
102	2972.500	BATE	13:28:06
91	2972.500	CHIX	13:28:06
102	2972.500	BATE	13:28:06
110	2973.500	BATE	13:28:02
80	2973.500	CHIX	13:28:02
511	2975.000	LSE	13:27:43
85	2975.000	CHIX	13:27:43
232	2975.000	LSE	13:27:35
87	2970.000	CHIX	13:24:37
744	2971.000	LSE	13:24:37
23	2967.000	CHIX	13:22:48
108	2972.500	BATE	13:21:43
116	2972.500	BATE	13:21:43
385	2973.000	LSE	13:21:31
320	2973.000	LSE	13:21:31
93	2973.000	LSE	13:21:31

88	2973.000	CHIX	13:21:11
738	2973.500	LSE	13:20:51
37	2973.000	CHIX	13:20:04
100	2970.000	BATE	13:19:01
94	2970.500	CHIX	13:18:41
1	2970.500	CHIX	13:18:24
114	2969.000	BATE	13:17:10
734	2969.500	LSE	13:17:10
84	2970.500	CHIX	13:17:00
67	2970.000	CHIX	13:15:42
100	2970.000	CHIX	13:15:42
628	2969.500	LSE	13:14:35
69	2969.500	LSE	13:14:35
86	2969.500	CHIX	13:14:35
124	2969.500	BATE	13:14:35
81	2969.500	CHIX	13:13:25
663	2969.500	LSE	13:13:25
1	2970.000	CHIX	13:13:24
695	2967.500	LSE	13:10:21
80	2968.500	CHIX	13:09:57
103	2968.500	BATE	13:09:57
87	2969.000	CHIX	13:09:45
524	2964.000	LSE	13:07:15
246	2964.000	LSE	13:06:59
117	2967.000	BATE	13:06:18
93	2967.500	CHIX	13:06:18
45	2967.500	CHIX	13:05:20
51	2967.500	CHIX	13:05:20
759	2967.500	LSE	13:03:57
113	2968.000	BATE	13:03:16
99	2969.500	CHIX	13:03:15
606	2969.000	LSE	13:01:41
135	2969.000	LSE	13:01:41
86	2969.000	CHIX	13:01:41
12	2969.000	CHIX	13:01:38
83	2969.500	BATE	13:01:33
32	2969.500	BATE	13:01:33
93	2965.500	CHIX	12:59:43
638	2967.000	LSE	12:59:42
88	2967.000	LSE	12:59:34
105	2971.500	BATE	12:58:06
99	2974.500	CHIX	12:57:48
113	2978.500	BATE	12:57:04
91	2980.000	CHIX	12:56:53
90	2981.500	CHIX	12:56:37
753	2982.000	LSE	12:56:36
114	2980.500	BATE	12:55:25

728	2978.000	LSE	12:53:14
84	2980.500	CHIX	12:52:24
108	2982.000	LSE	12:50:00
63	2982.000	LSE	12:50:00
400	2982.000	LSE	12:50:00
209	2982.000	LSE	12:50:00
47	2986.500	BATE	12:49:45
63	2986.500	BATE	12:49:45
92	2986.500	CHIX	12:49:45
116	2986.500	BATE	12:49:45
93	2986.000	CHIX	12:49:45
98	2987.000	CHIX	12:49:01
675	2988.000	LSE	12:49:01
98	2983.000	CHIX	12:47:16
114	2983.500	BATE	12:47:14
729	2984.500	LSE	12:46:32
99	2982.500	CHIX	12:43:41
651	2983.000	LSE	12:43:41
91	2983.500	CHIX	12:43:40
113	2983.500	BATE	12:43:40
73	2983.500	LSE	12:41:01
250	2983.500	LSE	12:41:01
368	2983.500	LSE	12:41:01
81	2983.500	CHIX	12:41:01
107	2983.500	BATE	12:41:01
84	2985.000	CHIX	12:39:41
116	2986.500	BATE	12:39:15
115	2987.000	BATE	12:39:00
657	2989.000	LSE	12:38:51
87	2990.000	CHIX	12:38:20
176	2990.000	CHIX	12:38:20
242	2987.000	LSE	12:34:41
433	2987.000	LSE	12:34:41
110	2989.500	BATE	12:33:26
99	2990.000	CHIX	12:33:16
105	2991.500	BATE	12:32:37
104	2991.500	BATE	12:32:37
15	2992.000	CHIX	12:32:37
77	2992.000	CHIX	12:32:37
763	2992.500	LSE	12:32:37
90	2992.500	CHIX	12:32:37
99	2992.500	CHIX	12:32:37
791	2983.500	LSE	12:29:31
87	2976.000	LSE	12:28:03
134	2976.000	LSE	12:27:59
16	2976.000	LSE	12:27:59
91	2976.000	LSE	12:27:58

108	2981.000	BATE	12:26:37
88	2981.000	CHIX	12:26:37
100	2981.000	BATE	12:26:37
671	2981.500	LSE	12:26:37
98	2978.500	CHIX	12:24:06
126	2978.500	CHIX	12:24:06
707	2980.000	LSE	12:23:51
125	2977.000	LSE	12:23:04
72	2977.000	LSE	12:23:02
122	2976.000	BATE	12:22:09
714	2977.500	LSE	12:21:35
99	2975.500	CHIX	12:20:21
669	2976.500	LSE	12:20:19
98	2975.500	CHIX	12:18:41
113	2976.000	BATE	12:18:38
679	2978.500	LSE	12:18:11
84	2975.500	CHIX	12:16:21
115	2979.000	BATE	12:16:00
91	2979.500	CHIX	12:16:00
88	2980.000	CHIX	12:15:59
648	2977.500	LSE	12:14:35
94	2977.000	CHIX	12:13:21
90	2976.000	BATE	12:12:32
27	2976.000	BATE	12:12:32
756	2975.000	LSE	12:11:18
86	2975.500	CHIX	12:09:15
116	2976.000	BATE	12:09:15
4	2976.000	BATE	12:09:15
98	2976.500	CHIX	12:08:06
119	2976.500	BATE	12:08:06
758	2977.500	LSE	12:07:49
92	2977.500	CHIX	12:07:49
87	2977.500	CHIX	12:07:49
100	2977.500	BATE	12:06:59
117	2977.000	BATE	12:06:59
47	2977.000	BATE	12:06:59
54	2977.000	BATE	12:06:59
2	2977.000	BATE	12:06:59
73	2975.000	CHIX	12:05:13
21	2975.000	CHIX	12:05:13
751	2975.500	LSE	12:04:55
88	2975.500	CHIX	12:04:55
98	2971.000	CHIX	12:02:35
665	2971.500	LSE	12:02:35
97	2959.500	CHIX	11:59:54
99	2960.500	CHIX	11:59:42
120	2960.500	BATE	11:59:42

785	2961.000	LSE	11:59:36
105	2961.000	BATE	11:59:36
60	2961.000	CHIX	11:58:46
24	2961.000	CHIX	11:58:44
151	2959.500	LSE	11:57:21
582	2959.500	LSE	11:57:21
91	2959.500	CHIX	11:57:21
102	2959.000	BATE	11:57:21
100	2959.000	BATE	11:57:21
96	2960.000	CHIX	11:57:20
800	2957.500	LSE	11:54:36
13	2953.500	CHIX	11:53:07
77	2953.500	CHIX	11:53:07
669	2955.000	LSE	11:52:51
63	2952.500	LSE	11:52:15
126	2952.500	LSE	11:52:15
81	2952.500	CHIX	11:50:52
258	2956.500	LSE	11:49:37
207	2956.500	LSE	11:49:37
116	2957.000	BATE	11:49:33
93	2958.500	CHIX	11:49:24
92	2957.000	CHIX	11:47:41
44	2957.500	BATE	11:47:41
67	2957.500	BATE	11:47:41
3	2957.500	BATE	11:47:41
120	2957.500	BATE	11:47:41
760	2958.000	LSE	11:47:36
21	2959.000	CHIX	11:47:35
10	2959.000	CHIX	11:47:35
44	2959.000	CHIX	11:47:35
124	2955.000	BATE	11:45:36
92	2956.500	CHIX	11:45:36
91	2958.000	CHIX	11:44:54
642	2958.000	LSE	11:44:27
89	2949.500	CHIX	11:40:44
465	2950.500	LSE	11:40:43
92	2950.500	LSE	11:40:43
90	2950.500	LSE	11:40:36
91	2948.500	CHIX	11:38:12
1	2948.500	CHIX	11:38:12
117	2947.500	BATE	11:38:12
94	2950.500	CHIX	11:37:54
123	2950.500	BATE	11:37:54
722	2952.000	LSE	11:36:12
73	2952.000	LSE	11:36:10
97	2953.500	CHIX	11:34:42
102	2955.500	BATE	11:34:32

88	2957.500	CHIX	11:34:30
160	2958.500	LSE	11:33:48
246	2958.500	LSE	11:33:48
250	2958.500	LSE	11:33:48
88	2956.000	CHIX	11:32:10
117	2955.500	BATE	11:32:10
98	2955.500	CHIX	11:32:10
85	2955.500	CHIX	11:32:10
117	2956.500	BATE	11:32:10
735	2956.500	LSE	11:31:45
705	2949.500	LSE	11:27:13
97	2949.500	CHIX	11:27:13
99	2954.000	CHIX	11:24:38
115	2955.000	BATE	11:24:38
88	2955.000	CHIX	11:24:38
112	2955.000	BATE	11:24:38
108	2955.000	CHIX	11:24:38
794	2956.000	LSE	11:24:15
60	2956.000	CHIX	11:24:03
84	2949.000	BATE	11:21:14
28	2949.000	BATE	11:21:14
112	2949.000	BATE	11:21:14
90	2950.000	CHIX	11:21:14
772	2950.000	LSE	11:21:14
656	2948.500	LSE	11:20:03
92	2946.000	CHIX	11:17:32
730	2947.000	LSE	11:17:24
354	2949.000	LSE	11:16:38
337	2949.000	LSE	11:16:37
56	2949.000	LSE	11:16:37
89	2948.000	CHIX	11:15:48
117	2952.000	BATE	11:15:08
86	2952.000	CHIX	11:15:08
669	2953.500	LSE	11:14:15
111	2955.000	BATE	11:14:10
90	2954.500	BATE	11:14:10
114	2955.000	BATE	11:14:10
33	2955.500	CHIX	11:14:10
47	2955.500	CHIX	11:14:10
798	2957.000	LSE	11:13:38
99	2957.000	CHIX	11:13:38
49	2957.000	CHIX	11:13:38
32	2957.000	CHIX	11:13:38
31	2950.000	BATE	11:11:19
51	2950.000	BATE	11:11:19
18	2950.000	BATE	11:11:19
88	2950.000	CHIX	11:11:19

116	2950.000	BATE	11:11:19
97	2950.500	CHIX	11:11:10
91	2947.000	CHIX	11:09:50
780	2947.000	LSE	11:09:50
107	2940.000	BATE	11:06:27
663	2940.500	LSE	11:05:49
97	2940.500	CHIX	11:05:04
7	2940.500	CHIX	11:05:04
76	2940.500	CHIX	11:04:39
757	2941.000	LSE	11:04:39
90	2941.000	CHIX	11:03:12
54	2942.000	LSE	11:02:25
702	2942.000	LSE	11:02:25
148	2942.500	LSE	11:00:27
603	2942.500	LSE	11:00:27
109	2943.500	BATE	11:00:12
99	2944.500	CHIX	11:00:05
91	2948.000	CHIX	10:59:42
257	2949.000	LSE	10:58:53
397	2949.000	LSE	10:58:52
25	2948.500	BATE	10:58:12
79	2949.000	BATE	10:58:07
122	2948.500	BATE	10:58:07
92	2951.000	CHIX	10:57:38
87	2952.000	CHIX	10:56:46
642	2952.500	LSE	10:56:46
74	2952.500	LSE	10:56:46
96	2952.500	CHIX	10:56:46
13	2946.500	CHIX	10:53:41
752	2946.000	LSE	10:52:56
121	2947.500	BATE	10:51:28
114	2947.500	BATE	10:51:28
83	2949.000	CHIX	10:51:21
94	2950.500	CHIX	10:49:57
396	2951.500	LSE	10:49:48
324	2951.500	LSE	10:49:48
741	2943.500	LSE	10:48:13
95	2946.500	CHIX	10:48:13
116	2948.500	BATE	10:47:42
84	2953.000	CHIX	10:47:00
664	2953.500	LSE	10:47:00
96	2953.500	CHIX	10:46:34
104	2953.500	BATE	10:46:34
665	2951.000	LSE	10:45:05
84	2951.000	CHIX	10:43:51
114	2952.000	BATE	10:43:24
121	2952.000	BATE	10:43:24

83	2952.500	CHIX	10:43:23
736	2950.500	LSE	10:41:09
84	2951.000	CHIX	10:39:42
694	2952.500	LSE	10:39:13
99	2954.000	CHIX	10:38:48
678	2953.000	LSE	10:37:22
108	2954.000	BATE	10:37:12
50	2955.000	CHIX	10:37:10
48	2955.000	CHIX	10:37:10
730	2953.500	LSE	10:35:46
100	2954.000	BATE	10:35:30
92	2956.500	CHIX	10:35:00
34	2957.000	CHIX	10:34:59
117	2957.000	BATE	10:34:59
93	2957.500	CHIX	10:34:38
797	2956.000	LSE	10:33:59
96	2956.000	CHIX	10:33:59
446	2955.000	LSE	10:32:37
231	2955.000	LSE	10:32:37
680	2951.000	LSE	10:31:06
106	2952.000	BATE	10:30:00
114	2953.000	BATE	10:29:48
114	2953.000	BATE	10:29:48
643	2953.500	LSE	10:29:29
98	2953.500	CHIX	10:29:29
87	2957.000	CHIX	10:28:32
38	2958.500	CHIX	10:28:26
98	2958.500	CHIX	10:28:26
624	2959.000	LSE	10:28:04
55	2959.000	LSE	10:28:04
650	2954.000	LSE	10:25:31
682	2952.000	LSE	10:24:05
92	2952.000	CHIX	10:24:05
118	2952.500	BATE	10:23:54
121	2954.000	BATE	10:22:58
83	2953.500	CHIX	10:22:58
91	2954.500	CHIX	10:22:49
92	2956.000	CHIX	10:21:37
91	2957.000	CHIX	10:21:28
800	2955.500	LSE	10:20:53
11	2949.500	BATE	10:20:03
96	2949.500	BATE	10:19:48
6	2950.000	CHIX	10:19:21
9	2949.500	CHIX	10:19:00
695	2947.500	LSE	10:18:28
83	2946.500	CHIX	10:17:28
123	2947.500	BATE	10:17:25

111	2949.000	BATE	10:16:41
93	2949.500	CHIX	10:16:28
86	2949.500	CHIX	10:15:55
687	2950.500	LSE	10:15:51
87	2950.000	CHIX	10:15:15
744	2950.000	LSE	10:15:15
118	2950.500	BATE	10:13:49
91	2950.500	CHIX	10:13:49
361	2951.500	LSE	10:13:21
380	2951.500	LSE	10:13:21
793	2949.500	LSE	10:12:50
106	2945.500	BATE	10:11:49
95	2946.500	CHIX	10:11:45
123	2948.000	BATE	10:11:19
175	2949.000	CHIX	10:10:04
767	2949.500	LSE	10:09:40
91	2944.500	CHIX	10:07:15
88	2946.500	CHIX	10:06:24
121	2946.500	BATE	10:06:24
773	2947.000	LSE	10:06:24
86	2948.500	CHIX	10:04:46
115	2949.500	BATE	10:04:30
211	2950.500	BATE	10:04:21
656	2949.000	LSE	10:03:25
83	2950.000	CHIX	10:03:02
96	2950.000	CHIX	10:03:02
88	2950.500	CHIX	10:02:21
233	2950.500	LSE	10:01:16
314	2950.500	LSE	10:01:16
225	2950.500	LSE	10:01:16
89	2950.500	CHIX	10:01:16
733	2949.500	LSE	10:00:29
86	2948.000	CHIX	09:57:52
104	2948.500	BATE	09:57:52
124	2949.000	BATE	09:57:52
29	2949.000	BATE	09:57:51
99	2949.000	CHIX	09:57:51
654	2949.000	LSE	09:57:51
94	2949.000	BATE	09:57:51
117	2949.500	BATE	09:57:42
1	2950.000	CHIX	09:57:24
107	2950.000	CHIX	09:57:22
80	2949.000	CHIX	09:56:57
396	2945.000	LSE	09:54:51
250	2945.000	LSE	09:54:51
92	2945.500	CHIX	09:54:36
581	2942.500	LSE	09:53:32

129	2942.500	LSE	09:53:32
13	2934.500	CHIX	09:50:04
82	2934.500	CHIX	09:50:04
85	2935.500	CHIX	09:49:37
662	2936.000	LSE	09:49:36
117	2935.000	BATE	09:48:12
4	2939.500	CHIX	09:47:31
94	2939.500	CHIX	09:47:28
545	2942.000	LSE	09:46:57
244	2942.000	LSE	09:46:57
107	2947.000	BATE	09:45:53
98	2947.000	CHIX	09:45:53
784	2948.000	LSE	09:44:54
91	2948.500	CHIX	09:44:24
76	2948.500	BATE	09:44:24
36	2948.500	BATE	09:44:24
116	2949.000	CHIX	09:44:20
19	2949.000	CHIX	09:44:20
746	2942.500	LSE	09:41:03
83	2943.500	CHIX	09:41:01
113	2943.500	BATE	09:41:01
76	2944.000	BATE	09:41:00
32	2944.000	BATE	09:41:00
91	2944.000	CHIX	09:39:17
735	2944.500	LSE	09:39:03
75	2941.000	BATE	09:38:18
161	2941.000	BATE	09:38:18
49	2941.000	BATE	09:38:18
92	2941.500	CHIX	09:38:18
116	2939.500	BATE	09:36:13
14	2939.500	BATE	09:36:13
87	2941.000	CHIX	09:36:13
94	2941.500	CHIX	09:35:30
107	2941.500	CHIX	09:35:30
715	2941.500	LSE	09:34:49
269	2938.500	LSE	09:33:09
486	2938.500	LSE	09:33:09
112	2930.500	BATE	09:31:28
91	2931.000	CHIX	09:31:28
96	2932.000	CHIX	09:31:10
286	2933.000	LSE	09:29:09
250	2933.000	LSE	09:29:09
258	2933.000	LSE	09:29:09
115	2933.000	BATE	09:29:09
91	2934.500	CHIX	09:29:09
65	2935.500	CHIX	09:29:07
26	2935.500	CHIX	09:29:07

684	2934.500	LSE	09:28:08
96	2934.500	CHIX	09:28:08
795	2933.000	LSE	09:26:13
115	2933.500	BATE	09:24:53
660	2934.000	LSE	09:24:30
93	2936.000	CHIX	09:24:29
70	2938.000	BATE	09:23:38
72	2938.000	CHIX	09:23:38
15	2938.000	CHIX	09:23:38
697	2939.000	LSE	09:23:37
83	2938.000	CHIX	09:21:45
681	2938.500	LSE	09:21:45
90	2945.000	CHIX	09:21:07
8	2946.000	BATE	09:21:06
96	2946.000	BATE	09:20:56
151	2946.000	BATE	09:20:56
745	2946.500	LSE	09:20:56
102	2946.500	CHIX	09:20:56
1	2947.000	CHIX	09:20:49
678	2947.000	LSE	09:19:28
81	2944.500	CHIX	09:18:16
119	2948.500	BATE	09:17:50
115	2949.000	BATE	09:17:50
661	2949.000	LSE	09:17:50
115	2949.000	BATE	09:17:50
97	2949.000	CHIX	09:17:23
23	2950.000	CHIX	09:17:11
114	2950.000	CHIX	09:17:11
57	2948.500	LSE	09:16:31
596	2948.500	LSE	09:16:31
151	2946.500	CHIX	09:15:31
1	2947.500	CHIX	09:15:08
415	2947.500	LSE	09:14:00
86	2947.500	LSE	09:13:59
123	2947.500	LSE	09:13:57
41	2947.500	LSE	09:13:57
76	2948.500	BATE	09:13:35
45	2948.500	BATE	09:13:35
65	2948.000	BATE	09:13:35
36	2948.000	BATE	09:13:35
8	2948.000	BATE	09:13:35
95	2949.000	CHIX	09:13:20
89	2949.000	CHIX	09:13:20
609	2949.000	LSE	09:12:39
176	2949.000	LSE	09:12:39
717	2949.000	LSE	09:11:50
681	2939.500	LSE	09:10:37

82	2934.500	CHIX	09:09:53
112	2936.000	BATE	09:09:44
113	2936.500	BATE	09:09:44
81	2936.000	CHIX	09:08:28
98	2935.500	CHIX	09:08:28
87	2939.500	CHIX	09:08:09
739	2940.500	LSE	09:08:07
752	2931.500	LSE	09:06:34
85	2932.500	CHIX	09:06:34
722	2930.500	LSE	09:05:35
90	2924.000	CHIX	09:04:42
110	2930.500	BATE	09:03:46
111	2930.500	BATE	09:03:46
90	2934.500	CHIX	09:03:42
763	2936.000	LSE	09:03:37
86	2936.500	CHIX	09:02:45
748	2938.500	LSE	09:02:05
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84	2936.500	CHIX	09:00:58
117	2937.500	BATE	09:00:57
108	2938.000	BATE	09:00:31
703	2939.000	LSE	09:00:26
92	2939.500	CHIX	09:00:26
673	2940.000	LSE	09:00:09
108	2940.000	BATE	08:59:06
99	2941.500	CHIX	08:59:05
655	2939.000	LSE	08:57:27
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53	2935.000	BATE	08:56:40
103	2935.000	BATE	08:56:40
16	2935.000	BATE	08:56:40
84	2935.500	CHIX	08:56:39
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162	2936.500	CHIX	08:56:25
736	2936.500	LSE	08:56:24
672	2926.000	LSE	08:54:01
114	2933.000	BATE	08:52:59
91	2933.000	CHIX	08:52:59
187	2934.000	BATE	08:52:57
91	2934.000	CHIX	08:52:57
686	2936.000	LSE	08:52:55
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642	2932.500	LSE	08:51:44
231	2924.500	LSE	08:50:02
500	2924.500	LSE	08:50:02
18	2927.000	BATE	08:49:29
128	2927.000	BATE	08:49:29

82	2928.500	CHIX	08:49:25
200	2933.000	LSE	08:49:15
67	2933.000	LSE	08:49:15
400	2933.000	LSE	08:49:15
95	2934.000	CHIX	08:48:58
81	2933.500	CHIX	08:48:58
60	2933.500	CHIX	08:48:58
673	2932.500	LSE	08:48:30
555	2926.000	LSE	08:47:08
224	2926.000	LSE	08:47:08
95	2917.000	CHIX	08:45:15
120	2917.500	BATE	08:45:15
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55	2919.500	CHIX	08:45:15
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1	2921.000	CHIX	08:44:55
735	2925.000	LSE	08:44:06
557	2926.000	LSE	08:44:05
706	2928.000	LSE	08:44:04
124	2920.000	BATE	08:43:10
233	2922.500	LSE	08:42:47
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272	2922.500	LSE	08:42:42
551	2918.500	LSE	08:42:08
132	2918.500	LSE	08:42:08
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631	2923.500	LSE	08:41:48
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707	2915.500	LSE	08:41:02
416	2915.500	LSE	08:41:02
316	2915.500	LSE	08:41:02
98	2918.000	CHIX	08:40:48
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366	2925.000	LSE	08:40:16
67	2925.000	LSE	08:40:16
250	2924.500	LSE	08:40:16
729	2930.000	LSE	08:40:10
88	2932.000	CHIX	08:40:01
91	2934.000	CHIX	08:40:01
749	2936.000	LSE	08:40:00
764	2933.500	LSE	08:39:12
646	2934.000	LSE	08:39:07
124	2936.000	BATE	08:38:23

92	2935.500	CHIX	08:38:23
124	2936.500	BATE	08:38:23
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37	2936.000	BATE	08:38:23
734	2936.500	LSE	08:38:23
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24	2936.000	BATE	08:38:23
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742	2937.500	LSE	08:37:45
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652	2935.000	LSE	08:36:48
682	2935.000	LSE	08:36:48
88	2932.500	CHIX	08:36:11
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136	2935.500	CHIX	08:35:50
193	2938.000	LSE	08:35:43
579	2938.000	LSE	08:35:43
738	2938.500	LSE	08:35:29
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600	2937.000	LSE	08:35:06
703	2937.000	LSE	08:35:06
698	2938.000	LSE	08:35:01
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581	2934.500	LSE	08:33:55
171	2934.500	LSE	08:33:55
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90	2926.000	CHIX	08:33:14
90	2926.000	CHIX	08:33:14
792	2927.000	LSE	08:33:01
124	2919.000	BATE	08:31:45
711	2923.500	LSE	08:31:17
119	2925.500	BATE	08:30:59
85	2930.000	CHIX	08:30:23
98	2929.500	CHIX	08:30:23
665	2935.000	LSE	08:29:44
87	2932.500	CHIX	08:28:01
122	2937.000	BATE	08:27:34
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112	2938.000	BATE	08:27:34
95	2938.000	CHIX	08:27:34
250	2939.000	LSE	08:27:34

338	2939.500	LSE	08:27:34
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671	2940.500	LSE	08:24:53
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123	2941.500	BATE	08:24:52
84	2938.500	CHIX	08:23:30
774	2938.000	LSE	08:23:11
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31	2949.000	BATE	08:21:00
17	2949.000	BATE	08:21:00
17	2949.000	BATE	08:21:00
106	2949.500	CHIX	08:21:00
793	2950.000	LSE	08:20:59
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90	2952.000	CHIX	08:20:09
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671	2953.000	LSE	08:19:26
694	2957.500	LSE	08:18:25
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104	2963.000	BATE	08:16:38
799	2965.000	LSE	08:16:36
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82	2971.000	CHIX	08:16:00
96	2971.000	CHIX	08:16:00
117	2971.500	BATE	08:15:47
211	2972.000	BATE	08:15:47
768	2972.000	LSE	08:15:46
106	2965.500	LSE	08:13:49
600	2965.500	LSE	08:13:49
85	2969.000	CHIX	08:12:42
693	2970.500	LSE	08:12:39
85	2976.000	CHIX	08:12:00

87	2976.500	CHIX	08:11:58
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690	2989.500	LSE	08:10:17
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123	2996.500	BATE	08:09:38
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600	2995.500	LSE	08:08:54
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141	3003.500	BATE	08:08:10
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667	3009.500	LSE	08:06:32
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370	3018.000	LSE	08:05:35
278	3018.000	LSE	08:05:35
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650	3022.000	LSE	08:04:28
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774	3023.500	LSE	08:04:11
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118	3021.500	BATE	08:03:25
714	3024.000	LSE	08:03:19
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559	3028.500	LSE	08:02:05
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91	3030.000	CHIX	08:02:02
87	3030.500	CHIX	08:02:00
50	3031.000	LSE	08:01:53
721	3031.000	LSE	08:01:53
96	3025.000	CHIX	08:01:30
667	3016.500	LSE	08:00:30
711	3026.500	LSE	08:00:19

EX-2

Exhibit 2

BRITISH AMERICAN TOBACCO p.l.c. (the “Company”)

Annual Report for the Year Ended 31 December 2021

In compliance with Listing Rule 9.6.1 and Disclosure Guidance and Transparency Rule ("DTR") 4.1, the Company announces that the following documents have been published on its website: www.bat.com/annualreport:

● Annual Report and Form 20-F 2021 (the “Annual Report 2021”);

● ESG Report 2021; and

● Combined Performance and ESG Summary 2021.

These documents have been submitted to the National Storage Mechanism and will be available for inspection via the following link: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

In addition, in accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, the Company announces that it filed its Annual Report on Form 20-F 2021 (the “Form 20-F 2021”) with the Securities and Exchange Commission on 8 March 2022. The Form 20-F 2021 included audited financial statements for the year ended 31 December 2021.  The Form 20-F 2021 will be available on the Company’s website at www.bat.com/annualreport and also online at www.sec.gov.

The Annual Report 2021 and other ancillary shareholder documents will be mailed and made available to shareholders on 17 March 2022.  Investors have the option to receive a hard copy of the Company’s complete audited financial statements, free of charge, upon request, by contacting the below:

United Kingdom
British American Tobacco Publications	Telephone: +44 20 7511 7797 Email: bat@team365.co.uk
South Africa
The Company’s Representative Office	Telephone: +27 21 003 6712
United States
Citibank Shareholder Services	Telephone: +1 888 985 2055 (toll-free) Email: citibank@shareholders-online.com

This announcement should be read in conjunction with the Company’s Final Results announcement which was released to the market on 11 February 2022. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full Annual Report 2021. Page numbers and cross-references in the extracted information below refer to page numbers in the Annual Report 2021. The following disclosures are set out in the appendices to this announcement:

• Appendix A: a description of the Group Principal Risks (pages 92 to 97 of the Annual Report 2021);

• Appendix B: a statement of related party disclosures (pages 249 and 250 of the Annual Report 2021); and

• Appendix C: the Directors’ responsibility statement (page 166 of the Annual Report 2021).

P McCrory

Company Secretary

8 March 2022

Enquiries:

Investor Relations

British American Tobacco Investor Relations

Mike Nightingale / Victoria Buxton / William Houston / John Harney

+44 (0) 20 7845 1180 / 2012 / 1138 / 1263 

British American Tobacco Press Office

+44 (0) 20 7845 2888 (24 hours)  | @BATplc 

APPENDIX A - GROUP PRINCIPAL RISKS

Overview

The principal risks that may affect the Group are set out on the following pages.

Each risk is considered in the context of the Group’s strategy and business model, as set out in this Strategic Report on pages 16 to 19, and 26 to 28. On the following pages is a summary of each principal risk, its potential impact @and management by the Group@. Clear accountability is attached to each risk through the risk owner. BAT define the principal risks as those assessed with a high impact and probable likelihood. Additionally, the risks “Inability to commercialise and deliver New Categories”, “Litigation”, “Solvency and liquidity” are also recognised as principal risks; even though they are not assessed as having high impact and probable likelihood, they are material to the Group and the delivery of its strategic objectives.

The Group has identified risks and is actively monitoring and mitigating these risks. This section focuses on those risks that the Directors believe to be the principal risks to the Group. Not all of these risks are within the control of the Group and other risks besides those listed may affect the Group’s performance. Some risks may be unknown at present. Other risks, currently regarded as less material, could become material in the future.

The risks listed in this section and the activities being undertaken to manage them should be considered in the context of the Group’s internal control framework. This is described in the section on risk management and internal control in the corporate governance statement on pages 125 to 126. This section should also be read in the context of the cautionary statement on page 352.

A summary of all the risk factors (including the principal risks) which are monitored by the Board through the Group’s risk register is set out in the Additional Disclosures section on pages 317 to 339.

Assessment of Group Risk

During the year, the Directors carried out a robust assessment of the principal risks, uncertainties and emerging risks facing the Group, including those that could impact delivery of its strategic objectives, business model, future performance, solvency or liquidity.

The Board assessed that in line with the Group’s strategy to deliver long-term sustainable growth with a range of innovation and less harmful products that stimulate senses of new adult generations, it was appropriate to no longer consider “Market size reduction and consumer down trading” as a principal risk to the Group.

Otherwise, the Group’s current principal risks remain broadly unaltered compared to 2020.

The viability statement below provides a broader assessment of long-term solvency and liquidity. The Directors considered a number of factors that may affect the resilience of the Group. Except for the risk “Injury, illness or death in the workplace” the Directors also assessed the potential impact of the principal risks that may impact the Group’s viability.

Viability Statement

The Board has assessed the viability of the Group taking into account the current position and principal risks, in accordance with provision 31 of the UK Corporate Governance Code 2018. Whilst the Board believes the Group will be viable over a longer period, owing to the inherent uncertainty arising due to ongoing litigation and regulation, the period over which the Board considers it possible to form a reasonable expectation as to the Group’s longer-term viability (that it will continue in operation and meet its liabilities as they fall due) is three years.

In making this assessment, the Board considered the Group’s:

- strong cash generation from operating activities;

- access to, and ability to raise, external sources of financing including the removal of any financial covenants in its credit facilities; and

- continued ability to manage the impact of COVID-19 and recognised the Group’s ability to utilise its geographic footprint and integrated operating model to minimise the impact to the Group’s performance.

This assessment included a robust review of the Group’s operational and financial processes, (which cover both short-term financial forecasts and capacity plans) and the principal risks (as indicated on pages 93 to 97) that may impact the Group’s viability. These are considered, with the mitigating actions, at least once a year. The assessment included a reverse stress test of the principal risks and did not identify any individual risk, based upon a prudent annual forecast, that would, if arising in isolation and without mitigation, impact the Group’s viability within the 3 year confirmation period. Furthermore, the Board recognised that even if all the principal risks arose simultaneously, given the underlying strong free cashflow generation before the payment of dividends (2021: £7.4 billion), the Group would be able to undertake mitigating actions to meet the liabilities as they fall due. The assessment also reviewed the potential impact of climate-related risks and concluded that these, including the potential cost implications and noting the mitigating actions, would not impact the Group’s viability (see pages 58 to 67 with respect to TCFD).

The Board noted that the Group has access to a £5.85 billion credit facility (2021: undrawn and which will reduce to £5.7 billion in March 2022), US (US$4 billion) and Euro (£3 billion) commercial paper programmes (2021: £269 million drawn) and £2.5 billion of bilateral agreements which may be utilised. However, the Group is subject to inherent uncertainties with regards to regulatory change and litigation, the outcome of which may have a bearing on the Group’s viability. The Group maintains, as referred to in note 31 in the Notes on the Accounts ‘Contingent Liabilities and Financial Commitments,’ that, whilst it is impossible to be certain of the outcome of any particular case, the defences of the Group’s companies to all the various claims are meritorious on both law and the facts. If an adverse judgment is entered against any of the Group’s companies in any case, an appeal may be made, the duration of which can be reasonable expected to last for a number of years.

.

Risks

Competition from illicit trade

Increased competition from illicit trade and illegal products – either local duty evaded, smuggled, counterfeits or non-regulatory compliant, including products diverted from one country to another.

Time frame

Short/Medium/Long term

Strategic impact

New Categories

Combustibles

Key Stakeholders

Society

Considered in viability statement

Yes

Impact

Erosion of goodwill, with lower volumes and/or increased operational costs (e.g. track and trace costs) and reduced profits.

Reduced ability to take price increases.

Investment in trade marketing and distribution is undermined and the product is commoditised.

Counterfeit products (especially in New Categories) and other illicit products could harm consumers, damaging goodwill, and/or the category (with lower volumes and reduced profits), potentially leading to misplaced claims against BAT, further regulation and a failure to deliver the corporate harm reduction objective.

Breach of legislation, criminal offences, contract breaches under the EU Cooperation Agreement, allegations of facilitating smuggling and reputational damage, including negative perceptions of our governance and our ESG credentials.

Mitigation activities across all categories

Dedicated Anti-Illicit Trade (AIT) teams operating at regional and country levels; internal cross-functional levels; compliance procedures, toolkit and best practice shared.

Active engagement with key external stakeholders.

Cross-industry and multi-sector cooperation on a range of AIT issues.

Regional AIT strategy supported by a research programme to further the understanding of the size and scope of the problem.

AIT Engagement Teams (including a dedicated analytical laboratory and a forensic and compliance team) work with enforcement agencies in pursuit of priority targets.

Geopolitical tensions

Geopolitical tensions, civil unrest, economic policy changes, global health crises, terrorism and organised crime have the potential to disrupt the Group’s business in multiple markets.

Time frame

Short/Medium term

Strategic impact

Simplification

New Categories

Combustibles

Key Stakeholders

Society

Employees

Considered in viability statement

Yes

Impact

Potential injury or loss of life, loss of assets and disruption to supply chains and normal business processes.

Increased costs due to more complex supply chain and security arrangements and/or the cost of building new facilities or maintaining inefficient facilities.

Lower volumes as a result of not being able to trade in a country.

Higher taxes or other costs of doing business as a foreign company or the loss of assets as a result of nationalisation.

Reputational damage, including negative perceptions of our governance and protection of our people and our ESG credentials.

Mitigation activities

Physical and procedural security controls are in place, and constantly reviewed in accordance with our Security Risk Management process, for all field force and supply chain operations, with an emphasis on the protection of Group employees.

Globally integrated sourcing strategy and contingency sourcing arrangements.

Security risk modelling, including external risk assessments and the monitoring of geopolitical and economic policy developments worldwide.

Insurance cover and business continuity planning, including scenario planning and testing, and risk awareness training.

The Business Continuity Management organisation plans for and responds to geopolitical risks, including readiness of Crisis Management Teams at all levels.

Tobacco, New Categories and other regulation interrupts growth strategy

The enactment of, proposals for, or rumours of, regulation that significantly impairs the Group’s ability to communicate, differentiate, market or launch its products, and/or the lack of appropriate regulation for New Categories.

Time frame

Short/Medium/Long term

Strategic impact

New Categories

Combustibles

Key Stakeholders

Society

Considered in viability statement

Yes

Impact

A lack of acceptance or rejection of tobacco harm reduction as a tobacco control policy could prevent a balanced regulatory framework for New Categories.

Restricted ability to sell and communicate New Categories could lead to failure of the harm reduction objective and loss of confidence in the Group’s ESG performance.

Inappropriate regulations for New Categories (e.g. pharma or food) or total bans of tobacco and/or New Categories products in certain markets.

Reduced ability to make scientific claims and compete in future product categories and make new market entries.

Erosion of brand value through commoditisation and the inability to launch innovations may negatively affect our ability to generate value growth.

Regulation with respect to bans or severe restrictions on menthol flavours, product design & features and nicotine levels may adversely impact individual brand portfolios.

Reduced consumer acceptability of new product specifications, leading to consumers seeking alternatives in illegal markets or irresponsible operators exploiting regulatory loopholes.

Shocks to share price on rumours, the announcement or enactment of restrictive regulation (e.g. sales ban to future generations).

Increased scope and severity of compliance regimes in new regulation (e.g. Extended Producer Responsibility (EPR) schemes) leading to higher costs, greater complexity and potential reputational damage or fines for breach, including inadvertent breach.

Mitigation activities

Engagement and litigation strategy coordinated and aligned across the Group to drive a balanced global policy framework for combustibles and New Categories.

Stakeholder mapping and prioritisation, developing robust compelling advocacy materials (with supporting evidence and data) and regulatory engagement programmes.

Regulatory risk assessment of marketing plans to ensure decisions are informed by an understanding of the potential regulatory environments.

Advocating the application of integrated regulatory proposals to governments and public health regulators and practitioners based on the harm reduction potential of New Categories.

Development of an integrated regulatory strategy that spans conventional combustibles and New Categories.

Training and capability programmes for End Markets to upskill Legal and External Affairs managers on combustible and New Categories regulatory engagement, including product knowledge.

Direct access to online portal providing latest position and advocacy material for End Market engagement on combustibles and New Categories.

Working to define a sustainable EPR model and markets negotiating to implement effective EPR schemes.

Please refer to pages 325 to 327 for details of tobacco and nicotine regulatory regimes under which the Group’s businesses operate.

Litigation

Product liability, regulatory or other significant cases (including investigations) may be lost or settled resulting in a material loss or other consequence.

Time frame

Short/Medium/Long term

Strategic impact

New Categories

Combustibles

Key Stakeholders

Shareholders

Considered in viability statement

Yes

Impact

Damages and fines, negative impact on reputation (including ESG credentials), disruption and loss of focus on the business.

Consolidated results of operations, cash flows and financial position could be materially affected by an unfavourable outcome or settlement of pending or future litigation, criminal prosecution or other contentious action.

Inability to sell products as a result of patent infringement action may restrict growth plans and competitiveness.

Potential share price impact.

Mitigation activities

Consistent litigation and patent management strategy across the Group.

Expertise and legal talent maintained both within the Group and external partners.

Ongoing monitoring of key legislative and case law developments related to our business.

Delivery with Integrity compliance programme.

Please refer to note 31 in the Notes on the Accounts for details of contingent liabilities applicable to the Group.

Significant increases or structural changes in tobacco, nicotine and New Categories relates taxes

The Group is exposed to unexpected and/or significant increases or structural changes in tobacco, nicotine and New Categories related taxes in key markets.

Time frame

Short/Medium/Long term

Strategic impact

New Categories

Combustibles

Key Stakeholders

Consumers

Shareholders

Considered in viability statement

Yes

Impact

Consumers reject the Group’s legitimate tax-paid products for products from illicit sources or cheaper alternatives.

Reduced legal industry volumes.

Reduced sales volume and/or portfolio erosion.

Partial absorption of excise increases leading to lower profitability.

Mitigation activities

Formal pricing and excise strategies, including Revenue Growth Management using a data science-led approach, with annual risk assessments and contingency plans across all products.

Pricing, excise and trade margin committees in markets, with global support.

Engagement with relevant local and international authorities where appropriate, in particular in relation to the increased risk to excise revenues from higher illicit trade.

Portfolio reviews to ensure appropriate balance and coverage across price segments.

Monitoring of economic indicators, government revenues and the political situation.

Inability to develop, commercialise and deliver the New Categories strategy

Risk of not capitalising on the opportunities in developing and commercialising successful, safe and consumer-appealing innovations.

Time frame

Short/Medium/Long term

Strategic impact

Simplification

New Categories

Combustibles

Key Stakeholders

Shareholders

Considered in viability statement

Yes

Impact

Failure to deliver Group strategic imperative, 2025 growth ambition and 2030 consumer targets.

Potentially missed opportunities, unrecoverable costs and/or erosion of brand, with lower volumes and reduced profits.

Reputational damage and recall costs may arise in the event of defective product design or manufacture.

Loss of market share due to non-compliance of product portfolio with regulatory requirements.

Loss of investor confidence in ESG performance.

Failure to deliver our corporate purpose of harm reduction.

Mitigation activities

Focus on product stewardship to ensure high-quality standards across the portfolio.

Brand Expression, which sets out how our brand expresses itself (including through its logo, name, product, packaging, etc.) deployed to lead End Markets via activation workshops and best practices shared.

Generating sufficient IP to develop competitive and sustainable products.

Accelerating digital and consumer analytics along with data management platforms for enhanced methodologies, insight generation and line of sight across the Group.

R&D is accredited to ISO9001 standard and laboratories are accredited to ISO17025 for key methods.

Injury, illness or death in the workplace

The risk of injury, death or ill health to employees and those who work with the business is a fundamental concern of the Group and can have a significant effect on its operations.

Time frame

Short term

Strategic impact

Simplification

New Categories

Combustibles

Key Stakeholders

Employees

Considered in viability statement

No

Impact

Serious injuries, ill health, disability or loss of life suffered by employees and the people who work with the Group.

Exposure to civil and criminal liability and the risk of prosecution from enforcement bodies and the cost of associated legal costs, fines and/or penalties.

Interruption of Group operations if issues are not addressed immediately.

High staff turnover or difficulty recruiting employees if perceived to have a poor Environment, Health and Safety (EHS) record.

Reputational damage to the Group.

Mitigation activities

Risk control systems in place to ensure equipment and infrastructure are provided and maintained.

EHS strategy aims to ensure that employees at all levels receive appropriate EHS training and information.

Behavioural-based safety programme to drive operations’ safety performance, culture and closer to zero accidents.

Analysis of incidents undertaken regionally and globally by a dedicated team to identify increasing incident trends or high potential risks that require coordinated action.

Global monthly Health & Safety (H&S) Committee established, formed by senior members from the H&S and Operations Sustainability leadership team.

Disputed taxes, interest and penalties

The Group may face significant financial penalties, including the payment of interest, in the event of an unfavourable ruling by a tax authority in a disputed area.

Time frame

Short/Medium term

Strategic impact

Simplification

New Categories

Combustibles

Key Stakeholders

Shareholders

Considered in viability statement

Yes

Impact

Significant fines and potential legal penalties.

Disruption and loss of focus on the business due to diversion of management time.

Impact on profit and dividend.

Mitigation activities

End market tax committees.

Internal tax function provides dedicated advice and guidance, and external advice sought where needed.

Engagement with tax authorities at Group, regional and individual market level.

Please refer to note 31 in the Notes on the Accounts for details of contingent liabilities applicable to the Group.

Solvency and liquidity

Liquidity (access to cash and sources of finance) is essential to maintaining the Group as a going concern in the short term (liquidity) and medium term (solvency).

Time frame

Short/Medium term

Strategic impact

New Categories

Combustibles

Key Stakeholders

Shareholders

Considered in viability statement

Yes

Impact

Inability to fund the business under the current capital structure resulting in missed strategic opportunities or inability to respond to threats.

Decline in our creditworthiness and increased funding costs for the Group.

Requirement to issue equity or seek new sources of capital.

Reputational risk of failure to manage the financial risk profile of the business, resulting in an erosion of shareholder value reflected in an underperforming share price.

Mitigation activities

Group policies include a set of financing principles and key performance indicators including the monitoring of credit ratings, interest cover, solvency and liquidity with regular reporting to the Corporate Finance Committee and the Board.

The Group targets an average centrally managed debt maturity of at least five years with no more than 20% of centrally managed debt maturing in a single rolling year.

The Group holds a two-tranche revolving credit facility of £5.85bn syndicated across a wide banking group, consisting of a 364-day tranche (with a one-year extension option and a one-year term-out option remaining) and a five-year tranche (with a one-year extension option remaining).

Liquidity pooling structures are in place to ensure that there is maximum mobilisation of cash liquidity within the Group.

Going concern and viability support papers are presented to the Board on a regular basis.

Foreign exchange rate exposures

The Group faces translational and transactional foreign exchange (FX) rate exposure for earnings/cash flows from its global businesses.

Time frame

Short/Medium term

Strategic impact

New Categories

Combustibles

Key Stakeholders

Shareholders

Considered in viability statement

Yes

Impact

Fluctuations in FX rates of key currencies against sterling introduce volatility in reported earnings per share (EPS), cash flow and the balance sheet driven by translation into sterling of our financial results and these exposures are not normally hedged.

The dividend may be impacted if the payout ratio is not adjusted.

Differences in translation between earnings and net debt may affect key ratios used by credit rating agencies.

Volatility and/or increased costs in our business, due to transactional FX, may adversely impact financial performance.

Mitigation activities

While translational FX exposure is not hedged, its impact is identified in results presentations and financial disclosures; earnings are restated at constant rates for comparability.

Debt and interest are matched to assets and cash flows to mitigate volatility where possible and economic to do so.

Hedging strategy for transactional FX and framework is defined in the treasury policy, a global policy approved by the Board.

Illiquid currencies of many markets where hedging is either not possible or uneconomic are reviewed on a regular basis.

APPENDIX B - RELATED PARTY DISCLOSURES

The Group has a number of transactions and relationships with related parties, as defined in IAS 24 Related Party Disclosures, all of which are undertaken in the normal course of business. Transactions with CTBAT International Limited (a joint operation) are not included in these disclosures as the results are immaterial to the Group.

Intercompany transactions and balances are eliminated on consolidation and therefore are not disclosed.

Transactions and balances with associates relate mainly to the sale and purchase of cigarettes and tobacco leaf. The Group’s share of dividends from associates, included in other net income in the table below, was £392 million (2020: £394 million; 2019: £239 million).

	2021 £m	2020 £m	2019 £m
Transactions
-     revenue	524	495	511
-     purchases	(123)	(80)	(79)
-     other net income	387	388	248
Amounts receivable at 31 December	48	33	42
Amounts payable at 31 December	(3)	(5)	(2)

On 5 October 2021, PT Bentoel Internasional Investama Tbk (Bentoel) announced its intention to delist from the Indonesia Stock Exchange and go private by conducting a Voluntary Tender Offer (VTO). As part of this, in two phases in November and December 2021, the Group acquired an additional 0.2% of shares in Bentoel from independent shareholders at a cost of £4 million and terminated the total return swap (as explained in note 32).

As set out in note 27, in March 2021, the Group acquired a 19.9% equity stake in Organigram. The Group and Organigram also entered into a Product Development Collaboration Agreement following which a Centre of Excellence has been established to focus on developing the next generation of cannabis products with an initial focus on cannabidiol (CBD). The Centre of Excellence is located at Organigram’s indoor facility in New Brunswick, Canada, which holds the Health Canada licences required to conduct R&D activities with cannabis products. Both the Group and Organigram are contributing scientists, researchers, and product developers to the Centre of Excellence, which is governed and supervised by a steering committee consisting of an equal number of senior members from each company. Both partners share a commitment to continue to maintain the highest regulatory and ethical standards. Furthermore, as part of the transaction, the Group and Organigram have agreed to grant each other a royalty-free licence to certain intellectual property to enable the development of new and potentially disruptive, novel products. Both parties have the ability to independently commercialise any products developed as a result of the collaboration under their own brands.

During 2021, the Group increased its ownership of a wholesale producer and distributor operating in the agriculture sector based in Uzbekistan, FE “Samfruit” JSC to 42.61%, for £1 million. In 2020 the Group increased its ownership to 38.63% for £5 million.

During 2021, the Group made a capital contribution in Brascuba Cigarrillos S.A. at a cost of £6 million (2020: £17 million; 2019: £20 million). There was a capital reduction in CTBAT International Limited of approximately US$171 million with funds remitted prorate to investors in 2021.

Also in 2021, the Group acquired a further 2.7% in Hrvatski Duhani d.d. Tobacco Leaf Processing at a cost of £1 million.

During 2019, the Group acquired 60% of VapeWild Holdings LLC and a minority stake in AYR Limited. Please refer to note 27 for the VapeWild Holdings LLC business that was discontinued and liquidated in 2020.

The key management personnel of British American Tobacco consist of the members of the Board of Directors of British American Tobacco p.l.c. and the members of the Management Board. No such person had any material interest during the year in a contract of significance (other than a service contract) with the Company or any subsidiary company. The term key management personnel in this context includes their close family members.

	2021 £m	2020 £m	2019 £m
The total compensation for key management personnel, including Directors, was:
-          salaries and other short-term employee benefits	18	17	26
-          post-employment benefits	1	2	4
-          share-based payments	16	13	23
	35	32	53

The following table, which is not part of IAS 24 disclosures, shows the aggregate emoluments of the Directors of the Company.

	Executive Directors			Chairman			Non-Executive Directors			Total
	2021 £m	2020 £m	2019 £m	2021 £m	2020 £m	2019 £m	2021 £m	2020 £m	2019 £m	2021 £m	2020 £m	2019 £m
Salary; fees; benefits; incentive
-     salary	2,119	2,026	2,356							2,119	2,026	2,356
-     fees				727	714	695	1,045	1,028	969	1,772	1,742	1,664
-     taxable benefits	420	744	608	55	77	137	2	72	310	477	893	1,055
-     short-term incentives	4,128	3,274	4,791							4,128	3,274	4,791
-     long-term incentives	3,399	1,294	4,420							3,399	1,294	4,420
Sub-total	10,066	7,338	12,175	782	791	832	1,047	1,100	1,279	11,895	9,229	14,286
Pension; other emoluments
-          pension	318	304	686							318	304	686
-          other emoluments	6	20	47							6	20	47
Sub-total	324	324	733							324	324	733
Total emoluments	10,390	7,662	12,908	782	791	832	1,047	1,100	1,279	12,219	9,553	15,019

Aggregate gains on LTIP shares exercised in the year

	Award	Exercised LTIP shares	Exercise date	Price per share (£)	Aggregate gain (£)
Jack Bowles	26 March 2018	23,731	10 May 2021	28.25	670,401
Tadeu Marroco	26 March 2018	15,310	29 March 2021	28.27	432,737

LTIP – Value of awards 2018

	Shares	Price per share (£)₁	Face value (£)
Jack Bowles	43,785	38.94	1,704,988
Tadeu Marroco	28,248	38.94	1,099,977

Note:

^₁.For information only as awards are made as nil-cost options.

In 2021, no Sharesave were exercised by Executive Directors.

APPENDIX C - DIRECTORS’ RESPONSIBILITY STATEMENT

The responsibility statement set out below is solely for the purpose of complying with DTR 6.3.5R.  This statement relates to and is extracted from the 2021 Annual Report.  Responsibility is for the full 2021 Annual Report and not the extracted information presented in this announcement and the 2021 Final Results Announcement.  We confirm that to the best of our knowledge:

● the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

● the Strategic Report and the Directors’ Report include a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements, including “forward-looking” statements made within the meaning of U.S. Private Securities Litigation Reform Act 1995. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook”, “target” and similar expressions. These include statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates, including the projected future financial and operating impacts of the COVID-19 pandemic.

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 to differ materially from those currently anticipated.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; the inability to develop, commercialise and deliver the Group’s New Categories strategy; adverse litigation and dispute outcomes and the effect of such outcomes on the Group’s financial condition; the impact of significant increases or structural changes in tobacco, nicotine and New Categories related taxes; translational and transactional foreign exchange rate exposure; changes or differences in domestic or international economic or political conditions; the ability to maintain credit ratings and to fund the business under the current capital structure; the impact of serious injury, illness or death in the workplace; adverse decisions by domestic or international regulatory bodies; and changes in the market position, businesses, financial condition, results of operations or prospects of the Group.

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 Annual Report 2021 and the Group 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.

No statement in this communication is intended to be a profit forecast and no statement in this communication should be interpreted to mean that earnings per share of BAT for the current or future financial years would necessarily match or exceed the historical published earnings per share of BAT.

Additional information concerning these and other factors can be found in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Annual Report on Form 20-F filed on 8 March 2022 and Current Reports on Form 6-K, which may be obtained free of charge at the SEC’s website, www.sec.gov, and the Company’s Annual Reports, which may be obtained free of charge from the Company’s website www.bat.com.