PERAC Memo #25 - 2025: Tobacco Company List

Memorandum Memorandum PERAC Memo #25, 2025: Tobacco Company List Date: 09/24/2025 Referenced Sources: PERAC Website PERAC Memo #25, 2025

To All Retirement Boards: TO: All Retirement Boards

FROM: John P. Galvin, Compliance Manager

RE: Tobacco Company List

DATE: September 24, 2025

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 October 2025. 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.

Enclosure

TOBACCO COMPANY LIST

OCTOBER 2025

COMPANY COUNTRY 22nd Century Group, Inc. United States Altria Group, Inc. United States AMCON Distributing Company United States B.A.T. Capital Corporation United States Charlie's Holdings, Inc. United States Fyolo Technology Corp United States Performance Food Group Company United States Philip Morris International Inc. United States Pyxus International, Inc. United States Reynolds American Inc. United States Starfleet Innotec Inc United States Turning Point Brands, Inc. United States Universal Corporation United States Vapor Group Inc United States Vapor Hub International Inc. United States Vector Group Ltd. United States VPR Brands LP United States British American Tobacco Bangladesh Co. Ltd. Bangladesh Badeco Adria d.d. Sarajevo Bosnia & Herzegovina Bulgartabac Holding AD Bulgaria Gotse Delchev Tabac AD Bulgaria Nicotiana BT Holding AD Bulgaria Sila Holding Plc Bulgaria Yuri Gagarin AD Bulgaria Anhui Genuine New Materials Co Ltd China Chengdu Hongqi Chain Co Ltd China Huabao Flavours & Fragrances Co Ltd China Mudanjiang Hengfeng Paper Co., Ltd. China RLX Technology Inc China Shenzhen Jinjia Group Co., Ltd. China Smoore International Holdings Ltd China WEIli Holdings Ltd China Cyprus Trading Corporation Plc Cyprus Philip Morris CR as Czech Republic Scandinavian Tobacco Group A/S Denmark Eastern Company SAE Egypt Kumulus Vape SA France Karelia Tobacco Company Inc Greece China Boton Group Company Limited Hong Kong China Tobacco International HK Co Ltd Hong Kong Huabao International Holdings Ltd. Hong Kong Litu Holdings Limited Hong Kong Godfrey Phillips India Limited India ITC Limited India NTC Industries Ltd. India Sinnar Bidi Udyog Ltd. India VST Industries Limited India Indonesian Tobacco Tbk PT Indonesia PT Gudang Garam Tbk Indonesia PT Hanjaya Mandala Sampoerna Tbk Indonesia PT Wicaksana Overseas International Tbk Indonesia Wismilak Inti Makmur Tbk PT Indonesia Globrands Group Ltd. Israel Societe Ivoirienne des Tabacs SA Ivory Coast Carreras Ltd. Jamaica Japan Tobacco Inc. Japan Al-Eqbal Investment Company PLC Jordan Jordanian Duty Free Shops PSC Jordan Union Investment Corporation P.L.C. Jordan Union Tobacco & Cigarette IndusA51:A64tries Co PSC Jordan British American Tobacco Kenya PLC Kenya BGF Retail Co Ltd Korea KT&G Corporation Korea Kuk-Il Paper Mfg Co., Ltd. Korea Tutunski Kombinat AD Prilep Macedonia 7-Eleven Malaysia Holdings Berhad Malaysia Bright Packaging Industry Bhd Malaysia British American Tobacco (Malaysia) Berhad Malaysia B.A.T. Netherlands Finance B.V. Netherlands Khyber Tobacco Company Ltd. Pakistan Pakistan Tobacco Company Ltd. Pakistan Philip Morris (Pakistan) Limited Pakistan Tri Pack Films Ltd. Pakistan Jerusalem Cigarette Co Ltd. Palestinian Territory Eurocash Spolka Akcyjna Poland Duvanska Industrija Coka ad Coka Serbia Philip Morris Operations a.d. Nis Serbia New Toyo International Holdings Ltd. Singapore Logista Integral S.A. Spain Miquel y Costas & Miquel, S.A. Spain Ceylon Tobacco Company Plc Sri Lanka Swedish Match AB Sweden Taiwan FamilyMart Co., Ltd. Taiwan Tanzania Cigarette Company Ltd. Tanzania The West Indian Tobacco Company Ltd. Trinidad and Tobago Bizim Toptan Satis Magazalari AS Turkey British American Tobacco Uganda Uganda B.A.T. International Finance P.L.C. United Kingdom British American Tobacco Plc United Kingdom Imperial Brands Finance Plc United Kingdom Imperial Brands Plc United Kingdom McColl's Retail Group Plc United Kingdom Cat Loi JSC Vietnam Cong ty Co phan Ngan Son Vietnam British American Tobacco (Zambia) Plc Zambia British American Tobacco Zimbabwe (Holdings) Ltd. Zimbabwe