Court approves CAD 32.5B settlement plan for PMI's Canadian affiliate RBH, resolving all tobacco claims

Philip Morris International Inc.

Aggregate settlement CAD 32.5B (~USD 22.7B) funded by upfront cash and annual payments based on a % of net after-tax income.
RBH retains CAD 750M (~USD 525M) in accumulated cash; may transfer or distribute funds outside Canada.
Plan releases RBH, PMI, and affiliates from all current and future Canadian tobacco product-related claims.
Implementation subject to appeal rights exhaustion and definitive documentation; expected effective in 2025.
PMI expects dividends from RBH post-implementation to be incremental to cash flow and adjusted EPS; RBH remains deconsolidated.

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