#1Altria CAGNY 2024#2Safe 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 in the normal course of our public disclosure obligations. The risks and uncertainties relating to the forward-looking statements in this presentation include those described in Altria's publicly filed reports, including (i) our Annual Report on Form 10-K for the year ended December 31, 2022 and (ii) our 2023 Quarterly Reports on Form 10-Q, and under the heading "Forward-Looking and Cautionary Statements" in today's press release, dated February 21, 2024. 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. 2 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Altria#3Moving beyond smoking™ Altria#4Agenda ● ● Capturing the growing harm reduction opportunity in the U.S.; Maintaining the strength of our highly profitable core tobacco businesses; Using our existing capabilities to expand beyond U.S. nicotine; and Continuing our commitment to create substantial value for shareholders. 4 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Altria#5Deep Understanding of U.S. Adult Tobacco Consumers (ATCs) $88 Research With 50,000 ATCs Source: ALCS CMII, CXO and D&T Estimates 5 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY ATC Data Gathered in 2023 Marlboro Con eeth c 6721 -4 Billion ATC Transactions at Retail WARNING: This product contains nicotine. Nicotine is an addictive chemical, enjoyment by your side on! ANYTIME ANYWHERE Buy 4 cans of on!" with this Store's Rewards Program Save 20¢ per gallon Price may include manufacturer funding WARNING: This product contains nicotine. Nicotine is an addictive chemical. enjoyment by your side: Carry on! on Buy 3 cans of on!" with this Store's Rewards Program Earn 500 Bonus Points Millions of ATC Engagements With Our Brands Altria#6Adult Smoker Transition is Accelerating Source: ATCT January 2018 to December 2023 Combustible Only -15% 6 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 51 8 8 35 2018 Total ATCs (Twelve Months Ended, Millions of ATCS) Combustible & Smoke-Free ■Smoke-Free Only 52 15 8 29 2023 -30% Altria#7The U.S. Nicotine Space Has Remained Stable Nicotine Space Estimated Volume (Volume in Billions of Equivalized Cigarette Packs) Combustible Oral Tobacco ■E-Vapor 15.8 15.5 7 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 16.0 +1.0% CAGR 16.8 2020 2022 2018 2019 Source: ALCS CMII Estimates; ATCT; STARS; Circana; ALCS Consumer Research; External Sources EQ Estimation For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = 1 can of MST/SNUS/OTDN = 10 cigars = 1.5mL e-vapor consumable. Estimated category volume and share are subject to revisions based on the latest available data. 2021 16.1 16.6 2023 Altria#8Achieving a Smoke-Free Future Requires Three Critical Elements The entire industry operating within science- based regulation. 8 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Underage tobacco use continuing to decline. A variety of smoke-free products authorized by the U.S. Food and Drug Administration (FDA). Altria#92024 Marks the 15th Anniversary of FDA Regulation. ● We supported FDA regulation because wel believed science-based regulation would benefit tobacco consumers. While we still believe federal regulation is critical, we have a long way to go to realize its potential. 9 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY WASTIC E FDA U.S. Department of Health and Human Services Food and Drug Administration CFO All third-party trademarks remain the property of their respective owners. Altria#10Harm Reduction is About Smokers Consumers are misinformed about the health risks associated with different tobacco products. 82% of U.S. adults incorrectly believe that nicotine is a carcinogen. Source: ALCS Nationwide Survey February 2023: General Population Adults 21+; FDA FDA PMTA authorization totals for 2020 2023 based on the Center for Tobacco Products Tobacco product applications data as of 9/30/2023. 10 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Only 45 products have received FDA authorization out of more than 25 million applications. Altria#11State Directory Bills and Early Progress States With Enacted or Pending Directory Bills CA WA OR AK NV ID UT AZ *Wisconsin effective 3/1/2025. MT WY CO NM HI ND SD NE KS TX OK MN IA MO *WI AR LA IL MI 11 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY IN KY TN MS AL OH WV GA PA NC SC VA NY FL ME PR Enacted before 2024 Pending 폴 5 뜰 헤이글 NH ΜΑ CT NJ DE MD DC 4 20 Louisiana E-Vapor Shipment Volume Example (Units in Thousands) 400 0 Jan-23 -Directory Products (LHS) Feb-23 Mar-23 Apr-23 May-23 Effective Date Jun-23 I 1 Jul-23 -Illicit Disposable (RHS) Sep-23 Aug-23 Certification Due Date Oct-23 1 Dec-23 Nov-23 50 0 Source: STARS week ending 12/31/2023, not volume equivalized. Altria#12Our Smoke-Free Portfolio and Pipeline E-Vapor NJOY CLASSIC TOBACCO NJOY SATISE 12 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY SFACT Oral Tobacco SINCE All new products subject to FDA authorization. All third-party trademarks remain the property of their respective owners. 1822 Openhagen WARNING: Smokeless tobacco is addictive. O REC REGULAR SMOOTH MINT 4 MG on! PLUS MINT on 20 NICOTINE POUCHES 323H/ANY SILANY Heated Tobacco Altria#13E-Vapor is the Largest Smoke-Free Category E-Vapor NJOY CLASSIC TOBACCO NJOY SATISFACTION 13 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Oral Tobacco INCE 1822 Openhagen WARNING: Smokeless tobacco is addictive. All new products subject to FDA authorization. All third-party trademarks remain the property of their respective owners. OO REGULAR Hon! PLUS SMOOTH MINT MG MINT on 20 NICOTINE POUCHES Heated Tobacco Altria#14E-Vapor Appeals to a Wide Range of Adult Smokers and Vapers Adult Vapers Past 30-Day Usage (Twelve Months Ended, in Millions) Vapers Who Do Not Smoke Cigarettes Vapers Who Also Smoke Cigarettes Source: ATCT December 2022 to December 2023 13.7 9.5 2022 14 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 17.0 11.9 2023 Age Income Region Demographic Comparison Smokers Vapers Smokers Vapers Smokers Vapers 21-29 30+ <50K 50K+ Urban Rural Source: ATCT November 2023 Altria#15Illicit Products Driving E-Vapor Category Growth E-Vapor Category Volume (Volume in Billions of Equivalized Cigarette Packs) -3.5 +35% -4.5 15 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY • We estimate illicit flavored disposable products. ● represented over 50% of the category in 2023. • We estimate pod-based volumes declined by 15% in ● 2023 and represented between 15% to 20% of category volumes. 2022 2023 Source: ALCS CMII Estimates; ATCT; STARS; Circana; ALCS Consumer Research; External Sources. Rounded to the nearest 0.5. EQ Estimation For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = 1.5mL e-vapor consumable. Estimated category volume and share are subject to revisions based on the latest available data. Altria#16Over Half of Adult Vapers Use Disposable Products Adult Disposable Vapers (Twelve Months Ended, in Millions) -6.0 2022 +60% Source: ATCT December 2022 to December 2023. Rounded to the nearest 0.5. 16 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY -9.5 2023 MAA 證 kita una egned HQD MANGO GRAVA GLAM APPLE PEACH MINT GRAPLY BLUEBERRY PINEAPPLE ICE STRANGERRY STRAWBER BARNILL 1200 CUVIE PLUS FLAVORS PUFFS DISPOSABLE POD DEVICE BOML LSCHEICE MANGOICE LUSHICE TREELECHES LEVONTADE ENERGY DRINK PINA COLADA ICAMOY RED CE BLACKICE POMEGRANATE MAN VICE STRANBERRY WATERMELON FRUIT FUSION SWORTHOP CANTALOUPE STRAINBERRY LEMONADE BANANA ICE RAINBOW GRACURRANT POMEGRANATE HONEY LYCHEE ELOW ICE MANGO PEACH APPLE COTTON CANDY WOJTO PEANUT BUTTER ICED TEA SKY MINT PEACH ICE COCONUT GROVE TOBACCO NUTS TOBACCO FRESHERIES PASSION FRUIT All third-party trademarks remain the property of their respective owners. Altria#17Flavored Disposable Products are Contributing to Youth Usage 2023 National Youth Tobacco Survey Device Type Used Most Often (Among Middle & High School Current E-Cigarette Users) 60.7% Disposables 16.1% Pods 5.9% 17 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 17.3% Open Tank Don't Know Source: 2023 National Youth Tobacco Survey - Tobacco Product Use Among Middle and High School Students - United States, 2023 Usual Brand Used (Among Middle & High School Current E-Cigarette Users) 31.1% Elf Bar 8.7% Vuse 6.0% Esco Bars 3.4% JUUL Altria#18NJOY 2023 Foundational Actions Strengthened NJOY's supply chain • Closed inventory gaps at retail and improved in-stock conditions • Enhanced visibility at retail and introduced NJOY's first retail trade program 18 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Cumulative Stores with Distribution (in Thousands) 35 Q2 '23 75 Q4 '23 Source: STARS week ending 12/30/2023 Altria#19NJOY Encouraging Initial Trial Performance Jul-23 Jul-23 NJOY Trial Performance (One Retail Account Example) Pre-Trial Aug-23 Source: Circana Non-Projected MOC week ending 12/30/2023 Sep-23 Oct-23 19 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY During Trial +9pp Nov-23 Dec-23 3.3 Sept-23 NJOY Share (Total U.S.) NJOY Bundle Offer Tests 3.4 Oct-23 3.7 Nov-23 4.0 Dec-23 Source: Circana Projected Total U.S. MOC week ending 12/30/2023 Altria#20NJOY 2024 Plans for Further Distribution, Awareness and Trial Cumulative Stores with Distribution (in Thousands) 75 +33% 100 2023 2024* *We plan to expand NJOY distribution to 100K stores this year, representing -85% of e-vapor volume and ~70% of cigarette volume sold in traditional retail. Source: STARS week ending 12/30/2023 20 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY NJOY DESIGNED FOR EXCELLENCE. G C NJOY Altria#21More to Simply NJOY Ⓡ#22NJOY's Premium Quality and Unique Attributes Less charging. More enjoying. With our 36-hour battery. More to Simply NJOY NJOY NJOY 22 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY NJOY Son 10 puta per day novidualuner experience may vary depending on usage Less fluff. More puff. With pods 2.7x the size of Juul: More to Simply NJOY Loregrader of a condeshowns han comparative purposes only WARNING: This product contains nicotine. Nicotine is an addictive chemical. We Simplified Everything. (even this ad) NJOY More to Simply NJOY FIND A STORE Altria#23NJOY ACE Menthol PM TAS Many HPHCs* are Absent or Substantially Reduced 100% 80% 60% 40% 20% 0% NNK Not measurable in NJOY ACE Menthol 5% NNN Benzene 23 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Reference Cigarette Toluene >99% lower levels than cigarettes Crotonaldehyde Acrolein Acrylonitrile Acetaldehyde Formaldehyde *HPHC = harmful and potentially harmful constituents; NNK = 4-(methylnitrosamino)-1-(3-pyridyl)-1-butanone; NNN= N-nitrosonornicotine. Percent reductions based on average HPHC levels in 5% Menthol NJOY ACE product compared to cigarette mainstream smoke levels measured under intense conditions. Source: Table 23 Module 2.5 of NJOY ACE Menthol 5% PMTA Altria#24NJOY ACE Menthol PMTAS Compelling Switching Data and Low Youth Usage Adult Smoker Switching* (% Switched, Reported No Smoking in Past 30-days) 24.2% Menthol 16.8% Classic Tobacco *Switching rate was significantly higher than Classic Tobacco users (p < 0.05). Source: NJOY ACE Menthol 5% PMTA (Appendix 1) Switching rates calculated based on the number of participants initially using Menthol or Classic Tobacco at baseline and completing survey at three months (per protocol population) from the NJOY Longitudinal Cohort Study. 24 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY The scientific evidence we submitted in our PMTAs also demonstrated that youth use of ACE Menthol was either not detectible or exceedingly low. Altria#25NJOY Bluetooth PMTAs Adult Smoker Switching* (% Switched, Reported No Smoking in Past 30-days) 26.3% Blueberry 29.0% Watermelon 16.8% Classic Tobacco *Switching rate was significantly higher than Classic Tobacco users for Blueberry and Watermelon (p < 0.05). Source: NJOY ACE Blueberry and Watermelon Supplemental Report 25 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY Switching rates calculated based on the number of participants initially using Blueberry, Watermelon or Classic Tobacco (without Bluetooth technology) at baseline and completing survey at three months (per protocol population) from the NJOY Longitudinal Cohort Study. Our research shows the NJOY Bluetooth age-gating restrictions are effective at preventing underage access in virtually all cases. All third-party trademarks remain the property of their respective owners. Altria#26NJOY Litigation • JUUL Labs, Inc. (JUUL) has asserted patent infringement claims against NJOY, and conversely, NJOY has asserted claims against JUUL. ● ● We do not expect any final decisions before 2025. We continue to believe in the strength of our claims, and that we have strong defenses against JUUL's claims. 26 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY INTERNATIONAL STATES TRADE CAN COMMISSION All third-party trademarks remain the property of their respective owners. Altria#27Strong Oral Tobacco Products Segment Performance Adjusted Operating Companies Income* (OCI) and Adjusted OCI Margins* Adjusted OCI ($ in Millions) $1,632 2022 +5.5% *For reconciliations of non-GAAP to GAAP measures visit altria.com. 27 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY $1,722 2023 Adjusted OCI Margins 66.3% 2022 +1.1pp 67.4% 2023 Altria#28The U.S. Oral Tobacco Industry Continues to Grow Oral Tobacco Industry Volume Growth (Six Months Ended) 1.0% 2022 7.5% 28 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 2023 Source: ALCS CMII Estimates. Rounded to the nearest 0.5%. Oral Tobacco industry includes MST, snus and ONP products. Adult Oral Tobacco Product Consumers (Past 30-Day Usage, Twelve Months Ended) 5.8 2022 6.9 2023 Source: ATCT December 2022 to December 2023 Altria#29Share Momentum, Volume Growth and Improved on! Profitability on! Share of Oral Tobacco Category (Total U.S.) 5.0 2022 +1.8 pp 6.8 29 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 2023 enjoyment by your side." on! NICOTINE POUCHES . -39% increase in volume year-over-year ● Source: ALCS CMII Estimates based on Circana Projected MOC data as of week ending 12/31/2023 and POS Scan Data as of week ending 12/30/2023 ● • >37% increase in retail price year-over-year Altria#30Increased on! Awareness and Brand Adoption Awareness of on! (% Among Total ATCS 21-54) 54 +15% 2H '22 Source: 2022 2023 Nicotine Pouch Awareness & Perceptions Tracker Results based on total aided and unaided brand awareness. 30 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY 62 2H '23 on! Retail Sales Volume (Cans in Millions) Estimated Repeat Purchase 42 36 2H '22 Estimated Trial 58 48 2H '23 Source: ALCS CMII Estimates based on Circana Projected MOC data as of week ending 12/31/2023 and POS Scan Data as of week ending 12/30/2023 Altria#31Exciting on! and on! PLUS Growth Prospects Carry All new products subject to FDA authorization. 31 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY on! PLUS 9MG MINT NICOTINE POUCHES WARNING: This product contains nicotine. Nicotine is an addictive hemical. 4 MG on MINT COTINE POUCHES ANYTIME, ANYWHERE Altria#32Compelling Heated Tobacco Pipeline ploom All new products subject to FDA authorization. All third-party trademarks remain the property of their respective owners. 32 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY SWIC HEAT + TOBACCO TM Altria#33Our Partnership with JT Group Marlboro All new products subject to FDA authorization. All third-party trademarks remain the property of their respective owners. 33 | ALCS | CAGNY | 2.21.24 | For Investor Purposes ONLY PLOOMX UNIQUE HEATED TOBACCO XPERIENCE ploom TRULY UNIQUE Altria