Investor Presentaiton

Business Plan 2023: building the foundation for growth • • Ploom X expansion supported by significant investment over the next three years Volume Quality topline growth and increasing combustibles return on investment will provide funding for RRP • Continued efficiency initiatives drive a competitive cost base while enhancing strategic capabilities Low-single digit AOP growth over next three years with upside potential as RRP reaches scale © Copyright JT 2023 Note: Tobacco business Core Revenue and AOP variance at constant FX - 2023 2025 Stable Core Revenue Mid-single digit growth AOP Low-single digit growth Tobacco Investor Conference 18

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