Exhibit 10.4

PERSONAL AND CONFIDENTIAL

To: Jacek OLCZAK                        Lausanne, May 11, 2012

Dear Jacek,

We are pleased to confirm your promotion, effective as of August 1, 2012, to the
position of Chief Financial Officer, reporting to Mr Louis C. Camilleri,
Chairman and Chief Executive Officer PMI. Your annual base salary is being
increased

from     CHF 900'003.-- p.a.        CHF 69'231.-- p.m.
to     CHF 954'005.-- p.a.         CHF 73'385.-- p.m.

Your salary band has been changed and is now B.

Following the change in band and salary, your new Position in Range will be now
8.9%.

You will continue to be eligible to participate in the Incentive Compensation
(“IC”) and Equity Award Programs, which are administered at the sole discretion
of the Compensation and Leadership Development Committee of the Board of
Directors pursuant and subject to the terms of the 2012 Performance Incentive
Plan (or any similar plan in the future).

Your annual IC and Stock award targets that assume a PMI company performance
rating of 100 and an "Optimal" individual performance are being increased as
follows:

 
Target % (1)
Incentive Compensation Award
from 120 % of annual base salary
to     180 % of annual base salary
Stock Award
from   180 % of annual base salary
to 270 % of annual base salary
 
 
 

All other conditions relating to your employment with Philip Morris
International Management SA remain as stated in your employment contract and, if
applicable, in any subsequent amendments.

We would like to take this opportunity to wish you continued success and
satisfaction.

/s/ Kevin Click
/s/ Ralf Zysk
Kevin Click
Ralf Zysk
Senior Vice President
Human Resources PMI
Vice President Compensation & Benefits and
International Assignments PMI

Copy: L. Camilleri
ref: mc

(1) The Incentive Compensation and Equity Award Programs are discretionary and
do not obligate the Company to make an award nor entitle employees to receive an
award. Eligibility to participate in the Programs does not guarantee receipt of
an award and receiving an annual award does not guarantee receipt of an award in
the future. Any awards that are made may be higher or lower than the targets
mentioned above. 

Philip Morris International Management S.A.

AVENUE DE RHODANIE 50 1007 LAUSANNE SWITZERLAND TELEPHONE : +41 58 242 00 00
TELEFAX : +41 58 242 01 01

www.philipmorrisinternational.com

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Exhibit 10.4

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Exhibit 10.4

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Exhibit 10.4

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Exhibit 10.4

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Exhibit 10.4

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