Investor Presentaiton

Within 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

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