Tobacco Documents Online

gol PHILIP MORRIS COMPANIES INC. 120 PARK AVENUE, NEW YORK, N.Y. 10017 CONTACT: Alice McGillion (212) 880-3475 FOR IMMEDIATE RELEASE April 26, 1990 • RICHMOND, Virginia -- Hamish Maxwell, chairman and chief executive officer of Philip Morris Companies Inc., reported to stockholders attending the Annual Meeting here that, "The 1980s were a decade of rapid change for your company. Over this period, Philip Morris prospered, becoming the world's largest consumer packaged goods company. We also progressed toward our goal of becoming the best." With over 83% of the shares entitled to vote represented at the meeting in person or by proxy, the 21 nominees named in the proxy statement were elected directors. The selection of Coopers & Lybrand as auditors was approved. A stockholder proposal regarding the establishment of a review committee to report, among other things, on the impact that promotional and advertising practices have on children's decisions to smoke was r.~ - more - O ~ C?~ e Marlboro o Benson&Hedges o Merit o Virginia Slims o Parliament Lights o Alpine o Peter Jackson G~ Philip Morris Super Lights o Muratti Ambassador o Lark o L&M o Chesterfield o Kraft o Miracle Whip o Velveeta © Philadelphia Brand o Cheez Whiz o Light n' Lively o Breakstone's o Cracker Barrel o Breyers o Sealtest o Frusen Glddj6 o Parkay Maxwell House o Sanka o Kool-Aid o Birds Eye o The Budget Gourmet o Lender's o Post cereals o Jell-O o Entenmann's o Oscar Mayer Louis Rich o HAG coffee o Hostess Frito-Lay snacks o Bird's desserts o Kibon ice cream o Hollywood chewing gum Simmenthal processed meat and fish o Miller High Life o Miller Genuine Draft o Miller Lite o L6wenbrAu o Meister Br&u o Milwaukee's Best W

2 • overwhelmingly defeated, as was a second shareholder proposal requiring the company to cease its business in tobacco or tobacco products after December 31, 1999. Mr. Maxwell reported that for the first quarter of 1990, consolidated operating revenues were up 7.3% to $11.4 billion, net earnings increased 31.4% to $775 million, and earnings per share rose 31.3% to $.84. "We achieved these results by anticipating consumer trends, improving productivity, and continuing to build our business internationally," Mr. Maxwell added. It was reported that for the full year 1989: - In tobacco, volume, market share, revenues and income all increased. Worldwide, 580 billion cigarettes were sold, a 5% increase from 1989. Kraft General Foods, Inc., increased volume in A major categories with operating revenues up 2% and operating companies income up 26%, including a full year of Kraft's 1988 results. Miller Brewing Company set new records with market share gaining 23% of the domestic industry and operating revenues of $3.4 billion up 5.3% over 1988. ~ - more ~ F-~ 00 4A

- 3 - • - Philip Morris Capital Corporation continued to grow; operating revenues, net earnings and assets all increased substantially. In closing the meeting, Mr. Maxwell stated, "1989 was a year of solid growth and achievement. Through the continued efforts of the people behind our brands, we plan to be strong enough to reward you with even better returns in the future." Philip Morris Companies Inc. has five principal operating companies: Philip Morris Incorporated (Philip Morris U.S.A.), Philip Morris International Inc., Kraft General Foods, Inc., Miller Brewing Company, and Philip Morris Capital Corporation. Kraft General Foods, Inc., has seven operating units: General Foods USA, Kraft USA, Kraft General Foods International, Kraft General Foods Canada, Oscar Mayer Foods, Kraft General Foods Frozen Products, and Kraft General Foods Commercial Products. Philip Morris Capital Corporation is engaged in financial service activities. Its subsidiary, Mission Viejo Company, is engaged principally in land planning, development, and sales in southern California and Colorado. ~ O # # # ~ 00 ~. ~ © ~ cye