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Altria Group, Inc., incorporated in 1985, is a holding company. As of December 31, 2011, Altria Group, Inc.’s wholly owned subsidiaries included Philip Morris USA Inc. (PM USA), which is engaged in the manufacture and sale of cigarettes and certain smokeless products in the United States; UST LLC (UST), which through its direct and indirect wholly owned subsidiaries including U.S. Smokeless Tobacco Company LLC (USSTC) and Ste. Michelle Wine Estates Ltd. (Ste. Michelle), is engaged in the manufacture and sale of smokeless products and wine; and John Middleton Co. (Middleton), which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco. Philip Morris Capital Corporation (PMCC), another wholly owned subsidiary of the Company, maintains a portfolio of leveraged and direct finance leases. In addition, Altria Group, Inc. held a 27% economic and voting interest in SABMiller plc (SABMiller) as December 31, 2011. As of December 31, 2011, Altria Group, Inc.’s segments included cigarettes, smokeless products, cigars, wine and financial services.

Tobacco Space

Altria Group, Inc.’s tobacco operating companies include PM USA, USSTC and other subsidiaries of UST, and Middleton. In addition, Altria Group Distribution Company provides sales, distribution and consumer engagement services for Altria Group, Inc.’s tobacco operating companies. PM USA is the cigarette company in the United States, with total cigarette shipment volume in the United States of approximately 135.1 billion units during the year ended December 31, 2011. Marlboro is the principal cigarette brand of this company. USSTC is the producer and marketer of moist smokeless tobacco products. The smokeless products segment includes the brands, Copenhagen and Skoal, Red Seal and Husky and Marlboro Snus, a PM USA spit-less smokeless tobacco product. Substantially all of the smokeless products are manufactured and sold to customers in the United States. Total smokeless products shipment volume was 734.6 million units in 2011.

Middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco to customers, substantially all of which are located in the United States. Total shipment volume for the cigars segment was 1,246 million units in 2011. Black & Mild is the principal cigar brand of Middleton. The Company’s tobacco subsidiaries sell their tobacco products principally to wholesalers (including distributors), and retail organizations, including chain stores and the armed services.

Wine

Ste. Michelle is a producer of varietal and blended table wines. Ste. Michelle is a producer of Washington state wines, primarily Chateau Ste. Michelle and Columbia Crest, and owns wineries in or distributes wines from a number of other wine regions and foreign countries. Ste. Michelle holds an 85% interest in Michelle-Antinori, LLC, which owns Stag’s Leap Wine Cellars in Napa Valley. Ste. Michelle also owns Conn Creek in Napa Valley and Erath in Oregon. In addition, Ste. Michelle distributes Antinori and Villa Maria Estate wines and Champagne Nicolas Feuillatte in the United States. Ste. Michelle uses grapes harvested from its own vineyards or purchased from independent growers, as well as bulk wine purchased from other sources.

Financial Services

The Company’s finance subsidiary, PMCC, holds investments in finance leases, principally in transportation (including aircraft), power generation and manufacturing equipment and facilities. As of December 31, 2011, PMCC’s investments in finance leases consisted principally of investment categories, such as aircraft (30%), rail and surface transport (26%), electric power (25%), real estate (10%) and manufacturing (9%).