PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Operating Cash Flow to Free Cash Flow and

Free Cash Flow as a Percent of Net Revenues Excluding Excise Taxes

($ in millions)

(Unaudited)

(a) Operating cash flow

For the Nine Months Ended

For the Years Ended

September 30,

December 31,

Cumulative Total

2011

2010

2009

2008

2008 ~ YTD September 2011

Net cash provided by operating activities

9,568

$                        

9,437

$                

7,884

$                   

7,935

$                

34,824

$                                            

Less:

Capital expenditures

568

713

715

1,099

3,095

Free cash flow

9,000

$                        

8,724

$                

7,169

$                   

6,836

$                

31,729

$                                            

Exhibit 99.2

(a)

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, Excluding Currency

For the Years Ended December 31,

(Unaudited)

2010

2009

% Change

Reported Diluted EPS

3.92

$              

3.24

$              

21.0%

Adjustments:

Colombian investment and cooperation agreement charge

-

0.04

Tax items

(0.07)

-

Asset impairment and exit costs

0.02

0.01

Adjusted Diluted EPS

3.87

$              

3.29

$              

17.6%

Less:

Currency Impact

0.12

Adjusted Diluted EPS, excluding Currency

3.75

$              

3.29

$              

14.0%