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Business Description
Carolina Group is a group company of Loews Corporation that was designed for the purpose of holding a 100% interest in the tobacco subsidiary, Lorillard, Inc. (Lorillard). Lorillard, through its subsidiaries, is engaged in the production and sale of cigarettes. The principal cigarette brand names of Lorillard are Newport, Kent, True, Maverick and Old Gold. Its major selling brand is Newport, which accounted for approximately 90.2% of sales during the year ended December 31, 2003. Substantially all of Lorillard's sales are in the United States, Puerto Rico and certain United States territories. Lorillard sells its products primarily to distributors that, in turn, service retail outlets, chain store organizations and government agencies, including the United States Armed Forces. At December 31, 2003, Lorillard had approximately 740 direct buying customers servicing more than 400,000 retail accounts.

Financial Information
For the nine months ended 9/30/04, revenues rose 2% to $2.54 billion. Net income rose 10% to $384.3M. Revenues reflect higher effective unit prices due to lower sales promotion expenses. Net income also reflects a decrease in product liability defense costs.