This presentation contains certain statements referring to inhaled, non-combustible or burn, water-soluble nicotine (liquid) products being less risky than conventional rolled cigarettes or vaped products. These statements are often but not always made through phrases such as reduced risk, health-conscious inhalation, inhaled health, lower risk, less risky, reduced risk potential, reduced harm potential, and similar expressions. These statements are made based on the weight of evidence in assuming a complete switch from cigarette smoking and vape products. These products are not risk-free and can be addictive. Products sold in the U.S. are subject to FDA regulation, and no reduced risk claims will be made to these products without the agency clearance.