Philip Morris Companies Inc. said that its wholly-owned food and beverage subsidiary, Kraft Foods Inc. today filed with the Securities and Exchange Commission (SEC) a registration statement relating to the initial public offering of Kraft Foods Inc. common stock.

The joint book-running managers for the offering will be Credit Suisse First Boston and Salomon Smith Barney. Copies of the preliminary prospectus related to the offering, when available, may be obtained from Credit Suisse First Boston, Eleven Madison Avenue, New York, NY 10010 or Salomon Smith Barney, 388 Greenwich Street, New York, NY 10013.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.