Philip Morris International Investor Presentation — July 2020

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Delivering a Smoke -Free Future

2020 Second -Quarter Results

July 21, 2020Introduction

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

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

adjustments, other calculations and reconciliations to the most directly comparable

U.S. GAAP measures 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

•Our estimates for total industry and market share for the quarter are subject to limitations on the availability and accuracy of industry data in certain geographies during pandemic -related restrictions

•Comparisons presented on a "like -for-like" basis reflect pro forma 2019 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