Philip Morris International Investor Presentation — September 2017

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2017 Barclays Global

Consumer Staples Conference

September 7 , 2017Jacek Olczak

Chief Financial Officer2Forward -Looking and Cautionary Statements

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

results issubject torisks, uncertainties and inaccurate assumptions .Intheevent that risks oruncertainties materialize, orunderlying

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 ,PMIisidentifying important factors that, individually orinthe

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

●PMI's business risks include :excise taxincreases anddiscriminatory taxstructures ;increasing marketing andregulatory restrictions that

could reduce ourcompetitiveness, eliminate ourability tocommunicate with adult consumers, orban certain ofourproducts ;health

concerns relating totheuseoftobacco products andexposure toenvironmental tobacco smoke ;litigation related totobacco use;intense

competition ;theeffects ofglobal andindividual country economic, regulatory andpolitical developments, natural disasters andconflicts ;

changes inadult smoker behavior ;lostrevenues asaresult ofcounterfeiting, contraband and cross -border purchases ;governmental

investigations ;unfavorable currency exchange rates andcurrency devaluations, andlimitations ontheability torepatriate funds ;adverse