Philip Morris International Investor Presentation — February 2017

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2016 Fourth -Quarter and Full -Year Results

February 2, 20172Introduction

●Unless otherwise stated, wewillbetalking about results forthefourth -quarter

andfull-year 2016 andcomparing them tothesame period in2015

●Aglossary ofterms, adjustments and other calculations, aswell as

reconciliations tothemost directly comparable U.S.GAAP measures, areat

theendoftoday’s webcast slides, which areposted onourwebsite

●Reduced -Risk Products ("RRPs") istheterm PMIuses torefer toproducts that

present, arelikely topresent, orhave thepotential topresent less riskofharm

tosmokers who switch tothese products versus continued smoking .PMIhasa

range ofRRPs invarious stages ofdevelopment, scientific assessment and

commercialization .Because ourRRPs donotburn tobacco, they produce far

lower quantities ofharmful and potentially harmful compounds than found in

cigarette smoke3Forward -Looking and Cautionary Statements

●This presentation andrelated discussion contain forward -looking statements .Achievement offuture results issubject

torisks, uncertainties andinaccurate assumptions, andPMI isidentifying important factors that, individually orinthe

aggregate, could cause actual results todiffer materially from those contained inanyforward -looking statements made

●PMI’s business risks include :significant increases incigarette -related taxes ;theimposition ofdiscriminatory excise tax

structures ;fluctuations incustomer inventory levels duetoincreases inproduct taxes andprices ;increasing marketing

andregulatory restrictions, often with thegoal ofreducing orpreventing theuseoftobacco products ;health concerns