BAT Investor Presentation Deck

18 Implication 1 1 THP & Vapour correlate inversely to Weighted Average Tar levels 2 Vapour is the biggest contributor to consumer growth and accelerating 3 Vapour & THP are equally effective at encouraging smokers to switch 4 Modern Oral will have a critical positive role to play A Multi-Category Portfolio is Essential to Deliver our Purpose & Industry Transition BAT A BETTER TOMORROW

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