markets (ex Eastern Europe), 2025E % of volumes Source: UBS Tobacco Transformation Model (TTM), UBS estimates Across the top 40 markets, the retail price of heated tobacco sticks is at a <10% aun u mol suiewai uodope aldwexa lot 'saten uodope yeiy anp shemle pou saop i! harm reduction from consumers that switch. Increasingly countries (over 50) are creating burden being specific), and as the category gains traction, a number of countries are looking to raise tax towards that of cigarettes. This is not surprising given the associated