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Altria Announces Cash Tender Offer For A Portion Of Its Long-Term Debt

Stocks in this article: MO

This press release is neither an offer to sell nor a solicitation of offers to buy any securities. The tender offer is being made only pursuant to the Offer to Purchase and the related Letter of Transmittal. The tender offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of Altria, the Dealer Managers, the Depositary, the Information Agent, or the trustee for the Notes makes any recommendation in connection with the tender offer. Please refer to the Offer to Purchase for a description of offer terms, conditions, disclaimers, and other information applicable to the tender offer. The offering of the New Notes is being made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the Securities and Exchange Commission’s website at www.sec.gov or by contacting Citigroup Global Markets Inc. at (877) 858-5407 (toll-free) or J.P. Morgan Securities LLC at (800) 261-5767 (toll-free) or (212) 622-2614.

2012 Full-Year EPS Guidance

Altria expects to record a one-time pre-tax charge of approximately $1.0 billion or $0.33 per share against reported earnings in the third quarter of 2012, reflecting the estimated loss on early extinguishment of debt related to this debt tender offer (the “Estimated Charge”). The Estimated Charge assumes current market pricing and that $2.0 billion in Notes are tendered. The final pre-tax charge will vary to the extent that the pricing and amount of Notes tendered differ from Altria’s original assumptions.

Altria revises its 2012 full-year guidance for reported diluted EPS from a range of $2.29 to $2.33 to a range of $1.96 to $2.00, reflecting the Estimated Charge. The revised forecast reflects estimated total net expenses of $0.23 per share, consisting of the Estimated Charge and asset impairment, exit and implementation costs related to the current cost reduction program, partially offset by SABMiller plc (SABMiller) special items and a Philip Morris Capital Corporation (PMCC) leveraged lease benefit.

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