BAT Investor Presentation Deck

20 Belief #5 Nicotine is a substantial cause of disease from smoking FACT Most of the harm from smoking is caused by products of combustion, not nicotine BAT A BETTER TOMORROW It's the other chemical compounds in tobacco, and in the smoke created by setting tobacco on fire, that directly and primarily cause the illness and death, not the nicotine DR. SCOTT GOTTLIEB US FDA COMMISSIONER (JULY 2017) Nicotine is not...a highly hazardous drug. The main culprit is smoke and, if nicotine could be delivered effectively and acceptably...without smoke, most, if not all, of the harm of smoking could probably be avoided UK ROYAL COLLEGE OF PHYSICIANS Nicotine without smoke: Tobacco harm reduction (2016)

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