<SEC-DOCUMENT>0000764180-16-000147.txt : 20160912
<SEC-HEADER>0000764180-16-000147.hdr.sgml : 20160912
<ACCEPTANCE-DATETIME>20160506101615
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000764180-16-000147
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALTRIA GROUP, INC.
		CENTRAL INDEX KEY:			0000764180
		STANDARD INDUSTRIAL CLASSIFICATION:	CIGARETTES [2111]
		IRS NUMBER:				133260245
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6601 WEST BROAD STREET
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23230
		BUSINESS PHONE:		(804) 274-2200

	MAIL ADDRESS:	
		STREET 1:		6601 WEST BROAD STREET
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALTRIA GROUP INC
		DATE OF NAME CHANGE:	20030127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIP MORRIS COMPANIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2016 Workiva -->
		<title>CORRESP</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sb34c9a716e3b46c7a7a35461d9caddda"></a></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;"><img src="altriamosaic2016a02.jpg" style="height:65px;width:172px;"></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">May 6, 2016</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">VIA EDGAR AND OVERNIGHT MAIL</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Andrew Mew</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior Assistant Chief Accountant</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Office of Transportation and Leisure</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 F. Street, N.E.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Re:  Altria Group, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Form 10-K for Fiscal Year Ended December 31, 2015</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Filed February 25, 2016</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">File No. 001-08940</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Mr. Mew:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are transmitting Altria Group, Inc.&#8217;s (&#8220;Altria&#8221;) response to the comment letter of the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;), dated April 27, 2016 (the &#8220;Comment Letter&#8221;), relating to Altria&#8217;s Form 10-K for the fiscal year ended December 31, 2015 filed on February 25, 2016.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Set forth below is Altria's response to the Comment Letter.  For ease of reference, we have reproduced the comment in the Staff&#8217;s letter in italics before the response. </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Altria Group, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6601 West Broad Street, Richmond, VA  23230</font></div></div><hr style="page-break-after:always"><div><a name="s18da3b4bfac1426e87210101e83b8d31"></a></div><div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Mr. Andrew Mew</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">May 6, 2016</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Page </font><font style="font-family:inherit;font-size:8pt;">2</font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Notes to the Consolidated Financial Statements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Note 6. Investment in SABMiller, page 49</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">We note from your disclosure that following the closing of the acquisition, you expect to exchange your economic and voting interest in SABMiller for an interest that will be converted into Restricted Shares representing an approximate 10.5% economic and voting interest in NewCo. Further, we note that based on the structure, you expect to account for your investment in NewCo under the equity method of accounting. Please explain in further detail why you believe it is appropriate to account for your interest using the equity method of accounting in light of your disclosed economic and voting interest less than 20%. As part of your response, please explain why your investment will provide you with significant influence over the operating and financial policies of NewCo. Please refer to ASC 323-10-15-6. </font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">RESPONSE:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altria believes it will be appropriate to account for its interest in NewCo, of which the SABMiller business will be a part, using the equity method of accounting because Altria expects to have the ability to exercise significant influence over the operating and financial policies of NewCo through the combination of its voting power and other factors (in particular, representation on NewCo&#8217;s Board of Directors and participation in policy-making processes).  Currently, Altria accounts for its interest in SABMiller under the equity method of accounting.  Altria documented its equity method of accounting assessment for its investment in NewCo in a memorandum, dated January 4, 2016 (attached hereto as &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:10pt;">&#8221;).  This memorandum sets forth Altria&#8217;s analysis under ASC 323-10-15-6 and concludes that it will be appropriate to account for Altria&#8217;s investment in NewCo under the equity method of accounting.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">****</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, Altria acknowledges that:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altria is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altria may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">****</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If there is any additional information or materials that we might provide to assist the Staff&#8217;s review, please call me at (804) 484-8280.  Similarly, please let me know if you wish to discuss our response.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:56%;"></td><td style="width:44%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sincerely,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ WILLIAM F. GIFFORD, JR.</font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">William F. Gifford, Jr.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Executive Vice President and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">cc:  Ivan S. Feldman</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">W. Hildebrandt Surgner, Jr.</font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="sf37bf99d0afa41fdbc7e10b24eb32019"></a></div><div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">EXHIBITS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit A:</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assessment of Altria&#8217;s equity method of accounting for its investment in NewCo, dated January 4, 2016.</font></div></td></tr></table><div><br></div><div></div><hr style="page-break-after:always"><div><a name="s5d96d6cd3eaa44b4a04758e36157ea63"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit A</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:46%;"></td><td style="width:21%;"></td></tr><tr><td rowspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><img src="altriamosaic2016a02.jpg" style="height:52px;width:136px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Altria Group, Inc.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">6603 West Broad Street</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">INTER-OFFICE CORRESPONDENCE</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Richmond, VA  23230</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:21%;"></td><td style="width:20%;"></td><td style="width:20%;"></td><td style="width:9%;"></td><td style="width:30%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">To:&#160;&#160;&#160;&#160;Files</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Date:  January 4, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">From:&#160;&#160;&#160;&#160;Ivan Feldman</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:68px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/ Ivan Feldman</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:66px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;">Subject:</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Equity Method Accounting Assessment for Investment in NewCo After the Anheuser-Busch InBev SA/NV (&#8220;AB InBev&#8221;) and SABMiller plc (&#8220;SABMiller&#8221;) Business Combination</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On November 11, 2015, AB InBev announced its firm offer to effect a business combination with SABMiller in a cash and stock transaction valued at approximately $107 billion.  Under the terms of the transaction, SABMiller shareholders will receive 44 British pounds in cash for each SABMiller share, with a partial share alternative (&#8220;PSA&#8221;) available for approximately 41% of the SABMiller shares. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Under the terms of the PSA, SABMiller shareholders may elect to receive for each SABMiller share held (i) 0.483969 restricted shares (the &#8220;Restricted Shares&#8221;) in a newly formed Belgian company (&#8220;NewCo&#8221;) that will own the combined SABMiller and AB InBev business, plus (ii) 3.7788 British pounds in cash.  On November 10, 2015, the Board of Directors of Altria Group, Inc. (&#8220;Altria&#8221;) authorized Altria to provide an irrevocable undertaking to vote Altria&#8217;s shares of SABMiller in favor of the proposed transaction and to elect the PSA.  Altria delivered the irrevocable undertaking on November 11, 2015. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the transaction is completed, NewCo will acquire SABMiller and following the closing of that acquisition, AB InBev will merge into NewCo.  Altria expects to exchange its approximate 27% economic and voting interest in SABMiller for an interest that will be converted into Restricted Shares representing an approximate 10.5% economic and voting interest in NewCo plus approximately $2.5 billion in cash (subject to proration as further described below).  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Altria has concluded that it has the ability to exercise significant influence over the operating and financial policies of NewCo and therefore expects to account for its approximate 10.5% ownership interest in NewCo under the equity method of accounting.    The purpose of this memo is to document the facts and circumstances that were evaluated in reaching the conclusion that Altria has an in-substance common stock investment and the ability to exercise significant influence over the operating and financial policies of NewCo.  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The relevant authoritative accounting guidance is contained in Accounting Standards Codification (&#8220;ASC&#8221;) Topic 323, </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Investments- Equity Method and Joint Ventures</font><font style="font-family:inherit;font-size:11pt;">.  Paragraphs 323-10-15-6 through 11 provide guidance for determining when significant influence exists.  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Instruments - Common Stock or In-substance Common Stock</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The PSA which Altria elected as part of its irrevocable undertaking will provide Altria with Restricted Shares.  Given the existence of the restrictions discussed below, Altria evaluated the characteristics of the Restricted Shares to determine if they are considered to be in-substance common stock and therefore within the scope of ASC 323.  The Restricted Shares of NewCo will: </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><a name="s53b1db40e1084668b035269de614b6e0"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:58px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:34px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">be unlisted and not admitted to trading on any stock exchange;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:58px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:34px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">be subject to a five-year lock-up from closing (subject to limited exceptions);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:58px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:34px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">be convertible into ordinary shares of NewCo on a one-for-one basis after the end of this five-year lock-up period; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:58px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:34px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">rank equally with ordinary shares of NewCo with regards to dividends and voting rights; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:58px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:34px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">have director nomination rights with respect to NewCo. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:34px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The holders of Restricted Shares (i.e., Altria, BEVCO LLC and any other SABMiller shareholders that elect the PSA) are entitled to appoint a number of directors (up to a maximum of three directors) to the NewCo Board of Directors (&#8220;Board&#8221;) that depends on their collective percentage ownership of shares with voting rights in the share capital of NewCo (&#8220;Board Representation Feature&#8221;).  Based upon Altria&#8217;s anticipated approximate 10.5% ownership and voting interest in NewCo and the expected method that the holders of Restricted Shares will be required to use to nominate and elect their directors, Altria will have the right to appoint two directors to the NewCo Board.  If Altria&#8217;s ownership and voting interest were to drop to 9% but more than 4.5%, Altria would have the right to appoint one director.  If Altria&#8217;s ownership and voting interest were to drop to 4.5% or less, it would not have the right to appoint a director to the NewCo Board.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Altria will have rights to pledge the Restricted Shares as collateral for a bona fide loan or extension of credit.  If the pledgee forecloses on Restricted Shares, the Restricted Shares subject to the pledge will be converted into ordinary shares (which are the Belgian equivalent of common shares) and be free of any lock-up or other restriction.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The terms and conditions of the Restricted Shares will be set forth in the NewCo Articles of Association which will be finalized prior to the completion of the transaction.          </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ASC 323 defines in-substance common stock as an investment in an entity that has the risk and reward characteristics that are substantially similar to that entity&#8217;s common stock.  An investor shall consider all three of the following characteristics when determining whether an investment in an entity is substantially similar to an investment in that entity&#8217;s common stock.  If any one of the characteristics exists, the investment is not considered to be in-substance common stock, and equity method accounting would not be appropriate.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subordination - liquidation preferences over common stock</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Assessment</font><font style="font-family:inherit;font-size:11pt;">: </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">There is no liquidation preference of the Restricted Shares as compared to the ordinary shares.  Consequently, based on Altria&#8217;s evaluation of the subordination characteristic, the Restricted Shares are substantially similar to NewCo&#8217;s ordinary shares. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Risks and rewards of ownership - does not participate in earnings/losses and capital appreciation/depreciation in a manner that is substantially similar to common stock</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Assessment:  The Restricted Shares rank equally with the ordinary shares with regards to dividends and voting rights.  Additionally, the ability to convert the Restricted Shares on a one-for-one basis at the end of the restriction period allows the Restricted Shares to </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">participate in the capital appreciation/depreciation of NewCo in the same manner as ordinary shareholders.  Therefore, based on Altria&#8217;s evaluation of the risks and rewards of ownership characteristic, the Restricted Shares are substantially similar to NewCo&#8217;s ordinary shares. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Obligation to transfer value - is investee expected to transfer substantive value to the investor that is not also available to common shareholders</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Assessment: There is no requirement for NewCo to transfer additional value (such as through a mandatory redemption provision or a non-fair-value put option) to the Restricted Shares that is not available for the ordinary shares.  Therefore, based on Altria&#8217;s evaluation of the obligation to transfer value characteristic, the Restricted Shares are substantially similar to NewCo&#8217;s ordinary shares.  </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In the evaluation of the differences between the Restricted Shares and the ordinary shares, Altria considered the Board Representation Feature of the Restricted Shares.  This feature was added to address the two significant shareholders of SABMiller (Altria and BEVCO LLC), which would have a large ownership interest in NewCo.  The Brazilian and Belgian stakeholders, which are expected to own ordinary shares in NewCo, will have the right to appoint nine directors to the NewCo Board so long as such stakeholders own more than 30% of shares with voting rights in the share capital of NewCo.  Therefore, while director nomination rights are a function of the security, the right to Board representation is really a reflection of the size of the ownership interest and, as such, does not change any of the assessments above.  When Altria&#8217;s Restricted Shares are converted into NewCo ordinary shares, the NewCo Articles of Association will permit Altria to continue to have the ability to appoint two Board members due to Altria&#8217;s sizeable ownership interest (assuming that Altria maintains its ownership level at over 9% of shares with voting rights).     </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition, the fact that the Restricted Shares can be pledged as collateral, and that the lock-up restriction would be lifted if the pledgee foreclosed upon the collateral implies that the substance of the restriction is specific to the holder and not the security itself, which further supports that the shares are in-substance common stock.    </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Conclusion</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Based on the assessment above, the Restricted Shares are in-substance common stock and within the scope of ASC 323.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Ownership Percentage</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ASC 323-10-15-8 states that &#8220;An investment (direct or indirect) of 20 percent or more of the voting stock of an investee shall lead to a presumption that in the absence of predominant evidence to the contrary an investor has the ability to exercise significant influence over an investee.  Conversely, an investment of less than 20 percent of the voting stock of an investee shall lead to a presumption that an investor does not have the ability to exercise significant influence unless such ability can be demonstrated.&#8221;  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ASC 323-10-15-6 states &#8220;Ability to exercise significant influence over operating and financial policies of an investee may be indicated in several ways, including the following:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Representation on the board of directors</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Participation in policy-making processes</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Material intra-entity transactions</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">d.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Interchange of managerial personnel</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">e.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Technological dependency</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">f.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Extent of ownership by an investor in relation to the concentration of other shareholdings (but substantial or majority ownership of the voting stock of an investee by another investor does not necessarily preclude the ability to exercise significant influence by the investor).&#8221;</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As noted above, Altria will have an approximate 10.5% direct investment in NewCo.  As is documented below, Altria will have the ability to exercise significant influence over the operating and financial policies of NewCo based on the combination of its voting power and other indicators (in particular, Board representation and participation in policy making processes).    </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Board Representation</font><font style="font-family:inherit;font-size:11pt;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Upon completion of the business combination, NewCo will have a maximum of 15 Board seats.  Based on the expected levels of ownership and voting rights and the expected method of nominating and voting for directors, the NewCo Board will be composed as follows:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Three independent directors, </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Nine directors to be appointed by AB InBev&#8217;s Belgian and Brazilian stakeholders,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Two directors to be appointed by Altria, and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">One director to be appointed by BEVCO LLC.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Altria&#8217;s appointed Board members will be valuable members of the Board, as they are expected to be individuals with extensive consumer products market experience.  Consequently, Altria expects its appointed Board members to have the ability to exercise significant influence on the Board.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As noted above, we anticipate the NewCo Board will have 15 Board members.  Of those 15 Board members, nine of the members will represent the Belgium and Brazilian stakeholders which can be expected to vote as a combined controlling bloc on the Board.  Irrespective of this controlling bloc, directors appointed by Altria will be valued members of the NewCo Board.  Altria believes it will have the ability to exercise significant influence over the operating and financial policies of NewCo by having an influential voice in Board meetings, combined with anticipated participation in meetings of Board committees.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Based on the structure of the transaction, Altria expects to receive an approximate 10.5% ownership interest in NewCo; however, the final number of shares that Altria receives and its corresponding ownership interest in NewCo at closing are subject to proration because the PSA is subject to a maximum number of shares that may be issued under the offer (326 million NewCo Restricted Shares).  To the extent that elections for the PSA exceed the maximum number of shares that may be issued and cannot be satisfied in full, the equity portion of all PSA elections will be adjusted downwards on a pro rata basis.  It is possible that proration could reduce Altria&#8217;s ownership interest in NewCo, which if it were to drop to 9% (but more than 4.5%), would limit Altria&#8217;s Board representation to one Board seat.  In this scenario, Altria believes that it would continue to have the </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ability to exercise significant influence over the operating and financial policies of NewCo.   Altria would continue to have an influential voice in Board meetings which, combined with anticipated participation in meetings of Board committees, would give it the ability to impact the operating and financial policies of NewCo. In addition, Altria&#8217;s nominated director will be a valued member of the NewCo Board.  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Given the relationship and influence Altria will have through its appointed directors, we have concluded, as is further documented below, that Altria&#8217;s Board representation will provide it the ability to exercise significant influence over the operating and financial policies of NewCo.      </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Participation in Policy-Making Processes</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By having Board representation, whether via two Board members, as expected, or via one Board member, Altria will have the ability to significantly influence the operating and financial policies of NewCo.  Through participation in Board meetings and anticipated participation in meetings of Board committees, Altria will be able to obtain confidential information and participate in operating and financial discussions and decisions impacting the policies and direction of NewCo.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Access to Information</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NewCo and Altria will have robust agreements (i.e. information rights agreement and tax matters agreement) in place that will enable Altria to receive all information necessary to meet its SEC reporting requirements as it pertains to an investment accounted for under the equity method of accounting, including among other documents, a quarterly income statement and balance sheet with a reconciliation to U.S. GAAP and an analysis of quarterly changes in equity, including share issuances and repurchases.  Additionally, NewCo will provide forecast information to support Altria&#8217;s forecasting process, tax information for the calculation of foreign tax credits, as well as other required information to execute Altria&#8217;s Sarbanes-Oxley Act controls.  The agreement to provide such information is reflective of NewCo&#8217;s acknowledgment of the significance of Altria&#8217;s voting power and influence.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Altria Ownership in Relation to the Concentration of Other Shareholdings</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In evaluating the significance of Altria&#8217;s influence, Altria considered the extent of its ownership interest in NewCo in relation to the ownership interests of other investors.  Through a network of holding companies, the group of Brazilian and Belgian stakeholders who currently have eight Board seats currently own shares representing approximately 52% of AB InBev&#8217;s voting rights.  Subsequent to the business combination, we anticipate that their voting rights will decrease to approximately 40% - 45%, but they will have nine Board seats.  These nine Board seats can be expected to vote as a controlling bloc on the NewCo Board.  However, while the Brazilian and Belgian stakeholders will have control of the Board and a significant voting interest in NewCo, they will no longer have a majority voting interest at the shareholder level.    </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Summary</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Prior to the transaction, Altria had an asset representing an approximate 27% economic and voting interest in SABMiller, a global beer company, that was accounted for under the equity method of accounting.  After the transaction, Altria will have an asset with approximately the same fair value representing an approximate 10.5% ownership interest in a larger global beer company, of which the SABMiller business will be a component.  Altria&#8217;s significant direct ownership interest in NewCo,</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">combined with its representation on the NewCo Board, ability to influence operating and financial policies, and access to information necessary to apply equity method accounting, demonstrates Altria&#8217;s ability to exercise significant influence over the operating and financial policies of NewCo.  As such, the equity method of accounting is the appropriate accounting treatment for Altria&#8217;s approximate 10.5% direct investment in NewCo.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In conjunction with Altria delivering the irrevocable undertaking for the PSA, Altria disclosed in its November 12, 2015 SEC 8-K filing that it expects to account for the investment in NewCo under the equity method of accounting.    </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">cc:  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steve D&#8217;Ambrosia</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Billy Gifford</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ken Lemelin (PwC)</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sal Mancuso</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sarah Martin (PwC)</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Kraig Negaard</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Katie Wall (PwC)</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>altriamosaic2016a02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 altriamosaic2016a02.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0$217AI9@  34T *@    @ !5$   0
M   !     %$!  ,    !  $  %$"  $   #     2E$#  $    !.P   %$$
M  $    !.P         X6'GNX<7#)BW7J6_M'"3$V2[BP9< A,-UP$..&!OZ
MIAKU@"  JD\ L\)HP^[?G8@ 3X!VS,UJ@IO-U=V;J[R*QD  7)#S]?>#EZM=
M=Y)$8H':X.:/H;11;8KFZN[LV;G)S$$ KTW!R]7CA6SS;B'<MH.T(RC/V5G?
MNXTXBZ)(MK?AN).>M;?IB"3A'R< DL19Q<H D,QWR*M:ND>TP,UVC*.HML0
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MNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$
M P$! 0$! 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0
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MG_R$9OJ/Y"JE=46VDV>/4Q56$W&+T1TMBO\ ;*.W^I\HX_O9S^7I5O\ L/\
MZ>/_ !S_ .O57PK_ *FY_P!Y?ZUT-?&YIAJ4\7.4EKI^2/TK(<;7_L^G[W?H
MN[.<U/P[Y]@\?VK;DCGR\]_K6!_PAO\ T_\ _D'_ .RKN[O_ (]V^HK.KGI4
M80C:*/H\/F.)C&RE^"_R.5;P=A2?M_09_P!3_P#95R>SWKU23_5M]#7EU5+W
M=CV\MK3Q2E[9WM:W3OV&;/>O??AP,> =,'_77_T:]>"U[W\.?^1"TW_MK_Z-
M>NC"-N;]#BXDI0AA(N*^TOR9U-%%%>@?$A7$R?$*!/'0\/?9E\GS1 ;GS/\
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# __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
