BAT Investor Conference Presentation Deck

And offers the greatest opportunity to deliver tobacco harm reduction Consumers Market taste profiles Regulation BAT A BETTER TOMORROW MULTI- CATEGORY STRATEGY BAT Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. A BETTER TOMORROW Opportunity to reduce harm* Commercial opportunity Resilience to regulation Maximises ability to switch smokers, deliver harm reduction and create value 20

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