BAT Investor Presentation Deck

12 Beliefs to Challenge 1 There is a 'one size fits all' solution 5 Nicotine is a substantial cause of disease from smoking 2 THP attracts the most consumers 6 New Categories (NCs) are often a gateway to smoking 9 NCs are less profitable 3 THP encourages more switching than vaping 7 NCs are used equally across cohorts 10 Industry value is declining with cigarette sales 4 Modern Oral is a Scandinavian phenomenon 8 Poly-users tend to smoke just as much BAT A BETTER TOMORROW

View entire presentation