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`Ex. 2025-0001
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`8/6/2020
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`Analysts Mixed on Philip Morris's Smoking System - The New York Times
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`To protect trade secrets, company employees collected all product samples -- among the
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`first to be seen by anyone outside the company -- at the end of the session, even scooping up
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`all the burned Accord cigarettes.
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`"I don't think this is going to be the product that fundamentally changes the nature of the
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`cigarette industry," said David J. Adelman, a tobacco analyst with Morgan Stanley, Dean
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`Witter. "But Philip Morris deserves a lot of credit for making the effort."
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`But Mr. Black said: "I wanted to know, where is the pleasure, and where's the sex appeal? I
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`think that smokers use cigarettes for reasons other than nicotine. Smokers appreciate the
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`pleasure of the experience, and the rituals they engage in, such as tapping the cigarette,
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`lighting it, holding it in midair. They don't have this with Accord."
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`Analysts who tested the Accord device, smoking the cigarettes, had conflicting reactions. "If
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`flavored cigarette," Mr. Adelman said.
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`Others said that they found it difficult to draw down on, though they said the taste was
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`reasonably good.
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`Philip Morris said that an advantage of the product was that it eliminated the smoke from
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`the burning end of the cigarette, which accounts for about 90 percent of secondhand smoke,
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`not including the smoke that is exhaled.
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`But Mr. Black said that the notion that smokers would use Accord to protect family
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`members "is bunk," adding: "The public perception is that exhaled smoke is the problem.
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`So a spouse, or a boss, is not going to say to the smoker, 'Go ahead and smoke because it
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`stays in the box,’ when they see a smoker exhaling."
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`Mr. Adelman said: "The 35-year-old sitting in a bar is not going to use this product because
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`he's an image-conscious consumer. And the 26-year-old smoker doesn't really care about the
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`ash and the smell from cigarettes."
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`Analysts said that during the demonstration a Philip Morris executive implied that
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`technological advances in the Accord system could make it less bulky and more convenient.
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`If the Accord lighter box "was smaller -- say a small overlay on the cigarette -- I think there
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`would be more chance for success," Mr. Adelman said.
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`Some analysts compared the Accord to the Eclipse, a smokeless cigarette that heats, rather
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`than burns, tobacco, introduced in 1996 by the R.J. Reynolds Tobacco Company. "Accord has
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`more taste," Mr. Black said, "but Eclipse has virtually no exhaled smoke. With Accord,
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`you're still exhaling smoke into the air."
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`you close your eyes while smoking Accord, it approaches being a cigarette, though not a full-
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`"# $%%& $ ' ()
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`https://www.nytimes.com/1997/10/24/business/analysts-mixed-on-phi|ip-morris-s-smoking-system.html
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`2/3
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`Ex. 2025-0002
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`Ex. 2025-0002
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`

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`* *
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`Ex. 2025-0003
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