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RAI CEO: 'Returning Value in a Challenging Time'
Date:4/30/2008

First Quarter 2008 Reported EPS up 54.1%; Adjusted EPS down 9.9%

Company Lowers Forecast; Announces Share Repurchase Program
WINSTON-SALEM, N.C., April 30 /PRNewswire-FirstCall/ --

First Quarter 2008 -- At a Glance

-- Reported EPS up 54.1 percent at $1.71

-- Adjusted EPS down 9.9 percent at $1.00

-- RAI announces $350 million share repurchase program

-- R.J. Reynolds continues to build total growth-brand share

-- Conwood continues to lead moist-snuff category growth

-- Joint-venture termination yields $328 million pre-tax gain

-- Revised 2008 guidance: excluding JV gain, earnings consistent with

prior year

All references in this release to "reported" numbers refer to GAAP measurements; all "adjusted" numbers are non-GAAP, as defined in schedule 2 of this release, which reconciles reported to adjusted results for the first quarter.

Reynolds American Inc. (NYSE: RAI) today announced a 54.1 percent increase in reported EPS for the first quarter of 2008, driven by a $328 million pre- tax gain related to the termination of the Gallaher Joint Venture. Excluding that gain, first-quarter adjusted EPS was down 9.9 percent, as higher cigarette pricing was more than offset by a number of factors that lowered R.J. Reynolds' volume. Conwood continued to deliver strong moist-snuff volume and share gains. Continuing its focus on returning shareholder value, RAI also announced a $350 million share repurchase program. In light of a weaker- than-expected first quarter, RAI revised its full-year forecast and now expects 2008 earnings, excluding the JV gain, to be consistent with the prior year.

First Quarter 2008 Financi
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SOURCE Reynolds American Inc.
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