Philip Morris International Investor Presentation — February 2020

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Delivering a Smoke -Free Future

2019 Fourth-Quarter and

February 6, 2020Introduction

•A glossary of key terms and definitions, including the definition for reduced -risk

products, or "RRPs, " as well as adjustments, other calculations and reconciliations to

the most directly comparable U.S. GAAP measures and our business transformation

metrics are at the end of today’s webcast slides, which are posted on our website

•Unless otherwise stated, all references to IQOS are to our IQOS heat -not -burn products

•Comparisons are presented on a "like -for-like" basis reflecting pro forma 2018 results,

which have been adjusted for the deconsolidation of our Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH), effective March 22, 2019

2Forward -Looking and Cautionary Statements

•This presentation and related discussion contain projections offuture results and other forward- looking statements .Achievement of

future results issubject torisks, uncertainties and inaccurate assumptions .Inthe event that risks oruncertainties materialize, or

underlying assumptions prove inaccurate, actual results could vary materially from those contained insuch forward -looking statements .

Pursuant tothe "safe harbor" provisions ofthe Private Securities Litigation Reform Act of1995, PMI isidentifying important factors that,

individually orinthe aggregate, could cause actual results and outcomes todiffer materially from those contained inany forward- looking

statements made byPMI

•PMI's business risks include :excise tax increases and discriminatory tax structures ;increasing marketing and regulatory restrictions that