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      "text": "BAT A BETTER TOMORROW",
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      "text": "Today's Themes\n01 A Multi-Category Portfolio is essential\n02 Tobacco Harm Reduction is a journey\n03 New Categories are value accretive",
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      "text": "10 Facts\n1 THP & Vapour correlate inversely to Weighted Average Tar levels\n2 Vapour is the biggest contributor to consumer growth and accelerating\n3 Vapour & THP are equally effective at encouraging smokers to switch\n4 Modern Oral will have a critical positive role to play\n5 Most of the harm from smoking is caused by products of combustion, not nicotine\n6 In general, new adult nicotine consumers don't go on to smoke\n7 NC penetration correlates inversely to the age cohorts of adult consumers\n8 Cigarette consumption is declining with poly-usage\n9 NCs are already positive at gross margin level in almost all Categories\n10 Total nicotine revenue is growing year-on-year with NCs driving value accretion",
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