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`$ *
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`Ex. 2025-0001
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`

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`8/6/2020
`
`Analysts Mixed on Philip Morris's Smoking System - The New York Times
`
`To protect trade secrets, company employeescollected all product samples -- among the
`first to be seen by anyone outside the company-- at the endof the session, even scooping up
`all the burned Accord cigarettes.
`
`"T don't think this is going to be the product that fundamentally changesthenatureof the
`cigarette industry, said David J. Adelman, a tobacco analyst with Morgan Stanley, Dean
`Witter. "But Philip Morris deservesa lot of credit for makingtheeffort."
`
`But Mr. Black said: "I wanted to know, whereis the pleasure, and where's the sex appeal? I
`think that smokersuse cigarettes for reasons other than nicotine. Smokers appreciate the
`pleasure of the experience, and the rituals they engagein, such as tapping the cigarette,
`lighting it, holding it in midair. They don't have this with Accord."
`
`Analysts whotested the Accord device, smoking the cigarettes, had conflicting reactions.''If
`you close your eyes while smoking Accord, it approachesbeing a cigarette, thoughnota full-
`flavored cigarette,’ Mr. Adelmansaid.
`
`Otherssaid that they foundit difficult to draw downon,thoughthey said the taste was
`reasonably good.
`
`Philip Morris said that an advantageof the product wasthatit eliminated the smoke from
`the burning end ofthe cigarette, which accounts for about 90 percent of secondhand smoke,
`not including the smokethatis exhaled.
`
`But Mr. Black said that the notion that smokers would use Accord to protect family
`members"is bunk,'' adding: "The public perception is that exhaled smokeis the problem.
`So a spouse,or a boss,is not going to say to the smoker, 'Go ahead and smokebecauseit
`stays in the box,' when they see a smokerexhaling."
`
`Mr. Adelman said: 'The 35-year-old sitting in a bar is not going to use this product because
`he's an image-conscious consumer. And the 26-year-old smoker doesn't really care about the
`ash and the smell from cigarettes."
`
`Analysts said that during the demonstration a Philip Morris executive implied that
`technological advancesin the Accord system could makeit less bulky and more convenient.
`If the Accord lighter box ''was smaller-- say a small overlay on the cigarette -- I think there
`would be more chancefor success,'' Mr. Adelman said.
`
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`Someanalysts compared the Accord to the Eclipse, a smokelesscigarette that heats, rather
`than burns, tobacco,introduced in 1996 by the R.J. Reynolds Tobacco Company. ''Accord has
`moretaste,'' Mr. Black said, ''but Eclipse has virtually no exhaled smoke. With Accord,
`you'restill exhaling smokeintotheair.”
`
`https://www.nytimes.com/1 997/10/24/business/analysts-mixed-on-philip-morris-s-smoking-system.html
`
`2/3
`
`Ex. 2025-0002
`
`Ex. 2025-0002
`
`

`

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`* *
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`Ex. 2025-0003
`
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