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2020 Stockholders' Report

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2020 Stockholders’ Report April 5, 2021 Dear Fellow Stockholder: This past year will be remembered as one of the most challenging and transformative in modern history. We experienced an unprecedented global health crisis and extend our gratitude to our nation’s heroic healthcare professionals, first responders and other essential workers for their bravery and sacrifice. The COVID-19 pandemic impacted businesses across all industries, and Vector Group was no exception. While our tobacco segment increased unit volume and profits, we took the necessary steps to position our real estate business for future success, including implementing comprehensive cost-saving measures throughout the organization. We are proud of our 2020 results, and appreciative of the resilience of our employees who rallied in the face of adversity and demonstrated their commitment to the Company. To our entire Vector Group team — thank you. Financial Performance Vector Group reported record revenues of $2.0 billion in 2020, compared to revenues of $1.9 billion for the year ended December 31, 2019. Net income was $92.9 million in 2020, or $0.60 per diluted share, compared to $101.0 million, or $0.63 per diluted share, in 2019. The Company recorded Adjusted EBITDA(1) of $333.4 million in 2020, compared to $259.4 million in the 2019 period, and Adjusted Net Income(1) of $139.5 million, or $0.91 per diluted share, compared to $110.1 million, or $0.70 per diluted share, in the 2019 period. Our strong balance sheet supported the adjustments we needed to make in the early months of the COVID-19 pandemic. We continued to maintain significant liquidity at December 31, 2020 with cash and cash equivalents of $353 million, including cash of $94 million at Douglas Elliman and $45 million at Liggett. In addition, at December 31, 2020, we held investment securities and investment partnership interests with a value of $188 million. In January 2021, we took advantage of favorable capital markets and a historically low interest rate environment to refinance our $850 million of 6.125% senior secured notes due 2025 with $875 million of 5.75% senior secured notes due 2029. Tobacco Business Our tobacco business reported record results in 2020 with $1.205 billion in revenues, compared to $1.115 billion for the prior year. Our results continue to validate our market strategy and reflect our competitive advantages within the discount segment, including broad-based distribution, consumer-focused programs, and exceptional sales team execution. Liggett’s performance reflects our emphasis on prioritizing the health and well-being of our employees. We are proud of Liggett’s response to the COVID-19 pandemic as it proactively closed its cigarette factory when the pandemic was declared and implemented appropriately designed safety protocols before reopening two weeks later. As a result of this swift planning and sound execution, Liggett served its customers well during a challenging year. Importantly, Liggett fulfilled all orders and shipments on schedule and, at retail, continued to efficiently execute its two-brand strategy. These efforts led to record operating income in 2020 for our tobacco segment of $319.5 million, compared to $261.6 million in 2019. Tobacco Adjusted Operating Income(1) in 2020 was $320.2 million, compared to $262.6 million in 2019. The increase in Tobacco Adjusted Operating Income(1) was the result of higher gross profit margins associated with higher net pricing, increased unit volumes and the increased value of Liggett’s annual MSA market share exemption. The increase in value of Liggett’s MSA market share exemption reflected stronger U.S. industry cigarette volumes in 2020 and the annual inflation adjustment to the MSA. Like some other consumer product categories, cigarette industry volumes outperformed recent historical trends and benefited from increased consumer demand related to changes in underlying cigarette purchasing and consumption patterns associated with the pandemic. Our flagship Eagle 20’s brand outperformed expectations in 2020 and we remain optimistic about its increasing profit contributions and long-term potential. The results of our Tobacco segment also reflect the resilience and strong distribution footprint of Pyramid, which continues to deliver substantial profit and market presence to the Company. We remain committed to building on our long-term strategy to increase volume and margin and will continue to opportunistically evaluate earnings and growth prospects. With that in mind, and after identifying volume growth opportunities, in August 2020 we expanded the distribution of our Montego brand to an additional 10 states, primarily in the southeast and we remain pleased with the initial marketplace response. Finally, while we are always subject to industry and general market risks, we remain confident we have effective programs in place to continue operating our tobacco business efficiently while supporting market share and profit growth. Real Estate Business For the year ended December 31, 2020, New Valley had revenues of $798.2 million, compared to $788.9 million for the year ended December 31, 2019. New Valley reported a net loss of $75.9 million — which included non-cash impairments of $58.3 million and restructuring charges and related asset write-offs of $4.6 million — compared to a net loss of $11.4 million in 2019. Additionally, Real Estate Adjusted EBITDA(1) attributed to the Company in 2020 increased to $21.8 million in 2020 from $6.1 million in 2019. Douglas Elliman. In 2020, Douglas Elliman’s revenues were $774 million, compared to $784 million in 2019. Douglas Elliman reported a net loss of $48.2 million — which included non-cash impairments of $58.3 million and restructuring charges and related asset write-offs of $4.6 million — compared to net income of $6.2 million in 2019. Douglas Elliman’s Adjusted EBITDA(1) improved significantly from $5.3 million in 2019 to $22.1 million in 2020, due in large part to its response to the pandemic. We attribute this success to the strength and talent of our 6,700 agents and 750 employees. Our agents demonstrated resilience as they experienced unprecedented challenges at the onset of the pandemic, including restrictions from performing in-person property showings or conducting open houses. In addition to introducing regular virtual townhalls to enhance communication and promote a spirit of camaraderie, management responded quickly to COVID-19 restrictions by implementing necessary expense-reduction initiatives which reduced operating expenses from $261 million in 2019 to $213 million (excluding restructuring charges and asset write-offs) in 2020. We have long believed our team sets us apart from other residential real estate brokerage firms. And we were extremely proud when Forbes recognized Douglas Elliman in its 2021 list of America’s best employers. This recognition is a testament to the hard work and dedication of the Douglas Elliman family, and we congratulate the team for this well-deserved honor. Toward the end of 2020, we began to see positive momentum, with record revenues in the fourth quarter of 2020 that increased by 50% compared to the fourth quarter of 2019. Closed sales continued to improve in all markets complementary to New York City, including the Hamptons, Palm Beach, Miami, Aspen and Los Angeles. Additionally, our New York City business began to stabilize in the fourth quarter, and we remain well positioned to benefit from any recovery. We believe the revenue increases are a direct result of recent investments made in these markets, which not only strengthened the Douglas Elliman brand, but also provided a growing revenue base as markets reopened during the pandemic. We are confident that this expanded revenue base, combined with our cost reduction initiatives, will continue to provide long-term upside to Vector Group’s stockholders. Property Technology (“PropTech”) Investments. As Douglas Elliman continues to grow, its agents are increasingly requesting and requiring access to superior technology and additional services to support their business, enhance client and customer service as well as increase their productivity. We expect this trend to continue and accelerate in the future. Consequently, we have increased our focus on investing in the rapidly expanding PropTech industry. PropTech investments offer an innovative approach to enhance the real estate experience by offering research analytics and services around the acquisition, management and disposal of real estate. New Valley, through its subsidiary New Valley Ventures LLC, is actively seeking to capitalize on its unique real estate knowledge and experience by investing in PropTech ventures that will both supplement and enhance the technology-based experience of Douglas Elliman’s agents and the general real estate industry as well as improve the operating efficiency of New Valley. Board of Directors Update I am pleased to report that we are continuing to enhance our leadership team. Richard J. Lampen, our long-time Executive Vice President, was recently appointed Chief Operating Officer and a member of our Board. His broad executive experience and deep operational understanding of the Company from serving in a variety of senior leadership roles for Vector Group and its affiliates since 1995 make him a valuable addition to our Board and the natural fit to be COO. As we demonstrated in 2020, our Board and management team are committed to generating long-term value for stockholders. We are always assessing compelling opportunities and potential initiatives to enhance our market position, and we remain optimistic about our tobacco and real estate businesses. On behalf of all of us at Vector Group, we thank our stockholders, employees and customers for their dedication, support and confidence. Very truly yours, Howard M. Lorber President and Chief Executive Officer (1) Adjusted EBITDA, Adjusted Net Income, Tobacco Adjusted Operating Income, Real Estate Adjusted EBITDA and Douglas Elliman’s Adjusted EBITDA are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP.
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