---

Whitman Corporation Announces Launch of Tender Offer

13 January 1998

Whitman Corporation Announces Launch of Tender Offer

    CHICAGO, Jan. 13 -- Whitman Corporation announced
today that it has launched a $200 million debt tender offer.  The Company said
that it is commencing a tender offer to purchase for cash at a spread offer
price any and all of its outstanding 7.625% Notes due June 15, 2015 and 8.25%
Notes due February 15, 2007.  The continuously priced fixed spread tender
offers are scheduled to expire Thursday, January 22, 1998, at 5:00 p.m. EST,
unless extended or terminated by the Company.
    The purchase price for Notes will be calculated as the price that would
result from a yield to maturity equal to the sum of the yield to maturity of
the U.S. Treasury Reference Security plus a fixed spread.  Whitman will pay to
each tendering holder accrued and unpaid interest on purchased Notes to, but
not including, the applicable settlement date.  The settlement date will be
three business days after the date of acceptance.
    Credit Suisse First Boston Corporation will calculate the reference yield
in accordance with standard market practice, based on the bid price of the
applicable Reference Security at the time a holder agrees to tender Notes, as
displayed on the Bloomberg Monitor.  The tender offer is described more fully
in, and is subject to the terms and conditions of, the Offer to Purchase dated
January 13, 1998, being sent today to all holders of the Notes.

    CUSIP #   PRINCIPAL   COUPON  MATURITY    US TREASURY      FIXED BLOOMBERG
               AMOUNT                          REFERENCE       SPREAD   PAGE
                                                SECURITY

    96647KAE2 $100,000,000 7.625%  6/15/15  6.375% due 8/15/27  0.55%    PX8
    96647KAD4 $100,000,000 8.250%  2/15/07  6.125% due 8/15/07  0.45%    PX7

    Holders of Notes may contact Matthew Riez or Duane Hebert of Credit Suisse
First Boston at 800-820-1653 during normal business hours on any New York
Stock Exchange trading day while the tender offer remains open for the current
yield on the applicable Reference Security and the then applicable purchase
price for their Notes.  Tenders of Notes may be effected only through Credit
Suisse First Boston.  Copies of the offering documents may be obtained through
the information agent, MacKenzie Partners, Inc., at 800-322-2885 or
212-929-5500.

SOURCE  Whitman Corporation