Dudley Fishburn Elected to Board of Directors of Philip Morris Companies Inc.

NEW YORK--(BUSINESS WIRE)--January 27, 1999--Philip Morris Companies Inc. (NYSE: MO) announced today that Dudley Fishburn, age 52, has been elected to its board of directors. Mr. Fishburn is a director of Household International, the Chicago-based consumer financial services company, and chairman of its British subsidiary, HFC Bank. He is also treasurer of the National Trust, Britain's largest charity, and an associate editor of The Economist, responsible for flagship publications such as "The World in 1999" and "The World in 2000." With the addition of Mr. Fishburn, the Philip Morris board increases from 14 to 15 directors.

"I am pleased to welcome Dudley Fishburn to our board of directors," said Geoffrey C. Bible, chairman of the board and chief executive officer, Philip Morris Companies Inc. "With his broad business and public policy background and experience, his contributions and vision will be particularly valuable as we continue to strengthen our tobacco and food businesses in Europe, our largest international market."

Mr. Fishburn was a Conservative member of British Parliament from 1988 to 1997. He also served as a Parliamentary private secretary in the administrations of Prime Ministers Margaret Thatcher and John Major. Prior to that, Mr. Fishburn was executive editor of The Economist for nine years.

Mr. Fishburn is a member of the board of a number of companies, including Euclidian plc, the U.K.-based insurance company; Cordiant plc, the U.K.-based advertising company; and a fund, backed by the World Bank, which makes investments in Russia. He has served as a member of Harvard University's Board of Overseers and currently chairs the University's Library Committee. He is also chairman of the trustees of the Open University in the United Kingdom. Mr. Fishburn's charitable interests in the United Kingdom include trustee positions with the Prison Reform Trust, the Liver Research Trust and the Notting Hill Housing Association.

Mr. Fishburn was educated at Eton College in the United Kingdom, and graduated from Harvard College in 1968.

With 1998 revenues of $74 billion, the Philip Morris family of companies is the world's largest producer and marketer of consumer packaged goods. Philip Morris Companies Inc. has five principal operating companies: Kraft Foods, Inc. (comprising Kraft Foods North America and Kraft Foods International), Miller Brewing Company, Philip Morris International, Inc., Philip Morris Incorporated (PM USA) and Philip Morris Capital Corporation.