Consolidated Statements of Earnings

(in millions of dollars, except per share data)

for the years ended December 31,			2004				2003		2002
	Net revenues		$ 89,610				$81,320		$79,933
	Cost of sales		33,959				31,573		32,491
	Excise taxes on products		25,647				21,128		18,226
	Gross profit		30,004				28,619		29,216
	Marketing, administration and research costs		13,665				12,538		12,217
	Domestic tobacco headquarters relocation charges		31				69
	Domestic tobacco legal settlement						202
	International tobacco E.C. agreement		250
	Asset impairment and exit costs		718				86		223
	Losses (gains) on sales of businesses		3				(31	)	(80	)
	Integration costs and a loss on sale of a food factory						(13	)	111
	Provision for airline industry exposure		140						290
	Amortization of intangibles		17				9		7
	Operating income		15,180				15,759		16,448
	Gain on Miller Brewing Company transaction								(2,631	)
	Interest and other debt expense, net		1,176				1,150		1,134
	Earnings from continuing operations before income         taxes and minority interest		14,004				14,609		17,945
	Provision for income taxes		4,540				5,097		6,368
	Earnings from continuing operations before minority interest		9,464				9,512		11,577
	Minority interest in earnings from continuing operations and     equity earnings, net		44				391		556
	Earnings from continuing operations		9,420				9,121		11,021
	(Loss) earnings from discontinued operations, net of income      taxes and minority interest		(4	)			83		81
	Net earnings		$  9,416				$9,204		$ 11,102
	Per share data:
	Basic earnings per share:
	Continuing operations		$    4.60				$   4.50		$   5.22
	Discontinued operations						0.04		0.04
	Net earnings		$    4.60				$   4.54		$   5.26
	Diluted earnings per share:
	Continuing operations		$    4.57				$   4.48		$   5.18
	Discontinued operations		(0.01	)			0.04		0.03
	Net earnings		$    4.56				$   4.52		$   5.21

See notes to consolidated financial statements.