Regulatory News:
Altria Group, Inc. (NYSE: MO) today announced that, in connection with its proposed spin-off of Philip Morris International Inc. (PMI), the Securities and Exchange Commission (SEC) has declared effective PMI’s Registration Statement on Form 10.
As previously announced on January 30, 2008, the Board of Directors of Altria Group, Inc. (Altria) authorized the spin-off of 100% of the shares of PMI to Altria’s shareholders. The distribution will be made on March 28, 2008, to Altria’s shareholders of record as of 5:00 p.m. New York City Time on March 19, 2008 (the “record date”). Altria will distribute one share of PMI stock for every share of Altria common stock outstanding at 5:00 p.m. New York City Time on the record date.
An Information Statement with details about the PMI spin-off will be mailed to shareholders as of the record date. Additional information including answers to frequently-asked questions (FAQs) are available on Altria’s investor website at www.altria.com/pmispinoff.
The New York Stock Exchange (NYSE) has authorized the listing of PMI common stock on the NYSE. The stock will trade on the NYSE under the symbol “PM” following the spin-off.
Altria has received a private letter ruling from the U.S. Internal Revenue Service (IRS) and an opinion of counsel that the distribution of PMI common stock to Altria shareholders qualifies as a tax-free distribution for U.S. federal income tax purposes.
Non-U.S. shareholders may be subject to tax on the distribution in jurisdictions other than the U.S. It is extremely important that shareholders consult their tax advisors regarding the particular consequences of the distribution in their situation, including the applicability and effect of any U.S. federal, state, local and foreign tax laws.
Registered Altria shareholders in the U.S. and Canada will receive a statement from Computershare Trust Company (Computershare), the distribution agent, reflecting ownership of shares of Altria and PMI. For additional information, registered shareholders in the U.S. and Canada should contact Computershare by email at altria@computershare.com or by phone at 1-866-538-5172. Registered shareholders outside the U.S. and Canada should call 1-781-575-3572.
Holders of Altria shares through a broker, bank or other nominee will have their brokerage account electronically credited with the shares of PMI. For additional information, these holders should contact their financial institution directly or call D.F. King & Co. at 1-800-290-6431.
Contacts:
Nicholas M. Rolli, 917-663-3460
