Altria 8K Remarks by Michael E. Szymanczyk, Altria’s Chairman and Chief Executive Officer at the Barclays Capital Back to School Consumer Conference | MO 9 Sep 09

2009 Barclays Capital

Back-To-School Consumer

Conference Presentation

September 9, 2009

Exhibit 99.2

Cliff Fleet

Vice President

Investor Relations

Altria Client Services

Safe Harbor Statement

Statements in this presentation that are not reported financial results or other

historical information are “forward-looking statements”

within the meaning of

the 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. The Company 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 under the caption “Cautionary Factors that May

Affect Future Results”

in the Company’s 2008 Annual Report and its

Quarterly Report on Form 10-Q for the quarter ended June 30, 2009

Reconciliations of non-GAAP measures included in this presentation to the

most comparable GAAP measures are available on the Company’s website

at www.altria.com

Mike Szymanczyk

Chairman and

Chief Executive Officer

Altria Group, Inc.

Altria’s Executive Management

Mike Szymanczyk

Chairman and Chief Executive Officer, Altria

Dave Beran

EVP and Chief Financial Officer, Altria

Craig Johnson

EVP, Altria; and President, PM USA

Marty Barrington

EVP, Chief Compliance & Administrative

Officer, Altria

Murray Garnick SVP and Associate General Counsel, ALCS

Reshaping Altria

Completed the integration of John Middleton Co.

Executing the integration of UST LLC

Reshaped the corporate structure with three central support

organizations

–

Altria

Client

Services

–

Altria Sales & Distribution

–

Altria Consumer Engagement Services

Continuing to reduce cigarette infrastructure ahead of volume

declines

External Environment

Economy has remained in recession

Tobacco excise taxes have significantly increased

FDA was granted regulatory authority over tobacco products

Economic Conditions

Source: U.S. Department of Labor Bureau of Labor Statistics http://stats.bls.gov/news.release/empsit.nr0.htm; Blue Chip Economic Indicators,

The Conference Board (http://www.conference-board.org/economics/ConsumerConfidence.cfm)

Unemployment Rate

Consumer Confidence

9.7

7.3

Jan-93

Aug-09

200

Jan-93

Aug-09

Excise Tax Environment

Federal

excise

tax

cigarettes

increased

62¢

per

pack

$1.01 per pack

Cigarette State Excise Taxes Enacted in 2009

Source: ALCS Government Affairs

Increased SET

Weighted State Excise Tax -

Cigarettes

Source: ALCS Estimates (SET and User Fees Per Pack –Year End & Quarter-end)

* through September 1, 2009

$0.78

$0.87

$0.88

$1.01

$1.12

$1.13

$1.15

$1.24

$0.00

$1.50

2004

2005

2006

2007

2008

1Q 09

2Q 09

3Q 09 TD*

C-Store Pack Price

+25%

Cigarette Industry Dynamics

Source: IRI/Capstone Integrated Retail Panel

* Adjusted for trade inventory changes

Estimated Volume*

Change

Q2 08

Q2 09

~ (8%)

Q2 08

Q2 09

Long-term Tobacco Category Growth Rates

Source:

ALCS

Estimates:

Note:

Smokeless

defined

moist

smokeless

and

spit-less

tobacco

products

~7%

~3%

10%

Machine-made Large Cigars

Smokeless

Profit Pool

($ in Billions)

Tobacco Manufacturers’

Profit Pool

Source: ALCS Estimates

+7.5%

48%

55%

100%

1H 2008

1H 2009

Altria’s Share of Profit Pool

+7.0pp

$5.2

$5.6

$5.0

$6.0

1H 2008

1H 2009

FDA Legislation of Tobacco Products

President Obama signed legislation granting FDA authority to

regulate tobacco products

Regulation should benefit adult tobacco consumers in the long-

term

Promote more predictability in tobacco industry

FDA Legislation of Tobacco Products

Do not agree with every element of new law

Supported enactment

Intend to work constructively with agency and others in the

industry

FDA Regulation Implementation

Implementation of law will take place over time

Several areas require the FDA to take action through rule

making

FDA Regulation Timeline

2009

September

Initial quarterly

User Fee

2010

March

FDA issues

regulations on

sale,

promotion &

advertising

2011

June

FDA issues

color graphic

warning

requirements

2010

June

Remove

descriptors

from cigarette

packs

Source: FDA legislation (HR 1256)

2010

August

Report on

Menthol

Altria’s Approach to FDA Regulation

History of successfully adapting to change

Preparing for federal regulation for many years

Created Regulatory Affairs department

Cigarettes Segment’s First-half 2009 Performance

+8.8%

Source: Altria company reports, IRI/Capstone Integrated Retail Panel

Adjusted OCI*

($ in Billions)

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com

41.9%

40%

43%

1H 2008

1H 2009

+0.0pp

Marlboro

Retail Share

$2.7

$2.4

$2.3

$2.9

1H 2008

1H 2009

’s

Smokeless Segment’s First-half 2009 Performance

Adjusted Operating Companies Income* of $339 million

Integration proceeding smoothly

Enhanced

value

equations

Copenhagen

Skoal

Source: Altria company reports

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com

USSTC’s Premium Retail Share

Source:

InfoScan

Smokeless

Tobacco

Database

(4wm)

Q2 2009 Premium

MST Retail Share

48.5%

43%

52%

March 28, 2009

June 27, 2009

Cigars Segment’s First-half 2009 Performance

Adjusted OCI*

($ in Millions)

+3.2%

Black & Mild

Retail Share

29.2%

27.3%

25%

31%

1H 2008

1H 2009

+1.9pp

Source: Altria company reports

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com

$97

$94

$85

$105

1H 2008

1H 2009

’s

Wine Segment’s First-half 2009 Performance

Adjusted OCI* of $24 million

Continues to show underlying strength

Negatively impacted by trade inventory depletions and

weakness in on-premise sales

Source: Altria company reports

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com

Financial Services Segment’s Performance

Source: Altria company reports

OCI

($ in Millions)

$104

$203

$250

1H 2008

1H 2009

Altria’s Cost Management Program

($ in Millions)

Source: Altria company reports

$805

$695

$1,500

2007-

1H 2009 Savings

Add. Cost Savings

Expected by 2011

2007 -

2011

Altria’s Headcount

Source: ALCS; Note: Includes headcount for Altria and all its subsidiary companies

~10,200

~10,400

13,000

Dec-08

Aug-09

7.5%

8.7%

10.3%

6.3%

9.6%

2005

2006

2007

2008

2009

Historical Increase

Altria’s Dividend

$1.28

$1.36

$1.00

$1.50

Aug-08

Aug-09

2009 Increase

+6.3%

Source: Altria company reports and press releases (Note: Annualized Dividend Rate)

Altria’s First-half 2009 Performance

+8.5%

Source:

Altria

company

filings;

Total

Shareholder

Return

–

Bloomberg

ending

8.31.09

Adjusted Earnings

Per Share*

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com

26%

15%

10%

30%

Altria

S&P 500

S&P Food,

Beverage &

Tobacco

Total Shareholder Return

$0.82

$0.89

$0.60

$1.10

1H 2008

1H 2009

Altria Reaffirms 2009 Guidance

Due to FET-related pricing strategies, the third and fourth

quarters of 2009 are planned to have lower adjusted EPS

growth when compared to the first and second quarters of

2009

Altria reaffirms that its 2009 adjusted diluted earnings per

share* from continuing operations is expected to increase to a

range of $1.72 to $1.77, representing a 4% to 7% growth rate

from an adjusted base of $1.65 per share in 2008

Source: Altria company filings, Note: Federal Excise Tax (FET)

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com

Altria’s Growth Objectives

Maximize income while maintaining share momentum on

Marlboro

in cigarette category

Return

Copenhagen

and

Skoal

volume

growth

in-line

slightly ahead of category growth

Profitably assume share leadership in the machine-made large

cigar

Category

Form

Segments

Source:

InfoScan

Smokeless

Tobacco

Database

–

2009;

Note:

Smokeless

defined

moist

smokeless

and

spit-less

tobacco

products

Pouches

10%

Fine Cut

28%

Long Cut

62%

Form

Segments

–

Smokeless

Tobacco

Source:

InfoScan

Smokeless

Tobacco

Database

–

2009;

Note:

Smokeless

defined

moist

smokeless

and

spit-less

tobacco

products,

includes

smokeless

products

manufactured

USSTC

and

USA

46%

76%

59%

100%

Long Cut

Fine Cut

Pouches

USSTC & PM USA

Balance of Industry

Smokeless Tobacco Pouches

USSTC and PM USA are planning initiatives

In market late 2009 and 2010

Source:

InfoScan

Cigar

Database

–

2009

Machine-made

Large

Cigars

Size

Segments

Tipped

Cigarillo

35%

Untipped

Cigarillo

43%

Non-

Cigarillo

22%

Share of Machine-made Large Cigars Segments

Source:

InfoScan

Cigar

Database

–

2009

84%

100%

Tipped Cigarillo

Untipped

Cigarillo

Non-Cigarillo

Middleton

Balance of Industry

Cigar Growth Opportunity

Untipped cigarillos represent the largest incremental opportunity

Untipped cigarillo growing segment

Middleton currently does not participate in this growing segment

Source: InfoScan Cigar Database

New Tobacco Products

Build businesses in growing segments

Many new products in market by December 2009

Full impact on volume, share and income expected in 2010

and beyond

Altria’s Tobacco Operating Companies

Tobacco Categories are Important to Retailers

Cigarettes represented 33% of in-store revenues and 17% of

profits

Other tobacco products are one of the fastest-growing

segments

Source:

Convenience

Store

News,

Convenience

stores

2008

Trade Relationships Principles

Having the best brands in the best positions

Allocating shelf space to brand share to assure in-stock

inventory

Communicating new products and promotions to adult tobacco

consumers

Encouraging underage sales prevention through non-self

service merchandising

Source:

Altria

Sales

Distribution

Benefits of Integrated Tobacco Categories

Higher profitability per square foot

Improving visibility for smokeless tobacco and machine-made

large cigars to adult consumers

Reducing youth access to tobacco products

Source: Altria Sales & Distribution

Cigarette Launch Introductions

Effective introduction of new and innovative products

Improved speed to market for new product launches by 30%

since 2006

Assisting Retailers

Tobacco products important to many retailers’

financial

success

Altria Sales & Distribution assists retailers by providing them

with tools for insights and information

Litigation Environment

Substantial success in managing the litigation environment;

however significant challenges remain

Detailed discussion in Altria’s recent Form 10-Q

Approach to Litigation

Approach to litigation remains the same

Continue vigorously defending claims

Altria’s 2009 Performance

Adjusted EPS* up 8.5% in the first-half of 2009

Increased dividend by 6.3%

Altria’s total shareholder return is 26%

* For reconciliations of non-GAAP to GAAP numbers visit www.altria.com, adjusted diluted EPS from continuing operations

Source: Altria company reports; Bloomberg (8/31/09)

Long-term Growth

Target of 8% -

10% adjusted EPS per year

Continue to believe it is an achievable objective

Operating environment impacts ability to reach objective in any

given year

Strategies to Achieve Long-term Growth

Grow income by investing in four strong brands, Marlboro,

Copenhagen, Skoal

and Black & Mild, while continuing to

optimize cost structures

Strategies to Achieve Long-term Growth

Grow income by investing in four strong brands, Marlboro,

Copenhagen, Skoal

and Black & Mild, while continuing to

optimize cost structures

Return cash to shareholders in the form of dividends

Altria’s Dividends

Plans to maintain its targeted 75% payout ratio and increase

dividends in-line with future adjusted EPS growth

Increased dividend 42 times in 40 years

Commitment to return a large amount of cash to shareholders

through dividends

Strategies to Achieve Long-term Growth

Grow income by investing in four strong brands, Marlboro,

Copenhagen, Skoal

and Black & Mild, while continuing to

optimize cost structures

Return cash to shareholders in the form of dividends

Preserve strong balance sheet

SABMiller Investment

Helping solidify Altria’s investment grade credit rating

Growing earnings per share

Strengthening Altria’s financial profile

SABMiller Investment

(Pre-tax $ -

Billions)

Source:

Bloomberg

August

31,

2009

$10.0

$3.4

$14

Jul-02

Aug-09

SABMiller Investment Benefits to Altria

Contributed $3.1 billion in equity earnings since 2002

Paid $1.3 billion in dividends since 2002

Currently plan to maintain economic interest in SABMiller

Strategies to Achieve Long-term Growth

Grow income by investing in four strong brands, Marlboro,

Copenhagen, Skoal

and Black & Mild, while continuing to

optimize cost structures

Return cash to shareholders in the form of dividends

Preserve strong balance sheet

Focus on reducing the cost of debt

Non-GAAP Financial Measures

Altria reports its consolidated financial results in accordance with generally accepted

accounting principles (GAAP). Today’s remarks may contain various operating results on

both a reported basis and on an adjusted basis, which excludes items that affect the

comparability of report results.

Altria’s management reviews OCI, which is defined as operating income before corporate

expenses and amortization of intangibles, to evaluate segment performance and allocate

resources. Altria’s management also reviews OCI, operating margins and earnings per

share (EPS) on an adjusted basis, which excludes certain income and expense items that

management believes are not part of underlying operations because such items can

obscure underlying business trends. Management believes it is appropriate to disclose

these measures to help investors analyze underlying business performance and trends.

Such adjusted measures are regularly provided to management for use in the evaluation

of segment performance and allocation of resources. All references in the remarks are to

continuing operations, unless otherwise noted.

Reconciliations of any non-GAAP financial measures to the most directly comparable

GAAP measures

can be found posted to our website at www.altria.com

Cigarettes Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30, 2008

(dollars in millions)

Reported OCI

$2,377

Exit costs

Implementation costs

Adjusted OCI

$2,438

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Cigarettes Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30, 2009

(dollars in millions)

Reported OCI

$2,569

Exit costs

Implementation costs

Adjusted OCI

$2,653

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Cigarettes Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30

(dollars in millions)

2008 adjusted OCI

$2,438

2009 adjusted OCI

$2,653

% change 2009 adjusted OCI versus prior-year period

8.8%

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Smokeless Products Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30, 2009

(dollars in millions)

Reported OCI

$175

Exit costs

123

Integration costs

UST acquisition-related costs*

Adjusted OCI

$339

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

* Excludes exit and integration costs

Cigars Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30, 2008

(dollars in millions)

Reported OCI

$91

Integration costs

Adjusted OCI

$94

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Cigars Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30, 2009

(dollars in millions)

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Reported OCI

$90

Integration costs

Adjusted OCI

$97

Cigars Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30

(dollars in millions)

2008 adjusted OCI

$94

2009 adjusted OCI

$97

% change 2009 adjusted OCI versus prior-year period

3.2%

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Wine Segment’s

Adjusted Operating Companies Income (OCI)

for Six Months Ended June 30, 2009

(dollars in millions)

Reported OCI

$10

Exit costs

Integration costs

UST acquisition-related costs*

Adjusted OCI

$24

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

* Excludes exit and integration costs

Adjusted Diluted Earnings per Share (EPS) from Continuing

Operations Attributable to Altria for Six Months Ended

June 30, 2008

Reported diluted EPS from continuing operations

$0.73

Exit, integration and implementation costs

0.09

Gain on sale of corporate headquarters building

(0.12)

Loss on early extinguishment of debt

0.12

Adjusted diluted EPS from continuing operations

$0.82

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Adjusted Diluted Earnings per Share (EPS) from Continuing

Operations Attributable to Altria for Six Months Ended

June 30, 2009

Reported diluted EPS from continuing operations

$0.77

Exit, integration and implementation costs

0.08

UST acquisition-related costs*

0.06

SABMiller gains on issuances of common stock

(0.06)

SABMiller intangible asset impairments

0.04

Adjusted diluted EPS from continuing operations

$0.89

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

* Excludes exit and integration costs

2008 adjusted diluted EPS

from continuing operations

$0.82

2009 adjusted diluted EPS

from continuing operations

$0.89

% change in 2009 adjusted diluted EPS

from continuing operations versus prior-year period

8.5%

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Adjusted Diluted Earnings per Share (EPS) from Continuing

Operations Attributable to Altria for Six Months

Ended June 30

Adjusted Diluted Earnings per Share (EPS) from Continuing

Operations Attributable to Altria for Year Ended

December 31, 2008

Reported diluted EPS from continuing operations

$1.48

Tax Items

(0.03)

Gain on sale of corporate headquarters building

(0.12)

Loss on early extinguishment of debt

0.12

SABMiller intangible asset impairments

0.03

UST acquisition-related costs*

0.02

Exit, integration and implementation costs

0.15

Adjusted diluted EPS from continuing operations

$1.65

* Excludes exit and integration costs

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Projected Full-Year Adjusted Diluted Earnings per Share

(EPS) from Continuing Operations Attributable to Altria for

Year Ending December 31, 2009

Projected reported diluted EPS from continuing

operations

$1.51 to $1.56

Exit, integration and implementation costs

0.17

UST acquisition-related costs*

0.06

SABMiller gains on issuances of common stock

(0.06)

SABMiller intangible asset impairments

0.04

Projected adjusted diluted EPS from continuing

operations

$1.72 to $1.77

* Excludes exit and integration costs

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Projected Full-Year Adjusted Diluted Earnings per Share

(EPS) from Continuing Operations Attributable to Altria for

Year Ending December 31

2008 adjusted diluted EPS from continuing

operations

$1.65

2009 projected adjusted diluted EPS from

continuing operations

$1.72 to $1.77

% change in 2009 projected full-year adjusted

diluted EPS from continuing operations versus

the prior-year period

4% -

Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures

Altria (MO) 8-KRemarks by Michael E. Szymanczyk, Altria’s Chairman and Chief Executive Officer at the Barclays Capital Back to School Consumer Conference