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  "notes": "Uses a hub-and-spoke diagram to connect central capital management to specific discipline and allocation pillars.",
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      "text": "Deleverage (Around 3x expected by end 2021, 1.5x-2.5x long term); Dividend (65% pay-out ratio); BAT Ventures; partnerships/small scale M&A",
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      "text": "c.£650m Capex = Depreciation; Working Capital efficiencies; £1bn Quantum savings expected 2020-2022",
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