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Altria Reports 2012 Fourth-Quarter And Full-Year Results; Delivers 2012 Full-Year Adjusted EPS Growth Of 7.8%

Restructuring Charges

Comparisons of Altria's fourth-quarter and full-year reported diluted EPS were positively impacted by lower restructuring charges in 2012. Altria's operating companies recorded 2012 fourth-quarter net pre-tax restructuring charges of $16 million as compared to pre-tax restructuring charges of $213 million incurred in the same period of 2011 primarily related to the current cost reduction program. These charges are reflected in Schedule 2, and the EPS impacts are shown in Table 2 and Schedule 6. Altria's operating companies recorded 2012 full-year net pre-tax charges totaling $56 million as compared to pre-tax restructuring charges of $224 million incurred in full-year 2011 primarily related to the current cost reduction program. These charges are reflected in Schedule 4, and the EPS impacts are shown in Table 2 and Schedule 7.

SABMiller Special Items

Special items related to Altria's equity investment in SABMiller also impacted comparisons of Altria's fourth-quarter and full-year reported diluted EPS. For the fourth quarter of 2011, SABMiller special items included acquisition-related costs for SABMiller's acquisition of Foster's Group Limited (Foster's) and costs for its "business capability programme," partially offset by gains resulting from its disposal of a business in Kenya. These after-tax special items are reflected in Schedule 6, "2011 SABMiller special items." The EPS impact of these special items is shown in Table 2 and Schedule 6.

For the full year of 2012, SABMiller's special items included gains resulting from its strategic alliance transactions with Anadolu Efes and Castel, partially offset by costs for its "business capability programme" and costs related to its acquisition of Foster's. For the full year of 2011, SABMiller's special items included costs for its "business capability programme," acquisition-related costs for SABMiller's acquisition of Foster's and SABMiller asset impairment charges, partially offset by gains resulting from SABMiller's hotel and gaming transaction and the disposal of a business in Kenya. 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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