Tobacco products are subject to substantial excise and sales taxes in most countries in which the Group operates.  In many of these countries, taxes are generally increasing but the rate of increase varies between countries and between different types of tobacco products. Increased tobacco taxes, or changes in relative tax rates for different tobacco products, or adjustments to excise structures, may result in a decline in overall sales volume for the Group’s products or may alter the Group’s sales mix in favour of Value-for-Money brands. Increases in tobacco taxes can also lead to consumers rejecting the Group’s legitimate tax-paid products for products from illicit sources.