Lorillard, Inc. Announces $500 Million Share Repurchase Program

Lorillard, Inc. LO, announced today that the Company's Board of Directors approved a new share repurchase program, authorizing the Company to repurchase in the aggregate up to $500 million of its outstanding common stock. Purchases by the Company under the new program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company's management. The purchases will be funded from existing cash balances.