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Altria Reports 2013 Third-Quarter And Nine-Month Results; Reaffirms 2013 Full-Year EPS Guidance

The comparison of Altria’s nine-month reported diluted EPS also was impacted by the NPM Adjustment Settlement. As a result of the settlement, PM USA recorded a $519 million reduction to cost of sales for the first nine months. The EPS impact of the NPM Adjustment Items is shown in Table 2 and Schedules 6 and 7.

SABMiller Special Items

Special items related to Altria’s equity investment in SABMiller impacted comparisons of Altria’s third-quarter and nine-month reported diluted EPS. Special items for the third quarter and first nine months of 2013 included costs related to SABMiller’s “business capability programme” and its economic and social development program in South Africa, partially offset by gains related to divestitures. For the first nine months of 2013, special items also included asset impairment charges.

Special items for the third quarter of 2012 included costs related to SABMiller’s “business capability programme” and its acquisition of Foster’s Group Limited (Foster’s). For the first nine months of 2012, special items included gains resulting from SABMiller’s strategic alliance transactions with Anadolu Efes and Castel, partially offset by costs related to SABMiller’s “business capability programme,” its acquisition of Foster’s and its economic and social development program in South Africa. The EPS impact of these special items is shown in Table 2 and Schedules 6 and 7.

2012 Loss on Early Extinguishment of Debt

Comparisons of Altria’s third-quarter and nine-month reported diluted EPS were impacted by a loss on early extinguishment of debt resulting from the third-quarter 2012 debt tender offer. Altria recorded a pre-tax charge of $874 million against 2012 third-quarter earnings, representing the loss on early extinguishment of debt. This charge is reflected in Schedules 1 and 3, and the EPS impacts are shown in Table 2 and Schedules 6 and 7.

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