BAT Investor Presentation Deck

25 Theme 3: Industry Value 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Most of the harm from smoking is caused by products of combustion, not nicotine 2 Vapour is the biggest contributor to consumer growth and accelerating 6 In general, new adult nicotine consumers don't go on to smoke 9 NCs are less profitable 3 Vapour & THP are equally effective at encouraging smokers to switch 7 NC penetration correlates inversely to the age cohorts of adult consumers 10 Industry value is declining with cigarette sales 4 Modern Oral will have a critical positive role to play 8 Cigarette consumption is declining with poly-usage BAT A BETTER TOMORROW

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