Philip Morris International Investor Presentation — April 2021

could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products; health

concerns relating to the use of tobacco and othe r nicotine-containing products and exposure to environmental tobacco smoke; litigation

related to tobacco use and intellectual property ; intense competition; the effects of global an d individual country ec onomic, regulatory and

political developments, natural disasters and conflicts; changes in adult smoker behavior; lost revenue s as a result of counterfeiting,

contraband and cross-border purchases; governmental investigations ; unfavorable currency exchange rates and currency devaluations,

and limitations on the ability to repatriate fund s; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability,

and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices;and the integrity of our information systems and effectiveness of our data privacy policies. PMI's future profitability may also be adverselyaffected should we be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not

differentiate between such products and cigarettes; if we are unable to successfully introduce new products, promote brand equity, enter

new markets or improve its margins through increased prices and product ivity gains; if it is unable to expand its brand portfolio internally

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