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1 Welcome to the Delight World Vol.4 JT 100 s MEET YOUR DELIGHT JT JT

2 JT PLAN-V JT EU 4 GFB 21

3 Welcome to the Delight World Vol. 4 JT JT JT HIV JT JT JT PLAN-V

4 JT PLAN-V ,400 1, , JT 6.1% %1,

5 Welcome to the Delight World Vol. 4 1mg 300 JT JT mg 2 11mg TIOJ TIOJ 54

6 2003 GFB GFB 7.1%1, % 6, % 3, % % 1,988 EBITDA17.9% 5663 EBITDA=+ + GFB ,

7 Welcome to the Delight World Vol ,988 2, GFB 1,175 1, ,358 6, JT EBITDA % JTE-607 II I JTV-803 II I JTT-705 I II JTK-003 C II I JTT-130 I I HIV HIV

8 87

9 Welcome to the Delight World Vol. 4 To be, or not to be: that is the question

10 % % % ,387 2, ,108 3, % ,9415, , JT TS 10 9

11 Welcome to the Delight World Vol JT JT Hans Continental Smallgoods Pty. Ltd.Hans OSI International Foods Australia Pty. Ltd.OSI Hans OSI JTJT PLAN- V OSI JT JT JTJT PLAN-V JT PLAN-V JT JTPP JT JTPP JTJTPP JTJT JTJT PLAN- V 11 10

12 JT JT1mg JT JT PLAN-V JT 1 JT 10mg 0.8mg 7mg 0.6mg 7mg 0.5mg 85mm mm 10mg 0.7mg mm 12mg 1.1mg

13 Welcome to the Delight World Vol. 4 85mm 1mg 0.1mg mm 3mg 0.3mg mm 8mg 1.0mg mm 7mg 0.6mg mm 6mg 0.7mg s 100mm 6mg 0.7mg mm 8mg 0.6mg mm 6mg 0.4mg

14 s SMASH MENTHOL 20 20% BB SLUGGER

15 Welcome to the Delight World Vol. 4 HTST ph 1 HTST 2 ph ph JT g g g g

16 MEET YOUR DELIGHT JT JT % Philip Morris (PM) British American Tobacco JT R.J.Reynolds The Maxwell Report Top World Cigarette Market Leaders 2003 JTJTI JT JT 1984JT JTI RJR RJRI JTI RJRI10%EBITDA JTI JTI GFB GFB

17 Welcome to the Delight World Vol Marlboro PM 4, Mild Seven JT 1, L&M PM Winston JT/R.J.Reynolds Cleopatra Eastern Tobacco Camel JT/R.J.Reynolds 598 The Maxwell Report Top World Cigarette Market Leaders 2003 R.J. Reynolds Tobacco Company JT JTI JT CIS120 JT BATJT RJRI BAT JT JT PLAN-V GFB JT JTJTI JT PM BAT * JT *

18 , Oh! IT %

19 Welcome to the Delight World Vol

20 JT JTPR 15 JT JT400 JT JT

21 Welcome to the Delight World Vol La mia nuova vita JT

22 :00 17:

23 Welcome to the Delight World Vol. 4 1,600 1, ,400 1,300 1, ,100 1,

24 :00 17: JT :

アニュアルレポート Operation & Contribution -

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