BAT Investor Conference Presentation Deck

Extensive Scientific Substantiation support our products as Reduced Risk* glo vuse Emissions -99%¹ Toxicology -99%¹ Clinical studies show significant reductions in biomarkers of exposure Our Vapour scientific data is published in 71 peer- reviewed manuscripts Emissions -90% to -95%² Toxicology -95%² Clinical studies show significant reductions in biomarkers of exposure, similar to cessation Our glo scientific data is published in 65 peer- reviewed manuscripts VELO BAT A BETTER TOMORROW >30 years of studies have shown snus is much less risky than smoking Toxicology even less harmful than snus Clinical studies show Velo usage & behaviour is very similar to snus 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. *Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. Our products as sold in the US, including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and no reduced-risk claims will be made as to these products without regulatory clearance. 22

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