PERAC Memo #18 - 2026: Tobacco Company List

PERAC MEMO #18/2026 COMMONWEALTH OF MASSAC H US E TTS I PUBLIC EMPLOYEE RETIREMENT ADMI NI STRATION COMMISSION WILLIAM T. KEEFE, Executiv e Director A uditor DIANA DIZOGLIO I KATHLEEN M . FALLON I KATE FITZPATRICK I JAMES J. GU I DO I RICHARD MACKINNON, JR. I JENNIFER F. SULLIVAN, ESQ . MEMORANDUM TO: FROM: RE: DATE: All Retirement Boards John P. Galvin, Compliance Manager Tobacco Company List June 5, 2026 On October 22, 1997 PERAC Memo #37/1997 informed you of the adoption of Chapter 119 of the Acts of 1997. That statute prohibits retirement systems from making any new investments in stocks, securities, or other obligations of any company which derives more than 15% of its revenue from the sale of tobacco products. On December 18, 1997 PERAC sent Memo #48 regarding the implementation of Chapter 119 and the first Tobacco Company List. Enclosed please find a Tobacco Company List dated July 2026. This list replaces any other Tobacco Company List previously sent to your board and is effective upon receipt by the retirement boards. Most of these companies appeared on previous lists and such investments were prohibited from the time the companies first appeared on the list. Please forward a copy to your investment advisors or inform them that this list is available on the PERAC website. In communicating with your investment advisors, please inform them that the Tobacco Company List is only for their Massachusetts public fund clients and that any other use of the list is strictly prohibited. As part of its audit process, PERAC will assess the portfolio of each board to determine compliance. That review will determine if the board, after January 13, 1998, has purchased stock, securities, or other obligations of any company which derives more than 15% of its revenue from the sale of tobacco products. In the event a portfolio is not in compliance, the board must bring the portfolio into compliance by divesting in a prudent manner. Prior to taking any action, the board shall consult with PERAC. In applying the statute to pooled funds, PERAC will assess the 15% rule against the entire pool as the board is purchasing shares in the pool not the individual holdings of the pool. Thus a pooled fund, if in violation of this standard, will be included on the list. If you have any questions, please contact this office. /ram Enclosure IO CABOT ROAD , SUITE 300 I MEDFORD, MA 02155 PH 617 666 4446 [ FAX 617 628 4002 � WWW. MASS.GOV/PERAC 3

COMPANY 22Century Group, Inc. Altria Group, Inc. TOBACCO COMPANY LIST JULY 2026 AMCON Distributing Company B.A.T. Capital Corporation Charlie's Holdings, Inc. Fyolo Technology Corp Performance Food Group Company Philip Morris International Inc. Pyxus International, Inc. Reynolds American Inc. Turning Point Brands, Inc. Universal Corporation Vapor Group Inc Vector Group Ltd. VPR Brands LP British American Tobacco Bangladesh Co. Ltd. Badeco Adria d.d. Sarajevo Bulgartabac Holding AD Gotse Delchev Tabac AD Nicotiana BT Holding AD Sila Holding Plc Yuri Gagarin AD Anhui Genuine New Materials Co Ltd Chengdu Hongqi Chain Co Ltd Huabao Flavours & Fragrances Co Ltd Mudanjiang Hengfeng Paper Co., Ltd. RLX Technology Inc Shenzhen Jinjia Group Co., Ltd. Smoore International Holdings Ltd WEili Holdings Ltd COUNTRY United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Bangladesh Bosnia & Herzegovina Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria China China China China China China China China

COMPANY Cyprus Trading Corporation Plc Philip Morris CR as Scandinavian Tobacco Group A/S Eastern Company SAE Kumulus Vape SA Karelia Tobacco Company Inc China Boton Group Company Limited China Tobacco International HK Co Ltd Huabao International Holdings Ltd. Litu Holdings Limited Godfrey Phillips India Limited ITC Limited NTC Industries Ltd. Sinnar Bidi Udyog Ltd. VST Industries Limited Indonesian Tobacco Tbk PT PT Gudang Garam Tbk PT Hanjaya Mandala Sampoerna Tbk PT Wicaksana Overseas International Tbk Wismilak Inti Makmur Tbk PT Globrands Group Ltd. Societe Ivoirienne des Tabacs SA Carreras Ltd. Japan Tobacco Inc. Al-Eqbal Investment Company PLC Jordanian Duty Free Shops PSC Union Investment Corporation P.L.C. Union Tobacco & Cigarette Industries Co PSC COUNTRY Cyprus Czech Republic Denmark Egypt France Greece Hong Kong Hong Kong Hong Kong Hong Kong India India India India India Indonesia Indonesia Indonesia Indonesia Indonesia Israel Ivory Coast Jamaica Japan Jordan Jordan Jordan Jordan

COMPANY British American Tobacco Kenya PLC BGF Retail Co Ltd KT&G Corporation Kuk-Il Paper Mfg Co., Ltd. Tutunski Kombinat AD Prilep 7-Eleven Malaysia Holdings Berhad Bright Packaging Industry Bhd British American Tobacco (Malaysia) Berhad B.A.T. Netherlands Finance B.V. Khyber Tobacco Company Ltd. Pakistan Tobacco Company Ltd. Tri Pack Films Ltd. Jerusalem Cigarette Co Ltd. Eurocash Spolka Akcyjna Duvanska Industrija Coka ad Coka Philip Morris Operations a.d. Nis New Toyo International Holdings Ltd. Logista Integral S.A. Miquel y Costas & Miquel, S.A. Ceylon Tobacco Company Plc Swedish Match AB Taiwan FamilyMart Co., Ltd. Tanzania Cigarette Company Ltd. The West Indian Tobacco Company Ltd. Bizim Toptan Satis Magazalari AS British American Tobacco Uganda COUNTRY Kenya Korea Korea Korea Macedonia Malaysia Malaysia Malaysia Netherlands Pakistan Pakistan Pakistan Palestinian Territory Poland Serbia Serbia Singapore Spain Spain Sri Lanka Sweden Taiwan Tanzania Trinidad and Tobago Turkey Uganda

COMPANY B.A.T. International Finance P.L.C. British American Tobacco Plc Imperial Brands Finance Plc Imperial Brands Plc McColl' s Retail Group Plc Supreme PLC Cat Loi JSC Cong ty Co phan Ngan Son British American Tobacco (Zambia) Plc British American Tobacco Zimbabwe (Holdings) Ltd. COUNTRY United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Vietnam Vietnam Zambia Zimbabwe