Balanced exposure between high-growth emerging markets and highly profitable developed markets. More than 40% of revenues generated in the attractive U.S. market after the full integration of Reynolds American Inc. (Reynolds). Increasing next-generation products franchise combining e-vaping and heating tobacco technology. Adjusted debt to EBITDA expected to decrease to 3.5x-4.0x in the next 12 months after peaking in 2017, reflecting the debt funding used in Reynolds' full integration. Strong cash flow generation underpinned by strong profit margins, despite significant investment requirements. Discretionary cash flow forecast to reach about £1 billion in 2018, reflecting steadily increasing dividend distribution. S&P Global Ratings' stable outlook on U.K.-based international tobacco company British American Tobacco PLC (BAT) reflects its view that BAT will be able
