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It is believed that the expectations reflected in this presentation 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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.726+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "748692c4-aa30-47c0-bacf-a6aaf8848d72", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.849, "x": 0.08, "y": 0.394 }, "kind": "paragraph", "text": "This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. This presentation contains 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, including the projected future financial and operating impacts of the COVID-19 pandemic.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.726+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79179d38-9fdb-45c2-927f-e4935a308194", "parentComponentId": null }, { "bbox": { "h": 0.069, "w": 0.849, "x": 0.08, "y": 0.285 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.726+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9578a6f7-b07f-4fdf-a51d-8d7cb2a1395f", "parentComponentId": null }, { "bbox": { "h": 0.069, "w": 0.849, "x": 0.08, "y": 0.795 }, "kind": "paragraph", "text": "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 this presentation and BAT undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. 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BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. 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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 agency clearance. These products are not risk free and are addictive. * See Appendix A3 ** At constant rates. See Appendix A2. *** Reduction versus H1'21 at constant rates at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including R&D, marketing) and before allocation of overheads. See Appendix A2. ^On an adjusted constant rate basis. See Appendix Al and A2. ^^ On an adjusted basis at current adjusted rates. 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"text": "Reducing the health impact of our business, based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. * Beyond refers to Wellbeing & Stimulation. Expected target market for consumer acquisition is adult consumers seeking wellbeing and stimulation solutions in their daily lives. ** Consumers of Non-Combustible products definition. See Appendix A3. *** Environmental targets. See Appendix A4. ^ Capable of being reusable, recyclable or compostable.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 7, "from": 7, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null }, "matchId": "6065bbe8-c8d3-4169-a9d6-9084f7a31f27", "evidence": "The before-after slide clearly shows the transformation", "position": 0, "objective": "To show the impact of BAT's transformation", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:03:16.239562+00", "model": "or:meta-llama/llama-4-scout", 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"bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "paragraph", "text": "The Group's management believes that this measure is useful to investors given the Group's ESG ambition and alignment to the sustainability of the business with respect to the Non-Combustibles portfolio.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.638+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d38cc82-604e-4da3-83e1-b0fce332dcba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.37 }, "kind": "paragraph", "text": "The number of consumers of Non-Combustible products is used by management to assess the number of consumers using the Group's New Categories products as the increase in Non-Combustible products is a key pillar of the\nGroup's ESG ambition and is integral to the sustainability of our business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.638+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "651b75c7-f607-47e8-a08e-b7271edce065", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.02, "y": 0.47 }, "kind": "paragraph", "text": "A4: Environmental Targets\nTargets cover: climate change, water and waste, sustainable agriculture. Full details are available from the latest ESG Report\nBritish American Tobacco - Sustainability reporting (bat.com)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.638+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d17fa0c-d8d8-40c4-ae20-04698227ea8b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.51, "x": 0.02, "y": 0.09 }, "kind": "paragraph", "text": "A1: Adjusting (Adj.)\nAdjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.638+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73e99750-1be2-4bd9-bff3-700772ece6ec", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.14 }, "kind": "paragraph", "text": "A2: Constant currency\nConstant currency - measures are calculated based on the prior year's exchange rate, removing the potentially distorting effect of translational foreign exchange on the Group's results. The Group does not adjust for normal\ntransactional gains or losses in profit from operations which are generated by exchange rate movements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:01:09.638+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9361c737-50d4-4281-a718-288517b61fc1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.22 }, "kind": "paragraph", "text": "A3: Consumers of Non-Combustible Products\nThe number of consumers of Non-Combustible products is defined as the estimated number of Legal Age (minimum 18 years) consumers of the Group's Non-Combustible products. In markets where regular consumer tracking is\nin place, this estimate is obtained from adult consumer tracking studies conducted by third parties (including Kantar). In markets where regular consumer tracking is not in place, the number of consumers of Non-Combustible\nproducts is derived from volume sales of consumables and devices in such markets, using consumption patterns obtained from other similar markets with adult consumer tracking (utilising studies conducted by third parties\nincluding Kantar). 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