Investor Presentaiton

Combustibles 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

View entire presentation