a cooling segment for cooling the volatilized at least one component of the smokable material, wherein the cooling segment is a hollow tube defining an air gap within the cooling segment, wherein the cooling segment is adjacent to the body of the smokable material, and wherein the cooling segment is configured to provide a temperature differential of at least 40° C. between a heated volatilized component at a first end of the cooling segment and the heated volatilized component at the second end of the cooling segment, wherein the cooling segment is made of paper, wherein a ventilation region is provided in the hollow tube to enable air to pass into the cooling segment, wherein the ventilation region comprises one or more rows of holes formed through the wall of the hollow tube, wherein a ratio of the air to the sum of the heated volatilized components and the air is at least 15%; and

a mouth end segment for being received in a mouth of a user;

wherein the ventilation region is at least 11 mm from a proximal end of the mouth end segment wherein the cooling segment of the smoking article is partially inserted into the heating apparatus when the smoking article is fully inserted into the heating apparatus and wherein there is a portion of the cooling segment that extends out of the heating apparatus when the smoking article is fully inserted into the heating apparatus; and wherein the ventilation holes are located in the portion of the cooling segment that extends out of the heating apparatus.