#1TOBACCO INVESTOR CONFERENCE JT GROUP May 8, 2023 © Copyright JT 2023#2Forward-looking statements This presentation contains forward-looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief, or current and future expectations of our management with respect to our business, financial condition and results of operations. In some cases, you can identify forward-looking statements by terms such as “may”, “will”, “should”, “would”, “expect”, “intend”, “project”, "plan", "aim", "seek", "target", "anticipate", "believe", "estimate", “predict", "potential" or the negative of these terms or other similar terminology. These statements are not guarantees of future performance and are subject to various risks and uncertainties. Actual results, performance or achievements, or those of the industries in which we operate, may differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. In addition, these forward-looking statements are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks and uncertainties. Forward-looking statements regarding operating results are particularly subject to a variety of assumptions, some or all of which may not be realized. Risks, uncertainties or other factors that could cause actual results to differ materially from those expressed in any forward-looking statement include, without limitation: (1) increase in awareness of health concerns related to smoking; (2) regulatory developments; including, without limitation, tax increases and restrictions on sales, marketing, packaging, labeling and use of tobacco products, privately imposed restrictions and governmental investigations; (3) litigation around the world alleging adverse health and financial effects resulting from, or relating to, tobacco products; (4) our ability to further diversify our business beyond the traditional tobacco industry; (5) our ability to successfully expand internationally and make investments outside Japan; (6) competition, changing consumer preferences and behavior; (7) our ability to manage impacts derived from business diversification or business expansion; (8) economic, regulatory and political changes, such as nationalization, terrorism, wars and civil unrest, in countries in which we operate; (9) fluctuations in foreign exchange rates and the costs of raw materials; and (10) catastrophes, including natural disasters. Copyright JT 2023 Tobacco Investor Conference 2#3Agenda Time (CET) Session 12:00 Conference starts A purpose and a strategy fit for the future Funding our RRP expansion Consumer centricity at the core Growing in RRP 13:30 Q&A Closing remarks 14:00 Conference ends O Copyright JT 2023 Speakers Eddy Pirard Vassilis Vovos Natasa Milosevic Takehiko Tsutsui N. Kato, E. Pirard, V. Vovos, N. Milosevic, T. Tsutsui Eddy Pirard Tobacco Investor Conference 3#4A PURPOSE AND A STRATEGY FIT FOR THE FUTURE Eddy Pirard President & Chief Executive Officer JT International May 8, 2023 Copyright JT 2023#5A new purpose to guide JT's tobacco business long-term Copyright JT 2023 Creating fulfilling moments. Creating a better future. Tobacco Investor Conference 5#6Clear growth opportunities across both categories Industry net revenues Combustibles Variance 2022-35 +$17Bn CAGR 2022-35 +1% © Copyright JT 2023 Note: Based on internal forecasts. Industry net revenues excluding China RRP +$48Bn +8% Tobacco Investor Conference 6#7Combustibles to remain the largest category Industry volume, trillion units CAGR CAGR 3.0 2.9 -1% 22-35 2.7 2.6 5% 7% 12% 16% +8% 88% 85% 79% 74% -2.5% 2022 2025 2030 2035 Combustibles HTS E-Vapor Oral © Copyright JT 2023 Note: Based on internal forecasts. Industry volume excluding China Tobacco Investor Conference 7#8Within the growing nicotine revenue pool, HTS forecasted to outpace combustibles in future value creation... Industry net revenues, $Bn Variance 22-35 CAGR 200 +3% 174 151 135 22% + $33 Bn 17% 11% 9% 79% 75% 69% 62% +$17Bn 2022 2025 2030 2035 Combustibles HTS E-Vapor Oral © Copyright JT 2023 Note: Based on internal forecasts. Industry net revenues excluding China Tobacco Investor Conference 8#9... with significant opportunities and differences by cluster 2035 industry net revenues, % EMA" Asia Western Europe Combustibles HTS E-Vapor Oral Tobacco Investor Conference 9 © Copyright JT 2023 Note: Based on internal forecasts 1) Eastern Europe, Middle East, Africa & Americas (EMA)#10Our purpose and industry view shape our strategy... Creating fulfilling moments O Copyright JT 2023 Creating a better future RRP COMBUSTIBLES Maximize top-line and ROI Prioritize investments in HTS Sustained share gains Capitalize on pricing opportunities Ploom X geographic expansion Enhanced capabilities ■ Disciplined approach to investments ◉ Exploratory initiatives beyond HTS Tobacco Investor Conference 10#11... and requires a targeted consumer-centric product portfolio Combustibles MEVIUS Winston CAMEL ID MEVIUSS ORIGINAL BLUE PREMIUN TOBACCO SINCE 1954 10 Winston LEGEND BLUE SMOKE EPO PREMIUM TOBACCOS CAMEL D 1913 YELLOW RED HTS ploom OOD Other RRPS logic. E-vapor NORDIC SPIRIT Oral ploom+ with Infused NICOTINE POUCHES NORDIC **** SPIRIT MINT ORDIC ემი. © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Tobacco Investor Conference 11#12Combustibles: Proven track record & ongoing momentum Top-30 SOM 1), % +4.2pp Tobacco AOP ²), % 2018 2019 2020 2021 2022 2022 Average +10.1% 2018 2019 2020 2021 2022 • Competitive and well positioned brand portfolio • Historical delivery on the high-end of Group's target • Ongoing investments in GFB • Maximize pricing opportunities • Best-in-class execution Drive earnings through a diverse geographic footprint • Share of market gains ambition • Mid to high single digit AOP growth ambition © Copyright JT 2023 Note: 1) Based on cigarettes + fine cut in Top-30 markets Tobacco Investor Conference 12 2) Tobacco business AOP variance at constant FX. FY17-21 equal to the sum of international and domestic tobacco businesses for illustration purposes#13RRP: Targeted investments fueling HTS growth HTS SOS in Japan, % RRP Volume, BnU 9.3% 7.7% 4.5% 2.8% 1.1% 2018 2019 2020 2021 7.9 6.9 7.1 5.8 4.7 2022 Q1 23 2018 2019 2020 2021 2022 • Invest towards HTS • Ploom X expansion in Japan • Aggressive targeted Ploom X geo-expansion • Foundation towards mid-teens HTS SOS¹) ambition © Copyright JT 2023 Note: 1) In key markets, including Japan and Italy 2) Versus 2022 • • Innovations to strengthen HTS and other RRP portfolio Build capabilities and talent Double RRP core revenue by 20252) and achieve breakeven³) across the RRP category by 2028 3) Breakeven at brand contribution level representing gross profit less commercial expenditure and before allocation of overheads Tobacco Investor Conference 13#14RRP: Ambition to outperform HTS segment growth HTS share of industry volume HTS share of JT volume 2x >6x 2022 2028 2022 2028 Mid-teens SoS in HTS1) © Copyright JT 2023 Note: Internal forecasts 1) In key markets, including Japan and Italy Tobacco Investor Conference 14#15RRP: Going beyond organic to drive growth and accelerate learnings • . . Joint venture with Altria to market and commercialize HTS products in the US with Ploom branded devices and Marlboro branded consumables On track to submit PMTA for the latest version of Ploom HTS products in the first half of 2025 and MRTP by end of 2025 Memorandum of Understanding to explore other RRP opportunities with Altria globally JT Altria ploom Marlbor © Copyright JT 2023 Note: 1) All third-party trademarks remain the property of their respective owners Tobacco Investor Conference 15#16FUNDING OUR RRP EXPANSION Vassilis Vovos Executive Vice-President & Chief Financial Officer JT International May 8, 2023 Copyright JT 2023#17Consistently delivering solid performance 2018-2022 average annual growth 1) Volume Core Revenue AOP +1% +6% +10% © Copyright JT 2023 Note: FY17-21 equal to the sum of international and domestic tobacco businesses for illustration purposes 1) Tobacco business Core Revenue and AOP variance at constant FX Tobacco Investor Conference 17#18Business Plan 2023: building the foundation for growth • • Ploom X expansion supported by significant investment over the next three years Volume Quality topline growth and increasing combustibles return on investment will provide funding for RRP • Continued efficiency initiatives drive a competitive cost base while enhancing strategic capabilities Low-single digit AOP growth over next three years with upside potential as RRP reaches scale © Copyright JT 2023 Note: Tobacco business Core Revenue and AOP variance at constant FX - 2023 2025 Stable Core Revenue Mid-single digit growth AOP Low-single digit growth Tobacco Investor Conference 18#19Continue to drive quality top-line growth 2023 - 2025 Price mix, % of Core Revenue¹) Average 6.4% SOM growth Industry volume -2% CAGR 2018 2019 2020 2021 2022 © Copyright JT 2023 Note: 1) Price / mix contribution to core revenue growth at constant FX FY18-21 price/mix equal to the sum of international and domestic price/mix for illustration purposes Tobacco Investor Conference 19#20Clear market roles to maximize combustibles ROI Market strategic roles guiding decision-making towards sustainable growth Market role EARNINGS EARNINGS & SOM Focus Prioritize sustainable earnings performance Balance sustainable earnings and share performance SOM Build consumer base for mid- to long-term profitability growth % of 2022 Volume 43% 47% 10% Copyright JT 2023 Tobacco Investor Conference 20 20#21Strengthen our competitive cost base... O Copyright JT 2023 Transformation initiatives delivering over ¥50Bn by 2023 Next generation Global Business Services ¥20Bn supply chain efficiencies by 2024 OneERP Efficiency focus through our kaizen mindset Tobacco Investor Conference 21#22... while enhancing strategic capabilities Product innovation Digital Consumer centricity Reduced risk science One Tobacco O Copyright JT 2023 Tobacco Investor Conference 22 22#23Focused RRP investment... RRP investment composition O Copyright JT 2023 67% 8% • Invest over ¥300 billion in RRP between 2023-2025 • Main area of focus is HTS 24% • 2023-2025 Commercialization Capex R&D • Support geo-expansion and share gains • • Investment set aside for exploratory RRP segments Leverage our commercial organization and trade relationships in HTS launch markets Established manufacturing capacity for planned expansion Tobacco Investor Conference 23#24... towards 2028 RRP breakeven Building scale through geo-expansion Enhancing the positive revenue & margin mix¹) 2022 >3x 2025 HTS volume >6x >1.5x >1.6x 2028 Cigarette HTS Cigarette HTS Revenue per unit Gross margin per unit O Copyright JT 2023 Note: 1) Revenue / GM per unit based on the first wave of rollout countries Tobacco Investor Conference 24#25Intact growth algorithm Quality topline growth Copyright JT 2023 Note: 1) At constant FX Foundation for future profit generation Focus on return on investment in combustibles Competitive cost base and continued capability enhancement Mid to high single digit AOP growth 1) Focused RRP investment towards profitability growth Tobacco Investor Conference 25 25#26CONSUMER CENTRICITY AT THE CORE Natasa Milosevic Senior Vice-President Marketing & Sales JT International May 8, 2023 Copyright JT 2023#27Consumer centricity powers our strategy CONSUMER TRENDS Shopping Ca 1 CONSUMER USAGE MOMENTS Daily Routine & Other occasions CLOSE OF DAY START OF DAY Better World Wellbeing Smarter Living In control Authentic Experience+ EVENTS & PARTIES RELAXING MOMENTS CONSUMER SEGMENTATION Conscious Economizers Socializers Explorers Confidents Responsible O Copyright JT 2023 EVENING / LOUNGING IDLE TIME ROUTINE BREAK COMMUTE TIME AFTER MEAL / DINNER REWARD FOR TASK DRIVING Combustibles RRP Tobacco Investor Conference 27#28The Marketing & Sales strategic framework JTI PURPOSE CREATING FULFILLING MOMENTS CREATING A BETTER FUTURE M&S MISSION Creating leading power Brands & Experiences for the modern world STARTING POINT COMBUSTIBLES RRP Global Flagship Brands Maximize Profitable Growth MEVIUS ORIGINAL BLUE CAMEL D ploom Build a Global Power Brand 10 Winston Think Consumer Winston CAMEL MEVIUS LD Exploratory logic. NORDIC Drive Digital & Data Strategy Deliver Executional Excellence © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products SPIRIT ploom with UTECH+ Shape The Future Tobacco Investor Conference 28#29Combustibles Maximize Profitable Growth MEVIUS S ORIGINAL BLUE 10 PREMIUM TOBACCO SINCE 1954 Winston F.P.O. PULPO PREMIUM TOBACCOS CAMEL D 1913 YELLOW RED Winston LEGEND BLUE 7 LESS SMOKE SMELL CAMEL MEVIUS S ID Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products#30Proven combustibles strategy fuels growth FOCUS ON GLOBAL FLAGSHIP BRANDS Winston Profitable SoM growth powered by GFB CAMEL MEVIUS D S Top-30 SOM¹), % GFB as % of total volume Two of the Top 3 cigarette brands in the world Brand SoM²), % Health Warning Winston 35.6% 69% 35.0% 7.6% 33.6% 32.9% 31.4% +7pp vs. 2018 Health warning CAMEL 3.5% 2018 2019 2020 2021 2022 #2 #3 Copyright JT 2023 Note: 1) Based on cigarettes + fine cut in Top-30 markets 2) Based on cigarettes + fine cut in 71 markets Health warning Health warning MEVIUS ID 1.9% 1.9% #10 #11 Tobacco Investor Conference 30#31Consumer centric portfolio to maximize potential TARGETED CONSUMER PORTFOLIO PORTFOLIO STRATEGY PORTFOLIO OPTIMIZATION Portfolio Consumer Map Innovation Territories PORTFOLIO STRATEGY iji Taste/Flavors Economizing Considerate Multisensory Smoking Copyright JT 2023 Complementary Brands Positioning PREMIUM EXPERIENCE LEADING PORTFOLIO Winston MEVIUS S ID Multi-level Offering by Brand MODERN VALUE Simplification Principles 1 CAMEL GLOBAL ICON Focus on GFBs 2 Rationalize "tail brands" and SKUs Base Longs Compact Big Packs FCT 3 Health Warning Health Warning Health Health Warning Warning Sustainability Winston Winston Winston LONGS Winston MA Health Warning 202 859210 Winston Capitalize on local needs Tobacco Investor Conference 31#32ploom Build a Global Power Brand Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Presentation title in footer 32#33Rapidly growing consumer base Robust adoption despite highly competitive market Ploom User Growth Ploom HTS Share of Segment High regular and exclusive usage¹) 1.2MM Doubled +45% YoY 2022 vs 2020 Growing awareness with high potential © Copyright JT 2023 Note: Based on internal estimates 1) Occasional <=50%, 50% < Regular <100%, Exclusive = 100% 2) Prompted awareness incremental growth Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law Ploom X Awareness²) +30% Jan'23 vs Nov’21 Tobacco Investor Conference 33#34Effective consumer targeting Data-driven segmentation to identify core audience Core Adult Target Audience Source of Business and Late Adopters Explorers Confidents Responsibles Conscious Economizers Socializers Prioritizing most progressive consumers that are open to RRP Interest in trends and new products Creating scale through the spillover effect Socially active, urban citizens Express themselves with brands Copyright JT 2023 Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law Tobacco Investor Conference 34#35Ploom: creating modern pleasure Achieved brand image attributes Our mission Designing the future of mindful pleasure, for the modern consumer Establishing a premium brand image Powerful Imagery UNIQVE HEATED TOBACCO XPERIENCE D XPRESS YOUR UNIQUENESS ploom 1 Stylish Fulfilling Moments Innovation 2 Credible 3 Advanced © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law Tobacco Investor Conference 35#36Consumer-centric strategy 1 Power Brand & Ecosystem ploom 2 Connected Consumer Journey Discover Consider Buy Live Advocate ON eva Build Ploom brand, supported by premium line of products 68850 f 年 f f Handholding consumers across the whole transition journey 3 Omnichannel Activation ESS . ploom HAORDIN 9 Search Always-on activation for a superior brand experience Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law Tobacco Investor Conference 36#37Maximizing acquisition and brand loyalty Building strong awareness Seamless route to consumer Qualitative consumer acquisition Discover Consider Awareness Digital marketing | OOH¹) | Press 000 Ploom X CL 愉しみ方が広がる。 オーナー限定の 会員プログラム FLOOMX Activating brand loyalty from Day 1 5 MINUT DITIRI ILLIMITATI ploom X centro Buy Live Acquisition Offline and Online retail | Referral ploom X オンラインショップ ログイン Poon X CLUB Poon ploom X FULL PLAY ploom TRULY UNIQUE その手に、個性を 商品詳細 TRULY UNIQUE L ploom X New Reward title Guaranteed reward 1'800 POINTS Redeem now Advocate Brand loyalty Loyalty Club | Events X Discover plom Tobacco Investor Conference 37 © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law 1) Out Of Home#38Immersive retail experiences High Brand Expression & Brand Experience FLAGSHIP STORE The ultimate brand experience BRAND STORE The full brand experience POP-UP STORE To provide curiosity SHOP IN-SHOP Bring the brand to life CONVENTIONAL RETAIL Low Consumer reach High Flagship Store ploom Brand Store Enjoy your moots winte 12-17-0115 Pop-up Stores ploom © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law ploom Shop-in-shop ploom STAND ploom STANS Tobacco Investor Conference 38#39Personalized digital experiences powered by data Driving Awareness, Acquisition and Retention Implementing Global Digital Ecosystem Connecting offline with online Personalized with A.I. Consumer Care Ploom X CL 愉しみ方が広がる。 オーナー限定の 会員プログラム ploom X Club XPRESS YOUR UNIQUENESS CLUB Werklyngest 数量限定 Ploom website シャンパンゴールド 毎日 ploom X ploom X ¥1,980 - eCRM¹) ploom Own Retail ULY UNIQ Social その手に、個性を ploom X Media ブルームエックス (Po フロントアレッド> / 980- MAACSS 3rd-party E- Com Tobacco Investor Conference © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law 1) Electronic consumer relationship management 39#40Ploom Club: growing community of loyal users ploom X ploom X INVITATION ploom CLUB Unique community. unique experiences. ploom ploom CLUB Maximizing brand loyalty ZENT7/30 詳しくは Building relationship & brand top-of-mind relevance Facilitating efficient and qualitative consumer acquisition Enter the Club 9:41 Done Ploom Club Gold Reward title Guaranteed reward plom John Doe PONT 650 652 807 324 1'000 POINTS Redeem now Earn and Spend Discover Invite your friends and get [total reward description] HOW IT WORKS Refer a friend You get reward description and they get reward description] They create an account Invite friends © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law 416K members by end 2022 +72% '22 vs '21 Tobacco Investor Conference 40#41Best in class consumer care Consumer-centricity in action Face of the brand and the company, connecting with consumers Go beyond expectations handholding consumers along journey Multi-channel from phone calls to live chat B Global Platform Model Globally consistent Best-in-class platform Cost efficient GLOBAL CONSUMER CARE Aiming for 24/7 availability 血 Agile & Scalable 360° integrated Copyright JT 2023 Consumers refers to existing adult smokers or users of other heated tobacco products. Activities subject to marketing principles and local law Tobacco Investor Conference 41#42Ready for global expansion Building an aspirational brand New mindset & capabilities (on & offline) Powerful launches Superior omnichannel consumer experience ploom Accelerating market Building on success in Japan Focusing on consumer retention Preparing roll-outs US launch Constantly bringing product innovations Copyright JT 2023 Tobacco Investor Conference 42#43VIDEO © Copyright JT 2023 Tobacco Investor Conference 43 This video was prepared for JT Group Tobacco Investor Conference May 8, 2023. This video is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products.#44GROWING IN RRP Takehiko Tsutsui Executive Vice President Reduced-Risk Products JT International May 8, 2023 Copyright JT 2023#45Ploom X: step-change evolution in HTS Gen 2 (2020) Gen 3 (2021) ptoms S opom Ploom S 2.0 Ploom model S (Japan) © Copyright JT 2023 MEVIUS REGULAR pom 望まない受動喫煙が生じ ないよう、屋外や家庭でも 周囲の状況に配慮するこ とが、健康増進法上、義務 付けられています。 (outside Japan) MEVIUS Ploom X (Global) MEVIUS ploom X DEEP REGULAR 加熱式たばこの煙 (蒸気) は、周りの人の健康への悪 影響が否定できません。 健 康増進法で禁じられている 場所では喫煙できません。 MEVIUS • • • • Critical features of the device and tobacco sticks improved: Heating engine, heating profile and temperature for longer duration & consistency Design & aesthetics, in a smaller size Seamless user experience and interaction New blends for enhanced tobacco flavor/ aroma Longer sticks for better usability Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Tobacco Investor Conference 45#46Ploom X: significant improvement in consumer metrics Consumer satisfaction C-SAT 1) +14% Ploom S 2.0 Ploom X Copyright JT 2023 Consumer retention Consumer engagement Retention rate 2) Net Promoter Score 3) +50% Ploom S 2.0 Ploom X +10pp 7 Ploom S 2.0 Ploom X Note: 1) Consumer Satisfaction score (index): # of users who answered satisfied / # of users who answered the questionnaire (source: internal estimates) 2) # of users / # of consumer who have tried the product before (source: internal estimates) 3) Measurement taken from asking customers how likely they are to recommend the product to others on a scale of 0-10 (source: internal estimates) Tobacco Investor Conference 46#47Ploom X: improving performance in Japan Share in HTS MEVIUS relaunch in Mar'23 9.3% New MEVIUS S 深く濃く、魅せる。 この青がある。 [数量限定 ディーフスカイブルー ploom X MEVIUS S 本物のたばこ感へ relaunch (Mar'23) 4.0% ploom X launch (Jul'21) Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 2023 MEVIUS ploom X DEEP REGULAR 加熱式たばこの煙蒸気) は、周りの人の健康への悪 影響が否定できません。 法で禁じられている 場所では喫煙できません。 全8銘柄 New Price ¥500 US US OLD MENTHOL IRPLE OPTION この煙(蒸気) の健康への悪 できません。 禁じられている この煙(蒸気) の健康への悪 できません。健 禁じられている できません。 できません。 ploom X blar JT TRULY その手に、個性を UNIQUE © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Tobacco Investor Conference 47#48Ploom X: accelerating global expansion # of markets to launch Ploom X 2022 Global HTS volume market coverage O Copyright JT 2023 59% 0 May 10 77% 14 28 4 Present 2023 2024 Total Tobacco Investor Conference 48#49Ploom X: consistent execution in new market launches UK / London ploom HEATED TOBAGO ploom XPERIENC FLAVOURS Italy / Milan ploom PREPARATI SENSAZIONI INTUITIVO Scopri di più su pdom NTE AFUMATOR ADULT Lithuania / Vilnius VILNIUSLAUN ploom TRULY UNIQ © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Tobacco Investor Conference 49#50HTS: product improvement and innovation 2019 ptoms BEVILA Ploom S 1) Gen 1 2020 2021 2022 2023 . pom S NEVIS Ploom S 2.0 1) Ploom model S 2) Gen 2 Improved sensorial delivery • 20 sticks per charge • • 4'30" session time • 30" heat-up time Ploom X ³) Gen 3 Improved sensorial delivery More constant vapor intensity 5'00" session time 25" heat-up time Smaller size • Improved design & aesthetics Customization © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products 1) For Japan 2) Outside Japan 3) Global Tobacco Investor Conference 50#51Exploratory RRP: innovation & consumer learnings continue Nicotine pouches E-vapor Infused tobacco ploom TECH+ with NORDIC SPIRIT with NEXT GENERATION STRONE NICOTINE POUCHES NORDIC ... SPIRIT MINT PRODUCT UPGRADE logic. PRODUCT UPGRADE © Copyright JT 2023 Note: This slide is not intended to promote sales of tobacco or nicotine containing products or encourage smoking or using nicotine containing products Tobacco Investor Conference 51#52Innovation initiatives: endeavors for the future pipelines Technology research initiatives 90+ Projects on-going All RRPs Exploratory HTS © Copyright JT 2023 Note: 1) # of 1st (priority) applications in each year in the RRP field 2) Ranking of the main applicants at the European Patent Office (EPO) RRP patent filings 1) Recognition by EPO 2) TOP 100 TOP 50 for you TOP 50 2016 2017 2018 2019 2020 2021 2022 Tobacco Investor Conference 52#53Science: at the center of our reduced risk efforts • Holistic approach from fundamental scientific research to product performance assessments • Addressing reduced risk as one of the key consumer drivers 3641 • • Readiness for potential future regulatory requirements Active stakeholder engagement with reduced risk scientific evidence © Copyright JT 2023 Note: 1) Please refer to www.jt-science.com for more details Reduced risk efforts 1) Tobacco Investor Conference 53 53#54QUESTIONS AND ANSWERS JT Group | Tobacco Investor Conference May 8, 2023 Copyright JT 2023