BAT Investor Presentation Deck

14 Belief #1 There is a 'one size fits all' solution FACT THP and Vapour correlate inversely to Weighted Average Tar levels THP Penetration (%FMC*) 60% 50% 40% 30% 20% 10% 0% >80% of THP 8.5mg Average Weighted Tar per Cigarette Vaping Penetration (%FMC*) 80% 70% 60% 50% 40% 30% 20% 10% 0% BAT A BETTER TOMORROW >70% of Vapour 8.5mg Average Weighted Tar per Cigarette * FMC: Factory Made Cigarettes Source: Kantar Incidence Study 2022, Retail Audit (suppliers different by market), BAT internal information Belgium, Bulgaria, Canada, Colombia, Croatia, Czech Republic, Denmark, France, Germany, Greece, Hungary, Italy, Japan, Kazakhstan, Malaysia, Mexico, Netherlands, New Zealand, Poland, Portugal, Russia, Saudi Arabia, Spain, South Korea, Sweden, Switzerland, UK, Ukraine, USA

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