59440--3/16/2007--VECTOR_GROUP

related topics

{product, liability, claim}

{competitive, industry, competition}

{debt, indebtedness, cash}

{stock, price, share}

{condition, economic, financial}

{control, financial, internal}

{loss, insurance, financial}

{personnel, key, retain}

{tax, income, asset}

{loan, real, estate}

{customer, product, revenue}

Liggett s business is highly dependent on the discount cigarette segment. Liggett s market share is susceptible to decline. The domestic cigarette industry has experienced declining unit sales in recent periods. Litigation will continue to harm the tobacco industry. Individual tobacco-related cases may increase as a result of the Florida Supreme Court s ruling in Engle . Regulation, legislation and taxation may negatively impact sales of tobacco products and our financial condition. Liggett may have additional payment obligations under the Master Settlement Agreement and its other settlement agreements with the states. Liggett has significant sales to a single customer. Liggett may be adversely affected by recent legislation to eliminate the federal tobacco quota system. Excise tax increases adversely affect cigarette sales. Vector Tobacco is subject to risks inherent in new product development initiatives. The actual costs and savings associated with restructurings of our tobacco business may differ materially from amounts we estimate. New Valley is subject to risks relating to the industries in which it operates. Potential new investments we may make are unidentified and may not succeed. We depend on our key personnel. We are exposed to risks from legislation requiring companies to evaluate their internal control over financial reporting. The price of our common stock may fluctuate significantly, and this may make it difficult for you to resell the shares of our common stock when you want or at prices you find attractive.

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59440--3/16/2007--VECTOR_GROUP_LTD