Philip Morris International Investor Presentation — July 2017

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2017 Second -Quarter Results

●Unless otherwise stated, wewillbetalking about results forthesecond quarter of

2017 andcomparing them tothesame period in2016

●Unless otherwise stated, references tototal industry, total market, PMI volume and

PMI market share performance reflect cigarettes andPMI’s heated tobacco units for

those markets thathave commercial sales ofIQOS

●Aglossary ofterms, adjustments andother calculations, aswellasreconciliations to

themost directly comparable U.S.GAAP measures, areattheendoftoday’s webcast

slides, which areposted onourwebsite

●"Reduced -riskproducts," or"RRPs," istheterm PMI uses torefer toproducts that

present, arelikely topresent, orhave thepotential topresent less riskofharm to

smokers who switch tothese products versus continued smoking .PMIhasarange of

RRPs invarious stages ofdevelopment, scientific assessment andcommercialization .

Because PMI's RRPs donotburn tobacco, they produce farlower quantities of

harmful andpotentially harmful compounds than found incigarette smoke3Forward -Looking and Cautionary Statements

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

offuture results issubject torisks, uncertainties andinaccurate assumptions .Intheevent thatrisks oruncertainties materialize, or

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

statements .Pursuant tothe"safe harbor" provisions ofthePrivate Securities Litigation Reform Actof1995 ,PMI isidentifying

important factors that, individually orintheaggregate, could cause actual results andoutcomes todiffer materially from those