Investor Presentation

REGULATORY ENVIRONMENT FAVORS VLNⓇ ■ ■ ■ FDA continues to advance its proposed menthol ban and reduced nicotine mandate State and local governments taking direct action Submitted public comments in support of the FDA's proposed tobacco product standard for menthol in cigarettes VLN® Menthol King cigarettes could be the only combustible menthol cigarette on the market exempt from the menthol ban. The science shows a reduced nicotine mandate would help all smokers more easily quit smoking or migrate to less toxic products. HELPS YOU SMOKE LESS SURGEON GENERAL'S WARNING Pregnamun bed ure Bin MENTHOL 22ND CENTURY GROUP VLN 95% LESS NICOTINE Nicotine is addictive. Less nicotine does NOT mean disease and death. safer. All cigarettes can cause NT 11

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