43rd food and tobacco & IT’S HOAGIE TIME Mel’s California

Clarifying Ambiguity: Defining Legal Standards and Product Categories For the firearms industry, ambiguity is the precursor to liability

Any updates on other legal proceedings or changes to the regulatory landscape will be significant factors in assessing BATS long-term risk profile

About 70% of US Burley production comes from Kentucky , with another 20% from Tennessee

before modern pesticides, laborers had to pick worms off tobacco plants Source: Jonathan Carver, Travels through the interior parts of North America, in the years 1766, 1767, and 1768 (p.20) enslaved workers packed tobacco into hogsheads, as well as working in the fields Source: Slavery Images: A Visual Record of the African Slave Trade and Slave Life in the Early African Diaspora, Interior of the Seabrook Tobacco Warehouse at Richmond, Virginia the lowest leaves of the tobacco plant (primings) were stripped off and dried Source: Slavery Images: A Visual Record of the African Slave Trade and Slave Life in the Early African Diaspora, Tobacco Production, Richmond, Virginia, 1870s In New England, there was far less demand for a large pool of low-skill agricultural workers

Valuation At a price of 3100p, we have a P/E Ratio of 8.x .This is too much of a discount with a net yield of 12% plus earnings growth of 4-5% (and that could increase), leading to shareholder yield of 16-17% per year