Anheuser-Busch Brewery Conference Sever- Ance & Supplemental Unemploy Ben Fund

PART X, LINE 2:

“The fund has qualified as a tax-exempt organization under section 501(c)(9) of the internal revenue code and intends to continue to comply with all requirements necessary to maintain its tax-exempt status. A qualified plan's income is exempt from federal income tax and the participants of the plan are not subject to tax on either the income or the employer's contributions until such time as a distribution is made. Specific approval of the plan, as adopted by the employer, as a qualified plan has not been requested or received; however, the plan administrator believes the plan is currently being operated in compliance with the applicable requirements of the internal revenue code, and has no income subject to unrelated business income tax. Therefore, no provision for income taxes has been included in the plan's financial statements. The fund's management evaluates the tax positions taken by the fund and recognizes a tax liability if the fund has taken an uncertain position that more likely than not would not be sustained upon examination by applicable tax authorities. The fund's management has analyzed the tax positions taken by the fund, and has concluded that as of february 28, 2015 and 2014, there are no significant uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The fund is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax period in progress. The fund's policy is to report interest and penalty expenses on uncertain tax positions as part of income tax expense. As of february 28, 2015 and 2014, there were no expenses related to interest or penalties on uncertain tax positions. The fund's management believes it is no longer subject to examination by federal taxing authorities for the years ending before february 28, 2012.”