Document:

EX-10.1

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

AND ESCROW INSTRUCTIONS 

THIS PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (this “Agreement”) is made as of December 17, 2018 (the
“Effective Date”), by ALEXANDER & BALDWIN, LLC, SERIES R, a Series of a Delaware limited liability company (“ABLR”), ALEXANDER & BALDWIN, LLC, SERIES T, a Series of a Delaware limited
liability company (“ABLT”), and A & B PROPERTIES HAWAII, LLC, SERIES R, a Series of a Delaware limited liability company (“ABPHR”, and collectively with ABLR and ABLT,
“Seller”), and MAHI PONO HOLDINGS, LLC, a Delaware limited liability company (“Buyer”), with reference to the following facts: 

A.    ABLR and ABPHR own certain lands located on the Island of Maui, State of Hawaii, that are identified on the parcel
list attached as Schedule 1.1 as being owned by “ABL” or “ABPH”, respectively (the “A&B Land”). Portions of the A&B Land totaling approximately 4,076.809 acres that are
identified on Schedule 1.1 as “Restricted” are hereinafter referred to as the “Restricted Land”. 

B.    ABLT is the owner of one hundred percent of the membership interests (the “EMI Membership
Interests”) in East Maui Irrigation Company, LLC, a Hawaii limited liability company (“EMI”), which owns certain lands located on the Island of Maui, State of Hawaii, that are identified on the parcel list
attached as Schedule 1.1 as being owned by “EMI” together with all Improvements thereon (the “EMI Land”). 

C.    ABLT is the owner of one hundred percent of the membership interests (the “CMF Membership
Interests”) in Central Maui Feedstocks, LLC, a Hawaii limited liability company (“CMF”). 

D.    ABLT is the owner of one hundred percent of the membership interests (the “Kulolio Membership
Interests”) in Kulolio Ranch, LLC, a Hawaii limited liability company (“Kulolio”). EMI, CMF and Kulolio are sometimes collectively referred to as the “Operating Companies” and each an
“Operating Company”, and the EMI Membership Interests, CMF Membership Interests and the Kulolio Membership Interests are sometimes collectively referred to as the “Membership Interests.” 

E.    Seller desires to sell to Buyer and Buyer desires to purchase from Seller the A&B Land, the Membership Interests
and certain related rights, property and interests more particularly described below, all on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual agreements herein set forth, Seller and Buyer agree as follows: 

ARTICLE 1 
 PROPERTY 

Seller hereby agrees to sell and convey to Buyer, and Buyer hereby agrees to purchase from Seller, subject to the terms and conditions set
forth herein, the following: 
 1.1    A&B Land. 

(a)    All of ABLR and ABPHR’s respective right, title and interest in and to the A&B Land described on
Schedule 1.1; 

  
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 (b)    All rights, privileges, easements,
rights-of-way and other interests of any kind that are appurtenant to the A&B Land, to the extent owned by Seller (all of which are collectively referred to as the
“Appurtenances”); 
 (c)    All buildings, improvements and fixtures located on the A&B
Land, including, without limitation, all fixtures used in connection with the operation, use or occupancy thereof, such as irrigation systems, ditches, tunnels, siphons, pumps, aqueducts, wells and water systems (all of which are collectively
referred to as the “Improvements”); 
 1.2    EMI Membership Interests. One hundred
percent (100%) of the EMI Membership Interests (which shall be conveyed in two installments as more fully described in Section 1.16) and, by virtue of the transfer of the EMI Membership Interests, the business and personal property of EMI
listed on Schedule 1.2 (the “EMI Assets”) and the EMI Land listed on Schedule 1.1; 

1.3    CMF Membership Interests. One hundred percent (100%) of the CMF Membership Interests and, by virtue of the
transfer of the CMF Membership Interests, the business and personal property of CMF listed on Schedule 1.3 (the “CMF Assets”); 

1.4    Kulolio Membership Interests. One hundred percent (100%) of the Kulolio Membership Interests and, by virtue
of the transfer of the Kulolio Membership Interests, the business and personal property of Kulolio listed on Schedule 1.4 (the “Kulolio Assets”); 

1.5    Personal Property. The tangible personal property owned by ABLR or ABPHR or their affiliates which is
(i) located on or in the A&B Land or (ii) used in connection with their operations at the A&B Land in accordance past practice, including, without limitation, the machinery, vehicles, water collection, transmission and storage
equipment, pumps and irrigation equipment, farming or office equipment, electrical power generation and transmission equipment, communications assets, furniture, furnishings, trailers, tools, plans and other tangible personal property listed on
Schedule 1.5(a) and any property records pertaining thereto (including surveys, plans and specifications, engineering reports, documents and tenant records) (the “Personal Property”). The Personal Property
shall also include the records in the possession of ABLR and ABPHR that fall within the categories of “Transferred Records” listed on Schedule 1.5(b), but specifically excluding all records that fall within the
categories of “Retained Records” listed on Schedule 1.5(b). The Personal Property shall be conveyed to Buyer pursuant to a Bill of Sale in the form of Exhibit A attached hereto (the
“Bill of Sale”); 
 1.6    Intangible Property. All of the right, title and interest of
ABLR or ABPHR in any intangible personal property now or through the Closing Date (as defined in Section 9.2) owned by Seller and used in the use and operation of the Real Property including, without limitation, rights under certificates of
occupancy and permits and all warranties or guarantees received by Seller from any contractors, subcontractors, suppliers or materialmen in connection with any construction, repairs or alteration of the Improvements or any reports or investigations,
licenses, 

  
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 franchises, permits, tenant lists, advertising materials and other similar rights relating to the use and
operation of the Real Property (all of which are collectively referred to as the “Intangible Property”), all of which shall be assigned to Buyer pursuant to a General Assignment in the form of
Exhibit B attached hereto (the “General Assignment”); 

1.7    Leases & Licenses. The interest of ABLR or ABPHR as landlord or licensor under all
leases, licenses and other occupancy agreements regarding the Real Property in effect on the Closing Date, including each of those existing and pending leases and licenses listed on Schedule 1.7 (the “Leases”),
and all their respective rights to security deposits or prepaid rent related thereto, all of which shall be assigned to Buyer by an Assignment of Leases and Security Deposits in the form of Exhibit C attached hereto (the
“Assignment of Leases”); 
 1.8    Contracts. The interest of ABLR or ABPHR under the
design contracts, farming contracts, construction contracts, subcontracts, utility contracts, water and sewer contracts of any nature, maintenance contracts, management contracts, and other contracts or agreements of any nature relating to the Real
Property that are listed on Schedule 1.8 (the “Contracts”), which are assignable by Seller and which shall be assigned to Buyer pursuant to the General Assignment; 

1.9    Governmental Authorizations.    To the extent assignable to Buyer, all of ABLR or
ABPHR’s rights in and to any approval, consent, license, permit, waiver, vested rights, entitlements, benefits, privileges, exemptions, variances or other authorization issued, granted, given or otherwise made available to them by any
governmental agency or other body with respect the ownership, use, development or operation of the A&B Land and the Improvements, including the permits, licenses, use permits, certificates of occupancy, and zoning and land use entitlements
listed on Schedule 1.9 (“Governmental Authorizations”); 
 1.10    Intellectual
Property. All of ABLR or ABPHR’s interest in the trade names, marks, patents and other intellectual property relating to the A&B Land or Seller’s operations thereon that are listed on Schedule 1.10 (the
“Intellectual Property”); 
 1.11    West Maui Water Interests. All of
Alexander & Baldwin, LLC, a Hawaii limited liability company (“ABL”), ABLR or ABPHR’s interests in the agreements, easements, permits, approvals and other interests, including but not limited to those listed in
Schedule 1.11 that pertain to certain sources of irrigation water that are located in the West Maui Mountains (the “West Maui Water Interests”); and 

1.12    East Maui Water Interests. All of ABL, ABLR and ABPHR interests in the agreements, permits, approvals and
other interests, including, but not limited to, those listed in Schedule 1.12 that pertain to certain sources of irrigation water located on lands in East Maui (the “East Maui Water Interests”). 

1.13    “Property” and “Real Property”
Defined. All of the items described in Sections 1.1 to 1.12 above, inclusive, are hereinafter collectively referred to as the “Property”. The items described in Section 1.1 are herein referred to collectively as the
“Real Property”. 
 1.14    Exclusions. Notwithstanding anything to the contrary in this
Article 1, the term “Property” expressly excludes: 
 (a)     The parcels of land listed on
Schedule 1.14(a) that are referred as the “Excluded Land”; 

  
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 (b)    Revocable Permit Nos.
S-7263, S-7264 and S-7265 held by ABL or ABLT, as the case may be, which are not transferrable but shall be held by ABL or ABLT
after Closing for the benefit of EMI as provided in the EMI Operating Agreement described below; 
 (c)    All personal
property or improvements owned by tenants or other users or occupants of the A&B Land; 
 (d)    All rights with
respect to any refund of taxes applicable to any period prior to the Closing Date; 
 (e)    All rights to any insurance
proceeds or settlements for events occurring prior to Closing (subject to Section 12.3 below); 
 (f)    All of
Seller’s and the Operating Companies’ respective interests in cash, securities, lender deposits and reserves and accounts receivable (except to the extent Seller receives proration therefor); 

(g)    All promissory notes relating to any Lease or Contract for accounts receivable arising solely prior to the
Effective Date; 
 (h)    All tradenames, marks, logos or other intellectual property not specifically listed on
Schedule 1.10; and 
 (i)    the Excluded Documents (as hereinafter defined). 

ARTICLE 2 
 PURCHASE PRICE

 2.1    Purchase Price. The purchase price (the “Purchase Price”) for the Property
is TWO HUNDRED SIXTY SEVEN MILLION, FIFTY FIVE THOUSAND, THREE HUNDRED FIFTY ONE AND 39/100 U.S. DOLLARS ($267,055,351.39). The Purchase Price is allocated as follows: 

(a)    A total of $261,531,517.92 is allocated to the A&B Land (including all Improvements thereon), with the price
allocations to each portion of such land being identified on Schedule 1.1; 
 (b)    $5,442,333.47 is
allocated to the EMI Membership Interests (which shall be paid in two payments as described in Section 2.6 below); 

(c)    $81,500.00 is allocated to the Kulolio Membership Interests; 

(d)    $0.00 is allocated to the CMF Membership Interests; and 

  
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 (e)    $0.00 is allocated to the West Maui Water Interests. 

2.2    Payment of Closing Price. No later than two (2) business days prior to the Closing Date, Buyer will
deliver to Title Guaranty Escrow Services, Inc., Attn: Jeremy Trueblood, Escrow No. 18120092, as escrow holder (“Escrow Holder”), the Purchase Price less the Deferred EMI Price (the “Closing
Price”), to be held in escrow pursuant to the terms of this Agreement. 
 2.3    Investment of Closing
Price. Escrow Holder shall hold the Closing Price in accordance with the terms and conditions of this Agreement. Until it is released to Seller or returned to Buyer as provided herein, Escrow Holder shall invest the Closing Price in an
interest-bearing account selected by Buyer. Except as provided in Section 2.5, all interest earned on the Closing Price shall be for the benefit of Buyer and shall be paid or credited to Buyer unless the Closing does not occur as a result of a
default by Buyer. 
 2.4    Return of Closing Price. The Closing Price shall be
non-refundable to Buyer, except in the event (i) this transaction fails to close because of Seller’s breach of this Agreement and Buyer elects to terminate this Agreement, or (ii) any other
failure of a Buyer condition to closing set forth herein that is not waived by Buyer. 
 2.5     Seller’s
Remedies. If the Closing (defined below) does not occur due to a Buyer default following satisfaction of all of the Closing Conditions in favor of Buyer, then Seller may terminate this Agreement by written notice to Buyer, Escrow Holder and
Title Company given at any time after Buyer shall have failed, for a period of five (5) days after written notice from Seller, to cure such default and, upon receipt of such notice of termination, Seller shall have all of its remedies at law or
equity against Buyer. 
 2.6    Payment of the EMI Interests Price. On the Initial EMI Transfer Date (defined
below), ABLT will convey fifty percent (50%) of the EMI Membership Interests (the “Initial EMI Interests”) to Buyer by an assignment in the form attached hereto as Exhibit 2.6.1, Escrow shall release to Seller from the
Closing Price fifty percent (50%) of the total purchase price for the EMI Membership Interests, i.e. $2,721,166.74 (the “Initial EMI Price”), and ABLT and Buyer will enter into an operating agreement governing the operation
and management of EMI in the form attached hereto as Exhibit D (the “EMI Operating Agreement”). ABLT will transfer the remaining fifty percent (50%) of the EMI Membership Interests (the
“Remaining EMI Interests”) to Buyer by an assignment in the form attached hereto as Exhibit 2.6.2 and Buyer will pay to Seller the remaining fifty percent (50%) of the total purchase price for the EMI Membership
Interests, i.e. $2,721,166.73 (the “Deferred EMI Price”), concurrently with the first to occur of: (1) EMI’s execution of the State Leases as described in Section 2.7(d); (2) Seller’s payment of the
Continuing Productivity Loss Rebate as provided in Section 2.7(b); (3) Seller’s payment of the Lease Failure Rebate as provided in Section 2.7(d); (4) a Buyer-Caused Lease Failure as described in Section 2.7(f); (5) a sale or
transfer after Closing of the Initial EMI Interests to an entity that is not owned and controlled by Buyer (a “Buyer Subsidiary”); or (6) a sale or transfer after Closing of all or substantially all of the EMI Land and
EMI Assets to an entity that is not a Buyer Subsidiary; provided, however, in each case that Buyer shall be entitled to deduct from the Deferred EMI Price any amounts paid in connection with claims made by third parties regarding the ownership or
use of the EMI Land or the East Maui water collection 

  
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and transmission systems operated by Seller or EMI, except that Buyer may not deduct costs of quiet title actions or claims initiated by Buyer, other than in response to claims or challenges
initiated by others. Buyer may, at its option, purchase the Remaining EMI Interests for the Deferred EMI Price at any time prior to the execution of the State Leases, including in the event that (and prior to any closing where) all or substantially
all of the assets of EMI are sold. ABLT will convey the Remaining EMI Interests to Buyer free and clear of any liens or charges. When the Remaining EMI Interests are transferred to Buyer, Seller shall be removed as a member of EMI and released from
any further obligations under the EMI Operating Agreement or Section 2.7 below. This section will survive the Closing. 

2.7    Rebates. In order to reflect the diminished value of the Property due to lost farm revenue and the reduced
productivity potential of the Property expected to result if EMI or Seller is unable to legally deliver irrigation water sufficient for Buyer to fully implement its farming plan, Seller will rebate portions of the Purchase Price (collectively, the
“Rebates”) as follows: 
 (a)    Seller will make a
one-time rebate to Buyer of Thirty-One Million Dollars ($31,000,000) of the Purchase Price, and the Purchase Price shall be deemed to be reduced by $31,000,000 (the
“Initial Productivity Loss Rebate”), if at any time prior to the earlier of (i) the date State Leases are obtained as provided in Section 2.7(d) below or (ii) eight (8) years after the Closing Date:
(x) EMI or Seller is legally prohibited from delivering the Minimum Water Amount (defined below) to Buyer, and (y) the amount of water that EMI is then not legally prohibited from delivering to Buyer is less than Buyer’s actual
surface water need at that time, as determined by Buyer in its sole discretion, exercised in good faith, to meet the irrigation requirement of its then existing crops or crops planned for the upcoming 24 months in the area served by East Maui
surface water (a “Productivity Loss Event”). EMI’s inability to deliver water in the Minimum Water Amount solely due to a major casualty or events beyond human control such as earthquakes, droughts or natural disasters
that impair EMI’s operations shall not be considered a Productivity Loss Event. 
 (b)    On the date one year
after the initial Productivity Loss Event described in subsection (a) (the “Initial Productivity Loss Event”), Seller will rebate to Buyer an additional Thirty-One Million Dollars
($31,000,000) of the Purchase Price, and the Purchase Price shall be deemed to be reduced by $31,000,000 (the “Continuing Productivity Loss Rebate”), for a total reduction in the Purchase Price of $62,000,000, unless by that
date the Initial Productivity Loss Event is cured. If a Continuing Productivity Loss Rebate is paid pursuant to this subsection (b) or the following subsection (c), the payment obligations set forth in this Section 2.7 shall be deemed
satisfied and Seller shall have no further obligation to pay any further Rebate or seek the State Leases; provided, however, that Seller shall take any and all action reasonably necessary at that time in order for Buyer and EMI to continue to seek
and obtain the State Leases without further involvement by Seller. 
 (c)    If the Initial Productivity Loss Event is
cured within one (1) year as provided in subsection (b) but at any time after such cure a Productivity Loss Event occurs again, Seller will immediately pay Buyer the Continuing Productivity Loss Rebate, for a total reduction in the
Purchase Price of $62,000,000. Such Continuing Productivity Loss Rebate will not be refunded to Seller even if such second Productivity Loss Event is thereafter cured. 

  
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 (d)     As set forth in the EMI Operating Agreement, ABLT and Buyer,
through EMI, will jointly continue the existing process to secure long-term leases from the State for EMI for collection and transmission of surface water from State-owned lands in East Maui for use in and through EMI’s water system to deliver
water to Buyer for irrigation use in Central Maui and Upcountry Maui (collectively, the “State Leases”). Seller will rebate to Buyer Thirty-One Million Dollars ($31,000,000) of the
Purchase Price, and the Purchase Price shall be deemed to be reduced by $31,000,000 (the “Lease Failure Rebate”), if within five (5) years of the Closing Date (the “State Lease Deadline”) State
Leases are not executed between EMI or a related entity controlled by Buyer or EMI and the State which would authorize the delivery of at least the Minimum Water Amount to Buyer provided that the State Lease Deadline shall be extended at
Seller’s request from time to time for up to a maximum of an additional three (3) years in the aggregate to the extent the process for obtaining the State Leases (including the State’s acceptance of the required Environmental Impact
Statement) or execution is delayed by reasons not in the control of the parties, so long as Seller continues to use commercially reasonable efforts to obtain the State Leases. 

(e)    The Lease Failure Rebate shall be in addition to any Initial Productivity Loss Rebate paid pursuant to
Section 2.7(a), i.e., a total Purchase Price reduction of $62,000,000. 
 (f)    Lease rent and other terms of the
State Leases will be established by the State and via the lease auction. If Buyer reasonably determines that the noneconomic terms of the State Leases render the State Leases commercially unviable for purposes of implementing its farming plan, and
if for that reason Buyer refuses to authorize EMI to sign the State Leases and permanently terminates pursuit of the State Leases, Buyer shall be entitled to the Lease Failure Rebate. However, no Lease Failure Rebate will be payable if the failure
to obtain qualifying State Leases was solely caused by a material uncured breach by Buyer of its obligations under the EMI Operating Agreement to cooperate in seeking the State Leases or to pay its 50% share of the expenses related to obtaining the
State Leases (a “Buyer-Caused Lease Failure”). 
 (g)    Once EMI and the State sign the State
Leases and ABLT sells the Remaining EMI Interests to Buyer, all Rebate obligations under Section this 2.7 will end and Seller shall be removed as a member of EMI and released from any further obligations under the EMI Operating Agreement. 

(h)    Seller’s total obligation to pay Rebates to Buyer shall not under any circumstance exceed the total amount of
$62,000,000.00. Buyer acknowledges that, except as specifically provided in this Section 2.7 (or in accordance with Section 7.2, with respect to the breach of any representation, warranty or covenant herein), it has freely and voluntarily
accepted and assumes all risk of the availability of irrigation water for the A&B Land. Accordingly, except as specifically provided in this Section 2.7, Buyer waives any and all claims against Seller for losses, damages, expenses,
liabilities, diminution in value of the Property or other losses, costs and expenses of any kind that Buyer may suffer or incur if its access to irrigation water is impaired, diminished or blocked for any reason whatsoever. 

(i)    This Section 2.7 will survive Closing and Seller’s obligation to pay Rebates shall be covered by the
Parent Guaranty. 

  
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 2.8    Guaranty of Rebates. Seller’s obligation to pay the
Rebates and certain other obligations of Seller provided herein will be guaranteed by Seller’s ultimate parent entity, Alexander & Baldwin, Inc., a Hawaii corporation (“ABI”), pursuant to a guaranty in the form
attached hereto as Exhibit E (the “Parent Guaranty”). The Parent Guaranty shall require ABI to provide notice to Buyer if the Consolidated Total Net Assets as of the last day of any fiscal quarter for which
financial statements are available fall below $1,000,000,000. If the Consolidated Total Net Assets as of the last day of any fiscal quarter for which financial statements are available fall below $900,000,000, ABI shall immediately provide to Buyer
a “clean” and irrevocable and unconditional standby letter of credit (the “Letter of Credit”) in the amount of $62,000,000 (or $31,000,000 if the Initial Productivity Loss Rebate has been paid) drawn on a national
bank which is a member of the New York Clearinghouse and which is acceptable to Buyer in its reasonable discretion (the banks listed on Schedule 2.8 being deemed acceptable), or such other collateral acceptable to Buyer in its
reasonable discretion, such as first deeds of trust on real property acceptable to Buyer in its reasonable discretion, with a value equal to at least the required amount of the Letter of Credit, which deeds of trust shall be in form and substance
acceptable to Buyer in its reasonable discretion. If Seller pays the Initial Productivity Loss Rebate after the Letter of Credit has been issued, upon such payment the required amount of the Letter of Credit shall be reduced to $31,000,000. Any
Letter of Credit shall have an initial term of at least one (1) year and shall secure the Parent Guaranty of Seller’s obligation to pay Rebates in accordance with the terms of this Agreement and the terms of the Parent Guaranty. If ABI
shall fail to pay Buyer in full any amount due under the Parent Guaranty that is secured by the Letter of Credit, Buyer shall be entitled to draw the unpaid amount due on the Letter of Credit, without notice to ABI. Further, if thirty (30) days
prior to the expiration of the term of the Letter of Credit ABI has not provided Buyer with a replacement Letter of Credit or with alternate security reasonably acceptable to Buyer, Buyer may draw the full amount of the Letter of Credit and hold
such funds as security for ABI’s performance of its obligations under the Parent Guaranty that are secured by the Letter of Credit. If ABI provides deeds of trust as security for the Parent Guaranty, Seller shall provide an ALTA title insurance
policy or policies in favor of Buyer insuring Buyer’s interest as beneficiary under such deeds of trust which shall be issued by a title insurance company and which shall otherwise be in form and substance reasonably satisfactory to Buyer.
Seller shall pay all costs in connection with the delivery and maintenance of such security, including all title insurance premiums and recording costs in connection with such deeds of trust. ABI’s obligations to provide the Letter of Credit or
other collateral shall terminate when Seller’s obligation to pay the Rebates terminates, whereupon any Letter of Credit or other security for the Parent Guaranty shall be automatically released and returned to ABI. As used in this Section,
“Consolidated Total Net Assets” means the consolidated total assets of ABI and its subsidiaries net of current liabilities and long-term liabilities, in each case, determined in accordance with GAAP as reported on ABI’s
Form 10-Q or Form 10-K, as the case may be, filed with the Securities and Exchange Commission. 

  
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 ARTICLE 3 

TITLE TO PROPERTY 

3.1    Title to Real Property. Prior to the Effective Date, Buyer has secured from Title Guaranty of Hawaii, LLC
(the “Title Company”) commitments (collectively, the “Title Commitment”) to issue to Buyer at Closing ALTA Owner’s Policies of Title Insurance insuring title to portions of the Real Property, in
form and content and including endorsements satisfactory to Buyer (collectively, the “Title Policy”). Seller shall provide customary affidavits regarding unrecorded leases, construction liens, subdivisions and covenant
violations and other customary matters that are required by the Title Company to issue the Title Commitment and Title Policy and to omit standard exceptions relating to real estate taxes (excluding rollback taxes), unrecorded mechanics liens and
“gap” liability, but Seller shall not otherwise be required to issue any indemnities, assurances, warranties or guaranties to induce issuance of the Title Policy. For all portions of the A&B Land that the Title Company commits to
insure under the Title Commitment, ABLR and ABPHR shall convey to Buyer fee simple title by limited warranty deeds in the form attached hereto as Exhibit F (the “Deed”), subject only to the Permitted
Exceptions, as further defined below, and the Leases and any and all recorded easements, covenants, agreements and other documents provided for in this Agreement. At the Closing, ABLR and ABPHR shall convey to Buyer all of their right, title and
interest in all other portions of the A&B Land by quitclaim deeds, and Seller shall cause any affiliated entities holding title to any of the Property to convey to Buyer all of their right, title and interest in all other portions of the
Property by quitclaim deeds, bills of sale or assignments, as applicable. Land shall be described in the Deeds or quitclaim deeds by the best property descriptions available without having to survey the land or otherwise incur material expense,
which may include describing some such properties in the quitclaim deeds by their Tax Map Key Numbers. After Closing Seller shall upon request provide Buyer any and all records and documents of any kind or nature in Seller’s possession or
control to assist Buyer in obtaining clear title to the Real Property. 
 3.2    A&B Land Carve-Outs. Seller
shall retain fee simple title to portions of certain parcels within the A&B Land that are identified on Schedule 3.2 (the “Carve-Out Parcels”). Prior to or at Closing
Seller shall subject each of the Carve-Out Parcels to a condominium declaration (each, a “CPR Declaration”) pursuant to which a condominium property regime is established (each, a
“Condominium”). Each Condominium shall contain one or more condominium units containing the land area identified on Schedule 3.2 that is to be retained by Seller, with the remaining land area to be transferred
to Buyer. Prior to the Effective Date, Seller and Buyer have approved the forms of CPR Declarations and associated condominium map for each of the Carve-Out Parcels. At Closing, Buyer shall be conveyed
only the unit(s) within each such Condominium that contain the land area that is not designated for Seller’s retention on Schedule 3.2. Each CPR Declaration and condominium map may not be modified without Buyer’s consent.
Seller shall pay all expenses relating to the condominium process, excluding Buyer’s legal fees. Promptly after Closing Seller shall at its expense commence and exercise commercially reasonable efforts to complete the subdivision of each parcel
subject to a CPR Declaration, and Buyer shall cooperate in each such subdivision, all in accordance with Section 18 of each CPR Declaration. Notwithstanding the foregoing, the parties acknowledge that it is not feasible at this time to
subdivide the portion of the Property identified by Tax Map Key No. 

  
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 (2)
2-5-3-31 that is subject to a CPR Declaration and therefore, in accordance with Section 18 of its CPR Declaration, that
property shall not be subdivided until such time as subdivision become feasible. Buyer and Seller shall each pay fifty percent (50%) of the reasonable fees and costs of outside surveyors Seller retained to prepare Condominium maps necessary to form
the Condominiums. 
 3.3    A&B Exclusive Easement Reservations. Seller shall retain exclusive easements over
portions of certain parcels within the A&B Land that are identified on Schedule 3.3 (the “A&B Exclusive Easements”) which Seller shall record prior to Closing. Prior to the Effective Date, Seller and
Buyer have approved the forms of A&B Exclusive Easements. 
 3.4    Easements for the Benefit of the Excluded
Land. Prior to the Effective Date, Buyer and Seller have approved the easements for the benefit of the Excluded Land over the A&B Land identified on Schedule 3.4 that shall be recorded prior to Closing for utilities, drainage,
access, view planes, building setbacks and other purposes (the “Excluded Land Easements”). 

3.5    Easements Over the Excluded Land. Prior to the Effective Date, Buyer and Seller have approved the easements
for the benefit of the Real Property and the EMI Land over the Excluded Land identified on Schedule 3.5 that shall be recorded prior to Closing for utilities, drainage, access, building setbacks and other purposes (the “New
Appurtenant Easements”). 
 3.6    Post-Closing Easements. If after Closing Buyer identifies any
additional New Appurtenant Easements or comparable rights that it reasonably requires over the Excluded Land in order to own and operate the Real Property or the EMI Land, or if after Closing Seller identifies any additional Excluded Land Easements
or comparable rights that it reasonably requires over the Real Property or the EMI Land in order to own and operate the Excluded Land, then the parties and their affiliates shall cooperate reasonably and in good faith to create, review, approve and
record such easements or comparable rights without charge to the other as reasonably required for the future use, development and operation of the Real Property, the EMI Land or the Excluded Land, respectively, provided that neither party shall be
required to impose such easements or other rights on its lands if doing so would materially impair its use of its lands or require it to incur material expense or liability. Seller shall pay all reasonable expenses relating to the easement creation
process, excluding Buyer’s legal fees. This Section 3.6 shall survive Closing and remain in effect with respect to the Real Property, the EMI Land and the Excluded Land so long as they are owned by Buyer and Seller, respectively, or their
respective affiliates and subsidiaries. 
 3.7    Restriction on Restricted Land. The Restricted Land will be
conveyed to Buyer subject to a recorded grant of agricultural conservation easement in the form attached hereto as Exhibit I (the “Restricted Land Easement”), which will prohibit the development of the
Restricted Land for non-agricultural uses without Seller’s consent for a period of twelve (12) years after the Closing Date. 

3.8    USFWS Indemnity. Seller shall indemnify and defend Buyer for any claim made by the US Fish and Wild Life
Service (“USFWS”) for breach of title warranties in the conservation easement given by Seller to USFWS with respect to TMK
(2)-8-005-002. This indemnity shall survive Closing and shall be included in the Parent Guaranty. 

  
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 3.9    Title to Other Property. At the Closing, Seller shall
transfer title to all of the Personal Property, Intangible Property, Membership Interests and Intellectual Property free and clear of all liens and encumbrances made or suffered by Seller or its predecessors in interest. 

ARTICLE 4 
 DUE DILIGENCE
REVIEW 
 4.1    Due Diligence Materials; Confidentiality. Prior to the Effective Date, Seller has delivered
or made available to Buyer through an electronic data room copies of any and all documents, maps, reports and agreements material to Buyer’s investigation of the Property, the EMI Land, the EMI Assets, the CMF Assets, and the Kulolio Assets,
including without limitation documents listed on Schedule 4.1, to the extent in Seller’s possession or control (the “Due Diligence Materials”); provided, however, that the Due Diligence
Materials shall not include, and Seller shall have no obligation to make available to Buyer, Seller’s company records (other than company records of EMI, CMF and Kulolio), business plans, internal memoranda (including any internal evaluations
of third-party reports concerning the Property), financial projections, budgets, appraisals, valuations, opinions of value, any agreements and documents which Seller is required to keep confidential pursuant to any agreement unless the same will
bind Buyer, accounting and tax records (exclusive of real property tax records), communications between Seller and its attorneys, the work product of Seller’s attorneys, and similar proprietary, confidential or privileged information
(collectively, the “Excluded Documents”). Buyer acknowledges that Seller owned and operated the Property as a sugar cane plantation for over 100 years and that Seller also has owned and operated and currently owns and
operates many other properties, businesses and developments. As a result, Seller has an enormous volume of documents and files in its possession with respect to the Property and many other properties and businesses that Seller has owned and operated
over that period, and that Seller cannot practicably search all of those documents and files for all Due Diligence Materials that may be responsive to Buyer’s due diligence requests. Nevertheless, Seller will use commercially reasonable efforts
to deliver all Due Diligence Materials in Seller’s possession or control which are relevant to Buyer’s due diligence regarding its acquisition of the Property. Accordingly, the Due Diligence Materials that are provided by Seller to Buyer
are being furnished without representation or warranty as to the accuracy or completeness of such Due Diligence Materials, except as provided in this Agreement. Prior to Closing, if Seller obtains additional items that fall within the definition of
Due Diligence Materials or Buyer identifies any other documents in Seller’s possession or control or reasonably available to Seller which it deems relevant to its analysis of its investment in the Property, Seller shall promptly deliver such
items to Buyer. 
 4.2    Due Diligence Review; Physical Inspection. Buyer acknowledges that prior to the
Effective Date Buyer has had the opportunity to review the Due Diligence Materials and investigate and review the soil, water, environmental, regulatory, legal, economic, financial, mechanical, utilities, permitting, regulatory, utility, hazardous
substances and other characteristics of the Property. At all times up to the Closing Date, provided this Agreement has not been terminated, Buyer shall continue to have the right to physically inspect the Real

  
 11 

 
Property and the EMI Land pursuant to the terms and conditions of this paragraph. Buyer’s inspections shall be conducted in a manner to minimize interference with operations and disturbance
of tenants. Any of Buyer’s investigations, tests and acts will be at Buyer’s sole cost and expense, and Buyer will indemnify, defend and hold Seller and the Real Property and the EMI Land free and harmless from and against any liens,
claims, losses, liabilities, damages, legal fees and costs, including without limitation claims for personal injury, death or property damage, arising out of or in connection with the entry by Buyer and its agents and consultants onto the Real
Property and the EMI Land and any such tests and acts. This Section will survive the Closing or the termination of this Agreement. 

4.3    Leases & Contracts. After the Effective Date and until Closing, Seller may not, and
may not permit the Operating Companies to, enter into new Leases and Contracts or modify, renew or terminate any of the existing Leases and Contracts without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned
or delayed. 
 4.4    “AS IS” SALE. BUYER AGREES THAT
BUYER SHALL TAKE THE PROPERTY “AS-IS,” “WHERE-IS,” AND WITH ALL FAULTS AND CONDITIONS THEREON, SUBJECT ONLY TO THE EXPRESS REPRESENTATIONS,
WARRANTIES, INDEMNITIES AND GUARANTIES SET FORTH HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS (DEFINED BELOW). ANY DUE DILIGENCE MATERIALS OR OTHER WRITTEN INFORMATION OR DISCLOSURES (COLLECTIVELY, THE “DISCLOSURES”)
PROVIDED OR MADE TO BUYER OR ITS CONSTITUENTS BY SELLER OR ANY OF SELLER’S EMPLOYEES OR REPRESENTATIVES CONCERNING THE CONDITION OF THE PROPERTY, ITS SUITABILITY FOR BUYER’S INTENDED USES, THE AVAILABILITY OF WATER, THE PRESENCE OR
REMEDIATION OF HAZARDOUS MATERIALS OR COMPLIANCE WITH HAZARDOUS MATERIALS LAWS (EACH AS DEFINED IN SECTION 12.14 BELOW), OR ANY OTHER MATTER PERTAINING TO THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT OR BUYER’S FUTURE USE OF THE
PROPERTY SHALL NOT BE REPRESENTATIONS OR WARRANTIES, EXCEPT TO THE EXTENT EXPRESSLY SET FORTH HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS. BUYER SHALL NOT RELY ON SUCH DISCLOSURES, BUT RATHER, BUYER SHALL RELY ONLY ON ITS OWN INSPECTION OF THE
PROPERTY AND THE REPRESENTATIONS, WARRANTIES, INDEMNITIES AND GUARANTIES SET FORTH HEREIN AND IN ANY OF THE TRANSACTION DOCUMENTS. BUYER ACKNOWLEDGES AND AGREES THAT, SUBJECT TO THE REPRESENTATIONS, WARRANTIES, INDEMNITIES AND GUARANTIES SET FORTH
HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR
IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ITS SOIL AND GEOLOGY, (B) THE AVAILABILITY OF WATER FOR
PURPOSES OF IRRIGATING THE PROPERTY OR FOR ANY OTHER USE, INCLUDING WITHOUT LIMITATION THE PERMITS, APPROVALS AND OTHER MATTERS WHICH BUYER MAY NEED TO SECURE OR UNDERTAKE IN ORDER TO PRESERVE, SECURE

  
 12 

 
OR DEVELOP EXISTING OR NEW SOURCES OF WATER, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH BUYER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE
PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY INCLUDING WITHOUT LIMITATION ZONING AND SUBDIVISION, (E) THE HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF THE PROPERTY, OR (F) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS EXCEPT TO THE EXTENT EXPRESSLY SET FORTH HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS REGARDING HAZARDOUS MATERIALS
OR COMPLIANCE WITH HAZARDOUS MATERIALS LAWS. 
 EXCEPT AS OTHERWISE PROVIDED HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS, TO THE FULLEST
EXTENT PERMITTED BY LAW, BUYER (FOR ITSELF AND ON BEHALF OF ANY ENTITY AFFILIATED WITH OR CLAIMING BY, THROUGH OR UNDER BUYER (INCLUDING ANY BUYER AFFILIATE OR SUBSIDIARY TAKING TITLE TO ANY PORTION OF THE PROPERTY (A “BUYER AFFILIATE” AT
CLOSING)) HEREBY WAIVES, RELEASES AND AGREES NOT TO MAKE ANY CLAIM OR BRING ANY COST RECOVERY ACTION OR CLAIM FOR CONTRIBUTION, INDEMNIFICATION, ABATEMENT OR REMEDIAL ACTION OR OTHER ACTION OR CLAIM AGAINST SELLER OR SELLER’S AFFILIATES BASED
ON (A) THE PRESENCE OR ANY DISCHARGE, DISPOSAL, RELEASE, OR ESCAPE OF ANY HAZARDOUS MATERIALS, CHEMICAL, OR ANY OTHER MATERIAL WHATSOEVER, ON, AT OR TO THE PROPERTY OR ANY AQUIFERS OR OTHER GROUNDWATER RESOURCES LOCATED ON THE PROPERTY, AND,
EXCEPT AS EXPRESSLY PROVIDED IN THE EMI OPERATING AGREEMENT, THE EMI LAND OR ANY AQUIFERS OR OTHER GROUNDWATER RESOURCES LOCATED ON THE EMI LAND (COLLECTIVELY, “ENVIRONMENTAL CONDITIONS”), OR (B) ANY ENVIRONMENTAL
CONDITIONS WHATSOEVER ON OR UNDER THE PROPERTY, EXCEPT FOR CLAIMS BASED UPON (1) A BREACH OF ANY EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS EXPRESSLY ADDRESSING HAZARDOUS MATERIALS AND/OR
HAZARDOUS MATERIALS LAWS, (2) EXPRESS INDEMNITIES UNDER THE CPR DECLARATIONS OR UNDER THE A&B EXCLUSIVE EASEMENTS, (3) A BREACH OF SELLER’S REPRESENTATION AND COVENANTS IN SECTION 12.14 (ENVIRONMENTAL MATTERS), OR (4) EXPRESS
INDEMNITIES AND GUARANTIES CONTAINED HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS. 
 WITHOUT LIMITATION UPON BUYER’S RIGHT TO RELY ON
THE EXPRESS REPRESENTATIONS, WARRANTIES, INDEMNITIES AND GUARANTIES CONTAINED HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS, AND EXCEPT AS OTHERWISE PROVIDED HEREIN, BUYER REPRESENTS TO SELLER THAT BUYER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO
CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS BUYER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE

  
 13 

 
PROPERTY AND THE EXISTENCE OR NONEXISTENCE OF CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS MATERIALS ON THE PROPERTY OR, EXCEPT AS PROVIDED IN THE EMI OPERATING AGREEMENT, THE EMI
LAND, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS, REPRESENTATIVES OR EMPLOYEES WITH RESPECT THERETO. EXCEPT AS OTHERWISE PROVIDED HEREIN AND IN ANY OF THE TRANSACTION DOCUMENTS, UPON
CLOSING, BUYER (AND ANY ENTITY AFFILIATED WITH OR CLAIMING BY, THROUGH OR UNDER BUYER) SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE
BEEN REVEALED BY BUYER’S INVESTIGATIONS, AND BUYER (AND ANY ENTITY AFFILIATED WITH OR CLAIMING BY, THROUGH OR UNDER BUYER), UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S AFFILIATES) FROM AND
AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, FORESEEN OR
UNFORESEEN, WHICH BUYER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER (AND SELLER’S AFFILIATES) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN DESIGN OR CONSTRUCTION, OR PHYSICAL
CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, LIABILITIES EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY, EXCEPT FOR BREACHES BY SELLER OF THE EXPRESS PROVISIONS OF THIS AGREEMENT OR ANY OF THE
TRANSACTION DOCUMENTS. 
 THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING AND ANY TERMINATION OF THIS AGREEMENT. 

Buyer’s Initials: /s/ RRP 

4.5    Confidentiality. All Due Diligence Materials and other information provided to or obtained by Buyer with
respect to the Property and this transaction is subject to the Nondisclosure Agreement dated February 26, 2018, between ABLR and Trinitas Partners, LLC (the “Nondisclosure Agreement”), which is incorporated herein by
reference and which Buyer accepts and agrees to be bound by as if Buyer had originally been a party to it. 

4.6    Inapplicability and Waiver of Certain Statutory Provisions. Seller and Buyer acknowledge and agree that the
transaction contemplated by this Agreement is not subject to the provisions of Hawaii Revised Statutes Chapters 484, 508D or 514B Parts IV and V or of 15 U.S. Code Chapter 42 (collectively, the “Real Estate Registration and Sales
Laws”). Buyer hereby freely and voluntarily waives any claim that this transaction is subject to the Real Estate Registration and Sales Laws or that Buyer is entitled to any remedies thereunder, and Buyer hereby agrees to indemnify,
defend and hold Seller harmless from any expenses, costs, liabilities, attorneys’ fees or damages that Seller incurs if Buyer asserts any claims to the contrary. This Section shall survive Closing. 

  
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 ARTICLE 5 

TITLE AND SURVEY 

5.1     Title Exceptions. Seller has provided Buyer with certain existing title reports in Seller’s possession
regarding portions of the Real Property. Prior to the Effective Date, Buyer by letter dated October 8, 2018, requested that Seller take certain actions with respect to matters shown in those title reports (the “Initial Title
Objections”). Seller responded by letter dated October 31, 2018 (the “Seller Title Objection Response”) and the Title Commitment was thereafter issued by the Title Company. If the Title Company adds or Buyer
discovers, prior to Closing, any new title exceptions or requirements (a) that are Mandatory Cure Exceptions (as defined below), (b) that are caused or consented to by Seller or any of its agents or affiliates after the date of the Title
Commitment, or (c) that in Buyer’s reasonable opinion are reasonably certain to materially impair Buyer’s ownership and use of the Property as a whole for Buyer’s intended use, then Buyer shall notify Seller of any such
exceptions or requirements to which Buyer objects (the “Additional Title Objections”) within three (3) days of Title Company’s notification or Buyer’s discovery of such exception or requirement, and in any
event no later than three (3) days prior to the Closing. All such exceptions or requirements to which Buyer does not so object shall be deemed “Permitted Exceptions”. In addition, and notwithstanding anything contained
herein to the contrary, and except for exceptions that Seller expressly agreed to remove in the Seller Title Objection Response, the following shall be Permitted Exceptions: (a) the reservation to the State of Hawaii of mineral and water rights
of any nature; (b) the lien of all ad valorem real property taxes and assessments, general, special and/or rollback, not yet due and payable as of the Closing Date; (c) applicable zoning and building ordinances and land use regulations,
now or hereafter in effect relative to the Real Property; (d) discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other matters which a correct survey, archaeological study or physical inspection of the Real
Property would disclose; (e) any and all existing roadways, trails, easements, rights of way, flumes and irrigation ditches; (f) claims arising out of customary and traditional rights and practices, including without limitation those
exercised for subsistence, cultural, religious, access or gathering purposes, as provided for in the Hawaii Constitution or the Hawaii Revised Statutes; (g) any exceptions caused by Buyer, its agents, representatives or employees; and
(h) all exceptions contained in the Title Commitment. Buyer acknowledges that title reports or commitments are not available for every parcel included within the Real Property, and the absence of such reports or commitments alone is not
grounds for Buyer to assert any title objections. Further, Buyer acknowledges that certain portions of the Real Property are known to have broken or otherwise uninsurable title, and that notwithstanding any objections Buyer may have or anything to
the contrary herein Seller will not be undertaking any efforts to make title to such portions insurable, and all such portions shall be conveyed at Closing by quitclaim deed without warranties of title. 

5.2    Curing of Title Exceptions. If Buyer notifies Seller of any Additional Title Objections, Seller shall have
the following options: 
 (a)    Mandatory Cure Exceptions. If the Initial Title Objections or Additional Title
Objections pertain to portions of the Real Property that the Title Company commits to insure under the Title Commitment and are (i) money judgments, taxes (other than taxes which are subject to proration pursuant to this Agreement), or inchoate
or perfected mechanics or 

  
 15 

 
materialman’s liens, (ii) mortgages or other monetary liens, including third party financing liens, or (iii) matters Seller is otherwise obligated to cure or deliver pursuant to
this Agreement, then Seller shall be required to remove such exceptions (the “Mandatory Cure Exceptions”) from the Title Commitment by taking the actions necessary to have the Mandatory Cure Exceptions satisfied, deleted or
insured over by the Title Company, or transferred to bond so that the Mandatory Cure Exceptions are removed from the Title Commitment and Buyer’s Title Policy at or before Closing. 

(b)    Optional Cure Exceptions. With regard to all Additional Title Objections which are not Mandatory Cure
Exceptions (the “Optional Cure Exceptions”), Seller shall have the option, but not the obligation, to take the actions necessary to have the Optional Cure Exceptions deleted or insured over by the Title Company, or
transferred to bond so that the Optional Cure Exceptions are removed from the Title Commitment and Buyer’s Title Policy at or before Closing. If Buyer notifies Seller of any Additional Title Objections which are Optional Cure Exceptions, Seller
shall provide Buyer with written notice of its election as to whether or not it will cure the Optional Cure Exceptions within three (3) days after Seller’s receipt of Buyer’s notice of any Optional Cure Exceptions, and in any event no
later than three (3) days prior to Closing. If Seller notifies Buyer that it will not attempt to cure the Optional Cure Exceptions, Buyer shall have the option to either proceed to Closing and accept title in its existing condition without
adjustment to the Purchase Price (in which case such accepted Optional Cure Exceptions will be deemed Permitted Exceptions), or to terminate this Agreement. In the event Buyer elects to terminate this Agreement, the Closing Price shall be returned
to Buyer and neither Buyer nor Seller shall have any further rights or obligations hereunder. 
 5.3    Survey.
No ALTA survey or ALTA survey update of the Property (the “Survey”) has been done in connection with this transaction. Any matter which would be shown by such a Survey shall be a Permitted Exception. 

ARTICLE 6 
 Approvals 

6.1    Seller’s Approvals. Seller represents to Buyer that, prior to the Effective Date, Seller
received all of Seller’s internal approvals necessary to consummate and close this transaction in accordance with the terms of this Agreement. 

6.2    Buyer’s Approvals. Buyer represents to Seller that, prior to the Effective Date, Buyer received all of
Buyer’s internal approvals and any other approvals necessary for Buyer to fund, consummate and close this transaction in accordance with the terms of this Agreement. 

6.3    No Other Approvals. Closing is not subject to or contingent on any third party or governmental approvals.

  
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 ARTICLE 7 

Buyer’s Remedies 

7.1     Buyer’s Remedies for Seller’s Failure to Close. Notwithstanding
anything to the contrary contained in this Agreement, if Closing does not occur due to a Seller default, then Buyer may, as Buyer’s sole and exclusive remedy hereunder and at Buyer’s option, either (a) terminate this Agreement by
written notice to Seller, Escrow Holder and Title Company given at any time after Seller shall have failed, for a period of five (5) days after written notice from Buyer, to cure such default and, upon receipt of such notice of termination,
Escrow Holder shall refund the Closing Price to Buyer and, if Seller’s default was the result of Seller’s intentional and willful act or failure to act, Seller shall reimburse Buyer for all of its actual, documented, out-of-pocket costs paid to non-affiliated third parties in connection with this Agreement, up to a maximum aggregate amount of
$1,000,000.00, whereupon neither party shall have any rights or obligations under this Agreement, except for those obligations which expressly survive Closing, or (b) upon notice to Seller not more than thirty (30) days after the
originally scheduled Closing Date, and provided an action is filed within thirty (30) days thereafter, Buyer may seek specific performance of Seller’s obligation to convey the Property, but not damages; provided, however, solely in the
event that Buyer elects to proceed under this clause (b) and, despite Buyer’s commercially reasonable efforts related thereto, specific performance is not available, Buyer may terminate this Agreement, whereupon (i) Escrow Holder
shall refund the Closing Price to Buyer, (ii) if Seller’s default and/or the unavailability of specific performance was the result of Seller’s intentional and willful act or failure to act, Seller shall be obligated to pay to Buyer an
amount equal to Buyer’s actual, documented, out-of-pocket costs paid to non-affiliated third parties in connection with this
Agreement, and (iii) neither party shall have any rights or obligations under this Agreement, except for those obligations which expressly survive Closing. Buyer’s failure to seek specific performance as aforesaid shall constitute its
election to proceed under clause (a) above. 
 7.2     Buyer’s Remedies After Closing. 

(a)    Subsequent Transfer Default. If Seller fails to effectuate the Subsequent Transfers pursuant to
Section 9.2(b) following the Closing (defined below) and Seller fails, for a period of five (5) days after written notice from Buyer, to cure such failure (“Subsequent Transfer Default”), Buyer shall have all of its
remedies at law or equity against Seller. This Section 7.2(a) shall survive the Closing. 
 (b)    Escrow
Holdback; Appointment of Escrow Holder; Term. At Closing, Seller shall deposit with Escrow Holder the sum of $7,500,000.00 (the “Holdback Amount”) to pay any debts, obligations or liabilities Seller may have to Buyer
after Closing, excluding the obligation to pay the Rebates (the “Post-Closing Obligations”), that arise pursuant to or in connection with Seller’s breach of the representations, warranties, indemnifications, covenants or
other obligations of Seller under this Agreement or any document signed and delivered by Seller to Buyer at Closing (collectively, the “Transaction Documents”). Seller and Buyer hereby appoint and designate Escrow Holder to
hold, administer, and disburse the Holdback Amount from the Closing Date until the first anniversary of the Closing Date (the “Holdback Period”), and Escrow Holder accepts such appointment. The Holdback Amount shall be placed
in one or 

  
 17 

 
more interest-bearing FDIC insured accounts (the “Holdback Account”). If Buyer incurs any cost, expense, damage or liability with respect to any of Seller’s
Post-Closing Obligations that individually or in the aggregate exceed the Floor Amount defined in Section 7.2(c), Buyer shall have the right, but not the obligation, to require payment from Escrow Holder out of the Holdback Account for the
amount of any such costs, expense, damage or liabilities that exceed the Floor Amount. To draw on the Holdback Account, Buyer must send written request for payment to Escrow Holder and Seller detailing the amount payable and including supporting
documentation of the amount requested in reasonable detail. Seller hereby irrevocably instructs Escrow Holder to pay Buyer any undisputed amounts that Buyer requests in accordance with the preceding sentence out of the Holdback Account no more than
five (5) Business Days of receipt of a Buyer’s written request, provided that unless Seller approves such payment in writing within such 5-Business Day period Escrow Holder shall only pay the portion
(if any) to which Seller approves in writing, and shall continue to hold the balance of the requested payment until its disposition is resolved by mutual written instructions of the parties or final,
non-appealable court judgment. If Seller fails to instruct Escrow Holder within such five (5) Business Day period, Escrow Agent shall disburse the full amount requested by Buyer. Any fees of Escrow Holder
for establishing and administering the Holdback Account shall be paid by Buyer. The Holdback Amount, or any remaining portion thereof, shall be remitted to Seller upon expiration of the Holdback Period, provided however that if any Buyer claims for
reimbursement are pending or unresolved at such time, Escrow Holder shall withhold 120% of the amount of any such claims pursuant to the terms of this Section 7.2(b) until such claims are paid in full or resolved by mutual agreement of the
parties or final court judgment. Escrow Holder at its sole discretion may file a suit in interpleader in any court having jurisdiction in the matter for the purpose of having the respective rights of the disputing parties adjudicated and may deposit
with the court any or all monies held hereunder with deductions for Escrow Holder’s attorney’s fees and costs. Upon institution of such interpleader suit or other action, depositing such money with the court, and giving notice thereof to
the parties thereto by personal service or in accordance with the order of the court, Escrow Holder shall be fully released and discharged from all further obligations hereunder with respect to the monies so deposited. This Section 7.2(b) shall
survive the Closing and Seller’s obligations under this Section 7.2(b) shall be covered by the Parent Guaranty. 

(c)    Limitations of Seller’s Liability. The representations and warranties of Seller in
Section 10 or elsewhere in this Agreement are intended to and shall remain true and correct as of the Closing Date (and with respect to the representations and warranties related to EMI until the Initial EMI Transfer Date), and shall survive
the Closing and transfer of title to the Property until the fifth anniversary of the Closing Date with respect to any and all environmental representations and warranties and the representations set forth in Sections 10.1(a), (b), (k), (l) and (t),
and until the second anniversary of the Closing Date with respect to all other representations and warranties (as applicable, the “Survival Period”), unless a longer period of time is otherwise expressly provided for herein.
Any action for breach of a representation or warranty must be commenced, if at all, within said Survival Period. Notwithstanding anything to the contrary contained herein, if the Closing shall have occurred, (a) except as provided in the
following sentence, the aggregate liability of Seller arising pursuant to or in connection with Seller’s breach of its representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller under
this Agreement or any of the Transaction Documents shall not exceed $7,500,000.00 (the “Liability Limitation”) and (b) 

  
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Seller shall not be liable for any judgment in any action based upon any claim by Buyer alleging a breach by Seller of any representations, warranties, indemnifications, covenants or other
obligations (whether express or implied) of Seller under this Agreement or any of the Transaction Documents, unless and until such claim, either alone or together with any other claims by Buyer against Seller alleging a breach by Seller of any
representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller contained in this Agreement or in any of the Transaction Documents, is for an aggregate amount in excess of $250,000.00 (the
“Floor Amount”), in which event Seller’s liability respecting any final judgment concerning such claim or claims shall be for the amount thereof that exceeds the Floor Amount, subject to the Liability Limitation.
Notwithstanding the foregoing sentence, the Floor Amount and Liability Limitation shall not apply to (1) Seller’s obligation to pay Rebates as provided in Section 2.7, (2) Seller’s funding obligations under the EMI Operating
Agreement, (3) Seller’s obligation to pay water delivery charges under the Water Delivery Agreement, (4) Seller’s obligations under Sections 12.14(c) and 12.14(e), (5) Seller’s obligation to indemnify Buyer against claims or
losses relating to Hazardous Materials in connection with the land subject to the CPR Declarations and the A&B Exclusive Easements, (6) Seller’s obligation to pay rollback taxes pursuant to Section 12.8(b), (7) Seller’s
post-closing obligation to repair wells as provided in Section 12.16, (8) Seller’s Retained Liabilities pursuant to Section 12.2, (9) Seller’s obligations in connection with the MECO Subdivision pursuant to Section 12.15,
(10) Seller’s obligation to effectuate the Subsequent Transfers, and (11) Seller’s obligation to indemnify Buyer for any claims made in connection with the USFWS warranties pursuant to Section 3.8 (collectively, the
“Uncapped Seller Obligations”). The Uncapped Seller Obligations and other obligations under this Section 7.2(c) shall survive the Closing and shall be covered by the Parent Guaranty, but ABI’s liability under the
Parent Guaranty solely for the Uncapped Seller Obligations shall not exceed $7,500,000.00 (other than ABI’s liability for the Rebates which shall not be capped under the Parent Guaranty).. Seller shall at all times maintain net worth sufficient
to satisfy any Uncapped Seller Obligations and shall not dissolve or windup without making reasonable provision for the payment of any unsatisfied Uncapped Seller Obligations and such obligations of Seller shall be included in the Parent Guaranty
and ABI’s liability shall not be capped under the Parent Guaranty. The Liability Limitation shall be reduced by the amount of any payments to Buyer from the Holdback Account established pursuant to Section 7.2(b). The Liability Limitation
shall not be reduced by any payments to Buyer with respect to the Uncapped Seller Obligations, whether from the Holdback Account, pursuant to the Parent Guaranty or otherwise. No director, officer, manager, member, partner, employee, beneficiary,
shareholder, participant, representative or agent of Seller or any entity that is or becomes a constituent partner or member in Seller or an agent of Seller (“Seller’s Affiliates”) shall have any personal liability,
directly or indirectly, under or in connection with this Agreement or any of the Transaction Documents, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Buyer and its successors and
assigns and, without limitation, all other persons and entities, shall look solely to the Holdback Account and Seller’s assets for the payment of any claim or for any performance, and Buyer, on behalf of itself and its successors and assigns,
hereby waives any and all such personal liability. Notwithstanding anything to the contrary contained in this Agreement, neither the negative capital account of any constituent partner or member in Seller or any entity owning an interest (directly
or indirectly) in Seller, nor any obligation of any constituent partner or member in Seller or any entity owning an interest (directly or indirectly) in Seller to restore a negative 

  
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capital account or to contribute capital to Seller (or any entity owning an interest, directly or indirectly, in any other constituent partner or member of Seller), shall at any time be deemed to
be the property or an asset of Seller or any such other entity (and neither Buyer nor any of its successors or assigns shall have any right to collect, enforce or proceed against or with respect to any such negative capital account or obligation to
restore or contribute). EXCEPT FOR THE UNCAPPED SELLER OBLIGATIONS, THE TOTAL LIABILITIES OR OBLIGATIONS OF SELLER TO BUYER AFTER CLOSING SHALL NOT UNDER ANY CIRCUMSTANCES EXCEED THE LIABILITY LIMITATION. TO THE FULLEST EXTENT PERMITTED BY LAW,
BUYER (FOR ITSELF AND ON BEHALF OF ANY ENTITY AFFILIATED WITH BUYER) HEREBY WAIVES, RELEASES AND AGREES NOT TO MAKE ANY CLAIM OR BRING ANY ACTION TO RECOVER FROM SELLER OR ANY OF SELLER’S AFFILIATES ANY AMOUNT IN EXCESS OF THE LIABILITY
LIMITATION, OTHER THAN AMOUNTS DUE WITH RESPECT TO THE UNCAPPED SELLER OBLIGATIONS AND UNDER THE PARENT GUARANTY. 
 Buyer’s Initials:
/s/ RRP 
 7.3    Incorporation of Waiver Agreement. In connection with the negotiation of this Agreement certain
of the Sellers, Pomona Farming, LLC, and Public Sector Pension Investment Board entered into that certain Waiver Agreement dated July 18, 2018 (the “Waiver Agreement”). The terms of the Waiver Agreement are incorporated
herein by reference and the waivers, obligations, covenants and commitments of the “Buyer” under such agreement are hereby made binding on Buyer as if Buyer were originally a party to such agreement, but such incorporation shall not waive
or limit any of the specific rights or obligations of the parties to this Agreement under this Agreement or any of the Transaction Documents. 

7.4    Buyer’s Voluntary Acceptance of Limitations on Its Remedies; Survival. Buyer acknowledges and agrees
that the waivers, releases and other provisions contained in this Article 7 as well as elsewhere in this Agreement, were a material factor in Seller’s acceptance of the Purchase Price and agreement to the terms of this Agreement, and that
Seller is unwilling to sell the Property to Buyer unless Seller is released and indemnified as expressly set forth herein. Except as otherwise set forth herein, the releases by Buyer set forth in this Agreement include claims of which Buyer is
presently unaware or which Buyer does not presently suspect to exist which, if known by Buyer, would materially affect Buyer’s release of Seller. Buyer acknowledges and agrees that Buyer, together with Buyer’s counsel, has fully reviewed
the disclaimers, waivers, releases, indemnities, etc., set forth in this Agreement and understands the significance and effect thereof. The terms and conditions of this Article 7 will expressly survive the Closing or termination of this Agreement.

 Buyer’s Initials: /s/ RRP 

ARTICLE 8 
 CONDITIONS TO
CLOSING 
 8.1    Buyer Closing Conditions. The following (the “Closing Conditions”)
shall be conditions precedent to Buyer’s obligation to close the transaction: 
 (a)    This Agreement shall not
have terminated pursuant to its terms; 

  
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 (b)    Any Title Objections which Seller is obligated to cure have been
cured as of the Closing Date and the Title Company is irrevocably committed to issue the Title Policy; 

(c)    Seller’s representations and warranties set forth in Article 10 shall be true and correct in all material
respects as if made on the Closing Date, provided that there shall be no failure of this condition where any matters that cause Seller’s representation to be incorrect were disclosed in writing to Buyer prior to the Effective Date, or arose
after the Effective Date and are not material to the transaction as a whole. For purposes of this section, such matters shall not be deemed material to the transaction as a whole where they are, in the aggregate, reasonably estimated to result in a
loss, liability or expense to Buyer of $1,000,000 or less; and 
 (d)    Seller has materially performed all its
obligations and covenants, and made all required deliveries, under this Agreement. 
 If any of the Closing Conditions listed in (a) through (d) shall
not have been satisfied on or before the Closing Date, then Buyer shall have the right to either (i) waive such Closing Condition(s) and proceed with Closing, or (ii) elect to not proceed with Closing by giving written notice to Seller of
such election prior to the Closing Date, in which case the Closing Price shall be immediately returned to Buyer and this Agreement shall terminate. In addition, if such Closing Condition has not been satisfied due to a default on the part of Seller,
Buyer shall also have its rights under Article 7. 
 ARTICLE 9 

CLOSING AND ESCROW 

9.1    Deposit with Escrow Holder and Escrow Instructions. Upon execution of this Agreement, the parties hereto
shall deposit an executed counterpart of this Agreement, together with the Closing Price provided for above, with Escrow Holder and this instrument shall serve as the instructions to Escrow Holder for consummation of the purchase and sale
contemplated by this Agreement. Seller and Buyer agree to execute such additional and supplementary escrow instructions as may be appropriate to enable Escrow Holder to comply with the terms of this Agreement; provided, however, that in the event of
any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 

9.2    Closing. The closing of the purchase and sale of the Property and the execution and exchange of documents
(the “Closing”) shall be held at the offices of Escrow Holder or its designee. The Closing shall occur as follows: 

(a)    Closing Date. On December 20, 2018 (the “Closing Date”), the following Property
shall be transferred to Buyer and the corresponding Closing Price shall be released to Seller in accordance with the terms of this Agreement: 

(i)    The A&B Land, excluding any portion of the A&B Land for which any required CPR Declaration has not yet
been recorded as of the Closing Date (such land, the “Delayed CPR Lands”); 

  
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 (ii)    The Kulolio Membership Interests; and 

(iii)    The CMF Membership Interests. 

(b)    Subsequent Transfers. The following transfers (the “Subsequent Transfers”) shall occur
following the Closing: 
 (i)    At any time after the Closing Date, on a date mutually agreed-upon by the parties, but
no later than February 1, 2019 (the “Initial EMI Transfer Date”), the Initial EMI Interests will be transferred to Buyer and the Initial EMI Price shall be released to Seller in accordance with the terms of this
Agreement and the EMI Operating Agreement shall become effective; and 
 (ii)    At any time after the Closing Date, on
multiple days if necessary as determined by the parties, on a date or dates mutually agreed on by the parties, but no later than the Initial EMI Transfer Date, any Delayed CPR Lands will be transferred to Buyer and the corresponding portion of the
Purchase Price attributable to such Delayed CPR Lands shall be released to Seller in accordance with the terms of this Agreement. 
 The
Subsequent Transfers are an integral part of this transaction. Accordingly, once the Closing has occurred, the parties’ obligations to consummate and complete the Subsequent Transfers as set forth in this paragraph are unconditional. 

(c)    Gap Closing. Because the total number of Transaction Documents to be recorded at Closing exceeds the number
that the Hawaii Bureau of Conveyances will accept from Escrow for regular recording on a single day, Buyer and Seller have agreed that certain documents required to be recorded on the Closing Date under this Agreement shall instead be recorded after
the Closing Date as set forth in the Escrow Instructions attached hereto as Exhibit J (“Gap Closing Escrow Instructions”). The Transaction Documents to be recorded on the Closing Date will be listed under the
Tranche One heading on Exhibit A to the Gap Closing Escrow Instructions, and the Transaction Documents to be recorded after the Closing Date will be listed under the Tranche Two, Tranche Three, etc. heading on Exhibit A to the Gap
Closing Escrow Instructions (the “Late-Recording Documents”). Seller and Buyer acknowledge and agree that notwithstanding the date of recording the Late-Recording Documents, those documents shall be dated and deemed effective
as of the Closing Date as if they had been recorded concurrently with the rest of the Transaction Documents, and the delay in their recording shall not be deemed to impair the effectiveness of the Closing in any respect, including without
limitation, with respect to transfer of possession and risk with respect to the Property or prorations. Seller agrees that between the Closing Date and the date of recording of the Late-Recording Documents (or with respect to the Delayed CPR Lands,
the dated of recording the documents effectuating such Subsequent Transfer (the “Delayed CPR Recording Documents”)) it shall not encumber, impair, exercise, modify or terminate any of the agreements, rights or interests that
are conveyed by the Late-Recording Documents or the Delayed CPR Recording Documents and shall indemnify, defend and hold Buyer harmless from and against any claims or losses arising from Seller’s breach of this covenant. This Section shall
survive Closing. 

  
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 9.3    Failure of Closing. In the event the Closing does not
occur on or before the Closing Date for a reason other than Buyer’s default under this Agreement, Escrow Holder shall, unless it is notified by Seller to the contrary within five (5) days after the Closing Date, return to the depositor
thereof items which may have been deposited hereunder, including the return of the Closing Price to Buyer. 

9.4    Notices to Tenants and Other Counterparties. At the Closing, Seller shall provide Buyer a signed notice (the
“Tenant Notice”) to be copied and given to each tenant of the Real Property, which notice shall disclose that (i) the Real Property has been sold to Buyer, (ii) after the Closing, all rents should be paid to Buyer,
and (iii) Buyer shall be responsible for all tenant security deposits to the extent paid or credited to Buyer. Seller and Buyer shall also cooperate to notify counterparties under the Contracts. The form of the notices shall be reasonably
acceptable to both Buyer and Seller. Buyer covenants to deliver such notice to each tenant or other counterparty as soon as reasonably possible after Closing. This provision shall survive Closing. 

9.5    Delivery by Seller to Escrow Holder. Seller shall deliver to Escrow Holder, no later than two
(2) Business Days prior to the Closing Date, the following documents duly executed and, where required, acknowledged by Seller (collectively, the “Closing Documents”), provided that by mutual agreement Buyer and Seller
may elect to exchange and/or record certain of the Closing Documents outside of Escrow: 
 (a)    Deeds for the portions
of the Real Property that the Title Company commits to insure under the Title Policy; 
 (b)    Quitclaims for all other
portions of the Real Property and for Land Commission Awards within the boundaries of the Real Property but excluded under the Title Policy; 

(c)    The Bill of Sale; 

(d)    The General Assignment; 

(e)    An Assignment of Leases; 

(f)    Assignments of the Membership Interests; 

(g)    The EMI Operating Agreement; 

(h)    The Parent Guaranty; 

(i)    One or more of an Assignment and Assumption in the form attached hereto as Exhibit K to assign the
West Maui Water Interests held by ABL, ABLR or ABPHR; 

  
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 (j)    One or more of an Assignment and Assumption in the form attached
hereto as Exhibit L to assign the East Maui Water Interests held by ABL, ABLR or ABPHR; 

(k)    The CPR Declarations to be recorded at Closing, if any; 

(l)    The A&B Exclusive Easements to be recorded at Closing, if any; 

(m)    The Excluded Land Easements to be recorded at Closing, if any; 

(n)    The New Appurtenant Easements to be recorded at Closing, if any; 

(o)    The Restricted Land Easement; 

(p)    The Gap Closing Escrow Instructions; 

(q)    A Water Delivery Agreement in the form attached hereto as Exhibit M providing for the delivery by
Buyer and EMI of nonpotable water to the Excluded Land and certain other services after Closing; 
 (r)    One or more
Assignment and Assumption of In Gross Easements in the form attached hereto as Exhibit N; 
 (s)    An
Employee Transition Agreement in the form attached hereto as Exhibit O; 
 (t)    Such transfer and/or
conveyance tax forms for each Deed and quitclaim as are required by law; 
 (u)    An affidavit, certification or notice
required by Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), and the Regulations pursuant thereto, and Section 235-68, Hawaii Revised Statutes, to
relieve Buyer of any potential withholding liability under such Section; 
 (v)    Resolutions, certificates of good
standing, owner’s affidavits and such other documents as the Title Company may require to issue the Title Policy; 

(w)    A State of Hawaii tax clearance certificate for the entity(ies) holding the Hawaii taxpayer identification
number(s) that covers each of the Seller entities; and 
 (x)    Such other instruments as are reasonably necessary to
close the transaction contemplated by this Agreement. 
 9.6    Delivery by Seller to Buyer. Seller shall deliver
to Buyer upon the Closing Date, to the extent each item below is in Seller’s possession but not located at the Property: 

(a)    The Tenant Notice and notices to any other counterparties required under Section 9.4, executed by Seller; 

  
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 (b)    Originals of the Leases (and amendments thereto, if any) and all
records and correspondence relating to the Leases; 
 (c)    Originals of all Contracts and any warranties or guaranties
in Seller’s possession received by Seller from any contractors, subcontractors, suppliers or materialmen in connection with any construction, repair or alteration of the Improvements or any tenant improvements; 

(d)    As-built plans and specifications for the Improvements (if any) in
Seller’s possession; 
 (e)    All instruction manuals, procedure manuals, manufacturer’s warranties and
similar materials in Seller’s possession which relate to the Property; 
 (f)    All books and records in
Seller’s possession (or copies thereof) relating to the operation and maintenance of the Property and the Operating Companies prior to the Closing Date, but excluding the Excluded Documents and Retained Records; 

(g)    Resignations of the officers, directors and managers, if any, of CMF and Kulolio; and 

(h)    Originals of all building permits and certificates of occupancy for the Improvements (if any) in Seller’s
possession. 
 9.7    Delivery by Buyer to Escrow Holder. No later than two (2) Business Days before the
Closing Date, Buyer shall deliver to Escrow Holder (i) the balance of the Closing Price; (ii) its share of costs, prorations and expenses pursuant to Section 9.10; and (iii) Buyer’s countersignatures to all Transaction
Documents and deliverables to which Buyer is a signatory. 
 9.8    Other Instruments. Seller and Buyer shall
each deliver to Escrow Holder such other instruments as are reasonably required by Escrow Holder or otherwise required to close the escrow and consummate the purchase of the Property in accordance with the terms hereof. 

9.9    Close of Escrow. Provided that (i) Escrow Holder has received the documents, instruments and funds
described in Sections 9.5, 9.7 and 9.8 hereof, (ii) Escrow Holder has received notice from Buyer that all of the conditions to Closing set forth in Section 8.1 have been satisfied or waived, (iii) Escrow Holder has not received notice
from Buyer or Seller that any of the representations and warranties made by either Buyer or Seller herein are untrue either as of the date of this Agreement or as of the Closing Date, and (iv) the Title Company is irrevocably committed to
deliver to Buyer the Title Policy, Escrow Holder is authorized and instructed on the Closing Date to: 
 (i)    Record
the Deeds, quitclaims and any other recordable Transaction Documents in the Bureau of Conveyances of the State of Hawaii and/or the Office of the Assistant Registrar of the Land Court of the State of Hawaii, as applicable, in accordance with the Gap
Closing Escrow Instructions; and 

  
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 (ii)    Deliver to Seller the portion of the Purchase Price allocated
to all portions of the Property conveyed to Buyer on the Closing Date (as set forth herein or on Schedule 1.1), less Seller’s share of prorations and costs of escrow. 

9.10    Prorations and Apportionments. Escrow Holder shall generate a closing statement setting forth the
prorations and apportionments required by this Section, which closing statement shall not be effective until approved by Buyer and Seller prior to the Closing Date. Where possible, Buyer and Seller shall determine the amounts to be prorated and
provide Escrow Holder with a spreadsheet containing that information at least two (2) Business Days before the Closing. The following items are to be prorated on a per diem basis as of as of 12:01 a.m. on the Closing Date: 

(a)    real estate and personal property taxes, governmental fees and special assessments; 

(b)    all collected rents (excluding Prepaid Rents, as defined below), income and revenues of the Property, provided that
all uncollected rents for the months prior to the month in which the Closing occurs, and a prorated portion of all uncollected rents for the month of the Closing (“Delinquent Rents”) shall remain Seller’s property and
shall not be prorated, further provided that all rents received by Seller relating to any period subsequent to the Closing Date (“Prepaid Rents”), shall be delivered to Buyer at the Closing without proration. Buyer agrees to
promptly deliver any Delinquent Rents received after Closing to Seller if obtained, provided that (i) all amounts received by Buyer from each tenant under a Lease after the Closing Date shall be applied first to current rent due and thereafter
shall be applied to Delinquent Rents, and (ii) Buyer shall not be obligated to evict a tenant, institute a lawsuit or other legal process to recover Delinquent Rents; 

(c)    all metered utilities, such as water, gas and electricity, to the extent the same are not the responsibility of and
paid directly by tenants, shall be read and all telephone charges shall be determined and Seller shall execute all forms required to transfer all utilities to Buyer. At Closing, all charges for utilities shall be prorated based upon the meter
readings and Seller shall pay the full amount of all utilities supplied to the Real Property and the EMI Land up to the Closing Date. All charges for utilities thereafter furnished to the Real Property and the EMI Land shall be paid by the Buyer,
with the exception of past due amounts owed by Seller. Seller shall receive a credit at Closing for any utility deposits transferred to Buyer. All other utility deposits shall remain the property of and will be immediately released to Seller; 

(d)    all expenses under Contracts shall be prorated at Closing. All expenses for Contracts not assumed by Buyer shall
not be prorated and shall remain the sole responsibility of Seller. Any advance lump-sum or “up front” payments or other revenue in connection with any Contracts shall be credited to Buyer on a pro-rata basis over the term of such contract, including extension options; and 

(e)     all annual, monthly or other periodic fees, charges or assessments payable with respect to the Governmental
Authorizations shall be prorated at Closing. 

  
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 9.11    Costs and Expenses. Fees of Escrow Holder, recording
fees, conveyance tax and all other customary Closing costs shall be shared equally by Buyer and Seller except as otherwise specifically provided herein. The base premium for Buyer’s Title Policy shall be shared equally by Buyer and Seller and
Buyer shall pay the premiums for any extended coverage or endorsements that Buyer elects to purchase. Buyer and Seller shall each bear their own legal and consultant fees and costs. 

9.12    Code Section 1031 Exchange. Seller may convey the Real Property to Buyer as part of a tax-deferred exchange under Section 1031 of the Code. Seller may assign this Agreement to a qualified intermediary in order to facilitate a Code Section 1031 exchange transaction; provided that Seller
shall remain liable for all obligations hereunder. Seller and Buyer agree to cooperate with each other in effecting such transaction, including, without limitation, consenting to the assignment of this Agreement to a qualified intermediary, provided
that any such exchange transaction, and the related documentation, shall: (i) not require the other party to execute any contract (other than as set forth herein), make any commitment, or incur any obligations, contingent or otherwise, to third
parties which would expand the obligations beyond this Agreement, (ii) not delay the Closing or the transaction contemplated by this Agreement, or (iii) not include acquiring title to any other property. Seller shall pay all of
Buyer’s legal fees in excess of $10,000 incurred in connection with the documentation and effecting the exchange transaction. In connection with and without limiting the foregoing, Seller agrees to execute and deliver to Buyer no later than
five (5) days prior to Closing, the Section 1031 Exchange Agreement attached hereto as Exhibit P. This Section 9.12 shall survive Closing. 

9.13    Post-Closing Substitutions Regarding West Maui Water Use Permits. As soon as practicable after Closing,
Buyer and Seller shall jointly (a) apply to substitute Buyer for Seller in State Water Use Permit Application No. 2206, and (b) notify the State Commission on Water Resource Management (“CWRM”) of the transfer
of Water Use Permit No. 691 to Buyer. 
 9.14    Post-Closing File & Records
Transfers. As soon as reasonably practicable after Closing, Seller and Buyer shall cooperate to transfer to Buyer any of Seller’s active and inactive files regarding the Property that Seller is able to locate via commercially reasonable
efforts and that Buyer has not previously been provided, excluding any Excluded Documents and Retained Records. If at any time within three (3) years after Closing Buyer requests a specific record or document that was not delivered prior to, at
or after Closing, Seller shall use commercially reasonable efforts to locate and provide the same to Buyer within thirty (30) days of Buyer’s request, provided that this obligation shall not include Excluded Documents and Retained Records.
Seller shall not destroy any active or inactive files or documents regarding the Property with the three (3) year period. This provision shall survive the Closing. 

  
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 ARTICLE 10  

REPRESENTATIONS AND WARRANTIES OF SELLER 

10.1    As an inducement to Buyer to enter into this Agreement, Seller hereby represents and warrants to and agrees with
Buyer as follows: 
 (a)    Organization & Good Standing. 

(i)    ABLR and ABLT are each a duly constituted series of Alexander & Baldwin, LLC, which is a limited liability
company organized and in good standing under the laws of the State of Delaware and authorized to transact business in the State of Hawaii. ABLT has the requisite limited liability power and authority to own the Membership Interests. 

(ii)    ABPHR is a duly constituted series of A & B Properties Hawaii, LLC, which is a limited liability company
organized and in good standing under the laws of the State of Delaware and authorized to transact business in the State of Hawaii. 

(iii)    EMI is a limited liability company organized and in good standing under the laws of the State of Hawaii and
authorized to transact business in the State of Hawaii. Seller has delivered to Buyer a true and complete copy of EMI’s articles of organization and operating agreement. 

(iv)    CMF is a limited liability company organized and in good standing under the laws of the State of Hawaii and
authorized to transact business in the State of Hawaii. Seller has delivered to Buyer a true and complete copy of CMF’s articles of organization and operating agreement. 

(v)    Kulolio is a limited liability company organized and in good standing under the laws of the State of Hawaii and
authorized to transact business in the State of Hawaii. Seller has delivered to Buyer a true and complete copy of Kulolio’s articles of organization and operating agreement. 

(b)    Authority and Power of Seller; Enforceability. All documents executed by Seller which are to be delivered to
Buyer at the Closing are or at the time of Closing will be duly executed and delivered by Seller and do not and at the time of Closing will not violate any provisions of any agreement or judicial order to which Seller is a party or to which Seller
or the Property is subject. Seller has all requisite authority and power to execute and deliver the documents to which it is a party and, subject to the terms, conditions and limitations set forth in this Agreement, to consummate the transactions
contemplated hereby and this Agreement constitutes the valid and binding agreement of Seller enforceable against Seller in accordance with its terms, except as enforcement of the terms hereof and thereof may be limited by applicable bankruptcy,
insolvency, reorganization, liquidation, moratorium or similar laws affecting enforcement of creditors’ rights generally, and general principles of equity. 

(c)    Use and Operation. Except as disclosed on Schedule 10.1(c), Seller has not received written
notice from any governmental authority of alleged failures of the Real Property or the EMI Land to comply with applicable building codes, safety and fire, environmental, zoning and land use laws, and other applicable local, state and federal laws,
ordinances, regulations and requirements which have not been cured. 
 (d)    Land Use Regulation. Seller has not
received written notice from any governmental authority of any proposed or pending condemnation or change in zoning or land use designations affecting the Real Property or the EMI Land and to Seller’s knowledge none are contemplated, nor has
Seller received notice of any special tax assessment proceedings affecting the Real Property or the EMI Land. 

  
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 (e)    Contracts. To Seller’s knowledge, and except as
otherwise disclosed in writing by Seller to Buyer: 
 (1)    the copies of the Contracts listed on Schedule
1.8 and the contracts of the Operating Companies listed on Schedules 1.2, 1.3, and 1.4, respectively, that Seller delivered to Buyer pursuant to this Agreement are true, correct and complete; 

(2)    such Contracts and Operating Company contracts are in full force and effect and unmodified; 

(3)    except as set forth in Schedule 1.8, there are no other Contracts currently in effect and binding on
the Property; 
 (4)    except as set forth in Schedules 1.2, 1.3, and 1.4, there are no other contracts
currently in effect and binding on the Operating Companies; and 
 (5)    there are no material, uncured defaults under
any of the Contracts or Operating Company contracts. 
 (f)    Leases. To Seller’s knowledge, and except as
otherwise disclosed in writing by Seller to Buyer: 
 (i)    the copies of the Leases listed on Schedule
1.7 and the leases of EMI listed on Schedule 1.2 (the “EMI Leases”) delivered to Buyer are true, correct and complete and there are no amendments or modifications of the Leases or the EMI Leases or other
agreements, written or oral, with respect to the Leases or the EMI Leases except as listed on Schedule 1.7 and Schedule 1.2, respectively; 

(ii)    the information set forth in the rent rolls prepared by Seller with respect to the Leases and the EMI Leases and
made available to Buyer (the “Rent Rolls”) was true and complete as of the date such rent rolls were made available to Buyer; 

(iii)    except for the Leases, there are no leases of the Real Property; 

(iv)    except for the EMI Leases, there are no leases of the EMI Land; 

(v)    there are no material, uncured defaults under any of the Leases or the EMI Leases; 

(vi)    except to the extent described in the Rent Rolls, no tenant under any of the Leases or the EMI Leases has prepaid
any rent or other charges for more than the current month; 
 (vii)    no tenant under any of the Leases or the EMI
Leases has any right or option to purchase the Real Property or the EMI Land or any portion thereof or interest therein; 

  
 29 

 (viii)    except as provided in the Rent Rolls, no tenant under any of
the Leases or the EMI Leases has the right to renew or extend any of the Leases or the EMI Leases or has any options or rights of first refusal with respect to leasing of other land or space, and no tenant under any of the Leases or the EMI Leases
has the right to free rent, rebate, allowance, concession, security or other deposit; and 
 (ix)    Seller and EMI
hold no security or other tenant deposits under the Leases or the EMI Leases except as shown on the Rent Rolls. 

(g)    Labor Contracts. Neither Seller nor any Operating Company nor any affiliate is a party to, or otherwise
bound by, any collective bargaining agreement or multi-employer pension fund covering employees who service the Property, the EMI Land, the EMI Assets, the CMF Assets, or the Kulolio Assets. As of the Initial EMI Transfer Date, EMI and EMI employees
will no longer be participants in the cash balance defined benefit pension plan covering other Seller employees. 

(h)    Labor Disputes. There is no current labor dispute with any maintenance or other personnel or employees of
Seller nor any Operating Company with respect to the Property, the EMI Land, the EMI Assets, the CMF Assets, or the Kulolio Assets, which could adversely affect the use, operation or value of the Property, the EMI Land, the EMI Assets, the CMF
Assets, or the Kulolio Assets. 
 (i)    Litigation. Except as listed on Schedule 10.1(i), there is
no litigation or claim pending or, to Seller’s knowledge, threatened in writing against Seller or any Operating Company. 

(j)    Other Contracts to Convey Property. Seller has not committed nor obligated itself in any manner whatsoever
to sell the Property, the EMI Land, the EMI Assets, the CMF Assets, or the Kulolio Assets, or any portion thereof or interest therein to any party other than Buyer. Seller has not pledged or assigned any rents or income from the Leases, the EMI
Leases, the EMI Land or the Property. 
 (k)    Capitalization; Title to Membership Interests. ABLT is the record
and beneficial owner of one hundred percent (100%) of the Membership Interests, free and clear of any liens. The Membership Interests have been duly authorized and validly issued, are not issued in violation of any Person’s preemptive
rights, and are fully paid and nonassessable (in each case to the extent such terms are applicable to limited liability companies under Hawaii law). The EMI Membership Interests constitute one hundred percent (100%) of the ownership interests in
EMI. The CMF Membership Interests constitute one hundred percent (100%) of the ownership interests in CMF. The Kulolio Membership Interests constitute one hundred percent (100%) of the ownership interests in Kulolio. Except for this Agreement, there
are no (i) outstanding subscriptions, warrants, options, purchase rights, calls or commitments of any character relating to or entitling any person to purchase or otherwise acquire (a) the EMI Membership Interests or other securities or
equity or voting interests of EMI, (b) the CMF Membership Interests or other securities or equity or voting interests of CMF, or (c) the Kulolio Membership Interests or other securities or equity or voting interests of Kulolio,
(ii) outstanding securities, instruments or obligations that are or may be convertible into or exercisable or 

  
 30 

 
exchangeable for any membership interests in the Operating Companies, or (iii) contracts under which an Operating Company may become obligated to sell or otherwise issue any membership
interests. At the Closing, as provided herein, Seller shall transfer to Buyer record and beneficial ownership of the Membership Interests, free and clear of any liens, except those created by Buyer. The Operating Companies do not own any capital
stock, securities, partnership interests or other equity interests of any kind in any corporation, partnership, limited liability company, joint venture, association or other entity. 

(l)    Financial Statements. Seller has made available to Buyer true, correct and complete copies of EMI’s
current financial statements (the “EMI Financial Statements”) dated as of September 30, 2018 covering a portion of 2018, and dated December 31, 2017 covering 2017. The EMI Financial Statements have been prepared
from, and are in accordance with, the books and records of EMI. The EMI Financial Statements prepared by Seller and delivered to Buyer are true, correct and complete and, except as disclosed by Seller in writing, contain no material inaccuracies or
misstatements of fact. The Operating Companies have, to Seller’s knowledge, no liabilities of a nature that would be required to be set forth on the face of a balance sheet, or the notes thereto, prepared in accordance with generally accepted
accounting principles (GAAP) other than liabilities incurred in the ordinary course of business. 
 (m)    Absence of
Certain Changes. From the Effective Date until the Closing Date, the Operating Companies’ business shall be conducted consistent with past practices, except in connection with any process relating to the sale of the Operating Companies,
including entering into this Agreement. Except as disclosed in writing by Seller, since the date of the EMI Financial Statements, there has not to Seller’s knowledge been any change, event or effect that, individually or in the aggregate with
other changes, events or effects, has resulted in, or would reasonably be expected to result in, a Material Adverse Effect. For purposes of this Agreement, “Material Adverse Effect” means the result of one or more facts,
events, occurrences, changes or effects which, individually or in the aggregate, has had or could reasonably be expected to have a material adverse effect on (i) the business, properties, assets, liabilities, results of operations or condition
(financial or otherwise) of the Operating Companies, each taken as a whole, or (ii) the ability of Seller to consummate this Agreement or perform any of its obligations hereunder or under any of the Transaction Documents; provided,
however, that in no event shall any of the following facts, events, occurrences, changes or effects constitute, individually or in the aggregate, or be taken into account in determining the occurrence of, a Material Adverse Effect to the
extent such fact, event, occurrence, change or effect relates to, arises out of or results from (A) the announcement of the execution of this Agreement, the identity of Buyer or any of its Affiliates, or Buyer’s announced or otherwise
public plans with respect to the Property following the Closing, (B) the United States or world economy or United States or global financial market conditions (including changes in interest rates or prices of securities generally),
(C) general political conditions in the United States or worldwide, (D) changes in legal or regulatory conditions, (E) any action or omission of Seller taken in accordance with the terms of this Agreement or with the consent of Buyer,
(F) in and of itself, any failure by an Operating Company to meet forecasts or projections, (G) earthquakes, tornadoes, tsunamis, floods, or other acts of God, hostilities, acts of war, sabotage or terrorism or military actions or any
escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions, or (H) matters that are cured or no longer exist by the earlier of Closing and the termination of this Agreement. 

  
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 (n)    Books and Records. Copies of the books of account,
ownership record books, minute books, and other corporate records, if any, of each Operating Company have been made available to the Buyer and such books and records have been maintained in accordance with Seller’s normal business practices. At
the Closing, all of those books and records will be in the possession of the Operating Companies other than privileged materials retained by Seller and/or its counsel. 

(o)    Bank Accounts. Seller will close out prior to or at Closing all bank accounts of the Operating Companies
that hold any balances, investment accounts and/or safe deposit boxes. 
 (p)    Tax Filings. 

(i)    all Tax Returns required to be filed by or with respect to the Operating Companies have been duly and timely filed
(taking into account applicable extensions of time to file) with the appropriate governmental authority, and all such Tax Returns are complete and accurate in all material respects; 

(ii)    all Taxes required to have been paid by or with respect to the Operating Companies that are due and payable have
been paid in full; 
 (iii)    the Operating Companies and Seller and any of its Affiliates, do not have in force any
extension or waiver of any statute of limitations in respect of Taxes (other than extensions that arise as a result of filing Tax Returns by the extended due date therefor); and 

(iv)    there are no audits, examinations or other administrative or judicial proceedings currently ongoing or pending
with respect to any Taxes of or with respect to the Operating Companies, or, to Seller’s knowledge, threatened audits or proposed deficiencies or other claims for unpaid Taxes of or with respect to the Operating Companies. 

For purposes of this Agreement, “Tax” or “Taxes” means any federal, state, local or foreign
income, gross receipts, franchise, estimated, alternative, minimum, add-on minimum, sales, use, transfer, registration, value added, excise, natural resources, severance, stamp, occupation, premium, windfall
profit, environmental, customs, duties, real property, personal property, capital stock, intangibles, social security, unemployment, disability, payroll, license, escheat, unclaimed property, energy, withholding, employee or other similar tax or
levy, together with any interest, fine, penalties, or additions to tax in respect of the foregoing; and “Tax Returns” means any return, declaration, report, claim for refund, information return or other document (including
any related or supporting estimates, elections, schedules, statements or information) filed or required to be filed with a Governmental Entity responsible for the administration of Taxes, or any amendment thereof. 

(q)    Affiliate Transactions. Except as set forth in Schedule 10.1(r), there are no existing
contracts between an Operating Company, on the one hand, and Seller or any Affiliate of Seller, on the other hand. 

(r)    Insurance. Except for customary levels of Commercial General Liability, Property/casualty insurance, and
mandatory Workers’ Compensation and similar employment 

  
 32 

 
related policies insuring the Operating Companies against risks in accordance with normal trade practices in businesses similar to the Operating Companies, the Operating Companies do not maintain
other insurance coverages. The Operating Companies have not been refused any insurance coverage sought or applied for; all such insurance is outstanding and was duly in force on the Effective Date; and Seller does not have any reason to believe that
the Operating Companies will not be able to renew the Operating Companies’ existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers on similar terms as may be necessary to continue to
insure the Operating Companies’ business following the Closing. Seller shall not without Buyer’s consent cancel any existing insurance insuring the Operating Companies. 

(s)    Assets. The Property, the EMI Land, the CMF Assets, the EMI Assets and the Kulolio Assets include all of the
property and assets used in connection with the business of Seller and the Operating Companies conducted on the Property and the EMI Land, and there is no property or assets used in such business which is owned by any affiliate of Seller or the
Operating Companies or by any third party, except for the Retained Records. 
 (t)    OFAC Compliance. Seller is
in compliance with the requirements of Executive Order No. 13224, 66 Fed Reg. 49079 (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control of the
Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the
“Orders”). Seller represents and warrants to Buyer that Seller: (i) is not listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Orders and/or on any other list of
terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); and (ii) has not
been determined by competent authority to be subject to the prohibitions contained in the Orders. 
 (u)    Real
Property Taxes. Except as set forth in Schedule 1.9 (Governmental Authorizations), none of the Real Property or the EMI Land: (i) is subject to an agricultural use dedication or agricultural use valuation for real property tax
assessment purposes; (ii) is to Seller’s knowledge being used in a manner inconsistent with the use on which its real property tax assessment is based; (iii) must be placed into actual agricultural use before January 1, 2020,
under the terms of an existing Change in Use Petition to avoid reassessment or the imposition of rollback taxes or otherwise is subject to the imposition rollback taxes; or (iv) is subject to a pending real property tax appeal. 

(v)    Bulk Sales. Seller is not selling or transferring in bulk of the whole, as defined in HRS 237-43, assets or property of any Seller entity. Each of the Seller entities will continue as going-concerns with significant business assets, activities and income in Hawaii. Seller represents it is not
required to report this sale under HRS 237-43. Notwithstanding the foregoing, Buyer may after Closing file a Report of Bulk Sale or Transfer under HRS 237-43, provided
that such report shall be subject to Seller’s prior review and reasonable approval. 

  
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 (w)    EMI Employees. Seller has provided to Buyer a complete and
accurate list of the following information for each EMI employee, including each EMI employee on leave of absence or layoff status: full name, job title, current compensation paid or payable, accrued vacation, any other accrued benefits, information
concerning participation in employee retirement and welfare benefit plans, and any employee non-compete/non-solicitation agreements. 

(x)    Title Claims. To Seller’s knowledge, no claims have been made or threatened against Seller or EMI in
connection with the title to, ownership of, or use of the Real Property, the EMI Land, or the East Maui water collection and transmission systems operated by Seller or EMI, except as disclosed on Schedule 10.1(i). 

10.2    Seller’s Knowledge Defined. As used in this Agreement, phrases such as “to Seller’s
knowledge” and similar phrases, as the context may require, shall mean the conscious actual knowledge (as opposed to constructive, deemed or imputed knowledge) of or receipt of written notice by Jerrod Schreck, Charles W. Loomis and, with
respect to EMI and the EMI Land only, Mark Vaught, except with respect to the representations contained in Section 10.1(k) (Environmental Compliance), for which such phrases mean the conscious actual knowledge (as opposed to constructive,
deemed or imputed knowledge) of or receipt of written notice by Sean O’Keefe (individually and collectively, the “Knowledge Party”), which Knowledge Parties are the persons affiliated with Seller best able to
knowledgeably make the relevant representations. Such phrases shall not be construed, by imputation or otherwise, to refer to the knowledge of any other officer, agent, manager, representative or employee of Seller, any property manager or any of
their respective affiliates. There shall be no duty imposed or implied to investigate, inspect or audit any such matters, and there shall be no personal liability on the part of the Knowledge Party, other than a duty to make due and reasonable
inquiry of those employees of Seller or its affiliates who have direct knowledge of the substance of the representations. 
 ARTICLE 11 

REPRESENTATIONS AND WARRANTIES OF BUYER 

11.1    Buyer’s Representations & Warranties. As an essential inducement to Seller to
enter into this Agreement, Buyer hereby represents and warrants to Seller as follows: 
 (a)    Authority of
Buyer. Buyer is a limited liability company duly organized and validly existing under the laws of the State of Delaware, and is in good standing under the laws of the State of Delaware; Buyer has duly authorized and executed this Agreement. All
documents executed by Buyer which are to be delivered to Seller at the Closing are or at the time of Closing will be duly authorized, executed, and delivered by Buyer, and are or at the Closing will be legal, valid, and binding obligations of Buyer,
and do not and at the time of Closing will not violate any provisions of Buyer’s organizational documents or any agreement or judicial order to which Buyer is a party or to which it is subject. 

(b)    Litigation. There is no litigation pending or, to Buyer’s knowledge, threatened, against Buyer or any
direct or indirect owner of Buyer or any basis for such litigation before any court or administrative agency which might result in any material adverse change in the business or financial condition of the Buyer. 

  
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 (c)    ERISA. Buyer’s rights under this Agreement, the
assets it shall use to acquire the Property and, upon its acquisition by Buyer, the Property itself, do not and shall not constitute plan assets within the meaning of 29 C.F.R. §2510.3-101, and Buyer is not a “governmental plan”
within the meaning of section 3(32) of the Employee Retirement Income Security Act of 1974, as amended, and the execution of this Agreement and the purchase of the Property by Buyer is not subject to state statutes regulating investments of and
fiduciary obligations with respect to governmental plans. 
 (d)    No Bankruptcy. Buyer has not (i) made a
general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Buyer’s creditors, (iii) suffered the appointment of a receiver to take possession
of all, or substantially all, of Buyer’s assets, (iv) suffered the attachment or other judicial seizure of all, or substantially all, of Buyer’s assets, (v) admitted in writing its inability to pay its debts as they come due, or
(vi) made an offer of settlement, extension or composition to its creditors generally. 
 (e)    OFAC
Compliance. Buyer is in compliance with the requirements of the Orders. Buyer represents and warrants to Seller that neither Buyer nor any beneficial owner of it: (i) is listed on the Specially Designated Nationals and Blocked Persons
List maintained by OFAC pursuant to the Orders and/or on the Lists; (ii) has been determined by competent authority to be subject to the prohibitions contained in the Orders; (iii) is owned or controlled by, nor acts for or on behalf of,
any person or entity on the Lists or any other person or entity who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or (iv) shall, prior to closing, transfer or permit the transfer of any
interest in such party or any beneficial owner in such party to any person who is or whose beneficial owners are listed on the Lists. 

(f)    CFIUS Compliance. This is not a covered transaction subject to prohibition, suspension or mitigation under
50 U.S.C. § 4565 and its implementing regulations. 
 (g)    Sources of Funds. Buyer is not engaging in this
transaction, directly or indirectly, in violation of any laws relating to drug trafficking, money laundering or predicate crimes to money laundering. None of the funds of Buyer have been or will be derived from any unlawful activity with the result
that the investment of direct or indirect equity owners in Buyer is prohibited by law or that the transaction or this Agreement is or will be in violation of law. 

(h)    Investment Matters. Buyer understands and acknowledges that the Membership Interests have not been
registered under the Securities Act of 1933 and the rules and regulations promulgated thereunder (“Securities Act”), or the securities laws of any state or foreign jurisdiction, and, unless so registered, may not be offered,
sold, transferred or otherwise disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable securities laws of any state or foreign jurisdiction. Buyer
is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated pursuant to the Securities Act, and is acquiring the Membership Interests for investment for its own account, and not with a view to, or for sale in
connection with, any distribution thereof. Buyer has knowledge and experience in financial and business matters such that it is capable of evaluating the merits and risks of purchasing the Membership

  
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Interests and Buyer will exercise independent judgment in evaluating its purchase. In addition, Buyer is able to bear the economic risk of an investment in the Membership Interests for an
indefinite period, including the risk of a complete loss of any such investment. Buyer acknowledges that Seller is not acting as a financial advisor, agent, underwriter or broker to Buyer in connection with its acquisition of the Membership
Interests. Buyer is not, and upon close of this transaction no Operating Company will as a result of Buyer directly or indirectly holding a membership interest in such Operating Company be, an “investment company” as defined in the
Investment Company Act of 1940. 
 11.2    Ongoing Compliance. Buyer has and will continue to implement
procedures, and has consistently and will continue to consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times prior to Closing. Buyer shall promptly notify Seller of any facts
or circumstances that would cause any of Buyer’s representations in this Article or elsewhere in this Agreement to become inaccurate in any material respect. 

ARTICLE 12 
 COVENANTS 

Seller and Buyer covenant and agree with one another as follows: 

12.1    Assumed Liabilities. As of the Closing Date, Buyer shall assume and agree to discharge the following
liabilities of Seller (the “Assumed Liabilities”), without contribution from Seller or deduction from or other adjustment of the Purchase Price: 

(a)    all liabilities and obligations arising on and after the Closing Date under the Leases, Contracts, Permitted
Exceptions, Governmental Authorizations, Intellectual Property, West Maui Water Interests and East Maui Water Interests (other than any liability arising under, out of or relating to a breach that occurred prior to but not including the Closing
Date); 
 (b)    all liabilities and obligations arising on or after the Closing Date with respect to the ownership,
condition, use or operation of the Property or any portion thereof; and 
 (c)    all liabilities and obligations of the
Operating Companies arising from and after Closing, other than with respect to any liabilities in connection with the cash balance defined benefit pension plan covering EMI employees or any liabilities in connection with any existing workers
compensation insurance claims. 

  
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 12.2    Retained Liabilities. Notwithstanding the Closing, Seller
shall from and after the Closing Date retain responsibility for and discharge the following liabilities (the “Retained Liabilities”), without contribution from Buyer: 

(a)    all liabilities and obligations arising prior to the Closing Date under the Leases, Contracts, Permitted
Exceptions, Governmental Authorizations, Intellectual Property, West Maui Water Interests and East Maui Water Interests; 

(b)    all liabilities to EMI employees and the employees of Seller that are hired by Buyer at Closing with respect to the
period prior to the Closing Date, including with respect to any liabilities in connection with the cash balance defined benefit pension plan covering EMI employees and any liabilities in connection with any existing workers compensation insurance
claims; 
 (c)    all costs, liabilities, judgments or damages arising from any third-party claims made or litigation
filed with respect to actions of Seller or occurrences at the Real Property or the EMI Land prior to the Closing Date; 

(d)    all liabilities and obligations of the Operating Companies arising prior to Closing; and 

(e)    any other liability or obligation described in Schedule 12.2(e). 

12.3    Indemnification by Seller. Subject to the waivers and limitations contained herein, including without
limitation Section 4.5 and Article 7, Seller hereby agrees to indemnify Buyer and hold Buyer harmless from and against any and all claims, demands, liabilities, liens, costs, expenses, penalties and interest, damages and losses, including,
without limitation, reasonable attorneys’ fees and costs suffered by Buyer as a direct or indirect result of any breach of Seller’s representations, warranties and covenants in this Agreement or the Transaction Documents, or with respect
to the Retained Liabilities. This Section shall survive the Closing and shall be covered by the Parent Guaranty. 

12.4    Indemnification by Buyer. Buyer hereby agrees to indemnify Seller and hold Seller harmless from and against
any and all claims, demands, liabilities, liens, costs, expenses, penalties, damages and losses, including, without limitation, reasonable attorneys’ fees and costs suffered by Seller as a direct or indirect result of any breach of Buyer’s
representations, warranties and covenants in this Agreement or in any of the Transaction Documents, or with respect to the Assumed Liabilities. 

12.5    Maintenance. Between the Effective Date and the Closing Date, Seller shall at Seller’s sole cost and
expense, maintain the Property consistent with Seller’s past practice, casualty and reasonable wear and tear excepted, and otherwise operate the Property in the same manner as before the making of this Agreement, the same as though Seller were
retaining the Property. Seller shall also cause the Operating Companies to comply with the foregoing sentence, with respect to the EMI Land, the EMI Assets, the CMF Assets and the Kulolio Assets, respectively (and continuing until the Initial EMI
Transfer Date with respect to the EMI Land and the EMI Assets and the operation of EMI’s business). 

12.6    Damage or Destruction. 

(a)    Given the size, nature and extent of the Real Property, casualty affecting the Real Property and/or the Personal
Property prior to Closing shall not be grounds for termination 

  
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of this Agreement. In the event that any of the Improvements are damaged or destroyed by fire or other casualty prior to the Closing Date, then Buyer shall proceed with the transaction and the
Purchase Price shall be reduced by the applicable deductible under Seller’s insurance policy, and Seller shall diligently pursue such proceeds with Buyer’s cooperation and deliver such proceeds to Buyer when received. 

(b)    In the event that material portions of the East Maui or West Maui water collection and transmission systems
operated by Seller or EMI are substantially damaged or destroyed by casualty prior to the Closing Date, then Buyer shall have the option to (i) terminate this Agreement by written notice to Seller within five (5) days after the occurrence
of the damage or destruction (in which case the Closing Price shall be returned to Buyer) or (ii) proceed with the transaction, in which case the Closing Price shall be reduced by the amount of the applicable deductible under Seller’s
insurance policies (if any) that provide coverage for such damage or destruction, and Seller and Buyer shall cooperate to secure any available insurance proceeds, which shall be paid to Buyer when received. As used herein, “substantially
damaged or destroyed” means damage or destruction that renders the water collection and transmission system as a whole unable to deliver irrigation water adequate for Buyer’s intended farming use of the Real Property for a period of at
least 6 months and that is reasonably estimated to cost at least $5,000,000 in excess of available insurance proceeds to repair. 

12.7    Condemnation. Given the size and extent of the Real Property and the EMI Land, the commencement of any
eminent domain proceeding to take a portion of the Real Property or the EMI Land shall not be grounds for termination of this Agreement. In case of any such proceedings, Buyer shall proceed with the transaction in which case the Purchase Price shall
not be reduced and Buyer shall be entitled to the net award paid to Seller for such taking, if any, and Seller shall assign and transfer to Buyer all right, title and interest in and to any awards, it being expressly agreed that in such event Seller
shall have no obligation to repair or restore the Real Property, the EMI Land, or any portion thereof. 

12.8    Real Property Tax Assessments. 

(a)    Notwithstanding any other provision of this Agreement to the contrary, if Buyer shall become liable after the
Closing for payment of any property taxes assessed against the Real Property or the EMI Land for any period of time prior to the Closing Date, Seller shall immediately pay to Buyer on demand an amount equal to such tax assessment prorated in
accordance with Section 9.10, provided however that this obligation shall not apply to any “rollback taxes” assessed after Closing, which are addressed in the following paragraph. 

(b)    Certain parcels within the Real Property and the EMI Land are subject to the County of Maui Real Property Tax
agricultural use dedications or agricultural use valuations as listed in Schedule 1.9 (Governmental Authorizations) (the “Agricultural Use Parcels”), pursuant to which such parcels are assessed for real property
tax purposes at agricultural use values rather than fair market value. Buyer shall use commercially reasonable efforts after Closing to put the Agricultural Use Parcels into agricultural or ranching uses by December 31, 2019, that are
sufficient to satisfy the agricultural use requirements necessary to avoid the assessment of County “rollback taxes” on those parcels under Maui County Code Section 3.48.350. Buyer and Seller shall cooperate and jointly participate in
all discussions and 

  
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negotiations with the County regarding the County’s enforcement of the agricultural use requirements with respect to the Agricultural Use Parcels, determinations as to whether the
agricultural use requirements have been satisfied, Buyer appeals of such determinations, and negotiations over settlement of any rollback taxes proposed or imposed with respect to the Agricultural Use Parcels. If, notwithstanding the foregoing
efforts, the County assesses “rollback” taxes under Maui County Code Section 3.48.350 with respect to any of the Agricultural Use Parcels, Buyer and Seller agree that any such assessments shall be prorated as of the Closing Date, and
Buyer shall be responsible for and shall promptly pay to Seller (or directly to the County) the portion of such assessments (including related penalties and accrued interest) determined with respect to periods on or after the Closing Date, and
Seller shall be responsible for the portion of such assessments, including related penalties and accrued interest, determined with respect to periods before the Closing Date, regardless of when such rollback taxes are actually assessed. 

12.9    Agreements and Commitments Affecting the Property. At the Closing Date, there will be no agreements
affecting the Property, the EMI Land, the EMI Assets, the CMF Assets, and the Kulolio Assets except as shown in the Title Commitment, this Agreement, or as otherwise disclosed to Buyer by Seller in writing and approved by Buyer pursuant to this
Agreement. 
 12.10    Employees. 

(a)    EMI Employees. 

(i)    Seller shall cause EMI to effectuate payment to EMI Employees of final payroll, accrued wages, accrued vacation
benefits, bonus and incentive payments, severance payments, separation payments, pensions, profit sharing or retirement benefits, and all other employment related liabilities, if any, for the period prior to the Initial EMI Transfer Date. From and
after the Initial EMI Transfer Date, Buyer shall cause EMI to provide, or to continue to provide, EMI employees with salary, wages, bonuses and benefits, including vacation, sick leave and contributions under employee benefit plans, except for
Seller’s cash balance defined benefit pension plan (“Wages and Benefits”) that are generally comparable to the Wages and Benefits EMI employees received just prior to the Initial EMI Transfer Date. From and after the
Initial EMI Transfer Date, Buyer shall assume and agree to pay all Wages and Benefits as and when payable to EMI employees, provided that Seller and Buyer agree that EMI will not offer any defined benefit plan to any EMI employees as of the Initial
EMI Transfer Date. Buyer shall have no obligation or liability for the payment of any Wages and Benefits for the period prior to the Initial EMI Transfer Date, except to the extent otherwise credited to Buyer at Closing. Buyer agrees that if EMI
terminates the employment of any such EMI employees for other than cause within one (1) year after the Initial EMI Transfer Date, then EMI shall provide a severance payment to such terminated employee in an amount equal to such employee’s
remaining base salary for the one-year period following the Initial EMI Transfer Date. 

(ii)    On the Initial EMI Transfer Date, Seller shall effectuate the cessation of EMI’s and any EMI employee’s
participation in Seller’s cash balance defined benefit pension plan. As of the Initial EMI Transfer Date, EMI employees will no longer be eligible to participate in Seller’s cash balance defined benefit pension plan. Seller shall be
responsible for 

  
 39 

 
all liabilities arising from EMI’s or any EMI employees’ participation in Seller’s cash balance defined benefit pension plan for the period before and after the Initial EMI
Transfer Date. Seller shall also be responsible for all other Wages and Benefits accrued or owed to EMI employees for the period prior to the Initial EMI Transfer Date, including accrued vacation pay, accrued severance pay, and accrued sick pay.

 (b)    Non-EMI Employees. 

(i)    On the Closing Date, ABLT and a Buyer-related operator will enter into an Employee Transition Agreement in the form
attached hereto as Exhibit O, pursuant to which certain identified employees will assist the operator for a limited period of time with the management and operation of the farming business. After that limited period of time, and no
later than the termination of the Employee Transition Agreement, the operator may offer at-will employment to certain employees, subject to I-9 verification
(“Eligible Employees”). Eligible Employees will be offered Wages and Benefits generally comparable to those offered to such employees by Seller. Buyer agrees that if the Buyer-related operator terminates the employment of any
of the Eligible Employees who accepted employment, then the Buyer-related operator shall provide a severance payment to such terminated Eligible Employee in an amount equal to the Eligible Employee’s remaining base salary for the one-year period following the date on which the Eligible Employee’s employment commenced. 

(ii)    Seller shall, at its sole cost and expense, bear all responsibility and liability for the termination of the
employment of the Eligible Employees prior to the Closing Date, which shall include, but not be limited to, payment of final payroll, accrued wages, accrued vacation benefits, bonus and incentive payments, severance payments, separation payments,
pensions, profit sharing or retirement benefits, dislocated workers’ allowance and all other employment related liabilities, if any. 

(iii)    Seller and Buyer shall cooperate reasonably with each other to provide an orderly administrative transition to
Buyer of the employees hired by the operator pursuant to this section, including the provision by Seller to Buyer of all necessary or appropriate documents, records, materials, accounting files and tax information with respect to each employee hired
by the operator. Seller shall timely give notices, if any, that are required under any and all State of Hawaii and federal plant closing laws relating to the employees affected by this transaction. Seller shall indemnify, defend and hold Buyer
harmless from and against all losses and claims related to any violation by Seller of such notice requirements. 

12.11    Operating Companies Purchase Price Allocation. Buyer and Seller intend that, for U.S. federal income tax
purposes, the sale of the Membership Interests to Buyer pursuant to this Agreement be treated as a sale by Seller of the Operating Companies’ assets to, and an assumption from Seller of the Operating Companies’ liabilities by, Buyer. Buyer
and Seller shall prepare and file, and cause its respective Affiliates to prepare and file, its Tax Returns in a manner consistent with such treatment. As soon as reasonably practicable following the Closing Date, and in any event within one hundred
twenty (120) days thereof, Seller shall prepare, and deliver to Buyer for its review, the proposed allocation of the Purchase Price (as determined for U.S. federal income tax purposes) among the each Operating Company’s assets (the
“Operating Companies Purchase Price Allocation”). Seller shall incorporate any reasonable comments 

  
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provided by Buyer within fifteen (15) days of such delivery into the final Operating Companies Purchase Price Allocation. Buyer and Seller agree (i) to report the federal, state and
local income and other Tax consequences of the transactions contemplated herein in a manner consistent with the Operating Companies Purchase Price Allocation, and (ii) not to take any position inconsistent therewith upon examination of any Tax
Returns, in any refund claim, in any litigation, investigation or otherwise; provided, however, that nothing contained herein shall prevent Buyer or Seller from settling any proposed deficiency or adjustment by any taxing authority
based upon or arising out of the final allocation and neither Buyer nor Seller shall be requested to litigate before any court any proposed deficiency or adjustment by any taxing authority challenging the allocation. 

12.12    Further Assurances & Post-Closing Cooperation. Buyer and Seller agree to, after
Closing, take such actions as may be reasonably requested or required to implement this Agreement. Further, given the proximity of the Real Property and the Excluded Land, Buyer and Seller agree to cooperate reasonably and without charge, except as
otherwise provided herein, after Closing in connection with the ownership, operation, use and development of their respective lands. However, nothing in this section shall require either party to incur material expense or liability or to materially
impair its lands, business or other property. If any requested action or cooperation involves material out-of-pocket expense to the
non-requesting party the non-requesting party’s obligation under this section shall be subject to the agreement by the requesting party to reimburse it for such
expense. 
 12.13    Retention of and Access to Records. For a period of three (3) years after the Closing
Date, Seller shall retain the Retained Records and Buyer shall retain the Transferred Records. Buyer shall make the Transferred Records available to Seller or Seller’s agents and representatives for inspection or copying, during normal business
hours and upon at least three Business Days’ prior written notice by Seller. Seller shall make the Retained Records (other than the Excluded Documents) available to Buyer or Buyer’s agents and representatives, for inspection or copying,
during normal business hours and upon at least three (3) Business Days’ prior written notice by Buyer. If Seller discovers any further records relating to the Property, the EMI Land, the EMI Assets, the CMF Assets, and the Kulolio Assets,
Seller shall deliver them to Buyer. 
 12.14    Environmental Matters. 

(a)    Definitions. As used in this Agreement, “Hazardous Materials Laws” means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901 et seq.; and similar Hawaii state laws (including without limitation Hawaii Revised Statutes Chapters 128D, 340E and 342B through 342P, inclusive, including 342H regarding solid waste); Clean Water Act, 33 U.S.C.
§§ 1251, et seq.; Safe Drinking Water Act, 42 U.S.C. §§ 300f, et seq.; and in the regulations adopted pursuant to said laws, and “Hazardous Materials” means substances defined as “hazardous
substances,” “hazardous materials,” or “toxic substances” in the Hazardous Materials Laws. 

  
 41 

 (b)    Seller’s Representations. Seller represents to Buyer
that (i) except as disclosed in writing to Buyer in connection with the Property identified on Schedule 12.14, Seller has not received written notice from any governmental authority claiming or asserting that the Real Property or
the EMI Land, or Seller or EMI in connection with the Real Property or the EMI Land, are currently in violation of Hazardous Materials Laws, (ii) Seller has not intentionally withheld from Buyer any material documentation in custody of
Seller’s environmental manager, Sean O’Keefe, regarding the presence of Hazardous Materials at the Property or the EMI Land or the compliance of the Property and the EMI Land, or Seller or EMI in connection with the Real Property or the
EMI Land, with Hazardous Materials Laws, except for documents that are the work product of Seller’s legal counsel or subject to attorney-client privilege, and (iii) to Seller’s knowledge, Sean O’Keefe has custody of all of
Seller’s records and documents that Seller has, after commercially reasonable efforts, been able to locate regarding the presence of Hazardous Materials at the Property and the EMI Land or the compliance of the Property and the EMI Land, or
Seller or EMI in connection with the Real Property or the EMI Land, with Hazardous Materials Laws. 

(c)    Post-Closing Remedial Actions. Schedule 12.14 lists certain specific portions of the Real
Property and the EMI Land known or suspected to contain Hazardous Materials that may not be in compliance with Hazardous Materials Laws (each, a “Potential Environmental Site”) and the investigation and/or remedial actions
with respect to each site that Buyer and Seller have mutually agreed will be implemented (each an “Agreed Corrective Action”). Promptly after Closing, Seller shall diligently and at its own expense pursue to completion the
Agreed Corrective Actions that are designated on Schedule 12.14. Seller shall provide Buyer with semi-annual, written reports in reasonable detail regarding the status of its work on each Agreed Corrective Action. As used herein,
“completion” means substantial completion of an Agreed Corrective Action as agreed upon by the Buyer and the Seller (each acting reasonably) and, for any Potential Environmental Site where Hazardous Materials are found to be above
applicable action levels, receipt of written confirmation from the applicable governmental agency with authority for enforcement of any of the Hazardous Materials Laws (each an “Agency”) that no additional remedial action is
required (other than land use restrictions, ongoing site monitoring, inspection, maintenance and reporting requirements, and such other requirements as may be imposed by a “Conditional No Further Action” determination issued by the
Agency). All communications with any Agency with respect to a Potential Environmental Site, an Agreed Corrective Action or a condition described in the following subsection (d) shall be coordinated jointly by Buyer and Seller. Where
Section 12.14 provides that an Agreed Corrective Action shall be developed following initial site assessments and Agency consultations, the Agreed Corrective Action shall be mutually-agreed to at the time in consultation with the
applicable Agency, and shall be (i) designed to achieve standards applicable to agricultural and commercial properties (but need not achieve standards applicable to residential or other higher uses, unless otherwise required by the Agency),
(ii) the most cost-effective, unless otherwise required by the Agency, and (iii) otherwise, to the extent similar, be reasonably consistent with the other Agreed Corrective Actions, unless otherwise required by the Agency. 

(d)    Other Seller Actions Required. If, at any time after Closing for a period of five (5) years, any
Hazardous Materials in violation of Hazardous Materials Laws not addressed under Section 12.14(c) are identified in, on or at the Real Property, the EMI Land or any 

  
 42 

 
groundwater resources located at the Real Property or the EMI Land, Buyer shall notify Seller of such Hazardous Materials and they shall jointly report it to the applicable Agency, and Seller and
Buyer shall consult with the Agency about it. If after Seller’s and Buyer’s consultations the Agency determines that remedial action is necessary, then Buyer, at Seller’s sole expense subject to the Liability Limitation, shall
diligently commence and pursue to completion any remedial action the Agency may require, which shall be deemed an Agreed Corrective Action, to obtain written confirmation from such Agency that no additional remedial action is required (other than as
may be imposed by a “Conditional No Further Action” determination). In determining the appropriate action, the standards set forth in subsection (c) above shall apply. Additionally, Seller shall protect, indemnify, defend and hold
harmless Buyer from and against any and all liens, claims, losses, liabilities, damages, legal fees and costs asserted against Buyer by an Agency or an unrelated third party in connection with such Hazardous Materials in violation of Hazardous
Materials Laws identified under this Section 12.14(d), subject to the Liability Limitation. Notwithstanding the foregoing, Seller shall have no obligation under this Section 12.14(d) with respect to any Hazardous Materials released or
discharged after Closing by Buyer, any Buyer Affiliate or any tenant or other person occupying the Property by, through or under Buyer or any Buyer Affiliate. 

(e)    Indemnification. Seller shall protect, indemnify, defend and hold harmless Buyer from and against any and
all liens, claims, losses, liabilities, damages, legal fees and costs asserted against Buyer by an Agency or an unrelated third party that arise out of or are attributable to the use, generation, manufacture, treatment, handling, refining,
production, processing, storage, discharge, disposal, release or presence prior to the Closing Date of Hazardous Materials within the CPR Carve-Outs, the A&B Exclusive Easements or the groundwater sources located on such land, or the existence
of Hazardous Materials prior to or as of the Closing Date or an alleged or actual violation of Hazardous Materials Laws arising from any condition existing prior to or as of the Closing Date, including, without limitation, from and against any and
all liens, claims, losses, liabilities, damages, legal fees and costs asserted against or incurred by Buyer that arise out of or are attributable to any Agency requiring the cleanup or remediation of such CPR Carve-Outs or A&B Exclusive
Easements. This section will survive the Closing and will not be subject to the Liability Limitation. 
 (f)    No
Other Liability. Buyer and Seller have negotiated a defined, limited scope of potential post-Closing Seller responsibility for Hazardous Materials or potential Hazardous Materials Law violations arising from or relating to Seller’s
ownership of the Real Property and the EMI Land as set forth in this Section 12.14, the A&B Exclusive Easements and the CPR Declarations, and Buyer has waived claims against Seller for other potential Environmental Conditions as and to the
extent set forth in Section 4.4. These provisions are an essential inducement to Seller to enter into this Agreement and consummate the sale of the Property to Buyer. The purpose of these provisions would be frustrated if Buyer’s
Affiliates nevertheless made claims against Seller for Environmental Conditions that exist at the Property prior to or at Closing for which Seller is not liable to Buyer under this Section 12.14, the A&B Exclusive Easement or the CPR
Declarations. Accordingly, Buyer agrees to hold Seller harmless from any claims asserted against Seller by Buyer’s Affiliates for any loss or liability relating to any Environmental Condition existing at the Property prior to or at Closing for
which Seller is not liable to Buyer by virtue of Section 4.4, except pursuant to this Section 12.14, the A&B Exclusive Easements or the CPR Declarations. Further, Buyer agrees that Buyer and Buyer’s

  
 43 

 
Affiliates will include in all new leases or licenses of portions of Property agreements by the tenants or licensees thereunder not to assert claims against Seller for Environmental Conditions at
the Property. 
 12.15    MECO Subdivision. With Seller’s permission, Maui Electric Company
(“MECO”) is seeking final approval of the “Kuihelani Subdivision” of the portion of the Real Property bearing Tax Map Key No. (2) 3-8-6-3 into Lot 1 containing approximately 1,196 acres “Lot 1”), and Lot 2 containing approximately 3 acres (the “MECO Lot”), all as shown on the
proposed plat filed in County Subdivision File No. 3.2377 (the “MECO Subdivision”). If the County grants final approval of the MECO subdivision, the MECO Lot shall be excluded from the Real Property and Seller shall at
Closing convey to Buyer only Lot 1 of the MECO Subdivision. If the County does not grant final approval of the MECO Subdivision by Closing then Buyer agrees to permit MECO to complete the MECO subdivision after Closing and, upon final approval and
Seller’s request, Buyer shall at no charge convey the MECO Lot to MECO by quitclaim deed free and clear of any monetary liens made by Buyer but otherwise subject to all encumbrances of record. Buyer shall not be required to bear any expense or
liability in connection with the MECO Subdivision or the conveyance of the MECO Lot to MECO. Any County subdivision agreements required to be recorded as a condition of final approval of the MECO Subdivision will be Permitted Exceptions as to Lot 1.

 12.16    Post-Closing Well Pump Repairs. Promptly after Closing Seller shall at its expense make commercially
reasonable efforts to restore the pumps in Well Nos. 4, 6, 11, 17 and 18 at the A&B Land to working order substantially consistent with the condition of the wells when last operated for irrigation purposes and sufficient to perform a pump test
on each well comparable in scope and duration to those Seller performed before the Effective Date with respect to other wells located at the A&B Land. Seller does not guaranty any particular results of such tests, only that they shall be done,
and upon completion of such pump tests Seller shall have no further obligations with respect to these wells. 

12.17    Interim Water & Power. 

(a)    From the Closing until the Initial EMI Transfer Date, Seller shall cause EMI to continue to provide surface water to
the A&B Land on an as-needed basis consistent with past practice, without charge to Buyer. 

(b)    The Puunene Mill property contains certain electrical transmission, switching and associated equipment used in
connection with the hydroelectric power and 12KV distribution system located at the Real Property and the EMI Land. After Closing the parties shall cooperate reasonably to develop a plan and timeline for Buyer’s removal and relocation of such
equipment from the Puunene Mill property. Such relocation shall be completed when reasonably practicable after Closing, taking into account both Seller’s redevelopment plans and, where applicable, any work by MECO that is a necessary
precondition to Buyer’s relocation of such equipment. Until Buyer completes the disconnection of such equipment from the Puunene Mill property, Buyer shall continue to deliver hydroelectric power to the Puunene Mill property, as available after
all of Buyer’s power needs are met and on an as-needed basis consistent with past practice, without charge to Seller to the extent Buyer produces excess hydroelectric power. 

  
 44 

 12.18    Ohanui Water System. [Seller] is the sole shareholder of
Ohanui Corporation, a Hawaii corporation (“Ohanui”), which is the owner of the Kailua Public Water System (PWS No. 203), the Ohanui Kailua Well (State Well Number 6-5313-02) and a 5,400-gallon storage tank, all of which are located on the EMI Land (collectively, the “Water System”). EMI currently
maintains and operates the Water System for Ohanui pursuant to the Agreement dated July 1, 2007, by and between EMI and Ohanui (the “Existing Ohanui Agreement”). On the Initial EMI Transfer Date, (i) Ohanui and
EMI shall terminate the Existing Ohanui Agreement, and (ii) Ohanui and EMI shall enter into a new service agreement regarding the Water System. Buyer and Seller agree to work together in good faith to prepare a new service agreement reasonably
acceptable to both parties, which agreement shall provide the following: the fees to be paid by Ohanui to EMI shall be sufficient to cover any and all costs incurred by EMI in providing the services to Ohanui, Ohanui shall be responsible for
paying for any and all maintenance, repairs and replacements needed for the full functioning and operation of the Water System, and Ohanui and Seller as guarantor will indemnify and hold harmless EMI from any liability or cost that arises from the
existing condition of the Water System and for any future liability or cost related to the Water System or Ohanui’s failure to pay EMI for the services performed under the new service agreement. 

12.19    Survival. The provisions of this Article 12 shall survive Closing. 

ARTICLE 13 
 POSSESSION

 Possession of the Property shall be delivered to Buyer on the Closing Date, subject to the rights of any tenants; provided, however,
that without limiting any other provisions of this Agreement, Seller shall provide authorized representatives of Buyer reasonable access to the Property, the EMI Land, the EMI Assets, the CMF Assets, and the Kulolio Assets for the purposes of
satisfying Buyer with respect to the representations, warranties and covenants of Seller contained herein and with respect to satisfaction of any conditions precedent to the Closing contained herein. 

ARTICLE 14 
 MISCELLANEOUS

 14.1    Notices. Any notice required or permitted to be given under this Agreement shall be in writing and
sent by United States mail, registered or certified mail, postage prepaid, return 

  
 45 

 
receipt requested, and addressed as follows, and shall be deemed to have been given upon the date of delivery (or refusal to accept delivery) as indicated on the return receipt: 

 

			
	If to Seller:	  	Alexander & Baldwin, LLC
		  	822 Bishop Street
		  	Honolulu, Hawaii 96813
		  	Attention: Jerrod Schreck
		  	Email: jschreck@abhi.com
		
		  	And to:
		
		  	Alexander & Baldwin, LLC
		  	822 Bishop Street
		  	Honolulu, Hawaii 96813
		  	Attention: Nelson Chun
		  	Email: nchun@abhi.com
		
	with a copy to:	  	Cades Schutte LLP
		  	1000 Bishop Street, 12th Floor
		  	Honolulu, Hawaii 96813
		  	Attention: Rick Kiefer
		  	Email: rkiefer@cades.com
		
	If to Buyer:	  	Mahi Pono Holdings, LLC
		  	2055 Woodside Road, Suite 195
		  	Redwood City, CA 94061
		  	Attention: Ryon Paton
		  	Email: ryon.paton@trinitaspartners.com
		  	With an email copy to: kirk.hoiberg@trinitaspartners.com
		
		  	And c/o:
		
		  	Public Sector Pension Investment Board
		  	1250 René-Lévesque Boulevard West, Suite 1400
		  	Montréal, Québec
		  	Canada H3B 5E9
		  	Attention: Christian Bonneau
		  	Email: cbonneau@investpsp.ca
		  	With an email copy to: legalnotices@investpsp.ca
		  	With an additional email copy to: NROperations@investpsp.ca
		
	with a copy to:	  	Arent Fox, LLP
		  	55 Second Street, 21st Floor
		  	San Francisco, CA 94105
		  	Attention: M.J. Pritchett
		  	Email: MJ.Pritchett@arentfox.com

 or such other address as either party may from time to time specify in writing to the other in the manner aforesaid.

  
 46 

 14.2    Brokers and Finders. Buyer and Seller are not represented
by any brokers, and no broker or finder has been engaged and no brokerage fee is payable in connection with this transaction. In the event of a claim for broker’s fee, finder’s fee, commission or other similar compensation in connection
with this transaction, (i) if such claim is based upon any agreement alleged to have been made by Buyer, Buyer will indemnify and hold Seller harmless against any and all liability, loss, cost, damage or expense (including reasonable
attorneys’ fees and costs) which Seller may sustain or incur by reason of such claim, and (ii) if such claim is based upon any agreement alleged to have been made by Seller, Seller will indemnify and hold Buyer harmless against any and all
liability, loss, cost, damage or expense (including reasonable attorneys’ fees and costs) which Buyer may sustain or incur by reason of such claim. Buyer shall be responsible for any commissions or other compensation, if any, due to Trinitas
Partners, LLC in connection with the transaction contemplated by this Agreement. Seller discloses that A&B Properties Hawaii, LLC, is a licensed real estate broker in the State of Hawaii. The provisions of this Section shall survive the Closing
and shall not be subject to the Liability Limitation. 
 14.3    Assignment; Successors and Assigns. This
Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors, heirs, administrators and assigns. Buyer’s interest under this Agreement may not be assigned, encumbered or otherwise transferred
whether voluntarily, involuntarily, by operation of law or otherwise, without the prior written consent of Seller, provided that Buyer may assign its interest under this Agreement in its sole discretion and without Seller’s consent to any one
or more assignees which are entities managed or otherwise controlled, directly or indirectly, by Buyer or its principals, and Buyer may take title to the Property through one or more wholly-owned subsidiaries of Buyer. 

14.4    Amendments. This Agreement may be amended or modified only by a written instrument executed by the party
asserted to be bound thereby. 
 14.5    Interpretation & Certain Definitions. Words used
in the singular number shall include the plural, and vice-versa, and any gender shall be deemed to include each other gender. The captions and headings of the Articles and Sections of this Agreement are for convenience of reference only, and shall
not be deemed to define or limit the provisions hereof. As used herein “Business Day” means any day except Saturday, Sunday or a federal or state holiday on which the Hawaii Bureau of Conveyance is not open for recording of
documents. As used herein “Minimum Water Amount” shall be 30 million gallons per day (“MGD”) of surface water for use by Buyer (exclusive of any water EMI is obligated to deliver to any third
parties or to the Excluded Lands). As used herein, any amount of water expressed in million gallons per day or MGD means the average aggregate daily volume of water measured at Diversion Gage ID Nos. 6-55, 6-56, 6-57 and 6-58 over the immediately preceding twelve-month period, as reported in EMI’s monthly surface water use report to
the CWRM. 
 14.6    Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Hawaii. 
 14.7    Merger of Prior Agreements. Except for the Nondisclosure Agreement and the
Waiver Agreement, this Agreement constitutes the entire agreement between the parties with respect to the purchase and sale of the Property and supersedes all prior and contemporaneous agreements and understandings between the parties hereto
relating to the subject matter hereof, including the letter of intent dated June 17, 2018. 

  
 47 

 14.8    Attorneys’ Fees. In the event either Buyer or Seller
brings any suit or other proceeding with respect to the subject matter or enforcement of this Agreement or any of the Transaction Documents, the prevailing party (as determined by the court, agency or other authority before which such suit or
proceeding is commenced) shall, in addition to such other relief as may be awarded, be entitled to recover reasonable attorneys’ fees and costs as actually incurred (including, without limitation, attorneys’ fees incurred in appellate
proceedings, attorneys’ fees incurred in establishing the right to indemnification, or in any action or participation in, or in connection with, any case or proceeding under Chapter 7, 11 or 13 of the Bankruptcy Code, 11 United States Code
Section 101 et seq., or any successor statutes). This provision shall survive Closing and the termination of this Agreement. 

14.9    Counting of Days. If any time period determined under this agreement shall end on a day that is not a
Business Day, such time period shall be extended until the next following Business Day. 
 14.10    Time of the
Essence. Time is of the essence of this Agreement. 
 14.11    Execution. This Agreement may be executed in
counterparts and signatures delivered by electronic means or fax transmission shall be valid and binding for all purposes. 

14.12    No Third Party Beneficiaries. The provisions of this Agreement shall not benefit any third party. 

[Signature Pages Follow] 

  
 48 

 IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement and
Escrow Instructions as of the date first above written. 
  

			
	SELLER:
	
	 ALEXANDER & BALDWIN, LLC, SERIES R

		
	By:	 	 /s/ Christopher J. Benjamin

	Name:	 	Christopher J. Benjamin
	Title:	 	President & Chief Executive Officer
		
	By:	 	 /s/ Alyson J. Nakamura

	Name:	 	Alyson J. Nakamura
	Title:	 	Secretary
	
	 A & B PROPERTIES HAWAII, LLC, SERIES R

		
	By:	 	 /s/ Nelson N.S. Chun

	Name:	 	Nelson N.S. Chun
	Title:	 	Vice President
		
	By:	 	 /s/ Alyson J. Nakamura

	Name:	 	Alyson J. Nakamura
	Title:	 	Secretary
	
	 ALEXANDER & BALDWIN, LLC, SERIES T

		
	By:	 	 /s/ Christopher J. Benjamin

	Name:	 	Christopher J. Benjamin
	Title:	 	President & Chief Executive Officer
		
	By:	 	 /s/ Alyson J. Nakamura

	Name:	 	Alyson J. Nakamura
	Title:	 	Secretary

			
	BUYER:
	
	 MAHI PONO HOLDINGS, LLC,

	a Delaware limited liability company
		
	By:	 	 /s/ R. Ryon Paton

		 	R. Ryon Paton
		 	Authorized Signatory

 The undersigned acknowledges receipt of this Agreement and agrees to act as Escrow Holder
hereunder. 
  

			
	TITLE GUARANTY ESCROW SERVICES, INC.
		
	By:	 	 /s/ Jeremy R. Trueblood

		 	 Jeremy R. Trueblood

	Its:	 	 Vice PresidentEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 U.S.$
14,600,000,000 
 TERM LOAN AGREEMENT 

Dated as of December 20, 2018 

Among 
 ALTRIA GROUP, INC.

 and 
 THE LENDERS
PARTY HERETO 
 and 

JPMORGAN CHASE BANK, N.A. 

as Administrative Agent 
 * * * *
* * * * * * 
 JPMORGAN CHASE BANK, N.A. 

as Sole Lead Arranger and Sole Bookrunner 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 Section 1.01
	 	 Certain Defined Terms
	  	 	1	 
			
	 Section 1.02
	 	 Computation of Time Periods
	  	 	16	 
			
	 Section 1.03
	 	 Accounting Terms
	  	 	16	 
			
	 ARTICLE II
	 	 AMOUNTS AND TERMS OF THE ADVANCES
	  	 	16	 
			
	 Section 2.01
	 	 Obligation to Make Advances
	  	 	16	 
			
	 Section 2.02
	 	 Making the Advances
	  	 	17	 
			
	 Section 2.03
	 	 Repayment of Advances
	  	 	18	 
			
	 Section 2.04
	 	 Interest on Advances
	  	 	18	 
			
	 Section 2.05
	 	 Additional Interest on LIBO Rate Advances
	  	 	19	 
			
	 Section 2.06
	 	 Conversion of Advances
	  	 	19	 
			
	 Section 2.07
	 	 Fees
	  	 	20	 
			
	 Section 2.08
	 	 Alternate Rate of Interest
	  	 	20	 
			
	 Section 2.09
	 	 Optional Termination or Reduction of the Commitments; Optional Prepayments
	  	 	21	 
			
	 Section 2.10
	 	 Mandatory Reduction of the Commitments; Mandatory Prepayment of Advances
	  	 	22	 
			
	 Section 2.11
	 	 Increased Costs
	  	 	22	 
			
	 Section 2.12
	 	 Illegality
	  	 	23	 
			
	 Section 2.13
	 	 Payments and Computations
	  	 	24	 
			
	 Section 2.14
	 	 Taxes
	  	 	25	 
			
	 Section 2.15
	 	 Sharing of Payments, Etc.
	  	 	27	 
			
	 Section 2.16
	 	 Defaulting Lenders
	  	 	27	 
			
	 Section 2.17
	 	 Evidence of Debt
	  	 	28	 
			
	 Section 2.18
	 	 Use of Proceeds
	  	 	29	 
			
	 ARTICLE III
	 	 CONDITIONS TO EFFECTIVENESS AND LENDING
	  	 	29	 
			
	 Section 3.01
	 	 Conditions Precedent to Effectiveness
	  	 	29	 
			
	 Section 3.02
	 	 Conditions Precedent to Borrowing
	  	 	31	 
			
	 ARTICLE IV
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	32	 
			
	 Section 4.01
	 	 Representations and Warranties of Altria
	  	 	32	 
			
	 ARTICLE V
	 	 COVENANTS OF ALTRIA
	  	 	34	 
			
	 Section 5.01
	 	 Affirmative Covenants
	  	 	34	 

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.02
	 	 Negative Covenants
	  	 	36	 
			
	 ARTICLE VI
	 	 EVENTS OF DEFAULT
	  	 	37	 
			
	 Section 6.01
	 	 Events of Default
	  	 	37	 
			
	 Section 6.02
	 	 Lenders’ Rights upon Event of Default
	  	 	39	 
			
	 Section 6.03
	 	 Limited Conditionality Period
	  	 	39	 
			
	 ARTICLE VII
	 	 THE ADMINISTRATIVE AGENT
	  	 	40	 
			
	 Section 7.01
	 	 Authorization and Action
	  	 	40	 
			
	 Section 7.02
	 	 Administrative Agent’s Reliance, Etc.
	  	 	40	 
			
	 Section 7.03
	 	 JPMCB and Affiliates
	  	 	41	 
			
	 Section 7.04
	 	 Lender Credit Decision
	  	 	41	 
			
	 Section 7.05
	 	 Indemnification
	  	 	41	 
			
	 Section 7.06
	 	 Successor Administrative Agent
	  	 	42	 
			
	 Section 7.07
	 	 [Reserved.]
	  	 	42	 
			
	 Section 7.08
	 	 Posting of Communications
	  	 	42	 
			
	 ARTICLE VIII
	 	 MISCELLANEOUS
	  	 	44	 
			
	 Section 8.01
	 	 Amendments, Etc.
	  	 	44	 
			
	 Section 8.02
	 	 Notices, Etc.
	  	 	44	 
			
	 Section 8.03
	 	 No Waiver; Remedies
	  	 	45	 
			
	 Section 8.04
	 	 Costs and Expenses
	  	 	45	 
			
	 Section 8.05
	 	 Right of Set-Off
	  	 	46	 
			
	 Section 8.06
	 	 Binding Effect
	  	 	47	 
			
	 Section 8.07
	 	 Assignments and Participations
	  	 	47	 
			
	 Section 8.08
	 	 Governing Law
	  	 	50	 
			
	 Section 8.09
	 	 Execution in Counterparts
	  	 	50	 
			
	 Section 8.10
	 	 Jurisdiction, Etc.
	  	 	50	 
			
	 Section 8.11
	 	 Confidentiality
	  	 	51	 
			
	 Section 8.12
	 	 Integration
	  	 	51	 
			
	 Section 8.13
	 	 USA Patriot Act Notice
	  	 	51	 
			
	 Section 8.14
	 	 No Fiduciary Duty
	  	 	52	 
			
	 Section 8.15
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	52	 

 SCHEDULE 
  

					
	Schedule I	  	—  	  	List of Commitments and Applicable Lending Offices

  
 ii 

 Table of Contents 

(continued) 
 Page

 EXHIBITS 
  

					
			
	Exhibit A-1	  	—  	  	 Form of Tranche I Note

			
	Exhibit A-2	  	—  	  	 Form of Tranche II Note

			
	Exhibit B	  	—  	  	 Form of Notice of Borrowing

			
	Exhibit C	  	—  	  	 Form of Assignment and Acceptance

			
	Exhibit D	  	—  	  	 Form of Guarantee

			
	Exhibit E-1	  	—  	  	 Form of Opinion of Counsel for Altria

			
	Exhibit E-2	  	—  	  	 Form of Opinion of Counsel for Altria

			
	Exhibit E-3	  	—  	  	 Form of Opinion of Counsel for Guarantor

			
	Exhibit F	  	—  	  	 Form of Opinion of Counsel for the Administrative Agent

			
	Exhibit G	  	—  	  	 Form of Confidentiality Agreement

  

  
 iii 

 TERM LOAN AGREEMENT 

This TERM LOAN AGREEMENT (this “Agreement”), dated as of December 20, 2018, is entered into by and among ALTRIA GROUP,
INC., a Virginia corporation (“Altria”), the banks, financial institutions and other institutional lenders listed on the signature pages hereof (the “Initial Lenders”) and other Lenders from time to time party
hereto, and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as administrative agent (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H : 

WHEREAS, Altria has requested that the Lenders provide a senior unsecured term loan facility, and the Lenders have indicated their
willingness to lend on the terms and subject to the conditions set forth herein; 
 NOW THEREFORE, in consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

Section 1.01 Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Administrative Agent’s
Account” means the account of the Administrative Agent (a) maintained by the Administrative Agent, at JPMorgan Chase Bank, N.A., Loan and Agency, 1111 Fannin Street, Houston, Texas 77002, Account No. 9008113381H0301, Reference: Altria
Group, Inc., Attention: Account Manager, or (b) as is designated in writing from time to time by the Administrative Agent, to Altria and the Lenders for such purpose. 

“Advance” means an advance by a Lender to Altria as part of a Borrowing and refers to a Base Rate Advance or a LIBO Rate
Advance (each of which shall be a “Type” of Advance). 
 “Agreement” means this Term Loan Agreement, as
amended, supplemented, waived or otherwise modified, from time to time. 
 “Anti-Corruption Laws” means all laws, rules,
and regulations of any jurisdiction applicable to Altria or any of its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Applicable Commitment Fee Rate” means, for any period, a percentage per annum equal to the percentage set forth below
determined by reference to the higher of the ratings of Altria’s long-term senior unsecured debt from (i) Standard & Poor’s and (ii) Moody’s, in each case in effect from time to time during such period: 

 

					
	 Long-Term Senior Unsecured Debt Rating
	  	Applicable Commitment
Fee Rate	 
	 A- and A3 or higher
	  	 	0.090	% 
	 BBB+ and Baa1
	  	 	0.100	% 
	 Lower than BBB+ and Baa1
	  	 	0.150	% 

 provided that if no rating is available on any date of determination from Moody’s and Standard &
Poor’s or any other nationally recognized statistical rating organization designated by Altria and reasonably satisfactory to the Administrative Agent, the Applicable Commitment Fee Rate shall be 0.150%. 

“Applicable Interest Rate Margin” means for any Interest Period a percentage per annum equal to the percentage set forth
below as determined by reference to the higher of the ratings of Altria’s long-term senior unsecured debt from (i) Standard & Poor’s and (ii) Moody’s, in each case in effect from time to time during such Interest
Period: 
  

									
	 Rating
	  	Pricing Grid	 
	 	  	Applicable Margin
– LIBO Rate
Advance (percent
per annum)	 	 	Applicable Margin
– Base Rate
Advance (percent
per annum)	 
	 A- and A3 or higher
	  	 	1.000	% 	 	 	0.000	% 
	 BBB+ and Baa1
	  	 	1.125	% 	 	 	0.125	% 
	 Lower than BBB+ and Baa1
	  	 	1.250	% 	 	 	0.250	% 

 provided that if no rating is available on any date of determination from Moody’s and Standard &
Poor’s or any other nationally recognized statistical rating organization designated by Altria and reasonably satisfactory to the Administrative Agent, the Applicable Interest Rate Margin shall be determined as if Altria’s long-term senior
unsecured debt rating were lower than BBB+ and Baa1. 
 “Applicable Lending Office” means, with respect to each Lender,
such Lender’s Domestic Lending Office in the case of an Advance. 
 “Asset Sale” means the sale, transfer, license,
lease or other disposition of any property by any Person, including any sale and leaseback transaction and any sale of capital stock (other than any issuance by such Person of its own capital stock, but including an issuance of capital stock by a
Subsidiary of such Person), but excluding: 
 (a) the sale, transfer, license, lease or other disposition (collectively,
“Transfers”) of inventory, plants, equipment and other property (including cash and cash equivalents) in the ordinary course of business or specifically disclosed prior to the Effective Date in Altria’s or any of its
Subsidiaries’ publicly-available filings with the Securities and Exchange Commission, and 

  
 2 

 (b) any Transfer that results in Net Cash Proceeds of less than $100,000,000 per Transfer or
related or series of Transfers and that, together with all other Transfers during the same fiscal year excluded under this clause (b) results in Net Cash Proceeds of not greater than $250,000,000. 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee, and
accepted by the Administrative Agent, in substantially the form of Exhibit C hereto. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time that is described in the EU Bail-In
Legislation Schedule. 
 “Base Rate” means a fluctuating interest rate per annum in effect from time to time, which rate
per annum shall at all times be equal to the highest of: 
 (i) the Prime Rate; and 

(ii) 1/2 of one percent per annum above the NYFRB Rate; and 

(iii) the LIBO Screen Rate for a one-month Interest Period. 

“Base Rate Advance” means an Advance that bears interest as provided in Section 2.04(a)(i). 

“Base Rate Interest” has the meaning specified in Section 2.04(a)(i). 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by 31 C.F.R. §
1010.230. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States (or any successor).

 “Borrowing” means a borrowing consisting of simultaneous Advances of the same Class and Type made pursuant to
Section 2.01. 
 “Business Day” means a day of the year on which banks are not required or authorized by law to close
in New York City and, if the applicable Business Day relates to any LIBO Rate Advances, on which dealings are carried on in the London interbank market and banks are open for business in London. 

“Capital Lease Obligations” has the meaning specified in clause (b) of the definition of the term “Debt”
below. 

  
 3 

 “Capital Markets Financing Transaction” means the sale for cash or cash
equivalents, in a public offering registered under the Securities Act of 1933, as amended, or an offering exempt from registration pursuant to Section 4(a)(2), Rule 144A or Regulation S thereunder, of capital stock issued by Altria or notes,
debentures or other debt securities issued by or guaranteed by Altria having a maturity in excess of one year, offered in the domestic or foreign capital markets. 

“Civil Asset Forfeiture Reform Act” means the Civil Asset Forfeiture Reform Act of 2000 (18 U.S.C. Sections 983 et seq.), as
amended from time to time, and any successor statute. 
 “Class” (x) when used in connection with any Advance or Borrowing,
refers to whether such Advance, or the Advances comprising such Borrowing, are Tranche I Advances or Tranche II Advances or (y) when used with respect to any Commitment, refers to whether such Commitment is a Tranche I Commitment or a Tranche
II Commitment. 
 “Commitment” means, for each Lender, the sum of its Tranche I Commitment and its Tranche II Commitment.

 “Consolidated EBITDA” means, for any accounting period, the consolidated net earnings (or loss) of Altria and its
Subsidiaries plus, without duplication and to the extent included as a separate item on Altria’s consolidated statements of earnings or consolidated statements of cash flows in the case of clauses (a) through (e) for such period, the sum
of (a) provision for income taxes, (b) interest and other debt expense, net, (c) depreciation expense, (d) amortization of intangibles, (e) any extraordinary, unusual or non-recurring
expenses or losses or any similar expense or loss subtracted from “Gross profit” in the calculation of “Net earnings” and (f) the portion of loss included on Altria’s consolidated statements of earnings of any Person
(other than a Subsidiary of Altria) in which Altria or any of its Subsidiaries has an ownership interest and any cash that is actually received by Altria or such Subsidiary from such Person in the form of dividends or similar distributions, and
minus, without duplication, the sum of (x) to the extent included as a separate item on Altria’s consolidated statements of earnings for such period, any extraordinary, unusual or non-recurring
income or gains or any similar income or gain added to “Gross profit” in the calculation of “Net earnings,” and (y) the portion of income included on Altria’s consolidated statements of earnings of any Person (other
than a Subsidiary of Altria) in which Altria or any of its Subsidiaries has an ownership interest, except to the extent that any cash is actually received by Altria or such Subsidiary from such Person in the form of dividends or similar
distributions, all as determined on a consolidated basis in accordance with accounting principles generally accepted in the United States for such period, except that if there has been a material change in an accounting principle as compared to that
applied in the preparation of the financial statements of Altria and its Subsidiaries as at and for the year ended December 31, 2017, then such new accounting principle shall not be used in the determination of Consolidated EBITDA. A material
change in an accounting principle is one that, in the year of its adoption, changes Consolidated EBITDA for any quarter in such year by more than 10%. 

“Consolidated Interest Expense” means, for any accounting period, total interest expense of Altria and its Subsidiaries with
respect to all outstanding Debt of Altria and its Subsidiaries during such period, all as determined on a consolidated basis for such period and in 

  
 4 

 
accordance with accounting principles generally accepted in the United States for such period, except that if there has been a material change in an accounting principle as compared to that
applied in the preparation of the financial statements of Altria and its Subsidiaries as at and for the year ended December 31, 2017, then such new accounting principle shall not be used in the determination of Consolidated Interest Expense. A
material change in an accounting principle is one that, in the year of its adoption, changes Consolidated Interest Expense for any quarter in such year by more than 10%. 

“Consolidated Tangible Assets” means the total assets appearing on a consolidated balance sheet of Altria and its
Subsidiaries, less goodwill and other intangible assets, the minority interests of other Persons in such Subsidiaries and non-recourse debt of Altria and its Subsidiaries, all as determined in accordance with
accounting principles generally accepted in the United States, except that if there has been a material change in an accounting principle as compared to that applied in the preparation of the financial statements of Altria and its Subsidiaries as at
and for the year ended December 31, 2017, then such new accounting principle shall not be used in the determination of Consolidated Tangible Assets. A material change in an accounting principle is one that, in the year of its adoption, changes
Consolidated Tangible Assets at any quarter in such year by more than 10%. 
 “Controlled Substances Act” means the
Controlled Substances Act (21 U.S.C. Sections 801 et seq.), as amended from time to time, and any successor statute. 

“Convert,” “Conversion” and “Converted” each refers to a conversion of Advances of one Type
into Advances of the other Type pursuant to Section 2.06 or 2.12. 
 “Cronos” means Cronos Group Inc., a corporation
organized and existing under the laws of the Province of Ontario. 
 “Cronos Closing Date” means the date on which the
Cronos Investment is consummated, with or without a Borrowing under the Tranche II Commitments. 
 “Cronos Investment”
means the acquisition of 45% of the capital stock of Cronos by Altria Summit LLC pursuant to the Cronos Subscription Agreement. 

“Cronos Material Adverse Effect” means “Material Adverse Effect” as defined in the Cronos Subscription Agreement.

 “Cronos Subscription Agreement” means the subscription agreement by and among Cronos, Altria Summit LLC and Altria as in
effect on December 7, 2018. 
 “Cronos Subscription Agreement Representations” means such of the representations made
by Cronos in the Cronos Subscription Agreement as are material to the interests of the Lenders, but only to the extent that Altria (or an affiliate of Altria) has the right to terminate Altria’s (or Altria’s affiliate’s) obligations
under the Cronos Subscription Agreement as a result of the breach of such representations in the Cronos Subscription Agreement. 

“Debt” means, without duplication, (a) indebtedness for borrowed money or for the deferred purchase price of property or
services, whether or not evidenced by bonds, 

  
 5 

 
debentures, notes or similar instruments, (b) obligations as lessee under leases that, in accordance with accounting principles generally accepted in the United States, are recorded as
capital leases under the FASB Accounting Standards Codification ® (“ASC”) Topic 840 or finance leases under ASC Topic 842 (“Capital Lease Obligations”), (c)
obligations as an account party or applicant under letters of credit (other than trade letters of credit incurred in the ordinary course of business) to the extent such letters of credit are drawn and not reimbursed within five Business Days of such
drawing, (d) the aggregate principal (or equivalent) amount of financing raised through outstanding securitization financings of accounts receivable, and (e) obligations under direct or indirect guaranties in respect of, and obligations
(contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss (including by way of (i) granting a security interest or other Lien on property or (ii) having a reimbursement obligation under or
in respect of a letter of credit or similar arrangement (to the extent such letter of credit is not collateralized by assets (other than Operating Assets) having a fair value equal to the amount of such reimbursement obligation), in any case in
respect of, indebtedness or obligations of any other Person of the kinds referred to in clause (a), (b), (c) or (d) above). For the avoidance of doubt, the following shall not constitute “Debt” for purposes of this Agreement:
(A) any obligation that is fully non-recourse to Altria or any of its Subsidiaries, (B) intercompany debt of Altria or any of its Subsidiaries, (C) any appeal bond or other arrangement to secure
a stay of execution on a judgment or order, provided that any such appeal bond or other arrangement issued by a third party in connection with such arrangement shall constitute Debt to the extent Altria or any of its Subsidiaries has a
reimbursement obligation to such third party that is not collateralized by assets (other than Operating Assets) having a fair value equal to the amount of such reimbursement obligation, (D) unpaid judgments, or (E) defeased indebtedness.

 “Debt Facility” shall mean any debt facility with a term exceeding 364 days entered into by Altria after the Effective
Date in the commercial bank market, other than (a) the issuance of commercial paper or other short-term debt programs and (b) any domestic or foreign working capital facility. For the avoidance of doubt, any borrowings pursuant to the
Revolving Credit Agreement or its replacement with an aggregate commitment amount not exceeding $3,000,000,000 shall not constitute a “Debt Facility” for purposes of this Agreement. 

“Default” means any event specified in Section 6.01 that would constitute an Event of Default but for the requirement
that notice be given or time elapse or both. 
 “Defaulting Lender” means any Lender that has (a) failed to fund any
portion of its Commitments within one Business Day of the date required to be funded by it hereunder, (b) notified Altria or the Administrative Agent in writing that it does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations either under this Agreement or generally under agreements in which it has committed to extend credit, (c) failed, within three
Business Days after written request by the Administrative Agent (whether acting on its own behalf or at the reasonable request of Altria (it being understood that the Administrative Agent shall comply with any such reasonable request)), to confirm
that it will comply with the terms of this Agreement relating to its obligations to fund prospective Advances; provided that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt of such confirmation by
the Administrative Agent, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three 

  
 6 

 
Business Days of the date when due, unless such amount is the subject of a good faith dispute, (e) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee or custodian appointed for it, or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it or (f) has become the
subject of a Bail-In Action. No Lender shall be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in such Lender or a parent company thereof by a Governmental
Authority or an instrumentality thereof. 
 “Dollars” and the “$” sign each means lawful currency of the United
States of America. 
 “Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified as
its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify to Altria and
the Administrative Agent. 
 “EEA Financial Institution” means (a) any institution established in any EEA Member
Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any institution
established in an EEA Member Country that is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” has the meaning specified in Section 3.01. 

“Eligible Assignee” means (i) a commercial bank organized under the laws of the United States, or any State thereof, and
having total assets in excess of $10,000,000,000; (ii) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation and Development (or any successor) (“OECD”), or a
political subdivision of any such country, and having total assets in excess of $10,000,000,000, provided that such bank is acting through a branch or agency located in the country in which it is organized or another country that is also a
member of the OECD or the Cayman Islands; (iii) the central bank of any country that is a member of the OECD; (iv) a commercial finance company or finance Subsidiary of a corporation organized under the laws of the United States, or any
State thereof, and having total assets in excess of $6,000,000,000; (v) an insurance company organized under the laws of the United States, or any State thereof, and having total assets in excess of $10,000,000,000; (vi) any Lender; (vii) an
affiliate of any Lender; and (viii) any other bank, commercial finance company, insurance company or other Person approved in writing by Altria, 

  
 7 

 
which approval shall be notified to the Administrative Agent; provided, however, that the term “Eligible Assignee” shall not include a Defaulting Lender or an affiliate of
a Defaulting Lender. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time,
and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any Person that for purposes of
Title IV of ERISA is a member of Altria’s controlled group, or under common control with Altria, within the meaning of Section 414 of the Internal Revenue Code. 

“ERISA Event” means (a) (i) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043 of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation (or any successor) (“PBGC”), or (ii) the
requirements of subsection (1) of Section 4043(b) of ERISA (without regard to subsection (2) of such section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event
described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) the application for a minimum funding waiver with respect to
a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in
Section 4041(e) of ERISA); (d) the cessation of operations at a facility of Altria or any of their ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by Altria or any of their ERISA
Affiliates from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 430(k) of the Internal Revenue Code or
Section 303(k) or 4068 of ERISA to the creation of a lien upon property or rights to property of Altria or any of their ERISA Affiliates for failure to make a required payment to a Plan are satisfied; (g) the failure to satisfy the minimum
funding standards under Section 412 or 430 of the Internal Revenue Code or Section 302 or 303 of ERISA, whether or not waived; or (h) the termination of a Plan by the PBGC pursuant to Section 4042 of ERISA, or the occurrence of
any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, a Plan. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board, as in effect from time to
time. 
 “Eurodollar Lending Office” means, with respect to any Lender, the office of such Lender specified as its
“Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office), or such other office of such
Lender as such Lender may from time to time specify to Altria and the Administrative Agent. 

  
 8 

 “Eurodollar Rate Reserve Percentage” for any Interest Period, for all LIBO
Rate Advances comprising part of the same Borrowing, means, the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board for determining the maximum reserve
requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on LIBO Rate Advances is determined) having a term equal to such Interest Period. 

“Event of Default” has the meaning specified in Section 6.01. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code as enacted as of the date hereof (without regard to the
delayed effective date of such provisions) or any amended or successor version that is substantively comparable and, in each case, regulations promulgated thereunder or official interpretations thereof or any agreement entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code. 
 “Federal Bankruptcy Code” means the Bankruptcy Reform Act of 1978,
as amended from time to time. 
 “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based
on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the
effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 
 “Guarantee” means the guarantee agreement issued by the Guarantor in favor of the Lenders, substantially
in the form of Exhibit D hereto. 
 “Guarantor” means Philip Morris USA Inc., a Virginia corporation. 

“Home Jurisdiction Withholding Taxes” means withholding for United States federal income taxes, United States federal back-up withholding taxes and United States withholding taxes. 
 “Interest Period”
means, for each LIBO Rate Advance comprising part of the same Borrowing, the period commencing on the date of 

  
 9 

 
such LIBO Rate Advance or the date of Conversion of any Base Rate Advance into such LIBO Rate Advance or the last day of the preceding Interest Period applicable to such Advance and ending on the
last day of the period selected by Altria pursuant to the provisions below. The duration of each such Interest Period shall be one week, one, two, three or six months, or, if available to all Lenders, twelve months, as Altria may select upon notice
received by the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period; provided, however, that: 

(a) Altria may not select any Interest Period that ends after the Maturity Date; 

(b) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, provided that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur
on the immediately preceding Business Day; and 
 (c) whenever the first day of any Interest Period occurs on a day of an initial calendar
month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last
Business Day of such succeeding calendar month. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as
amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
 “JUUL” means JUUL Labs,
Inc., a Delaware corporation. 
 “JUUL Investment” means the acquisition of 35% of JUUL’s outstanding capital stock
(disregarding vested and unvested convertible securities) by Altria Enterprises LLC pursuant to the JUUL Purchase Agreement. 

“JUUL Purchase Agreement” means the Class C-1 Common Stock Purchase Agreement
dated as of the Effective Date by and among JUUL, Altria and Altria Enterprises LLC, a Virginia limited liability company, as in effect on the Effective Date. 

“Lenders” means the Initial Lenders and their respective successors and permitted assignees. 

“LIBO Rate” means, with respect to any LIBO Rate Advance for any Interest Period, the LIBO Screen Rate at approximately 11:00
A.M. (London time), two Business Days prior to the commencement of such Interest Period. 
 “LIBO Rate Advance” means an
Advance that bears interest as provided in Section 2.04(a)(ii). 
 “LIBO Rate Interest” has the meaning specified in
Section 2.04(a)(ii). 

  
 10 

 “LIBO Screen Rate” means, for any day and time, with respect to any LIBO
Rate Advance for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest
Period, displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so
determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “Lien” has
the meaning specified in Section 5.02(a)(i). 
 “Major Subsidiary” means any Subsidiary (a) more than 50% of the
voting securities of which is owned directly or indirectly by Altria, (b) which is organized and existing under, or has its principal place of business in, the United States or any political subdivision thereof, Canada or any political
subdivision thereof, any country which is a member of the European Union on the date hereof (other than Greece, Portugal or Spain) or any political subdivision thereof, or Switzerland, Norway or Australia or any of their respective political
subdivisions, and (c) which has at any time total assets (after intercompany eliminations) exceeding $1,000,000,000. 
 “Margin
Stock” means margin stock, as such term is defined in Regulation U. 
 “Maturity Date” means December 19,
2019. 
 “Moody’s” means Moody’s Investors Service, Inc., and any successor to its rating agency business. 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Altria or any ERISA
Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions, such plan being maintained pursuant to one or more collective bargaining
agreements. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that
(a) is maintained for employees of Altria or any ERISA Affiliate and at least one Person other than Altria and the ERISA Affiliates or (b) was so maintained and in respect of which Altria or any ERISA Affiliate could have liability under
Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Net Cash Proceeds” means:

 (a) with respect to any Asset Sale (i) all cash proceeds actually paid to or actually received by Altria or one or more of its
wholly-owned Subsidiaries (or other Subsidiaries to the extent that Altria has the ability to compel the distribution or transfer of such cash proceeds from such Subsidiary to Altria or one of Altria’s wholly-owned Subsidiaries), in each case,
from a Person other than Altria or one of its Subsidiaries in respect of such Asset Sale 

  
 11 

 
(including any cash proceeds received as income or other proceeds from any non-cash proceeds of any Asset Sale as and when received), 

less, without duplication and only to the extent not already deducted in arriving at the amount referred to in clause (i) above,
(ii) the sum of 
 (A) the amount, if any, of all taxes (other than income taxes) and all income taxes (as estimated in good
faith by a senior financial or senior accounting officer of Altria giving effect to the overall tax position of Altria and its Subsidiaries), and customary fees, brokerage fees, commissions, costs and other expenses, that are incurred in connection
with such Asset Sale and are payable by Altria or one or more of its Subsidiaries, 
 (B) appropriate amounts that must be
set aside as a reserve in accordance with accounting principles generally accepted in the United States of America against any liabilities reasonably estimated to be payable and associated with such Asset Sale, and 

(C) any payments to be made by Altria or one or more of its Subsidiaries as agreed between Altria or such Subsidiaries, as
applicable, and the purchaser of any assets subject to an Asset Sale in connection therewith, and 
 (b) with respect to any Capital Markets
Financing Transaction, all cash proceeds received by Altria or one or more of its wholly-owned Subsidiaries (or other Subsidiaries to the extent that Altria has the ability to compel the distribution or transfer of such cash proceeds from such
Subsidiary to Altria or one of Altria’s wholly-owned Subsidiaries) from a Person other than Altria or one of its Subsidiaries in respect of such Capital Markets Financing Transaction (including cash proceeds as and when subsequently received at
any time in respect of such Capital Markets Financing Transaction from noncash consideration initially received or otherwise), less underwriting discounts and commissions or placement fees, investment banking fees, legal fees, consulting fees,
accounting fees and other customary fees and expenses directly incurred by Altria or one or more of its wholly-owned Subsidiaries, as applicable, in connection therewith. 

“Note” means a promissory note of Altria payable to the order of any Lender, delivered pursuant to a request made under
Section 2.17 in substantially the form of Exhibit A-1 or Exhibit A-2 hereto, as applicable, evidencing the aggregate indebtedness of Altria to such Lender resulting
from the Advances made by such Lender to Altria. 
 “Notice of Borrowing” has the meaning specified in
Section 2.02(a). 
 “NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if neither of such rates is published for any day that is a Business Day,
the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 A.M. (New York City time) on 

  
 12 

 
such day received by the Administrative Agent, from a federal funds broker of recognized standing selected by it. 

“Operating Assets” means, for any accounting period, any assets included in the consolidated balance sheet of Altria and its
Subsidiaries as “Inventories,” or “Property, plant and equipment” or “Receivables” for such period. 

“Other Taxes” has the meaning specified in Section 2.14(b). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight LIBO rate
borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an
overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate); provided, that if the Overnight Bank Funding Rate shall be less than zero, such rate shall be deemed to be zero for purposes of
this Agreement. 
 “Patriot Act” has the meaning specified in Section 8.13. 

“Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust,
unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means a Single Employer Plan or a Multiple Employer Plan. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or,
if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or,
if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate
shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Register” has the meaning specified in Section 8.07(d). 

“Regulation A” means Regulation A of the Board, as in effect from time to time. 

“Regulation U” means Regulation U of the Board, as in effect from time to time. 

“Required Lenders” means at any time Lenders owed at least 50.1% of the then aggregate unpaid principal amount of the
Advances owing to Lenders, or, if no such principal amount is then outstanding, Lenders having at least 50.1% of the Commitments. 

“Required Tranche I Lenders” means at any time Lenders owed at least 50.1% of the then aggregate unpaid principal amount of
the Tranche I Advances owing to Lenders, or, if no such principal amount is then outstanding, Lenders having at least 50.1% of the Tranche I Commitments. 

  
 13 

 “Required Tranche II Lenders” means at any time Lenders owed at least 50.1%
of the then aggregate unpaid principal amount of the Tranche II Advances owing to Lenders, or, if no such principal amount is then outstanding, Lenders having at least 50.1% of the Tranche II Commitments. 

“Revolving Credit Agreement” means that Credit Agreement, dated as of August 1, 2018, among Altria, the lenders and
agents party thereto, and JPMCB, as administrative agent. 
 “Sanctioned Country” means, at any time, a country, region or
territory that is itself the subject or target of any Sanctions (at the Effective Date, Crimea, Cuba, Iran, North Korea and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom, (b) any
Person operating, organized or resident in a Sanctioned Country, to the extent such Person is subject to Sanctions, or (c) any Person controlled or more than 50% owned by any such Person or Persons described in the foregoing clauses (a) or
(b). 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to
time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union,
any European Union member state or Her Majesty’s Treasury of the United Kingdom. 
 “Single Employer Plan” means a
single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of Altria or any ERISA Affiliate and no Person other than Altria and the ERISA Affiliates or (b) was so maintained and in respect
of which Altria or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 

“Specified Representations” means the representations and warranties set forth in Section 4.01(a),
Section 4.01(b)(other than with respect to any contractual restriction binding on or affecting Altria), Section 4.01(d), Section 4.01(g) and the last sentence of Section 4.01(h). 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., and any successor to its ratings agency business. 
 “Subsidiary” of any Person means any
corporation or limited liability company of which (or in which) more than 50% of the outstanding equity interests having voting power to elect a majority of the Board of Directors of such entity (irrespective of whether at the time equity interests
of any other class or classes of such entity shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries
or by one or more of such Person’s other Subsidiaries. 
 “Taxes” has the meaning specified in Section 2.14. 

  
 14 

 “Term Loan Fee Letter” means the fee letter by and between Altria and JPMCB
dated the date hereof. 
 “Tranche I Advance” means an Advance made pursuant to Section 2.01(a). 

“Tranche I Commitment” means as to any Lender (i) the Dollar amount set forth under the heading “Tranche I
Commitment” opposite such Lender’s name on Schedule I hereto or (ii) if such Lender has entered into an Assignment and Acceptance, the Dollar amount set forth for such Lender under the heading “Tranche I Commitment” in the
Register maintained by the Administrative Agent pursuant to Section 8.07(d), in each case as such amount may be reduced pursuant to Section 2.01, 2.09 or 2.10. 

“Tranche I Exposure” means, with respect to any Lender at any time, an amount equal to (a) until the Effective Date, the
aggregate amount of such Lender’s Tranche I Commitments at such time and (b) thereafter, the sum of the aggregate then unpaid principal amount of such Lender’s Tranche I Advances. 

“Tranche II Advance” means an Advance made pursuant to Section 2.01(b). 

“Tranche II Closing Date” means the first date on which all conditions precedent set forth in Section 3.02 with respect
to a Borrowing pursuant to Section 2.01(b) are satisfied or waived in accordance with Section 8.01. 
 “Tranche II
Commitment” means as to any Lender (i) the Dollar amount set forth under the heading “Tranche II Commitment” opposite such Lender’s name on Schedule I hereto or (ii) if such Lender has entered into an Assignment and
Acceptance, the Dollar amount set forth for such Lender under the heading “Tranche II Commitment” in the Register maintained by the Administrative Agent pursuant to Section 8.07(d), in each case as such amount may be reduced pursuant
to Section 2.01, 2.09 or 2.10. 
 “Tranche II Commitment Availability Period” means the period from and including the
Effective Date to the earliest of (a) the Outside Date (as defined in the Cronos Subscription Agreement) and (b) the date of termination of the Commitment of each Lender to make Advances pursuant to Section 2.09 or 6.02. 

“Tranche II Commitment Termination Date” means the earliest of (a) the Outside Date (as defined in the Cronos
Subscription Agreement) and (b) the date of termination of the Commitment of each Lender to make Advances pursuant to Section 2.09 or 6.02. 

“Tranche II Exposure” means, with respect to any Lender at any time, an amount equal to (a) until the Tranche II Closing
Date, the aggregate amount of such Lender’s Tranche II Commitments at such time and (b) thereafter, the sum of the aggregate then unpaid principal amount of such Lender’s Tranche II Advances. 

“Withholding Agent” means Altria, the Guarantor and the Administrative Agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority 

  
 15 

 
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 Section 1.02 Computation of Time Periods. In this Agreement
in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 

Section 1.03 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with
accounting principles generally accepted in the United States of America, except that if there has been a material change in an accounting principle affecting the definition of an accounting term as compared to that applied in the preparation of the
financial statements of Altria as of and for the year ended December 31, 2017, then such new accounting principle shall not be used in the determination of the amount associated with that accounting term. A material change in an accounting
principle is one that, in the year of its adoption, changes the amount associated with the relevant accounting term for any quarter in such year by more than 10%. For the avoidance of doubt, any obligations relating to a lease accounted for by
Altria as an operating lease under ASC Topic 840 or under ASC Topic 842 shall be accounted for as an operating lease and not a Capital Lease Obligation. 

ARTICLE II 
 AMOUNTS AND TERMS OF
THE ADVANCES 
 Section 2.01 Obligation to Make Advances. (a) Each Lender with a Tranche I Commitment severally agrees, on
the terms and conditions hereinafter set forth, to make Advances in Dollars to Altria on the Effective Date, in an aggregate amount not to exceed at any time outstanding such Lender’s Tranche I Commitment. Each Borrowing made pursuant to this
Section 2.01(a) shall consist of Tranche I Advances made simultaneously by the Lenders ratably according to their respective Tranche I Commitments. Tranche I Advances made pursuant to this Section 2.01(a) that are repaid or prepaid may not
be reborrowed. Upon the making of any Tranche I Advance by a Lender, such Lender’s Tranche I Commitment shall be permanently reduced by an amount equal to such Tranche I Advance and any Tranche I Commitment not drawn on the Effective Date shall
terminate. 
 (b) Each Lender with a Tranche II Commitment severally agrees, on the terms and conditions hereinafter set forth, to make
Advances in Dollars to Altria on the Tranche II Closing Date, provided such date is a Business Day during the Tranche II Commitment Availability Period, in an aggregate amount not to exceed at any time outstanding such Lender’s Tranche
II Commitment. Each Borrowing made pursuant to this Section 2.01(b) shall consist of Tranche II Advances made simultaneously by the Lenders ratably according to their respective Tranche II Commitments. Tranche II Advances made pursuant to this
Section 2.01(b) that are repaid or prepaid may not be reborrowed. Upon the making of any Tranche II Advance by a Lender, such Lender’s Tranche II Commitment shall be permanently reduced by an amount equal to such Tranche II Advance and any
Tranche II Commitment not drawn on the Tranche II Closing Date shall terminate. 

  
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 (c) Each Advance shall be in an aggregate amount that is an integral multiple of $1,000,000
and not less than $50,000,000. 
 Section 2.02 Making the Advances. (a) Notice of Borrowing. Each Borrowing shall be
made on notice, given not later than (x) 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of LIBO Rate Advances unless otherwise agreed by the Administrative
Agent, or (y) 9:00 A.M. (New York City time) on the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by Altria to the Administrative Agent, which shall give to each Lender prompt notice thereof by
telecopier or e-mail. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, by telecopier or
e-mail in substantially the form of Exhibit B hereto, specifying therein the requested: 

(i) date of such Borrowing, 

(ii) Class and Type of Advances comprising such Borrowing, 

(iii) aggregate amount of such Borrowing, and 

(iv) in the case of a Borrowing consisting of LIBO Rate Advances, the initial Interest Period for each such Advance.
Notwithstanding anything herein to the contrary, Altria may not select LIBO Rate Advances for any Borrowing if the obligation of the Lenders to make LIBO Rate Advances shall then be suspended pursuant to Section 2.12. 

(b) Funding Advances. Each Lender shall, before 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the
account of its Applicable Lending Office to the Administrative Agent, at the Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing. After receipt of such funds by the Administrative Agent, and
upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to Altria at the address of the Administrative Agent referred to in Section 8.02. 

(c) Irrevocable Notice. Each Notice of Borrowing of Altria shall be irrevocable and binding on Altria. In the case of any Borrowing that
the related Notice of Borrowing specifies is to be comprised of LIBO Rate Advances, Altria shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in
such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. 

(d) Lender’s Ratable Portion. Unless the Administrative Agent shall have received notice from a Lender prior to 11:00 A.M. (New
York City time) on the day of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion
available to the Administrative Agent on the date of such Borrowing in 

  
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accordance with Section 2.02(b) and the Administrative Agent may, in reliance upon such assumption, make available to Altria on such date a corresponding amount. If and to the extent that
such Lender shall not have so made such ratable portion available to the Administrative Agent such Lender and Altria severally agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to Altria until the date such amount is repaid to the Administrative Agent, at: 

(i) in the case of Altria, the higher of (A) the interest rate applicable at the time to Advances comprising such
Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount, and 
 (ii) in the
case of such Lender, the Federal Funds Effective Rate. 
 If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so
repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. 
 (e) Independent Lender
Obligations. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall
be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. 

Section 2.03 Repayment of Advances. Altria shall repay to the Administrative Agent for the ratable account of the Lenders that
have made Advances on the Maturity Date the unpaid principal amount of the Advances then outstanding. 
 Section 2.04 Interest on
Advances. (a) Scheduled Interest. Altria shall pay interest on the unpaid principal amount of each Advance owing by Altria to each Lender from the date of such Advance until such principal amount shall be paid in full, at the
following rates per annum: 
 (i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a
rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Interest Rate Margin (the sum of (x) and (y), the “Base Rate Interest”) payable in arrears monthly
on the 20th day of each month and on the date such Base Rate Advance shall be Converted or paid in full. 
 (ii) LIBO Rate
Advances. During such periods as such Advance is a LIBO Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (x) the LIBO Rate for such Interest Period for such Advance plus
(y) the Applicable Interest Rate Margin (the sum of (x) and (y), the “LIBO Rate Interest”), payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months,
on each day that occurs during such Interest Period every three months from the first day of such Interest Period, and on the date such LIBO Rate Advance shall be Converted or paid in full. 

  
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 (b) Default Interest. Upon the occurrence and during the continuance of an Event of
Default, Altria shall pay interest on the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in Section 2.04(a)(i) or 2.04(a)(ii), at a rate per annum equal at all times to 1% per annum
above the rate per annum required to be paid on such Advance. 
 Section 2.05 Additional Interest on LIBO Rate Advances. Altria
shall pay to each Lender, so long as such Lender shall be required under regulations of the Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid
principal amount of each LIBO Rate Advance of such Lender to Altria, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the
LIBO Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period, payable on each date
on which interest is payable on such Advance. Such additional interest shall be determined by such Lender and notified to Altria through the Administrative Agent. 

Section 2.06 Conversion of Advances. (a) Conversion Upon Absence of Interest Period. If Altria shall
fail to select the duration of any Interest Period for any LIBO Rate Advances in accordance with the provisions contained in the definition of the term “Interest Period,” the Administrative Agent will forthwith so notify Altria and the
Lenders and such Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances. 

(b) Conversion Upon Event of Default. Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a),
the Administrative Agent or the Required Lenders may elect that (i) each LIBO Rate Advance be, on the last day of the then existing Interest Period therefor, Converted into Base Rate Advances and (ii) the obligation of the Lenders to make,
or to Convert Advances into, LIBO Rate Advances be suspended. 
 (c) Voluntary Conversion. Subject to the provisions of
Section 2.12, Altria may convert all such Advances of one Type constituting the same Borrowing into Advances of the other Type on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York City time) on
the third Business Day prior to the date of the proposed Conversion; provided, however, that the Conversion of a LIBO Rate Advance into a Base Rate Advance may be made on, and only on, the last day of an Interest Period for such LIBO
Rate Advance. Each such notice of a Conversion shall, within the restrictions specified above, specify: 
 (i) the date of
such Conversion; 
 (ii) the Advances to be Converted; and 

(iii) if such Conversion is into LIBO Rate Advances, the duration of the Interest Period for each such Advance. 

  
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 Section 2.07 Fees. (a) Commitment Fee. Altria agrees to pay to the
Administrative Agent for the account of each Lender a commitment fee on the aggregate undrawn amount of such Lender’s Commitment from the date hereof in the case of each Initial Lender and from the effective date specified in the Assignment and
Acceptance pursuant to which it became a Lender in the case of each other Lender until the Tranche II Commitment Termination Date at the Applicable Commitment Fee Rate, in each case payable on the last day of each March, June, September and December
until the Tranche II Commitment Termination Date and on the Tranche II Commitment Termination Date. 
 (b) Duration Fee. Altria agrees
to pay, on the date that is 180 days after the date hereof, to the Administrative Agent for the ratable account of each Lender a duration fee of 0.125% on the amount of such Lender’s outstanding Advances on such date. 

(c) Other Fees. Altria agrees to pay all fees required to be paid by it in connection with this Agreement as separately agreed in
writing by Altria, the Administrative Agent and/or any Lender at the times set forth therein. 
 Section 2.08 Alternate Rate of
Interest. (a) If prior to the commencement of any Interest Period for a LIBO Rate Advance: 
 (i) the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate (including because the LIBO Screen Rate is not available or published on a current
basis), for U.S. Dollars and such Interest Period; or 
 (ii) the Administrative Agent is advised by the Required Lenders
that the LIBO Rate for U.S. Dollars and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Advances (or its Advance) included in such Borrowing for U.S. Dollars during such
Interest Period; 
 then the Administrative Agent shall give notice thereof to Altria and the Lenders in writing by telecopier or e-mail as promptly as practicable thereafter and, until the Administrative Agent notifies Altria and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any notice delivered
pursuant to Section 2.06 that requests the Conversion of any Borrowing to, or continuation of any Borrowing as, a LIBO Rate Advance shall be ineffective and (B) if any Notice of Borrowing requests a LIBO Rate Advance, such Borrowing shall
be made as a Base Rate Advance. 
 (b) If at any time the Administrative Agent determines (which determination shall be conclusive absent
manifest error), and notifies Altria of such determination, that (i) the circumstances set forth in Section 2.08(a) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in
Section 2.08(a) have not arisen but either (A) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator
that will continue publication of the LIBO Screen Rate), (B) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by
it (and there is no successor 

  
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administrator that will continue publication of the LIBO Screen Rate), (C) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date
after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (D) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a
public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and Altria shall endeavor to establish an alternate rate of interest to the
LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate
rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a change to the Applicable Interest Rate Margin); provided that, if such alternate
rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 8.01, such amendment shall become effective without any
further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice
from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of
the first sentence of this Section 2.08(b), only to the extent the LIBO Screen Rate for U.S. Dollars and such Interest Period is not available or published at such time on a current basis), (x) any notice delivered pursuant to Section 2.06
that requests the Conversion of any Borrowing to, or continuation of any Borrowing as, a LIBO Rate Advance shall be ineffective and (y) if any Notice of Borrowing requests a LIBO Rate Advance, such Borrowing shall be made as a Base Rate
Advance. 
 Section 2.09 Optional Termination or Reduction of the Commitments; Optional Prepayments. 

(a) Optional Termination or Reduction of the Commitments. Altria shall have the right, upon at least three Business Days’ notice to
the Administrative Agent to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of no less than $50,000,000 or
the remaining balance if less than $50,000,000. 
 (b) Optional Prepayments of Advances. Altria may, in the case of any LIBO Rate
Advance of any Class, upon at least three Business Days’ notice to the Administrative Agent or, in the case of any Base Rate Advance, upon notice given to the Administrative Agent not later than 9:00 A.M. (New York City time) on the date of the
proposed prepayment, in each case stating the proposed prepayment date, the Class or Classes of Advances to be prepaid and aggregate principal amount of the prepayment, and if such notice is given Altria shall, prepay the outstanding principal
amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial
prepayment shall be in an aggregate principal amount of no less than $50,000,000 or the remaining balance if less than $50,000,000 and (y) in the event of any such prepayment of a LIBO Rate Advance, Altria shall be obligated

  
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to reimburse the Lenders in respect thereof pursuant to Section 8.04(b). Each prepayment shall be applied to the Tranche I Advances and/or the Tranche II Advances as Altria shall direct.

 Section 2.10 Mandatory Reduction of the Commitments; Mandatory Prepayment of Advances. 

(a) In the event that there shall be a Capital Markets Financing Transaction, Asset Sale or borrowing under a Debt Facility, any outstanding
Commitments shall be automatically reduced and Altria shall prepay any outstanding Advances (i) in an aggregate amount, with respect to a Capital Markets Financing Transaction or Asset Sale, equal to 100% of the Net Cash Proceeds, rounded to
the nearest million (with $500,000 being rounded upward), of such Capital Markets Financing Transaction or Asset Sale or (ii) in the aggregate amount of such Debt Facility borrowing, (x) in the case of LIBO Rate Advances, on the last day
of the current Interest Period for such Advances (but in any event, no more than 60 days after the receipt by Altria or one of its Subsidiaries of such Net Cash Proceeds or Debt Facility borrowing) and (y) in the case of Base Rate Advances, on
the third Business Day following receipt by Altria or one of its Subsidiaries of such Net Cash Proceeds or Debt Facility borrowing. Amounts to be applied in connection with the reduction of Commitments and/or prepayments of Advances in accordance
with this Section 2.10 shall be applied ratably among outstanding Tranche I Exposures and Tranche II Exposures. 
 (b) Prepayments under
this Section 2.10 shall be allocated first to Base Rate Advances, ratably; and any excess amount shall then be allocated to LIBO Rate Advances, in such manner as Altria shall determine. 

(c) Each prepayment made pursuant to this Section 2.10 shall be made together with any interest accrued to the date of such prepayment on
the principal amounts prepaid and, in the case of any prepayment of a LIBO Rate Advance on a date other than the last day of an Interest Period or at its maturity, any additional amounts that Altria shall be obligated to reimburse to the Lenders in
respect thereof pursuant to Section 8.04(b). 
 (d) Altria shall notify the Administrative Agent within three Business Days of any
receipt by Altria or one of its Subsidiaries of such Net Cash Proceeds or Debt Facility borrowing. 
 Section 2.11 Increased
Costs. (a) Costs from Change in Law or Authorities. If, due to either (i) the introduction of or any change (other than any change by way of imposition or increase of reserve requirements to the extent such change is included in
the Eurodollar Rate Reserve Percentage) in or in the interpretation of any law or regulation or (ii) the compliance with any guideline or request from any central bank or other governmental authority (whether or not having the force of law),
there shall be any increase in the cost to (x) any Lender of agreeing to make or making, funding or maintaining LIBO Rate Advances or (y) the Administrative Agent or any Lender with respect to any Advance as a result of any taxes (except
that in no event shall any amount be payable pursuant to this Section 2.11 in respect of (A) taxes excluded from the definition of Taxes pursuant to Section 2.14, (B) Taxes and Other Taxes as to which Section 2.14 applies, and
(C) changes in the basis of taxation of overall net income or overall gross income by the United States or by the foreign jurisdiction or state under the laws of which such 

  
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Lender is organized or has its Applicable Lending Office or any political subdivision thereof) on such Administrative Agent’s or Lender’s loans, loan principal, commitments or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto, then Altria shall from time to time, upon demand by such Lender or the Administrative Agent (with a copy of such demand to the Administrative Agent), pay to
the Administrative Agent, for the account of such Lender or Administrative Agent, additional amounts sufficient to compensate such Lender or Administrative Agent for such increased cost; provided, however, that before making any such
demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Applicable Lending Office if the making of such a designation would avoid the need for, or
reduce the amount of, such increased cost and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate as to the amount of such increased cost, submitted to Altria and the Administrative Agent
by such Lender or Administrative Agent, shall be conclusive and binding for all purposes, absent manifest error. 
 (b) Reduction in
Lender’s Rate of Return. In the event that, after the date hereof, the implementation of or any change in any law or regulation, or any guideline or directive (whether or not having the force of law) or the interpretation or administration
thereof by any central bank or other authority charged with the administration thereof, imposes, modifies or deems applicable any capital adequacy, liquidity or similar requirement (including, without limitation, a request or requirement which
affects the manner in which any Lender allocates capital resources to its commitments, including its obligations hereunder) and as a result thereof, in the sole opinion of such Lender, the rate of return on such Lender’s capital as a
consequence of its obligations hereunder is reduced to a level below that which such Lender could have achieved but for such circumstances, but reduced to the extent that Borrowings are outstanding from time to time, then in each such case, upon
demand from time to time Altria shall pay to such Lender such additional amount or amounts as shall compensate such Lender for such reduction in rate of return; provided that, in the case of each Lender, such additional amount or amounts
shall not exceed 0.15 of 1% per annum of such Lender’s Commitment. A certificate of such Lender as to any such additional amount or amounts shall be conclusive and binding for all purposes, absent manifest error. Except as provided below, in
determining any such amount or amounts each Lender may use any reasonable averaging and attribution methods. Notwithstanding the foregoing, each Lender shall take all reasonable actions to avoid the imposition of, or reduce the amounts of, such
increased costs, provided that such actions, in the reasonable judgment of such Lender, will not be otherwise disadvantageous to such Lender, and, to the extent possible, each Lender will calculate such increased costs based upon the capital
requirements for its Commitment hereunder and not upon the average or general capital requirements imposed upon such Lender. 

Section 2.12 Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify the Administrative
Agent that the introduction of or any change in, or in the interpretation of, any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for any Lender or its Eurodollar Lending Office
to perform its obligations hereunder to make LIBO Rate Advances or to fund or maintain LIBO Rate Advances, (i) each LIBO Rate Advance will automatically, upon such demand, be Converted into a Base Rate Advance or an Advance that bears interest
at the rate set forth in Section 2.04(a)(i), as the case may be, and (ii) the obligation of the Lenders to make LIBO Rate 

  
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Advances or to Convert Base Rate Advances into LIBO Rate Advances shall be suspended, in each case, until the Administrative Agent shall notify Altria and the Lenders that the circumstances
causing such suspension no longer exist; provided, however, that before making any such demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a
different Eurodollar Lending Office if the making of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its obligations to make LIBO Rate Advances or to continue to fund or maintain LIBO Rate Advances
and would not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. 
 Section 2.13 Payments and
Computations. (a) Time and Distribution of Payments. Altria shall make each payment hereunder, without set-off or counterclaim, not later than 11:00 A.M. (New York City time) on the day when
due to the Administrative Agent at the Administrative Agent’s Account in same day funds. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or commitment fees
ratably (other than amounts payable pursuant to Section 2.11, 2.14 or 8.04(b)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to
such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. From and after the effective date of an Assignment and Acceptance pursuant to Section 8.07, the
Administrative Agent shall make all payments hereunder in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for
periods prior to such effective date directly between themselves. 
 (b) Computation of Interest and Fees. All computations of
interest on Base Rate Advances shall be made by the Administrative Agent on the basis of a year of 365 or 366 days, as the case may be. All computations of interest on LIBO Rate Advances and of commitment fees shall be made by the Administrative
Agent, and all computations of interest pursuant to Section 2.05 shall be made by a Lender, on the basis of a year of 360 days. Each determination by the Administrative Agent (or, in the case of Section 2.05 by a Lender) of an interest
rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (c) Payment Due Dates. Whenever any payment
hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or commitment
fee, as the case may be; provided, however, that if such extension would cause payment of interest on or principal of LIBO Rate Advances to be made in the next following calendar month, such payment shall be made on the immediately
preceding Business Day. 
 (d) Presumption of Payment by Altria. Unless the Administrative Agent receives notice from Altria prior to
the date on which any payment is due to the Lenders hereunder that Altria will not make such payment in full, the Administrative Agent may assume that Altria has made such payment in full to the Administrative Agent on such date and the
Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the 

  
 24 

 
extent Altria has not made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender
together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent at the Federal Funds Effective Rate. 

Section 2.14 Taxes. (a) Any and all payments by or on account of Altria shall be made, in accordance with Section 2.13,
free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, (i) in the case of each Lender and the Administrative
Agent, taxes imposed on its net income, and franchise taxes imposed on it, by the jurisdiction under the laws of which such Lender or the Administrative Agent (as the case may be), is organized or any political subdivision thereof, (ii) in the
case of each Lender, taxes imposed on its net income, and franchise taxes imposed on it, by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof, (iii) in the case of each Lender and the
Administrative Agent, taxes imposed on its net income and franchise taxes imposed on it, and any tax imposed by means of withholding, in each case to the extent such tax is imposed solely as a result of a present or former connection (other than
connections arising from the execution, delivery and performance of this Agreement, a Note or a Guarantee, receipt of payments or receipt or perfection of a security interest under this Agreement, a Note or a Guarantee, or engaging of any other
transaction pursuant to or to enforce this Agreement, a Note or the Guarantee) between the Lender or the Administrative Agent, as the case may be, and the taxing jurisdiction, (iv) in the case of each Lender and the Administrative Agent, taxes
imposed by the United States by means of withholding tax if and to the extent that such taxes shall be in effect and shall be applicable on the date hereof to payments to be made to such Lender’s Applicable Lending Office or to the
Administrative Agent and (v) in the case of each Lender and the Administrative Agent, any withholding taxes imposed pursuant to FATCA (all such non-excluded taxes, levies, imposts, deductions, charges,
withholdings and liabilities in respect of payments hereunder being hereinafter referred to as “Taxes”). If any Withholding Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any
Lender or the Administrative Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.14) such Lender or
the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Withholding Agent shall make such deductions and (iii) such Withholding Agent shall pay
the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
 (b) In addition, Altria
shall pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of, performing under, or otherwise
with respect to, this Agreement (hereinafter referred to as “Other Taxes”). 
 (c) Altria shall indemnify each Lender and
the Administrative Agent for and hold it harmless against the full amount of Taxes or Other Taxes (including, without limitation, Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.14) paid by such Lender
or the Administrative Agent (as the case may be), and any liability 

  
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(including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. Each Lender shall severally
indemnify the Administrative Agent for any taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto attributable to such Lender that are paid or payable by the Administrative Agent in connection with this
Agreement and any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes, levies, imposts, deductions, charges, withholdings or liabilities were correctly or legally imposed or asserted by the relevant Governmental
Authority. This indemnification shall be made within 30 days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor. 

(d) Within 30 days after the date of any payment of Taxes, Altria shall furnish to the Administrative Agent at its address referred to in
Section 8.02, the original or a certified copy of a receipt evidencing such payment. If Altria determines that no Taxes are payable in respect of a payment made pursuant to this Agreement, Altria shall, at the request of the Administrative
Agent, furnish the Administrative Agent and each Lender an opinion of counsel reasonably acceptable to the Administrative Agent stating that such payment is exempt from Taxes. 

(e) Each Lender and the Administrative Agent, on or prior to the date of its execution and delivery of this Agreement in the case of each
Initial Lender and the Administrative Agent and on the date of the Assignment and Acceptance pursuant to which it becomes a Lender in the case of each other Lender, shall provide each of the Administrative Agent and Altria with any form or
certificate that is required by any taxing authority (including, if applicable, two original Internal Revenue Service Forms W-9, W-8BEN,
W-8BEN-E or W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service), certifying, if
applicable, that such Lender or Administrative Agent is exempt from or entitled to a reduced rate of Home Jurisdiction Withholding Taxes on payments pursuant to this Agreement. Thereafter, each such Lender or Administrative Agent shall provide such
additional forms or certificates (i) to the extent a form or certificate previously provided has become inaccurate or invalid or has otherwise ceased to be effective or (ii) as reasonably requested in writing by Altria or the
Administrative Agent. Unless Altria and the Administrative Agent have received forms or other documents satisfactory to them indicating that payments hereunder are not subject to Home Jurisdiction Withholding Taxes or are subject to Home
Jurisdiction Withholding Taxes at a rate reduced by an applicable tax treaty, Altria or the Administrative Agent shall withhold taxes from such payments at the applicable statutory rate in the case of payments to or for any Lender or the
Administrative Agent. 
 (f) Any Lender claiming any additional amounts payable pursuant to this Section 2.14 agrees to use reasonable
efforts (consistent with its internal policy and legal and regulatory restrictions) to select or change the jurisdiction of its Applicable Lending Office if the making of such a selection or change would avoid the need for, or reduce the amount of,
any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise economically disadvantageous to such Lender. 

(g) No additional amounts will be payable pursuant to this Section 2.14 with respect to (i) any Home Jurisdiction Withholding Taxes
that would not have been payable had 

  
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the Lender provided the relevant forms or other documents pursuant to Section 2.14(e); or (ii) in the case of an Assignment and Acceptance by a Lender to an Eligible Assignee, any Home
Jurisdiction Withholding Taxes that exceed the amount of such Home Jurisdiction Withholding Taxes that are imposed prior to such Assignment and Acceptance, unless such Assignment and Acceptance resulted from the demand of Altria. 

(h) If any Lender or the Administrative Agent, as the case may be, obtains a refund of any Tax for which payment has been made pursuant to this
Section 2.14, which refund in the good faith judgment of such Lender or the Administrative Agent, as the case may be, is allocable to such payment made under this Section 2.14, the amount of such refund (together with any interest actually
received thereon from the relevant Governmental Authority and reduced by reasonable costs incurred in obtaining such refund (including taxes)) promptly shall be paid to Altria. Altria, upon the request of such Lender or Administrative Agent, shall
repay to such Lender or Administrative Agent the amount paid over pursuant to this paragraph (h) in the event that such Lender or Administrative Agent is required to repay such refund to such Governmental Authority. Notwithstanding anything to
the contrary in this paragraph (h), in no event will any Lender or Administrative Agent be required to pay any amount to Altria pursuant to this paragraph (h) if the payment of which would place such Lender or Administrative Agent in a less
favorable net after-tax position than the Lender or Administrative Agent would have been in if the Tax subject to indemnification and the indemnification payments or additional amounts giving rise to such
refund had never been paid. This paragraph (h) shall not be construed to require any party to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the indemnifying party or any other
Person. 
 Section 2.15 Sharing of Payments, Etc. If any Lender shall obtain any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise) on account of the Advances owing to it (other than pursuant to Section 2.11, 2.14 or 8.04(b)) in excess of its ratable share of payments on
account of the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances made by them as shall be necessary to cause such purchasing Lender to share the excess payment
ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the
purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. Altria agrees that any Lender so purchasing a participation from another Lender
pursuant to this Section 2.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender
were the direct creditor of Altria in the amount of such participation. 
 Section 2.16 Defaulting Lenders. Notwithstanding any
provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, the Administrative Agent shall deliver written notice to such effect, upon the Administrative Agent’s obtaining knowledge of such event, to Altria and such
Defaulting Lender, and the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

  
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 (a) fees shall cease to accrue on the undrawn portion of the Commitment of such Defaulting
Lender pursuant to Section 2.07(a). 
 (b) the Commitments of such Defaulting Lender shall not be included in determining whether all
Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 8.01); provided that any waiver, amendment or modification requiring the consent of all
Lenders or each affected Lender that affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender. 

(c) any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any
amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.15) shall, in lieu of being distributed to such Defaulting Lender, subject to any applicable requirements of law, be applied (i) first, to the payment
of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent, and (iii) third, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. 
 In
the event that the Administrative Agent and Altria each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender or upon receipt by the Administrative Agent of the confirmation referred to
in clause (c) of the definition of “Defaulting Lender”, as applicable, then on such date such Lender shall purchase at par such portion of the Advances of the other Lenders as the Administrative Agent shall determine may be necessary
in order for such Lender to hold such Advances ratably in accordance with its respective Commitment. 
 Section 2.17 Evidence of
Debt. (a) Lender Records; Notes. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of Altria to such Lender resulting from each Advance owing to such Lender from time
to time, including the Class and Type thereof and the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Advances. Altria shall, upon notice by any Lender to Altria (with a copy of such
notice to the Administrative Agent) to the effect that a Note is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, promptly
execute and deliver to such Lender a Note payable to the order of such Lender in a principal amount up to the Commitment of such Lender. 

(b) Record of Borrowings, Payables and Payments. The Register maintained by the Administrative Agent pursuant to Section 8.07(d)
shall include a control account and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded as follows: 

(i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate,
the Interest Period applicable thereto; 

  
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 (ii) the terms of each Assignment and Acceptance delivered to and accepted
by it; 
 (iii) the amount of any principal or interest due and payable or to become due and payable from Altria to each
Lender hereunder; and 
 (iv) the amount of any sum received by the Administrative Agent from Altria and each Lender’s
share thereof. 
 (c) Evidence of Payment Obligations. Entries made in good faith by the Administrative Agent in the Register pursuant
to Section 2.17(b), and by each Lender in its account or accounts pursuant to Section 2.17(a), shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from Altria to, in the case
of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent or such Lender to make an entry, or
any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of Altria under this Agreement. 

Section 2.18 Use of Proceeds. The proceeds of the Tranche I Advances shall be available (and Altria agrees that it shall use such
proceeds) for the financing of the JUUL Investment and the proceeds of the Tranche II Advances shall be available (and Altria agrees that it shall use such proceeds) for the financing of the Cronos Investment. 

ARTICLE III 
 CONDITIONS TO
EFFECTIVENESS AND LENDING 
 Section 3.01 Conditions Precedent to Effectiveness. This Agreement shall become effective on and as
of the first date (the “Effective Date”) on which the following conditions precedent have been satisfied: 
 (a) Altria
shall have notified each Lender and the Administrative Agent in writing as to the proposed Effective Date. 
 (b) Prior to or simultaneously
with the Effective Date, Altria shall have paid all fees due and payable under that certain Fee Letter, dated as of December 7, 2018, between Altria and JPMCB, and all commitments under that certain Bridge Loan Facility Commitment Letter, dated
as of December 7, 2018, between Altria and JPMCB shall have been, or shall substantially contemporaneously be, terminated. Altria shall have also paid all fees required to be paid on or before the Effective Date pursuant to the Term Loan Fee
Letter. 
 (c) The Administrative Agent shall have received on or before the Effective Date the following, each dated such day, in form and
substance satisfactory to the Administrative Agent: 

  
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 (i) Certified copies of the resolutions of the Board of Directors of Altria
approving this Agreement, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement. 

(ii) A certificate of the Secretary or an Assistant Secretary of Altria certifying the names and true signatures of the
officers of Altria authorized to sign this Agreement and the other documents to be delivered hereunder. 
 (iii) Favorable
opinions of counsel (which may be in-house counsel) for Altria, substantially in the form of Exhibits E-1 and E-2 hereto. 

(iv) An executed Guarantee. 

(v) Certified copies of the resolutions of the Board of Directors of the Guarantor approving the Guarantee, and of all
documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Guarantee. 

(vi) A certificate of the Secretary or an Assistant Secretary of the Guarantor certifying the names and true signatures of the
officers of the Guarantor authorized to sign the Guarantee and the other documents to be delivered in connection therewith. 

(vii) Favorable opinion of counsel (which may be in-house counsel) for Guarantor,
substantially in the form of Exhibit E-3 hereto. 
 (viii) A favorable opinion of
Simpson Thacher & Bartlett LLP, counsel for the Administrative Agent, substantially in the form of Exhibit F hereto. 
 (d) This
Agreement shall have been executed by Altria and the Administrative Agent, and the Administrative Agent shall have been notified by each Initial Lender that such Initial Lender has executed this Agreement. 

(e) (i) The Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation and other information
regarding Altria reasonably requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of Altria at least 10 days prior to the
Effective Date and (ii) to the extent Altria qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230, at least five days prior to the Effective Date, any Lender that has reasonably requested, in a written notice to
Altria at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to Altria shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by the Administrative
Agent or any such Lender of its signature page to this Agreement, the respective condition set forth in this Section 3.01(e) shall be deemed to be satisfied). 

The Administrative Agent shall notify Altria and the Initial Lenders of the date that is the Effective Date upon satisfaction of all of the conditions
precedent set forth in this Section 3.01. For purposes of determining compliance with the conditions specified in this Section 3.01, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each
document or other matter required thereunder to be consented to or approved by or acceptable or 

  
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satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the
date that Altria, by notice to the Lenders, designates as the proposed Effective Date, specifying its objection thereto. 

Section 3.02 Conditions Precedent to Borrowing. (a) The obligation of each Lender to make an Advance on the occasion of each
Borrowing is subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing the following statements shall be true, and the acceptance by Altria of the proceeds of such Borrowing shall be a
representation by Altria, as the case may be, that: 
 (i) the Specified Representations shall be true and correct in all
material respects (except that any such representation and warranty that is qualified as to “materiality” or “material adverse effect” shall be true and correct in all respects) on and as of the date of such Borrowing and the
Administrative Agent shall have received a certificate from an officer of Altria certifying the same; and 
 (ii) the Lenders
shall have received (i) audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of Altria for the last three full fiscal years ended at least 60 days prior to the Effective Date and
(ii) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of Altria for each subsequent fiscal quarterly interim period or periods ended at least 40 days prior to the Effective Date
(other than the fourth fiscal quarter of any fiscal year), together with unaudited consolidated financial statements for the corresponding period(s) of the prior fiscal year (it being understood that, with respect to such financial information for
each such fiscal year and subsequent interim period, such condition shall be deemed satisfied through the filing by Altria of its Annual Report on Form 10-K or Quarterly Report on Form 10-Q with respect to such fiscal year or interim period), which are prepared in accordance with accounting principles generally accepted in the United States of America and meet the requirements of Regulation S-X and all other accounting rules and regulations of the Securities and Exchange Commission promulgated thereunder applicable to registration statements on Form S-3; 

(b) With respect to a Borrowing pursuant to Section 2.01(a) only, the obligation of each Lender to make a Tranche I Advance is subject to
the additional condition precedent that on the Effective Date the following statement shall be true, and the acceptance by Altria of the proceeds of such Borrowing shall be a representation by Altria, that the JUUL Investment shall have been (or,
substantially concurrently with the making of the Tranche I Advances comprising such Borrowing shall be) consummated in all material respects in accordance with the terms of the JUUL Purchase Agreement; 

(c) With respect to a Borrowing pursuant to Section 2.01(b) only, the obligation of each Lender to make a Tranche II Advance is subject to
the additional condition precedent that on the date of such Borrowing the following statement shall be true, and the acceptance by Altria of the proceeds of such Borrowing shall be a representation by Altria, that (i) the Cronos Subscription
Agreement Representations shall be true and correct in all material respects (except that any such representation and warranty that is qualified as to “materiality” or 

  
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“material adverse effect” shall be true and correct in all respects) on the Tranche II Closing Date; (ii) the Cronos Investment shall have been (or, substantially concurrently with
the making of the Tranche II Advances comprising such Borrowing shall be) consummated in all material respects in accordance with the terms of the Cronos Subscription Agreement; (iii) the Cronos Subscription Agreement shall not have been
amended or modified in any respect, or any provision or condition therein waived, or any consent granted thereunder (directly or indirectly), by Altria or any of its Subsidiaries, if such amendment, modification, waiver or consent would be material
and adverse to the interests of the Lenders (in their capacities as such) without the Administrative Agent’s prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), it being understood and agreed that any
reduction, when taken together with all prior reductions, of less than 10% in the original merger consideration for the Cronos Investment will be deemed not to be material or adverse to interests of the Lenders, provided that the aggregate
principal amount of Tranche II Commitments shall have been reduced on a dollar-for-dollar basis and (iv) since the date of the Cronos Subscription Agreement, there
shall not have occurred any Effect (as defined in the Cronos Subscription Agreement) that has had or would reasonably be expected to result in a Cronos Material Adverse Effect and that remains in effect. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES 
 Section 4.01 Representations and Warranties of Altria. Altria represents and warrants as follows: 

(a) It is a corporation duly organized, validly existing and in good standing under the laws of Virginia. 

(b) The execution, delivery and performance of this Agreement and the Notes to be delivered by it are within its corporate powers, have been
duly authorized by all necessary corporate action, and do not contravene (i) its charter or by-laws or (ii) in any material respect, any law, rule, regulation or order of any court or governmental
agency or any contractual restriction binding on or affecting it, including, without limitation, the Revolving Credit Agreement or any other Debt instrument to which Altria is a party with an outstanding aggregate principal amount of at least
$100,000,000. 
 (c) No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or
regulatory body is required for the due execution, delivery and performance by it of this Agreement or the Notes to be delivered by it. 

(d) This Agreement is, and each of the Notes to be delivered by it when delivered hereunder will be, a legal, valid and binding obligation of
Altria enforceable against Altria in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws affecting creditors’ rights generally and subject,
as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

  
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 (e) As reported in Altria’s Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2018, the unaudited condensed consolidated balance sheet of Altria and its Subsidiaries as of September 30, 2018 and the unaudited condensed
consolidated statement of earnings of Altria and its Subsidiaries for the nine months then ended fairly present, in all material respects, the consolidated financial position of Altria and its Subsidiaries as at such date and the consolidated
results of the operations of Altria and its Subsidiaries for the nine months ended on such date, all in accordance with accounting principles generally accepted in the United States. Except as disclosed in Altria’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018, and in any Current Report on Form 8-K filed subsequent to September 30, 2018 but prior to the Effective Date,
since September 30, 2018 there has been no material adverse change in such position or operations. 
 (f) There is no pending or
threatened action or proceeding affecting it or any of its Subsidiaries before any court, governmental agency or arbitrator (a “Proceeding”) (i) that purports to affect the legality, validity or enforceability of this Agreement or
(ii) except for Proceedings disclosed in Altria’s Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2018, any Current Report on Form 8-K filed subsequent to September 30, 2018 but prior to the Effective Date and, with respect to Proceedings commenced after the
date of the most recent such document but prior to the Effective Date, a certificate delivered to the Lenders, that may materially adversely affect the financial position or results of operations of Altria and its Subsidiaries taken as a whole. 

(g) None of the proceeds of any Advance will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock or for
the purpose of reducing or retiring any indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that would constitute the Advances as a “purpose credit” within the meaning of Regulation U
and, in each case, would constitute a violation of Regulation U. 
 (h) Altria has implemented and maintains in effect policies and
procedures regarding compliance by Altria, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Altria, its Subsidiaries and their respective officers and directors
and to the knowledge of Altria its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (i) Altria, any Subsidiary, any of their respective directors or officers or to the
knowledge of Altria or such Subsidiary employees, or (ii) to the knowledge of Altria, any agent of Altria or any Subsidiary that will act in any capacity in connection with the credit facility established hereby, is a Sanctioned Person. No
Borrowing will violate any Anti-Corruption Law or applicable Sanctions. 
 (i) Altria is not an EEA Financial Institution. 

(j) As of the Effective Date, to the knowledge of Altria, the information included in the Beneficial Ownership Certification provided on or
prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects. 

  
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 ARTICLE V 

COVENANTS OF ALTRIA 

Section 5.01 Affirmative Covenants. (a) So long as any Advance shall remain unpaid or any Lender shall have any Commitment
hereunder, Altria will: 
 (i) Compliance with Laws, Etc. Comply, and cause each Major Subsidiary to comply, in all
material respects, with all applicable laws, rules, regulations and orders (such compliance to include, without limitation, complying with ERISA and paying before the same become delinquent all taxes, assessments and governmental charges imposed
upon it or upon its property except to the extent contested in good faith), noncompliance with which would materially adversely affect the financial condition or operations of Altria and its Subsidiaries taken as a whole. 

(ii) Maintenance of Ratio of Consolidated EBITDA to Consolidated Interest Expense. Maintain a ratio of Consolidated
EBITDA for the four most recent fiscal quarters for which consolidated financial statements have been delivered pursuant to Section 5.01(a)(iii)(A) or (B) hereof to Consolidated Interest Expense for such four most recent fiscal quarters of
not less than 4.0 to 1.0. 
 (iii) Reporting Requirements. Furnish to the Lenders: 

(A) as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of Altria, an
unaudited interim condensed consolidated balance sheet of Altria and its Subsidiaries as of the end of such quarter and unaudited interim condensed consolidated statements of earnings of Altria and its Subsidiaries for the period commencing at the
end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of Altria; 
 (B) as soon
as available and in any event within 100 days after the end of each fiscal year of Altria, a copy of the consolidated financial statements for such year for Altria and its Subsidiaries, audited by PricewaterhouseCoopers LLP (or other independent
auditors that, as of the date of this Agreement, are one of the “big four” accounting firms); 
 (C) all reports that Altria sends
to any of its shareholders, and copies of all reports on Form 8-K (or any successor forms adopted by the Securities and Exchange Commission) that Altria files with the Securities and Exchange Commission; 

(D) as soon as possible and in any event within five days after the occurrence of each Event of Default and each Default, continuing on the
date of such statement, a statement of the chief financial officer or treasurer of Altria setting forth details of such Event of Default or Default and the action that Altria has taken and proposes to take with respect thereto; 

(E) within 60 days of the end of each fiscal quarter of Altria, a statement of the chief financial officer or treasurer of Altria certifying
compliance with the requirements of Section 5.01(a)(ii) and setting forth the relevant calculations; 

  
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 (F) such other historical information respecting the condition or operations, financial or
otherwise (including, but not limited to, information relating to “know your customer” requirements), of Altria or any Major Subsidiary as any Lender through the Administrative Agent may from time to time reasonably request; and 

(G) any change in the information provided in the Beneficial Ownership Certification delivered to such Lenders that would result in a change to
the list of beneficial owners identified in such certification. 
 In lieu of furnishing the Lenders the items referred to in clauses (A), (B) and
(C) above, Altria may make such items available on the internet at www.altria.com (which website includes an option to subscribe to a free service alerting subscribers by e-mail of new Securities and
Exchange Commission filings) or any successor or replacement website thereof, or by similar electronic means. 
 (b) On and after the Cronos
Closing Date and so long as Altria maintains any equity or other similar or related financial interest in respect of Cronos or any successor thereto: 

(i) Altria will comply, and cause each of its Subsidiaries to comply with the Controlled Substances Act and the Civil Asset
Forfeiture Reform Act (as it relates to violation of the Controlled Substances Act) and all related applicable anti-money laundering laws, to the extent such noncompliance with such regulations would materially adversely affect the financial
condition or operations of Altria and its Subsidiaries taken as a whole. Altria shall not, and shall cause its Subsidiaries to not, knowingly and intentionally repay any principal of the Advances, pay any interest or fees accruing thereon or pay any
other obligations hereunder, in each case, with funds that it knows, at the time of such payment, that Cronos derived from a violation of the Controlled Substances Act. 

(ii) Altria will notify the Administrative Agent and the Lenders as soon as possible and in any event within five days after
obtaining knowledge thereof: 
 (A) any material action, suit or proceeding against Altria or any of its Subsidiaries or any of their
respective properties (x) with respect to the Controlled Substances Act or, solely as they may relate to an alleged violation of the Controlled Substances Act, the Civil Asset Forfeiture Reform Act or applicable anti-money laundering laws, or
(y) by a governmental authority of any foreign jurisdiction where the sale of marijuana or such other controlled substance is illegal that alleges a violation of applicable narcotics-related laws of such foreign jurisdiction; and 

(B) any failure by Cronos to comply with Section 5.1(c) of the Investor Rights Agreement (as defined in the Cronos Subscription
Agreement). 
 (iii) It is agreed that solely for the purposes of Section 5.01(a)(i), Cronos shall be deemed to
constitute a “Major Subsidiary”. 
 (iv) It is agreed that solely for purposes of Section 5.01(b)(i), Cronos
shall be deemed to constitute a “Subsidiary”. 

  
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 Section 5.02 Negative Covenants. (a) So long as any Advance shall remain
unpaid or any Lender shall have any Commitment hereunder, Altria will not: 
 (i) Liens, Etc. Create or suffer to
exist, or permit any Major Subsidiary to create or suffer to exist, any lien, security interest or other charge or encumbrance (other than operating leases and licensed intellectual property), or any other type of preferential arrangement
(“Liens”), upon or with respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any Major Subsidiary to assign, any right to receive income, in each case to secure or provide for the payment
of any Debt of any Person, other than: 
 (A) Liens upon or in property acquired or held by it or any Major Subsidiary in the ordinary course
of business to secure the purchase price of such property or to secure indebtedness incurred solely for the purpose of financing the acquisition of such property; 

(B) Liens existing on property at the time of its acquisition (other than any such lien or security interest created in contemplation of such
acquisition); 
 (C) Liens existing on the date hereof securing Debt; 

(D) Liens on property financed through the issuance of industrial revenue bonds in favor of the holders of such bonds or any agent or trustee
therefor; 
 (E) Liens existing on property of any Person acquired by Altria or any Major Subsidiary; 

(F) Liens securing Debt in an aggregate amount not in excess of 15% of Consolidated Tangible Assets; 

(G) Liens upon or with respect to Margin Stock; 

(H) Liens in favor of Altria or any Major Subsidiary; 

(I) Liens in connection with leasing, sale and leaseback and structured finance transactions conducted in the ordinary course of business of
Philip Morris Capital Corporation, provided that any such Liens that secure the payment of Debt are without recourse to the general credit or assets of Altria and its Major Subsidiaries; 

(J) precautionary Liens provided by Altria or any Major Subsidiary in connection with the sale, assignment, transfer or other disposition of
assets by Altria or such Major Subsidiary, which transaction is determined by the Board of Directors of Altria or such Major Subsidiary to constitute a “sale” under accounting principles generally accepted in the United States; or 

(K) any extension, renewal or replacement of the foregoing, provided that (A) such Lien does not extend to any additional assets (other
than a substitution of like assets), and (B) the amount of Debt secured by any such Lien is not increased. 

  
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 (ii) Mergers, Etc. Consolidate with or merge into, or convey or
transfer its properties and assets substantially as an entirety to, any Person, or permit any Subsidiary directly or indirectly owned by it to do so, unless, immediately after giving effect thereto, no Default or Event of Default would exist and, in
the case of any merger or consolidation to which it is a party, the surviving corporation is Altria or was a Subsidiary of Altria immediately prior to such merger or consolidation, which is organized and existing under the laws of the United States
of America or any State thereof, or the District of Columbia. The surviving corporation of any merger or consolidation involving Altria shall assume all of Altria’s obligations under this Agreement (including without limitation with respect to
Altria’s obligations, the covenants set forth in Article V) by the execution and delivery of an instrument in form and substance satisfactory to the Required Lenders. 

(b) On and after the Cronos Closing Date and so long as Altria maintains any equity or other similar or related financial interest in respect
of Cronos or any successor thereto, the proceeds of any Borrowing shall not be used in contravention of the Controlled Substances Act or any related applicable anti-money laundering law. 

ARTICLE VI 
 EVENTS OF DEFAULT

 Section 6.01 Events of Default. Each of the following events (each an “Event of Default”) shall constitute
an Event of Default: 
 (a) Altria shall fail to pay any principal of any Advance when the same becomes due and payable; or Altria shall fail
to pay interest on any Advance, or Altria shall fail to pay any fees payable under Section 2.07, within ten days after the same becomes due and payable; or 

(b) Any representation or warranty made or deemed to have been made by Altria (or any of their respective officers) in connection with this
Agreement shall prove to have been incorrect in any material respect when made or deemed to have been made; or 
 (c) Altria shall fail to
perform or observe (i) any term, covenant or agreement contained in Section 5.01(a)(ii) or 5.02(a)(ii), (ii) any term, covenant or agreement contained in Section 5.02(a)(i) if such failure shall remain unremedied for 15 days after
written notice thereof shall have been given to Altria by the Administrative Agent or any Lender or (iii) any other term, covenant or agreement contained in this Agreement on its part to be performed or observed if such failure shall remain
unremedied for 30 days after written notice thereof shall have been given to Altria by the Administrative Agent or any Lender; or 
 (d)
Altria or any Major Subsidiary shall fail to pay any principal of or premium or interest on any Debt which is outstanding in a principal amount of at least $100,000,000 in the aggregate (but excluding Debt arising under this Agreement) of Altria or
such Major Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such 

  
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failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt unless adequate provision for any such payment has been made in
form and substance satisfactory to the Required Lenders; or any Debt of Altria or any Major Subsidiary which is outstanding in a principal amount of at least $100,000,000 in the aggregate (but excluding Debt arising under this Agreement) shall be
declared to be due and payable, or required to be prepaid (other than by a scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior
to the stated maturity thereof unless adequate provision for the payment of such Debt has been made in form and substance satisfactory to the Required Lenders; or 

(e) Altria or any Major Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay
its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against Altria or any Major Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property, and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain
undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar
official for it or for any of its property constituting a substantial part of the property of Altria and its Subsidiaries taken as a whole) shall occur; or any Major Subsidiary shall take any corporate action to authorize any of the actions set
forth above in this subsection (e); or 
 (f) Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered
against Altria or any Major Subsidiary and there shall be any period of 60 consecutive days during which a stay of enforcement of such unsatisfied judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided
that such 60-day stay period shall be extended for a period not to exceed an additional 120 days if (i) Altria or such Major Subsidiary is contesting such judgment or enforcement of such judgment in good
faith, unless, with respect only to judgments or orders rendered outside the United States, such action is not reasonably required to protect its respective assets from levy or garnishment, and (ii) no assets with a fair market value in excess
of $100,000,000 of Altria or such Major Subsidiary have been levied upon or garnished to satisfy such judgment; provided, further, that such 60-day stay period shall be further extended for any
judgment or order rendered outside the United States until such time as the conditions in clauses (i) or (ii) are no longer satisfied; or 

(g) Altria or any ERISA Affiliate shall incur, or shall be reasonably likely to incur, liability in excess of $500,000,000 in the aggregate as
a result of one or more of the following: (i) the occurrence of any ERISA Event; (ii) the partial or complete withdrawal of Altria or any ERISA Affiliate from a Multiemployer Plan; or (iii) the termination of a Multiemployer Plan;
provided, however, that no Default or Event of Default under this Section 6.01(g) shall be deemed to have occurred if Altria or any ERISA Affiliate shall have made arrangements satisfactory to the PBGC or the Required Lenders to
discharge or otherwise satisfy such liability (including the posting of a bond or other security); or 

  
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 (h) On and after the Cronos Closing Date and so long as Altria maintains any equity or other
similar or related financial interest in respect of Cronos or any successor thereto, any property of Altria, or any part thereof, has been seized by a Governmental Authority pursuant to the Civil Asset Forfeiture Reform Act or other applicable law
on the grounds that such property or any such portion thereof had been used to commit or facilitate the commission of a criminal offense by Altria or its Affiliates under the Controlled Substances Act, as determined by a court of competent
jurisdiction by final and nonappealable judgment. 
 Section 6.02 Lenders’ Rights upon Event of Default. If an
Event of Default occurs or is continuing, then the Administrative Agent shall at the request, or may with the consent, of the Required Lenders, by notice to Altria: 

(a) declare the obligation of each Lender to make further Advances to be terminated, whereupon the same shall forthwith terminate, and 

(b) declare all the Advances then outstanding, all interest thereon and all other amounts payable under this Agreement to be forthwith due and
payable, whereupon the Advances then outstanding, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by
Altria; 
 provided, however, that in the event of an actual or deemed entry of an order for relief with respect to Altria under the Federal
Bankruptcy Code, (i) the obligation of each Lender to make Advances shall automatically be terminated and (ii) the Advances then outstanding, all such interest and all such amounts shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by Altria. 
 Section 6.03 Limited
Conditionality Period. During the period from and including the Effective Date to and including the Tranche II Commitment Termination Date (the “Limited Conditionality Period”), and notwithstanding (a) that any
representation made on the Effective Date (excluding, for the avoidance of doubt, the Specified Representations and/or Cronos Subscription Agreement Representations) was incorrect, (b) any failure by Altria to comply with Article V,
(c) any provision to the contrary herein or otherwise or (d) that any condition to the occurrence of the Effective Date set forth in Section 3.01 may subsequently be determined not to have been satisfied, neither the Administrative
Agent nor any Lender shall be entitled to (i) rescind, terminate or cancel its Tranche II Commitment (except as set forth in Section 2.10(a)), (ii) rescind, terminate or cancel this Agreement or exercise any right or remedy or make or
enforce any claim under this Agreement, the Notes or otherwise it may have to the extent to do so would prevent, limit or delay the making of its Tranche II Advances, (iii) refuse to participate in making its Tranche II Advances;
provided that the applicable conditions precedent to the making of Tranche II Advances set forth in Section 3.02 have been satisfied or (iv) exercise any right of set-off or counterclaim in
respect of its Advance to the extent to do so would prevent, limit or delay the making of its Advance. For the avoidance of doubt, (A) the rights and remedies of the Lenders and the Administrative Agent shall not be limited in the event that
any applicable condition precedent set forth in Section 3.02 is not satisfied on the Cronos Closing Date and (B) immediately after the expiration of the Limited Conditionality Period, all 

  
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of the rights, remedies and entitlements of the Administrative Agent and the Lenders shall be available notwithstanding that such rights were not available prior to such time as a result of the
foregoing. 
 ARTICLE VII 
 THE
ADMINISTRATIVE AGENT 
 Section 7.01 Authorization and Action. Each Lender hereby appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers and discretion as are reasonably incidental
thereto. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall
be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes;
provided, however, that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement or applicable law. The Administrative Agent
agrees to give to each Lender prompt notice of each notice given to it by Altria as required by the terms of this Agreement or at the request of Altria, and any notice provided pursuant to Section 5.01(a)(iii)(D). The Administrative Agent shall
not have, by reason hereof, a fiduciary relationship in respect of any Lender; and nothing herein, expressed or implied, is intended to or shall be so construed as to impose upon the Administrative Agent any obligations in respect hereof except as
expressly set forth herein. 
 Section 7.02 Administrative Agent’s Reliance, Etc. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct.
Without limitation of the generality of the foregoing, the Administrative Agent: 
 (a) may treat the Lender that made any Advance as the
holder of the Debt resulting therefrom until the Administrative Agent receives and accepts an Assignment and Acceptance entered into by such Lender, as assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07; 

(b) may consult with legal counsel (including counsel for Altria), independent public accountants and other experts selected by it and shall
not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 

(c) make no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or
representations (whether written or oral) made in or in connection with this Agreement; 

  
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 (d) shall not have any duty to ascertain or to inquire as to the performance or observance
of any of the terms, covenants or conditions of this Agreement on the part of Altria or to inspect the property (including the books and records) of Altria; 

(e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement or any other instrument or document furnished pursuant hereto; and 
 (f) shall incur no liability under or in respect of this
Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by e-mail) believed by it to be genuine and signed or sent by the proper party or parties. 

Section 7.03 JPMCB and Affiliates. With respect to its Commitment and the Advances made by it, JPMCB shall have the same rights
and powers under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include JPMCB in its
individual capacity. JPMCB and its affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with Altria, any of its Subsidiaries
and any Person who may do business with or own securities of Altria or any such Subsidiary, all as if JPMCB was not the Administrative Agent and without any duty to account therefor to the Lenders. 

Section 7.04 Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent, any other agent or any other Lender and based on the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other agent, or any other Lender and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 
 Section 7.05
Indemnification. The Lenders agree to indemnify the Administrative Agent solely in its capacity as Administrative Agent (to the extent not reimbursed by Altria), ratably according to the respective principal amounts of the Advances then owing
to each of them (or if no Advances are at the time outstanding, ratably according to the respective amounts of their Commitments), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative
Agent under this Agreement (collectively, the “Indemnified Costs”), provided that no Lender shall be liable for any portion of the Indemnified Costs to the extent resulting from the Administrative Agent’s gross
negligence or willful misconduct as found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent
promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or 

  
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legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not reimbursed for such expenses by Altria. In the case of any
investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by any Administrative Agent, any Lender or a third party. 

Section 7.06 Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to
the Lenders and Altria and may be removed at any time with or without cause by the Required Lenders. Upon the resignation or removal of the Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent.
If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the Required
Lenders’ removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial bank organized under the laws of the United
States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative
Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under
this Agreement. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement. 
 Section 7.07 [Reserved.] 

Section 7.08 Posting of Communications. (a) Subject to Section 8.11, Altria agrees that the Administrative Agent may,
but shall not be obligated to, make any Communications available to the Lenders by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its
electronic transmission system (the “Approved Electronic Platform”). 
 (i) Although the Approved Electronic
Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization
system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and Altria acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not
responsible for approving or vetting the representatives or contacts of any Lender (the “Authorized Users”) that are added to the Approved Electronic Platform, and that there are confidentiality and other risks associated with such
distribution. The Administrative Agent shall not consent to any changes, amendments or alterations to any generally-applicable security procedures and policies applicable to the Approved Electronic Platform. The Administrative Agent shall take all
reasonable and practicable steps 

  
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necessary to limit access to the Approved Electronic Platform to Authorized Users. In the event that the Administrative Agent receives notification from the Approved Electronic Platform that
unauthorized access has occurred, the Administrative Agent shall promptly notify Altria of such unauthorized access and actions taken or to be taken to prevent future unauthorized access. Subject to Section 8.11, each of the Lenders and Altria
hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution. 

(ii) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE
APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM
AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. 

“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of
Altria pursuant to this Agreement and the other documents to be delivered hereunder or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant to this
Section, including through an Approved Electronic Platform. 
 (iii) Each Lender agrees that notice to it (as provided in the
next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of this Agreement and the other documents to be delivered
hereunder. Each Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s email address to which the foregoing notice may be sent by
electronic transmission and (ii) that the foregoing notice may be sent to such email address. 
 (iv) Each of the
Lenders and Altria agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s
generally applicable document retention procedures and policies. 
 (v) Nothing herein shall prejudice the right of the
Administrative Agent or any Lender to give any notice or other communication pursuant to this Agreement and the other documents to be delivered hereunder in any other manner specified in such document. 

  
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 ARTICLE VIII 

MISCELLANEOUS 
 Section 8.01
Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by Altria therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders (or, if such
amendment, modification, supplement, extension, termination or waiver relates only to or only affects (x) the Tranche I Commitments and/or Tranche I Advances, the Required Tranche I Lenders or (y) the Tranche II Commitments and/or the
Tranche II Advances, the Required Tranche II Lenders), and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or
consent shall, unless in writing and signed by all the Lenders affected thereby, do any of the following: (a) waive any of the conditions specified in Section 3.02, (b) increase the Commitments of the Lenders or subject the Lenders to any
additional obligations, (c) reduce the principal of, or interest on, the Advances or any fees or other amounts payable hereunder, (d) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or
other amounts payable hereunder, (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, or the number of Lenders, that shall be required for the Lenders or any of them to take any action
hereunder, or (f) amend this Section 8.01; provided further that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent, in addition to the Lenders required above to take such action,
affect the rights or duties of the Administrative Agent under this Agreement or any Advance. 
 Section 8.02 Notices, Etc.
(a) Addresses. Unless otherwise specified herein, all notices and other communications provided for hereunder shall be in writing (including electronic communication) and mailed, telecopied, or delivered, as follows: 

if to Altria: 

Altria Group, Inc. 

6601 West Broad Street 

Richmond, Virginia 23230 

Attention: Vice President and Treasurer 

Fax number: (804) 484-8886; 

with a copy to: 

Altria Client Services LLC 

6601 West Broad Street 

Richmond, Virginia 23230 

Attention: Treasury Management-Back Office 

Fax number: (919) 884-3701; 

if to any Initial Lender, at its Domestic Lending Office specified opposite its name on Schedule I hereto; 

  
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 if to any other Lender, at its Domestic Lending Office specified in the Assignment and
Acceptance pursuant to which it became a Lender; 
 if to the Administrative Agent: 

c/o JPMorgan Chase Bank, N.A. 

383 Madison Avenue, 24th Floor 

New York, New York 10179 

Attention: Tony Yung 

Fax number: (212) 270-3279; 

with a copy to: 

JPMorgan Chase Bank, N.A. 

Loan and Agency 

500 Stanton Christiana Road, NCC5/Floor 1 

Newark, DE 19713 

Attention: Michelle Keesee 

Fax number: (302) 634-8459; 

as to Altria or the Administrative Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each
other party, at such other address as shall be designated by such party in a written notice to Altria and the Administrative Agent. 
 (b)
Effectiveness of Notices. All such notices and communications shall, when mailed or telecopied, be effective when deposited in the mail or telecopied, respectively, except that notices and communications to the Administrative Agent pursuant
to Article II, III or VII shall not be effective until received by the Administrative Agent. Delivery by e-mail of an executed counterpart of any amendment or waiver of any provision of this Agreement or of
any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of a manually executed counterpart thereof. 

Section 8.03 No Waiver; Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in
exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 Section 8.04 Costs and Expenses.
(a) Administrative Agent; Enforcement. Altria agrees to pay on demand all reasonable costs and expenses in connection with the preparation, execution, delivery, administration (excluding any cost or expenses for administration related to
the overhead of the Administrative Agent), modification and amendment of this Agreement and the documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities under this Agreement, and all
costs and expenses of the Lenders and the Administrative Agent, if any (including, without limitation, reasonable counsel fees and 

  
 45 

 
expenses of the Lenders and the Administrative Agent), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement and the other documents
to be delivered hereunder. 
 (b) Prepayment of LIBO Rate Advances. If any payment of principal of any LIBO Rate Advance is made other
than on the last day of the Interest Period for such Advance or at its maturity, as a result of a payment pursuant to Section 2.10, acceleration of the maturity of the Advances pursuant to Section 6.02, an assignment made as a result of a
demand by Altria pursuant to Section 8.07(a) or for any other reason, Altria shall, upon demand by any Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts
required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. Without prejudice to the survival of any other agreement of Altria, the agreements and obligations of Altria contained in
Sections 2.02(c), 2.05, 2.11, 2.14 and this Section 8.04(b) shall survive the payment in full of principal and interest hereunder. 

(c) Indemnification. Altria agrees to indemnify and hold harmless the Administrative Agent and each Lender and each of their respective
affiliates, control persons, directors, officers, employees, attorneys and agents (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and disbursements of counsel) which may be incurred by or asserted against any Indemnified Party, in each case in connection with or arising out of, or in connection with the preparation for or defense of, any investigation,
litigation, or proceeding (i) related to any transaction or proposed transaction (whether or not consummated) in which any proceeds of any Borrowing are applied or are proposed to be applied, directly or indirectly, by Altria, whether or not
such Indemnified Party is a party to such transaction or (ii) related to Altria’s entering into this Agreement or the term loan facility established hereby, or to any actions or omissions of Altria or any of its or their respective
officers, directors, employees or agents in connection therewith, in each case whether or not an Indemnified Party is a party thereto and whether or not such investigation, litigation or proceeding is brought by Altria or any other Person;
provided, however, that Altria shall be required to indemnify any such Indemnified Party from or against any portion of such claims, damages, losses, liabilities or expenses that is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Party. 

Section 8.05 Right of Set-Off. Upon (i) the occurrence and during the continuance of
any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.02 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions of Section 6.02,
each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by such Lender to or for the credit or the account of Altria against any and all of the obligations of Altria now or hereafter existing under this Agreement, whether or not such Lender shall have made any demand under this
Agreement and although such obligations may be unmatured. Each Lender shall promptly notify Altria, as the case may 

  
 46 

 
be, after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its affiliates under this Section 8.05 are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender and its affiliates may have. 
 Section 8.06 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of Altria, the Administrative Agent and each Lender and their respective successors and assigns, except that Altria shall not have the right to assign its rights hereunder or any interest
herein without the prior written consent of the Lenders. 
 Section 8.07 Assignments and Participations. (a) Assignment
of Lender Obligations. Each Lender may and, if demanded by Altria upon at least five Business Days’ notice (or, in the case of a Defaulting Lender, at least three Business Days’ notice) to such Lender and the Administrative Agent, will
assign to one or more Persons all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it), subject to the following: 

(i) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this
Agreement, except that this clause (i) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes on a non-pro rata basis; 

(ii) the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the
date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $10,000,000 (subject to reduction at the sole discretion of Altria) and shall be an integral multiple of $1,000,000; 

(iii) each such assignment shall be to an Eligible Assignee; 

(iv) each such assignment made as a result of a demand by Altria pursuant to this Section 8.07(a) shall be arranged by
Altria after consultation with the Administrative Agent and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of such rights and obligations made
concurrently with another such assignment or other such assignments which together cover all of the rights and obligations of the assigning Lender under this Agreement; 

(v) no Lender shall be obligated to make any such assignment as a result of a demand by Altria pursuant to this
Section 8.07(a) unless and until such Lender shall have received one or more payments from Altria to which it has outstanding Advances or one or more Eligible Assignees in an aggregate amount at least equal to the aggregate outstanding
principal amount of the Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under this Agreement; and 

(vi) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and
recording in the Register, an Assignment 

  
 47 

 
and Acceptance, together with a processing and recordation fee of $3,500 payable by the assigning Lender, provided that, if such assignment is made as a result of a demand by Altria under
this Section 8.07(a) Altria shall pay or cause to be paid such $3,500 fee. 
 Upon such execution, delivery, acceptance and recording, from and after
the effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance,
have the rights and obligations of a Lender hereunder and (y) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights
(other than those provided under Section 8.04) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto), other than Section 8.11. 
 (b) Assignment and
Acceptance. By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in
such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assigning Lender makes no representation or warranty and assumes no responsibility
with respect to the financial condition of Altria or the performance or observance by Altria of any of its obligations under this Agreement or any other instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has
received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee represents that (A) the source of any funds it is
using to acquire the assigning Lender’s interest or to make any Advance is not and will not be plan assets as defined under the Department of Labor Plan Asset Regulations (Section 2510.3-101 of Part 2510
of Chapter XXV, Title 29 of the Code of Federal Regulations, as amended by Section 3(42) of ERISA and as may be further amended) or (B) the assignment or Advance is not and will not be a non-exempt
prohibited transaction as defined in Section 406 of ERISA or Section 4975(c) of the Internal Revenue Code; (vii) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers and discretion under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers and discretion as are reasonably incidental thereto; and (viii) such assignee agrees that it will
perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 

  
 48 

 (c) Agent’s Acceptance. Upon its receipt of an Assignment and Acceptance
executed by an assigning Lender and an assignee representing that it is an Eligible Assignee, together with any Note or Notes subject to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in
substantially the form of Exhibit C hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to Altria. 

(d) Register. The Administrative Agent shall maintain at its address referred to in Section 8.02 a copy of each Assignment and
Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Advances owing to, each Lender from time to time (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and Altria, the Administrative Agent, and the Lenders may treat each Person whose name is recorded in the Register as
a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by Altria or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(e) Sale of Participation. Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its
rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and any Note or Notes held by it), subject to the following: 

(i) such Lender’s obligations under this Agreement (including, without limitation, its Commitment to Altria hereunder)
shall remain unchanged, 
 (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations, 
 (iii) Altria, the Administrative Agent, and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and 
 (iv) no
participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement, or any consent to any departure by Altria therefrom, except to the extent that such amendment, waiver or consent
would reduce the principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the
Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation. 
 Each Lender that sells a participation
shall maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Advances or other obligations. 

(f) Disclosure of Information. Any Lender may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 8.07, disclose to the assignee or participant or proposed assignee or participant, any information 

  
 49 

 
relating to Altria furnished to such Lender by or on behalf of Altria; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall
agree to preserve the confidentiality of any confidential information relating to Altria received by it from such Lender by signing a confidentiality agreement substantially in the form attached hereto as Exhibit G or with terms no less restrictive
than the provisions of Exhibit G. 
 (g) Regulation A Security Interest. Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and any Note or Notes held by it) in favor of any Federal Reserve Bank
in accordance with Regulation A. 
 Section 8.08 Governing Law. This Agreement and the Notes shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 Section 8.09 Execution in Counterparts. This Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Agreement by e-mail shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 8.10 Jurisdiction, Etc. (a) Submission to Jurisdiction; Service of Process. Each of the parties hereto
hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York state court or Federal court of the United States of America sitting in New York City, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in any such New York state court or, to the extent permitted by law, in such Federal court. Altria irrevocably consents to the service of process in any action or proceeding in such courts by the
mailing thereof by any parties hereto by registered or certified mail, postage prepaid, to Altria at its address specified pursuant to Section 8.02. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to serve legal process in any other manner
permitted by law or to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction. 
 (b)
Waivers. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement or the Notes in any New York state or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, trial by jury in any legal action or proceeding relating to this Agreement or any other related documents.

  
 50 

 Section 8.11 Confidentiality. Neither the Administrative Agent nor any Lender
shall disclose any confidential Information (as defined below) relating to Altria to any other Person without the consent of Altria, other than (a) to the Administrative Agent’s or such Lender’s affiliates and their officers,
directors, employees, agents and advisors and, as contemplated by Section 8.07(f), to actual or prospective assignees and participants, and then, in each such case, only on a confidential basis and only to such Persons who need to know such
information for the purpose of evaluating, administering or monitoring this Agreement or the term loan facility established hereby; provided, however, that such actual or prospective assignee or participant shall have been made aware
of this Section 8.11 and shall have agreed to be bound by its provisions as if it were a party to this Agreement, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, federal
or foreign authority or examiner regulating banks or banking or other financial institutions, (d) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 8.11 or
(ii) becomes available to any Administrative Agent or any Lender on a non-confidential basis from a source other than Altria, which source, to the best of such Administrative Agent’s or such
Lender’s knowledge, is not prohibited from disclosing such Information by a contractual, legal or fiduciary obligation to Altria or (e)(i) if necessary in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement, (ii) such disclosure is made in a complaint or other document filed in a lawsuit or other proceeding and (iii) such filing is made under seal, if the court permits such filing under seal. Altria agrees that
(x) no confidentiality undertaking previously entered into by any Administrative Agent or Lender or any of its affiliates shall prohibit any disclosure expressly permitted to be made by, and in accordance with, Section 8.07(f) and this
Section 8.11 and (y) the Administrative Agent and the Lenders may disclose the existence of this Agreement and public information about this Agreement to market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent or any Lender in connection with the administration of this Agreement, the other documents to be delivered hereunder and the Commitments. 

For the purposes of this Section 8.11, “Information” means all information regardless of form, whether oral, written or electronic, received
from Altria relating to Altria or its business, together with analyses, compilations or other materials prepared by the Administrative Agent, a Lender or their respective representatives which contain or otherwise reflect such information, other
than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by Altria; provided that, in the case of information received from
Altria after the date hereof, such information is identified as confidential. 
 Section 8.12 Integration. This Agreement and
the Notes represent the agreement of Altria, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, Altria or any Lender
relative to the subject matter hereof not expressly set forth or referred to herein or in the Notes other than the matters referred to in Sections 2.07(c) and 8.04(a) and except for confidentiality agreements entered into by each Lender in
connection with this Agreement. 
 Section 8.13 USA Patriot Act Notice. The Administrative Agent and each Lender hereby notifies
Altria that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain,

  
 51 

 
verify and record information that identifies Altria, which information includes the name and address of Altria and other information that will allow such Lender to identify Altria in accordance
with the Patriot Act. 
 Section 8.14 No Fiduciary Duty. The Administrative Agent, each Lender and their affiliates
(collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of Altria. Altria agrees that nothing in this Agreement will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or other implied duty between the Lenders and Altria, its stockholders or its affiliates. Altria further acknowledges and agrees that it is responsible for making its own independent judgment with respect to this Agreement
and the process leading thereto. Altria agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Altria, in connection with this Agreement or the process leading
thereto. 
 Section 8.15 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in this Agreement or any other instrument or document furnished pursuant hereto or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under this Agreement or any other instrument or document furnished pursuant hereto may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder that may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other instrument or document furnished pursuant hereto; or 
 (iii) the variation of the terms of
such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 [Signature
pages follow.] 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	ALTRIA GROUP, INC.
		
	By:	 	 /s/ Daniel J. Bryant

	Name:	 	Daniel J. Bryant
	Title:	 	Vice President and Treasurer
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Tony Yung

	Name:	 	Tony Yung
	Title:	 	Executive Director
	
	JPMORGAN CHASE BANK, N.A., as Initial Lender
		
	By:	 	 /s/ Tony Yung

	Name:	 	Tony Yung
	Title:	 	Executive Director

 EXHIBIT A - 1 - FORM OF 

TRANCHE I NOTE 
 Dated:
_______________, 20__ 
 U.S.$_________________ 

FOR VALUE RECEIVED, the undersigned, Altria Group, Inc., a Virginia corporation (“Altria”), HEREBY PROMISES TO PAY to the
order of __________ (the “Lender”) for the account of its Applicable Lending Office on the Maturity Date (each as defined in the Term Loan Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Tranche I
Commitment in figures] or, if less, the aggregate principal amount of the Tranche I Advances outstanding on the Maturity Date made by the Lender to Altria pursuant to the Term Loan Agreement, dated as of December 20, 2018 among Altria, the
Lender and certain other lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lender and such other lenders (as amended or modified from time to time, the “Term Loan Agreement;” the terms defined
therein being used herein as therein defined). 
 Altria promises to pay interest on the unpaid principal amount of each Tranche I Advance
from the date of such Tranche I Advance until such principal amount is paid in full, at such interest rate, and payable at such times, as are specified in the Term Loan Agreement. 

Both principal and interest in respect of each Tranche I Advance are payable in Dollars to JPMCB for the account of the Lender at the office
of JPMCB, located at 500 Stanton Christiana Road, NCC5/Floor 1, Newark, DE 19713, in same day funds. Each Tranche I Advance owing to the Lender by Altria pursuant to the Term Loan Agreement, and all payments made on account of principal thereof,
shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note. 

This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Term Loan Agreement. The Term Loan Agreement,
among other things, (i) provides for the making of Tranche I Advances by the Lender to Altria in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the indebtedness of Altria resulting from each
such Tranche I Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified. 

  
 A-1-1 

 This Promissory Note shall be governed by, and construed in accordance with, the laws of the
State of New York. 
  

			
	ALTRIA GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:

  
 A-1-2 

 LOANS AND PAYMENTS OF PRINCIPAL 

 

													
	 Date
	 	 Type of

Tranche I
 Advance
	 	 Amount of

Tranche I Advance
	 	 Interest Rate
	 	 Amount of

Principal Paid
 or Prepaid
	 	 Unpaid Principal

Balance
	 	 Notation

Made By

  
 A-1-3 

 EXHIBIT A - 2 - FORM OF 

TRANCHE II NOTE 
 Dated:
_______________, 20__ 
 U.S.$_________________ 

FOR VALUE RECEIVED, the undersigned, Altria Group, Inc., a Virginia corporation (“Altria”), HEREBY PROMISES TO PAY to the
order of __________ (the “Lender”) for the account of its Applicable Lending Office on the Maturity Date (each as defined in the Term Loan Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Tranche
II Commitment in figures] or, if less, the aggregate principal amount of the Tranche II Advances outstanding on the Maturity Date made by the Lender to Altria pursuant to the Term Loan Agreement, dated as of December 20, 2018 among Altria, the
Lender and certain other lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lender and such other lenders (as amended or modified from time to time, the “Term Loan Agreement;” the terms defined
therein being used herein as therein defined). 
 Altria promises to pay interest on the unpaid principal amount of each Tranche II Advance
from the date of such Tranche II Advance until such principal amount is paid in full, at such interest rate, and payable at such times, as are specified in the Term Loan Agreement. 

Both principal and interest in respect of each Tranche II Advance are payable in Dollars to JPMCB for the account of the Lender at the office
of JPMCB, located at 500 Stanton Christiana Road, NCC5/Floor 1, Newark, DE 19713, in same day funds. Each Tranche II Advance owing to the Lender by Altria pursuant to the Term Loan Agreement, and all payments made on account of principal thereof,
shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note. 

This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Term Loan Agreement. The Term Loan Agreement,
among other things, (i) provides for the making of Tranche II Advances by the Lender to Altria in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the indebtedness of Altria resulting from each
such Tranche II Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified. 

  
 A-2-1 

 This Promissory Note shall be governed by, and construed in accordance with, the laws of the
State of New York. 
  

			
	ALTRIA GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:

  
 A-2-2 

 LOANS AND PAYMENTS OF PRINCIPAL 

 

													
	 Date
	 	 Type of

Tranche II
 Advance
	 	 Amount of

Tranche II
 Advance
	 	 Interest Rate
	 	 Amount of

Principal Paid
 or
Prepaid
	 	 Unpaid Principal

Balance
	 	 Notation

Made By

  
 A-2-3 

 EXHIBIT B - FORM OF 

NOTICE OF BORROWING 

[Date] 
 JPMorgan Chase Bank,
N.A., as Administrative Agent 
     for the Lenders party to the Term Loan Agreement 

    referred to below 
 Ladies and Gentlemen:

 Altria Group, Inc. (“Altria”), refers to the Term Loan Agreement, dated as of December 20, 2018 (as amended or
modified from time to time, the “Term Loan Agreement,” the terms defined therein being used herein as therein defined), among Altria, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for such Lenders,
and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Term Loan Agreement that Altria hereby requests a Borrowing under the Term Loan Agreement, and in that connection sets forth below the information relating to such
Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of the Term Loan Agreement: 
 (i)
The date of the Proposed Borrowing is _______________, 20__. 
 (ii) The Type of Advances comprising the Proposed Borrowing
is [Base Rate Advances] [LIBO Rate Advances]. 
 (iii) The Class of Advances comprising the Proposed Borrowing is
[Tranche I Advances] [Tranche II Advances]. 
 (iv) The aggregate amount of the Proposed Borrowing is U.S.$[_______________].

 [(v) The initial Interest Period for each LIBO Rate Advance made as part of the Proposed Borrowing is [one week] [______
month(s)].] 
 Altria hereby certifies that the following statements are true on the date hereof, and will be true on the date of the
Proposed Borrowing: 
 (A) the conditions contained in Section 3.02 of the Term Loan Agreement have been satisfied; and

 (B) the aggregate principal amount of the Proposed Borrowing and all other Borrowings to be made on the same day under the
Term Loan Agreement is within the aggregate unused [Tranche I] [Tranche II] Commitments of the Lenders. 

  
 B-1 

 
			
	Very truly yours,
	
	ALTRIA GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:

  
 B-2 

 EXHIBIT C - FORM OF 

ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Term Loan Agreement, dated as of December 20, 2018 (as amended or modified from time to time, the “Term
Loan Agreement,” the terms defined therein being used herein as therein defined), among Altria Group, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A. (“JPMCB”), as Administrative Agent for such Lenders (in
such capacity, the “Administrative Agent”). 
 The “Assignor” and the “Assignee” referred to on
Schedule 1 hereto agree as follows: 
 1. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and
assumes from the Assignor, an interest in and to the Assignor’s rights and obligations under the Term Loan Agreement as of the date hereof equal to the percentage interest specified on Schedule 1 hereto of all outstanding rights and obligations
under the Term Loan Agreement (the “Assigned Interest”). After giving effect to such sale and assignment, the Assignee’s Commitment and the amount of the Advances owing to the Assignee will be as set forth on Schedule 1 hereto.
Each of the Assignor and the Assignee represents and warrants that it is authorized to execute and deliver this Assignment and Acceptance. 

2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and
that such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Term Loan
Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Term Loan Agreement or any other instrument or document furnished pursuant thereto; and (iii) makes no representation or warranty and
assumes no responsibility with respect to the financial condition of Altria or the performance or observance by Altria of any of its obligations under the Term Loan Agreement or any other instrument or document furnished pursuant thereto. 

3. The Assignee (i) confirms that it has received a copy of the Term Loan Agreement, together with copies of the financial statements
referred to in Section 4.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently
and without reliance upon JPMCB, as Administrative Agent, any other Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Term Loan Agreement; (iii) confirms that it is an Eligible Assignee; (iv) represents that (A) the source of any funds it is using to acquire the Assignor’s interest or to make any Advance is not and
will not be plan assets as defined under the Department of Labor Plan Asset Regulations (Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, as amended by
Section 3(42) of ERISA and as may be further amended) or (B) the assignment or Advance is not and will be not be a non-exempt prohibited transaction as defined in Section 406 of ERISA or
Section 4975(c) of the Internal Revenue Code; (v) appoints and authorizes JPMCB, as Administrative Agent, to take such action as agent on its behalf and to exercise such powers and discretion under the Term Loan Agreement as are delegated
to 

  
 C-1 

 
JPMCB, as Administrative Agent, by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (vi) agrees that it will perform in accordance with
their terms all of the obligations that by the terms of the Term Loan Agreement are required to be performed by it as a Lender. 
 4. This
Assignment and Acceptance will be delivered to JPMCB, as Administrative Agent, for acceptance and recording by JPMCB, as Administrative Agent, following its execution. The effective date for this Assignment and Acceptance (the “Effective
Date”) shall be the date of acceptance hereof by JPMCB, as Administrative Agent, unless otherwise specified on Schedule 1 hereto. 

5. Upon such acceptance and recording by JPMCB, as Administrative Agent, as of the Effective Date, (i) the Assignee shall be a party to
the Term Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its
rights and be released from its obligations under the Term Loan Agreement. 
 6. Upon such acceptance and recording by JPMCB, as
Administrative Agent, from and after the Effective Date, JPMCB, as Administrative Agent, shall make all payments under the Term Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal,
interest and commitment fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Term Loan Agreement for periods prior to the Effective Date directly between themselves. 

7. This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York. 

8. This Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance by telecopier or e-mail shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. 

IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule 1 to this Assignment and Acceptance to be executed by their officers
thereunto duly authorized as of the date specified thereon. 

  
 C-2 

 Schedule 1 

to 
 Assignment and Acceptance 

 

	
	 Assignor: __________________________

	
	 Assignee: __________________________

 Assigned Interests: 
  

							
	Class of Commitment/Advances
Assigned1	 	Aggregate Amount of
Commitment/Advances for all
Lenders	 	Amount of Commitment/
Advances Assigned	 	Percentage Assigned of
Commitment/Advances under
the applicable Class2
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 Effective Date3: _______________, 20__ 

 

			
	[NAME OF ASSIGNOR], as Assignor
		
	By	 	  

		 	Title:
	
	Dated: _______________, 20__
	
	[NAME OF ASSIGNEE], as Assignee
		
	By	 	  

		 	Title:
	
	Dated: _______________, 20__
	
	Domestic Lending Office:
	
	[Address]

  

	1 	 Fill in Tranche I Commitment, Tranche II Commitment, Tranche I Advance or Tranche II Advance, as applicable.

	2 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of all Lenders thereunder.

	3 	 This date should be no earlier than five Business Days after the delivery of this Assignment and Acceptance to
JPMCB, as Administrative Agent. 

  
 C-3 

			
	Accepted this
	__________ day of _______________, 20__
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By	 	  

		 	Title:
	
	 [Approved this __________ day
 of
_______________, 20__

	
	ALTRIA GROUP, INC.]4
		
	By	 	  

		 	Title:

  

	4 	 Required if the Assignee is an Eligible Assignee solely by reason of clause (viii) of the definition of
“Eligible Assignee.” 

  
 C-4 

 EXHIBIT D - 

FORM OF GUARANTEE 
 GUARANTEE,
dated as of ______________, 20__ (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of the Lenders (the “Lenders”)
party to the Term Loan Agreement, dated as of December 20, 2018 (as amended, supplemented or otherwise modified from time to time, the “Term Loan Agreement”) among Altria Group, Inc. (“Altria”), such Lenders
and JPMorgan Chase Bank, N.A. (“JPMCB”), as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms used in this Guarantee and not otherwise defined herein have the meanings
specified in the Term Loan Agreement. 
 WITNESSETH: 

SECTION 1. Guarantee. (a) The Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by
acceleration or otherwise, of all the obligations of Altria now or hereafter existing under the Term Loan Agreement, whether for principal, interest, fees, expenses or otherwise (such obligations being referred to herein as the
“Obligations”). 
 (b) It is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to this Guarantee. To effectuate the foregoing intention, the amount
guaranteed by the Guarantor under this Guarantee shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in
the Obligations of the Guarantor under this Guarantee not constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 SECTION 2. Guarantee Absolute. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of
the Term Loan Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of JPMCB, as Administrative Agent, or the Lenders with respect thereto. The liability of the
Guarantor under this Guarantee shall be absolute and unconditional irrespective of: 
 (a) any lack of validity, enforceability or
genuineness of any provision of the Term Loan Agreement or any other agreement or instrument relating thereto; 
 (b) any change in the time,
manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from the Term Loan Agreement; 

(c) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of
or consent to departure from any other guarantee, for all or any of the Obligations; or 

  
 D-1 

 (d) any other circumstance that might otherwise constitute a defense available to, or a
discharge of, Altria or a guarantor. 
 SECTION 3. Subordination. The Guarantor covenants and agrees that its obligation to make
payments of the Obligations hereunder constitutes an unsecured obligation of the Guarantor ranking (a) pari passu with all existing and future senior indebtedness of the Guarantor and (b) senior in right of payment to all existing
and future subordinated indebtedness of the Guarantor. 
 SECTION 4. Waiver; Subrogation. (a) The Guarantor hereby waives
promptness, diligence, notice of acceptance and any other notice with respect to this Guarantee and any requirement that JPMCB, as Administrative Agent, or any Lender protect, secure, perfect or insure any security interest or lien or any property
subject thereto or exhaust any right or take any action against Altria or any other Person or any collateral. 
 (b) The Guarantor hereby
irrevocably waives any claims or other rights that it may now or hereafter acquire against Altria that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guarantee or the Term Loan Agreement,
including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of JPMCB, as Administrative Agent, or any Lender against Altria or any
collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from Altria, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. If any amount shall be paid to the Guarantor in violation of the preceding sentence at any time prior to the cash
payment in full of the Obligations and all other amounts payable under this Guarantee, such amount shall be held in trust for the benefit of JPMCB, as Administrative Agent, and the Lenders and shall forthwith be paid to JPMCB, as Administrative
Agent, to be credited and applied to the Obligations and all other amounts payable under this Guarantee, whether matured or unmatured, in accordance with the terms of the Term Loan Agreement and this Guarantee, or be held as collateral for any
Obligations or other amounts payable under this Guarantee thereafter arising. The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Term Loan Agreement and this Guarantee and
that the waiver set forth in this Section 4(b) is knowingly made in contemplation of such benefits. 
 SECTION 5. No Waiver;
Remedies. No failure on the part of JPMCB, as Administrative Agent, or any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

  
 D-2 

 SECTION 6. Continuing Guarantee; Transfer of Interest. This Guarantee is a continuing
guarantee and shall (a) remain in full force and effect until the earliest to occur of (i) the date, if any, on which the Guarantor shall consolidate with or merge into Altria or any successor thereto, (ii) the date, if any, on which
Altria or any successor thereto shall consolidate with or merge into the Guarantor, (iii) payment in full of the Obligations, and (iv) the rating of Altria’s long term senior unsecured debt by Standard & Poor’s of A or
higher, (b) be binding upon the Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by any Lender or Administrative Agent, and by their respective successors, transferees, and assigns. 

SECTION 7. Reinstatement. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any
payment of any of the Obligations is rescinded or must otherwise be returned by JPMCB, as Administrative Agent, or any Lender upon the insolvency, bankruptcy or reorganization of Altria or otherwise, all as though such payment had not been made.

 SECTION 8. Amendment. The Guarantor may amend this Guarantee at any time for any purpose without the consent of JPMCB, as
Administrative Agent, or any of the Lenders; provided, however, that if such amendment adversely affects the rights of any Lender, the prior written consent of such Lender shall be required. 

SECTION 9. Governing Law. This Guarantee shall be governed by, and construed in accordance with the laws of the State of New York. 

IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and delivered by its officer thereunto duly authorized as of
the date first above written. 
  

			
	PHILIP MORRIS USA INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E-1 - FORM OF 

OPINION OF COUNSEL 
 FOR ALTRIA 

[Letterhead of Hunton Andrews Kurth LLP] 

[Effective Date] 
 To each of the Lenders party

 to the Term Loan Agreement referred to below 

Term Loan Agreement 
 Altria
Group, Inc. 
 Ladies and Gentlemen: 
 This
opinion is furnished to you pursuant to Section 3.01(c)(iii) of the Term Loan Agreement, dated as of December 20, 2018 (the “Term Loan Agreement”), among Altria Group, Inc. (“Altria”), the Lenders party
thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for such Lenders. Terms defined in the Term Loan Agreement are used herein as therein defined. 

We have acted as special counsel for Altria in connection with the preparation, execution and delivery of the Term Loan Agreement. 

In that connection, we have examined the following documents: 

(1) the Term Loan Agreement; 

(2) the documents furnished by Altria pursuant to Sections 3.01(c)(i), (ii), (iv), (v) and (vi) of the Term Loan
Agreement; 
 (3) the articles of incorporation of Altria, as amended (the “Charter”); and 

(4) the by-laws of Altria, as amended and restated (the “By-laws”). 
 We have also examined the originals, or copies certified to our satisfaction, of such corporate
records of Altria, certificates of public officials and of officers of Altria and agreements, instruments and other documents, as we have deemed relevant and necessary as a basis for the opinions expressed below. As to questions of fact material to
such opinions, we have, when relevant facts were not independently established by us, relied upon and assumed the accuracy of the representations of Altria set forth in the Term Loan Agreement and upon certificates of Altria or its officers or of
public officials. Whenever the phrase “known to us” is used herein, it refers to the actual knowledge of the attorneys of the firm involved in the representation of Altria in connection with the Term Loan Agreement, without independent
investigation. For purposes of the opinions expressed below, we have assumed (i) the authenticity of all documents submitted to us as originals, (ii) the conformity to the originals of all documents submitted to us as copies and the
authenticity of the originals thereof, (iii) the legal capacity of natural persons, (iv) the genuineness of all signatures, (v) the due authorization, execution and delivery of all documents by all parties (other than the due
authorization, 

  
 E-1-1 

 
execution and delivery of the Term Loan Agreement and the Notes by Altria, as to which we express our opinion in paragraph 2 below) and (vi) the validity, binding effect and enforceability
of all documents (other than the validity, binding effect and enforceability of the Term Loan Agreement and the Notes upon Altria, as to which we express our opinion in paragraph 5 below). We understand that you separately are receiving the opinion
of W. Hildebrandt Surgner, Jr., Vice President, Corporate Secretary and Associate General Counsel of Altria, dated the date hereof and addressed to you, as to certain of the foregoing matters, and we express no opinion thereon. 

Our opinions expressed below are limited to the law of the State of New York, the Commonwealth of Virginia and the Federal law of the United
States. 
 Based upon the foregoing and upon such investigation as we have deemed necessary, we are of the following opinion: 

1. Altria is a corporation validly existing and in good standing under the laws of the Commonwealth of Virginia. 

2. Altria has the corporate power and authority to execute, deliver and perform its obligations under the Term Loan Agreement
and the Notes, and Altria has taken all necessary corporate action to authorize its execution, delivery and performance of the Term Loan Agreement and the Notes. The Term Loan Agreement and the Notes have been duly executed and delivered by Altria.

 3. The execution and delivery by Altria of the Term Loan Agreement and the Notes do not, and the consummation of the
transactions contemplated thereby will not, violate (a) the Charter or the By-laws or (b) any Federal or State of New York law or regulation or any law or regulation of the Commonwealth of Virginia
that in our experience is generally applicable to Altria and to transactions of the type contemplated by the Term Loan Agreement and the Notes (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System)
(collectively, “Included Law”) or (c) any of the agreements listed on Annex A hereto (each a “Material Agreement”). In expressing the opinion set forth in clause (b) of this paragraph, we are not
expressing an opinion as to whether loans to be made to a Borrower under the Term Loan Agreement comply with (i) any statutory, regulatory or other loan limits applicable to the Lenders or (ii) any statutes, laws, rules or regulations that
prescribe permissible and lawful investments for the Lenders. 
 4. Except for those that have been obtained or made, no
consent, approval, authorization or other action by, or filing with, any governmental authority of the United States, the State of New York or the Commonwealth of Virginia pursuant to any law or regulation that in our experience is generally
applicable to Altria and to transactions of the type contemplated by the Term Loan Agreement and the Notes is required to be obtained or made by Altria as of the date hereof for the execution and delivery by Altria of the Term Loan Agreement and the
Notes, the borrowings by Altria in accordance with the terms of the Term Loan Agreement or the performance by Altria of its payment obligations under the Term Loan Agreement. 

  
 E-1-2 

 5. The Term Loan Agreement is the legal, valid and binding obligation of
Altria enforceable under the laws of the State of New York against Altria in accordance with its terms. The Notes are the legal, valid and binding obligations of Altria, enforceable under the laws of the State of New York against Altria in
accordance with their respective terms. 
 To the extent that any opinion contained herein relates to the enforceability of the choice of
New York law provisions of the Agreement, we have, in rendering such opinion, relied solely upon New York General Obligations Law Section 5-1401 and have assumed that the Term Loan Agreement is not
entered into with a view to violate the laws of the jurisdiction in which the contract is to be performed. Further, such opinion is subject to the qualification that such enforceability may be limited by important public policies of a
more-interested jurisdiction. We express no opinion regarding whether a court other than a court of or in the State of New York would give effect to a choice of New York law. 

The opinion set forth in paragraph 5 above is qualified to the extent enforceability is subject to the effect of (i) bankruptcy,
insolvency, reorganization, arrangement, moratorium and other similar laws relating to or affecting the rights of creditors generally, including without limitation fraudulent conveyance or transfer laws (including, but not limited to, the common law
trust fund doctrine and Section 548 of the United States Bankruptcy Code), and preference and equitable subordination laws and principles, (ii) general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law) and (iii) concepts of materiality, unconscionability, reasonableness, impracticability or impossibility of performance, good faith and fair dealing. 

Further, we express no opinion as to the legality, validity, enforceability or effect, as applicable, of: 

(i) any provision that purports to (a) confer subject matter jurisdiction on a court that does not have independent grounds for subject
matter jurisdiction, (b) establish the venue of any action, except to the extent enforceable under Sections 5-1401 and 5-1402 of the New York General Obligations
Law or (c) act as a waiver of certain rights, including personal service, marshalling of assets or similar requirements and the right to trial by jury; 

(ii) any provision regarding indemnification or contribution to the extent it violates public policy of the State of New York, or any Federal
law or regulation, or to the extent it purports to provide that a party shall be indemnified for its own negligence, bad faith, gross negligence or willful misconduct; 

(iii) any provision that requires the payment of liquidated or punitive damages, interest on interest, prepayment penalties or premiums, late
fees or default rates of interest to the extent that they are found to constitute unenforceable penalties or forfeitures; 
 (iv) any
provision that purports to grant any person the ability to receive the remedies of specific performance, injunctive relief, liquidated damages or any similar remedy in any proceeding; 

  
 E-1-3 

 (v) any provision in the Term Loan Agreement pursuant to which Altria waives the benefit of
any constitutional, statutory or common law right to the extent that such a waiver is deemed to violate public policy; 
 (vi) any provision
providing that any participant in the Term Loan Agreement may exercise set-off or similar rights with respect to such participation or that permits the exercise of rights without notice or without providing an
opportunity to cure failures to perform; 
 (vii) any provision that excludes money damages as a remedy, if injunctive relief is not
available under applicable law, or that permits a party to pursue multiple remedies or that provides that all remedies are cumulative or nonexclusive, or that violates laws relating to claim splitting or collateral estoppel; 

(viii) any provision in any document regarding severability; 

(ix) any provision that would alter the terms or rights and obligations of the parties based on course of dealing, course of performance or the
like, or that provides that failure or delay in taking action may not constitute a waiver of rights; 
 (x) any provision that requires that
amendments or waivers be made in writing, or that require mitigation of damages; and 
 (xi) any provision relating to any Write-Down and
Conversion Powers or other similar powers of any EEA Resolution Authority or the effect of any Bail-in Action. 

With respect to our opinion in paragraph 3(a) and 3(b), we have assumed that (i) Altria has not and will not take in the future any
action (including a decision not to act) permitted under the Term Loan Agreement that would result in a violation of Included Law and (ii) all parties to the Term Loan Agreement will act in accordance with, and will refrain from taking any
action that is forbidden by, the terms and conditions of the Term Loan Agreement. 
 With respect to our opinion in paragraph 3(c), we have
made no examination of or determination, and express no opinion, as to any accounting, financial or similar covenant or provision contained in any Material Agreement or the accuracy as to factual matters of any representation, warranty, data or
other information, whether oral or written, that may have been made by any entity involved in the transaction described above, whether named herein or otherwise. 

This opinion is being furnished to you pursuant to Section 3.01(c)(iii) of the Term Loan Agreement, is solely for the benefit of
you and your counsel, and is not intended for, and may not be relied upon by, any other person or entity without our prior written consent. We expressly disclaim any obligation to advise you of any changes of law or facts that may hereafter come or
be brought to our attention which would alter the opinions herein set forth. 
 Very truly yours, 

  
 E-1-4 

 ANNEX A 

Material Agreements and Instruments 
  

	1.	 Indenture, dated as of December 2, 1996, between Altria Group, Inc. and The Bank of New York (as successor
in interest to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank), as Trustee 

  

	2.	 First Supplemental Indenture to Indenture, dated as of December 2, 1996, between Altria Group, Inc. and
The Bank of New York (as successor in interest to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank), as Trustee, dated as of February 13, 2008 

 

	3.	 Indenture among Altria Group, Inc., as Issuer, Philip Morris USA Inc., as Guarantor, and Deutsche Bank Trust
Company Americas, as Trustee, dated as of November 4, 2008 

  

	4.	 Guarantee dated as of September 8, 2008, made by Philip Morris USA Inc., in favor of The Bank of New York
(as successor in interest to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank), as trustee for the holders of the 5.625% Notes due 2008, 7.000% Notes due 2013, and 7.750% Debentures due 2027 under the Indenture dated as of
December 2, 1996 

  

	5.	 Form of 2.625% Notes due 2020 of Altria Group, Inc. 

 

	6.	 Form of 2.625% Notes due 2026 of Altria Group, Inc. 

 

	7.	 Form of 2.850% Notes due 2022 of Altria Group, Inc. 

 

	8.	 Form of 2.950% Notes due 2023 of Altria Group, Inc. 

 

	9.	 Form of 3.875% Notes due 2046 of Altria Group, Inc. 

 

	10.	 Form of 4.000% Notes due 2024 of Altria Group, Inc. 

 

	11.	 Form of 4.250% Notes due 2042 of Altria Group, Inc. 

 

	12.	 Form of 4.500% Notes due 2043 of Altria Group, Inc. 

 

	13.	 Form of 4.750% Notes due 2021 of Altria Group, Inc. 

 

	14.	 Form of 5.375% Notes due 2044 of Altria Group, Inc. 

 

	15.	 Form of 7.75% Debentures due 2027 of Altria Group, Inc. 

 

	16.	 Form of 9.25% Notes due 2019 of Altria Group, Inc. 

 

	17.	 Form of 9.70% Notes due 2018 of Altria Group, Inc. 

 

	18.	 Form of 9.95% Notes due 2038 of Altria Group, Inc. 

 

	19.	 Form of 10.20% Notes due 2039 of Altria Group, Inc. 

 

	20.	 Guarantee dated as of November 14, 2014, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 2.625% Notes due 2020 of Altria Group, Inc. 

  

	21.	 Guarantee dated as of September 16, 2016, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 2.625% Notes due 2026 of Altria Group, Inc. 

  
 E-1-5 

	22.	 Guarantee dated as of August 9, 2012, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 2.850% Notes due 2022 of Altria Group, Inc. 

  

	23.	 Guarantee dated as of May 2, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust Company
Americas, as trustee for the registered holder of the 2.950% Notes due 2023 of Altria Group, Inc. 

  

	24.	 Guarantee dated as of September 16, 2016, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 3.875% Notes due 2046 of Altria Group, Inc. 

  

	25.	 Guarantee dated as of October 31, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 4.000% Notes due 2024 of Altria Group, Inc. 

  

	26.	 Guarantee dated as of August 9, 2012, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 4.250% Notes due 2042 of Altria Group, Inc. 

  

	27.	 Guarantee dated as of May 2, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust Company
Americas, as trustee for the registered holder of the 4.500% Notes due 2043 of Altria Group, Inc. 

  

	28.	 Guarantee dated as of May 5, 2011, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust Company
Americas, as trustee for the registered holder of the 4.750% Notes due 2021 of Altria Group, Inc. 

  

	29.	 Guarantee dated as of October 31, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 5.375% Notes due 2044 of Altria Group, Inc. 

  

	30.	 Guarantee dated as of February 6, 2009, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 9.25% Notes due 2019 of Altria Group, Inc. 

  

	31.	 Guarantee dated as of November 10, 2008, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 9.70% Notes due 2018 of Altria Group, Inc. 

  

	32.	 Guarantee dated as of November 10, 2008, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 9.95% Notes due 2038 of Altria Group, Inc. 

  

	33.	 Guarantee dated as of February 6, 2009, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 10.20% Notes due 2039 of Altria Group, Inc. 

  

	34.	 Comprehensive Settlement Agreement and Release related to settlement of Mississippi health care cost recovery
action, dated as of October 17, 1997 

  

	35.	 Settlement Agreement related to settlement of Florida health care cost recovery action, dated August 25,
1997 

  
 E-1-6 

	36.	 Comprehensive Settlement Agreement and Release related to settlement of Texas health care cost recovery action,
dated as of January 16, 1998 

  

	37.	 Settlement Agreement and Stipulation for Entry of Judgment regarding the claims of the State of Minnesota,
dated as of May 8, 1998 

  

	38.	 Settlement Agreement and Release regarding the claims of Blue Cross and Blue Shield of Minnesota, dated as of
May 8, 1998 

  

	39.	 Stipulation of Amendment to Settlement Agreement and For Entry of Agreed Order regarding the settlement of the
Mississippi health care cost recovery action, dated as of July 2, 1998 

  

	40.	 Stipulation of Amendment to Settlement Agreement and For Entry of Consent Decree regarding the settlement of
the Texas health care cost recovery action, dated as of July 24, 1998 

  

	41.	 Stipulation of Amendment to Settlement Agreement and For Entry of Consent Decree regarding the settlement of
the Florida health care cost recovery action, dated as of September 11, 1998 

  

	42.	 Master Settlement Agreement relating to state health care cost recovery and other claims, dated as of
November 23, 1998 

  

	43.	 Stipulation and Agreed Order Regarding Stay of Execution Pending Review and Related Matters, dated as of
May 7, 2001 

  

	44.	 Term Sheet effective December 17, 2012, between Philip Morris USA Inc., the other participating
manufacturers, and various states and territories for settlement of the 2003-2012 Non-Participating Manufacturer Adjustment with those states 

 

	45.	 Employee Matters Agreement by and between Altria Group, Inc. and Kraft Foods Inc. (now known as Mondelēz
International, Inc.), dated as of March 30, 2007 

  

	46.	 Tax Sharing Agreement by and between Altria Group, Inc. and Kraft Foods Inc. (now known as Mondelēz
International, Inc.), dated as of March 30, 2007 

  

	47.	 Intellectual Property Agreement by and between Philip Morris International Inc. and Philip Morris USA Inc.,
dated as of January 1, 2008 

  

	48.	 Employee Matters Agreement by and between Altria Group, Inc. and Philip Morris International Inc., dated as of
March 28, 2008 

  

	49.	 Tax Sharing Agreement by and between Altria Group, Inc. and Philip Morris International Inc., dated as of
March 28, 2008 

  

	50.	 Benefit Equalization Plan, effective as of September 2, 1974, as amended 

 

	51.	 Form of Employee Grantor Trust Enrollment Agreement 

 

	52.	 Form of Supplemental Employee Grantor Trust Enrollment Agreement 

 

	53.	 Automobile Policy 

  

	54.	 Grantor Trust Agreement by and between Altria Client Services Inc. and Wells Fargo Bank, National Association,
dated February 23, 2011 

  

	55.	 Long-Term Disability Benefit Equalization Plan, effective as of January 1, 1989, as amended

  
 E-1-7 

	56.	 Deferred Fee Plan for Non-Employee Directors, as amended and restated
effective October 28, 2015 

  

	57.	 2015 Stock Compensation Plan for Non-Employee Directors, as amended and
restated effective October 28, 2015 

  

	58.	 2010 Performance Incentive Plan, effective on May 20, 2010 

 

	59.	 2015 Performance Incentive Plan, effective on May 1, 2015 

 

	60.	 Form of Indemnity Agreement 

 

	61.	 Form of Restricted Stock Agreement, dated as of May 16, 2012 

 

	62.	 Form of Restricted Stock Agreement, dated as of January 28, 2014 

 

	63.	 Form of Deferred Stock Agreement, dated as of January 28, 2014 

 

	64.	 Form of Restricted Stock Unit Agreement, dated as of January 28, 2015 

 

	65.	 Form of Restricted Stock Unit Agreement, dated as of January 26, 2016 

 

	66.	 Form of Restricted Stock Unit Agreement, dated as of January 30, 2017 

 

	67.	 Form of Performance Stock Unit Agreement, dated as of January 30, 2017 

 

	68.	 Form of Restricted Stock Unit Agreement, dated as of January 30, 2018 

 

	69.	 Form of Performance Stock Unit Agreement, dated as of January 30, 2018 

 

	70.	 Form of Restricted Stock Unit Agreement, dated as of May 17, 2018 

 

	71.	 Form of Performance Stock Unit Agreement, dated as of May 17, 2018 

 

	72.	 Form of Executive Confidentiality and Non-Competition Agreement

  

	73.	 Agreement and General Release between Altria Group, Inc. and Denise F. Keane, dated June 29, 2017

  

	74.	 Time Sharing Agreement between Altria Client Services LLC and Howard A. Willard, dated May 17, 2018

  

	75.	 Time Sharing Termination Letter from Altria Client Services LLC to Martin J. Barrington, dated May 17,
2018 

  

	76.	 Agreement and General Release between Altria and Martin J. Barrington, dated May 17, 2018

  
 E-1-8 

 EXHIBIT E-2 - FORM OF 

OPINION OF COUNSEL 
 FOR ALTRIA 

[Effective Date] 
 To each of the Lenders party

     to the Term Loan Agreement referred to below 

Altria Group, Inc. 
 Ladies and Gentlemen:

 This opinion is furnished to you pursuant to Section 3.01(c)(iii) of the Term Loan Agreement, dated as of December 20, 2018 (the
“Term Loan Agreement”), among Altria Group, Inc. (“Altria”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for such Lenders. Terms defined in the Term Loan Agreement are used
herein as therein defined. 
 I have acted as counsel for Altria in connection with the preparation, execution and delivery of the Term Loan
Agreement. 
 In that connection, I have examined originals, or copies certified to my satisfaction, of such corporate records of Altria,
certificates of public officials and of officers of Altria, and agreements, instruments and other documents, as I have deemed relevant and necessary as a basis for the opinions expressed below. As to questions of fact material to such opinions, I
have, when relevant facts were not independently established by me, relied upon certificates of Altria or its officers or of public officials. 

Based upon the foregoing and upon such investigation as I have deemed necessary, I am of the opinion that, to the best of my knowledge,
(i) there is no pending or threatened action or proceeding against Altria or any of its Subsidiaries before any court, governmental agency or arbitrator (a “Proceeding”) that purports to affect the legality, validity, binding
effect or enforceability of the Term Loan Agreement or the Notes, if any, or the consummation of the transactions contemplated thereby, and (ii) except for Proceedings disclosed in the Annual Report on Form
10-K of Altria for the fiscal year ended December 31, 2017, Quarterly Reports on Forms 10-Q for the quarterly periods ended March 31, 2018, June 30, 2018
and September 30, 2018 and any Current Reports on Form 8-K filed subsequent to September 30, 2018 but prior to the Effective Date, or, with respect to Proceedings commenced after the date of the most
recent such document but prior to the Effective Date, a certificate delivered to the Lenders and attached hereto, there are no Proceedings that are likely to have a materially adverse effect upon the financial position or results of operations of
Altria and its Subsidiaries taken as a whole. 
 Very truly yours, 

  
 E-2-1 

 EXHIBIT E-3 - FORM OF 

OPINION OF COUNSEL 
 FOR GUARANTOR

 [Letterhead of Hunton Andrews Kurth LLP] 

[Effective Date] 
 To each of the Lenders party

 to the Term Loan Agreement referred to below 

Term Loan Agreement 
 Philip
Morris USA Inc. 
 Ladies and Gentlemen: 

This opinion is furnished to you pursuant to Section 3.01(c)(vii) of the Term Loan Agreement, dated as of December 20, 2018 (the
“Term Loan Agreement”), among Altria Group, Inc. (“Altria”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for such Lenders, in connection with the issuance of a guarantee, dated
December 20, 2018 (“Guarantee”), made by Philip Morris USA Inc. (“PM USA”) in favor of the Lenders. Terms defined in the Term Loan Agreement are used herein as therein defined. 

We have acted as special counsel for PM USA in connection with the preparation, execution and delivery of the Guarantee and are furnishing
this opinion at the request of PM USA. 
 In that connection, we have examined the following documents: 

 

	 	(1)	 the Term Loan Agreement; 

 

	 	(2)	 the articles of incorporation of PM USA, as amended (the “Charter”); 

 

	 	(3)	 the by-laws of PM USA, as amended and restated (the “By-laws”); 

  

	 	(4)	 the resolutions of PM USA authorizing the Guarantee; and 

 

	 	(5)	 the Guarantee. 

We have also examined the originals, or copies certified to our satisfaction, of such corporate records of PM USA, certificates of public
officials and of officers of PM USA, and agreements, instruments and other documents, as we have deemed relevant and necessary as a basis for the opinions expressed below. As to questions of fact material to such opinions, we have, when relevant
facts were not independently established by us, relied upon and assumed the accuracy of the representations of PM USA set forth in the Guarantee and upon certificates of 

  
 E-3-1 

 
PM USA or its officers or of public officials. Whenever the phrase “known to us” is used herein, it refers to the actual knowledge of the attorneys of the firm involved in the
representation of PM USA in connection with the Term Loan Agreement, without independent investigation. In rendering the opinions expressed below, we have assumed (i) the authenticity of all documents submitted to us as originals, (ii) the
conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of such copies, (iii) the genuineness of all signatures, (iv) the legal capacity of natural persons, (v) the due
authorization, execution and delivery of all documents by all parties (other than the due authorization, execution and delivery of the Guarantee by PM USA, as to which we express our opinion in paragraph 2 below) and (vi) the validity, binding
effect and enforceability of all documents (other than the validity, binding effect and enforceability of the Guarantee upon PM USA, as to which we express our opinion in paragraph 4 below). 

Our opinions expressed below are limited to the law of the State of New York, the Commonwealth of Virginia and the Federal law of the United
States. 
 Based upon the foregoing and upon such investigation as we have deemed necessary, we are of the following opinion: 

1. PM USA is a corporation validly existing and in good standing under the laws of the Commonwealth of Virginia. 

2. PM USA has the corporate power and authority to execute, deliver and perform its obligations under the Guarantee and PM USA
has taken all necessary corporate action to authorize its execution, delivery and performance of the Guarantee. The Guarantee has been duly executed and delivered by PM USA. 

3. The execution and delivery by PM USA of the Guarantee do not, and the consummation of the transactions contemplated thereby
will not, violate (a) the Charter or the By-laws or (b) any Federal or State of New York law or regulation or any law or regulation of the Commonwealth of Virginia that in our experience is generally
applicable to PM USA and to transactions of the type contemplated by the Guarantee or (c) any of the agreements listed on Annex A hereto (each a “Material Agreement”). 

4. The Guarantee is the legal, valid and binding obligation of PM USA enforceable under the laws of the State of New York
against PM USA in accordance with its terms. 
 To the extent that any opinion contained herein relates to the enforceability of the choice
of New York law provisions of the Term Loan Agreement, we have, in rendering such opinion, relied solely upon New York General Obligations Law Section 5-1401 and have assumed that the Term Loan Agreement
is not entered into with a view to violate the laws of the jurisdiction in which the contract is to be performed. Further, such opinion is subject to the qualification that such enforceability may be limited by important public policies of a
more-interested jurisdiction. We express no opinion regarding whether a court other than a court of or in the State of New York would give effect to a choice of New York law. 

  
 E-3-2 

 The opinion set forth in paragraph 4 above is qualified to the extent enforceability is
subject to the effect of (i) bankruptcy, insolvency, reorganization, arrangement, moratorium and other similar laws relating to or affecting the rights of creditors generally, including without limitation fraudulent conveyance or transfer laws
(including, but not limited to, the common law trust fund doctrine and Section 548 of the United States Bankruptcy Code), and preference and equitable subordination laws and principles, (ii) general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law) and (iii) concepts of materiality, unconscionability, reasonableness, impracticability or impossibility of performance, good faith and fair dealing. 

Further, we express no opinion as to the legality, validity, enforceability or effect, as applicable, of: 

(i) any provision that purports to (a) confer subject matter jurisdiction on a court that does not have independent grounds for subject
matter jurisdiction, (b) establish the venue of any action, except to the extent enforceable under Sections 5-1401 and 5-1402 of the New York General Obligations
Law or (c) act as a waiver of certain rights, including personal service, marshalling of assets or similar requirements and the right to trial by jury; 

(ii) any provision regarding indemnification or contribution to the extent it violates public policy of the State of New York, or any Federal
law or regulation, or to the extent it purports to provide that a party shall be indemnified for its own negligence, bad faith, gross negligence or willful misconduct; 

(iii) any provision that requires the payment of liquidated or punitive damages, interest on interest, prepayment penalties or premiums, late
fees or default rates of interest to the extent that they are found to constitute unenforceable penalties or forfeitures; 
 (iv) any
provision that purports to grant any person the ability to receive the remedies of specific performance, injunctive relief, liquidated damages or any similar remedy in any proceeding; 

(v) any provision in the Guarantee pursuant to which Altria waives the benefit of any constitutional, statutory or common law right to the
extent that such a waiver is deemed to violate public policy; 
 (vi) any provision providing that PM USA may exercise set-off or similar rights with respect to the Guarantee or that permits the exercise of rights without notice or without providing an opportunity to cure failures to perform; 

(vii) any provision that excludes money damages as a remedy, if injunctive relief is not available under applicable law, or that permits a
party to pursue multiple remedies or that provides that all remedies are cumulative or nonexclusive, or that violates laws relating to claim splitting or collateral estoppel; 

(viii) any provision that gives a party the right to obtain possession of any property or exercise self-help remedies or other remedies without
judicial process; 

  
 E-3-3 

 (ix) any provision in any document regarding severability; 

(x) any provision that would alter the terms or rights and obligations of the parties based on course of dealing, course of performance or the
like, or that provides that failure or delay in taking action may not constitute a waiver of rights; and 
 (xi) any provision that requires
that amendments or waivers be made in writing, or that require mitigation of damages. 
 With respect to our opinion in paragraph 3(c), we
have made no examination of or determination, and express no opinion, as to any accounting, financial or similar covenant or provision contained in any Material Agreement or the accuracy as to factual matters of any representation, warranty, data or
other information, whether oral or written, that may have been made by any entity involved in the transaction described above, whether named herein or otherwise. 

This opinion is being furnished to you in connection with Section 3.01(c)(vii) of the Term Loan Agreement, is solely for the
benefit of you and your counsel, and is not intended for, and may not be relied upon by, any other person or entity without our prior written consent. We expressly disclaim any obligation to advise you of any changes of law or facts that may
hereafter come or be brought to our attention which would alter the opinions herein set forth. 
 Very truly yours, 

  
 E-3-4 

 ANNEX A 

Material Agreements and Instruments 
  

	1.	 Indenture among Altria Group, Inc., as Issuer, Philip Morris USA Inc., as Guarantor, and Deutsche Bank Trust
Company Americas, as Trustee, dated as of November 4, 2008 

  

	2.	 Guarantee dated as of September 8, 2008, made by Philip Morris USA Inc., in favor of The Bank of New York
(as successor in interest to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank), as trustee for the holders of the 5.625% Notes due 2008, 7.000% Notes due 2013, and 7.750% Debentures due 2027 under the Indenture dated as of
December 2, 1996 

  

	3.	 Guarantee dated as of November 14, 2014, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 2.625% Notes due 2020 of Altria Group, Inc. 

  

	4.	 Guarantee dated as of September 16, 2016, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 2.625% Notes due 2026 of Altria Group, Inc. 

  

	5.	 Guarantee dated as of August 9, 2012, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 2.850% Notes due 2022 of Altria Group, Inc. 

  

	6.	 Guarantee dated as of May 2, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust Company
Americas, as trustee for the registered holder of the 2.950% Notes due 2023 of Altria Group, Inc. 

  

	7.	 Guarantee dated as of September 16, 2016, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 3.875% Notes due 2046 of Altria Group, Inc. 

  

	8.	 Guarantee dated as of October 31, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 4.000% Notes due 2024 of Altria Group, Inc. 

  

	9.	 Guarantee dated as of August 9, 2012, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 4.250% Notes due 2042 of Altria Group, Inc. 

  

	10.	 Guarantee dated as of May 2, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust Company
Americas, as trustee for the registered holder of the 4.500% Notes due 2043 of Altria Group, Inc. 

  

	11.	 Guarantee dated as of October 31, 2013, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 5.375% Notes due 2044 of Altria Group, Inc. 

  

	12.	 Guarantee dated as of May 5, 2011, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust Company
Americas, as trustee for the registered holder of the 4.750% Notes due 2021 of Altria Group, Inc. 

  
 E-3-5 

	13.	 Guarantee dated as of February 6, 2009, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 9.25% Notes due 2019 of Altria Group, Inc. 

  

	14.	 Guarantee dated as of November 10, 2008, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 9.70% Notes due 2018 of Altria Group, Inc. 

  

	15.	 Guarantee dated as of November 10, 2008, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 9.95% Notes due 2038 of Altria Group, Inc. 

  

	16.	 Guarantee dated as of February 6, 2009, made by Philip Morris USA Inc., in favor of Deutsche Bank Trust
Company Americas, as trustee for the registered holder of the 10.20% Notes due 2039 of Altria Group, Inc. 

  

	17.	 Intellectual Property Agreement by and between Philip Morris International Inc. and Philip Morris USA Inc.,
dated as of January 1, 2008 

 Term Sheet effective December 17, 2012, between Philip Morris USA Inc., the other participating
manufacturers, and various states and territories for settlement of the 2003-2012 Non-Participating Manufacturer Adjustment with those states 

  
 E-3-6 

 EXHIBIT F 

FORM OF OPINION OF 
 COUNSEL FOR
JPMCB, 
 AS ADMINISTRATIVE AGENT 

[Letterhead of Simpson Thacher & Bartlett LLP] 

[Effective Date] 
 JPMorgan Chase Bank, N.A., 

    as Administrative Agent 
 and 

The Lenders listed on Schedule I hereto 

    which are parties to the Credit Agreement 

    on the date hereof 
  

	 	Re:	 Term Loan Agreement dated as of December 20, 2018 (the “Credit Agreement”) among Altria
Group, Inc. (the “Company”), the lending institutions identified in the Credit Agreement (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 We have acted as counsel
to JPMorgan Chase Bank, N.A., as Administrative Agent, in connection with the preparation, execution and delivery of the Credit Agreement. 

This opinion is delivered to you pursuant to Section 3.01(c)(viii) of the Credit Agreement. Terms used herein which are defined in the
Credit Agreement shall have the respective meanings set forth in the Credit Agreement, unless otherwise defined herein. 
 In connection
with this opinion, we have examined a copy of the Credit Agreement signed by the Company and by the Administrative Agents and the Lenders. 

In addition, we have examined, and relied as to matters of fact upon, the documents delivered to you at the closing, and upon originals, or
duplicates or certified or conformed copies, of such records, agreements, documents and other instruments and such certificates or comparable documents of public officials and of officers and representatives of the Company and have made such other
investigations as we have deemed relevant and necessary in connection with the opinion hereinafter set forth. In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents. In addition, we have relied
as to certain matters of fact upon the representations made in the Credit Agreement. 
 In rendering the opinion set forth below we have
assumed that (1) the Credit Agreement is a valid and legally binding obligation of each party thereto other than the Company, (2) the Company is 

  
 F-1 

 
validly existing and in good standing under the laws of the jurisdiction in which it is organized, has the corporate power and authority to execute, deliver and perform its obligations under the
Credit Agreement and has duly authorized, executed and delivered the Credit Agreement in accordance with its organizational documents, (3)(a) execution, delivery and performance by the Company of the Credit Agreement do not violate, or require any
consent not obtained under, the laws of the jurisdiction in which it is organized or any other applicable laws or any order known to us issued by any court or governmental agency or body and (c) execution, delivery and performance by the
Company of the Credit Agreement will not breach or result in a default under or result in the creation of any lien upon or security interest in the Company’s properties pursuant to the terms of any agreement or instrument that is binding on the
Company; and (4) the Company is not an “investment company” within the meaning of and subject to regulation under the Investment Company Act of 1940, as amended. 

Based upon and subject to the foregoing, and subject to the assumptions, qualifications and limitations set forth herein, we are of the
opinion that the Credit Agreement constitutes the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms. 

Our opinion set forth above is subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing and
(iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors’ rights. 

We express no opinion with respect to: 

(A) the effect of any provision of the Credit Agreement that is intended to permit modification thereof only by means of an agreement in
writing by the parties thereto; 
 (B) the effect of any provision of the Credit Agreement insofar as it provides that any Person purchasing
a participation from a Lender or other Person may exercise set-off or similar rights with respect to such participation or that any Lender or other Person may exercise
set-off or similar rights other than in accordance with applicable law; 
 (C) the effect of any
provision of the Credit Agreement imposing penalties or forfeitures; 
 (D) the enforceability of any provision of the Credit Agreement to
the extent that such provision constitutes a waiver of illegality as a defense to performance of contract obligations; or 
 (E) the effect
of any provision of the Credit Agreement relating to indemnification or exculpation in connection with violations of any securities laws or relating to indemnification, contribution or exculpation in connection with willful, reckless or criminal
acts or gross negligence of the indemnified or exculpated Person or the Person receiving contribution. 
 In connection with the provisions
of the Credit Agreement whereby the parties submit to the jurisdiction of the courts of the United States of America located in the State of New York, we note the limitation of 28 U.S.C. §§ 1331 and 1332 on subject matter jurisdiction of
the federal courts. In connection with the provisions of the Credit Agreement which relate to forum selection (including, without limitation, any waiver of any objection to venue or any objection that a court is an inconvenient forum), we note that
under NYCPLR § 510, a New York State court may have discretion to transfer the 

  
 F-2 

 
place of trial, and under 28 U.S.C. § 1404(a), a United States district court has discretion to transfer an action from one federal court to another. 

We do not express any opinion herein concerning any law other than the law of the State of New York and the federal law of the United States.

 This opinion letter is rendered to you in connection with the above described transaction. This opinion letter may not be relied upon by
you for any other purpose, or relied upon by, or furnished to, any other person, firm or corporation without our prior written consent. This opinion letter may be furnished to, but may not be relied upon by, a regulatory authority entitled to
request it. 
 Very truly yours, 

  
 F-3 

 EXHIBIT G - FORM OF 

CONFIDENTIALITY AGREEMENT 
  

			
	To:	  	[NAME OF BANK]
		
	Date:	  	________, 20__
		
	Subject:	  	Altria Group, Inc. Term Loan Agreement (the “Term Loan Agreement”)

 In connection with the Term Loan Agreement for Altria Group, Inc. (the “Company”), you will
be receiving certain information which is non-public, confidential or proprietary in nature. That information and any other information, regardless of form, whether oral, written or electronic, concerning the
Company, its subsidiaries or the Term Loan Agreement furnished to you by [NAME OF LENDER], the Company, Altria Client Services LLC (“Altria Client Services”) or any of their respective Representatives in connection with the Term
Loan Agreement (at any time on, before or after the date of this Agreement), together with analyses, compilations or other materials prepared by you or your Representatives which contain or otherwise reflect such information or your review of,
advice concerning or interest in the Term Loan Agreement is hereinafter referred to as the “Information.” As used herein, “Representatives” refers to affiliates, directors, officers, employees, agents, auditors,
attorneys, consultants or other advisors, and references to the Company or Altria Client Services shall be deemed to include each of their respective affiliates. In consideration of your receipt of the Information, you agree that: 

 

	 	1.	 You will not, without the prior written consent of the Company, use, either directly or indirectly, any of the
Information except in concert with the Company and Altria Client Services in connection with the Term Loan Agreement and any other extension of credit made by you to the Company. 

 

	 	2.	 You agree to reveal the Information only to your Representatives who need to know the Information for the
purpose of evaluating, administering or monitoring the Term Loan Agreement, who are informed by you of the confidential nature of the Information, and who agree to be bound by the terms and conditions of this Agreement. You agree to be responsible
for any breach of this Agreement by any of your Representatives and to indemnify and hold the Company, Altria Client Services and their respective Representatives harmless from and against any and all liabilities, claims, causes of action, costs and
expenses (including attorney fees and expenses) arising out of the breach of this Agreement by you or your Representatives. 

  

	 	3.	 Without the prior written consent of the Company or Altria Client Services, you shall not disclose to any
person (except as otherwise expressly permitted herein) the fact that the Information has been made available, that discussions are taking place between the Company, Altria Client Services and you or any other financial institution concerning the
Term Loan Agreement, or any of the terms, conditions or other facts with respect thereto (including the status thereof), or that the Term Loan Agreement has been consummated. 

  
 G-1 

	 	4.	 This Agreement shall be inoperative as to any portion of the Information that (i) is or becomes generally
available to the public on a non-confidential basis through no fault by you or your Representatives, or (ii) is or becomes available to you on a non-confidential
basis from a source other than the Company, Altria Client Services, [NAME OF LENDER] or their respective Representatives, which source, to the best of your knowledge, is not prohibited from disclosing such Information to you by a contractual, legal
or fiduciary obligation to the Company, Altria Client Services, [NAME OF LENDER] or their respective Representatives. 

  

	 	5.	 You may disclose the Information at the request of any regulatory or supervisory authority having jurisdiction
over you or your affiliates; provided that you request confidential treatment of such Information to the extent permitted by law; provided further, that, insofar as permitted by law and practicable, you notify the Company and
Altria Client Services in advance of such disclosure pursuant to the following paragraph. 

  

	 	6.	 In the event that you or anyone to whom you transmit the Information pursuant to this Agreement becomes legally
compelled to disclose any of the Information or the existence of the Term Loan Agreement, you shall provide the Company and Altria Client Services with notice of such event promptly upon your obtaining knowledge thereof (provided that you are not
otherwise prohibited by law from giving such notice) so that the Company may seek a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained, you shall furnish only that portion of the
Information that is legally required and shall disclose the Information in a manner reasonably designed to preserve its confidential nature. 

  

	 	7.	 In the event that discussions with you concerning the Term Loan Agreement are discontinued or your
participation in the Term Loan Agreement is otherwise terminated, you shall deliver to Altria Client Services the copies of the Information that were furnished to you by or on behalf of the Company and represent to Altria Client Services that you
have destroyed all other copies thereof, provided that you may maintain copies of the Information, subject to the terms of this Agreement, as required by law or regulations or document retention policies applicable to you. All of your obligations
hereunder and all of the rights and remedies of the Company and Altria Client Services and [NAME OF LENDER] hereunder shall survive any discontinuance of discussions, termination of your participation or any return or destruction of the Information.

  

	 	8.	 You acknowledge that disclosure of the Information in violation of the terms of this Agreement could have
material adverse consequences that could not be adequately compensated by money damages alone, and agree that, in the event of any breach by you or your Representatives of this Agreement, the Company, Altria Client Services and their respective
Representatives will be entitled to seek equitable relief (including injunction and specific performance) in addition to all other remedies available to them at law or in equity. 

  
 G-2 

	 	9.	 The obligations set forth in this Agreement shall survive until the earliest of two years from the date of this
Agreement or until execution of any agreement between the Company and you with respect to the Term Loan Agreement or an agreement which contains confidentiality provisions superseding this Agreement. This Agreement shall govern your
confidentiality obligations from the date hereof with respect to Information furnished to you as described above in connection with the Term Loan Agreement, and from the date hereof no prior agreement entered into by you and the Company will apply
to such Information. 

  

	 	10.	 This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). 

 THIS AGREEMENT IS IN ADDITION TO AND, EXCEPT AS PROVIDED ABOVE, DOES NOT SUPERSEDE THE CONFIDENTIALITY AGREEMENTS
CONTAINED IN ANY CREDIT AGREEMENTS OF THE COMPANY OR ITS AFFILIATES TO WHICH YOU ARE A PARTY. 
 IT IS UNDERSTOOD AND AGREED THAT THE COMPANY, ALTRIA CLIENT
SERVICES, [NAME OF LENDER] AND THEIR RESPECTIVE REPRESENTATIVES MAY RELY ON THIS EXPRESS AGREEMENT. 
  

			
	ACCEPTED AND AGREED as of the date written above:
	
	[NAME OF BANK]
		
	By	 	  

		 	Name:
		 	Title:

  
 G-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]