Vector : Investor Presentation - May 2023

Investor Presentation

May 2023

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Disclaimer

This document and any related oral presentation does not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any equity or debt securities or other instruments of Vector Group Ltd. ("Vector," "Vector Group Ltd." or the "Company") or its subsidiaries and nothing contained herein or its presentation shall form the basis of any contract or commitment whatsoever.

The distribution of this document and any related oral presentation in certain jurisdictions may be restricted by law and persons into whose possession this document or any related oral presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.

The information contained herein does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information.

The following presentation may contain "forward-looking statements," including any statements that may be contained in the presentation that reflect Vector's expectations or beliefs with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of the Company, including the risk that changes in Vector's capital expenditures impact its expected free cash flow and the other risk factors described in Vector's annual report on Form 10-K for the year ended December 31, 2022, as filed with the SEC, and, when filed, Vector's quarterly report on Form 10-Q for the quarterly period ended March 31, 2023. Please also refer to Vector's Current Reports on Form

8-K, filed on October 2, 2015, November 15, 2016, June 14, 2018, May 3, 2019, February 25, 2021, February 16, 2023 and May 9, 2023 (Commission File Number 1-5759) as filed with the SEC for information, including cautionary and explanatory language, relating to Non-GAAP Financial Measures in this presentation labeled "Adjusted".

Results actually achieved may differ materially from expected results included in these forward-looking statements as a result of these or other factors. Due to such uncertainties and risks, potential investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date on which such statements are made. The Company disclaims any obligation to, and does not undertake to, update or revise and forward-looking statements in this presentation.

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Investment Highlights & Portfolio

Holding company with two primary businesses

Tobacco

Offers the best value propositions in the U.S. cigarette industry

Real Estate

Diversified portfolio of consolidated and non- consolidated real estate investments

On December 29, 2021, Vector completed the distribution to its stockholders of Douglas Elliman Inc. as a standalone publicly traded company

GAAP financial results

Reported GAAP net income of $158.7 million for the year ended December 31, 2022 and $160.9 million for the twelve months ended March 31, 2023

Reported operating income of $339.0 million for the year ended December 31, 2022 and $338.2 million for the twelve months ended March 31, 2023

			$353.2M	$354.0M
History of
Adjusted EBITDA for the twelve months ended March 31,	Tobacco Adjusted EBITDA for the twelve
strong earnings	2023(1)	months ended March 31, 2023(2)

1. Vector's net income was $158.7 million for the year ended December 31, 2022. Adjusted EBITDA is a Non-GAAP Financial Measure. Please refer to Exhibit 99.1 to the Company's Current Report on Form 8-K, filed May 9, 2023 (Table 2), for a reconciliation of net income to Adjusted EBITDA. Please also refer to the Disclaimer to this document on Page 2.
2. Vector's operating income from the tobacco segment was $347.0 million for the year ended December 31, 2022. Tobacco Adjusted EBITDA is a Non-GAAP Financial Measure and is defined in the Company's Current Report on Form 8-K, filed May 9, 2023. Please also refer to the Disclaimer to this document on Page 2.

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Investment Highlights & Portfolio (cont.)

Maintains substantial liquidity

$382M	+	$52M	=	$434M
of cash, marketable securities and	of cash at Liggett as of	of consolidated cash, marketable
March 31, 2023, which will be
long-term investments at holding
securities and long-term
primarily used to pay Liggett's
company as of March 31, 2023	current MSA liability ($83.7 million		investments as of March 31, 2023
		at March 31, 2023)

Seasoned	29 years	7%
average tenure of CEO, COO, CFO and General	of Vector's equity is beneficially owned
management team
Counsel with Vector as of March 31, 2023	by management team and directors

MSA

cost advantage

	$160M-$170M
Perpetual cost advantage over the largest	annual cost advantage range from
U.S. tobacco companies	2013 to 2022(1)

1) Cost advantage only applies to cigarettes sold below applicable market share exemption (approximately 1.93% of total cigarettes sold in the United States).

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Tobacco Operations

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