Investor Presentaiton
Tobacco Space Estimated Volumes
Equivalized Volume in Billions
■Combustible ■ Oral Tobacco
■E-Vapor
(1.0)%
CAGR
16.8
16.5
16.2
2015
2016
2017
16.1
15.9
15.9
2018
2019
2020
Note: Volume for Heated Tobacco products rounded to 0.0 billion for 2019 and 2020
Sources: CMI Estimates; IRI MOC; Capstone; ComScore, Merkle
For purposes of this theoretical analysis, the tobacco space may combine different product categories under a single descriptor. In this analysis, "Combustible" contains Cigarettes and
Cigars, and "Oral Tobacco" contains Moist Smokeless Tobacco (MST), Snus and Oral Tobacco-Derived Nicotine Products (OTDN)
EQ Estimation - For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = 1 can of MST/Snus/OTDN = 10 Cigars = 1 E-Vapor cartridge
4 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY
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