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Altria purchased a 35% stake in e-cigarette company Juul for $12.8 billion in 2018 and took writedowns of more than $4 billion in each of the following years as the company faced lawsuits and legislation banning flavored replaceable e-cigarette pods and cartridges aimed at reducing teen vaping

Tight-to-ankle is J Brand's trademark fit, and all J Brand jeans have small, high pockets to lift and create a perky bum

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DUP OF ID 01817666/7673. Jan 1967

It balances supply and demand for regular and irregular smokers

The day when the value of tobacco brands goes up in smoke is a long way off. Brand Finance The Worlds Leading Independent Branded Business Valuation and Strategy Consultancy T: +44 (0)20 7839 9400 E: [email protected] www.brandfinance.com