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0 • PHILIP MORRIS COMPANIES INC. INTER-OFFICE CORRESPONDENCE 120 PARK AVENUE, NEW YORK, NY 10017-5592 TO: All Employees DATE: October 15, 1999 FROM: Steve Parrish SUBJECT: Analysts' Comments on PM21 Earlier this year we launched PM2 1, our long-term effort to communicate more openly and assertively with the public about the people, products and programs of the Philip Morris family of companies. Since January we have been speaking out more and stating our case through public appearances, speaking engagements, media interviews and other ways. The reaction has been very positive. When people learn more about us and what we do, they are impressed and their misperceptions begin to be dispelled. This week we significantly increased our communications in two important ways with our television commercials and website. Both attracted a great deal of attention and some controversy, although not as much as we expected. While there has been some skepticism expressed, I believe the overall reaction has been quite good. We will provide you with some examples of the media coverage from around the country, but today we wanted you to see what the financial analysts who follow our Company have said about our communication efforts. As I have said before, these are exciting times for us. We have a great story to tell and we will tell it. We will no longer let others define who we are. We will do everything we can to let the public know that the people of Philip Morris have been, and will continue to be, working to make a difference. Attachment N 0 0N C17 C71 V N • N N