Philip Morris International Inc.: Philip Morris International Inc. Presents at the Morgan Stanley Global Consumer Conference

  Philip Morris International Inc.: Philip Morris International Inc. Presents
  at the Morgan Stanley Global Consumer Conference

UK Regulatory Announcement


Philip Morris International Inc. (“PMI”) (NYSE/Euronext Paris: PM) Chief
Executive Officer, André Calantzopoulos, addresses investors today at the
Morgan Stanley Global Consumer Conference in New York.

The presentation and Q&A session are being webcast live at in a listen-only mode, beginning at approximately 12 Noon
Eastern Time. An archived copy of the webcast, together with slides, will be
available on the same site. Highlights from the presentation include:

  *PMI is revising its most recent 2013 reported diluted EPS guidance to a
    range of $5.37 to $5.42, compared to $5.17 in 2012. The $0.02 change
    reflects a reduction in the unfavorable currency variance from $0.33 to
    $0.31 per share at currently prevailing rates. On a currency-neutral basis
    and excluding the previously announced restructuring charge of
    approximately $0.03 per share and tax item of $0.01, the mid-point of this
    new guidance represents a growth rate of 10% compared to our adjusted
    diluted EPS of $5.22 in 2012;
  *PMI forecasts total international cigarette industry volume to decline by
    approximately 3.0% in 2013;
  *With a September year-to-date positive pricing variance of $1.5 billion,
    PMI is on track to surpass its four-year annual average pricing variance
    of $1.8 billion in 2013;
  *PMI is on track to achieve its $300 million pre-tax cost savings and
    productivity target for 2013;
  *PMI expects that international cigarette industry volume in 2014 could
    decline by 2%-3% overall, by 7%-8% in the EU Region and by 9%-11% in
  *PMI announces an acceleration of its plans to launch reduced-risk products
    with several commercial pilot city tests starting in the second half of
    2014 and the first national launch of its Platform 1 product in 2015, well
    ahead of the previously communicated 2016/2017 schedule;
  *In support of its accelerated schedule for reduced-risk product launches,
    PMI will increase its reduced-risk product-related expenditures in R&D,
    operations and the commercial organization by more than $100 million in
  *PMI announces its intention to enter the e-cigarette category during the
    second half of 2014;
  *Since PMI’s spin-off in March 2008 through the end of September 2013, the
    company has increased its dividend by 104.3%;
  *PMI noted that the company has delivered cash to its shareholders at a
    pace that has exceeded its cash flow and reiterated its commitment to
    maintaining a single A credit rating; and
  *PMI stated that it views 2014 as an investment year, reflecting raised
    expenditures in markets where its share performance has trailed
    expectations and potential, and investment behind its reduced-risk
    products which it believes represent its greatest growth opportunity. PMI
    further noted that total industry volumes are unlikely to recover until
    2015 and that significant uncertainty remains in terms of pricing in Japan
    and the Philippines. Consequently, while noting that precise EPS guidance
    would be provided in February 2014, the company stated that it expects it
    should be able to grow its currency-neutral adjusted diluted EPS by some
    6% to 8% in 2014, a solid achievement given its investment plans. The
    company remains steadfast in its commitment to its mid to long-term
    currency-neutral target of 10% to 12% adjusted diluted EPS annual growth
    in 2015 and beyond.

The presentation, related discussion and this release contain statements that,
to the extent they do not relate strictly to historical or current facts,
constitute "forward-looking statements" within the meaning of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on current plans, estimates and
expectations, and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks and
uncertainties, any of which could cause actual results to differ materially
from those expressed in or implied by the forward-looking statements.

The risks and uncertainties relating to the forward-looking statements in the
presentation, related discussion and this release include those described
under Item 1A. “Risk Factors” in PMI’s Form 10-Q for the quarter ended
September 30, 2013, filed with the Securities and Exchange Commission. PMI
does not undertake to publicly update or revise any forward-looking
statements, except in the normal course of its public disclosure obligations.

Adjusted diluted earnings per share of $5.22 in 2012 is calculated as reported
diluted earnings per share of $5.17, plus a $0.02 per share adjustment for tax
items, plus a $0.03 per share adjustment related to asset impairment and exit

The guidance excludes the impact of future acquisitions, unanticipated asset
impairment and exit cost charges, future changes in currency exchange rates
and any unusual events.

A glossary of terms and reconciliations of non-GAAP measures included in the
presentation to the most comparable GAAP measures are provided either at the
end of the presentation or are available on PMI’s web site.

Philip Morris International Inc.

Philip Morris International Inc. (PMI) is the leading international tobacco
company, with seven of the world’s top 15 international brands, including
Marlboro, the number one cigarette brand worldwide. PMI’s products are sold in
more than 180 markets. In 2012, the company held an estimated 16.3% share of
the total international cigarette market outside of the U.S., or 28.8%
excluding the People’s Republic of China and the U.S. For more information,

Investor Relations:
New York: +1 (917) 663 2233
Lausanne: +41 (0)58 242 4666
Lausanne: +41 (0)58 242 4500


Philip Morris International Inc.
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