BAT Investor Conference Presentation Deck

VII Velo has Much Lower Toxicant Levels VELO than Snus -99% Toxicants VS. Cigarettes -76% Toxicants VS. Snus² Assessment of 9 chemicals the WHO recommends to reduce in cigarette smoke¹ vs. cigarette and Snus As measured by independent lab BAT A BETTER TOMORROW 1. D.M. Burns et al.; Tob. Control, 17 (2008), pp. 132-141; 2 Approximate reduction. Comparison based on an assessment of smoke from a scientific standard reference cigarette (approximately 9mg tar) and components released during use of a commercial Snus pouch and a Velo pouch, in terms of the average of the 9 harmful components the World Health Organisation recommends to reduce in cigarette smoke. 21

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