1. The future of treasury? David Swann 4 June 2010

2. A little about BAT…  180 countries  200+ brands  Revenue £14bn  Profit £4.4bn  Net debt £8.8bn  Big, international and complex

3. Agenda  Treasury: a brief recap  Centralisation: A key theme of the 2000’s

4. The move to centralise Transaction execution Decision making 2000 2010 Decentralised Centralised Funding Banking FX Cash

5. Agenda  Treasury: a brief recap  Centralisation: A key theme of the 2000’s  The themes for the next ten years?  Stability  Decentralisation?

6. Next? Transaction execution Decision making 2000 2010 Decentralised Centralised

7. Agenda  Treasury: a brief recap  Centralisation: A key theme of the 2000’s  The themes for the next ten years  Stability  Decentralisation?  Funding and liquidity  Risk  Treasurers - where next?

8. A checklist for career progression  Do you really want it?  Organisation  Skills  Experience  Escape plan