Financial Results and Outlook

Next Generation Tobacco Products Continuing to be Developed Current Status • All of the major tobacco product manufacturers are developing next generation products • There are many types of next generation products • Next generation products use less leaf tobacco in a strict 1-1 comparison with a combustible cigarette Still Unclear or Developing . • Consumer consumption habits and patterns • Production regulation in various countries • Effect on demand for leaf tobacco Universal continues to be part of the Supply Chain for Next Generation Tobacco Products 46

View entire presentation