In 2018, Altria announced that it signed and closed a $12.8 billion investment in JUUL Labs, Inc., the U.S. leader in e-vapor to accelerate harm reduction and drive growth.1 Altria's investment represents a 35 percent economic interest in JUUL and JUUL will remain fully independent.

Fueled by its unique and innovative Silicon Valley approach to product development and founded by former smokers, JUUL has rapidly built an industry-leading position by satisfying adult tobacco consumers with its differentiated e-vapor products.

JUUL has quickly grown both revenue and share, and today represents approximately 34% of the total U.S. e-vapor category.2 JUUL has a deep innovation pipeline and currently operates in eight countries, with rapid international expansion plans.

1Pending regulatory approvals.

2Market share based on annual theoretical volume equivalized to cartridges (1 disposable = 1 cartridge = 1mL e-liquid) +~600%. Source: ALCS CMI Estimates based on: IRI MOC; STARS; Capstone; & comScore, ATCT.