Altria Group, Inc. · NYSE:MO

Altria — 2016 Consumer Analysts Group of New York (CAGNY) Conference

98 slides from Altria's conference presentation, Feb 17, 2016

1. Slide 1: 2016 CAGNY Investor Presentation

   2016 CAGNY Investor Presentation February 17, 2016 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

2. Slide 2: Management Team Participants

   Management Team Participants Howard Willard Billy Gifford Chief Operating Officer Chief Financial Officer Jim Dillard Denise Keane SVP, Research, Development, EVP and General Counsel Regulatory Affairs and Chief Innovation Officer For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 201

3. Slide 3: Safe Harbor Statement

   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 1995. Such forward-looking statements are bas

4. Slide 4: 2015 Adjusted Diluted EPS Performance

   2015 Adjusted Diluted EPS* Performance +8.9% $2.80 $2.57 2014 2015 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

5. Slide 5: Dividend Per Share Growth

   Dividend Per Share Growth +8.7% $2.26 $2.08 2014 2015 Note: Dividend is based on the current annualized dividend (Last increased August 2015) Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

6. Slide 6: 2015 Total Shareholder Return

   2015 Total Shareholder Return 23.1% 14.7% 1.4% Altria S&P Food, Beverage & S&P 500 Tobacco Note: Total shareholder return is simple price appreciation plus the reinvestment of the dividend as of the ex-dividend date Source: Bloomberg, 12/31/2014 to 12/31/2015 For Investor Relations Purposes Only - C

7. Slide 7: Three-Year Total Shareholder Return

   Three-Year Total Shareholder Return 34.5% 28.6% 23.1% 2013 2014 2015 Note: Total shareholder return is simple price appreciation plus the reinvestment of the dividend as of the ex-dividend date Source: Bloomberg, 12/31/2012 to 12/31/2015 For Investor Relations Purposes Only - CAGNY Conference, Feb.

8. Slide 8: 2015 U.S. Dollar Sales in Major Retail Channels

   2015 U.S. Dollar Sales in Major Retail Channels $ in Billions $82 $70 $34 $28 $22 Tobacco Cigarettes Beer Carbonated Salty Beverages 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 Phar

9. Slide 9: 2015 U.S. Dollar Sales in Major Retail Channels

   2015 U.S. Dollar Sales in Major Retail Channels $ in Billions $82 $70 $34 $34 $28 $22 Tobacco Cigarettes Marlboro Marlboro Beer Carbonated Salty Beverages Snacks Note: Total US MOC is comprised of Food, Drug, Mass Merchandisers, Club, Dollar, DeCA, Convenience and Walmart classes of trade with ACV o

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    This space is blank because brand images which appeared in the original presentation have been removed. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

11. Slide 11: Altria's Alcohol Interests

    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. For Investor Relations Purposes Only - CAGNY C

12. Slide 12: Long-Term Financial Goals

    Long-Term Financial Goals  Grow adjusted diluted EPS at average annual rate of 7% to 9%  Maintain a target dividend payout ratio of approximately 80% of adjusted diluted EPS For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

13. Slide 13: Altria's Strategies

    Altria’s Strategies Maximize income from core premium tobacco businesses over the long term Grow new income streams with innovative tobacco products Manage diverse income streams and strong balance sheet to deliver consistent financial performance For Investor Relations Purposes Only - CAGNY Confere

14. Slide 14: Our History in the Beer Category

    Our History in the Beer Category 1970 2002 Philip Morris Acquired Miller Combined Miller with SAB Brewing Co. $3.4 Billion in Shares $230 Million + ~$2.0 Billion in Cash Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Source:

15. Slide 15: Market Value of Altria's SABMiller Investment

    Market Value of Altria’s SABMiller Investment $ in Billions $19.5 $3.4 July 2002 September 14, 2015 Source: Bloomberg For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

16. Slide 16: Contributions from SABMiller Investment

    Contributions from SABMiller Investment 2002 to 2015  $8.7 billion in equity earnings  $3.8 billion in dividends Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Source: Altria company reports For Investor Relations Purposes

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18. Slide 18: Objectives

    Objectives  Continued participation in the global beer profit pool  Tax efficiency  Appropriate premium  Appropriate board representation to assure that we maintained significant influence over the asset For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

19. Slide 19: Strategic Rationale

    Strategic Rationale  The first truly global beer company and one of the largest CPG companies  Significant growth opportunity for leading brands  Build on strength of the world’s great beer operators  Prospects for cost synergies Note: Third party trademarks are the property of their respective

20. Slide 20: Impact to Altria

    Impact to Altria  Continue participation in the global beer profit pool with an approximately 10.5% stake in the new company  Achieve continued tax efficiency  Two seats on the new company’s board of directors  Continue the use of equity accounting for the asset’s contribution to Altria’s earnin

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22. Slide 22: SABMiller Transaction Premium - PSA

    SABMiller Transaction Premium - PSA Total PSA Value £41.84 as of 11/10/15 43% Premium Undisturbed Share Price £29.34 as of 9/14/15 SABMiller Share Price Note: PSA defined as Partial Share Alternative Source: ABI InBev 2.7 deal document For Investor Relations Purposes Only - CAGNY Conference, Feb. 17

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24. Slide 24: Marlboro Among the Top 10 Most Valuable Global Brands - 2015

    Marlboro Among the Top 10 Most Valuable Global Brands - 2015 Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Source: MillwardBrown – Top 100 Global Brands - 2015 For Investor Relations Purposes Only - CAGNY Conference, Feb. 1

25. Slide 25: 2015 Smokeable Products Segment Results

    2015 Smokeable Products Segment Results  Adjusted OCI* increased 10.9%  PM USA adjusted cigarette volume grew 0.5%  Middleton cigar volume grew 4.2% Cigarette volume adjusted for trade inventory changes and other factors. *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: A

26. Slide 26: Cigarette Retail Share

    Cigarette Retail Share PM USA Marlboro +0.4pp +0.2pp 50.9% 51.3% 43.8% 44.0% 2014 2015 2014 2015 Source: IRI/MSAi For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

27. Slide 27: Marlboro's Strengths

    Marlboro’s Strengths  Innovation to maintain Marlboro’s vibrancy  Scale and breadth at retail  Our advantage in digital engagement For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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29. Slide 29: Marlboro's Non-Menthol Strength

    Marlboro’s Non-Menthol Strength 54.9% 44.0% Total Market Share Share of Non-Menthol Segment Note: FY 2015 retail market share Source: IRI/MSAi For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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31. Slide 31: Marlboro's Growing Menthol Retail Share

    Marlboro’s Growing Menthol Retail Share 10.0 +0.5pp 7.2% 6.7% 0.0 2012 2015 Source: IRI/MSAi For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

32. Slide 32: Marlboro's Value to C-Stores

    Marlboro’s Value to C-Stores $ in Billions $27.1 Represents Leading Brand in Each Category $6.5 $2.5 $0.9 $0.4 Marlboro Marlboro Beer Carbonated Salty Chocolate Candy Beverages Snacks Note: Retail sales in Convenience Stores only. Carbonated Beverages and Beer (including Ale and Cider, not liquor) e

33. Slide 33: Sales Expertise

    Sales Expertise This space is blank because brand images which appeared in the original presentation have been removed. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

34. Slide 34: Retail Coverage

    Retail Coverage ~240k Retail Stores ~90% Volume Coverage Source: ALCS For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

35. Slide 35: Marlboro Mobile Coupons

    Marlboro Mobile Coupons ~100,000 Stores Participating Source: ARC Reporting through w/e 10.31.15 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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37. Slide 37: Marlboro Mobile Visits

    Marlboro Mobile Visits 350 0 marlboro.com Company A Company B Company C Note: ComScore projection is based on approximately 750,000 person (age 21+) data panel. Visits are defined as the total number of times during a reporting period that a person accessed content within the website. Source: comSco

38. Slide 38: Growth in Digital Engagement

    Growth in Digital Engagement in Millions 120 +158% 0 2012 2013 2014 2015 Note: Interactions defined as web/app engagements, email opens, SMS received Source: ARC reporting through December 2015 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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40. Slide 40: Marlboro's Strong Brand Equity

    Marlboro’s Strong Brand Equity Overall Equity (Adult Smokers 21 – 54) 70 +5 pts 30 2010 2015 Source: 2015 TNS Brand Equity Study (Age Group: 21 – 54), January 2016 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

41. Slide 41: Unmatched Brand Equity

    Unmatched Brand Equity Overall Equity among Adult Smokers 70 Marlboro’s overall equity score is more than 14 points higher than leading competitive brands. 30 Marlboro Camel Newport Source: 2015 TNS Brand Equity Study (Age Group: 21 – 54), January 2016 For Investor Relations Purposes Only - CAGNY Co

42. Slide 42: Marlboro Adult Smoker 21-29 Share

    Marlboro Adult Smoker 21 – 29 Share 50 0 Marlboro Newport Camel Source: ALCS CATTS – 6MM ending September 2015 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

43. Slide 43: Marlboro Long-Term Retail Share Growth

    Marlboro Long-Term Retail Share Growth 44.0 1954 1963 1972 1981 1990 1999 2008 2015 Source: Maxwell; MSAi Shipments; IRI/Capstone – Total Retail Panel; IRP IRI Group/Capstone Projected Retail Panel; IRI/MSAi For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

44. Slide 44: Marlboro Brand Leadership Across the U.S.

    Marlboro Brand Leadership Across the U.S. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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46. Slide 46: Smokeless Products Strategy

    Smokeless Products Strategy Increase income by growing volume at or ahead of the category growth rate, while maintaining modest share momentum on Copenhagen and Skoal combined For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

47. Slide 47: Copenhagen and Skoal Share Performance

    Copenhagen and Skoal Share Performance Before Altria’s Acquisition After Altria’s Acquisition (22.6)pp +3.4pp 69.9% 47.9% 51.3% 47.3% 2001 2009 2010 2015 Source: RAD SVT 2001; IRI 2009 - 2015 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

48. Slide 48: Smokeless Products Adjusted OCI

    Smokeless Products Adjusted OCI* $ in Millions +6.0% CAGR $1,112 $832 2010 2015 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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50. Slide 50: Copenhagen Retail Share

    Copenhagen Retail Share +7.1 pp 31.6% 24.5% 2010 2015 Source: IRI Group InfoScan Smokeless Tobacco Database (FY 2012 – Retail Share) Source: IRI InfoScan For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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52. Slide 52: Copenhagen Long Cut Wintergreen Share Growth

    Copenhagen Long Cut Wintergreen Share Growth 10% 8.6% 5.8% 0% Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Source: IRI InfoScan For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

53. Slide 53: Smokeless Brand Equity – 2015

    Smokeless Brand Equity – 2015 Equity Among Adult Dippers Equity Among Adult Dippers (21 – 54) (21 – 29) 70 70 30 30 Copenhagen Copenhagen Skoal Skoal Grizzly Copenhagen Skoal Skoal Grizzly Copenhagen’s equity is at least four points higher than Grizzly among adult dippers 21–54 and those age 21–29.

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55. Slide 55: E-Vapor Estimated U.S. Consumer Sales

    E-Vapor Estimated U.S. Consumer Sales $ in Billions ~$2.5 ~$2.0 ~$1.3 ~$0.5 2012 2013 2014 2015 Source: ALCS estimates For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

56. Slide 56: E-Vapor Category Development

    E-Vapor Category Development  Today’s products not fully meeting expectations  Meaningful category growth hinges on product innovation We continue to advocate for regulation and tax policies that recognize a continuum of risk. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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58. Slide 58: MarkTen XL

    MarkTen XL MarkTen XL has delivered significantly stronger share performance than the original MarkTen. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

59. Slide 59: MarkTen XL Expansion

    MarkTen XL Expansion Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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61. Slide 61: For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

    For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

62. Slide 62: Heated Tobacco Platform

    Heated Tobacco Platform  Altria has the exclusive rights in the U.S.  Marketplace and research results are encouraging Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. For Investor Relations Purposes Only - CAGNY Conference,

63. Slide 63: Heated Tobacco Commercialization

    Heated Tobacco Commercialization  Progressing toward goal of commercializing product platform in the U.S.  FDA application to designate heated tobacco technology as modified risk is expected to be filed towards the end of 2016 For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

64. Slide 64: Portfolio Approach

    Portfolio Approach This space is blank because brand images which appeared in the original presentation have been removed. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

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66. Slide 66: Cigarette Category Decline Rate Estimates

    Cigarette Category Decline Rate Estimates (0.5)% (3.0)% (3.5)% (3.5)% (4.0)% (5.0)% 2010 2011 2012 2013 2014 2015 Source: ALCS estimates For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

67. Slide 67: U.S. Consumer Confidence

    U.S. Consumer Confidence 150 100 106 103 98 87 67 73 58 55 58 45 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Sources: The Conference Board, full-year average For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

68. Slide 68: U.S. Economic Environment

    U.S. Economic Environment Unemployment Rate Gasoline Prices ($/gal) $5 10% 7.4% $3.58 $3.44 6.2% 5.3% $2.51 4.8% $1.98 0% $0 2013 2014 2015 2016E 2013 2014 2015 2016E Note: All 2016 estimates are from the respective agencies. Sources: Bureau of Labor Statistics - Official Unemployment Rate (U3); U.S

69. Slide 69: U.S. Tobacco Manufacturers' Profit Pool

    U.S. Tobacco Manufacturers’ Profit Pool $ in Billions $20 +10% $17.0 $15.5 $0 2014 2015 Source: Altria company reports; ALCS estimates; other public company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

70. Slide 70: Favorable Economics

    Favorable Economics 2015 Net Income Margins 2015 Free Cash Flow Margins 50% 50% 27.8% 29.6% 14.4% 14.3% 8.3% 5.4% 0% 0% Altria S&P S&P Food Altria S&P S&P Food Beverages Beverages Note: Net Income and Free Cash Flow Margins are non-GAAP. 2015 GAAP net income and FCF margins based on reported results

71. Slide 71: Consistent Financial Performance

    Consistent Financial Performance Adjusted Diluted EPS* Dividend Per Share Growth +8.1% +8.3% CAGR CAGR $2.80 $2.26 $1.90 $1.52 2010 2015 2010 2015 *For reconciliation of non-GAAP to GAAP measures visit altria.com. Note: Dividend is based on the current annualized dividend (Last increased August 2015

72. Slide 72: 2015 Dividend Payout Ratio

    2015 Dividend Payout Ratio S&P Food, Beverage and Tobacco Index PM 92.3% 1 MO 80.7% RAI 72.7% KO 66.0% PEP 2 61.5% GIS 58.1% K 56.7% HSY 56.6% DPS 2 47.9% CPB 46.7% Note: All payout ratios have been calculated using the company’s current annualized dividend rate divided by the 2015 adjusted EPS esti

73. Slide 73: Smokeable Products Companies' Strategy

    Smokeable Products Companies’ Strategy Maximize income while maintaining modest share momentum on Marlboro over time. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

74. Slide 74: Smokeable Products Income and Share Growth

    Smokeable Products Income and Share Growth Adjusted OCI* Marlboro Retail Share +5.8% $ in Billions +0.4 pp CAGR $10 65% $7.6 43.6% 44.0% $5.7 $0 0% 2010 2015 2010 2015 *For reconciliation of non-GAAP to GAAP measures visit altria.com; CAGR calculated on actual figures Source: Altria company reports

75. Slide 75: Smokeable Products Segment Pricing Growth

    Smokeable Products Segment Pricing Growth Revenues Net of Excise Taxes /1000 Units* +4.2% CAGR $128.54 $104.47 2010 2015 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

76. Slide 76: Smokeless Products Income Growth

    Smokeless Products Income Growth Adjusted OCI* Adjusted OCI* Margins +6.0% $ in Billions +6.2pp CAGR $1.5 70% 63.7% 57.5% $1.1 $0.8 $0.0 0% 2010 2015 2010 2015 *For reconciliation of non-GAAP to GAAP measures visit altria.com; CAGR calculated on actual figures Source: Altria company reports For Inve

77. Slide 77: Smokeless Products Segment Performance

    Smokeless Products Segment Performance Smokeless Copenhagen & Skoal Reported Shipment Volume Growth Combined Retail Share +2.3% in Millions +3.4pp CAGR 814 850 70% 724 51.3% 47.9% 0 0% 2010 2015 2010 2015 Note: CAGR calculated on actual figures Source: Altria company reports Source: IRI InfoScan as

78. Slide 78: Productivity

    Productivity  SG&A Infrastructure $300 million  Leaner organization  Investments to include: - Brand building - Harm reduction - Regulatory capabilities Annualized savings by end of 2017 Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

79. Slide 79: Diverse Income Streams – FY 2015

    Diverse Income Streams – FY 2015 Other Smokeless Smokeable Underlying earnings contribution, adjusted to exclude tobacco and health judgments Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

80. Slide 80: Ste. Michelle Wine Estates Growth

    Ste. Michelle Wine Estates Growth Adjusted OCI* Reported Shipment Volume +12.9% +5.8% $ in Millions CAGR Cases in Millions CAGR $200 10 8.9 Thousands $152 6.7 $83 $0 0 2010 2015 2010 2015 * For reconciliations of non-GAAP to GAAP measures visit www.altria.com; CAGR calculated on actual figures Sourc

81. Slide 81: Ste. Michelle Wine Estates

    Ste. Michelle Wine Estates This space is blank because brand images which appeared in the original presentation have been removed. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

82. Slide 82: Philip Morris Capital Corporation

    Philip Morris Capital Corporation $ in Billions Net Finance Receivables ($3.4) $4.7 $1.3 2010 2015 Note: Net Finance Receivables reflect PMCC’s investments in finance leases excluding the allowance for losses. Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Fe

83. Slide 83: Market Value of SABMiller Investment

    Market Value of SABMiller Investment $ in Billions $25.8 $3.4 July 2002 December 2015 Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Source: Bloomberg For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

84. Slide 84: SABMiller Equity Earnings

    SABMiller Equity Earnings $ in Millions +20.4% CAGR $1,006 $108 2002 2014 Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

85. Slide 85: SABMiller Equity Earnings

    SABMiller Equity Earnings $ in Millions +3.8% CAGR $757 $628 2010 2015 Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

86. Slide 86: Altria's Strong Balance Sheet

    Altria’s Strong Balance Sheet We’re committed to maintaining investment grade credit ratings. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

87. Slide 87: Reduced Weighted Average Coupon Rate

    Reduced Weighted Average Coupon Rate (3.6)pp 9.1% 5.5% December 2009 December 2015 Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

88. Slide 88: Growing Our Dividend

    Growing Our Dividend +8.7% $2.26 $2.08 In 2015, Altria raised its dividend for the 49th time in 46 years. Aug-14 Aug-15 Note: Dividend is based on the current annualized dividend (Last increased August 2015). Dividends and share repurchases are subject to the discretion of the Board. Source: Altria

89. Slide 89: Share Repurchases

    Share Repurchases  Repurchased $554 million in shares in 2015  $965 million remaining in current $1 billion program at 12/31/15  Expect to complete program by the end of 2016 Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

90. Slide 90: Returning Cash To Shareholders

    Returning Cash To Shareholders $ in Billions $25.8 Share Repurchase Dividend 2010-2015 Source: Altria company reports For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

91. Slide 91: Altria's Business Model

    Altria’s Business Model  Maximize income from our core tobacco business  Diverse income streams  Deliver long-term financial goals For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

92. Slide 92: Five-Year Total Shareholder Return

    Five-Year Total Shareholder Return 204% 108% 81% Altria Group S&P Food, Beverage and S&P 500 Tobacco Note: Total shareholder return is simple price appreciation plus the reinvestment of the dividend as of the ex-dividend date Source: Bloomberg, 12/31/2010-12/31/2015 For Investor Relations Purposes O

93. Slide 93: 2016 Guidance

    2016 Guidance  Altria reaffirms our expectation to deliver 2016 adjusted diluted EPS growth in a range of $3.00 to $3.05, representing a growth rate of 7% to 9% from our adjusted diluted EPS base of $2.80* in 2015.  Subject to shareholder and regulatory approval, ABI expects to close its proposed

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95. Slide 95: A Compelling Investment

    A Compelling Investment Note: Third party trademarks are the property of their respective owners and are included for informational purposes only. Source: WSJ Blogs – The Best Stock Over The Last 30 Years? You’ve Never Heard of It – MoneyBeat, 1/29/2016 For Investor Relations Purposes Only - CAGNY C

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    This space is blank because brand images which appeared in the original presentation have been removed. For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

97. Slide 97: For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

    For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

98. Slide 98: Regulation G Disclosure

    Regulation G Disclosure  For reconciliations and further explanations of non-GAAP financial measures, visit: altria.com For Investor Relations Purposes Only - CAGNY Conference, Feb. 17, 2016

Altria Group — 2016 Consumer Analysts Group of New York (CAGNY) Conference on 6ix