contacts: Joann Stevens
Executive Leadership Council
(202) 298-8226, ext. 206

Laurie Guzzinati
Philip Morris Companies
(917) 663-2144

Executive Leadership Council, Philip Morris Companies Announce Corporate Board Development Initiative

Partnership to Focus on African-American Leadership in the New Millennium

Washington, D.C. - (December 28, 2001) - A highlight of the Executive Leadership Council's (ELC) 13th Annual Recognition Awards Dinner held in Washington, D.C. on October 18th was the announcement of the Corporate Board of Directors Development Program by the ELC and Philip Morris Companies. This new initiative, which is being funded by Philip Morris Management Corporation and will be implemented beginning in 2002, is designed to improve the representation of African-American leadership on boards throughout corporate America.

Estimates indicate that few African-American business leaders have risen to the ranks of CEO of Fortune 500 corporations within recent years and research shows that African-American leadership is greatly underrepresented on corporate boards. According to the Conference Board's study on Board Diversity in U.S. Corporations, the total number of African Americans who sit on public Fortune 1000 corporate boards has greatly lagged, increasing from 223 in 1992 to a mere 342 by 1996.

"Philip Morris Companies is very pleased to co-sponsor the ELC's Corporate Board of Directors Development Program and look forward to working with the ELC to bring this program to fruition," said John Bowlin, chief executive officer of Philip Morris Companies' Miller Brewing business, as he announced the creation of the ground-breaking initiative. "This program will provide the opportunity to better understand the roles and responsibilities of public board members and draw attention to the importance of diversity within corporate boardrooms. Our participation is a further extension of our long-standing corporate commitment to diversity and more than a decade of partnership with ELC," Bowlin added.

The Corporate Board of Directors Development Program will involve the National Association of Corporate Directors (NACD) in the development of educational seminars that are designed to groom African-American business leaders to serve on a corporate board and to create opportunities for greater exposure and visibility. The initiative will encourage ELC members serving on corporate boards to act as mentors and coaches to those business leaders aspiring to serve on corporate boards. In addition, ELC members will lead discussions on topics of importance to their peers aspiring for corporate board inclusion, covering topics such as the corporate board experience, the corporate board selection process, and balancing corporate identity and African-American identity.

"ELC applauds the vision and leadership of the Philip Morris family of companies in the creation of the Corporate Board of Directors Development Program. This innovative collaboration will play a valuable role in providing businesses with a new pipeline for executive talent, helping them attain greater diversity and strong leadership in the new millennium," said ELC President Carl Brooks.

About the Executive Leadership Council
Founded in 1986, the Executive Leadership Council (ELC) is an organization of more than 250 senior-level African-American executives in corporate America, as well as entrepreneurs. The organization provides members with a network and leadership forum that adds perspective and direction to achieving excellence in business, economic and public policies for the African-American community, corporate America, and the community at large.

About Philip Morris Companies Inc.
The Philip Morris family of companies is the world's largest manufacturer and marketer of consumer packaged goods. The principal operating companies of Philip Morris Companies Inc. include Kraft Foods Inc., Miller Brewing Company, Philip Morris International Inc. and Philip Morris U.S.A. For more than four decades, the Philip Morris companies have supported programs and charitable organizations nationwide and have provided philanthropic assistance to communities around the world. For more information on Philip Morris' programs and philanthropy, visit the company's Web site at www.philipmorris.com/media.

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