59440--3/17/2006--VECTOR_GROUP

related topics

{product, liability, claim}

{competitive, industry, competition}

{control, financial, internal}

{condition, economic, financial}

{debt, indebtedness, cash}

{loss, insurance, financial}

{personnel, key, retain}

{tax, income, asset}

{loan, real, estate}

{stock, price, share}

{customer, product, revenue}

Liggett faces intense competition in the domestic tobacco industry. 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 and regulation will continue to harm the tobacco industry. 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. While we believe our controls systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and not be detected.

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59440--3/17/2006--VECTOR_GROUP_LTD