On January 27, 2016, Philip Morris International Inc. (PMI) entered into an agreement, effective February 9, 2016, to amend and extend its existing $2.0 billion 364-day revolving credit facility, dated as of February 12, 2013, with the lenders named therein and Citibank Europe PLC, UK Branch (as successor to The Royal Bank of Scotland plc), as administrative agent. The 364-day Facility Amendment amends the 364-day Credit Agreement among other things to extend the expiration date of the 364-day Credit Agreement from February 9, 2016 to February 7, 2017. The expiration date of the 364-day Credit Agreement was previously extended on January 31, 2014 and February 10, 2015.

Except as set forth in the 364-day Facility Amendment, the terms and conditions of the 364-day Credit Agreement remain in full force and effect. PMI also entered into an agreement, effective February 28, 2016, to extend the term of its $2.5 billion multi-year revolving credit facility, dated as of February 28, 2014, with each lender named therein, J.P. Morgan Europe Limited, as facility agent, and JPMorgan Chase Bank, N.A., as swingline agent. The Multi-year Facility Extension Agreement extends the expiration date of the Multi-year Credit Agreement from February 28, 2020 to February 28, 2021 pursuant to Section 2.23 of the Multi-year Credit Agreement.

The expiration date of the Multi-year Credit Agreement was previously extended on February 28, 2015. All other terms and conditions of the Multi-year Credit Agreement remain in full force and effect. Some of the lenders under the 364-day Credit Agreement and the Multi-year Credit Agreement and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial and investment banking services for PMI, for which they received or will receive customary fees and expenses.

Certain affiliates of the lenders under the 364-day Credit Agreement and the Multi-year Credit Agreement are underwriters of certain of PMI's note issuances. PMI and some of its subsidiaries may enter into foreign exchange and other derivative arrangements with certain of the lenders under the 364-day Credit Agreement and the Multi-year Credit Agreement and their respective affiliates. In addition, certain of the lenders under the 364-day Credit Agreement and the Multi-year Credit Agreement and their respective affiliates act as dealers in connection with PMI's commercial paper programs.