BAT Investor Presentation Deck

19 Theme 2: THR 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Nicotine is a substantial cause of disease from smoking 2 Vapour is the biggest contributor to consumer growth and accelerating 6 New Categories (NCs) are often a gateway to smoking 9 NCs are less profitable 3 Vapour & THP are equally effective at encouraging smokers to switch 7 NCs are used equally across cohorts 10 Industry value is declining with cigarette sales 4 Modern Oral will have a critical positive role to play 8 Poly-users tend to smoke just as much BAT A BETTER TOMORROW

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