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Below is the upside case: US doesnt ban menthol Share gains drive NGP revenues at 20% CAGR, to 13b GBP in 2030 55% incremental margins in NGP, creating 36% terminal operating margin (still a little lower than the company average) Flat 51% margins in combustibles with no menthol ban Stock trades at near market-ish multiple of 15x on substantial NGP transition The above are very much possible

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Our latest product developments are designed to help retailers cater for their menthol and crushball customers when the ban comes into effect by offering them new innovations from their brands of choice

For bulk shipping and multi-pack formats, E-flute corrugated cigarette packaging boxes add an extra layer of protection