BAT Investor Conference Presentation Deck

Most of the Harm from Tobacco is caused by Combustion Not Nicotine* Combustibles¹ 100%- High TOBACCO & COMBUSTION Toxicants in Emissions THP 10% BAT A BETTER TOMORROW Vapour è il.c Low Modern Oral 000 NRT 00 + 0% NO COMBUSTION Our Non-Combustible Products are proven to produce far less toxicants¹ 1 Relates to standard reference cigarette. *As stated by: Dr. Scott Gottlieb US FDA Commissioner (July 2017), and UK Royal College of Physicians, Nicotine without smoke: Tobacco harm reduction (2016) 14

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