PMI's Canadian affiliate RBH included in proposed CAD 32.5B settlement of tobacco claims in Canada

Philip Morris International Inc.

RBH, ITL, JTIM would pay aggregate CAD 32.5B (~USD 23.5B) to settle tobacco claims; allocation among companies unresolved.
Upfront contribution from cash on hand (est. CAD 12.5B after CAD 750M working capital withheld); annual payments based on 85%-70% of NATI from combustible tobacco.
RBH held ~CAD 5.5B cash as of June 30, 2024; PMI's equity interest at $3.28B may face material impairment if plan implemented.
Claimant voting expected Dec 2024; court approval hearing likely H1 2025. Stay of litigation extended until Oct 31, 2024.
Non-combustible products (IQOS, VEEV) excluded from payment calculation; would be transferred to RBH affiliate.

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