#1Altria's Fourth-Quarter 2020 Earnings Conference Call January 28, 2021 Altria FAMILY OF COMPANIES 1 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY#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 its 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 its Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and under "Forward-looking and Cautionary Statements" in today's earnings release. 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 | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#3Steady Progress Against Our Goals Responsibly lead the transition of adult smokers to a non-combustible future. CDP DISCLOSURE INSIGHT ACTION A LIST 2020 CLIMATE CDP DISCLOSURE INSIGHT ACTION A LIST 2020 WATER 3 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY mosaic All-third party trademarks remain the property of their respective owners. June 19, 1865 Sí! Altria#4Tobacco Space Estimated Volumes Equivalized Volume in Billions ■Combustible ■ Oral Tobacco ■E-Vapor (1.0)% CAGR 16.8 16.5 16.2 2015 2016 2017 16.1 15.9 15.9 2018 2019 2020 Note: Volume for Heated Tobacco products rounded to 0.0 billion for 2019 and 2020 Sources: CMI Estimates; IRI MOC; Capstone; ComScore, Merkle For purposes of this theoretical analysis, the tobacco space may combine different product categories under a single descriptor. In this analysis, "Combustible" contains Cigarettes and Cigars, and "Oral Tobacco" contains Moist Smokeless Tobacco (MST), Snus and Oral Tobacco-Derived Nicotine Products (OTDN) 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 E-Vapor cartridge 4 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#5Adjusted Diluted EPS* & Dividends Per Share Adjusted Diluted EPS $4.21 2019 +3.6% $4.36 2020 *For reconciliations of non-GAAP to GAAP measures visit altria.com. 5 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Dividends Per Share +2.4% $3.36 $3.44 2019 2020 Altria#6Smokeable Products Segment Results Adjusted OCI* ($ in billions) +5.5% CAGR $10.1 $9.2 $8.5 $8.4 $7.7 $8.0 2015 2016 2017 2018** 2019 2020 YoY Changes Industry Adj. Cig. Volumes (0.5)% (2.5)% (4.0)% (4.5)% (5.5)% 0.0% Marlboro +0.2pp (0.1)pp (0.5)pp (0.2)pp (0.1)pp (0.3)pp Retail Share *For reconciliations of non-GAAP to GAAP measures visit altria.com. ** 2018 reduction in adjusted OCI due to reinvestment into the business as a result of Altria savings from the 2017 Tax Cut and Jobs Act 6 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#7Our 10-Year Vision: Responsibly Lead The Transition of Adult Smokers to a Noncombustible Future To achieve our vision, we will... ■ Lead the industry in operating responsibly and preventing underage use of adult products Develop and expand our portfolio of FDA-authorized, noncombustible products and actively convert adult smokers to them Maximize the profitability of our combustible products while appropriately balancing investments in Marlboro with funding the growth of our noncombustible portfolio ■ Seize leadership in the external environment through communications, engagement, science-based policy and regulatory solutions 7❘ ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#8Our Unmatched Oral Tobacco Portfolio POUCHES SKOAL CLASSIC MINT WARNING: Smokeless tobacco is POUCHES ACCO COMPANY NASHVILLE, TN 3770 SATISFACT SINCE 1833 Copenhagen SNUFF WARNING: Smokeless tobacco is addictive. 8 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY MG WINTERGREEN on 20 NICOTINE POUCHES Altria#9Significant 2020 Progress for Helix ■ Filed PMTAs for the on! portfolio ■ Established on! manufacturing in Richmond and reached annualized capacity of 50 million cans; Helix expects unconstrained manufacturing capacity for the U.S. market by mid-year 2021 Steadily increased the retail distribution of on! ■ Executed innovative trial generating promotions that demonstrated the ability for on! to gain traction with adult smokers and dippers on! MG WINTERGREEN 7 flavors. 5 nicotine strengths. Find the onlⓇ that's right for you at onnicotine.com. 9 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY on 20 NCOT THE POUCHES on!® NICOTINE POUCHES MG on CO 8 30 NICOTING A MG 20 NICOTINE P Se imited to tobacco cars 21 of age or older Altria#10Building on! Momentum 90 15 9 Retail Store Count (in thousands) 28 40 56 78 Q3 '19* Q4 '19 Q1' 20 Q2'20 Q3'20 Q4'20 *Transaction closed in August 2019 Source: ALCS CMI estimates 10 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY 3 Cumulative Share of Oral Tobacco Category (in stores with distribution) 2.4 2.1 1.7 1.5 Q1' 20 YTD Q2'20 YTD Q3 '20 YTD Q4'20 YTD Altria#11Satisfaction Anytime, Anywhere No more stepping out. 11 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY : QW R Y U 0 H V B ww B on MNT All with on! nicotine pouches. Altria#12E-Vapor Category Volume Estimated Equivalized Volume (in billions of units) 0.7 Quarterly Estimates Category A vs. YAGO Q4: 0% FY: (10)% 0.50 0.51 0.46 0.47 0.47 0.44 0.44 0.40 0.0 Q1 '19 Q2'19 Q3 '19 Q4 '19 Q1'20 Q2'20 Q3 '20 Q4'20 Source: ALCS CMI estimates Note: Share based on volume equivalized to cartridges (1 disposable = 1 cartridge = 1mL e-liquid) Estimated category volume and share are subject to revisions based on the latest available data 12 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#132020 IQOS & Marlboro HeatSticks Expansion Efforts Product Expansion ◉ Launched in Charlotte with a more disruptive retail fixture ◉ Expanded the retail distribution of HeatSticks into ~1,000 total stores No malls, no stores, no lines. Enjoy IQOS from the comfort of your couch. Same-day delivery is available in select cities. Introduced devices into select Charlotte convenience stores Adult Smoker Engagement Developed an array of new digital tools, including mobile video chat capability with customer care experts ■ Communicated with adult smokers using the FDA-authorized reduced exposure claim about the benefits of switching completely from cigarettes All-third party trademarks remain the property of their respective owners. Why switch from cigarettes to IQOS"? 1005 significantly reduces the production of harmful and potentially harmful chemicals. Scientific studies have shown that switching completely from conventional cigarettes to the IQOS system significantly reduces your body's exposure to harmful or potentially harmful chemicals. Learn more about IQOS at getIQOS.com. LEARN MORE SURGEON GENERAL'S WARNING: Smoking Causes Lung Cancer, Heart Disease, Emphysema, And May Complicate Pregnancy. It's never been easier to switch to IQOS Get the IQOS device and HeatSticks delivered in a matter of hours. ORDER MY BUNDLE Orders must be placed by 4PMET Ο 13 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#14IQOS 3 Authorization All-third party trademarks remain the property of their respective owners. 1005 14 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#15Updated HeatSticks Packaging Marlboro GREEN MENTHOL Marlboro BLUE MENTHOL WARNI Designed for IQOS WARNING: This product contains nicotine. Nicotine is HEATSTICKS dictive chemical. Designed for IQOS oduct otine is cal. AMBER Marlboro AMBER Designed for IQOS WARNING: This product contains nicotine. Nicotine is an addictive chemical. All-third party trademarks remain the property of their respective owners. 15 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#162021 Financial Outlook ■ Our 2021 plans include accelerating investments in support of our 10-year Vision ■ We're monitoring the dynamic external environment, including: unemployment rates; fiscal stimulus; adult tobacco consumer dynamics, including stay-at-home practices, disposable income, purchasing patterns and adoption of noncombustible tobacco products; regulatory and legislative (including excise tax) developments; the timing and breadth of COVID-19 vaccine deployment; and expectations for adjusted earnings contributions from our alcohol assets. 16 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#172021 Full-Year Adjusted Diluted EPS* Guidance Taking these factors into consideration, we expect to deliver full-year 2021 adjusted diluted EPS* of $4.49 to $4.62. This range represents an adjusted diluted EPS growth rate of 3% to 6% from a 2020 base of $4.36. ■ Our 2021 EPS guidance incorporates planned investments to drive adult smoker conversion to noncombustible products, including: continued marketplace investments to expand the availability and awareness of our noncombustible products; building an industry-leading consumer engagement system that enhances data collection and insights in support of conversion; and increased noncombustible product research and development. ■ We expect 2021 adjusted diluted EPS growth to come in the last three quarters of the year, primarily due to prior year comparisons, including one fewer smokeable products segment shipping day in the first quarter. *For reconciliations of non-GAAP to GAAP measures visit altria.com. 17 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#18Q4 2020 Adult Tobacco Consumer (ATC) Influences Economic conditions remained challenging for ATCs in the fourth quarter as unemployment rates remained high and the enhanced benefits from the original pandemic assistance package were exhausted. However, we believe ATCs continued their stay-at-home practices, contributing to more tobacco usage occasions in the fourth quarter and higher tobacco discretionary spend. We estimate that the number of ATC trips to the store was slightly lower than prior-year levels but tobacco expenditures per trip remained elevated versus the year-ago period. 18 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#19Smokeable Products Segment Results Adjusted OCI* and OCI Margins* Adjusted OCI ($ in millions) Adjusted OCI Margins $9,173 2019 +10.2% $10,111 54.5% *For reconciliations of non-GAAP to GAAP measures visit altria.com. +1.9pp 56.4% 2020 2019 2020 19 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#20Adjusted Cigarette Volume Decline Rate Estimates Smokeable Products Segment Total Industry Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2020 Q2 2020 Q3 2020 1.0% Q4 2020 0.5 % (1.0)% (1.0)% (2.0)% (2.0)% (3.5)% = FY 2020 (2.0)% Source: ALCS CMI estimates - rounded to nearest 0.5% Note: Estimates are subject to revision due to wholesaler resubmission of inventory data 20 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY 0% FY 2020 = 0.0% Altria#212021 Cigarette Industry Dynamics We expect 2021 cigarette industry volume trends to be most influenced by (i) adult smoker stay-at-home practices, (ii) unemployment rates, (iii) fiscal stimulus, (iv) cross-category movement, (v) the timing and breadth of COVID-19 vaccine deployment and (vi) adult smoker purchasing behavior following the vaccine. Due to the uncertain timing and magnitude of each of these dynamics, we're not providing a cigarette industry outlook. We believe the degree of cross-category movement will be influenced by several factors, including adult smoker perceptions of the relative risks of noncombustible products compared to cigarettes, FDA determinations on PMTA filings and legislative actions. 21 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#22▲ vs. YAGO 35 35 Smokeable Products Segment Marlboro Retail Share 45 45 Quarterly Full Year 43.3 43.3 43.3 43.0 42.8 42.8 (0.5) (0.6) +0.2 Q1'20 Q2'20 Q3 '20 Q4'20 2019 2020 Source: IRI/MSAi InfoScan Cigarette 2020 - Blended, as of 01/03/21 22 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#23Discount Segment Retail Share 30 50 Quarterly Full Year 24.8 24.6 24.3 24.5 24.3 23.7 23.6 23.8 24.2 24.5 15.3 15.1 14.9 14.8 15.0 15.5 16.0 17.9 17.3 16.6 9.5 9.5 9.4 9.7 8.7 9.5 7.8 6.4 6.4 7.0 0 Q1'20 Q2'20 Q3 '20 Q4'20 2015 2016 2017 2018 2019 2020 ■Branded Discount ■Deep Discount Source: IRI/MSAi InfoScan Cigarette 2020 - Blended, as of 01/03/21 23 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#24John Middleton Cigars BIGM PAW Black&Mild CIGARE 24 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#25Oral Tobacco Products Segment Results Adjusted OCI* and OCI Margins* Adjusted OCI ($ in millions) Adjusted OCI Margins $1,606 2019 +7.3% $1,724 71.7% *For reconciliations of non-GAAP to GAAP measures visit altria.com. 0.0pp 71.7% 2020 2019 2020 25 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#26Oral Tobacco Products Segment Full-Year 2020 Retail Share By Company (%) 49.8 13.8 By Brand (%) 31.9 Swedish Match BAT Oral Tobacco Products Segment Skoal Grizzly Copenhagen Source: IRI/MSAi InfoScan Cigarette 2020 - Blended, as of 01/03/21 26 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#27Our Alcohol Assets M Chateau Pe Michels Chateau Sffichelle RIESLING COLUMBIA VALLET 100% Finifera Ro CHARDONNAY COLUMBIA VALLEY 10 Pine Nat 27 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY ANNO STELLA ARTOIS All-third party trademarks remain the property of their respective owners. Altria#28Philip Morris Capital Corporation ■ More than half of the full-year 2020 adjusted losses in the all other category related to reductions in the estimated residual value of certain assets at PMCC. ■ We expect to continue reducing the net finance assets balance for PMCC in 2021 through rent and asset sales and expect to fully complete the PMCC wind-down by the end of 2022. Net Finance Assets Balance ($ in millions) $4,803 $320 2009 2020 28 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#29Capital Allocation 40.20 3.4.18% MOEN Our balance sheet remains strong and our tobacco businesses are highly cash generative. ■ Dividends remain our primary vehicle for returning cash to shareholders and our long-term objective is a dividend target payout ratio of approximately 80% of adjusted diluted EPS. 1001010 ■ Altria's Board of Directors authorized a new $2 billion share repurchase program, which we expect to complete by June 30, 2022. 29 | ALCS | Q4 2020 | 1.28.21 | For Investor Purposes ONLY Altria#30Altria