2014 CAGNY Investor Presentation. February 19, 2014

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1 2014 CAGNY Investor Presentation February 19, 2014

2 Management Team Participants Howard Willard EVP and Chief Financial Officer, Altria Group, Inc. Dave Beran President and Chief Operating Officer, Altria Group, Inc. Jim Dillard Sr. Vice President, Regulatory Affairs, ALCS Murray Garnick Sr. Vice President and Associate General Counsel, ALCS

3 Safe Harbor Statement Statements, including earnings guidance, in this presentation that are not reported financial results or other historical information are forward-looking statements within the meaning of Private Securities Litigation Reform Act of Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Altria undertakes no obligation to publicly update or revise any forwardlooking statement other than in the normal course of its public disclosure obligations. The risks and uncertainties relating to the forward-looking statements in this presentation include those described under Risk Factors in its Annual Report on Form 10-K for the year ended December 31, 2012 and under Cautionary Factors That May Affect Future Results in its Quarterly Report on Form 10-Q for the period ended September 30, Reconciliations of non-gaap Financial measures included in this presentation to the most comparable GAAP measures are available on Altria s website at altria.com.

4 EPS and Dividend Growth Adjusted Diluted EPS* Dividend Per Share +7.9% CAGR $ % CAGR $1.92 $1.51 $ *For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports Note: Annualized rate: 6-year CAGR assumes the post-pmi spin-off dividend of $0.29 per common share was the end of 2007 dividend rate.

5 Six-Year Total Shareholder Return 137% 44% Altria Group S&P 500 Note: Total shareholder return is simple price appreciation plus the reinvestment of the dividend as of the ex-dividend date (12/31/2007 to 12/31/2013). Source: Bloomberg Daily Return

6 Long-Term Financial Goals Grow adjusted diluted EPS at average annual rate of 7% to 9% Maintain a dividend payout ratio of approximately 80% of adjusted diluted EPS

7 Altria s Strategies Maximize income from core premium tobacco businesses over the long term Grow new income streams with innovative products Manage diverse income streams and strong balance sheet to deliver consistent financial performance

8 Altria Companies Capabilities Deeply understanding adult tobacco consumers Building and sustaining premium brands Creating strong sales and distribution relationships Developing innovative products Managing external challenges facing our businesses

9 Agenda Maximizing income from our core tobacco businesses Approach to innovation Diverse business model and strong balance sheet Regulatory capabilities Delivering shareholder returns

10 Tobacco Industry Manufacturers Profit Pool $ in Billions $16 ~+5% CAGR $14.5 $11.4 $ Source: Altria company reports; ALCS S&BD estimates; other public company reports

11 Share of 2013 U.S. Tobacco Industry Profits by Category 80% 10% 6% 4% Cigarettes Smokeless Tobacco Cigars Other Source: Altria company reports; ALCS S&BD estimates; other public company reports

12 Cigarette Category Decline Rate Estimates Primarily due to FET increase (4.0)% (4.0)% (5.0)% (3.5)% (3.0)% (4.0)% (8.0)% Although cigarette volumes continue to decline, the rate of decline has held steady at 3 to 4% for many years. Source: ALCS MICR Estimates

13 Tobacco Categories Volume 2010 to 2013 CAGR ~3% ~5% ~(1)% ~(3.5)% Total Tobacco* Cigarettes Machine-made Large Cigars Smokeless Products * Total tobacco in pounds Source: ALCS MICR estimates based on TTB data through September 2013, cigarettes, small cigars based on oz/stick; ALCS MICR estimates

14 Largest Consumer Products Categories 2013 U.S. Dollar Sales in Major Retail Channels $ in Billions $70 $66 $30 $28 $20 $0 Cigarettes Beer / Cider Carbonated Beverages Salty Snacks Note: Total US MOC is comprised of Food, Drug, Mass Merchandisers, Club, Dollar, DeCA, Convenience and Walmart classes of trade with ACV of $2MM+ excluding Pharmaceutical sales. Carbonated Beverage sales exclude on-premise, and Beer/Cider sales exclude on-premise and Liquor. Source: IRI Infoscan-MOC for the 52 weeks ending 12/29/13

15 Category Growth 2009 to 2013 CAGR U.S. Dollar Sales in Major Retail Channels 7.2% 3.2% 4.0% (0.7)% Smokeless Tobacco Beer/Cider Carbonated Beverages Salty Snacks Note: Total US MOC is comprised of Food, Drug, Mass Merchandisers, Club, Dollar, DeCA, Convenience and Walmart classes of trade with ACV of $2MM+ excluding Pharmaceutical sales. Carbonated Beverage sales exclude on-premise, and Beer/Cider sales exclude on-premise and Liquor. Source: IRI Infoscan-MOC for the 52 weeks ending 12/29/13

16 Manufacturers Share of the 2013 U.S. Tobacco Profit Pool 51% 22% 14% 13% Altria Reynolds American Lorillard Other Note: Altria s Profit Pool share is calculated by combining the adjusted OCI* for Altria s Smokeable & Smokeless Products segments divided by Total Profit Pool. *For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports; ALCS SB&D estimates; other public company reports

17 This space is blank because brand images which appeared in the original presentation have been removed.

18 Marlboro 2013 Retail Share 43.7% Next 10 Largest Brands = 42.2% Marlboro Source: IRI/MSAi

19 Smokeless 2013 Retail Share This space is blank because brand images which appeared in the original presentation have been removed. 50.7% Copenhagen & Skoal Source: IRI InfoScan

20 Machine-Made Large Cigars 2013 Retail Share 29.2% This space is blank because brand images which appeared in the original presentation have been removed. Black Black & Mild & Mild Competitive Brands Source: IRI InfoScan

21 This space is blank because brand images which appeared in the original presentation have been removed.

22 Smokeable Products Companies Strategy Maximize income while maintaining modest share momentum on Marlboro and Black & Mild over time.

23 Cigarette Category Income Drivers Pricing Cost management Retail share performance Equity-building activities Product innovation This space is blank because brand images which appeared in the original presentation have been removed.

24 This space is blank because brand images which appeared in the original presentation have been removed.

25 Marlboro Long-Term Retail Share Growth % Source: Maxwell; MSAi Shipments; IRI/Capstone Total Retail Panel; IRP IRI Group/Capstone Projected Retail Panel; IRI/MSAi

26 This space is blank because brand images which appeared in the original presentation have been removed.

27 Marlboro Product Expansions This space is blank because brand images which appeared in the original presentation have been removed.

28 Marlboro Adult Smoker Engagement Retail This space is blank because brand images which appeared in the original presentation have been removed.

29 Marlboro Adult Smoker Engagement Direct Mail This space is blank because brand images which appeared in the original presentation have been removed.

30 Marlboro Adult Smoker Engagement Digital This space is blank because brand images which appeared in the original presentation have been removed.

31 This space is blank because brand images which appeared in the original presentation have been removed.

32 Marlboro Black is growing share and building a strong position, including with 21 to 29 year-old smokers. This space is blank because brand images which appeared in the original presentation have been removed.

33 Marlboro Digital Engagement Marlboro.com is among the largest CPG websites in the U.S. based on average number of unique adult visitors age 21+. This space is blank because brand images which appeared in the original presentation have been removed. comscore, 2013

34 Marlboro Adult Smoker Connections ~+50% This space is blank because brand images which appeared in the original presentation have been removed Source: PM USA

35 Marlboro s Modest Retail Share Momentum Average Annual Growth = ~0.2pp 42.9% 43.7% This space is blank because brand images which appeared in the original presentation have been removed Note: Source: Source: IRI/MSAi

36 Pricing Considerations Economic conditions Price gaps Competitive dynamics PM USA carefully manages its pricing to deliver long-term income growth.

37 Pricing Considerations Economic Conditions Employment rates Housing starts Consumer confidence PM USA continuously monitors key indicators to understand the conditions of adult smokers.

38 Pricing Considerations Price Gap $6.50 $4.27 $3.04 Price Gap = ~35% Marlboro Net Price Lowest Effective Price $5.86 $4.38 $ Note: Marlboro excludes Marlboro 72mm Lowest = Actual Lowest Effective Pack Price (without PM USA Premium) Source: IRI/Capstone Pricing Database; IRI Sales Advantage Sample - ending 12/29/13

39 Pricing Considerations Competitive Dynamics Premium Cigarettes Segment Leading Premium Domestic Cigarette Brands 75% 75% 61.2% 63.8% Source: IRI/MSAi Cigarettes 2013 Total US Blended Share

40 This space is blank because brand images which appeared in the original presentation have been removed.

41 Middleton s Retail Share Average Annual Decline = ~0.6pp 31.7% 29.4% In a competitive environment, Middleton has focused on income growth, while managing share performance. Note: The IRI InfoScan 2013 service was implemented to read market share in 2011 and beyond. Share in reflects estimates based on share changes derived from IRI InfoScan 2011 service. Source: IRI InfoScan 2011 and 2013

42 Smokeable Products Income Growth Adjusted OCI* $ in Billions $7.5 $ % CAGR $6.4 $ *For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports

43 Smokeless Products Companies Strategy Increase income by growing volume at or ahead of the category growth rate, while maintaining modest share momentum on Copenhagen and Skoal combined

44 Smokeless Products Segment Performance Smokeless Products Shipment Volume Copenhagen & Skoal Combined Retail Share % CAGR % ~+0.9pp/yr average 50.7% Note: Reported domestic shipment volume for USSTC and PM USA cans and packs in millions Source: Altria company reports Note: The IRI InfoScan 2013 service was implemented to read market share in 2011 and beyond. Share in reflects estimates based on share changes derived from IRI InfoScan 2011 service. Source: IRI InfoScan 2011 and 2013

45 Copenhagen and Skoal Retail Share 60% 40% 47.3% 24.8% 50.7% 21.4% 20% 22.5% 29.3% 0% Copenhagen Skoal Note: The IRI InfoScan 2013 service was implemented to read market share in 2011 and beyond. Share in reflects estimates based on share changes derived from IRI InfoScan 2011 service. Source: IRI InfoScan 2011 and 2013

46 This space is blank because brand images which appeared in the original presentation have been removed.

47 Copenhagen s Share of Natural Segment 100% 75% 50% 25% This space is blank because brand images which appeared in the original presentation have been removed. 0% Natural Segment Source: IRI Group InfoScan Smokeless Tobacco Database (FY 2012 Retail Share) Source: IRI InfoScan Retail Share FY 2013

48 This space is blank because brand images which appeared in the original presentation have been removed.

49 Copenhagen Wintergreen Retail Share 10% This space is blank because 5% 0% brand images which appeared in the original presentation have been removed. Note: The IRI InfoScan 2013 service was implemented to read market share in 2011 and beyond. Share in reflects estimates based on share changes derived from IRI InfoScan 2011 service. Source: IRI InfoScan 2011 and 2013

50 This space is blank because brand images which appeared in the original presentation have been removed.

51 Skoal Classic and X-TRA This space is blank because brand images which appeared in the original presentation have been removed.

52 Skoal Share Performance and Price Gap Skoal Retail Share 2013 Price Per Can 30% 24.8% $6 55% price gap 20% 21.4% $4 10% $2 0% $0 Classic Leading Discount Note: The IRI InfoScan 2013 service was implemented to read market share in 2011 and beyond. Share in reflects estimates based on share changes derived from IRI InfoScan 2011 service. * Source: IRI InfoScan 2011 and 2013

53 This space is blank because brand images which appeared in the original presentation have been removed.

54 80 Days of Saturdays Website Direct Mail This space is blank because brand images which appeared in the original presentation have been removed.

55 Smokeless Products Adjusted OCI* $ in Millions $1, % CAGR $1,026 $600 $632 $ *For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports

56 Altria s Tobacco Businesses

57 Agenda Maximizing income from our core tobacco businesses Approach to innovation Diverse business model and strong balance sheet Regulatory capabilities Delivering shareholder returns

58 Deep expertise and Altria service companies scale Acquire complementary products, technologies and capabilities Third-party agreements

59 U.S. E-Vapor Consumer Expenditures $ in Billions $ % CAGR ~$1.0 $0.3 $0.5 $ Source: ALCS MICR estimates

60 E-Vapor Awareness and Trial Awareness Trial* ~90% 63% 28% 39% November 2013 November 2012 May 2013 November 2013 Source: ALCS/MICR e-cigarette Awareness & Usage Study among Adult Smokers * Among Adult smokers aware of e-cigarettes

61 E-Vapor Category Growth Product innovation Regulation Taxation Many adult smokers and vapers are still looking for a product that meets their requirements and desires.

62 Nu Mark s Goal and Approach Launched MarkTen e-cigarettes in Indiana and Arizona Announced the agreement to acquire the e-vapor business of Green Smoke Signed agreements with Philip Morris International (PMI) Nu Mark s goal is to achieve leadership in the U.S. e-vapor category.

63 MarkTen Expansion This space is blank because brand images which appeared in the original presentation have been removed. Nu Mark plans to expand MarkTen e-cigarettes nationally beginning in Q

64 Creating a Path to E-Vapor Leadership Product superiority and innovation Premium brand building Distribution and customer partnerships Supply chain capability Regulatory and government affairs capability

65 MarkTen E-Cigarettes Indiana August 2013 First MarkTen test market Arizona December 2013 Improved flavor systems for Classic and Menthol USB charger added to single unit pack

66 MarkTen Distribution in Arizona ~1,900 stores This space is blank because brand images which appeared in the original presentation have been removed. Note: As of January 28, 2014 Source: STARS Cigarette & e-cigarette report ending 11/23/13; coverage represents YTD volume

67 MarkTen Test Market Retail Cartridge Share % 60 0 Arizona 48% This space is blank because brand images which appeared in the original presentation have been removed. Week 0 for MarkTen AZ Source: IRI InfoScan TDN Projected Retail Database ending 02/02/2014, (4-week moving average)

68 Green Smoke Agreement to acquire the e-vapor business of Green Smoke, Inc. for ~$110 million Manufacturing and marketing high-quality, premium products since 2009 Expands Nu Mark s product portfolio, including a larger product format and a new brand Expect the transaction to be completed by the second quarter of 2014 Note: Third party trademarks are the property of their respective owners and are included for informational purposes only.

69 Altria Strategic Agreements with PMI Exclusive license to PMI to commercialize e-vapor products internationally Cooperation on regulatory engagement Contract manufacturing arrangements

70 This space is blank because brand images which appeared in the original presentation have been removed.

71 Agreements on PMI Next Generation Products Exclusive U.S. license to Altria to sell two of PMI s heated tobacco products Cooperation on regulatory engagement related to heated tobacco products Our agreements with PMI support Altria s broader strategy to create a robust portfolio of innovative products for adult tobacco consumers.

72 Agenda Maximizing income from our core tobacco businesses Approach to innovation Diverse business model and strong balance sheet Regulatory capabilities Delivering shareholder returns

73 Diverse Business Model Delivers Financial Objectives 27% Economic Interest Note: Third party trademarks are the property of their respective owners and are included for informational purposes only.

74 Smokeable Products Segment Performance Net Revenue per 1000* $ % CAGR $ Adjusted OCI * - $ in Billions $ % CAGR $6.4 Adjusted OCI Margins* +8.4pp 42.2% 33.8% Note: Net of FET *For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports

75 Smokeless Products Segment Performance Smokeless Products Shipment Volume % CAGR 788 Copenhagen & Skoal Combined Retail Share 47.3% ~+0.9pp/yr average 50.7% Adjusted OCI* - $ in Millions +12.9% CAGR $1,026 $ Note: Reported domestic shipment volume for USSTC and PM USA. Cans and packs in millions. *For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports

76 Cost Management Altria delivered ~$2 billion in productivity savings PM USA has efficiently managed costs

77 Cost Management Smokeable Products Controllable Costs/1000* FETRA Expense - $ in Millions +0.6% CAGR $27.81 $28.69 ~$400 ~$300 $ * For reconciliations of non-gaap to GAAP measures visit Note: FETRA refers to the Fair and Equitable Tobacco Reform Act of 2004 Source: ALCS Finance

78 Altria s Alcohol Interests This space is blank because brand images which appeared in the original presentation have been removed. Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Note: Third party trademarks are the property of their respective owners and are included for informational purposes only.

79 This space is blank because brand images which appeared in the original presentation have been removed.

80 SABMiller Delivers Strong Income Growth Equity Earnings - $ in Millions Market Value - $ in Billions +16.2% CAGR $991 $19.4 $467 $ December 2008 January 2014 Source: Altria company reports Source: Bloomberg

81 Ste. Michelle Wine Estates 90+ Ratings Winery of the Year for the 19 th time Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Source: Altria company reports

82 Ste. Michelle Wine Estates Adjusted OCI* - $ in Millions +12.8% CAGR $118 $ * For reconciliations of non-gaap to GAAP measures visit Source: Altria company reports

83 Progress Unwinding PMCC Business Net Finance Receivable - $ in Billions $9.4 $5.7 $ Note: Net Finance Receivables reflects PMCC s investments in finance leases excluding the allowance for losses. Source: Altria company reports

84 PMCC Income Contribution Year-end Portfolio - # of Assets Adjusted OCI* - $ in Millions $289 Lease Income, net of expenses $157 $141 Other (Primarily Gains from Asset Sales) $183 $ *For reconciliations of non-gaap to GAAP measures visit Source: Altria company reports; ALCS Finance

85 Altria s Strong Balance Sheet Provides stability and liquidity Supports Altria s investment grade credit rating Enhances ability to return cash to shareholders

86 Capital Markets Activities Tendered for high-coupon debt Replaced with lower cost debt Improved debt maturity profile Lowered future interest expense

87 Reduced Weighted Average Coupon Rate 9.1% (3.2)pp 5.9% December 2009 December 2013 Source: ALCS Finance

88 Altria s Strong Dividend Annualized Dividend +8.8% CAGR $ % Current Dividend Yield $ % 2.1% Altria 10-yr UST S&P 500 Note: Annualized rate: 6-year CAGR assumes the post-pmi spin-off dividend of $0.29 per common share was the end of 2007 dividend rate. Source: Altria company reports Note: As of February 14, 2014 Source: Bloomberg

89 Share Repurchase Programs ~$4.2 billion in shares repurchased since PMI spin-off ~$540 million in shares repurchased through end of 2013 Current $1 billion repurchase program Expect to complete program by end of Q Timing of share repurchases depends upon marketplace conditions and other factors

90 Diverse Business Model 27% Economic Interest Note: Third party trademarks are the property of their respective owners and are included for informational purposes only.

91 Altria s Consistent EPS Growth Adjusted Diluted EPS* - YOY % Change 9.3% 6.1% 8.6% 7.9% 7.8% 7.7% * For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports

92 2014 Guidance Altria reaffirms it expects its 2014 full-year adjusted diluted EPS* to increase by 6% to 9% to a range of $2.52 to $2.59 from its 2013 adjusted diluted EPS base of $2.38 per share. * For reconciliation of non-gaap to GAAP measures visit altria.com Source: Altria company reports

93 2014 Guidance Core tobacco businesses are positioned to deliver strong income growth Benefit from lower interest expense, a lower effective tax rate and a reduction in shares from the current share repurchase program Plan to continue making investments to build Nu Mark s e-vapor business Expect continued variability in adjusted operating companies income at PMCC

94 Agenda Maximizing income from our core tobacco businesses Approach to innovation Diverse business model and strong balance sheet Regulatory capabilities Delivering shareholder returns

95 Experience Note: Third party trademarks are the property of their respective owners and are included for informational purposes only.

96 Strong Regulatory Capabilities Building a constructive and enduring relationship with FDA Compliance Engagement and advocacy

97 Altria s Engagement with FDA Docket submissions Meetings with FDA TPSAC Presentations Public workshops Published scientific papers Presentations at scientific conferences

98 Altria s Compliance Efforts Registering manufacturing facilities Listing of our companies tobacco products Submitting ingredient information Inspections of our registered facilities Hosting FDA at our facilities Conducting internal regulatory training

99 Regulatory Update Substantial Equivalence FDA has said substantial equivalence is a priority Applications pending for in-market products and products not yet introduced

100 Regulatory Update Menthol Comments submitted to FDA - November 2013 Menthol cigarettes do not affect population harm differently than nonmenthol cigarettes FDA is reviewing nearly 200,000 stakeholder comments The science- and evidence-based information continues to demonstrate that regulatory actions or restrictions, including those on sales, distribution, promotion or advertising, are neither necessary nor justified.

101 Regulatory Update Deeming According to the FDA, deeming regulations likely to be issued soon Being reviewed by OMB Altria met with FDA to discuss regulation of all tobacco products

102 Support for Deeming Regulation Framework to evaluate tobacco products that are potentially less harmful Clear principles for accurate and scientifically grounded communications We support FDA s efforts to extend its regulatory authority to all tobacco products.

103 Deeming Regulation Registration Product listing Ingredient listing Good manufacturing practice requirements These general controls should help establish common standards for all U.S. manufacturers and importers of deemed products. Note: Source:

104 Harm Reduction Framework Advance public health goals Recognize product differences Foster innovation Grounded in science and evidence

105 Anticipated FDA Developments in 2014 Deeming regulation Menthol Substantial equivalence TPSAC appointments Advertising and communications Note: Third party trademarks are the property of their respective owners and are included for informational purposes only.

106 Altria s Regulatory Capabilities Building a constructive and enduring relationship with FDA Compliance Engagement and advocacy We ve built strong capabilities to help our tobacco companies successfully compete under FDA regulation.

107 Agenda Maximizing income from our core tobacco businesses Approach to innovation Diverse business model and strong balance sheet Regulatory capabilities Delivering shareholder returns

108 Altria s Strategies Maximize income from core premium tobacco businesses over the long term Grow new income streams with innovative products Manage diverse income streams and strong balance sheet to deliver consistent financial performance

109 Creating Shareholder Value Altria Adjusted Diluted EPS* $ % CAGR $2.38 S&P 500 Operating EPS $ % CAGR $ E *For reconciliations of non-gaap to GAAP measures visit Source: Altria company reports Note: S&P 500 Operating EPS includes income from product (goods and services), but excludes corporate (M&A, financing, layoffs ) and unusual items. Source: Standard & Poor s

110 Dividend Yield 5.4% 2.1% Altria S&P 500 Source: Bloomberg

111 Six-Year Total Shareholder Return 137% 91% 44% Altria Group S&P Food, Beverage and Tobacco Index S&P 500 Note: Total shareholder return is simple price appreciation plus the reinvestment of the dividend as of the ex-dividend date (12/31/2007 to 12/31/2013). Source: Bloomberg Daily Return

112

113

114 Regulation G Disclosure For reconciliations and further explanations of non-gaap financial measures, visit: altria.com

115

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