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These savings are largely driven by: Supply chain optimization Automation Digitization Rationalizing combustible SKUs (since 2017, combustible SKUs have been reduced ~30% and related business units have been reduced by 40%) Foreign Exchange As BAT operates globally (ex-China) in many currencies and recognizes earnings in GBP, it is important to consider FX dynamics for future prospects

Will update this review after harvest.

Although Wyomings excise tax rate has increased $0.52 since 1989, Wyomings rate has not kept pace with the national average (Figure 2

A potential fine and/or ban was averted when Pollock agreed to abide by the F1 arbitration process, admitted that in filing the complaint to the EC his lawyers had acted independently and that declarations made in the claim did not reflect his personal views

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