Altria Group, Inc. Presents at Prudential Back-to-School Consumer Conference; Reaffirms Previously Disclosed Earnings Guidance.

NEW YORK -- Altria Group, Inc. (NYSE: MO) Senior Vice President and Chief Financial Officer Dinyar S. Devitre will address investors today at the Prudential Back-to-School Consumer Conference in Boston, MA.

The presentation is being webcast beginning at approximately noon eastern daylight time at www.altria.com. The text of Mr. Devitre's remarks will be posted to the investor relations section of the same site following the presentation.

Highlights of the presentation include:

--Altria Group, Inc. reaffirmed its previously disclosed earnings guidance at the higher end of a range of $4.50 to $4.60 per share for the full year 2004, assuming current exchange rates. This includes charges for costs related to Kraft's restructuring and the agreement that Philip Morris International signed on July 9 with the European Community (EC). It also includes the one-time tax benefit reported in the second quarter due to the reversal of tax accruals.

--Philip Morris USA (PM USA) anticipates lower volume in the second half of 2004 versus the second half of 2003 as a result of increased competitive activity, the timing of holiday purchases and higher state excise taxes. For the full year 2004, PM USA expects volume to decline slightly with moderate retail share gains and operating companies income growth in the low single digits.

--Philip Morris International (PMI) expects total volume including acquisitions to increase by approximately 5.0% to 6% for the second half of 2004, which translates to about 4.0% to 4.5% for the full year 2004. Excluding acquisitions, volume growth will be slightly over 1% for 2004. In addition, PMI expects to deliver approximately 10% operating companies income growth for the full year 2004 at current exchange rates and excluding the impact of the EC agreement.

--Kraft Foods (Kraft) is successfully executing on its Sustainable Growth Plan and should be able to continue to report improving results in the second half of 2004. For more information, go to www.kraft.com for Kraft's presentation at the Prudential Back-to-School Consumer Conference.

Altria Group, Inc. Profile

Altria Group, Inc. is the parent company of Kraft Foods Inc., with 84.9% 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 changing prices for raw materials; intense price competition; changes in consumer preferences and demand for their products; fluctuations in levels of customer inventories; the effects of foreign economies and local economic and market conditions; and unfavorable currency movements. 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 June 30, 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.