Philip Morris International Investor Presentation — February 2021

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Delivering a Smoke-Free Future

2020 Fourth-Quarter and

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

or "RRPs, " additional heated tobacco unit market data, as well as

other calculations and reconciliations to the most directly compar able

.S. GAAP measures are at the end of toda y’s webcast slides, which are posted on our

•Unless otherwise stated,

all references to IQOS are to our IQOS heat-not-burn de vices

•Comparisons presented on

a like-for-like basis reflect pro forma 2019 results, which

ve been adjusted for the deconsolidation of our Canadian subsidiary, Rothmans,

Benson & Hedges, Inc.

(RBH), effective March 22, 2019

•Growth rates presented on an organic basis reflect currency-neutral underlying

and "like-for-like" comparisons, where applicable

2Forward-Looking and Cautionary Statements

•This presentation and related discussion cont ain projections of future results and other f orward-looking statements. Achievement of

future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or

underlying assumptions prove inaccurate, actual results could vary m aterially from those contained in s uch forward-looking statements.

Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that,individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking