Altria Group, Inc. Chairman and CEO Louis C. Camilleri Presents at Goldman Sachs 13th Annual Global Consumer Products Conference; Reaffirms Previously Disclosed Earnings Guidance.

Business Editors

Goldman Sachs 13th Annual Global Consumer Products Conference

NEW YORK--(BUSINESS WIRE)--May 19, 2004

Altria Group, Inc. (NYSE:MO) Chairman and Chief Executive Officer Louis C. Camilleri addressed investors today at the Goldman Sachs 13th Annual Global Consumer Products Conference at the Pierre Hotel in New York City. "Our operating companies enjoy a number of compelling strengths, including a broad portfolio with powerful brands such as Marlboro, L&M, Kraft and Nabisco, significant financial resources and outstanding cash flow, superior global infrastructure and enormous scale, and perhaps most importantly, a performance-driven culture that rewards innovation while remaining focused on compliance and integrity, and meeting evolving societal expectations," Mr. Camilleri said. "I believe that the potential exists for Altria's growth rate to accelerate over the long term based on the successful strategies being implemented by our operating companies."

A live audio Webcast of Mr. Camilleri's presentation is available at www.altria.com beginning at approximately noon on May 19, 2004. The full text of Mr. Camilleri's remarks will be posted to the investor relations section of the Altria Web site later in the day on May 19 and a replay of the Webcast will be available on the company's Web site until approximately 5 p.m. eastern time on June 17, 2004.

2004 Full-Year Guidance

During his presentation, Mr. Camilleri confirmed Altria's previously disclosed earnings guidance of $4.50 to $4.60 per share for the full year 2004 on a GAAP basis, including anticipated charges of $0.23 per share for costs related to the Kraft restructuring and other items, potential charges of approximately $0.11 per share for the draft international tobacco agreement under discussion with the European Commission, and the positive impact of a lower overall effective tax rate that is expected to result from the final resolution of certain U.S. and foreign tax matters, the major portion of which is expected to occur in the second quarter of 2004.

Improving Litigation Environment

Commenting on what he characterized as an improving U.S. tobacco litigation environment, Mr. Camilleri said that, "Taken together, I believe that recent litigation developments are likely to have continued positive effects for PM USA throughout 2004 and into the future - and they have done nothing to deter us from pursuing our overriding objective to deliver superior returns to our shareholders over the long term."

Regarding the recent decision by the Florida Supreme Court to grant review of the Engle decision, Mr. Camilleri said, "Our conviction remains as strong as ever that upon careful review, the Florida Supreme Court will conclude that the intermediate appellate court correctly interpreted Florida law in reversing the Engle decision." In May of 2003, the appeals court overturned the $145 billion verdict against PM USA and others in the Engle case and decertified that class action. In September 2003, the appellate court reaffirmed that decision.

Cash Flow Projection and Closing Remarks

Mr. Camilleri projected five-year cumulative cash flow of approximately $56 billion in the five years 2004 through 2008 for Altria Group, Inc. "We will use our cash flow to fuel business growth through capital expenditures and acquisitions, to enhance our financial flexibility by reducing debt, and to meet our commitment to rewarding shareholders," Mr. Camilleri said. "It is clear that there is significant value potential in our shares, and we remain committed to fully considering all alternatives in deciding how best to achieve our goal of delivering superior returns to our shareholders."

Altria Group, Inc. Profile

Altria Group, Inc. is the parent company of Kraft Foods Inc., with 84.6% ownership of outstanding Kraft common shares, Philip Morris International Inc., Philip Morris USA Inc. and Philip Morris Capital Corporation. In addition, Altria Group, Inc. has a 36% economic interest in SABMiller plc. The brand portfolio of Altria Group, Inc.'s consumer packaged goods companies includes such well-known names as Kraft, Jacobs, L&M, Marlboro, Maxwell House, Nabisco, Oreo, Oscar Mayer, Parliament, Philadelphia, Post and Virginia Slims. Altria Group, Inc. recorded 2003 net revenues of $81.8 billion.

Trademarks and service marks mentioned in this release are the registered property of, or licensed by, the subsidiaries of Altria Group, Inc.

Forward-Looking and Cautionary Statements

This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results and outcomes to differ materially from those contained in such forward-looking statements.

Altria Group, Inc.'s consumer products subsidiaries are subject to unfavorable currency movements; intense price competition; changes in consumer preferences and demand for their products; changing prices for raw materials; fluctuations in levels of customer inventories; and the effects of foreign economies and local economic and market conditions. Their results are dependent upon their continued ability to promote brand equity successfully; to anticipate and respond to new consumer trends; to develop new products and markets and to broaden brand portfolios in order to compete effectively with lower-priced products; to improve productivity; and to respond effectively to changing prices for their raw materials.

Altria Group, Inc.'s tobacco subsidiaries (Philip Morris USA and Philip Morris International) continue to be subject to litigation, including risks associated with adverse jury and judicial determinations, courts reaching conclusions at variance with the company's understanding of applicable law, bonding requirements and the absence of adequate appellate remedies to get timely relief from any of the foregoing; price disparities and changes in price disparities between premium and lowest-price brands; legislation, including actual and potential excise tax increases; increasing marketing and regulatory restrictions; the effects of price increases related to excise tax increases and concluded tobacco litigation settlements on consumption rates and consumer preferences within price segments; health concerns relating to the use of tobacco products and exposure to environmental tobacco smoke; governmental regulation; privately imposed smoking restrictions; and governmental and grand jury investigations.

Altria Group, Inc.'s consumer products subsidiaries are subject to other risks detailed from time to time in its publicly filed documents, including its Quarterly Report on Form 10-Q for the period ended March 31, 2004. Altria Group, Inc. cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it may make.