Philip Morris International (PM) 8-K Announces New $12 Billion Share Repurchase Program

2009 Fourth-Quarter and Annual

Earnings Results

February 11, 2010

Exhibit 99.3

2

Introduction

•

Unless otherwise stated, we will be talking about results in the

fourth quarter or the full-year 2009 and comparing them with

the same period in 2008

•

References to PMI volumes refer to shipment data

•

Industry volume and market shares are the latest data

available from a number of internal and external sources

•

Organic volume refers to volume excluding acquisitions

•

Net revenues exclude excise taxes

•

Data tables showing adjustments to net revenues and

Operating Companies Income (OCI) for currency, acquisitions,

asset impairment, exit and other costs, adjustments to EPS,

and reconciliations to U.S. GAAP measures are at the end of

today’s web cast slides and are posted on our web site

3

Forward-Looking and Cautionary Statements

This

presentation

and

related

discussion

contain

statements

that,

to

the

extent

they

do

not

relate

strictly

to

historical

or

current

facts,

constitute

“forward-looking

statements”

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Such

forward-looking

statements

are

based

on

current

plans,

estimates

and

expectations,

and

are

not

guarantees

of

future

performance.

They

are

based

on

management’s

expectations

that

involve

a

number

of

business

risks

and

uncertainties,

any

of

which

could

cause

actual

results

to

differ

materially

from

those

expressed

in

or

implied

by

the

forward-looking

statements.

PMI

undertakes

no

obligation

to

publicly

update

or

revise

any

forward-looking

statements,

except

in

the

normal

course

of

its

public

disclosure

obligations.

The

risks

and

uncertainties

relating

to

the

forward-looking

statements

in

this

presentation

include

those

described

under

Item

1A.

“Risk

Factors”

in

PMI’s

Form

10-K

for

the

year

ended

December

31,

2008,

and

Form

10-Q

for

the

quarter

ended

September

30,

2009,

filed

with the Securities and Exchange Commission.

4

Mid to Long-Term Annual Growth Targets

Growth Targets

(d)

2009 Results

Organic Volume

(a)

1%

-

1.5%

Net Revenues

4 –

6%

+ 5.3%

OCI

(b)

6 –

8%

+ 8.7%

EPS

(c)

10 –

12%

+ 15.4%

(a)

Organic volume growth, that is excluding acquisitions

(b)

OCI stands for Operating Companies Income, which is defined as operating income before general corporate expenses and the amortization of

intangibles.

2009

OCI

growth

rate

is

on

an

adjusted

basis

which

excludes

asset

impairment,

exit

and

other

costs

(c)

Adjusted diluted earnings per share

(d)

All financial growth rates exclude currency. Net revenues and OCI growth rates also exclude acquisitions

Source: PMI Financials.  See reconciliations to U.S. GAAP measures at the end of this presentation.

5

PMI Results

Source: PMI Financials

-

1.5%

-

0.7%

+ 0.4%

+ 0.5%

Cigarette Volume

Excl.

Acquisitions

Actual

Excl.

Acquisitions

Actual

Full Year 2009

Fourth Quarter 2009

(% Growth vs. same

period in 2008)

6

PMI Share Developments

(a)

Excluding USA and duty-free

(b)

Excluding PRC, USA and duty-free

Note: For definition of OECD countries, refer to PMI’s Registration Statement on Form 10 (page 68) dated March 5, 2008.

Source: PMI Estimates

OECD markets

(a)

Non-OECD markets

(b)

2009

2009

(%)

(%)

34.5

34.9

35.2

0

40

2008

2009

Q4

20.8

21.0

21.3

0

40

2008

2009

Q4

7

Premium Segment Shares

0.7

0.6

48.3

48.7

Greece

(0.1)

0.7

35.6

36.8

Argentina

0.5

(0.3)

12.9

12.9

Ukraine

0.9

(0.3)

20.9

20.7

Turkey

0.6

0.4

23.9

24.4

Indonesia

2.3

2.5

81.2

82.7

Korea

0.9

1.1

13.0

13.4

Poland

(2.2)

(3.5)

37.9

36.7

Germany

(0.1)

(1.0)

16.4

15.9

Russia

(2.5) pp

(2.3) pp

16.7%

15.8%

Spain

FY 2009

Q4, 2009

FY 2009

Q4, 2009

Variance vs. 2008

Premium SoM

(a)

(a)

Including above premium, where applicable

Source: A.C. Nielsen, Korea Research Center and PMI Estimates

8

Marlboro

•

Disciplined roll-out of new brand architecture

•

Marlboro

volume down 2.8% in 2009, reflecting market

contractions primarily in the EU and Eastern Europe

•

Marlboro

volume up 4.3% in 2009 in Asia

Source: PMI Financials and PMI estimates

9

Marlboro  

•

Early positive signs from new architecture

•

Demographic profile responding 

•

Marlboro

gained share in 2009, notably in:

-

Italy, Japan, Korea, the Netherlands, Portugal and Greece

-

Argentina, Brazil, Indonesia, the Philippines, Romania, Algeria,

Morocco and Poland

Source: PMI Financials and PMI estimates

10

L&M  

•

Strong performance, particularly in Q4

•

In EU Region, L&M’s volume grew by 9% in 2009 and by

17% in Q4

•

L&M

’s volume gains more than offset the decline of

Marlboro

in the EU Region in Q4

•

L&M

’s volume was stable in Q4 in the EEMA Region

Source: PMI Financials and PMI estimates

11

PMI Results

Source: PMI Financials

+ 5.3%

-

2.6%

+ 7.2%

+ 9.7%

Net Revenues

Excl. Curr. &

Acquisitions

Actual

Excl. Curr. &

Acquisitions

Actual

Full Year 2009

Fourth Quarter 2009

(% Growth vs. same

period in 2008)

12

PMI Results

+ 8.7%

-

1.9%

+ 8.9%

+ 10.0%

Adjusted OCI

+ 5.3%

-

2.6%

+ 7.2%

+ 9.7%

Net Revenues

Excl. Curr. &

Acquisitions

Actual

Excl. Curr. &

Acquisitions

Actual

Full Year 2009

Fourth Quarter 2009

(% Growth vs. same

period in 2008)

Source: PMI Financials. See reconciliations to U.S. GAAP measures at the end of this presentation.

13

Adjusted OCI Margins

4.3

32.1

LA & Canada

1.4

34.9

Asia

1.9

43.5

EEMA

1.1

50.7

EU

1.4 pp

42.8%

PMI

Variance

vs. 2008

2009

Source: PMI Financials. See reconciliations to U.S. GAAP measures at the end of this presentation.

14

Pricing, Volume/Mix

•

Key driver of constant currency OCI growth was pricing

•

Approximately $2 billion in 2009 and $500 million in Q4

•

Adverse volume/mix variance of approximately $570

million in 2009 and $90 million in Q4

•

Pricing offset volume/mix variance by 3.5:1 in 2009 and

5.2:1 in Q4

Source: PMI Financials and PMI estimates

15

PMI Results

+ 15.4%

-

0.6% 

+ 15.5%

+ 14.1%

Adjusted diluted EPS

+ 8.7%

-

1.9%

+ 8.9%

+ 10.0%

Adjusted OCI

+ 5.3%

-

2.6%

+ 7.2%

+ 9.7%

Net Revenues

Excl.

Currency

Actual

Excl.

Currency

Actual

Full Year 2009

Fourth Quarter 2009

(% Growth vs. same

period in 2008)

Source: PMI Financials. See reconciliations to U.S. GAAP measures at the end of this presentation.

16

Adjusted Diluted EPS Bridge

(a)

–

2009

(a) On a constant currency basis

Source: PMI Financials

0.47

0.19

0.02

(0.17)

$3.82

$3.31

2008

Operations

Share

Repurchases

Interest Costs

Taxes

2009

17

Adjusted Diluted EPS Bridge

(a)

–

Q4, 2009

(a) On a constant currency basis

Source: PMI Financials

$0.71

0.09

0.06

$0.82

(0.04)

2008

Operations

Share   

Repurchases

Interest Costs

2009

18

Discretionary

Cash

Flow

(a)

+26%

vs. 2008

($ billions)

+4.9%

1.5

6.8

7.1

8.6

2008                   

Actual

2009                   

Actual

2009                  

Excluding Currency

(a)

Discretionary cash flow equals net cash provided by operating activities less capital expenditures. In 2009, net cash provided by

operating activities was $7,884 million and capital expenditures were $715 million. In 2008, net cash provided by operating

activities was $7,935 million and capital expenditures were $1,099 million

Source: PMI Financials

19

Shareholder Returns

•

Dividend increased by 7.4% to $2.32 per share on an

annualized basis

•

$5.5 billion spent to purchase 6.5% of shares outstanding

on January 1, 2009

Source: PMI Financials

20

Business Outlook

•

2009 was a very solid year 

•

Employment recovery remains uncertain and currency

could be volatile in 2010

•

Organic volume performance projected to be similar to

that of 2009

•

Strong financial results expected

Source: PMI Forecasts

21

2010 EPS Guidance

•

At prevailing exchange rates, reported EPS guidance for

2010 is $3.75 to $3.85, versus $3.24 in 2009

•

Reported growth rate of some 16% to 19%, or 12% to

15% excluding currency

•

Growth rate of approximately 14% to 17%, or 11% to 14%

excluding currency, versus adjusted diluted EPS of $3.29

in 2009

Source: PMI Forecasts

22

Pricing

•

Pricing will continue to be key driver of PMI’s earnings

growth

•

Secured two-thirds of pricing that is embedded in EPS

guidance to-date

23

Excise Taxation

•

Disruptive excise tax increases remain a risk

•

Significant tax increases in Greece, Turkey and Romania

•

Tax structures continue to be rational

24

Japan

•

A 70 Yen per pack, or 40%, increase in excise taxes

proposed for October 2010

•

Parliamentary approval expected by end March 2010

•

Revenue-neutral pass-on per unit implies price increase

of 82 Yen per pack

•

Impact on industry volumes will be severe

•

Pricing freedom necessary

Source: PMI Financials and Forecasts

25

Business Outlook

•

Premium segment in select markets will continue to be

under pressure if unemployment does not improve

•

Widespread market share growth anticipated

Source: PMI Financials and Forecasts

26

Business Outlook

•

Productivity savings of $500 million in 2010

•

Improvements in working capital 

•

Discretionary cash flow expected to grow at a faster pace

than earnings

Source: PMI Financials and Forecasts

27

Share Repurchases

•

New share repurchase program of $12 billion

•

May 2010 through April 2013

•

Total 2010 spending expected to be $4 billion

•

Strikes optimal balance between rewarding shareholders

and retaining financial flexibility

Source: PMI News Release

28

Conclusion

•

Delivered solid results in 2009

•

Met or exceeded principal financial targets

•

Enter 2010 with significant momentum

Source: PMI Forecasts

Questions & Answers

2009 Fourth-Quarter and Annual

Earnings Results

30

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Adjustments for Impact of Currency and Acquisitions

For the Quarters Ended December 31,

(in millions)

(Unaudited)

Reported

Net

Revenues

Less

Excise

Taxes

Reported

Net

Revenues

excluding

Excise

Taxes

Less

Currency

Reported

Net

Revenues

excluding

Excise

Taxes &

Currency

Less

Acquisi-

tions

Reported Net

Revenues

excluding

Excise

Taxes, 

Currency &

Acquisitions

Reported

Net

Revenues

Less

Excise

Taxes

Reported

Net

Revenues

excluding

Excise

Taxes

Reported

Reported

excluding

Currency

Reported

excluding

Currency &

Acquisitions

7,562

$      

5,196

$  

2,366

$     

152

$      

2,214

$      

11

$      

2,203

$        

European Union

6,838

$      

4,711

$ 

2,127

$      

11.2 %

4.1 %

3.6 %

3,912

2,039

1,873

(175)

2,048

34

2,014

EEMA

3,569

1,769

1,800

4.1 %

13.8 %

11.9 %

3,439

1,725

1,714

154

1,560

-

1,560

Asia

2,888

1,420

1,468

16.8 %

6.3 %

6.3 %

2,095

1,331

764

784

-

784

Latin America & Canada

1,923

1,196

727

5.1 %

7.8 %

7.8 %

17,008

$    

10,291

$ 

6,717

$     

111

$      

6,606

$      

45

$      

6,561

$        

PMI Total

15,218

$    

9,096

$ 

6,122

$      

9.7 %

7.9 %

7.2 %

Reported

Operating

Companies

Income

Less

Currency

Reported

Operating

Companies

Income

excluding

Currency

Less

Acquisi-

tions

Reported

Operating

Companies

Income

excluding

Currency &

Acquisitions

Reported

Operating

Companies

Income

Reported

Reported

excluding

Currency

Reported

excluding

Currency &

Acquisitions

1,109

$      

91

$        

1,018

$      

4

$        

1,014

$        

European Union

959

$         

15.6 %

6.2 %

5.7 %

681

(135)

816

11

805

EEMA

680

0.1 %

20.0 %

18.4 %

503

79

424

-

424

Asia

426

18.1 %

(0.5)%

(0.5)%

214

(24)

238

-

238

Latin America & Canada

238

(10.1)%

-

%

-

%

2,507

$      

11

$        

2,496

$      

15

$      

2,481

$        

PMI Total

2,303

$      

8.9 %

8.4 %

7.7 %

2009

2008

% Change in Reported Operating

Companies Income

2009

2008

% Change in Reported Net

Revenues excluding Excise Taxes

(20)

31

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income &

Reconciliation of Adjusted Operating Companies Income Margin Excluding Currency

For the Quarters Ended December 31,

(in millions)

(Unaudited)

(1) For the calculation of net revenues excluding excise taxes and currency, refer to previous slide (30).

Reported

Operating

Companies

Income

Less

Asset

Impairment

& Exit

Costs

Adjusted

Operating

Companies

Income

Less

Currency

Adjusted

Operating

Companies

Income

excluding

Currency

Less

Acquisi-

tions

Adjusted

Operating

Companies

Income

excluding

Currency &

Acquisitions

Reported

Operating

Companies

Income

Less

Asset

Impairment

& Exit

Costs

Adjusted

Operating

Companies

Income

Adjusted

Adjusted

excluding

Currency

Adjusted

excluding

Currency &

Acquisitions

1,109

$      

(26)

$         

1,135

$      

91

$        

1,044

$      

4

$             

1,040

$        

European Union

959

$         

-

$         

959

$         

18.4 %

8.9 %

8.4 %

681

-

681

(135)

816

11

805

EEMA

680

-

680

0.1 %

20.0 %

18.4 %

503

-

503

79

424

-

424

Asia

426

-

426

18.1 %

(0.5)%

(0.5)%

214

-

214

(24)

238

-

238

Latin America & Canada

238

-

238

(10.1)%

-

%

-

%

2,507

$      

(26)

$         

2,533

$      

11

$        

2,522

$      

15

$           

2,507

$        

PMI Total

2,303

$      

-

$         

2,303

$      

10.0 %

9.5 %

8.9 %

% Points Change

Adjusted

Operating

Companies

Income

excluding

Currency

Net

Revenues

excluding

Excise

Taxes &

Currency

(1)

Adjusted

Operating

Companies

Income

Margin

excluding

Currency

Adjusted

Operating

Companies

Income

Net

Revenues

excluding

Excise

Taxes

(1)

Adjusted

Operating

Companies

Income

Margin

Adjusted

Operating

Companies

Income

Margin

excluding

Currency

1,044

$      

2,214

$      

47.2 %

European Union

959

$         

2,127

$     

45.1 %

2.1

pp

816

2,048

39.8 %

EEMA

680

1,800

37.8 %

2.0

pp

424

1,560

27.2 %

Asia

426

1,468

29.0 %

(1.8)

pp

238

784

30.4 %

Latin America & Canada

238

727

32.7 %

(2.3)

pp

2,522

$      

6,606

$      

38.2 %

PMI Total

2,303

$      

6,122

$     

37.6 %

0.6

pp

% Change in Adjusted Operating

Companies Income

2008

2009

2009

2008

32

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, Excluding Currency

For the Quarters Ended December 31,

(Unaudited)

2009

2008

% Change

Reported Diluted EPS

0.80

$              

0.71

$          

12.7%

Less:

Asset impairment and exit costs

(0.01)

-

Adjusted Diluted EPS

0.81

$              

0.71

$          

14.1%

Less:

Currency Impact

(0.01)

Adjusted Diluted EPS, Excluding Currency

0.82

$              

0.71

$          

15.5%

33

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Diluted EPS to Reported Diluted EPS, Excluding Currency

For the Quarters Ended December 31,

(Unaudited)

2009

2008

% Change

Reported Diluted EPS

0.80

$              

0.71

$          

12.7%

Less:

Currency Impact

(0.01)

Reported Diluted EPS, Excluding Currency

0.81

$              

0.71

$          

14.1%

34

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Adjustments for Impact of Currency and Acquisitions

For the Years Ended December 31,

(in millions)

(Unaudited)

Reported

Net

Revenues

Less

Excise

Taxes

Reported

Net

Revenues

excluding

Excise

Taxes

Less

Currency

Reported

Net

Revenues

excluding

Excise

Taxes &

Currency

Less

Acquisi-

tions

Reported Net

Revenues

excluding

Excise Taxes, 

Currency &

Acquisitions

Reported

Net

Revenues

Less

Excise

Taxes

Reported

Net

Revenues

excluding

Excise

Taxes

Reported

Reported

excluding

Currency

Reported

excluding

Currency &

Acquisitions

28,550

$    

19,509

$ 

9,041

$     

(856)

$     

9,897

$      

61

$      

9,836

$         

European Union

30,265

$    

20,577

$ 

9,688

$      

(6.7)%

2.2%

1.5%

13,865

7,070

6,795

(1,373)

8,168

41

8,127

EEMA

14,817

7,313

7,504

(9.4)%

8.8%

8.3%

12,413

5,885

6,528

(41)

6,569

-

6,569

Asia

12,222

6,037

6,185

5.5%

6.2%

6.2%

7,252

4,581

2,671

(328)

2,999

462

2,537

Latin America & Canada

6,336

4,008

2,328

14.7%

28.8%

9.0%

62,080

$    

37,045

$ 

25,035

$   

(2,598)

$  

27,633

$    

564

$    

27,069

$       

PMI Total

63,640

$    

37,935

$ 

25,705

$    

(2.6)%

7.5%

5.3%

Reported

Operating

Companies

Income

Less

Currency

Reported

Operating

Companies

Income

excluding

Currency

Less

Acquisi-

tions

Reported

Operating

Companies

Income

excluding

Currency &

Acquisitions

Reported

Operating

Companies

Income

Reported

Reported

excluding

Currency

Reported

excluding

Currency &

Acquisitions

4,506

$      

(481)

$     

4,987

$      

40

$      

4,947

$         

European Union

4,738

$      

(4.9)%

5.3%

4.4%

2,663

(893)

3,556

18

3,538

EEMA

3,119

(14.6)%

14.0%

13.4%

2,436

146

2,290

-

2,290

Asia

2,057

18.4%

11.3%

11.3%

666

(162)

828

202

626

Latin America & Canada

520

28.1%

59.2%

20.4%

10,271

$    

(1,390)

$  

11,661

$    

260

$    

11,401

$       

PMI Total

10,434

$    

(1.6)%

11.8%

9.3%

2009

2008

% Change in Reported Net

Revenues excluding Excise Taxes

2009

2008

% Change in Reported Operating

Companies Income

35

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income &

Reconciliation of Adjusted Operating Companies Income Margin Excluding Currency

For the Years Ended December 31,

(in millions)

(Unaudited)

(1) Represents 2009 Colombian investment and cooperation agreement charge.

(2) Represents 2008 equity loss from RBH legal settlement ($124 million) and asset impairment and exit costs ($3 million).

(3) For the calculation of net revenues excluding excise taxes and currency, refer to previous slide (34).

Reported

Operating

Companies

Income

Less

Asset

Impairment/

Exit Costs

and Other

Adjusted

Operating

Companies

Income

Less

Currency

Adjusted

Operating

Companies

Income

excluding

Currency

Less

Acquisi-

tions

Adjusted

Operating

Companies

Income

excluding

Currency &

Acquisitions

Reported

Operating

Companies

Income

Less

Asset

Impairment/

Exit Costs

and Other

Adjusted

Operating

Companie

s Income

Adjusted

Adjusted

excluding

Currency

Adjusted

excluding

Currency &

Acquisitions

4,506

$      

(29)

$           

4,535

$      

(481)

$    

5,016

$      

40

$           

4,976

$        

European Union

4,738

$      

(66)

$           

4,804

$   

(5.6)%

4.4%

3.6%

2,663

-

2,663

(893)

3,556

18

3,538

EEMA

3,119

(1)

3,120

(14.6)%

14.0%

13.4%

2,436

-

2,436

146

2,290

-

2,290

Asia

2,057

(14)

2,071

17.6%

10.6%

10.6%

666

(135)

(1)

801

(162)

963

202

761

Latin America & Canada

520

(127)

(2)

647

23.8%

48.8%

17.6%

10,271

$    

(164)

$         

10,435

$    

(1,390)

$  

11,825

$    

260

$         

11,565

$      

PMI Total

10,434

$    

(208)

$         

10,642

$ 

(1.9)%

11.1%

8.7%

% Points Change

Adjusted

Operating

Companies

Income

excluding

Currency

Net

Revenues

excluding

Excise

Taxes &

Currency

(3)

Adjusted

Operating

Companies

Income

Margin

excluding

Currency

Adjusted

Operating

Companies

Income

Net

Revenues

excluding

Excise

Taxes

(3)

Adjusted

Operating

Companie

s Income

Margin

Adjusted

Operating

Companies

Income

Margin

excluding

Currency

5,016

$      

9,897

$      

50.7%

European Union

4,804

$      

9,688

$       

49.6%

1.1

pp

3,556

8,168

43.5%

EEMA

3,120

7,504

41.6%

1.9

pp

2,290

6,569

34.9%

Asia

2,071

6,185

33.5%

1.4

pp

963

2,999

32.1%

Latin America & Canada

647

2,328

27.8%

4.3

pp

11,825

$    

27,633

$    

42.8%

PMI Total

10,642

$    

25,705

$     

41.4%

1.4

pp

2009

2008

2009

2008

% Change in Adjusted Operating

Companies Income

36

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, Excluding Currency

For the Years Ended December 31,

(Unaudited)

2009

2008

% Change

Reported Diluted EPS

3.24

$              

3.31

$          

(2.1)%

Less:

Colombian investment and cooperation agreement charge

(0.04)

-

Asset impairment and exit costs

(0.01)

(0.02)

Equity loss from RBH legal settlement

-

(0.06)

Tax items

-

0.08

Adjusted Diluted EPS

3.29

$              

3.31

$          

(0.6)%

Less:

Currency Impact

(0.53)

Adjusted Diluted EPS, Excluding Currency

3.82

$              

3.31

$          

15.4 %

37

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Diluted EPS to Reported Diluted EPS, Excluding Currency

For the Years Ended December 31,

(Unaudited)

2009

2008

% Change

Reported Diluted EPS

3.24

$              

3.31

$          

(2.1)%

Less:

Currency Impact

(0.53)

Reported Diluted EPS, Excluding Currency

3.77

$              

3.31

$          

13.9 %

38

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Calculation of Total Debt to EBITDA and Net Debt to EBITDA Ratios

(in millions, except ratios)

(Unaudited)

For the Year Ended 

For the Year Ended

December 31,

December 31,

2009

2008

Earnings before income taxes

9,243

$                       

9,937

$                       

Interest expense, net

797

311

Depreciation and amortization

853

842

EBITDA

10,893

$                     

11,090

$                     

At

At

December 31,

December 31,

2009

2008

Short-term borrowings

1,662

$                       

375

$                          

Current portion of long-term debt

82

209

Long-term debt

13,672

11,377

Total debt

15,416

$                     

11,961

$                     

Less: Cash and cash equivalents

1,540

1,531

Net Debt

13,876

$                     

10,430

$                     

Ratios

Total Debt to EBITDA

1.42

1.08

Net Debt to EBITDA

1.27

0.94

2009 Fourth-Quarter and Annual

Earnings Results

February 11, 2010