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 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 forward-looking statement other than as required by applicable law. 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, 2016 and those described under “Cautionary Factors That May Affect Future Results” in Altria’s Quarterly Report on Form 10 -Q for the period ended March 31, 2017. 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. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 2
Business Update For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 3
2016 Adjusted Diluted EPS* Performance $3.03 +8.2% $2.80 2015 2016 $5.9 billion in adjusted net earnings *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 4
2016 Total Shareholder Return 20.5% 12.0% 8.8% Altria S&P 500 S&P Food, Beverage & Tobacco Note: Total shareholder return is simple price appreciation plus the reinvestment of the dividend as of the ex-dividend date Source: Bloomberg, 12/31/2015 to 12/30/2016 For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 5
Returning Cash to Shareholders Annualized Dividend Growth $2.44 $2.26 +8.0% Aug-15 Aug-16 Paid over $4.5 billion in dividends and repurchased over $1 billion of Altria shares Note: Dividend is based on the current annualized dividend (Last increased August 2016) Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 6
Altria’s Strong Balance Sheet A- A3 A- Note FitchRatings upgraded in 2017, Standard & Poor’s and Moody’s upgraded in 2016 Note: third-party trademarks are the property of their respective owners and are included for informational purposes only. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 7
Smokeable Products Adjusted OCI * $ in Billions +5.3% $8.0 $7.6 2015 2016 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 8
Smokeless Products Adjusted OCI * $ in Billions +11.0% $1.2 $1.1 2015 2016 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 9
This space is blank because brand images which appeared in the original presentation have been removed. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 10
Ste. Michelle Adjusted OCI * $ in Millions +9.9% $167 $152 2015 2016 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 11
Beer Ownership Altria owns over 10% of AB InBev, the world’s first global brewer 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 only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 12
For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 13
2017 Q1 Adjusted Diluted EPS* Performance +1.4% $0.73 $0.72 Q1 2016 Q1 2017 *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 14
2017 Guidance Altria reaffirms its guidance for 2017 adjusted diluted EPS to be in a range of $3.26 to $3.32, representing a growth rate of 7.5% to 9.5% from our adjusted diluted EPS base of $3.03* in 2016. *For reconciliation of non-GAAP to GAAP measures visit altria.com Source: Altria company reports For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 15
Responsibility Priorities Tobacco Harm Reduction Marketing Employees Supply Chain For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 16
Continuum of Risk Conventional Cigarettes Smokeless Tobacco Products Medicinal Nicotine Smoking Cessation Most Harmful Least Harmful Risk continuum of tobacco products (directional only – not to scale; adapted from Hatsukami et al .) Source: D.K. Hatsukami et al., Developing the science base for reducing tobacco harm , Nic. & Tob. Res.; vol. 9: S537-S553 (2007) For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 17
Innovative Products 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 l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 18
Heated Tobacco 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 l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 19
FDA’s Role in Tobacco Harm Reduction Evaluate potentially reduced-harm products Decide what manufacturers may communicate to consumers Note: third-party trademarks are the property of their respective owners and are included for informational purposes only. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 20
For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 21
Underage Tobacco Prevention Note: third-party trademarks are the property of their respective owners and are included for informational purposes only. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 22
Supply Chain Responsibility Our Goal To find diverse, high-quality suppliers and work with them to innovate and address societal issues within the supply chain. We work with suppliers to set clear expectations, monitor compliance and address societal concerns where we have a voice. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 23
For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 24
For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 25
For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 26
Recognition Note: third-party trademarks are the property of their respective owners and are included for informational purposes only. For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 27
For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 32
Regulation G Disclosure For reconciliations and further explanations of non-GAAP financial measures, visit: altria.com For Investor Relations Purposes only l Altria Group, Inc. 2017 Annual Shareholder Meeting l 5/18/2017 33
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