Altria (MO) 8-K Presents at Morgan Stanley Global Consumer Conference

Exhibit 99.3

Altria Group, Inc.

Morgan Stanley Global Consumer Conference

Remarks by Louis Camilleri

Reconciliation of GAAP Operating Income to Operating Companies Income

Management of Altria Group, Inc. (the “Company”) reviews operating companies income to evaluate segment performance and allocate resources. Within the context of Mr. Camilleri’s remarks, management believes it is appropriate to disclose this measure to assist investors with analyzing business performance and trends. A reconciliation of operating companies income to operating income is as follows:

	For the Nine Months Ended September 30, 2003 (1)
Operating Companies Income
Domestic tobacco	$	2,902
International tobacco		5,012
North American food		3,832
International food		840
Financial services		241
Total operating companies income		12,827
Less:
Corporate expenses		(542	)
Amortization of intangible assets		(7	)
Operating income	$	12,278

(1) As disclosed in the Company’s third quarter earnings release furnished to the SEC in its Current Report on Form 8-K, dated October 16, 2003.

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Altria Group, Inc.

Morgan Stanley Global Consumer Conference

Remarks by Louis Camilleri

Reconciliation of GAAP Cash Flow to Discretionary Cash Flow

In his remarks, Mr. Camilleri discussed discretionary cash flow to present the cash available for use in repayment of debt, return to shareholders and acquisitions. Within the context of Mr. Camilleri’s remarks, management believes it is appropriate to disclose this measure to assist investors with analyzing business performance and trends. A reconciliation of GAAP cash flow to discretionary cash flow is as follows:

	1996			1997			1998			1999			2000			Cumulative
Operating cash flow (1)	$	7,634		$	8,340		$	8,120		$	11,375		$	11,044		$	46,513
Investing cash flow (1)		(2,055	)		(619	)		(2,554	)		(2,682	)		(17,506	)		(25,416	)
Less: purchases of businesses (1)		616			630			17			522			15,576			17,361
Discretionary cash flow	$	6,195		$	8,351		$	5,583		$	9,215		$	9,114		$	38,458

(1) As disclosed in Statements of Cash Flows in the Company’s respective Annual Reports on Form 10-K.

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Altria Group, Inc.

Morgan Stanley Global Consumer Conference

Remarks by Louis Camilleri

Reconciliation of GAAP Cash Flow to Cash Flow with Kraft Foods Inc. (“Kraft”) on a Cash Basis

In his remarks, Mr. Camilleri discussed the cash generated by the Company, as if Kraft were on a cash basis. This measure reflects that the only Kraft cash available to the Company, since Kraft’s initial public offering, is from debt repayment and receipt of dividends. Within the context of Mr. Camilleri’s remarks, management believes it is appropriate to disclose this measure to assist investors with analyzing business performance and trends. A reconciliation of GAAP cash flow to cash flow with Kraft on a cash basis is as follows:

For the year ended December 31, 2001
	Altria Consolidated			Less Kraft Consolidated			Altria Less Kraft
Operating cash flow	$	8,893	(1)	$	3,328	(2)	$	5,565
Investing cash flow		(2,916	)(1)		(1,222	)(2)		(1,694	)
Less: acquisitions		451	(1)		194	(2)		257
Discretionary cash flow	$	6,428		$	2,300			4,128
Repayment of Altria notes (2)								16,350
Other intercompany								58
Dividends								189
Cash flow with Kraft on a cash basis							$	20,725
For the year ended December 31, 2002
	Altria Consolidated			Less Kraft Consolidated			Altria Less Kraft
Operating cash flow	$	10,612	(1)	$	3,720	(2)	$	6,892
Investing cash flow		(2,009	)(1)		(1,052	)(2)		(957	)
Less: acquisitions		147	(1)		122	(2)		25
Discretionary cash flow	$	8,750		$	2,790			5,960
Dividends–Miller								2,000
Repayment of Altria notes (2)								3,850
Other intercompany								(460	)
Dividends–Kraft								785
Cash flow with Kraft on a cash basis							$	12,135

(1) As disclosed in Statements of Cash Flows in the Company’s respective Annual Reports on Form 10-K.

(2) As disclosed in Statements of Cash Flows in respective Kraft Annual Reports on Form 10-K.

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