Start of the Acceptance Period for Philip Morris Holland Public Tender Offer for Remaining Shares of Papastratos.

Business Editors

LAUSANNE, Switzerland--(BUSINESS WIRE)--Oct. 29, 2003

Philip Morris Holland B.V., an affiliate of Philip Morris International, announces that the acceptance period for the public tender offer for all the shares it does not own in the Greek company, Papastratos Cigarette Manufacturing S.A. ("Papastratos") starts on Friday 31 October, 2003. The acceptance period will expire on Monday 1 December, 2003.

The Information Circular describing the terms of the public tender offer, as it was approved by the Hellenic Capital Market Commission ("CMC"), was published today and copies can be obtained free of charge from all branches of Alpha Bank in Greece. Copies of Declarations of Acceptance and a leaflet describing in brief the acceptance procedure are also available free of charge from all Alpha Bank branches in Greece.

The public tender offer is priced at EUR18.02 per tendered share, the same price per share paid by Philip Morris Holland for the controlling 76.5% of shares purchased in a private transaction with a group of principal shareholders on 14 October, 2003. Philip Morris Holland has also acquired Papastratos shares in the open market from both institutional and retail shareholders, at the same price of EUR18.02 per share, bringing its total shareholding in Papastratos to over 82% as of 27 October, 2003.

The price of EUR18.02 offered for each share will be maintained during the acceptance period. Philip Morris Holland also intends to continue making open market purchases of Papastratos shares at prices up to EUR18.02 throughout the acceptance period.

Philip Morris Holland confirmed its plans for Papastratos, including its intention to invest for the improvement of Papastratos' production facilities in Greece, its commitment to keep the Papastratos name for 8 years and its intention to continue production in Greece of the Assos, President and Marlboro brands for the Greek market, as further described in the Information Circular.

Given requirements for capital and other investments at Papastratos, Philip Morris Holland plans to reduce Papastratos dividends in the near future below recent past levels.

If Philip Morris Holland's ownership in Papastratos reaches 95%, an application will be made to the CMC for the de-listing of Papastratos shares from the Athens Exchange.

To accept the public tender offer, shareholders must complete and submit to any branch of Alpha Bank in Greece a Declaration of Acceptance. A helpline will be available in Greece for Papastratos shareholders to call Monday to Friday between the hours of 9.00 am and 9.00 pm during the acceptance period. The helpline number to call in Greece is 800 11 10700.

Information on Philip Morris International

Philip Morris International is one of the operating companies of Altria Group, Inc. Philip Morris International, based in Lausanne, Switzerland, is a leading tobacco company outside the United States. Philip Morris International produces and markets some of the world's most popular cigarette brands, including Marlboro, L&M and Chesterfield.