BAT Investor Presentation Deck
15
Belief #2 THP attracts the most consumers
FACT
Vapour is the biggest
contributor to
consumer growth
and accelerating
# Total Adult Users* (Mn)
34
10
2
+24
2018
40
13
2
2019
-Vapour
43
17
7
2020
-THP
•MO
54
21
10
2021
BAT
A BETTER TOMORROW
62
I
26
11
+36
2022
Source: Kantar Incidence & Track Studies 2022
*Adult users based on 20 Years of Age+ in USA. 18+ in all other markets
T42 Markets: Algeria, Argentina, Australia, Bangladesh, Belgium, Brazil, Bulgaria, Canada, Chile, Colombia, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, Indonesia, Italy, Japan, Kazakhstan,
Malaysia, Mexico, Morocco, Netherlands, New Zealand, Nigeria, Pakistan, Poland, Romania, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, UK, Ukraine, USA, VietnamView entire presentation