BAT Results Presentation Deck

Nicotine Industry Revenue Growth Forecast at +3.5% CAGR £96 14 82 2021 £100 17 83 3.5% CAGR 2022 £104 20 84 £107 22 85 2023 2024 Total Nicotine Industry Revenue (Bn)* ■Combustibles + Traditional Oral New Categories £111 25 +15% CAGR 86 +1.1% CAGR 2025 With c.75% Industry Growth from New Categories BAT Source: Future data is estimated based on KANTAR Incidence Study & BAT Internal estimates (excl. India, China, Russia & Vapour open systems). * Nicotine industry incudes Combustibles, Traditional Oral and New Categories. A BETTER TOMORROW 130m New Category Consumers By 2025 44

View entire presentation