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PMI Powerpoint Presentation Investor Day – EU Region Lausanne, June 23, 2010 Jacek Olczak President, European Union Region Philip Morris International Agenda ● EU Region at a glance ● 2010 and beyond: business outlook ● Key 5 EU markets: highlights ● Concluding remarks ● Questions & Answers 2 EU Region – Overview Cigarettes 2009 Cigarette Industry (billion units) 607 2009 Legal Age - 64 Smoking Incidence (%) 22.6 2009 PMI Share of Cigarette Market (%) 38.8 Other Tobacco Products (“OTP”) 2009 OTP Industry (billion units equivalent) 124 2009 PMI Share of OTP Market (%) 11.5 Population (millions): 479 Source: Eurostat, PMI estimates 3 EU Macro-Economic Outlook Real GDP Growth (%) Inflation Rate (%) 3.2 2.9 3.7 1.7 0.8 1.0 2.3 2.4 2009 1.8 1.7 2006 2007 2008 2009 2010 2011 1.0 (4.2) 2006 2007 2008 2009 2010 2011 Unemployment Rate (%) Government Debt (as % of GDP) 79.6 83.7 9.8 9.7 73.6 8.9 8.2 61.4 58.8 61.6 7.1 7.0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Source: European Commission - Economic Forecast Spring 2010 4 2010 Government Debt and Budget Deficit(a) Structural budget deficit in % of GDP >= 7% >= 3% & <7% 50.5% 46.0% 42.6% -1.3% NA -2.7% -0.2% < 3% -6.8% 9.6% 77.3% -2.1% -9.3% 19.0% -1.4% 48.5% 66.3% -6.7% -4.9% 79.1% 99.0% 38.6% -10.4% -3.8% -6.8% 78.8% 53.9% -3.6% -6.3% 39.8% 40.8% -4.9% 83.6% -5.4% -6.2% 70.2% 78.9% -3.6% -2.3% 118.2% -3.7% 85.8% 64.9% -7.7% 21.1% -7.8% -0.4% 124.9% - -8.5% (a) As a % of GDP Source: European Commission - Economic Forecast Spring 2010; AFF for Switzerland; Ministry of Finance for Norway 5 Cigarette Industry Volume CAGR -2.3% (billion units) WE: -2.1% / CE: -2.9% 665 658 646 629 607 536 527 516 507 493 129 131 130 122 114 2005 2006 2007 2008 2009 Western Europe Central Europe Note: Adjusted for trade inventory distortions in the Czech Republic Source: PMI estimates 6 Top 10 Cigarette Markets (2009) Industry Volume (billion units) Italy 89.2 Germany 85.5 Spain 81.7 Poland 61.1 France 55.0 United Kingdom 46.7 Greece 31.0 Czech Republic 21.7 Hungary 15.3 Netherlands 13.4 Source: PMI estimates 7 OTP Industry Volume CAGR 4.2% (billion units Smoking tobacco 9.4% / Cigarillos and others -16.0% equivalent)(a) 124 114 118 105 106 14 14 16 20 29 110 98 104 86 77 2005 2006 2007 2008 2009 Smoking Tobacco (RYO/MYO/Pipe) Cigarillos & Others(b) (a) Smoking tobacco converted to cigarettes equivalents based on conversion ratio of 0.75 (b) Others include snus in Norway and Sweden and tobacco rods in Germany Source: PMI estimates 8 EU Region Contribution to 2009 PMI Results Cigarette Shipment Volume EU 27% Net Revenues Operating Companies Income EU 36% EU 44% Source: PMI Financials 9 PMI Regional Cigarette Market Share (%) 50 39.3 39.2 38.8 10 2007 2008 2009 Source: PMI estimates 10 PMI Market Share Leadership PMI in 2009: #1 in 21 markets #2 in 8 markets #3 in 3 markets Source: PMI estimates 11 Top 10 Cigarette Brand Families 20 (%) 18.0 Market Share, Q1, 2010 0 5.7 Source: PMI Marlboroestimates 4.4 4.4 L&M Pall Mall 3.9 Camel 2.9 Winston 2.7 JPS Chesterfield 2.3 Gauloises 2.1 Lucky Strike 2.0 Diana 12 EU Region Results Shipment Volume Net Revenues CAGR 2007-09: (4.4)% CAGR 2007-09: 1.2% (billion units) ($ billion) 300 10 9.7 9.0 258 8.8 243 235 55 52 2.0 2.2 0 0 2007 2008 2009 Q1 2010 2007 2008 2009 Q1 2010 YoY – excl. currency and acquisitions: YoY (0.2)% (5.5)% (3.3)% (4.8)% +2.6% -0.8% +1.5% +0.8% Source: PMI Financials 13 EU Region Results Operating Companies Income CAGR 2007-09: 3.6% ($ billion) 5 4.7 4.5 4.2 1.0 1.1 0 2007 2008 2009 Q1 2010 YoY – excl. currency and acquisitions: +7.8% +2.2% +4.4% +1.3% Source: PMI Financials 14 Agenda ● EU Region at a glance ● 2010 and beyond: business outlook ● Key 5 EU markets: highlights ● Concluding remarks ● Questions & Answers 15 Key Strategies ● Grow share of market: - Leverage the new Marlboro architecture to defend its leading position - Expand further into profitable low-price cigarette segment and OTP ● Continue to deliver OCI growth through balanced pricing and price gap management ● Advocate for moderate excise tax increases and continue efforts to fight illicit trade ● Maintain a reasonable regulatory environment 16 Marlboro Red or Flavor Line ● Extended reach ● New line-up Note: pack design for illustrative purposes only 17 Marlboro Red New Architecture Red 17 markets Source: PMI Financials 18 Marlboro Gold Line ● Upgraded Gold packaging ● Variety of diameters and taste profiles ● Perceived as more modern and innovative Note: pack design for illustrative purposes only 19 Marlboro Gold New Architecture Gold Original 27 markets Source: PMI Financials 20 Marlboro Smoker Shares (pp) Western Europe 10 (Variance LA-24 vs. LA-64) 8 6 4 2 Germany Spain 0 Portugal Sweden Austria Greece Belgium NetherlandsItaly France UK -2 -4 Note: LA stands for Legal Age (minimum 18). All data are 2009 Source: PMI Market Research General Consumer Tracking Survey (“GCTS”) 21 Marlboro Smoker Shares (pp) Central Europe 10 (Variance LA-24 vs. LA-64) 8 6 4 2 0 Latvia Estonia Lithuania Hungary Slovakia Czech Poland Republic Note: LA stands for Legal Age (minimum 18). All data are 2009 Source: PMI Market Research GCTS 22 Price Segmentation Total Market by Price Segment (%)(a) PMI Share of Segment(a) (%) 75 68.5 69.1 69.4 Premium 33.1 31.6 30.9 Premium 16.5 16.3 16.0 Mid 45 35.1 34.7 34.7 Mid 50.4 52.1 53.1 Low 19.2 19.6 20.1 Low 15 2007 2008 2009 2007 2008 2009 (a) Top 10 EU Region markets. Source: PMI estimates based on A.C. Nielsen and distributors’ data. 23 Marginal Contribution Ratio by Price Segment (2009) (%) 100 100 74 63 63 Average PMI 41 26 0 Premium Mid Low Premium Mid Low Western Europe Central Europe Note: Ratio indexed on marginal contribution of premium brand in Western Europe Source: PMI Financials 24 L&M ● Shipment volume grew by close to 9% in the EU Region in 2009 Share of Market (%) 6 5.5 5.7 L&M 5.0 4.6 4.4 3.9 4.1 Pall Mall 3.6 3.7 3.9 3 3.5 Winston 2.9 2.8 2.9 2.5 2.1 JPS 0 2007 2008 2009 Q1, 2010 Source: PMI Financials and PMI estimates 25 L&M ● Significant share of market increase in key markets Share of Market Q1, 2010 Variance vs. PY (pp) (%) 17.9 18 +10.7 14.9 13.7 +1.6 -1.4 9.6 9.1 8.1 +4.2 7.5 +1.5 6.6 +1.1 +0.9 +1.6 0 Slovakia Belgium Poland Sweden Germany Netherlands Czech Spain Republic Source: PMI estimates 26 PMI OTP Volume (billion units PMI OTP Shipments by Category equivalent)(a) 15 14.1 13.2 0.7 Cigarillos & Others(b) 1.2 3.3 Pipe 10.2 4.5 1.9 2.6 10.0 Fine Cut 7.5 5.7 0 2007 2008 2009 (a) Assuming 1 unit equivalent = 0.75g or 1 cigarillo (b) Others include snus in Norway and Sweden and tobacco rods in Germany Source: PMI Financials 27 Marginal Contribution Ratio OTP vs. Low-Price Segment Cigarettes (2009) (%) 100 100 62 41 25 0 Low-Price Selected OTP Low-Price All other OTP Cigarettes Western markets (a) Cigarettes Central markets Europe Europe (a) Top six markets: Belgium, France, Germany, Luxembourg, Netherlands and Spain Note: Ratio indexed on marginal contribution of low-price cigarettes in Western Europe. OTP includes fine cut and pipe tobacco Source: PMI Financials 28 Pricing ● In 2009 and Q1, 2010, PMI implemented prices increases notably in: 2009 2010 Belgium Austria Czech Republic Norway France Poland Germany Portugal Greece Spain Hungary UK Italy Netherlands Poland Portugal Spain UK Source: PMI Financials 29 European Union Excise Tax Framework New Directive Old Directive Comments Implementation 2011 - Technical changes as of Date 2011. New minima as of 2014 Minimum Tax € 90/000 on all € 64/000 on Transition until 2018 for Yield cigarettes MPPC most Central Europe countries Minimum Tax 60% on WAP 57% on MPPC Escape clause if tax on Incidence WAP above € 115/000 in 2014. Transition periods in Central Europe Maximum 76.5% 55.0% Allows for very high Specific to Total specific excise tax system Tax Minimum Excise No cap Cap at 100% Fiscal tool that limits Tax of MPPC downtrading Note: WAP is Weighted Average Price. MPPC is Most Popular Price Class Source: European Union Commission 30 Pricing Variance vs. Volume/Mix Variance ($ million) Pricing variance 520 520 Volume/Mix variance(a) 382 (358) (305) 1.1x 1.7x 127 (81) 1.6x 0 2008 2009 Q1 2010 (a) Volume/mix variances are negative Source: PMI Financials 31 Price Gaps: Marlboro vs. Key Low-Price Brand (%) 45 41 39 36 37 34 34 32 33 30 30 29 24 25 21 19 18 18 15 10 10 0 (a) (a) K e s any nd U c Italy a zech m Spain ee C land Pol France Gr Ger Hungary ther Ne 2008 Year End 2009 Year End (a) Netherlands refers to October 2009 and October 2008 to avoid distortions due to timing of price increases Source: PMI estimates 32 Counterfeit and Contraband Cigarette Volume (% of total consumption) (billion units) 8.4% 8.6% 8.9% 60.6 60.5 61.1 2007 2008 2009 ● Advocate for moderate excise tax increases ● Co-operate with EU and member states ● Continue to develop and enhance joint strategies to counter illicit trade (a) Netherlands refers to October 2009 and October 2008 to avoid distortions due to timing of price increases Source: KPMG analysis based on empty pack surveys, legal domestic sales and non-domestic (legal).
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