`
`Exhibit 14
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`
`
`
`
`20-cv-00393-LMB-WEF Document 1468-5 Filed 04/05/23 Page 2 of 4 PagelD# abstr369
`Case 1:20-cv-00393-LMB-WEF Document 1468-5 Filed 04/05/23 Page 2 of 4 PageID# 40801
`
`
`
`ame ~=—=—h—hChmreePoi
`
`——=.=a—=.=a
`
`CONFIDENTIAL BUSINESS INFORMATION, SUBJECT TO PROTECTIVE ORDER
`
`RJRITC_001455874
`
`PX-369
`
`
`
`
`
`Case 1:20-cv-00393-LMB-WEF Document 1468-5 Filed 04/05/23 Page 3 of 4 PageID# 40802
`Case 1:20-cv-00393-LMB-WEF Document 1468-5 Filed 04/05/23 Page 3 of 4 PagelD# 40802
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`There are 3 key issues
`ene8x
`
`
`
`o explore
`
` ®
`
`
`
`if so, what is the optimal
`organization / structure
`to house HNB?
`
`How can RAI optimize
`its communication
`strategy for ANPs?
`
`@ VJnere smould decisio!
`on mieking
`for HNB and ANPs reside?
`
`What capabillt
`ae
`succesd?
`
`ies are required
`
`riow can RAI get the same
`recognition for ANPs as PMI?
`
`Whol type of slakenolder
`engagement is required’?
`
`:
`
`eoaa
`
`a
`
`is HNB
`worth pursuing?
`
`@®
`
`is the marke
`
`attractive?
`
`@ Is [he organization aligned
`
`with explor ing a new pe
`
`qatiorn (technology:
`
`® is RA) able io effectively
`compete with HNB?
`
`i, Confid
`
`ential For Discussion Purposes©
`
`asampseosoaessseesasonanononnencnoncernnn nnmnmnmnnyY
`
`CONFIDENTIAL BUSINESS INFORMATION, SUBJECT TO PROTECTIVE ORDER
`
`RJRITC_001455897
`
`
`
`Case 1:20-cv-00393-LMB-WEF Document 1468-5 Filed 04/05/23 Page 4 of 4 PageID# 40803
`Case 1:20-cv-00393-LMB-WEF Document 1468-5 Filed 04/05/23 Page 4 of 4 PagelD# 40803
`
` appears to have potential and should be explored further
`
`
`
`
`
`Consumers appearreceptive: HNB offers unique advantagesrelative to vapor and may
`appeal to a large ATC segmentdissatisfied with current cigarette alternatives
`
`Competitors are investing heavily: PMI invested ~$2B to date, has built substantial
`capacity, and is submitting a MRTPAin 2016 Q4
`
`Analysts haverallied behind HNB: some analysts expect the market to displace
`~30% of U.S. cigarette volume by 2025
`
`RAIl does not have a next gen HNB product:it would take significant time and
`investment to commercialize a new product and ‘catch up’ to competitors
`
`Should the HNB market emerge in the U_S., RAI] would be ‘exposed’ givenits
`under-investment relative to competitors
`
`
`CONFIDENTIAL BUSINESS INFORMATION, SUBJECT TO PROTECTIVE ORDER
`
`RJRITC_001455898
`
`