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Altria Reports 2012 Third-Quarter And Nine-Month Results; Reaffirms 2012 EPS Guidance; Expands Share Repurchase Program By $500 Million

Restructuring Charges

Comparisons of Altria's nine-month reported diluted EPS were impacted by restructuring charges. Altria's operating companies recorded 2012 nine-month net pre-tax charges totaling $40 million related to the current cost reduction program. For the first nine months of 2011, Altria's operating companies incurred pre-tax restructuring charges of $11 million. These charges are reflected in Schedule 4, and the EPS impacts are shown in Table 2 and Schedule 7.

In addition, Altria's operating companies recorded 2012 third-quarter pre-tax restructuring charges of $10 million related to the current cost reduction program, and incurred 2011 third-quarter pre-tax restructuring charges of $2 million. These charges are reflected in Schedule 2, and the EPS impacts are shown in Table 2 and Schedule 6.

SABMiller Special Items

Special items related to Altria's equity investment in SABMiller further impacted comparisons of Altria's third-quarter and nine-month reported diluted EPS. For the third quarter of 2012, SABMiller special items included costs for its “business capability programme” and costs related to its acquisition of Foster's Group Limited (Foster's). For the third quarter of 2011, SABMiller's special items included costs for its “business capability programme.” These after-tax special items are reflected in Schedule 6, “2012 SABMiller special items” and “2011 SABMiller special items.” The EPS impact of these special items is shown in Table 2 and Schedule 6.

For the first nine months of 2012, SABMiller's special items included gains resulting from its strategic alliance transactions with Anadolu Efes and Castel and a gain related to SABMiller's Australian joint venture, partially offset by costs for its “business capability programme,” costs related to its acquisition of Foster's and costs related to SABMiller's economic and social development program in South Africa. For the first nine months of 2011, SABMiller's special items included costs for its “business capability programme” and asset impairment charges, partially offset by gains resulting from its hotel and gaming transaction. These after-tax special items are reflected in Schedule 7, “2012 SABMiller special items” and “2011 SABMiller special items.” The EPS impact of these special items is shown in Table 2 and Schedule 7.

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