hedgeyedocs.hedgeye.com/he_ballantyne_jul2014.pdf · progression after e-cigs c) vapor/tank growth...

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Page 1: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 2: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 3: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 4: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 5: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 6: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 7: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 8: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 9: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 10: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 11: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 12: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 13: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 14: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 15: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 16: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 17: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 18: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 19: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 20: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 21: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and
Page 22: Hedgeyedocs.hedgeye.com/HE_Ballantyne_JUL2014.pdf · progression after e-cigs C) Vapor/tank growth expected to continue to accelerate in 2014 C) Greater consumer satisfaction and