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THE IQOS STORE EXPERIENCE In fall 2019, the only way to purchase the IQOS device was by personally visiting a store in Atlanta or ordering online and picking up in- store

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Below is the upside case: US doesnt ban menthol Share gains drive NGP revenues at 20% CAGR, to 13b GBP in 2030 55% incremental margins in NGP, creating 36% terminal operating margin (still a little lower than the company average) Flat 51% margins in combustibles with no menthol ban Stock trades at near market-ish multiple of 15x on substantial NGP transition The above are very much possible

If approved, it would mark the first time two of the worlds largest tobacco manufacturers have entered into reciprocal cigarette production in Europe, highlighting how even the most entrenched competitors are being forced to rethink traditional boundaries in an era of declining demand.

Designed to deliver consistent flavor and an effortless draw, these cigars are well-suited for smokers seeking a full-flavored, no-frills smoke at an everyday value price point.