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Renewal Annual Information Form

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Renewal Annual Information Form Renewal Annual Information Form For the period ended March 31, 2006 June 16, 2006 TABLE OF CONTENTS Page A. FORWARD-LOOKING STATEMENTS ......................................................................................3 B. CORPORATE STRUCTURE AND INTERCORPORATE RELATIONSHIPS...........................3 C. GENERAL DEVELOPMENT OF THE BUSINESS.....................................................................4 D. DESCRIPTION OF THE BUSINESS............................................................................................5 THE CANADIAN TOBACCO PRODUCTS INDUSTRY ..........................................................................5 Shipments...........................................................................................................................6 Market Share......................................................................................................................8 Taxation .............................................................................................................................9 Regulatory Environment..................................................................................................11 ROTHMANS, BENSON & HEDGES INC. ..........................................................................................13 Products ...........................................................................................................................14 Sales and Marketing.........................................................................................................16 Leaf Procurement.............................................................................................................17 Manufacturing..................................................................................................................17 Properties .........................................................................................................................18 Competition .....................................................................................................................18 Human Resources ............................................................................................................18 Directors and Officers......................................................................................................19 RBH Shareholders Agreement.........................................................................................20 Legal Proceedings............................................................................................................20 Risk Factors .....................................................................................................................23 E. DIVIDENDS.................................................................................................................................28 F. DESCRIPTION OF CAPITAL STRUCTURE ............................................................................28 GENERAL DESCRIPTION OF SHARE CAPITAL ................................................................................28 Common Shares...............................................................................................................28 First Preferred Shares.......................................................................................................28 SHARE OPTION PLAN ....................................................................................................................29 SHARE PURCHASE PLAN ...............................................................................................................30 SHAREHOLDER RIGHTS PLAN .......................................................................................................30 G. MARKET FOR SECURITIES .....................................................................................................37 H. DIRECTORS AND OFFICERS...................................................................................................38 I. AUDIT COMMITTEE INFORMATION ....................................................................................40 Audit Committee Charter.................................................................................................40 Composition of the Audit Committee..............................................................................40 Relevant Education and Experience ................................................................................40 Pre-Approval Policies and Procedures.............................................................................41 External Auditor Service Fees (By Category) .................................................................42 J. INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .........42 K. TRANSFER AGENTS AND REGISTRARS ..............................................................................42 L. INTERESTS OF EXPERTS.........................................................................................................43 M. ADDITIONAL INFORMATION.................................................................................................43 Schedule “A” – Audit Committee Charter Unless otherwise stated, all financial information contained herein is as of March 31, 2006, and all dollar amounts are references to Canadian dollars. 2 A. FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Information Form constitute “forward-looking statements” and express views as to future events, circumstances and trends relating to RBH’s business and the Company. Words such as “plans”, “intends”, “outlook”, “expects”, “anticipates”, “estimates”, “believes”, “should” and similar expressions may identify forward-looking statements. Forward-looking statements are based on management’s current expectations and assumptions and entail various risks and uncertainties. There is no assurance that any forward-looking statement will materialize. Actual results may differ materially from these expectations and forward-looking statements, if known and unknown risks or uncertainties affect RBH’s business or the Company, or if management’s expectations or assumptions prove to be inaccurate. Unless otherwise indicated, forward-looking statements describe expectations as of June 16, 2006. Factors that could cause the Company’s actual results to differ materially from the forward-looking statements contained herein include, but are not limited to: government claims and potential claims; product liability claims; increases in the levels of contraband and counterfeit products in the market; competition; price category pressure on overall cigarette margins and changes in market share for RBH’s products; declining consumer consumption and dependence on price increases; fluctuating wholesaler and consumer purchasing patterns; changes in government taxation policy; changes in legislation and regulation; new product standards; and dependence on the domestic tobacco market. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether the result of new information, future events or otherwise. Additional information concerning risks and uncertainties affecting RBH’s business and the Company and other factors that could cause financial results to fluctuate is set forth below under “Risk Factors” and is contained in the Company’s filings with Canadian securities regulatory authorities, including the Company’s Annual MD&A (in particular under “Risks and Uncertainties”) available on SEDAR at www.sedar.com or on the Company’s website at www.rothmansinc.ca. B. CORPORATE STRUCTURE AND INTERCORPORATE RELATIONSHIPS Rothmans Inc. was incorporated as Rothmans of Pall Mall Canada Limited under the laws of Canada by letters patent dated May 8, 1956 and was continued under the Canada Business Corporations Act (“CBCA”) on July 24, 1979. Effective September 30, 1985, the corporate name was changed from Rothmans of Pall Mall Canada Limited to Rothmans Inc. Rothmans Inc. was amalgamated under the CBCA on February 11, 2000 (the “Amalgamation”) with Rothmans Partnership in Industry Canada Limited (“RPII”) and Rothmans of Canada Limited (“ROC”), each of which was an indirect wholly- owned subsidiary of British American Tobacco p.l.c. (“BAT”), with the amalgamated corporation continuing as Rothmans Inc. (hereinafter referred to as the “Company” or “Rothmans”). Neither RPII or ROC had any material assets or liabilities (other than their interest in Rothmans Inc.) immediately prior to the Amalgamation. The Amalgamation resulted in the subdivision of the outstanding common shares of the Company (“Common Shares”) on a six-for-one basis. The articles of the Company were amended effective October 7, 2002 to remove the class of second preferred shares which the Company was authorized to issue, to permit the Board of Directors to appoint additional directors between annual meetings, to remove certain borrowing provisions that were considered unnecessary, and to allow the registered office of the Company to be situated at any place within the Province of Ontario. The articles of the Company were then restated effective November 13, 2002. A copy of the Company’s articles and by-laws is available on SEDAR at www.sedar.com. 3 On February 3, 2005, the Company’s Board of Directors declared a two-for-one stock split to be effected by way of a stock dividend, doubling the number of the Company’s outstanding common shares (the “Stock Split”). Shareholders of record at the close of business on March 4, 2005 received
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