CRT026736 Project SUN COMBINED v10 - page 2

© 2015 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity.
Important Notice
• This presentation of Project SUN (the ‘Report’) has been prepared by KPMG
LLP in the UK (“KPMG UK”) for British AmericanTobacco (Investments Limited),
Imperial Tobacco Limited, JT International SA and Philip Morris International
Management SA, described together in this Important Notice and in this Report
as ‘the Beneficiaries’, on the basis set out in a private contract dated 4 February
2015 agreed separately by KPMG UK with the Beneficiaries (the ‘Contract’).
• Nothing in this Report constitutes legal advice. Information sources, the scope of
our work, and scope and source limitations, are set out in the Appendices to this
Report. The scope of our review of the contraband and counterfeit segments of
the cigarette market within the 28 EU Member States, Switzerland and Norway
was fixed by agreement with the Beneficiaries and is set out in the Appendices.
• We have satisfied ourselves, so far as possible, that the information presented in
this Report is consistent with our information sources but we have not sought to
establish the reliability of the information sources by reference to other evidence.
• This Report has not been designed to benefit anyone except the Beneficiaries.
In preparing this Report we have not taken into account the interests, needs or
circumstances of anyone apart from the Beneficiaries, even though we have
been aware that others might read this Report.
• This Report is not suitable to be relied on by any party wishing to acquire rights
or assert any claims against KPMG LLP (other than the Beneficiaries) for any
purpose or in any context.
• At the request of the Beneficiaries and as a matter of practical convenience we
have agreed to publish this Report on the KPMG UK website, in order to facilitate
demonstration by the Beneficiaries that a study into the matters reported has
been performed by KPMG UK for the Beneficiaries.
• Publication of this Report does not in any way or on any basis affect or add to or
extend KPMG UK’s duties and responsibilities to the Beneficiaries or give rise to
any duty or responsibility being accepted or assumed by or imposed on KPMG
UK to any party except the Beneficiaries. To the fullest extent permitted by law,
KPMG UK does not assume any responsibility and will not accept any liability in
respect of this Report to anyone except the Beneficiaries.
• In particular, and without limiting the general statement above, since we have
prepared this Report for the Beneficiaries alone, this Report has not been
prepared for the benefit of any other manufacturer of tobacco products nor for
any other person or organisation who might have an interest in the matters
discussed in this Report, including for example those who work in or monitor the
tobacco or public health sectors or those who provide goods or services to those
who operate in those sectors.
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