BAT Investor Conference Presentation Deck

Extensive Scientific Substantiation support our products as Reduced Risk* glo vuse Emissions : -99%¹ Toxicology: -99%¹ Our data is published in 71 peer-reviewed manuscripts Emissions : - 90% to - 95%² Toxicology: -95%² Our data is published in 65 peer-reviewed manuscripts BAT A BETTER TOMORROW RM VELO >30 yrs of studies shown Snus is much less risky than smoking Toxicology: even less harmful than Snus³ We believe Modern Oral products are reduced risk as toxicant levels are lower than in snus* 1. ePod and ePen3 compared to a reference cigarette. 2 Compared to a reference cigarette. 3. 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 Organization recommends to reduce in cigarette smoke. *Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. 38

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