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      "text": "-7.5%* (includes c.-3% poly-usage**) Secular Elasticities Consumer macro impacts California flavour ban Wholesale inventory changes 1.1% -0.5% -2.3% -2.9% -2.9% -8.6% (sales to retail)",
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      "text": "Industry volume decline FY'23 Low end segment^ Industry volume decline FY'23 (excl. low)^ California flavour ban Share performance BAT adjusted volume decline FY'23 Inventory change BAT volume decline FY'23 -7.5% -3.1% -10.6% -0.6% -0.5% 0.4% -11.7% -11.3%",
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      "text": "BAT A BETTER TOMORROW",
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      "text": "Source: U.S. Marlin. * Sales to wholesale estimates and Company data. ** See Appendix A8. ^ Excluding low end of U.S. industry where BAT is not present.",
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      "text": "U.S. combustibles industry impacted by continued macro-economic pressures",
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