Altria Group, Inc. Chairman and CEO Louis C. Camilleri Presents at Morgan Stanley Global Consumer Conference; Reaffirms Previous

    Altria Group, Inc.
Nicholas M. Rolli, 917-663-3460
or
Timothy R. Kellogg, 917-663-2759

        Highlights Improving Litigation Environment

Altria Group, Inc. (NYSE: MO) Chairman and Chief Executive Officer
Louis C. Camilleri, speaking at the Morgan Stanley Global Consumer
Conference at the Grand Hyatt Hotel in New York City, told investors
today that Altria is focused on "a single overriding objective - to
deliver superior returns to shareholders over the long-term."

The full text of Mr. Camilleri's remarks will be posted to the
investor relations section of the Altria Web site at www.altria.com
later in the day on November 5, 2003.

2003 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 2003 on a GAAP basis, including charges, and said, "We are
comfortable with the current consensus estimate of $4.53 on a GAAP
basis, including charges, for our 2003 full-year diluted earnings per
share."

Improvement in Litigation Environment

Mr. Camilleri emphasized that, "2003 has been a watershed year for
tobacco litigation, with positive implications extending many years
into the future."

He pointed specifically to a number of major developments in 2003,
including the U.S. Supreme Court decision in the State Farm case in
April reining in excessive punitive damages, decertification of the
Engle class action in Florida in May, and a ruling in the Price case
in September by the Illinois Supreme Court, upholding the original
appeal bond and announcing that it would hear Philip Morris USA's
appeal without need for intermediate appellate court review.

Outlook for Operating Companies

Regarding the outlook for Altria's operating companies in 2004 and
beyond, Mr. Camilleri said:

    --  Philip Morris USA will be in a position to improve its
        operating companies income performance in 2004 with growth in
        the low single digits as the economy recovers.

    --  Philip Morris International (PMI) total volume in 2003 will be
        up around 2%. However, in the longer term, PMI is confident
        that its volume growth will be approximately 3% to 4%,
        excluding acquisitions. PMI's operating companies income
        should be able to grow in the high single digits, without
        acquisitions, and subject to currency - although in certain
        years PMI may exceed that rate of growth.

    --  Kraft has acknowledged that 2004 will be a difficult year.
        Kraft is addressing its challenges and is taking the actions
        needed to restore growth. Kraft has committed $200 million in
        incremental marketing spending between September and December
        of this year, primarily behind cheese, cold cuts, coffee and
        biscuits, and is encouraged by the progress to date. Kraft
        expects to grow discretionary cash flow by more than 10% this
        year.

   --  Philip Morris Capital Corporation is expected to generate cash
        flow of nearly $1 billion by year-end 2003, reflecting its
        shift in strategic focus to maximizing gains and generating
        cash flow from its leased assets.

Cash Flow Projection and Closing Remarks

Mr. Camilleri projected discretionary cash flow after capital
expenditures of $50 billion in the five years through 2007 for Altria
Group, Inc. "We will continue to use the vast majority of this cash to
reward shareholders through dividends and share repurchases," Mr.
Camilleri said.

In closing, Mr. Camilleri said, "The entire management team is
committed to delivering superior returns to our shareholders and I can
assure you that the Altria Board joins us in that commitment. I am
confident that the Board will fully consider all alternatives in
deciding how best to achieve that goal, once the litigation
environment permits."

Altria Group, Inc. Profile

Altria Group, Inc. is the parent company of Kraft Foods Inc., with
approximately 84% 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 world's second-largest brewer.
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
2002 net revenues of $80.4 billion.

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

Prior to January 27, 2003, Altria Group, Inc. was named Philip Morris
Companies Inc. This news release refers to Altria Group, Inc. even
when historical events took place under the company's former name.

On May 30, 2002, Altria Group, Inc. announced an agreement with South
African Breweries plc (SAB) to merge Miller Brewing Co. into SAB. The
transaction closed on July 9, 2002 and SAB changed its name to
SABMiller plc (SABMiller). The transaction resulted in a pre-tax gain
of $2.6 billion or $1.7 billion after-tax in the third quarter of
2002. Altria records its share of SABMiller's net earnings based on
its economic ownership percentage in minority interest in earnings,
net, on the condensed consolidated statement of earnings.

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 in a consolidating environment at the retail and
manufacturing levels; 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.

As a result of recent actions by credit rating agencies, Altria Group,
Inc. is currently unable to access the commercial paper market and
must rely on its revolving credit facilities instead.

Altria Group, Inc.'s financial services subsidiary (Philip Morris
Capital Corporation) is subject to the effects of a weak economy,
particularly with respect to aircraft leases to the troubled airline
industry.

Altria Group, Inc.'s consumer products subsidiaries are subject to
other risks detailed from time to time in its publicly filed
documents, including its Annual Report on Form 10-K for the period
ended December 31, 2002 and its Quarterly Report on Form 10-Q for the
period ended June 30, 2003. 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.

Audio Webcast

Remarks by Mr. Camilleri were webcast on November 5, 2003, at
www.altria.com. The text of Mr. Camilleri's business presentation is
being posted to the company's Web site later in the day on November 5
and an archived copy of the webcast will be available until 5:00 p.m.
eastern time November 12, 2003.