BAT Investor Presentation Deck

23 Belief #8 Poly-users tend to smoke just as much FACT The consumer journey often involves poly-usage where cigarette consumption is reduced FMC* Average Daily Consumption reduction among Poly-Users vs. FMC Solus 100 Index FMC + THP FMC + MO FMC + Vapour Index 92 "Poly-usage" references a transitional period for adult FMC consumers towards a complete switching to NCs during which adult consumers reduce cigarette consumption and choose to add to it a consumption of one or more NCS. 83 81 ***0000 Consumption in leading 9 NC markets in stick Equivalent. BAT A BETTER TOMORROW *Factory Made Cigarettes Source: Kantar Incidence & Track Studies 2022 Canada, Denmark, Germany, Italy, Japan, S. Korea, Sweden, UK, USA

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