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Responsibility 17 Board of Directors/ Products with the Potential to Reduce the Risk of Tobacco- Company Management Related Diseases

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Responsibility 17 Board of Directors/ Products with the Potential to Reduce the Risk of Tobacco- Company Management Related Diseases 2008 Annual Report About PMI On March 28, 2008, Altria Group, Inc. (Altria) completed the spin-off of 100% of the shares of Philip Morris International Inc. (PMI) to Altria’s shareholders, transforming PMI into the most profi table publicly traded tobacco company in the world. PMI has more than 75,000 employees and its products are sold in approximately 160 countries. In 2008, the company held an estimated 15.6% share of the total international cigarette market outside of the U.S. Our Strengths ■ The quality of our employees, represented by an experienced management team, strong organizational depth and a highly motivated and diverse professional workforce. ■ Our fi nancial resources, which enable us to support and expand our brand portfolio and geographic reach, fund innovation and reward stockholders. ■ Our scale and infrastructure in both mature and emerging markets, which enable us to reduce costs and improve productivity. ■ Our powerful and diverse brand portfolio, led by the world’s best-selling international cigarette, Marlboro. ■ A successful track record in acquiring and integrating companies, exemplifi ed in 2008 by the acquisition of Rothmans Inc. in Canada for approximately CAD $2.0 billion ($1.9 billion). ■ Our focus on cost controls, productivity gains and manufacturing effi ciencies, represented by forecasted cumulative gross cost savings of $1.55 billion for the period 2008-2010. ■ Our world-class R&D capabilities, focused on the development of both conventional products and products with the potential to reduce the risk of tobacco-related diseases. ■ Our comprehensive support for regulation, based on the principle of harm reduction. Our Goals ■ To meet the expectations of adult smokers by offering Contents innovative tobacco products of the highest quality available in their preferred price category. 3 Financial Highlights ■ To generate superior returns to our stockholders through 4 Letter to Shareholders 8 2008 Business Review: revenue, volume, income and cash fl ow growth and a ■ European Union balanced program of dividends and share repurchases. ■ Eastern Europe, Middle East & Africa ■ Asia ■ To reduce the harm caused by tobacco products by ■ Latin America & Canada supporting comprehensive regulation and developing 16 Responsibility 17 Board of Directors/ products with the potential to reduce the risk of tobacco- Company Management related diseases. 18 Financial Review ■ To be a responsible corporate citizen and to conduct our 83 Comparison of Cumulative Total Return 84 Reconciliation of Non-GAAP Measures business with the highest degree of integrity. 85 Employees in the Report 86 Shareholder Information 2 Financial Highlights Consolidated Results(1) (in millions of dollars, except per share data) 2008 2007 % Change Net revenues $63,640 $55,243 15.2% Cost of sales 9,328 8,711 7.1 Excise taxes on products 37,935 32,433 17.0 Gross profi t 16,377 14,099 16.2 Operating income 10,248 8,894 15.2 Net earnings 6,890 6,038 14.1 Basic earnings per share(2) 3.33 2.86 16.4 Diluted earnings per share(2) 3.32 2.86 16.1 Cash dividends declared per share to public shareholders 1.54 — — Results by Business Segment(1) 2008 2007 % Change European Union Net revenues $30,265 $26,829 12.8% Net revenues, excluding excise taxes on products 9,688 8,835 9.7 Operating companies income(3) 4,738 4,195 12.9 Eastern Europe, Middle East & Africa Net revenues 14,817 12,166 21.8 Net revenues, excluding excise taxes on products 7,504 6,346 18.2 Operating companies income(3) 3,119 2,431 28.3 Asia Net revenues 12,222 11,097 10.1 Net revenues, excluding excise taxes on products 6,185 5,648 9.5 Operating companies income(3) 2,057 1,803 14.1 Latin America & Canada Net revenues 6,336 5,151 23.0 Net revenues, excluding excise taxes on products 2,328 1,981 17.5 Operating companies income(3) 520 514 1.2 (1) Results have been revised to refl ect the movement of certain subsidiaries to a December 31 closing date. See Note 1. Background and Basis of Presentation in the consolidated fi nancial statements for additional information. (2) Basic and diluted earnings per share in 2007 are calculated based on the number of our shares distributed by Altria on the Distribution Date. (3) PMI’s management reviews operating companies income, which is defi ned as operating income before corporate expenses and amortization of intangibles, to evaluate segment performance and allocate resources. For a reconciliation of operating companies income to operating income, see Note 11. Segment Reporting in the consolidated fi nancial statements. 3 Dear Shareholder, Our spin-off from Altria Group, Inc. (Altria) in March 2008, Following the spin-off, we were fortunate to establish a and subsequent flawless transition to our new status as the formidable Board of Directors with vast complementary skills most profitable publicly traded tobacco company in the world, and expertise. The Board is currently composed of five former marked the beginning of an exceptionally strong year for us. independent Altria Board members, each of whom had served While we were not completely spared the effects of the global Altria for an average of 13 years and who are therefore financial erosion and volatility in the capital markets, we intimately familiar with our business and prospects, and three achieved tremendous business momentum and have set the new members, all of whom bring extensive global experience stage for further growth in 2009 and beyond. to the Board, which will undoubtedly prove to be invaluable in I am delighted to share with you some of the significant the years ahead. highlights of 2008 in this, my inaugural shareholders’ letter as You should also know that we are blessed with a Chairman and CEO of Philip Morris International Inc. (PMI). depth of senior management talent, including my direct reports who are shown in this letter, that shares a common The Spin-Off passion for this wonderful company and is committed to The separation from Altria has had several noticeable and creating, and sustaining, shareholder value. While today, anticipated benefits, not least of which has been an improved they represent the icing on the cake, rest assured that focus on our varied market dynamics, competitive frame- there is an entire new wave of highly talented leaders who works, challenges and opportunities. The elimination of a will propel PMI to ever greater heights in the years and parent company management structure has also fostered decades to come. quicker decision making, and a more optimal and efficient capital allocation, coupled with greater financial flexibility. 2008 Results Our operating performance in 2008 delivered results that met, or outpaced, all of our mid to long-term targets for volume and constant currency net revenues, operating income and earnings per share. These can be summarized as follows: ■ Net revenues, excluding excise taxes, reached $25.7 billion, up $2.9 billion or 12.7% versus 2007, and up $1.3 billion or 5.6% on an organic basis, which is exclud- ing acquisitions and currency, representing the high end of our long-term, constant currency target growth rate of between 4% and 6%; ■ Operating companies income grew an impressive $1.5 billion or 16.7%, and $0.9 billion or 9.9% on an organic basis, well ahead of our long-term operating income growth target of between 6% and 8%. While price was the most significant contributor to organic income growth, the most remarkable achievement was the absence of a negative volume/mix offset, reflecting a shift in our geographic mix to faster-growing emerging markets that generate rapidly improving unit margins; ■ Total cigarette volume of 869.8 billion units exceeded 2007 by 21.1 billion or 2.5%. On an organic basis, excluding the impact of acquisitions, volume was up 1.0% versus 2007, reflecting our best performance in recent years. Emerging André Calantzopoulos Louis C. Camilleri Chief Operating Officer Chairman and Chief Executive Officer 4 markets were the principal growth driver, partially offset by $13 billion, two-year share repurchase program that began in the EU Region and Japan, attributable to continued total May 2008; and consumption declines in these markets; ■ From March 28 to December 31, 2008, our weighted ■ Market share performance, which had been mixed average total shareholder return in U.S. dollars in 2008 was in previous years, was both solid and broad-based, reflect ing down 12.0%, due to the impact of the global financial crisis. innovative marketing programs, consumer engagement activi- While such an erosion is disappointing, we take some minor ties, enhanced brand support and new product initiatives; consolation from the fact the like-for-like returns of the S&P ■ Adjusted diluted earnings per share of $3.32 grew 500 and our company peer group were down 30.0% and by 18.6% versus the 2007 adjusted earnings per share, 18.5%, respectively. and by 13.2% on a constant currency basis. Our momen- tum was such that we twice increased our earnings Brand Performance per share guidance to the investment community as the Marlboro had a good year in 2008. Volume of 310.7 billion year unfolded; units was up 0.5 billion units or 0.2%, the brand’s first year- ■ Our balance sheet remains exceedingly strong. In our on-year growth since 2005. Our flagship brand’s new archi- debut year as an independent company, we successfully tecture, which rests on three key distinct taste and image accessed the capital markets and issued $10.1 billion of pillars, is being successfully rolled out across the world in bonds at various well-laddered tenures and currencies at an a diligent and timely manner.
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