Championing a Smoke-Free World
Jacek Olczak
Chief Executive Officer
September 28, 2023

Forward-Looking and Cautionary Statements• This presentation contains projections of future results and goals and other forward-looking statements, including statements regarding business andregulatory plans, expectations, opportunities, ambitions, targets, and strategies. These forward-looking statements and anticipated results reflect thecurrent views and assumptions of management and are inherently subject to significant risks, uncertainties and inaccurate assumptions. In the event thatrisks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forwardlooking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors
that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking
statements made by PMI• PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce
our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; healthconcerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related totobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments,
natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of COVID-19
on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable
currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws;
adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials
for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be
adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do notdifferentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or
improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and thedevelopment of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it isunable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower
predictability of our reduced-risk product category's performance• PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth
quarter and year ended December 31, 2022 and Quarterly Report on Form 10-Q for the second quarter ended June 30, 2023. PMI cautions that theforegoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forwardlooking statement that it may make from time to time, except in the normal course of its public disclosure obligations
2

Glossary and Key Terms and Definitions• A glossary of terms, including the definition for smoke-free products as well as
adjustments, other calculations and reconciliations to the most directly comparable
U.S. GAAP measures for non-GAAP financial measures cited in this presentation areavailable on our Investor Relations website• Growth rates presented on an organic basis reflect currency-neutral adjusted results,
excluding acquisitions and disposals. As such, figures and comparisons presented onan organic basis exclude Swedish Match up until November 11, 2023

3

Unprecedented Pace and Scale of PMI’s Transformation• Transformation driving a more sustainablebusiness, with superior growth and returns
to shareholders over time

Smoke-Free Net Revenues(a)(% of Total PMI Net Revenues)

35.4%• The greatest opportunity is still ahead:⎼ Significant further market potential forsmoke-free products⎼ Swedish Match driving step-up in growth⎼ Untapped potential of U.S. for IQOS & ZYN

<1%
2015

(a) Smoke-free net revenues include smoke-free product (SFP) net revenues and net revenues from the Wellness and Healthcare segment
Source: PMI Financials or estimates

Q2, 2023

4

IQOS: Creating $10bn+ Smoke-Free Business in Under a Decade
Annual Net Revenues($ billion)(a)$10 billion milestone

$10

$5

$0
0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Years Since Founding / Inception(b)(a) Total smoke-free product net revenues. In 2022, IQOS accounted for $9.5 billion of PMI’s $10.2 billion total smoke-free net revenues(b) 2012 used for PMI’s smoke-free product net revenues, reflecting project endorsement
Source: PMI Financials

5

IQOS: Creating $10bn+ Smoke-Free Business in Under a Decade
Annual Net Revenues($ billion)

$10

(a)

Meta

$10 billion milestone

Amazon

Tesla

Initial Year with
Profitability(c)

$5

$0
0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Years Since Founding / Inception(b)(a) Total smoke-free product net revenues. In 2022, IQOS accounted for $9.5 billion of PMI’s $10.2 billion total smoke-free net revenues(b) 2012 used for PMI’s smoke-free product net revenues, reflecting project endorsement. Company founding year used for other companies(c) Reflects the year when operating income was positive for the first time. For IQOS, it reflects the year when product contribution for smoke-free products was positive for the first time
Source: PMI Financials, Bloomberg

6

Agenda• Leading the industry’s smoke-freetransformation• Regulation as an enabler of tobacco
harm reduction• Our next growth phase (2024-26)• Our 2030 vision

7

From Vision to Reality: Strong Progress Already Clear
Smoke-Free
Net Revenues / Total>35%

Markets With PMI’s SFPs
Available for Sale80

(Q2, 2023)(Q2, 2023)

Markets with >50%
Smoke-Free
Net Revenues / Total

Smoke-Free
Net Revenues~$12bn(2022)(a)Cumulative Investment
behind SFPs>$10bn(2008-22)(a) Pro forma including full-year 2022 Swedish Match results
Source: PMI Financials or estimates

23

Smoke-Free
Future(Q2, 2023)

Commercial Expenditures(Smoke-Free / Total)~3/4(2022)

8

Undisputed Leader of Industry Transformation• Largest positive impact on harm reduction• Highest investments in R&D, commercial
infrastructure and brand equity• Category leader, with premium portfolio andstrongest brands• Most advanced organizational transformation• Leading scientific capabilities• Rigorous commitment to responsible
marketing practices
9

Leading Smoke-Free Portfolio with Two Blockbuster Brands
IQOS

ZYN

~$10 billion
Annualized
Net Revenues(a)>$1 billion
Annualized
Net Revenues(a)(a) Reflects annualization of second-quarter 2023 net revenues associated with each brandSource: PMI Financials or estimates

10Strong Leadership in Most Attractive SFP Categories
2022 PMI Category Volume Share(International, excluding China)
~ 75%
~66%

~ 50%

~ 36%
~ 23%
~ 1%
Cigarettes

Smoke-Free
Products (a)Heat-NotBurn

Nicotine
Pouches

E-Vapor(a)(a) Excludes open tank e-vapor systems
Note: Reflects pro forma figures, including Swedish Match for full-year 2022
Source: PMI Financials or estimates

11

On Track to Exceed Key 2021-23 Growth Targets
2021-23
Targets(a)2021-23
CAGR(b)Broadly
Stable~1.5%

Net Revenues

>5%

~7.5%

Adj. Diluted EPS>9%~11.5%

Shipment Volume(c)(Variance)(Organic variance)(Currency-neutral variance)(a) Provided in February 2021(b) Reflects three-year CAGR assuming September 28th full-year forecast for 2023(c) Reflects total shipment volume for cigarettes and HTUs
Note: Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions
Source: PMI Financials or estimates

12

Agenda• Leading the industry’s smoke-freetransformation• Regulation as an enabler of tobacco
harm reduction• Our next growth phase (2024-26)• Our 2030 vision

13

SFPs Have Important Role to Play in Tobacco Harm Reduction
Cigarette Industry Volume % Change
Vs. Previous Year

2018

2019

2020

2021

2022

1.3%

(1.0)%(2.6)%(2.8)%(3.3)%(4.5)%(6.5)%(3.0)%(6.4)%(8.1)%
International(a)(a) Excluding China and the U.S. Including cigarillos in Japan.
(b) Markets where IQOS was present as of Q4 2017
Source: PMI Financials or estimates (as of August 2023)

IQOS Markets(b)14Policy Principles to Better Enable Switching to SFPs
Government regulations should aim to support smoke-free products through greater:

Awareness

Acceptability

Availability

Affordability

Ability to communicate
information about SFPs
to adult smokers andnicotine users

Ensure SFPs are
acceptable substitutes
for adult consumers,
while limiting appeal toyouth

Market access andconvenience to purchase
SFPs

Tax differentiation thatincentivizes adultsmoker switching andindustry transformation
15

Countries Moving Towards Sustainable Regulatory Policies for
SFPs
Key Developments Since 2021

+8

+16

+16

Markets

Markets

Markets

Are recognizing THR as a
viable policy (alongside
prevention & cessation)
to address smoking

Have lifted a regulatory
ban for at least one SFP
or are proceeding with adedicated regulatory
framework for SFPs

Established (voluntaryor mandatory) productstandards on quality,
safety and performancefor at least one SFP(reaching 13 markets in total)(reaching 60+ markets in total)(reaching 30 markets in total)

Source: PMI Financials and estimates

16

Countries Moving Towards Sustainable Fiscal Policies for SFPs
Key Developments Since 2021

+16

+21

Markets

Markets

Markets

Are recognizing or restating support for a
THR approach for SFP
taxation

Are creating dedicatedexcise tax categories for
HTP

Have instituted multiyear tax plans covering
HTPs(reaching 52 markets in total)(reaching 25 markets in total)+8(reaching 10 markets in total)

Source: PMI Financials and estimates

17

Responsible Marketing Practices Complement Effective
Regulatory Policies• SFPs marketed in a responsible manner toswitch legal age smokers and nicotine users• Those under the legal age of purchase should
not have access to, or use, any nicotine product• Flavored SFPs can play an important role inswitching legal age smokers, particularly where
corresponding flavors are present for
combustible products• Regulation and enforcement critical tominimizing underage usage and the availabilityof illicit products

Note: Visual reflects youth access prevention example from Japan, where legal for nicotine use is 20 years old18

Nicotine Misinformation Slowing Tobacco Harm Reduction“Nicotine, though not benign, is notdirectly responsible for the tobaccocaused cancer, lung disease, and heartdisease that kill hundreds of thousands ofAmericans each year. The FDA’s approachto reducing the devastating toll of tobacco
use must be rooted in this foundational
understanding: other chemical compounds
in tobacco, and in the smoke created by
combustion, are primarily to blame forsuch health harms.” (b) [emphasis added]• The science is clear: nicotine is not the
primary cause of smoking-related disease(a),combustion is• Certain NGOs – including the WHO –propagate confusion on nicotine leading toconsumer misunderstanding• The focus should instead be on what is bestfor smokers who don’t quit – i.e., reducing
their combustible tobacco consumption

FDA – September 2017(a) Nicotine is addictive and not risk-free(b) FDA - September 21, 2017, N Engl J Med 2017; 377:1111-1114 DOI: 10.1056/NEJMp1707409

19

Restrictive Regulations Prevent Adult Smoker Access to Better
Alternatives in Many Markets
Top Industry Volume Markets
2022 International Market (a)Cigarette + HTU Industry Volume

HTPs (b)Not Allowed
18%(0.5tn units)

2022
Turkey

117bn

India

101bn

Vietnam

86bn

Brazil64bn

Argentina

30bn

80%
of Total‘Non-Accessible’
Market Volume

Top PMI Net Revenue / Unit Markets
vs. PMI International Cigarette Average2022

2.8tn units

Hong Kong

3.1x

Australia

2.7xSingapore

2.6x(a) International market excluding China and including cigarillos in Japan(b) Reflects markets where heated tobacco products are banned or otherwise subject to significant market access barriers
Source: PMI Financials or estimates (as of August 2023)

20

Restrictive Regulations Limit SFP Growth
Median PMI HTU Market Share(a)~15%‘Best-in-Class’Markets(b)

~ 7%

~ 2%

'THR Supportive'
Markets'Non-THR Supportive'
Markets(a) Reflects median quarterly HTU market share six years after the launch of IQOS(b) ‘Best-in-Class’ Markets reflect the median share of the top-five ‘THR Supportive’ Markets
Note: Reflects markets (i) where IQOS has been present for at least six years and (ii) qualify as PMI top-40 income markets for 2022. ‘THR Supportive’ markets reflect markets that haveregulations that are generally more permissive with respect to communication and awareness building for heated tobacco products compared to cigarettes
Source: PMI Financials or estimates

21

Agenda• Leading the industry’s smoke-freetransformation• Regulation as an enabler of tobacco
harm reduction• Our next growth phase (2024-26)• Our 2030 vision22

Smoke-Free Transformation Drives More Sustainable Growth
Model
Combustible• Volume decline driven by seculartrend and adult smokers switching to
SFPs• More than offset by price increases• Focus on productivity and cost
efficiencies
Resilient performancecomplementing smoke-free business

Smoke-Free• Volume growth at substantiallyhigher net revenue per unit
• Higher commercial investment as
new markets launched• Higher product contribution per unit
• Volume growth prioritized overpricingCore driver of
top- and bottom-line growth23

Combustible Leadership Enhances Ability to Shift Adult
Smokers to SFPs
• Leading combustible portfolio well-positioned to address evolving adultsmoker base
• Infrastructure and expertise in manufacturing, regulatory matters andcommercial deployment benefits smoke-free portfolio• Responsible category stewardship – market leader driving the obsolescenceof combustible tobacco• Target stable combustible share24

Focused Multicategory Smoke-Free Strategy, Prioritizing Heatnot-Burn and Nicotine Pouches

Drive next growth phasethrough expansion andinnovation

Lead category development
and growthCompete in select markets
with profitability focus

25

Focus on Highest Growth Smoke-Free Categories…
Volume (a)Retail Value

2023
Est.

2024-26
CAGR Est.

2023
Est.

2024-26
CAGR Est.

Total Nicotine

3.2 tn~ -2% to stable~$475 bn

~ 3 to 5%

Combustible

2.8 tn~ -4 to -2%~$410 bn

~ 1 to 3%

Smoke-Free Products

0.4 tn~ 10 to 15%~$65 bn~ 15 to 20%

Total Industry- Heat-Not-Burn~ 15 to 20%~ 20 to 25%- E-Vapor(b)~ 10 to 15%~ 10 to 15%- Nicotine Pouches~ 30 to 35%~ 35 to 40%(a) In stick equivalent units(b) Excludes open tank e-vapor systems
Note: Excludes China. Excludes other tobacco products (OTP). Smoke-free products, heat-not-burn and e-vapor exclude devices
Source: PMI Financials or estimates; Euromonitor

26

… With Most Attractive Financial Returns
2022 Category Product Contribution ($/000)(Index = Intl. Cigarettes)

6x
>2x

3-4x

Mid-Term
Opportunity

1
Intl.
Cigarettes

1.5x

1.5x

Intl.
IQOS(a)Nordics
NPs

U.S.
IQOS(a)(b)

U.S.
ZYN

Negligible PMI Cannibalization for U.S. IQOS & ZYN(a) IQOS financials, including devices, allocated to HTU on per '000 basis(b) Illustratively, assuming same estimated net revenue per thousand (net of MSA) as U.S. cigarettes, same COGS as international IQOS, and estimated level of commercial costs once at reasonable national scaleNote: Assumed 1 can of Nordics nicotine pouches (NPs) contains on average 21 pouches, and 1 can of U.S. ZYN contains 15 pouches
Source: PMI Financials or estimates

27

The Opportunity for IQOS Remains Vast
2022 International Market
Cigarette + HTU Industry Volume
IQOS Not Yet
Commercialized
35%(1.0tn units)

U.S.
7%
Indonesia (0.2tn
units)
11%(0.3tn units)

Other
17%
(0.5tn units)

HTPs
(a)
Not Allowed
IQOS
Launch Markets

18%(0.5tn units)47%(1.3tn units)

2.8tn units(a) Reflects markets where heated tobacco products are banned or otherwise subject to significant market access barrier
Note: Excludes China. Includes cigarillos in Japan
Source: PMI Financials or estimates (as of August 2023)

28

Further Growth Opportunity in Existing IQOS Markets
2022 Weighted-Average
PMI HTU Share by
IQOS Launch Market Vintage~15%+75 bn~7%

Illustrative Incremental
HTU Volume Opportunity if
Later Launch Vintages
Reach 15%~2%
< 4 Years

4 - 7 Years≥ 8 Years

29

Note: Reflects weighted-average HTU share by IQOS launch market volume. Includes cigarillos in Japan
Source: PMI Financials or estimates

Further Growth Opportunity in Existing IQOS Markets
2022 Weighted-Average
PMI HTU Share – National vs. Key City
~15%

+70 bn~9%Illustrative Incremental
HTU Volume Opportunity if
National Shares Reach
Key City Shares

National

Key City

Note: Reflects 52 IQOS markets – accounting for over 95% of industry cigarette and HTU volume in IQOS launch markets -- where key city offtake share data available.
Source: PMI Financials or estimates

30

National Shares Reaching Prior City Levels Within 2-3 years
PMI HTU National and Key City Share of Total Cigarette and HTU Market
32.5%

Japan(a)
24.9%
18.8%

Hungary
28.5%

26.3%

20.1%

17.7%

15.1%
N/A
Q4, 2018

Q4, 2020

28.0%
16.4%
6.1%

Q4, 2018

13.2%
Q4, 2020

Q2, 2023

Greece

28.6%
19.8%

17.0%
10.8%

9.6%

Q4, 2020

Q4, 2018

Q2, 2023

Italy

3.3%

31.4%

19.0%

13.1%

6.6%

Q2, 2023
National IMS Share(a) Including cigarillos industry
Note: Key Cities selected are respectively: Tokyo, Budapest, Rome and Athens.
Source: PMI Financials or estimates (as of August 2023)

Q4, 2018

Q4, 2020

Q2, 2023

Key City Offtake Share31

Driving IQOS Growth through Innovation• IQOS the clear technology leader,with ILUMA driving next growthphase• Now in 27 markets with ~13 million
users:⎼ Driving heated tobacco category
expansion⎼ Encouraging signs of growth inflection
in key markets

Source: PMI Financials or estimates32

Enhancing IQOS Portfolio to Switch More Adult Smokers• Multi-tier IQOS device and HTU portfolio, withbroad consumables selection• Superior tobacco taste, with further
innovation:⎼ TEREA CRAFTED: curated collection of tobacco
flavors⎼ DELIA: essence of taste at more affordable price• Expanding device and consumables portfolio
to switch more adult smokers:⎼ BONDS and BLENDS⎼ Licensed products lil and FIIT

33

Introducing LEVIA: Zero Tobacco, Rich Flavor Discovery• Reinforces IQOS leadership with ‘zero tobacco’ consumables• Exclusive to ILUMA; one device offering different experiences• Vivid and satisfying taste, with pleasurable aromas34

Growth Opportunity in Markets Where IQOS Not Yet
Commercialized
Top Cigarette Markets• Sizable opportunity over time, with
~1 trillion in total cigarette volume

Volume• Consumer readiness influences
potential launch timelines

Indonesia~300bn• Indonesia pilot launch in select cities
via IQOS Club

U.S.

~180bnBangladesh~75bn

Pakistan~50bn• Upcoming launch in the U.S.:⎼ Already clear adult smoker readinessfor SFPs

63%

of total
volume where
IQOS not yet
commercialized
Note: Data for top markets reflect 2022
Source: PMI Financials or estimates (as of August 2023)

35

Significant Opportunity in World’s Largest SFP Market• Largest total nicotine market by value:2022 U.S. Volumes by Category(stick equivalent units)⎼ Highly profitable in absolute terms andrelative to international HTUs

• Around 47 million total adult nicotine
users, including ~30 million adultsmokers• Nicotine industry volume of nearly 300
billion units• No cigarette cannibalization impact for
PMI

Cigarettes
62%

Cigars &OTP
11%Nicotine
Pouches2%

Traditional
Oral
9%E-Vapor16%

294 bn units
Note: E-Vapor includes pods, open systems and disposables
Source: PMI Financials or estimates

36

IQOS: Untapped Future Growth Driver• Preparation for 2024 launch well underway• Initial launch of IQOS 3 blade product in two
states, focusing on select key cities:

Ambition:~10%⎼ Disciplined commercial investment• ILUMA PMTA application planned for October:

Share⎼ PMTA timelines hard to predict; expect launch insecond half of 2024-26 forecast period• Significant geographic expansion andcorresponding commercial investment tied to
ILUMA authorization

Of U.S. Cigarette and HTU Industry
Volume within
Five Years of ILUMA Launch

Source: PMI Financials or estimates(a) Share of U.S. Cigarette and HTU Industry Volume within 5 Years of ILUMA Launch

37

IQOS: 10% Share Reached Within 6 Years in Many Markets
Number of Years to Reach 10% SoM(a)
6
5
4
3

3

Japan

Czech Republic

2

Lithuania(a) Reflects year in which PMI HTU share reached 10% following initial IQOS launch in the market
Source: PMI Financials or estimates

GreecePortugal

Italy

38

ZYN: Leading the Way With Strong Premium Brand• U.S. nicotine pouch category still in its infancy• ZYN now $2 billion retail value brand(a) in the U.S. within
five years of national launch• Continued focus on responsible marketing practices• Active innovation pipeline, subject to FDA market
authorization process• Investing in commercial and manufacturing capacity tosupport long-term growth• ZYN to drive overall double-digit net revenue andadjusted OI growth in U.S. for 2024-26, including impact
of IQOS investments(a) On an annualized basis, reflecting latest 13-week performance
Source: PMI Financials or estimates

39

ZYN: Western Region Performance Demonstrates
National Potential
ZYN Volume as % ofIndustry Cigarette Volume(Cans / Packs, %)

13.8%

5.8%
0.2%

1.2%

1.5%

Q4, 2018

Q4, 2020
National

Source: PMI Financials or estimates, IRi Unify

4.5%

Western Region

Q2, 2023
40

A Focused Approach to Wellness & Healthcare Business• W&H business provides sizable long-term potential in pharmaceutical, medical andconsumer wellness segments• Excellent technology platforms for both oral and inhalation delivery with Vectura Fertin
Pharma, supplemented by PMI expertise• Reprioritization of strategy and resource allocation in recognition of:⎼ Significant opportunity for SFPs with IQOS and ZYN, particularly now in the U.S.
⎼ Impact of the external environment on certain areas of the acquired operations due to PMI’sownership• Preparing for W&H new product roll-outs beyond 2026, with corresponding scale-down ofinvestments resulting in stable costs and only moderate revenue increases in next 3 years

41

Time to Market /Investment

Focus

Wellness & Healthcare: Product Focus Areas
Pharmaceutical (Rx)

Medical• Inhalable:⎼ Aspirin for myocardial
infarction⎼ Cannabinoids for chronic pain
⎼ DHE for acute migraine• Medical cannabis, where there is aclear need for:⎼ Product quality⎼ Scientific evaluation• Approved compounds, repurposed
for inhalation; development process
is faster and requires lessinvestment relative to NME process• Longest time to market, due topreclinical / clinical trials andregulatory approvals, with highest
upstream investments

Consumer• ‘Energy and focus’, primarily
through superior oral products• Leverage FMCG brand-building
expertise⎼ Consistency of dose / dosage• Faster time-to-market• More moderate investment
requirements• Commercialization plan to optimize
between own capabilities andpartnerships• Similar to FMCG products, withlower upstream costs• Higher in-market investment oncerolled-out geographically, which is
not foreseen during 2024-26
period42Note: DHE stands for dihydroergotamine. NME stands for new molecular entity

Ambitious 2024-2026 Targets

Positive

6-8%

Total Shipment
Volume CAGR(a)Net Revenue
Organic CAGR

8-10%

9-11%

Adjusted OI
Organic CAGR

Adjusted Diluted EPS
Currency-Neutral CAGR(b)(a) Reflects cigarettes, HTUs and oral smoke-free products (excluding U.S. Chew)(b) At current corporate income tax rates
Note: Growth rates presented on an organic basis reflect currency-neutral adjusted results, excluding acquisitions.
Source: PMI Financials or estimates

43

Ambitious 2024-2026 Targets (cont.)
2026 Targets

180-200bn

800m-1bn

HTU
Shipment Volumes

Nicotine Pouch
Shipment Volumes (cans)

Source: PMI Financials or estimates

44Enhanced Top-Line & Strong Bottom-Line Growth While
Transforming
CAGR Targets

8%
6%

6%

Net
Revenues(organic)

>5%

≥5%
4%

11%

Adjusted
EPS(ex-currency)
Target Period(s)

10%
>9%
8%
2015-17; 2017-199%≥8%2021-232019-212024-26(a)(a) Adjusted EPS CAGR reflects current corporate income tax rates
Note: Adjusted EPS CAGR target for the 2015-17 period included the favorable impact of share buybacks
Source: PMI Financials or estimates

45

Enhanced Top-Line & Strong Bottom-Line Growth While
Transforming
CAGR Targets

8%

Actual CAGR (b)

6%

6%

Net
Revenues(organic)

>5%

≥5%
4%

11%

Adjusted
EPS(ex-currency)
Target Period(s)

10%
>9%
8%
2015-17; 2017-19

9%≥8%
2019-212021-232024-26(a)(a) Adjusted EPS CAGR reflects current corporate income tax rates(b) 2021-23 CAGR reflects three-year CAGR assuming September 28th full-year forecast for 2023
Note: Adjusted EPS CAGR target and actual CAGR for the 2015-17 period included the favorable impact of share buybacks. Net revenue and adjusted EPS actual CAGRs for the
2017-19 and 2019-21 periods reflect “like-for-like” performance excluding Canada for 2019 and 2020
Source: PMI Financials or estimates

46

Agenda• Leading the industry’s smoke-freetransformation• Regulation as an enabler of tobacco
harm reduction• Our next growth phase (2024-26)• Our 2030 vision

47

2030 Vision: On Path to Becoming Smoke-Free Company• Building upon significant progresson smoke-free transformation todate

Smoke-Free>2/3

of NetRevenues• 2030 ambition: becoming
substantially smoke-free by net
revenues• Integral to long-term aim of
becoming broader lifestyle andwellness company

Source: PMI Financials or estimates

Smoke-Free% of Net
Revenues

Estimated
Number ofMarkets

50-75%

~20

>75%

~40
48

Transforming for Good and Driving Sustainable Growth• Working relentlessly to phase out
cigarettes by replacing them with lessharmful alternatives as quickly as
possible• Transforming our own operations andevery step of our value chain to serve
our company purpose• Working together with various
segments of society to create aparadigm shift in which cigarettes
become obsolete
Source: PMI 2022 Integrated Report

49

Pursuing Ambitious Targets with Confidence• Significant and unparalleled progress to date in PMI’s smoke-free transformation• Smoke-free products provide structural volume growth opportunity• Leading smoke-free brands in most financially attractive segments• U.S. business to drive accretive volume, net revenue and profit growth for thecompany; led by ZYN, with significant untapped potential for IQOS
• Ambitious 2024-26 targets building on history of consistent financial delivery• Realistic path to becoming smoke-free company over time, market-by-market

Transformation driving a more sustainable business, with superior
growth and returns to shareholders over time50

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