Stock Symbol: RAI

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Business Description
Reynolds American, Inc., formerly R.J. Reynolds Tobacco Holdings, Inc., is a holding company that has operated through its subsidiaries R. J. Reynolds Tobacco Company (RJR Tobacco) and Santa Fe Natural Tobacco Company, Inc. (Santa Fe). RJR Tobacco is a cigarette manufacturer that primarily operates in the United States. RJR Tobacco's largest selling cigarette brands are Camel, Winston, Salem and Doral. Those brands, and its other brands, including Vantage, More and Now, are manufactured in a variety of styles and marketed in the United States to meet a range of adult smoker preferences. Santa Fe, which was acquired by the Company in January 2002, manufactures and markets cigarettes and other tobacco products under the Natural American Spirit brand, primarily in the United States. In July 2004, the Company and Brown & Williamson Tobacco Corporation (B&W) combined RJR Tobacco and the United States assets, liabilities and operations of B&W to form Reynolds American Inc.

Financial Information
For the six months ended 6/30/04, net sales decreased 3% to $2.57 billion. Net income increased 93% to $272 million. Revenues reflect lower volumes. Net income reflects a decrease in marketing expenses, lower interest expenses, and a $18 million gain from restructuring.