BAT Investor Conference Presentation Deck
BAT
ЗАТ)
A BETTER TOMORROW
Important information
The information contained in this presentation in relation to British American Tobacco p.l.c. ("BAT") and its subsidiaries has been prepared solely for use at this presentation. The
presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution,
publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
References in this presentation to 'British American Tobacco', 'BAT', 'Group', 'we', 'us' and 'our' when denoting opinion refer to British American Tobacco p.l.c. and when denoting
tobacco business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be.
The information contained in this presentation does not purport to be comprehensive and has not been independently verified. Certain industry and market data contained in
this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from
sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data.
Forward-looking Statements
These materials do not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any British American Tobacco p.l.c. ("BAT") shares or other
securities. These materials contain certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should,"
"intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. These include statements regarding
our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the
economic and business circumstances occurring from time to time in the countries and markets in which the British American Tobacco Group (the "Group") operates.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in
these materials are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. In
particular, among other statements: (i) certain statements in the first/second section (slides 10 to 17); (ii) certain statements in the fourth section (slide 37); and (iii) certain
statements in the fifth section (slides 43 to 49)
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the
impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; the inability to develop, commercialise and deliver the
Group's New Categories strategy; the impact of market size reduction and consumer down-trading; adverse litigation and dispute outcomes and the effect of such outcomes on
the Group's financial condition; the impact of significant increases or structural changes in tobacco, nicotine and New Categories related taxes; translational and transactional
foreign exchange rate exposure; changes or differences in domestic or international economic or political conditions; the ability to maintain credit ratings and to fund the
business under the current capital structure; the impact of serious injury, illness or death in the workplace; adverse decisions by domestic or international regulatory bodies; and
changes in the market position, businesses, financial condition, results of operations or prospects of the Group.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect
knowledge and information available at the date of preparation of these materials and BAT undertakes no obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.
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