BAT Investor Presentation Deck

16 Belief #3 THP encourages more switching than vaping FACT Vapour* and THP are equally effective at encouraging smokers to switch Vapour Vapour NC Consumers: 66% 34% 65% 35% THP THP THP 71% 29% 64% 36% Still Smoking Daily 39% 61% Vapour Vapour Vapour Stopped Smoking Daily 37% 63% 54% 46% 61% 39% THP BAT A BETTER TOMORROW THP 65% 35% 63% 37% Source: Kantar Incidence & Track Studies 2022 * Vapour includes Disposables and rechargeable closed system only

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