BAT Investor Presentation Deck

30 Belief #11 Japan is the 'bellwether' transformation story Sweden has successfully delivered a multi-decade Tobacco Harm Reduction policy 14.3% Sweden FMC* Incidence 2008 - 2022 13.4% 11.8% 11.3% 10.0% 9.0% 6.9% BAT A BETTER TOMORROW 5.9% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 *Factory Made Cigarettes Source: Euromonitor

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