Tobacco Documents Online

jnnua.l Yeetinrp- Becord Date 177,15.4,1,06, 79, 48, 13, 1 iseriean Red Croes, Jersey City, Y.J. - coctribution to 77,28 4serican Red Croas, Hiclaaod, Va. - contritution to 77, Latl-rrust SLit - Cussings & Stanle7 retalaed as coimse1 30 . •  - Stipulation and Coasent 63 (a1m see Book 1u, p. LO) • Aaerican R.d Cross, /a. Iortr Cbapter, .I.C. - contribatioa to 76 • • • - ooatribatioaa to rarions Ctraptars 77 4.ricaa 6.d Cro.s Bar hmd - contribntlon to a0 1,48,167, 175, ~~a - 5% - Closing of Tranafer Boolta 1~.2,104,93,76, 67, 45, 28, 12, 9 Bcnds -'T% -  • • lj,j, 97, 82, 70, 51, 30, 17, 10, 4 126, Ba11, D. H. - Death of 17, 15 Buah, E. J. - ratificntion of action taken by Executi.e Cooaitte• re reaidnatioa of E. J. Busa ls Borlina, E.S. - •lected 91ce-Preeident 21 - incres" in aalarT ' 166,123 By-laws - lac a.'aerat of 177,81, 83, 82,66,25 Bond Iaaue - SrA,000,000 T.ect~y Ieer 3% DeGenturea dve uetober 1, 1963 149,1C3,138,133,131,I27 153 Boods - 7% - losa of coupon det.eched fro. 164 , 1

3 i..---a. ~ . ~• . . Cumliygs & Stenley - counsel in Lnti-tnut suit Qe.aens, L.E. - increase in salsrT Cra.ford, Yiddleton, iilner & See.lbach - fee for legal services in connection .ith lnbor tatters at Louisrille, Ly., and iddleto.n, Uhio plants Co.aamity Fund of the Cit,7 of Richaond, 4a.- contribution to Citisans IInioo llatioaal Bank - check signatures Louia.ille Braach . 1 . Pay-roll Lceouat 96 Central Hs.nover Bank and Trust Co. - eprointed Successor Trustee & Pqying 4t nuier Indenture dated u/1/11 - ~ 0 and 7i- Booda 127 (:omaon Stock - issuance of 374,391 additional shares of 138,133,131,127 153,149,143 i i Citizens Fidelity Fwnk am Trust Co.psq7 - check sic;natures Kentucky Leaf Depnrt=nt P+.yroll ;.ccount 171 Dividends - declast3on on Preferred Stock 74,70,65,51,43,30,27,17,11,10,8,4 82,91,97, 103, 113, ~, 126,1-46, . 157, 165, 1t,9, 171,130,156 IIi.idends - declaration oa Co..on 9toct,82,74,70,65,51,43,30,i'7,17,ll,10,8,4 91, 97, 103, 113, 121, 146, 157,105, 1,8 6,15 0,17-116q Driscoll, J.J. - s.:e.ry Lxreases 88,56,23 Directors - aaeadaent of F,/-lars r. seetiAgs of directors 177,82,66,25 - eoapensation to outside directors 151 Q ~ DuYe University - co;tributlon to 284,155 w ~ Debentures - 3% - Closing of TYarufer bcors 180, 169,157 w C!' ~ Deloitte Plen'er Griffiths 4 Co. -sppoi::'°d flu=i:ors 185.167 t..~

1 .9 1 J, : Ezecuti.e Coasaittee - re eppoiataant of 193, 160,117,87,55,22,6 tcusta Paper Corporation -.Igeeaent pro.iCing for loan to 39 1 . •  - SuDat. 4greeaent Fro.iding for loan to 60 . • • -/greesent for purchese of cidarette j:aper 39 . • • - Laendaent of Lgr•eaent for purchase of c1.&arette paper 10 l:.p.loyees' 6•tlrementPlan - ap,n'o.n.l of by directors, to b. 176 pres.nt.d to StocYholders i{nrcb 13, 1945 F--plo7eea' fletir®ent Plan m (See Book 1Ji, ~ ~ Treeaan, J.S. - sale.x7i increnses 166,12.(,88,23 r - elected Vice-Yreeideat 86 Tederal Tla CcspazW - purc.hase of shbres of Capltal Stock fro. eaploJeea of . 76 ~ tedersl Tin Companp - proxY for azrzual =eoting 185 ~ W ~ W U 0 I •tr

, f r psscock, J.A. - slected Director - elected .ea ber of Lzecuti.e Coonittee - salary increases C,reater i'ie* Tork llmd 1942 Caapelen - contrlbution to  e • • • 19" •  e 15 16 163,12G,68 91 164 I (wraat,7 Trust Co. of Ys. Tork - reai~ tion ae Trustee ~mder Indentu.re ( 12/1Ju -5% &nd 7% Bonds - appointed Paying Agent and Begiatrar for Teenty Year j3 Debaatures due Oct. 1, 1963 da ted 127 ; 140 Group Life Inaurance Plaa - approval of ty directore, to be 173 preaeated to StocU.holders riarcb 13, 1945 Group Life Insuseoce Flsa 18~ - saeadaent to (See Book No. 14) Halle7r f. J. - appointed Inapector d Llection for ezmual Ytg. 13, 1 - elected Ccaptroller 21 - salarf increaaes 163,124,e8,56,23 - sL cted lsalatent Treasurer 49 - alected Treasurer aad Vice-Presideat 54 HomAe.1, G.6. - elected President - elected C2air.nn, L.xecuti.e Cccslttee - • • , Board of Directors - r. sal.ry of 15 16 85 87,22 Hops*ell, Frank - appointed aeiber of !.]cecuti.e Caamittee 22 - increase in salarJ 163,1;4,88,56,23 HarprinQ, L.I. - increase in aal..r7 56 ff.udsoa Coimty gatioaal Bank - ebecY si&aat:res (Old Gold granch) 95 177, Rahter, t. C. - Appointed Inspector of Llectioa,iStk.rt6sty;,106,79,1E~1i66 _ incrense in a, 1erY ,~Z elected A~ ~r - " =,... .

t lb ~ . . . ~. Sj. ~ IyterM~j ge.eau,e Taxes - authority to Officers of the CompnqT to eAaage Fackagee and selling prices to s+e.t increased rates in Internal Re.eme Taxes r1 ~--~--~" 28

, ~ -_--~' - - ~- ~-- -- .- [ent, H. L. - olected Director - • ae.o•r af Lzecati.e Coaaitte• - • Vice-President - • President - aalar7 increas.. Keel, J.T. - incrense in aalary Le1.]7, SidneQ - death of [e1.1J, E.J. - increase in sa.lnr7 10 10 u 85 165,123,88, 56,23 163,124,98,56 . : .t ..r~ . , e~

,-1 Natio8ll atl BLIIk of j6* Tork - lAln fYOt ,D4 Ths Ne. York Trust Caacpety - dnsig6ated depo.itarf for proceeds fma sala of j.2D,C00,000• 3% Deben- tIIrss dae 1963 and frof sals of additlcnnl shnrss of Coion Stock 1(j Yational Coafereacs of ChLrSstiaas & Jers - coatr1bution to 148 jdtio831 Tar r11nd - CWIILr1b1t1oII to tr r Officers - L1-ctloa of 01d Gold Br.nch - ta.ck sipatsu-.s 131, 158,115, drS, 53, 20, S~

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11~ •I giafner, A. - appoint.d Inspector of•E1ectSou-CSt";,gs.) 1770154,106,79, !,8 , • g.cad date for annth1 ieeting Atl, 23. 1 gicbmoad, qa. Ccssmit7 Ftmd - cmtriDation to 42 Oait..d States of dmerica Issuanee of 37L,391 additional abares of Coomon Stock & =,2p,pC0,ppp Tenty Tear Debentures 33, due October 1, 1963- 153,149,1•L3,138,133,131,127 Heoesotiatioa [g.t•eeesent, 1/21/LL, bet.eea P. LorillardCo. and Salaries - appa-o.n1 by Bc+ard of Directors of increases in aalariee of officers of the Coapany authorized by - Lzecutl.e Ccessittee 186,19, 4 Stout, H.1. - increase in salar7 23 Stockholders' Ifsetin8s - Record Date 1'11,15L,1Q6,79, LB, 13, 1 Salary SteDillsaticn Qnit, Bureau of Inteir.al ftevenue - corres. with re a.lar7 increases filed with air.ates of Weetia4 pald July 16, 1943 P 63 C W4 W ~ W ~ ~ C

1• T..pl..~ H.T. - iacreas• in srlarT (.l.ct.d dir.ctor at Stoclholdars, lItt. 3/9/L3) Unit.d Bospita2 Caapalen Fuad of !ei Tort - contribatica to United S.r.ic• Orgnaizations for National Dsfease - cootributioo to Qait.d Service Qreaa.taatioaa i.r Issad CaapaiVa - oontributioo to United Stat.s of Merica - r.ae6rotiat3on agresmeat If 21/4/, 74 99 ~ i/~~ • { W% ~: ~ ' ~- ~~ 1 163,124 , , . ~~. :J.

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04343513

i` . ..,,_.. . . ~ , .~ - IN c January 18, 1939 1 Tork City, at four o'clock P.Y. Thers were present Yessrs.s D. H. Ball G. H. Hunael E. J. Bush H. A. Stout J. J. Driscoll L special meeting of the Board of Directors of P. Lorillard co®pany was held today at the office of the CoapnrY,119 Fest 4Qth Street, Ye. Buford Scott Todd ool place of said special aeeting. She Secretary read to the meeting the call of the President of the Compa:y of this special meeting of the Board of Directors, a copy of the notice sent out to each Director pursuant thereto and aiver of each of the Directors of all statutory and by-les reqniresents as to notice of tise and Nhereupon, on aotion duly made, seconded and +*+anis.,usly adopted, the Secretary sas directed to annez each of said papers to the ninutas of this meeting. Oti s<otion duly siede and seconded, the reading of the minutes of the pretioua meeting was dispensed with. Oa swtion of Mr. Stout, seconded by Mr. Driscoll, it was naanlsauslT HFSOLVEDs That (in lieu of closing the StocY Transfer Books) 3 P.M. Tuesday, February 14, 1939, be and the sa.e hereby Is fixed as a record date for the determination of the Stockholders of the Confnrly entitled to notice of and to .ote at the Inmua1 Yeeting of the Stockholders to be held on March 14, 1939. FURTHER RESOL9FDt That only StocJcholders of record at 3 P.11. on February 14, 1939 shall be entitled to such notice of and to rote at such Annual Yeeting, noteithatszting any transfer of any stock on the books of the Company after sa.id record date. On motion of Mr. Bush, seconded by Mr. Scott, it .as stockholders to be held on March 14, 1939, FroxY atate°ent and Pro'V' On sotion of 1tr. Stout, seconded by Ur• !lum.el, it .as is5ued by the Securities Exchange Cosmission a Faro1q stateaed is recuired to accoopany the notice and proxy for the annual meeting of stockholders and thereupon read to the meeting draft of notice of the annual aeeting of vnanimously HESOLYIDs That Messrs. . J. Halley and E. C. Hunter (neither of them being a director nor a ca^^+d•te for that office) be and they hereby are appointed to act as Inspectore of Election for the election of Lirectors at the Annual Yeeting of the Stockholaers of this CospaqT to be hald on March 14, 1939. The Secretary stated to the meeting that under the regulations .;i i BESOLYED: That the notice of the anflua.l meeting of stockholder to be held on March 14, 1939, and the Fa'osy stateaent and proxy .hich ha.e bee:: presented and read to thie meeting,be and the same hereby are in all respects

approved and adopted as.the acts of this Board and the SecreterT is bereby ordered to have the same culy Frinted and oalled to the etockholders and to have coplee thereof when R-Snted aaaazed to these ainutee as a pert thereof. It is further ordered that the anmal state.ent ehell be mailed to the stockholders along with the notice, proxy etateaent and proxy. - On notion daly se<de and aeconded, the neeting adJourn.d. Secretarr

TOHACCO-CIGARETTES-CIGARS 7/.q //" J'Y ~~ ~1~l6L Jaauary 11, 1939 Yr. Todd boo1, Secretary P. Lorillard Cospeny 119 IFest 4Qth Street 1e. Iork City, M. I. Dear Sirt In accordance with the authority .ested in e by the By-laws of this Co.pacp, I hereby call a epeciel seeting of the Board of Directors to be held in the office of the Cos,- pscff on uednesdaJ, January 18, 1939, at four o'clock in the afternoon, for the purpose of (1) fizing a record date for the deteratnation of tha Stockholders entitled to notice of and to •ote at the Annta.l lteetiag of StocYholders to be held on Xarch 14, 1939, (2) appointiag two Inapectors of the annual election of directors at sald dsmnal Meeting of the StocY- Lolders, and (3) for the transaction of any other businese in connection with any of the foregoing rttere that aety be n.cesaarT, and you are hereby authorised and directed to sead out notices of this special aeetiag as requlred by the By-laa of the Co.panT. . t : . :

f Ib , C..'[.oowa*• IORIIIARD" • . C .~ tD-OM .MO a[NTLIV COCaa (?O lIL DIREC'IURS) D.ar Sire Ton aro h.rtby notifi.d that pursuaat to call of the Pr.sidaat, a sp.oial astist of the Board of Dir.otors of this Co.paa> will bo hold ii its offio• at four o+oloak it the aftar- aooa aa the 18th day or Jaauar7, 1939, for the prrposs of (1) fiziss a r.oord dato for th. dot.rniaatioa of th. Stookholdars tititl.d to notioo of aad to .ota at the Annual i.otia4 of Stook• lold.rs to bo b.ld oa larnh 14, 1939, (2) appoiitis6 t.o Isspstors .f th. annual ol.atioa of Dirsators at said lanual *..tia{ of the Stoakholdors, and (3) for th. transaotlon of aay oth.r basia.ss ii ooaa.ation with •ithar of the tor.goint swtt.rs as ary b• asa.ssary. ` -^ _ l.sp.etfhllf, (Todd Xool)

\. ~~. TOBACCO-CIGARETTES-C4GARS '/1e i° ,./,all= Juuary 11, 1939 1e, th. aad.rsip.d, a11 th. Dir.otors of P. Lorillard Co.pany, a 9.. Jerse7 Corporatiaa, do h.r.bP .aire all statutory ud Bp-la& r.qnir.a.ats u to iotiee of tiae ud plaae of a dpeoial Ye.tiss of the doard of Direetors ef said Coapaay sa11.d by the Presideat tS.r.ef to Do held at the oflioe of said Co.pauy at four e9alook la the afteraooz oa Jawary 19. 1939. d . i

, lb C." ~cn..o...no TOBACCO-CIGARETTES-CIGARS , I • v,.'a .aowtss tO0IllANO- • . C *" [0"'ON AMO 9[Mt"~ GOO[• e7"oZ~l~~c1rG ~o»~aAl/I //~--Il0 ~ Jaauary 11, 1939 We, the ®dersigAed, all the Directors of P. Lorillazd CaaFniq, a g.. Jerse7 Corporation, do hereby rai.e a11 htstutorT and By-1aw requiresents as to notice of tiae and placs of a Special Meeting of the Board of Directors of said Coaparq called by the President thereof to be 6eld at the offics of eaid Companq at four o'clock in the afteiaoon on January 18, 1939.

E.r-yG.4~ C,,... ~o.C„ ioFiL ..wn' . a C .- [piTio. . p ..wTICT COOC• TOBACCO-CIGARETTES-CIGARS 71J ~~"i't -~OIM e January 11, 1939 t., the undarsl6,ned, all the Diractors of P. Lor111ard Co.pany. a irw Jers.)r Corporation, do hsrsb7 vaiTe all statutory and By-law ssquirsasnts as to notio• of tias and placa of a Spaclal Ils.ting of the Eoard of Dir.ators of said Coapany called by the Prasid.nt thereof to b• hold at the offioo of said Coapany at four o'clock in the aftarnoon on January 18, 1939. ~ .:

.4 January 11, 1939 i., th• uadersi6n.d, all the Directors of P. Lorillard Coopany, a 1.w Jersey Corporation, do hereby .ai.e all statutory and By-law mquirq.nte as to noCic• of tir and place of a Sp.oial Meeting of th. Board of Directors of said Coapany call.d by the President th.r.of to De held at the offioe of said Coopany at four o'clock ia the afternoon on January 18, 1939. t Ih =•ti

f CJ.//.,i(•l 111S1f 1 CU.'[ "Ow(ff 'lORIIIARU' ~ R C 0- [0, 1.ON O .CMT&[T COO[f Tn....~.-..............'_.__ ~ TOBACCO- CIG.RETTES - CIGARS ,e ,ll1e~ January 11, 1939 A, the uad.rsisn.d, all th• Dir.ctors of P. Lorillard Co.pany, a 1.. Jars.y Corporation, do h.rsby raive all statutory and Fp-law raquire..nts as to notic• of tise and plac• of a Sp.cial Ys.tin; of tha Doard of Dir.otors of said Coapany oallad by th. Pr.sid.nt thsr.ot to be hold at th. offlo• of said Co.pany at four o'olook ia th. aftsrnoon on January 10, 1919. t f ! ,

t 16 bya is 6c6y bi.w dut the Annual Mecting of the StocUoldcn of P. LORILLARD COMA.'~IY, a Nc. Cuporuion. rill be hdd at the principal oEbce of the Corporirioa, Room 803. 15 Fsr2unge Place, Jene7 Ciry, rt dc.en o'dodc in the (orcaooo oo the 14th day of Mucfi, 1939, (1) foc the ekctim of thirteca (13) as to 6old o&e rmtil the naa foUaring annual meeting of stodcbolders or until their suoccQOCS arc datnl ; and (2) the t:amactiao of tuch otbct bruinev u mu1 PtoPt'r7y come before siid mecting or any adjourn- or adjaammcrxt thaeof. TLe StoA Tnasfer booio will oot be clcsed, but onl7 Stor3cboldcrs o( record .t 3 P. ML on Fdraarl 14. 1939, be aot'tkd to.otq not.aha•nding any tranafet of any stock on the books of the Company after nid record data

r ~ ~-~ ~~. ~ I -. S, ..w•[.^.-.,- PROXY STATEMENT AH2IIIA1. tdg'LQIG OF STOCKHOLDERS OF P. IAf;n1JARn COMPANY MMCH 14. 1439 L Any stockholder giving the pros7 cncloacd with this uueincat has the power to rc+dce the proxy. Thcr, ezpces, condition upon which such power of re.ocuion depends esccpt that the proxy must be revoked by r sotice priot to thc date of the axcting or by written ootice to the Secretuy of the meeting at any time pna c eotiag of the prozT. i All the arpeases of soliating ptm<xi for this annual mceting, iocluding printing and postage, will be p&id 4 Campanf and the toul cust is estimued at rwt to eseed $3000. The Company does not intend to M ~ tatian in conntctioo with this foliatatioa The Company may pay Perso°s holding stock in theu nuoa a of thde ooovoth for their ezpeases in forwarding prcnoa and prory anrcul to xxuriry o.nen. ), The proo7 is soli6ted by and on bcdslf of P. Locillud Company and its man:gemcot. l At this annual meeting thirtecn (13) directors arr to be elected, who shill hold ofoce until the oat f aaaml meeting of stodcholders oc until their n.ansors are duly elected and qualibcd It is the intmtim d paaons oamed io the endosed focm of pr=ry to .ote wch prozF for the elecioo of the nominees named bdo. : oomiaea rnpeai.dJ o.vai of teoord or beoe5aallf as of Fcbrvuy 1, 1939, sauuitio of the Company as David H. Ball. 3000 sham of Commoc Stock; Edgar S Bowliag, 2700 shucs of Corniawo Stadc; Firl J. 2000 sham of Commoa Stock; John J. Dcixcll, 260 shares of Commoo Stock; J. Strother Frumaa, 3:o shc Cammon Stock; George H- Hammel, 1010 shara of Commoo Stock; Jamn T. Keel. 400 shates of C.octcim Daford Scott, 2500 tihares of Crmmon Stock; Al.a H. Shinkk, 1210 yharo of Cmimoo Stock; Harr7 A. tb shares of Commoo Stock; Jaqvelia P. Taflor, 6301 sham of Common Stock and 110o shuez of 7;"e P.^` Stock; George D. White6dd, 500 sham of Commoa Stock; and Todd R'ool, 300 shua of Common Sraclc ' The designation of exch of the ebo.e oomiaees origiasted with the Board of DiroRocs of the Company. Fr tbem is nrw serving u. Direaoc of the Company. Da.id H. Ball (Ptaideu). George H. Hummel (Ezecuti.e Vice-President), and Earl J. Bush (V-KrPa and Comptroller), raci.ed the thiee highest sm-,nts of remrmeratioo paid by the Company aad its wbaidiann ina the past fisoJ frar, nch of them having been paid thirty thousand dollus ($30,000). 7. YLe annaal meeting is nlled for the purpome of decting diroaoa and fae the trsnsaaioa of xicL ot1ia b" as may properly come before the meeting. At the date of this pramy ststcmest the only business the s.aa+ge otendi to preseat, or knows .ill come before the m-h ng, is the deaion of di-ectoci Ho.e.v, if .n7 o'wa Oas propcrlycome before the meaing it is the inuntioo of the pmons nuxnd ia the eadoxd form of pros7 to+ae pnay, in accordsnce with their jodgment aa such mutm Dated Febcuuy 3,1939. DF order of the Bmrd of Diroaots, ~ Tooo Woot., Sermary. ~ W C11 ~ ~ (See odw side fat Notice of Bfrsiina) -7 P ~. d.. i

.~..._ - ,~_... e_ . ~' __ _ _ . . . _ . .~ ~ fi - . . . . .. _ o(For we only of Cnmpacy bldio& am,ng) ltimara..r crr,un Cu>d"m". PROXY Rrcojn all On bp tfjt5c j3resent5, That the nadeTsigaea he:cb?t t=rri=M sppoints, and directs pAvID H. Bw1L (Pcesidcnt). Geoace H. Ht;wMer_ (Fsccutire Vice-Presidmt), 1Hntar A. StouT (Vice-Presidcat sod Trcssures), and Tooo Woor. (Secrwry), or any of than, in the name• piaccr and stesd of the undenigncd, to nmd as the utorne7s and agents of and for the undersigned. at the annual meaing: m( the stodcholders of P. Lour.t.vxD (prru.Y, a New Jersey Corporuio4 to be held on the 14th day of Mirdh. 1:+3W, at deren o'clor} in the forenoon t the o6tte of the Corporarioa. Aoom 8,03. 13 fxchange Pfut, Jersey Ciry. N. Jj., is well as at any and all sdjourn- mmt or s.ijournments of such meetiog and to vote as the proxy of the underv¢sr_d tbercu (1) for the dection of rbirtaa (13) directors to bold oibce until the nat follaviog annual meetiog or maocholders or onril their successocs ue ckucd and quali&d; and (2) for the transactioo of such other business is mm 7ropvlf coox before said meaiag or any adlournmmt or adjournraenn thereof, according to the number of .oto 3sa wsdenigned .ould be entitled to ast if tben pcr~ present, and to do all such acn and things as may be oemsary or proper in order to arrf out the act;m taken by said oxeting or any adjournmmt thcreof. hertby gi.ing to sssul attorneys and ageat.s or any of rhem, po.a to wbstrtate another or others to their or his stead and ndfliog an.Lsanfirming all that the artorneTs and +grnrs of the uada:igned, or any of thars, cc any subwtutc or substirures for crr9-af than, may do by rimu hereof. This proxy shall be demxd dued an the dase set for the meetina hcreia =arimcd aalcss a di6erent date is imcsred below. The cmdersignmd hereby revokes any psao7 or proxies heretofore girm rw wrr opoa or to act with respect to sA stack. The uadenigned besebl admortledge reesipt of the'Noticx of Annual Maesmg of Stodcholdess" dated Februuy 3, 1939 and the -Fra:F Stat®ent" fvsnished thac-arit3s IN WITNESS WFIEREOP, I have hereunto set my hind and snl this , day of - 1939. (SEALI I

I . '. ~ A.. . . _ . . . ..,._....~__. «.a~.i.~-<.; .. s.t' ~' ~ February 22, 1939 3 /, regul.ar oeeting of the Board of Directore of P. Lorillard Compacp wss hold todaJ at the office of the Cospaxy, 119 fest 40th Street, Ne lork City. There .ere preaent ELesers.s E. J. Bush B. A. Stout fo quorum being present, the aeeting adjourned to neet 2burs repn+ar7 23, 1939, at four o'elock P.1[. r.

l ?abruary 23, 1939 An ndjau-ned aeeting of the Board of Directors of P. Lorillard Cos_ pany .as held today at the office of the Coapany, 119 Nest Q0th Street, dei Tork City, at four o'clock P.M. There .ere present Yessrs.s D. H. Ball E. J. Bush H. A. Stout G. D. ihitefield J. J. Driscoll Todd lool Cn motion duly made and seconded, the reading of the Ainutes of the prerioua meeting sas dispensed slth. On motion of Mr. Stout, seconded by Mr. Bush, it sas unanimously BE°AL9IDs That a dividend of.#1.75 per sba.re on the Preferred Stock of this Compary be and it hereby is declared pafable April 1, 1939, to stock- Z,olders of record at the close of business March 15, 1939. Ob aotion of Mr. Bush, secooded by Mr. Driscoll, it was u*+ntmnu.), RESOLQED: That a dividend of 30# per share on the outstana.iag Ceoswn Stock of this Company be and it hereby is declared peyable April 1, 1939, to stockholders of record at the close of business March 15, 1939. On aotion of Mr. [hitefleld, seconded by Mr. Stout, it *as snanisous]T RFSOLVEDz That the Transfer Books of the Registered Seven Per Cent Bonds of this Covper{f shall be closed at three o'clock P.M. March 15, 1939, for the pqyment of interest thereon, due Apr11 1, 1939, and shall be reopened at ten o'clock l.ll. April 3, 1939. s : Tbs Secretary Furoduced and read to the meeting the minutes of the 10eetinge of the Fsecuti.e Coaaittee held on January 4 and 11, 1939 .hich, aaong other things, authorized lncreases 1n salaries of certain officers of the Conparq. Thereupon, on motion of 1tr. Stout, seconded by Mr. Bush, (Messrs. mitefleld, Driacoll ana ool not voting), it was unaniaejuslT 85SOLYIDs That the increases in salaries of officers of the CoapanJ made by the Fsecnti.e Comalttee at said aeetings held on January 4 and 11, 1939, be and the same hereby are approved in a]1 respects. Q1 motion duly made and seconded, the meeting adjourned. C ,A Secretary 4 a ,

I W 1* . Eezch u, 1939 1 meeting of the Board of Directors of P. Lorillard Cospsny was beld at three p.Y, today at the office of the Company, 119 Meet 40th Street, New Zork CitT , it being the most cnnreaient time since the J.nmlal Meeting of the Stockholders held ; in the forenoon, at 11 •.Y. The meeting w called to order by Mr. Dirid H. Ball and Ilr. Todd lool acted aa Secretau7 of the sseeting. Th. Secretary laid before the Board the lautas of the said laaual Ifeet- ing of the Stockholders sho.ing the election of the folloaing Directorei Da.id H. Ball Edgar S. Bo.litu Earl J. Buah John J. Driscoll J. Strothar Free.an George H. k3usel _ Jaaes T. Keel Buford Scott tlra H. Shlnkle Harry A. Stout Jaqualln P. Taylor " George D. Thitefield Todd Wool The een.ass showed the following Directors sere presentt I i D. H. Ball E. S. Bo.ling E. J. Buah J. J. Driscoll J. S. Freeman G. H. Ena.nl J. T. Keel H. 4. Stout G. D. [b.itefield Todd fool i JiP I H Mr. Bai1 stated to the meeting that elections were in order for I1 Officers of the Coapsxy for the ensning year and asked itr. Bimel to take the chalr. Mr. &aael then stated that the first order of business .as election of President. Mr. Hummel then nominated Mr. Da.id H. Ball for the office of Presi- dent of the Company. Mr. Bush seconded the .otion and a.ote being taken, Mr. Da.id H. Ball es elected President, all voting in favor ezcept Itr. Ball, who did i ~;. not vote. Mr. Ball then took his seat as (aa.ixman of th. meeting. Qn motion of *r. Bowling, secaoded by 1tt'. Stout, Mr. George B. Hummel •as elected a VSce-presidaot, all voting in favor thereof azcept Mr. Ffusmel, ho did not vote. Yr. Bell suggested that Yr. Hummel be designated Executive Vice- President to act in the absence or disability of the President, and thereupon, 0o motion of l<r. Stout, seconded by Hr. Bush, it saa unaaL.vun.1T RF50LQEDs That Yr. G. H. &avel, a Vice-President of the Co.panT, be designated Ecacutire Vice-President and in the absence or dSsabillty of the Preai- ; dent, Mr. EkLae1 as EYscutive Vice-President ahmll perform the duties of the President's office, subject to the control of the directors. P On siotion of Mr. Stout, s.cooded by Mr. Haasl, Mr. Farrl J. Bush *as elected a Vice-President, all voting in favor thereof except IEr. Bush, who did not ~ rote. j tl On s+otion of 1er. Bush, aeconded b•f rr. shltefield, Mr. Bars7 A. Stout II w_ sas elected a Vice-Preaident, all voting in fa.or thereof except Yr. Stout, who .i did not vote. e on motion of Mr. His'e1, eeconded by Hs'. Bosling, Mr. George c

6 I j Dn motion of ltr. [eel, seconded by Mr. Driacoll, ltr. Todd fool ay elected Secretary, all voting in favor thereof except Mr. iFool, .ho did not sot._ The Secretary .as thereupon duly sworn for the faithful p.rforannq of his duties as Secretary as follo*at ST17E OF M IORL ) ) SS_ COONTY OF !JA TORR ) TODD i00L, Secretary of P. LORII.IIRD C0MPf.liT, being by se dal,j s.orn upon hie oath deposes and says that he •111 faithfully dis- charge the duties of Secretary of the aforesaid Coipnry to the best of hls sk1l1 and ability. (Signed) TODD R00L 8ubscribed and sworn to before .e this 14th day of Idnrch, 1939. (Sgd) L. E. CLr7lENS otarT Public, Nassau County Bo. 193 Certificate filed N.T.Co. No. 170, Reg. No. 0-C-119 Coaiesion Fapires March 30, 1940.' Said oath sas directed to be filed with the Secretary. On notion of Xr. Whitefield, seconded by Mr. Humel, Mr. H. A. Stout sas elected 'lreasurer, all voting in favor thereof except Mr. Stout, who di:d nat vote. On notion of Mr. Bowling, seconded by Mr. Freesn, W. L. E. Clesens ws elected Assistant Secretary and Assistant Treasurer, all voting in favor thereof. On notion of Mr. [ool, seconded by Mr. Driecoll, Mr. E. J. Bush w alected Coaptroller, all voting in favor thereof except 1fr. Bush, who did not vota. • Q On notion of 1r. Stout, seconded by I[r. Bush, Ifr. 1. J. Halley .as (~] elected Assistant Co.ptaolier, all voting in favor thereof. ~ On notion of Mr. Bush, seconded by Mr. Wool, Mr. SidneF Kelly e" U1 elected Auditor, all voting in favor thereof. ~ On notion of Mr. Driscoll, seconded by 1fr. fl-eesnn, Mr. G. H. Sadth ~ ws elected an Assistant Auditor, a11 voting in favor thereof. On notion of Mr. Keel, eeconded by Mr. i'hitefield, Mr. J. Nicoll .as elected an Assistaat Auditor, all voting in favor thereof. Oa aotion of Mr. FYeeman, seconded by ltr. Keel, 1(r, E. C. Hunter Is l e ected an Assistant Auditor, all voting in favor thereof. On notion of Mr. Stout, seconded by Mr, Wool, ltr. F. H. eiake .es elected Ceshier, all voting in favor thereof. I Ir' Enll stated to the Board that in view of the election by the tockholdere this day of a ne. Board of Directors that he deesed it advisaDle °T the Board L o appoint Etl C a newiecureosaittee. TDereupon, on notion of f ~; [hitefield eas elected a 41ce-President, all voting in favor thereof except 1' P sr. ihitefiald, .ho did not vote. . r ~ , ! i

I , Is SODD f00L, Secretary of P. LDRILLA3D COYPE3T, beinb by me duly sworn upon his oath deposes and says that he will faithfully d1sah.rbe the duties of Secretary of the atoresaid Coapany to the best of his sH 11 and ability. ~e~t Gt~e¢e I Subscribed and sworn to before me this 14th day of Yarch, 1939. IOTAtT PCBCIC. S.na. Cscm1 R.. 1f? fiut,Cu< G4/ 4.Y. C. !f. t:.a ter. 1/.. 6 G I1J C•••"w" 8+7- a.rtA 3.. I911 : +-

r Ib gr. ihitefield, secondsd by llr. Bowling, it .as unaniaously 7 ,C BE50LVFD: mat pursuant to Article IIII of the BF-lees of the Coapa:y this Board do appoint frm asong its seahera an Executive CoBittee consistirg of ].1 Lirectors who slall ezerciae the porers and duties set forth in said trticle ZIIl. r. Ball asked Mr. Huaae1 to take the chair. Thereupon, on notion of Mr. Buah, seconded by Mr. Nhitafield, Mr. D. H. Ball, President of the Corparp, was appointed a aeaber and Chairnan of said Executive Coa:<ittae, all voting in favor thereof except Yr. Ba.ll, who did not vote. Mr. Ball then took his seat as Chairman of the aeetlag. On aotion of Mr. Rh.itefield, seconded by Mr. Stout, Mr. G. H. Huael saa appointed a aeab.r of se.ld Executive Cosnittee, all voting in favor thereof except Ilr. Humel, who did not vote. On aotioa of rr. Keel, seconded by IEr. Freeaan, Mr. E. J. Bush .aa appointed a aemDer of said Executive Coainittee, all voting in favor thereof except Hr. Bush, who did not vote. On siotion of Mr. FYees,an, seconded by Mr. Bush, Mr. H. A. Stout was appointed a neaber of said Executive Goaaittee, wll voting in favor thereof az- tept Mr. Stout, who did not vote. • on erotim of Mr. Keel, seconded by Mr. Stout, Mr. G. D. Rhitefield .hs appointed a neaber of said Executive Coa+alttee, all voting in favor thereof except Mr. Irhitefield, who did not vote. _ On motion of Yr. Whitefield, eeconded by ltr. Driscoll, Hr. E. S. Bowling was appointed a aeaber of said Executive Cosa:ittee, all voting in favor thereof except Kr. Bowling, who did not vote. On .otion of Yr. heeoan, seconded by Mr. Keel, I[r. J. J. Driscoll was appointed a sseaber of said Executive Committee, all voting in favor thereof except Mr. Driscoll, who did not vote. I On motion of Mr. *hitefield, seconded by Mr. Bush, Mr. J. S. Freemnn was appointed a msabar of said Executive Coaasittee, all voting in favor thereof except ILr. Freesnn, who did not vote. I ! On s+otion of Yr. Drisco7.1, seconded by Mr. 1lhitefield, Mr. J. T. Keel saa appointed a sesDar of said Executive Coaaittee, all voting in favor thereof except Mr. Keel, who did not vote. On aotion of lfr. Stout, seconded by Mr. 1hitefield, Mr. L. H. Q+ir}t. .aa appointed a member of said Executive Committee, a]1 voting in favor thereof. On motion of Yr. Tihitefield, seconded by ltr. Bush, Kr. Todd Wool sas appointed a reaber of eaid Executive Cosaittee, all voting in favor thereof except Mr. ool, who did not vote. on motion duly aade and secooded, the meeting adJourned. i i ,~. ~ .

i i f t S ]6mT 31, 1939 l regular .eeting of the Board of Directors of P. LoriLlard Coeptq was held today at the office of the Coapary7i 119 rest 40th Street, de. Iork mere .ere present Hessre.s D. @. Ball G. E. Eumnel E. J. Eush H.'1. Stout G. D. xIlitefield L. S. Bowling J. J. Driecoll J. T. Keel Todd Wool na s,otioa duly aade and seconded, the reading of the ssiautes of the prsrious .eetin6 was dispensed itb. On motim of Mr. Driscnll, secooded by Mr. Stout, it was SLSOLYFDt Tbat a dividend of t1.75 per sbare on the Preferred Stock of this Coape=p be and it hereby ia declared payable July 1, 1939 to stockholders of rewrd at the close of business June 15, 1939. m motim of Mr. Keel, seconded 1,y lEr. Bush, it was „man+susly IiYSOL rY"I)i 7hat a dividend of 30# per shbre on the outstandir.g Coron Stock of this Compnay be and it hereby Ss declared pepable July 1, 1939 to stoc1boldare of record at the close of business June 15, 1939. Oa motlao duly .ede and aeconded, the aeeting adjourned. _t -1% It.~~ RA"V [~~l4-~ Secretary

TOBACCO-CIGARETTES-CIGARS I ~...~ .~o.~.. "~ORItlANO' A aC •- [D_ON •~O ~~N11[~ COOC~ itfr. Todd iool, Secretar7 P. Lorillard Coapary 119 leat L0tb Street lie. lork City Dear Sirs 1.9 ~1~/ - ~ A~z<< Juna 16, 1939 In accordance with the authority rested in we by the B7-lars of this Coapsny, I hereby call a special seeting of the Board of Directors to be held in the office of the Coaperyy on lednead•qr, June 28, 1939, at four o'clock in the afternoon, for the ptttpoae of authorizing the closing of the Transfer Books of the Registered 5% Bonds of the Coaps•cq at the close of business Jn17 15, 1939, for the pa,Taent of interest on August 1, 1939, to be reopened at 10 l.Y. August 2, 1939, and for the transac- tion of any other business in connection therewith that ca7 be necesaar7i and 7ou are hereby authorized and directed to send out notices of this special aeeting as required by the By-laws of the Co.pen,. •er7 truly 7auz s r

t , ~ '°- ~-~~p/~ ~ Zou are hereby notified that pureuant to call of the President, a apecial seeting of the Board of Directors of this Coapamy rill be held in its office at four o'clock in the afternocn on the 28th day of 'Jime, 1939, for the purpose of anthor+= the cloaing of the Transfer Books of the Registered S% Bcmds at the close of bbasineee July 15, 1939, for the pq- aeat of interest on August 1, 1939, to be reopened at 10 1.11. on August 2, 1939, and for the transaction of axy other buai- neee in connection therewith that .a, be necessary. .;

--~-- - - - r j - 7y- C-y. + S e '4f'~ea. E„&Ar-~a .............. . ~ .~ Tou_acco-Ctc-atst:rrt:`-Ctk:axs ~ Jua. lo, 1~t9 as to notics of tLr aad p1a ce of a Special Y.atIZW of th. Boara at Lirectors of seid Co.pasy call.d by the Presidaat th.r.of to De s.ld a1 the office of said Co.pnzq at four o'clock in tae afterno,an o. Jnae 28, 1939. l

, . . . • ~ • ,

~ June 16, 1939 1e, the underaigned, all the Directors of P. Lorillard Compaay, a New Jersey Corporation, do hereby waive all statutory and By-lar require- s»ata as to notice of tiie and place of a Specinl 1leeting of tha Board of Directors of said Coapamy called by the President thereof tp be bald at the office of said Compaqp at four o'clock in the afternooa an hme 28, 1939. '

St ib .Ame 28, 1939 e four o'clock P.11. There rare present resers.s D. H. Eall A special sseeting ot the Board of Directore of P. Lorillard CoepanT .as held today at the office of the Coapany, 119 keet 4Qth Street, Nes Tork City, at . . ~~f.~.Y.w G. $. Pum.asl L. .1. Bush H. A. Stout G. D. khltefield J. J. Driscoll J. T. [eel Todd fool r '!ne Secretary read to the .eeting the call of the Preeident of the i Coepe.ny of this special meeting of the Boerd of Lirectors, a copy of the notice , statutory and By-lae requ.ireaants as to notice of time and place of said special meeting. sent to each Lirector pursvsnt thereto and saiver of each of the Lisactors of all Khereupoc, on .otioa du1T mnde, seconded and +=*+anieosl,y adopted, the Secretary .as directed to annex each of said pepers-to the mSautes of this m eting. Fae- On notion duly eade and aeconded, the readicg of the mirnites of the tious meeting .as dispensed with. On motion of Mr.- Stout, eeconded by Mr. Bush, it sas une*+{mme1y SF:OLQF3)t 'ibat the Transfer Books of the Registered Five Per Cent Bonds of this Co.paxGr shall be closed at the close of business July 15, 1939, for the pey- ment of interest ttareoo due Auguat 1, 1939, and ahall be reopened at tea o~clock t.1f. August 2, 1939. Ch motion duly sstide and seconded, the meeting adjourned. 1, . . ~ !; I41C ' ~ . I Secretar, i,. s

I{ 1 r tI . 10 Iwgut 30, 1939 • regular seetint of the Board of Directors of P. Lorillnrd Company sas held today at th. office of th. Co.parp, 119 Rest .C0th Str.et, Hes Iork Cil,7. Th,ere were present l4ssrs.r D. H. Ball G. H. Huasal H. A. Stout G. D. lhitefield L. S. Bowling J. J. Driscoll The issiatant Secretary On aotlon duly aade and s.conded, the readiz>Q of the aimutes of the prsTiow aeetinQ ws dispensed with. On .otioo of Hr. rhitefiald, seconded by Mr. Bo.lizg, it ws unaaiaousl]' RFSOLYFUt That a dividend of =1.75 per share cc the Preferred Stock of this Company be and it hereby is declared payable October 2, 1939 to stockholders of record at the close of bwiness Septeaber 15, 1939. Ge sotlon of Mr. Stout, secooded by Mr. Driacoll, it .as aasnlaoasl7 1t8.SOL7ID: That a di.idend of 30# per share on the outstandiag Cos.on Stock of this Company be and it hereby is declared payable October 2, 1939 to stockholders of record at the close of business Septeaber 15, 1939. aasaiaous.l,T Oa sation of Mr. Hnsael, seconded by Mr. Bowling, it aas BBSOL9IDs That the Transfer Books of the Begistered Se.en Per Cent Bonds of this Company stall be elosed at three o'clock P.M. Septuber 15, 1939, for the pqaent of interest thereon, due October 2, 1939, and shall be reopsned at tea o'clock A.M. October 3, 1939. Mr. Ball stated that the death of Mr. A. H. Sblakle had left a vacency in the Board of Directors and that he deeaed it advisable that the •acancy be filled. lhereupon, on otiocT Mr. 8usael, seconded by Mr. Driscoll, it .as ; a~..*+ moual,y RESOLTID: That Mr. Berbert A. Kent be and he hereby is elected a ae"r of the Board of Dirctors of this Cc.paty. 1hs President then stated that it .as in order to fill the acancy on the Exeatire Cosnittee created by the death of Mr. Shinkle, if the Directors desired to do so. Shereupon, on sotlon of Ilr. Stout, seconded by Mr. Bowling, ltr. Sent, the newly elected Director, ws u*+an+mous.)J elected a aeaber of the Izecuti.e Co.aittee. On swtian duly arde and seconded, the si..tin6 adjourned. ~ ~~

, J regular eeti.ng of the Bonrd of Directors of P. Lorillard Compnx7 sss held toda,y at the office of the Cos3pany, 119 iest 40th Street, Se. Iork Cit,y. There were present ttessrs.: D. H. Ball G. H. H--1 H. A. Stont G. D. *hitefield L. S. Bo.ling J. J. Driscoll J. S. Seel H. A. Kent rodd xool On siotim duly made and seconded, the reading of the tiimites of the previoue taeeting was dispensed with. On sation of lfr. Hutt:el, seconded by Cr. Eo.13ng, it was imaninaualy ~ ~ " F. . Yd SecretnYy ~1 L) Q7 I January, 1940, be and the same is hereby, by way of anticipation, declared and made payable on December 23, 1939, to stockholders of record at the close of business on Deceaber 9, 1939. ?UK1HM RFSOLVIDs That a final dividend for the year 1939 of 500 per share on the outstandiag Cosson Stock of this Coapeny be and the sase is hereby declared and ande payable on December 23, 1939, to stockholders of record at the elose of business on December 9, 1939. TMtTM AESOL7IDs That the neasvrer of the Company be and he hereby is authorized and directed to deliver, on or before the 22nd day of DeceaDer, 1939, tde eaotmt required to make payment of the above divi.dends, to rit, the sta of =1,1d7,645.45, to The He. Tork Trust Company, 100 &roadway, Ye. Zork City, Y. I., ihich said na in this senaer is hereby irrevocably set aside for and allocated ~ to the peyaent of said dividends and s!>t11 be used by said TTunt Co.pe~ for the payment of said dividends in accordwnce with the terms of this Resolution. TIISIHES Hl:SOLVFnt That the aforesaid dividends and each of the., be charged agninst current earnings of the Cospeny fcr the Tear 1939, out of and with RFSOLPPD: That the dividend of $1.75 per share on the Preferred Stock of this Compatq, which would othervise be payable on the first busin.es day of respect to which they are intended to be declared and paid. Oo s»tian du17 ssde and seconded, the s,eeting adjoarned. / :

12 ' pany was held today at the office of the Cospnrq, 119 West 40th Street, Ya* York Cit7„at four o'clock P.ll. - special aeeting. December 27, 1939 A special meeting of the Board of Directore of P. Lorillard Cos_• Eaere were present Yessre.: D. B. Bell G. B. Hummel E. J. Bush $. A. Stout J. J. Driscoll J. T. Keel H. A. Fent Todd Wool The Secretary read to the meeting the call of the President of tL. Compecy of this special meeting of the Board of Directors, a copy of the notie, sent out to each Director pursuant thereto and rai.er of each of the IIirectors of all statutory and by-lnr requirenenta as to notice of tiLe and place of iai: mereupon, oa notion duly siede, seconded and unaniLonsly adopted, the Secretary was directed to annex each of said pnpers to the ainutes of thU aeeting. On eotion duly sade and seconded, the reading of the ssinutes of tLe prerioas meeting was dispensed with. W aotion of Hr. Stout, eeconded by Mr. Keel, it was 1manLouslY RF50LPPD: That the Transfer Books of the Registered Five Per Cent Bonds of this Compnny shall be closed at three o'clock P.M. January 15, 1940, for the paynent of interest thereon due Febrnary 1, 1940, and ehall De reopened at ten o'clock A.ll. Tebxmry 2, 1940. po satian duly aade and seconded, the meeting adjozaned. . el",# _ Secretary =::.ar ,.~... " I

. i c;..fd f.f r^V v C ~ ~, C~L ll y~-!Q~%I ZIC~I ~1 AA ..rn..w.,s 1/ ~ /J rFr TOBACCO-CIGARETTES-CIGARS %1~--In-) YM 2 ~ 1~- Deceaber 15, 1939 Ilr. Todd Rool, Secretary P. Lorill.esd Company 119 West 40th Street ler York City, N. I. -In accordance with the authority .ested in ae by the of this special meeting as required by the W-lees of the Coapay. and you are hereby authorized and directed to send out notices reopened on February 2, 1940, and for the transactien of any otaer business in connection therewith that may be necessary, of the Registered 5% Bonds of the Company at 3 P.Y. Janua.r7 15, 1940, for the pqynent of interest on Febru.ry 1, 1940, to be for the psspose of authorising the closing of the Transfer Books lednesdey, December 27, 1939, at four o'cloc][ in the aftarnoon, Board of Directors to be held ia the office of the Company on By-laws of this Coapanq, I hereby call a epecial meeting of the Ier7 trnl,7 yours, I ou saLDI rEtr "j{P-TOP" PAU now o. sale ererrwhere 4 _}"

T IN ~ C~ CCCCG l~, ,O~/1 ~lZ~~ll ~ ..~..,~ ., ~ ~ TOBACCO-C1GqRETTES-CIG.IRS w 7/J ff,~t -IlO necaaber 15, 1939 (TO u.t n=roxS) Dear sir: Ton are hereby notified that psrsuant to call of the President, a eyecial aeeting of the Board nf Directors of ta.ls Campa~ rill be held in its offics at foia olalock in the after- aoon on the 27th day of Deceaber, 1939, for the pispose of autho- rizing the closing of the Transfer Books of the Registered 5% Bomds at 3 P.II. January 15, 1940, for the pe,asat of .latereet oa February 1, 1940, to be reopened at 10 A.Y. on February 2, 1940, and for the transaction of any other busineee in connection there- with that aaq be neceesary. . Respectfully, (Todd Wool) .Secretary Iu sot.e's eex "ZIP-TOP" rxcK eow oo sa(e ererywbero

S" TOSACCO-CIGARETTES-CCQaARS /~~ Ileve 4e ~~e < , et! Lnaaber 15, 1939 le, the imdareign.d, all the Directors of P. Iarillard Cospmay, a fl.. Jersey Corporation, do hereb7 .a.i.e all statutory and Br-Ium reqcire- .eats as to notice of tiae and place of a Special Yeeting =f the Board of Directors of said Coapamy called D7 the President tharumf to be hald at th. office of said Costpany at four o'clock in the aftazaoon m ~ y ro, ~~ l 1f{4'~`. ou csu's wErr "ZIP-TOP" tACt ROw u sale ereryw6era I ` <

--~...~.~---~,-..~._ , r - , `~ . .:. ._ _.~:,~.;:.` _ . ~ -a . 1.,},.,ra=.-r.~r:s,'rf;_-.^F,'.~c-:_-ci~e: ~~v,,, ~~ ~ •c~ r , ~ ~ . -f.~ ~ _ ,.~ii .. ,- - . _ '. _ ~~ - _( eu ao~o's e~rr "ZIP-70P" r~ct .ow oo sale ereryw6ere 1',yfG-« i~w ~ ~'G'IICCCGjI~ ,O~/1 Zl~'~~11 .~...~ ~ ~ TOBACCO-CIGARETTES-CIGARS ~1.~ ~~~t -~O `'~.;~~ ~~ ~'h~~~ ~1~ Deceaber 15, 1939 ie~ tde ~mdersign.d~all the Direetors of P. Lorillnrd Coapn~~ a Ne. lersel Corporatioa~ do hereb7 .ai.e all statutor~ aad ~r-ler requir.- s~eets as to notice of tiae and placs of a Specinl Ieeting of the Board of Directors of said Co~as~y called b~ the Presideat thereof to be held at the office of said Coapa~ at foss o~clock in the afternoon m Decaaber 27~ 1939. r ~ h i if.

Deeeaber 15, 1939 ie, the tmdersigned, all the Directcre of P. Lorillard Carpaxy, a ys. Jersey Corporatioa, do hereby .ai.e all statutory and Ry_Iaw requirs- s+ents as to notice of tiae and place of a Special Yeeting of the Hoard of Directors of said Costpatyf called by the President thereof to be h.Ld at the office of said Co~ at four o'cloc.k in the afternoon oc Decenber 27, 1939. 19 olD soLD's MEr "ZIP-TOP" pAcK uw oe sale ererywhere r . : -;

yT T r.'".-.~--~ nu° C,._~ -DRCf! TO~LIARQ COOCf IC~~CL 1CG ~l~ll~lClC~ , TOBACCO-CIGARETTES-CIGARS (leceabar 15, 1939 Ro, ibe mderaigned, all the Uirectore of P. Lorillard Corpamy, a Be. Z~=ej Corporation, do hereby .ai.e all statutory and BJ-law requir.- ssmanis as to notice of tlse and place of a Special Yeeting of the Board a:E3l3rectors of said Conpany called by the President thereof to be neld er--72he office of said Conpany at four o'clock in the afternoon on s.msber 27, 1939. 1 lu iou•s eFr "ZIP-TOP" sale ereryw6ero a g f

~ . ...;w. il ~s..s~. ~. ._ _ . January 24, 1940 1 special meeting of the Hoard of Directors of P. Lorillard Coape.zy aeld tode.l at the affice of the Ccnpnqp, 119 lest 4.0tb Street, 6ie. Tork City, four o'clock P.1t. There were present riessrs.: D. H. Ball G. H. Hiaael E. J. Bue.h 13 .as at H. 1. Stout a G. J. D. J. Ihitefield Driscoll ~ J. H. T. l. [eel Ient Todd Wool Yhe Secretary read to the meeting the call of the President of the Costi- paay of this speciel meeting of the Board of Directors, a copl of the notice sent out to each Director pussunt t:,ereto, and raiver of each of t'u Lirector of all statutory and by-l.ae r-quirenents as to notice of time and place of said spe- cial seeting. imereupao, on .otion duly sade, seconded and unaaiaously adopted, the Secretary was direeted to annes ench of said papers to the ainutes of this neeting. (b eotion dnly snde and seconded, the reading of the .inutes of the prs- tious meeting was dispnnsed with. Cn notion of lEr. Bush, seconded by Nr. Leal, it was imanisousl) RF.'SOLMs That (in lieu of cloeing the Stock Trnnsfer Booke) 3 P.Y. Tuesdey, Tebrues7 13, 1940, be and the aene hereby is fized as a record date for the detericiaation of the Stockholders of the Compnny entitled to notice of and to vote at the dnnu+al Yeeting of the Stockholders to be held on Yarch 12, 1940. TVR18Eq RESOLiTEDi That only Stockholders of record at 3 P.H. on Tebrunry 13, 1940 shal.l be entitled to sucG notice of and to vote at such Annual leeting, not.ithstanding acLT transfer of any stock on the books of the Conpnny after aaS.d record dat.. er e 9 read to this aeeL.ing, be and t~e sam Ca .otion of Ifr. Yn.itefield, seconded by Nr. Driscoll, it was smaaiucyual,r $F,S()LVLDs That ttessrs. t. J. Eialley end E. C. Hunter (neither of thes, Lein; a d L-ector nor a candidnte for that office) be and they hereby are appointed to act as Inspectors of Election for Lhs election of Directors at the Annual Yeet- lnj af the Stockholders of this CoapacY to be held on liarcb 1<, 1940. The Secretary atated to the meeting that cmder the regula tlons issued by the Securities Eschm de Cosaission a prory statement is reyuired to accocpazq the notice and proxp for the nnnual meeting of stockholders and t:e:-euryon read to thv aeeting drafts of notice of the annual eeting of stockholders to be held rarch 12, 1940, proxj statesent and proxy. Cu notioa of Itr. Busa, seconded tri Yr. Stout, it was nnanlsousTf R£SOLYEDs That tLe drafts of t~ed notice aL (~1bJect tog suc~~~- Soldere to be held ifarch 12, 1940, pr wp P x7 a~~~ aL~ages Sn asid drafts, if any, as ney be deemed necessary or edvisab.e by counsal Sn order to comply with the law eu't reeuldtions) .h1ch Cave be~ erteof~ and d o ted e are in a11 respee PFT ~ P h b 4 i N k - r

as the acts of this Board and the Secretary Is hereby ordered to have the sane duly printed and mailed to the stockbolders and to have coples thereof when printed annezed to tbeae .inutes as a part hereof. It 1s further ordered that the annval atatecent ehall be ralled to the stock_ holders along a3th the notice, prviy stateaent and proxy. . (b swtion duly aade and seconded, the seeting adJouraed. 8ecretar7

~GOCC~CCL1lC ;O~/~lll1 f -1 C..L9 ~o-„ '1O/1/LlARO' Y~D ~[-TL[v COO[! TOBACCO-CIGARETTES-CIGARS 11J Janmry 16, 1940 Ilr. Todd tool, Secretary P. Lorillard Compaaw 119 west LDth Street Ie. Iork CitJ, N. I. ~r Sirt ~ In accordance with the authority vested in .e by the By-1a.s of t31s Company, I hereby call a special aeeting of the Boerd of Directors to be held in the office of the CoaFn.n7 on iednesday, January 24, 1940, at four o'clock in the afternoon, for the purpose of (1) fiiing a record date for the deterRlna- tton of the Stockholders entitled to notice of and to .ote at the janve.l 16eet1ng of Stockholders to be held on Yarch 12, 1940, (2) appointing two Inspectors of the annuel election of directors at said inaoel Yeeting of the Stockholder3., and (3) for the trnna- actioa of any other Dusiaess in connection with any of the fore- going .attere that eay be neceesarT, and you are hereby autho- rized and directed to aend ont notices of tais apecial seeting as required by tbe BJ-lns of the CoapanJ. ~ Iar7 truly Tonrs, Prasidentl~ Saw oa sale everywhere "~ '~ K M1 ou ~ou~s ~~ ZIP- FA TOP 1 - _.

~. .,.... ..~..~; ,.x:- .: (~q TODACCO-C[GARETTES-CIGARS Jenudry 16, 191.0 Dear Sirs Ton ar. heuro17 notified that purmuant to call of the President, a special sieeting of the Board of Directors of this H Coarpna7 .ill be hald in its office at four o'clock in the after- aooa on the 24tb day of Jaauar7, 1940, for ths purpose of (1) fixing a record date for the deterslaatioa of the Stockholders eatitled to swtic• of and to rote at the t-l 1(eetiag of Stock- holders holders to be hald on Ysrch 12, 1940, (2) appointicg two Inepectars of the anaua2 electim of Directors at said Arm.es2 lEeeting of the StocYholdaa's, and (3) for the transaction of asp other business 1n eotmection with either of the foregoing aatters as .ey be ou eou-s NEI "ZIP-TOP" rAcc oow oo sale ereryrrhere ;F

aT T TOBACCO-CIGARETTES-CIGARS 1/9 fh Jaanary 16, 1940 {., the caderaigied, all the Directors of P. Lorillard CoiPam7, a Tsr Jersey Corporation, do heretrJ sai.e all statutos7 and tly-lar r.c,utremnts as to notice of tiae and place of a SpecLl lfeeting of the Board of Directors of aald CoaPaszy called by the Presidsat thereof to be held at the office of said Coapany at fosa o'clock in the afternoon on Janunr7 249 1940.

,.. ~~ o ~ . ~cl~C ,(/ rl ~iV ~ ff ~z f TOHACCO-CIGARETTES-CIGARS 1.9 JanuarT 16, 1940 We, the mderaigned, all the Ilirectora of P. Lorillard Corperp, ~ • fe. Jersey Corporation, do hereby waive all statutory and By-law reqniresenta as to notice of tlse and place of a Special lleeting of the Board of Directora of said Compe.av called by the President thereof to be held at the office of said Coapany at foor o'clock in the afternoon on Januery 24, 1940- ~i ~~ eu eoLo's NEW "ZIP-TOP PAcK oow oa sale ererywhere 1.

TOBACCO-CIGARETTES-CIGARS ie, the smdersigud, a]1 the Directors of P. Lorillnrd Coaparq, a Ie. JerseJ Corporatioa, do hereby .ai.e all statutory and By-la. reqnireseata as to notice of tise and place of a Special lleeting of the Board of Directors of said Cc=pany called by the President tthereof to De held at the office of said Ca:pe.al at four o'clock !n the afternoon on January 24, 1940. oLe coLDI NEx "jjP-TOP" pAcr aow o, sale everyw6ere

., ~ •... ..-.1+Fr~'.~.. 04343555

NOTICE OF ANNZJAL MEP.'TING OF STOCBHOLDMIS or P. LORILLARD COMPANY To rac sroanoa.oEts or P. Lor.aiwan Coxrwrv: Ncria in beseby gi.m thrt the Aamut Mecting of the StaciLholdcm of P. LORILLAAD COA1pANY, 14 Jmey carpacuioq will be beid at tbe prinapal offha of the corponaoR xaaa $03. f s FsLaage Phq J®: Dt ), at ae.m oclock m the forcnooo oc the 12th day of Much. f9ao. (1) foc the esemoo of tmu,, - 3ue¢m to 6o{d oflicc and7 the oai following tnnruI meeting of rtodcboldm or aatil tbcr auansoo ue ,k. md qrafi&d; and (2) tbe traasamon of sucfi orbcr buainns as may PfDPerlf mme before said moeting amy qP, owt or adjoorammta diaeof ~ ff- (3ce othc sidc fot Proy Sts~)

.~ ~ . _ ,~~, . _... . -,.,.--- Td9ar S. Bowling Farl J. Bush John J. Driscoll J. Strother Freeman George H. Hwajel James T. 1Ceel Herbert A. Kent Buford Scott Barry A. Stout George D. 1(hitefield Todd iool ,,InTZS of a Special Yeeting of the Board of Directors of P. Lorillard COUP-W 1 5 y~ p~ssuant to call at the office of the Co.par~y, Yo, u9 iest LDth Street, Nes Iork Citp, oa Aednesday, February 7, 1940, at 4 P.Y. (gdstera Standard Tiae). . The aeeting was called to order by Mr. G. H. Hnsssel, Ececuti.e 9ic.- president of the Compaq7i .ho presided in the absence of the president, r. Todd *oo1, the Secretary of the Coapeip, being present, acted ae such. 1 caatass ahoeed that there were present the following Directors: who constituted a quoras of the Board of Directors. 0 ~ iar of this meatinc. si®ed tn all of the Directors of the Cr,~a._ The Secretary presented to the xeeting the reqzrst for the call thereof signed by more than three Directors of the Co.pan7; the call thereof by 1tr. Humel, as [Yecutire Vice-President; and a copy of the notice which the Secretary stated he had miled or personally deli.ered to each of the Directars of the Ceapamy oh the dqf of the date thareof together with a rai.er of notice of and coasent to the hold- Qs sation of Mr. Stoat, secoaded bf Mr. Ahitefield, these foia pape-ra thus presented bp the SecretarT were ordered to be annened to the aiautes of tha >,eetiag as a part of the saae. On aotioa dnll -de and seconded, the rending of the ainutes of the last i , ~ seating of the Board of Directors .as dispeased with. ~ Mr. Humel stated to the .eeting that since the last meeting of the Board the Company had suffered a great and irrepnrable loss in tae deatC of its President, Hr. Da.id H. Ball, and that this seeting had been called to fLtl the vacancies occa- i sioned by Mr. Bal1's death. " rr. Hissmel stated that it was now in order to fill the .acaac7 on the Board ~ of Directors occaaioaed by the death of ttr• Ball, if the G:rectore so desired. ~ lhereupon, Mr. Fhitefield noaineted Mr. James A. Glascock, Ifanager of the Coa;.any's ~ : plant at Rich.ond Yirgiai.a and a stockholder of the Corpaql, to fill su.ch vacancy, shlch nomination was seconded by Mr. Bowling. There being nu other noaination, 1tr. i Glascock was „r•r+t.K+,Rly elected a Director of the Company to fiLl the .acane7 in the Board created by the death of Mr. Ball• -8 Mr. Humael then stated that it was in order to elect a President to soceeed Mr. Ball in that office if the Board desired so to do at this tiae. lbere- ~ 2POn, hEr. Bash noainated Mr. George H. H=mel to be the President of tne CoaFeryY, ; ; *t"rh noaination was seconded by Mr. Driscoll. Mr. Hu>orl ther.apoa retired from i the aeeting and Mr. }phitefield, Vice-Presideat, took the There being no other notinations made, ug~on motion of Nr• 9owlisg, seo°n°°`~~ fill the t, ~• George vacancy in l H• Hummel eas u+a*+..+usly elected Presideat of the Coapatiy, of Xr. HU=A&l to be the that office occasioned by the death of Yr. Ball, the sal°rJ +A W w LF? ~ i

i F t •- sase he is now receiving. Mr. Wtefield, the Chalrman pQ'v tea<, then appointed Yessre. Driscoll as a coaaittee to notify Hr. Hummel of his election as presideat. XH=nel beiAg notified of his election as President, appeared in responae to 1r notification, took the chair and presided thereafter. It was then brought to tde attention of the .eeting that Mr. gal,l Dad been Cbairman of the F.iecntlve Co®ittee, ao that a vacancy pad been created in that office by the death of Itr. Ball. Thereupon, on notion of gr, th.itafield, seconded bJ Mr. Bush, Mr. G. H. Hummel, President of the Compea7, was unaaiaously elected Chaizmnn of the Executive Committee (1tr. Husmel not votine). The President then stated that it was in order to fill the vacaycy on the Executive Comalttee created by the death of Mr. Hall, if the Dlrector, desired to do so. Thereupon, on m,otion of Xr. Buatt, sa^ruled by Yr. Borllaa ~. J. A. Glascock, the newly elected Director, was tmaniaoualy elected a aes. Der of the Executive Cosaittee. There being no furtber baainess, m notion duly made and seconded, the mseeting adjourned. Secretary

, 3 . e.GlJ"lCl LfG~IG ~1/~l~G~ -1 TOBACCO-CIG RE'TTES-CIGARS F«~ ,~~1 February 5, 1940 !r. G. H. Hvamel, EY.cnti.e 71ce-President F. Lorillard Coapen7 119 Test 40th Street Te Iork City, Y. I. Dear I[r. Htmmel: She death m the 3rd of this aontb of osw President and Director, Xr. Dsvid H. Ba21, in our opinim requires that a special axeting of the Board of Directors of this Coapany be held as soon as reasonablj .a7 be to take appropriate action tpon and in respect of this dietreesing e.ent, elect a successor to Yr. 9n11 as Presi- dent and a' Director of the Coapeny, as well as to transact any and all other business that eay properi, coie before the e.eting. ls Ltecutive Vice-preeident ebo haa heretofore habitw,1y acted as such in the absence of tbe President, iill you not kindly call such a special sieetin; of the Board of Directors? We request that you do so. eu soU's eEr "Zip-TQP" rsCR eow oo sale everywhere I

I ~~! ~GilCC c'C C1lG ~/ll llC,l rl , . ..~..o..... ~ ~ OSACCO-CIGI.RETTES-CIGARS V~ ~~` f C~ i~l~~Eel' w~c .oowcN '~1 ~) YORIllARO- L~ G6-O-ON l~//~~C~ V,l. CIl • 0[NTICT GOO[1 "0 , r.hl'OalT 5,. 1940 t¢. Todd iool, Secretnry P. Lorillard Company 119 fest 40th Street lln Torlc City, I. T. I attach a reqnest signed by more than three of t: r • Directors of the P. Lorillard Compaqy that I, as Executive Tice-Preeident of tbatCcmpatl7i call a special meeting of its Board of Directors for the parpoae of taking appropriate actl~ apon and with respect to the death of o a President and Di.-ec=a., tr. Da.id H. Be•11, on FebruerF 3, 194,0, electing a successor aa hia as President and a(i Director of the CoapenT, and the tra:s.- aetion of any and a11 other busineas that aay properlJ cor Defore the Qeeting. Ptasuant to such requeet I hereby, as Executive T:.cnw- President, ca11 a special meeting of the Board of Directors cUf the P. Lorillard Company, for the said purposes, to be Ge.ld. a=e tee office of that Co.pncy, 119 Rest 40th Street, New Tork an iedneeda7r the 7th day of February, 1940, at four o'cloci +m the afternoon, Faatern Standard Tiae. ill yQu kindly give =a Teqsired notice to all Directcra. Bu aoLDI NEw "ZIP-TOP" PACx low oN $ale everyw6ern

.~.. . '~• TOHACCO-CIGARETTES-CIGARS ~.J!lEa rstrvery 5, 1940 JP?ICE OF SPEGIAL =NG OF BodRA OF Dff,ECMR.9 To the Directors of P. Lorillard Cospex7t Ioa are hereby notified that parmaat to the request in writing of a,ore than three of the Directors of P. Iarillard Co:pany, a special -tiu8 of the Board of Directors of that Coapany has beea da7J called by Itr. G. H. Hisael, its Hcecnti.e Vice-President, to be held at lfednesd+T, the 7th daT of February, 1940, at four o'clock in th after- eth. offict of the Conyaa7i 1119 Ifest 40th Street, Ne. York CitY, oq Mr. DaKd H. Ha11, on Fehruar7 3, 1940, alecting a snccessor to his as tlon tpoc and with respect to the death of oor President and Director, aom. Lastern Staadard Tiae, for the purpose of taking aPProprinte ac- President and a Director of th. Co.pexq, and the tranaaction of arp and all other bnsin.ss that .e, properly cor before the aeetin4. It is earaestly hoped that every seaber of the Board will tTODD 2 00L S.crstary i

. . ~ . - .' . _ . . . . . . .. . ~ ~ . .. ! . .'.v-l WAIPER OF NOTICE OF AND CONSFSi? TO HOLDING SPECIAL KEETING OF THE HOARD OF DIRECiti7PS OF P. IARILLARD COtdP'.!R i1, the smdereigned, being all the Directors of P. Lorillard Compan,F, do hereby .aive notice of and consent to the holding of a special .eettrg of the Board of Directors of said Competq at its office, i119 lest 40th Street, Fei York City, on 1lednesdaF, the 7th day of February, 1940, at i fonr o'clock in the aftarnoon, Eastern Standard Tiae, for the purpos. of takiag approprlate action upon and with r.epect to th. death on February_3, 1940 of Yr. David H. Bnll, th. President and a Director of said Campna7i electing a succesaor to Mr. Bell ae Preeident and a, Direatot of said Coapeuzy, and the trensaetioa of azW and all other busi- n* that sa.F yu•operly cove before said seeting.

~e* ~~I F` e-w1w TOBACCO-CIGARETTES-CIGARS 11-9 ~/ Y-4, TaEavary 5, 1940 lI9ER OF I70!= OF A-D COh'SF]sT TO HOIDIEG SPECIdL 1a=G OF THE 10eP.A GF iZr.~'CIC?5 OF ?. LUIIL:.E.P.D CQ'QA.hT ie, the tmdersignned,, being a11 the Direetors of P. Lorillard Coapaav, do DerebF saiTe noticae of and consent to the holding of a special seeting of the Hosrd of IIi.-,ctors of said Co.parq at its office, +119 West GAtb Street, He. Tork C"-ty, on i.daeaday, the 7th day of FetruarF, 1940, at four o'clock in tlzs afternoon, Eastern .3ta^A•^d Tiaa, for the piapoee of taking appropriatap~action upon and with respect to the death on FeDrparF 3, 1940 oa..° Yr. Ia.id H. Ba11, tb. Presidaat and a Director of said Coapany, elas=tng a successor to yr. Ball as President and P Director of said C3~, and the transaction of sq and all other busi- ness that say gzvp.erlJ co.e before said .eetinQ. ou soU's Wer "Z{P-TOP" PACr p°w ef $ale ereryw6ero I

- -- - - -~ • ~, TOBACCO-CIGARETTES-CIGARS 1.9 lebrsnry 5, 1940 TLIVER OF NG?ICE OF AND CONSF37 TO HOLDING SPECLL YEETI}iG OF THP: DOARp OF DIRr,CTCR.S OF P. IARILLLSD COS(PA.YT r 1e, the undersigned, being a11 the Directors of P. Lorillerd Compaq7i do hereby sai.e notice of and consent to the bolding of a special seeting of the Board of Directors of said Ccmpazp at ite office, J119 Nest 40tb Street, New Iork City, on Xednesdeq, the 7th day of Fehruary, 1940, at foar o'clock in the aSternooa, Eastern Standard Ti.e, for the purpose of taking appropriate action tt{wa and with respect to the death on February 3, 1960 of 1r. Darid H. 8a11, the President and a Director of said Coipary7i electing a succeesor to Yr. Ball as President and a Director of said Coapacy, and the transaction of)kny and all other busi- n.ss that mqy properl,y coa. before said meetLog. ou aou's NEr "ZiP-TQP" rACK aow of $a(e ererrwiero

._ .. - . ... ,.+-... ._' . ~-r.-~ . . . . . ~ •"-~. } Iebruery 28, 1940 2 ? A regular meeting of tne Board of Directors of P. Lorillsrd Company eas held today at the offic• of the Costpa4Y, 119 West 40th Street, Ne. York City. Thare were present l[eears.z G. H. Huasal H. A. Stout G. D. Ifhitefiald L. S. Boeling J. J. Drlscoll J. S. Freesan , J. A. Glascock J. S. Keel H. 1. Kent Todd uool On Dotion dnl,y made and seconded, the reading of the sinutes of the jrerions meeting was dispensed with. Lln motion of Mr. ih•itefield, seconded by Mr. Stout, it was unaaisously AFSULYEDs That a dividend of $1.75 per share on the Preferred Stock of this Company be and it hereby is declared payable April 1, 1940, to stock- holders of record at the close of business liarch 15, 1940. Gn siotion of lfr. Keel, seconded by ILr. Driscoll, it ras tmaniwualy HESOLPSDc That a dividend of 304 per share on the outstanding Coamoq Stock of this Coapan, be and it hereby is declared payable April 1, 1940, to stockholders of record at the close of business uarch 15, 1940. On notion of Mr. Stout, seconded by Mr. Driscoll, it eas Manisously HFSOLYIDt That the Transfer Books of the Registered Seven Per Cent Bonds of this Company shall be closed at three o'olock P.Y. March 15, 1940, for the Fayaent of interest therecn, due April 1, 1940, and shall be reopened at tan o'clock /.Y. April 2, 19GD. Kr. Huasel stated that he deeaed it proper that this Teeting take approprinte action upon and with respect to the great losa suffered by t-he Company In the death on Febrva.ry 3, 1940 of its late President, tlr. Da.id H. Ball. There folloied a discussion in .oich the sesbers cf the BoLrd spoke of Mr. Bel1'e fine qnallties as a man and of the loss suffered by the Co+p<szv in his death. There- vpon, on motion of Mr. Stout, seconded by lCr. Fhitefield, the following resolutlon was Unaniaously adopted: 1" I David Hnlnes Bell, President of P. Lorillard Ccvp.an7. who died on Februisrr 3, 1940, .as born in the year 1869 on a farsi near Baltissore, Yarylnnd. He attended the local public schools and ehen twenty years of age, entered the esn, lq of Harbtag Bros. of Baltimore, Ile.ryland, one of the zany independent to- Lacco establishments of that day, as a salesman and traveled the country ezten- titurie for the business and for the remainder of si.el j.. He showed a natu al a ~ , p r hie 11Se, a period of sora than fifty years, was actively engaged in the.toDacco lnd'try. A short time af ter the old Smerican Tobacco Cospaay .as formed, it business and Yr- Ba11's indurtu7 aa•d abillty rere soon re- aa'+ulr'ed the Marbur W ~ g roeRised by his prorotlon to the position of assistant to the late Percival S. rican Tobacco Coapaqy• In 1911 when thnt coapa4y .es H111 President of the Am ~ , e disintegrated, pursuant to a decree ot the Caited States Supr•e.e Court, ur. Ball becae 71ce-President of P. Lorillard Company and continued in ttat capaci ~~ ~ tmt11 the death of 1kr. 3enjasSn L. Belt, its PI'esident, in Septesber 1937 fI, ~~'. Bali eas elected President of P. Lorillard Cos,~aW' and continued as such ia actl.e charge nf the business of the Cospas~l until his death. f .,

Mr. B.r,t,.as a man of simpTe taates but hia, Lzt~rsats e Te, di+.erse and', nv.erous. He was .erFy fond' of' traveling and.emch istitarsst.d ~ the antiquities and relics of the civilizations of t'rfgone days. One of by . chief, diversions was his four hwndred acre dairy, and frnit fsrs on'Ela ~; Boad,, Patterson, Putms County, New IIork, where he spent sals of his spete ~ tLte refreshQng himself .ith the asso:SLtione of his Xontk-,ft7: runli 1Sfe., was,intensely'patrioti'c, an unostartitious contributor to war reteraa,or,aX., satioas and an anoqFsoas supporter of aaspr charities. &s aa one of the st .hohavehesa Dost' instruaant+tL SnbniTd.ingupthetobscco SndiustrFintty eaumtrF' and his busihess associates .nd' masq friendb sibaesely tes" to tty high integrity, his great sinpiibitF, and his disinterestiad! devotion to tbs hat: interests of' this CoarpaW. Be wi1.1 live ib the sre.as7 af' his assoctaiq and friends. 1s,tha .eatiers of tbis Board, .ho, have been, ss closely asso.•eiated wi'thh.ia forso, sany xears,desire to, reeord, o= desp seoseof Tos& aad to e=tend, our hea.rtf''ellt: sympathy to` the, sorroaias, aes>bera of his fadlr: THERMf38v BE IT SOLVfID, tbiut, this teael I•lhe spread vpa the slmutes of'this reating of the Hoard'of Directors andi a eopT,, snitaDlly engrossed'y, be presented to, his~~ family. Ir. Himrmei ftathes stated'that:the GompanW owsa to the Estate of Ifr. Bsll his salary for the month of FeUnurF and that, Sn addition, in aceordenca..ith a.erF fine custom that had bece.e estahlldwd under such cSrnunstances,,he thought the Company, as a token of Lts sss.es for tbe ioot and!outstanding services lltr:. Ba3l,had rendered, should p,xwaont to his widor ths:sraofF:ifteen 1hotuand: Dollars($1:5r,000). On sotian of Mr. Freesrny seconded by Mr. SoeIliag, it was memis+oml~r . . BLSOL4IDs• That this CoapanT pay to the Estats af frt. Ba1L„ ttiU salary for the .onth of Fet~nuary, 194A and present to the .d!do+s or Itr. 9s.11' Ue eaa of' $15,000,, as recommended by the President, and' tlsat tlys proper Officers of this P,oapaaF be and they are, heretiyr authorised smd', direct.d'' to Carrg out the terms of this resolution. The Secretary paoducedd and rea& to the meeting 's..~e aihntss of 'U* moscutia Coaaittea held on February 14, 1940, swhich, asong atber thiags0 aeceptedl the resignatim of Yr: E. ,T., Bush as Pice-Presideats, Director, seaw ' of" the ffi cuti'.e , Cosnittee; and Comptroller of this i CortpxqTs aad his withdrawal as a candlldateforre-electiom ara director; and also, authaelsed eertaln Ra1' ssnts to bin against his receipt,therefor in fuTllaati'nfaeti,a for aTi'fervic*f rsod'ered by hia to: the Company and, of all ohiiigatiwns cnr Ca.oany un7Y b+ 170dW to hik. The Secretary stated' to the suetiag, that' the, payma+x's thus aotborlsd had lleen4 da4 aads sgrinat Ilr. 81ieh"r receiptinconfociStar vdth said aintitias• 1t.as ~aalaaua3;•on sotioaof Yr., Eowling,secondedlby Mr. l~hit'afieLd, 4343~6"~' ~. RL50LiRIDs That the sinutea of the aeeting of thor Uecutise Coeaittee held oo, February ld'„ 1940 and the action taken at aach ereting 1'n «cepting the resia,aatimn, of Iir. E., I'. gush as 4Sce-Preaidatati Director, "0her of' the Eocecutire~ Ccadttee and Ccrpt;roller of this Car,,aeW,, sffsetiwe TelauarT LC„ 1940, and his withdraaal.as a cendldate for M-tlect.Son as director„aad in .iew of the iong eonnacti' f oa a o Ih . Bush .itls :1~. Ccsp. T. ant5orisin the 8 paFaent:to hia of'the lusq~ a~a,of f15,p00~ia .dditian to ~ vsalarF for t6e.a,onth of'FeWrnarF,, 1960, in full satisf.ctSm Sos a]1' sar~ces ered by h7s to the Company and of sll ohTigations the Ca.pasW tigltt As ~--.,.•..,. .

. under t4 hii against his receipt therefor so statingN ,are, hereby 'appro.redy rai'1- d ead_ coafismed iA aTli respects6.. F081SLA'IiE50LYLDs That the actioai of the Officers of:this co.pespr ia aakiad said paFseats to Iflr. Bush as aforesaid are approved, rati.fiedj , and coa- fLreed in al1 respects.. Zhe Secretary produced!and readd to the reting the aiautes of:thf saetings of the Stecuti.e Cos;tttes held on December 2T, L939'aad 7easae7 3, 1940: .hi'cb, esong other things, authorized increases ia saihries of certain,officers of'the Gospnaj. lhereupon, on motion of Mr. Freasaa, seaosdsd by Itt. thitefioLd'„ (Xasars.Driacol4. acd, Eentnot.otiag)'," it .as IXneaiaouslY HE90L9LD3: That the increas.s ia sal.aries of officers of the 0oep.ny yadb by the £secutier Q~i'ttee at said seetings Eielld Dkceaber 27, 1939: and January 3, 1940„ be and,the saae, herebF arei approved ia .31 respects. . On aoticn du2y .ad'e and' secooded, the s,eetiap ad'jouraed. I .1 3.eretarl

N°rell 12. 14i0 L seetiag of the HasY+d of Directors of' B. LoriLlard Casc,.w sy, L.ld at three o'clock P.Y'- today at Lhe office of the Ct+MPaepc, 119 iest 4ft St'reet, Dcr~ lork Cit7f, it being the sostcoaeenieattimesiace, thellaayl feeting of'the Stoctholders lsald at ele.en o'clock In the f6rsswoo. ,. ~ S3tr aeetiag ~ eas ealled~ t:o ~ oed'er~ b1r~ llfr.~ 6eaegr B. H1X=el ~ aed~[e. Todd iool acted as S.cretat7 of the swetinQ. said !be Secretary lasd l,hsfore tthe Board the aiautes of the /nnonii tlseting',oQ,the Stoclelwldbrs sbo*ing tha electio4 of ttis follbring. Direetorsa Dd[ar S. Eoslin;g, Jobn J. Driscoll °J. Strotfyar Freeaan Jaass A. Glascoclk Frank Hopese.ll , 6eorg+ H. Ha-el Jases•T. Rael[erDert A. [eat 8uford Scott Harr,f 1. Stout Jaqasli'n P. iti+yloa George D.-Rhiltef9eld! Todd iool sbo+.ed The csa.ass the follo.ing Directors tere,presents Ddpt S. Bowling Jbtln J. Dri'scoll J. Strother ireeaea James A. G3ancodt. h!ant Hope.el]l Gwarge H. Huaxiel Jasss T. [asl Herbert A. tent !{arrT A. Stout Ceorge D. EbStsfisld iadd' lool' Rr. Hus+el stated to the .eeti'ng that ellactiaos were !a mrder fa Officers of the Coapeny for the ensuing year and~ asks& lti+. ithitefieldA to 1o" tNe ctrair.lt)~.:Li'teffleld thea stetedthat thr first order of lrusinesW1m2~ allectioa of, President. [r. Eo.ling, then nossinated 1lr. Geor.go S. Hum"I f°'r the office of President of the CaspnpW.. 1[r. Stout ecoed'ed the s,otion tadia vote being takmw [r. Ctorge a. &msael sas elected PresIldeat,, all Totina 18 favor except flr.. Huaeel, sho did,not .otr. Hr. Hsanel then took bis'seat v Cluaisa.a, oftl+e seatiag. ~ On s,otioa Of Mr. lkroemsn,, seconded bJ 2r. [eel, Mr. 6sorSe' RU ns.iteff2s]td' sas elected a Yfice-P'resident, all voting in favor thereof eseept [e,. thit.fielld, sho~ did not .ote.. *. Hvael1 suggested that Ur. 1Phitefi'eld be deaippated! Ersa+ti"1il¢e-Ptesident to act inttle absenceor, d!isaDility of the Presi'd.nt and' thenupon, on action Of ltr. Stogt. Vs.cooded, bj Ita. Borllla[f, it sas / HYSOLFIDz .'!hat 11r. George D. ihStefield, a?ic.-president o[ 0' Co.paax, Da desigretud isecvti.e Qics dis- p - residbnt and i thtface or a Y + ne asa;~!~ i Y+i'lit7~ Of the presidente 1tr. thitefi'eldi as FxacutiTS 4iee-pawsidaat shsll i'lit7 ~• 1 }' {p.rfora the duti es of ths prSd'' dSr.etm-s-eseats offi¢ei subject to the eoatrol Of tbs Ob aotion of 11r« Mittafield', seeond.d by Mt. Driiscoll, or- Is",

r i eho 21 Stout .as eLectsd!a Yice-President, all .oting in fa.or thereof except MY*. Stout~ did sot vote. On .otiom. of: Mr., Stout„ secood'edi Yr Mr. Ilhitefie2H, Hr. Edgar S. ~euag,.as elected a Y1ce-President, a1L .otiag,in.faror thereof'e:cep,t Mr. BosTiagr who did not vote. on,s,otio&of' 1fr. Keel, seconded t7 Mr: DciseolY, y=.., Herbert ll., aent w elected a Yice!.Presidbat,, all rotingi in fa+or thereof a:cept, lr, bent, .tio did not Tote. On sotion of' Ilr. 1!bees,en, seconded bjr ttr. Stout, Ib•. Sodd 1looL was elected Secretary, a111 voting in favor thereof, except Mr. iool, who did not vote. She Secsrotasyr sas thereupon d'ulF sworn for the faithful perforsance of his duties as Secretary as folToati eS31I}I 0F HEW TO% ) ) SSs 60IIYR! OF YEW 'Z0R& ). TODD EOOL, SecretarF ot P:, LORILLAFiD ~ GCUO?ANLM being by ne duly ssorn, upon 61s oath dbposes and says that Le aill,feithfully discfiargs the duties of'Secretaryr of'the aforesaid Compan,yto he best af his skill aad ariil.fty. ed) TODD i~0@L QSSLp Sutiecritied and sworn to before me ' of LLis 12th day March, 19406 ($Ed') L. E. Clemens10'CYRZ PUBLIC, r[assau Couaty Ho. 193'C.rtificate filed Y.I.Co. No. 1700Aeg. Bo.-o-D-1];3' Cammission Fd¢pires March 300 19G0.` ., Said' oath .as directed to, be filed rith the Secretasy., Qn .otion, of Mr. 1Dai!tefi'eld~, seconded by Ilr. Bowling, 1tr.H. l. Stout eas elected'.1reasurer, all voting in favor thereof'azeept 1r. Stout, sho did'not .ote« Qb notibn of Mr. Free.an, seconded by yhh. Stout, Ys. L. & CTeseas .as elected 1'ssistant Secretary and'Assistant Treasurer, alIl .otlb6,in favor thereof. Oa mation of Mr. [~ei, seconded by Yr,. Driscoil„ Bz'.. Si~l 3~J! ees' eLected'iUdi'tors all .roting in ~a.or thereof. Oa eotion~ of 1r. hees,w, seconded by IEr., Stout, Ifr., C. 8. Smith sas eLeccte1i an l'ssistent Auditor, alY roting, in faror ttereof. on wtion of Mr. ghitefieLdMseconded by Br., keat, Br. E« C. 8unter as eTected',an lsaistant ludi!tor,,a3l,eoting,in.fa.or, tisereof. Gn sotion of Br. Bosling,, econded by Mr. Keel, !r. j. J. BA1dle7 elected!Coaptroller, a11 voting iU favor t4ereof. Oes motion of Ilt. Stout, secondedb± Mr. Freesan, Kr. F. B. feiats eas elected Cashier.,+~ll voting ia.fa.or thereof.

. 22' stockholdhrs this day of a ne. Boas'd of Directors tbat: he deesadd it aQ.. sisnDla fbr the Eoard to appoint a ney Executive Cadittea. Thereupon, on soti'on of ft:. Stouts sactoaded 1bJ Ilr. miWl.ld. it' sas naanimously, RESOLVfEDt That pursusnt to Article IIlIIi of the Bir-]a.s of t1. gmpany, this Board do' appoint froa a.ong ita mestsars an Executive CrWtt.m consisting of,11 Directors who sha11 exercise the po.ers and duties a.t forth in,said Article IllI. Mr. Hu®aeI aaked' Mr. Rtitefibld ta take the chai2: Thereupos,, on sotion of Yr. li3titefibld, seconded by !tr. Freesan,, Vr. C. S, flu=el, Pn,il dent ofltha CompanJ,, wss-appoi'nted a mesber and Chairmnn of said bcecuti.e Cosmittee, a1L .oting',ia favor thereof'except Itr. Buamel, who did not .oti. Mr. @u¢sall then took his seat as Chairman of thr meeting« mn,aotion ofItt.. 14ee1„ eeconded'b7 Mr. Driscolli,'Mr., 6.D.{'hitefield was appointed a member of said f5¢ecutive Cos,ittee„ all voting in favor thereof except Mr. lihitefiel.d, wbo did not vote. 4h aation of'ttr. &rwling, seconded tbi?.Yi*. t1"eesan, V. H6 N. Stcat sas appointed a member,qf'said Executive Comittee, all voting 1a favor tbereof'except Mr. Stout, who did not .oter On motian of Yr. Driscoll,, seconded by lr. Hopewell, Mr. °::S. Doaing,.as appointed'a member of said Executive Cbas.i'ttee, all,.otiti',ia favor thereof except Yr. Bowliag„ who did not voti. dn notion of Itr,. Stout, secorded' by lfir. 1[ee}.r Mr. J. J. DrircoLl ( sss appointed a member of said Executive Comaittee, a12. .opiha in favor thereof except Itk•. Driscoll, who did' not vote. Cn: sntion of 1lr. Stout, seconded' by Yr. Btr.lllag„ Iti`'. J. S: AYeclo aa appoihted a member of said, Executive Co.mittee, all voting in favor theiroof except Yr. Areenany,:who did not .ote.. Cn .otion of Yr. Keel, seconded bs. Itt•. Whitefieldr !tr« J l. k Glaseock was appointed a semher of said' Executive Cosmittee*,a]ll .otiag',ia favor thereof except Mr. Glascock,, who did not .ote. ee. ror tlferf' .eoexcept Yr. Hopere1l, eho did not vote. ,~, Dn s»tion'of1tr.~ Dorr~g, seconded ~~~~~ not .otlhg)' it as hT' Mr. Rhtitrfirldr (~8sstr+ Qn motion of tfr. lreemany second'ed' !y„Yr.: 1rhi,tafield', Itr. J. T. LeaL aas appointed a:emher of said Psecvtise Coimittee* all,Totiug in fasoc tberoof except Mr. EeaL, who did not .otr. ' dn motion of Ifr. Driscoll, secand.d , by rr. Stout, Kr. H.1. Eent ws appainted a meaber of said Executive Cos`i'Rbar, a11,.otin,g,in favor thereof except Mr. bant,, who did' not .ote. . Qi motion of Mr. Stout, seconded bir Mr. deel, UY. Todd 11001 ws app'o~ted a asaber of said Executive Coaaittee ~ ~pt ~• ;ooT1, who did not'.ota. ~~ voting in favor thareof 4n motion of lk+. Dri'scoll, s,aonded by Mr. tent, Mr. fYanlt' Hope.ell waa appointed a member of said neectttine Cosaitt all roti'ng fa 2230L4IIJti That the sa3arf of Mr« 6. H. Hmmie]h Presidrat of, *0 ~ 1~

. STATE oF' 1PE1f ToRt ) )I ssr WUHIT OF HW ZoB& ) ..- 'L'ODD WOOL,, Sacretary of' P. LOAiLLdRD! aGlliPAltZ„ baiagg bfseduTy s.osn.,uponU& oatJh, d.posesand'sqys that Ne~.i1l tsiihfull, dSscharga the duLies of'Secretsry-of the aforesaid Co.pana to the best of Lis akiJ:Y and ahiLity. Subscribed a.ad a.ora to beforr .s thl!s 12th day of Ilasch,, 19401. wrlas nrEUC v....G c...47 •.. 193 . Crttie.celiW .0i.8«.NuI:a. aeC. N.: o-rrullf 1 C~auri.r fv*~~ trwdl 71I. IIYW P

2'3' ConparyT, he and ' the ssas hereby is ri=edi at the rate of 9401,000 ~ per ennua, effective IfArcm, 12, 1940o oa .otion of Mr. Stout, seoonded, by Ilr. Glaacocid,,, (Mr. WhU~efAelid_. . sat .oting)y it was RES DLVfot That the salary of Mr. G. D. Sbitefield, Executive V'i'ce• president of the tlospany,, be and the saae hereby is fixed at the rate: of l25,0"'0 per annus„ effectice4's,rch 12, 1940. 'Gn .otion of Mr. Dhiitef ield, seconded by Ilr. Lreeman, (Mr. Bowling sot •oting)! it sss RTSOLPED: That the sal,nry of Ifi•. H, S'., Bowling, Vice-President of' the Cwpaqf, Le,and the aams Lereby is fixed at the rate of L25.OC/0 per annus, affecti.e March 112,, 1940.~ Cki notion of Mr. Reei', seconded by 1Yt. R4iitefield, (1k+. Stout not . wroting) it was R&SOLYEDe That the salary of Yr. S., A'. Stout, Yiee-President and Treasurer of the Compaqy„ be and the saae hereby is fixed at the rate of U2,0000 per anma, effective llareh 12, 19404 it was On sotion of, Mr. Driscoll,, seconded by Mr. Stout, (jYr. Kent not .oting). H£St7LYZDt That the salary of Mr. H6 A. 5ent„ Vice-President of the Gaup-Y, be and the, saae hereby is fixed at the rata of $20',OOQ per amm-, effec- tire Yareh.12, 1940. Gw sot7ion of' Mr. llhitefield, secooded' by Yr. Stout, (Yr., goo1' not .oting), it .as REcBLifEDt: That: the sal'ar,f of ![r., Tod'd! Ilool„ Secretary and issistaat C•oimseD of the CoapaqF, be and the saae hereby is fise& at the rate of $19,000, Aer annia, effective liarett 12, 1940. On .otion of Itr. Bo.ling, seconded by Mr. fhitefield, (Mr. Driscoll not Roting) it was BESOL9EDs That the saSarF of Mr. J. J~ Driscoil be and the sane hereb7 is fizedt at the rate of E15,000per ann+n', effectire March 12,, 1940. On wtion of' Mr. Bowling, seconded by rr« Aeat,, (11r. Freesaa not epting) it sas RESOLFbDc That the salary of Mr. J. S. Freeaaa~be and the sase hereby ie fSxed at the rate: of :18y,A00 per anaus.,effectitie Yarch 12, 1940* On .otion of Mr. fhlitefielti„ seconded by lh•. Borliag, ('Yr.,Sope.elL mt voting) it .as ~ f RL,OLPEDi That t~se salary of Mr. Frank,Sope.el7 be and the saae hereby ixed at the rate of $.155„000 per annim, effectih'e 7l&rch 1ur 19L0i~ Qm motion of Mr. Keel, seconded by Mr. go.ling, it was nnsai'souexy RESOLYEDs That th. salary of Yr., IIw'J. &sllle7, c4aPt•r°ller of'thr s , be aad the seae hereby is fised'at the rate of E9,000 per aoau affacti's B e ..l'~ areti 12~ L94C1. ~ .

-_~~..,T_.~ - E ---~ ~'- ~ AESDL9ID3 That the salary of 1[r. Z. H: IIe1sYe, Qanliier, b. ~ E6 ' the saaa tareDgr is SiJud, aL the rate of ,Op0 . per aaaun{ etteetire'K&rft , ]2,, 291;0. On aoRioo duly .ede and seeonded, the s+setine adj!onrmedi

P.Laet[aARo Cowp:~.~ryr US MtsT Fownsnr STaLCs Jczv Yoaa ~,.ru..+R Yarch 27, 19.i0 . fr; lodd'WooL, Secretary P. Lorillard QonpaW U9 g.et 40th Street 1.w lprk Citr'I, N. T. D.ar Sirs $ aecordance with th. authority vested Sn sr by the By-Las of' this Ccrpany., I h.reb7 ca1L a speeLsl s.et'iug of the Bo.rd! of DIrsctors to ti.i held in, thei office of' the CasipniW m,TursdysR April 2, 1940, at four o'c.lock in the afteznoan, for the pzrpcse of,aaendtag;Sectioa 1 of Article I[I of' the $jr-]la*s of tbe Coapaq7 so that regular sretings, of the Directors .qr be heid'at sa.1d office soathit instead of qvart.rlyy, as such day of the siont2lp and at such hour of the dey as thr Board ny detertinr for that purpose, and for the t'ransaetiam of a~W other business in connection *lith t}is for.Qoing .attrr that say be necessary, and you are hereby authorized and directed to saad out notic.a of' this sp,eciial aeeting as required 1q7 th., $f-lais of, the Conpaqf. n TerJ tra1Y YOrst . I I !! ~~~;r I .1u aou-s Nffr "ZIP-TOP" eAu ur a sale eremrwYene 77

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TOS1LC4;0-wiGAII2BM'ES-CIGAR'S, ,~ 6r ~ ifi~.9 f ,- i~e t.~'.:~~~, Yarch 27„ 1940 In the absenee of Mr. 'lodd' 11oo1',, Secrat..ry, you are hereby notiified thaC pursuant to call of' the Presidezt,, a special'' seetling of tke 6oard' of, Directors of this Commpany sriil be held in Its office at four of'clbaii In the afternoon on the 2r.3 day of April, 1940„ for the purpose of aaending Section I of'Lrticle III of the Ey-lsrs of the Company, so that regular caetings of the Directors ...y be held at said,Offiee monthly instead of quarterly„ on such d'ay of the eonth and' at sueh hour of the day as the eoard'.ay determine for that purpoae, and for the transaction of ar.y other tusicess in ccnnec- ticn rlth the foregoing oatter that nay be necessary. Hes pectful Lyr, Lssistant S.ars;ary. I

TO!BACCO-CIGARET'L'ES-'CIGAIR'S 't/ ~~ ,,~-~'i~~ rarCh2-7, 1940 1.s the mdsrsigmsd, all th. Dir.ctozs of P. LoaiII:lardCbspuW,, a Is. Jersey Cbapontl;on, db ri.r.bJ wi.r~ all sLatntorf, and pf-la, rquir..muts as to notice of tt.e and pLcs of a Special fset3ng of tEa Board of Directors of said Cd.pup cal!l.d by the Presid.nt tErr.of to be d.ld , at the offiee of said Co.panW at four o1elmck !a tse•afternoon on April 2, 1940. aau's rsrr'+ZIP-TOP" rA¢K ar es aatb: exerywhere 3 ~. s

~ "COB'ACCO~CIG:1iRETTES'_CIQ'iARS 11-9 Ilej, 1srrh 2T. 1940 tsy the onder.igmedy, all the, Directors of P. Iwril1ard CamPa4f, a le. T.,r..P Corporatlim.,do Lereb7 .ai.e aYl' etatLnLocP and!$lrLao reqnire.wRJai ae to, aotier of ti'ae andIplaaa of, a,Spee3aL [eetiag of tEe Doard, of Direetars of said Cac.paapR calYed by the Preeideatt 1Jureof to be Dei.d at ihe offiee of saidi Go.paaa at foar o'clock yk the afterraoaa oa April 2. 19404 T, ^.'.S ~ .. . . r. au aoWs rEr "Z1P-TQP"FaCK 'rar rr sale e,eem+rbere ,~ R F01- ---.i

..~..a,.... TCYDACCO~ GI'Q',ARETTES-CIQ'uARS ~ ,. &) -.rsh 27,1940 fi,, the timdersiga.dr a11 the Direcbars ot' P. Lortl'Lard Co.paaWy a1.r J.rs.y Corporatioss s.quir...ets as to notillc• a[ the Board of'Directoas tiD.r.of;to be D.id at the do L.reby aYn aU statutory and By-31sv of' tia, and place of' a bp.ciaii lM.kiag of said Co.p.qP call.d by the President offic. of said,Co.pea, at four o'clock ia tlhe aTtsraooa oa lptil 2, 1940. (2k 0 Iu aau+: Ner "ZIP=TOP" PAU ur u"lo erertxw6eee ,

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i ~ 'Z'oSACCO'CIIC'sARSTTSS-C1GARs ~~ Ile r.rea 2"1, 191.0 g., ttie und'.rsiVsed!, al]l the Directors of R. Lor+„a,.d CbaF.qf, aNsr Tassay 6orparatSon„ do ber.bl ai.w a11'.4atntat7 aad, a7T_la.w s.qnire..atls as to'aotico of tiar and:placd of a Spacfal,N..tiot of the Boardof Dttsctors of aaidi Ccmpaay call.d 4y' t6. Prsaid.nt thereof to be hald at the olY4oe of aaid , Qo.pany at four o'¢lock !a t8e afternoon ca,Iprtl 2, y9ZQ. 4 a' I ou saLD•x~ sEV "$IP-y,OF,9 ruet aor s. saUe er erXwbere

T©~HACC©- CIGARETTES-C1Q'sA RS'. ~'.'" iwrch 27, 1940 . ie, the mdbrsien.dr„ a11 tbe, Directon of P. Lorillerd Cc.paaPr - a ies Jersey Coaporatina;, do her+l'rJ wive atl statutory aadi $W-1a* , f.qnir..eats as to notice of tlae and mTace of a Specilal Keet.iag of the &rard of Directors of said Cb.Iniq calLed: by the Presideot' tHereaf' to be ~ Held at the office ot' said (Iosp.ay at four o1eloclt 3a t6e~aftersiooa oa llpril,2, 1940~ oLo sou,sjErr "Z1P'-T0P', • eAce ear .n sate everrweere ~ ~l'C Cl G~fC ?C'i'f~lf1F~

1Wtl 2', 1940 25 ~ J specLl R.eting, of tbr Board of' Dtrectars~ of R. Lorillaad Co. p.W tfi' t L~ 4, th t C ' . o ce o e . o.pa~, 11g Rst L eas,pald'LodaJ a Uth 5treet, re. Lork 61tf, at four o"cl'ock P.Y'. There were paesant i.ases.s:G. H. Hm.el G. D. HhitafieTd H. 11-Stcut E...S. Bo.ling 4., A. lent J. J. Driscoll J: S. Preasa i J. i. [eeh Todd tooll ~ The Secretary read to the sssetiaj,tae ca11 of'the President of the ~' CStpazq of this specile.l sseting a[ tas Board of' Directors, a eopx of the notice Ir 1 ri •---iner as o.llols3- f P ~ sent out to each Director ptu~ss,sact zie¢roto, and'.ai.er of'each of ths Directors of aLl statutOrJ and EJ-1'ai r.qstr~aats as to noti¢e of'tiae and pTace of said ~! speciall s~setl,ng. ~t .. iasre~tpoa,~ cc sottoa d:a.j7 .ad'e,, sacaoded,and mssalaousl~r ad'opted;, E` tLa Secretary os directed to assas: each of'sa1.d papers to the ainutss of'tdis se.ttat. Oa .otioa dal;f ssd" aod ..condYd, the reading; of' the sil~tates of the 1'! pFt.ibus aeeti'ng .as dispens.d d~ , oooded' tpV tr. Rhitefield, aod ®aafiousl~r "' CRt s~otioa of, Mr. Hos~ms s. adopted„ 1t was ~ ~ HLSOLFlID: That S.c'tLaa i of' Article IIT of the $-lis+s of' th. C!s- s ' eSYction 1. Regular reetia~ ad the Directors shall be ha111 at the office of the Directors in the Ci7 cC De, lork aa the llsst sednesdq7 in t6e stont2rs of ?ebzva,rli,, bayy Angmem aad So.e.ber„ at 4100 o'clbck' iia the after- sooa. Social seatings seJ at< ia..ld as deterainsd qf the Diractors, and'aeY be callled by the Presiddat at asp tfse and shall bei callisd bj h!s on: the request of three Directors.`, be and the sase hereib7 is aaeud.i: eo as to re.d as folloess- 'S.ctioa 1. Brgnlar asetYn~ a6 the Directos^s ha1L be Nald at'tBa offioa of the Directors in the Cis~w ad lee Tork os ttei third weda.adar in eacll sianth at 300, o1clock in th. a,."trznooa. Spseiel,..ettags my be hald' aa ©i d'eteraiaed' Y7 the Directors, sssi sw be callad, by the President at anT ~y t3ae and shall be caLled by l:2a oa tbe, request of thsee Dir.ctors.• ~. 0o sotioo duly .ade s+d seconded, the ssetinr; adjloianed. ~ . ~ srcrets47 r i 11

. ~.,.-,. ~ ~ . . , t}' ~ . .. .. i . .~ ~. ..r~'~. J ^N 26 Iork City. April 17:, 1.940 l reguT.ar, s.eeting' of tlie Board of Directors of P. Lerii]srd' Caal paep ass held'tcda7? at the office of't8e Coapaa,Tr 119 West AM Street, y. Sbere were, present ifessrs. t G. 9. Htaael G. D. lfhitefie113 a. A. Stout lt., S., Bowling e. A. Beot i'., J. Qrlacmll l. S. Freerer J. Y. rlaecock' P. Bopr.ell l:T1: See1 Boford Scott ?odd wool pn sction duly sade and secoad.d; the reading of'tbe ainAYaa of ~ the previous meeting was dispensed with. ©n .otion of lic, Stout, seconded by l/r. Bol the fa17o.ing ad- vertlsing azpenditurss were in all respects appro'ed', ratified, end' conf3rmodc Contract dated Tiarch 15, 1940, for a helf page ad.ertiseaent of OLD CAi:D Cigarettes in the IWy, July, Septeaber aad tlbKeaber, 1940 issu.r of the tri-Bm Hulletin, Broolclyn, Y.Z., at a cost of $75 per issw. tzppaditure of 11'1,500lfor a full page ad'rerti~seaent of Cosparqr prod''octs itb• the llsanac to, be issuedibF the Fietail Tobacco Dealers of America Inc. and di'sp1aF space at tlieir an.nual' convention aud' tobacco show to ba held on AlJ 169 17, and 7.8, 1940, at the Hotel PennsTlTani.a, rer TorY City. Lstisate 12" Supplementell of Laanen &!litehell Ihe. dstl April 9:. 1940m covering advertising,of !LIlRIBL Ci'gars in the BaTeighy,, a.C. Morning Yrrs & Qbsarrer, for a period of tan, weeks, at a cost of S.123,16r ?atiaate 1251 of lenaen & Mitchell Inc., dated April 9., 1940, carering, ad+ar' iising of $FEM=lTUT, Tobacco ia the Sporting it.ws, 'fres, wpril 18, to SYpteebsr uh 1940, at a cost of g2,p15.68'. i I; . 1'grssentdxted Ytarc}i28y194Dbet'seen, George B., Patty and Leen.a & KitchelT Iee- en beriaif'of this Coapenyr,,fcr the useon plaFlhg car" of'reprodnatioas of'Y!+t9 girl draziaga, sai'd,cardsd to be offered to the:puhlic in ccinnectios+ with radio+d` Rerti'sing of' qI:DGOLDl Cigarettes, as therein set~ out, lti*:, 8ettrto, r.c.its a raJI~7 af: 2}# tar' eacLi' deck of cardh soldi to the putilio. 2Lel S.cretarF•laid before the .eeting',contraetdrtel 1,, 19100 with F.B. Redington Co., Chicago, IIl«, wheretry said Redington.CompaaFr h+s' 4b agreed to manufacture for this CompsqF oo. Redington Cel.lophane RtaPpini ~I Machine for handling,LC/s packages of OLD GOLD CIGARFLTES .t of t N a a oo =2750 d i : Ucs er terms and cooditi fll, ,,onaux set out in said aontrsct, .hiah -A ' Cj Gn rotion of ttr.. Sowling,, seconded b7 ttr. Free.aay, wrs in all r*^ ~ speots approved, ratified, aadi conl"iraedL ~ Thereapoo there ensued a generaZ discussion ofthls basiness Of t1w CaspaqF, after which npao Aotilou duly sad., and seconded, the aeet7sg' adSo=v@d` secre+arX . ...~ ~ w ~~

.4 11MY LS, 1940 27 i regaLar sreting of the Board' of Ditectors of,Y. LorilLard, Co.paqW wy b.Utoda,7 at the offic.~ of' thra Go.pnqg, 119' *est 4l7th Street, Iies Tort fCit,T« lhars .ere present Yessrs.r G. H: Humoel G. D« iirhitefiald, E. S'. Bo.ling••. I p II: H. t. fsat I J. J. Dai'scoll J. SL Btaa.ao J. T. [eal' 2od'd fool i J. t., Glascock i 4 mp .otilma d!aiy ss:da am saconded, the reading of the aiantes of th. 1• py.iouo aeeticg .as dispensed rith. ~ Ou swtilmn of Mr. Bowling, seconded bJ ILr. Iree.aa, it .as smanSaoualy r • RE'iOLFEDt That a dirid6ad' of =1.75 per share an the Preferred Stock ~ 1 ( {; .~ of record at the close oflbosia.as Jtm. 15, 1940. 1 ! of this Ces.pas,r be and it har.by is declared pqfahls July 1, 1940 to stocYholders I aa sotion of, Mr. Driscoll, second.d Trf, Yr. Eodliag, it .as unaaiaoaal',y j IIg50LYSDi: That a,dd.idrad of 30R'per share on the outstanding Commoo j,i Stock of this Cospasy D, and it hereby is d'ar,larad' payaLTe July 11, 1940 to stocl¢- 1alAars of'r.ocrd at the close of business Jmsa 15, 1940. Gn antioa of !r. [eat, secoad.d' by lfr. Drisawll, the following adL i rartlsing ezpeoditures .ere in all respects appro.ed, ratifi'ed, aad confirsd:i Ltist. f252 of L.aa.n A Ritrbell Inc. dtt.d Kq 1,1 1940 caeeriag aftarti'siag of ~~ ISIL]a1S Sotoacao •awer the radio for a period of thdrteaa *.eks ISagiaaling Yq 6, 1?ti 19i,0* at a cost of =S7',228.72. F LQa.rsnt dated May 7y 1940 awith Ptrogsama C.ancessiisns Inc.~ for ad*.rtiaing of ~! Q[a 6CU Cigarettes in prograas iasuad and offered for sale in connection with i reseatation and s re ll ' 1~ I p a eld, Qhicagv, I1Liaois, as .a Mnts held at Soldiiers 1^i lll sals of Co.paqW jrodvcts thar" and',i'a other concassioos, for one year bsgfsaiag, ; ' Jva. 19,, 1940, at a cost of $7506 . •on arotleo, dn1J sada and seconded, the .eetiat, adapaao.d,. ,' A-4c _ . . • . .. {{ecretary . . . . ~ . ... . I i .. 61;h - ~ ,i~' ` , _ .. W . . •~ . . _. I _ ... .. 1DA 3 rL a 0

41j 28 Juae 19, 1940: A regulaaoeeting of' the Hoard of' Directors of P. iarill.Zy C4,, paaW was held today at the office of the CoapaaY, 119 est A6Oth Street,Is. Tork There were ps+esent Nessrs.* G. H. Hummel 0'.Dl, IlhitefieidE: S. Ho.iing H. A. Aant J. S. }"reemsa J. 1. GSascock. Buford Scott Todd Wool - 6n sotion duly eade and seeoaded, the readiag, of the siauti_s of' the previous aesting was dispensed with. mn, arotion of Mr. Kent, seconded by Mr. Rhi'tefieTd, it .ay man8aona17 , i I I Q43435817 RLSGLVIDt That the Transfer Books of' the Registered Fire Pnr Cc: Bonds of this Coepeny sha1T, be closed at three o'~clock, P'.Y[. July 15, 1940,, tdr f8e payaent of interest tbareon, due Lugust 1, 191.0, aod! sha11 be reopened .R ten a'~cTocJc u.Y. augvst' 2, 1940. QOn sotioo of 1[r.. Eent„ seconded by Qt.. 1'Y•eeaen, , the folYoring .#. std' canfSrssdi rat2.fiM d vertising ezpendtture was in all respects appro.ed , , ~, ~' Contract dated June 7, 1940 coRer ing advertising of UlfIQDi LEADIIt i`oLeceo is tiuIi..s seetiomofthe 7Yadr Da.i',om Cduri'er;, He.~ York e#tip!„ hos, July 1 tbre'+SDeeeaDer 31, 1940,, at a cost of $8'.33 for each adiertisesent. ~ On motSweofMi+n lreemrn, seeondedby, Mr. IIent,, it .aa ~uasaim0+4 I . BMLVEDw That the Compet~y contribute the ava of, One Hunzr*d Do3lars ($1C10)', to t5e Jersey City, H«J. Chapter of the Aeerican Red R'oss• ~~~ Dn action of Mr. Scott, seconded by 1(r. I~tefield,, it, sea ~ ~ AMLYSDs That the Coapnay contribute the sw of !+Y!o Htimdrsd s. Dollars (Z2(}0)' to the Bichaond;, Ya. Chapter of the 1.eri'can Had Cross. ~ It was brought to the attention of themeeting that Intersul 5srto ~: iraz rat.a on, tobscco prodltcta may be changed' and that such action ><ight ae- j aesaitate changes 1a paclcages andi aeijling, prices of totiacco products asnutsc* 1 i ti~,ed, ~~e ~ap~„ ~~r discussion, oa .otion of llr. Scott, seoonded W' ri. Treeaaa, it was %maniaously ~' SLSt1LYEDs Thait th. Ufficer of th. Caapany ara hereby, sutho- j, pisd te take such action as thef deaa-proper, at any tise to reke ch+n6es'is ~ packages and se111'ng prices of'ttiCacco rodacts ~ . F ssnuPectured't7 this CcrspW, Qs aotion duly .ade aad, eecocdedip thel aeetind,adjourned'. -- ~~ ~~orl'xLr~ Y r' Seasetsrr

4 _ -- There .ers px'assnt Yssrsi G. H. Hummel July 17,, 1940 ' ~9I A rsgnlYr set3ng ofths Hoard of Directozs of' F. Lorillard Co.pany mi tlad', tpday at the offics of the Co%anJrI' 119 Rest 4@U1 Street, 1`s Zork Ci't7 , •fcas rating .as dispeased with. on .ot1m dtrl,7 -dr aad sooodrdy the rsading, of the ainsties of the J. J. Drisco,Ll J, g, h..e.aa r. aQp«.all J: :. cesl~ Daford Scott The lssistaat Secretary Cantraet datsd July 2, 19$0 sith,Harry HL Stevens Ilsc.,, 1e. Tork CYtx, for aairer- ;; tiYLng of OLD: GOLD Cigarettes diaSng, ttu1 190 : ssasou !a p4ograas for football gaass : ~ therein set out, at a cost of =3,914.80. 6ontract: dated Jtm.: 26, 19LO'.ifh Football Fntiliclations„ Ie. Tork City, for ad*sr- ;., tlltiagof OLDf.0t'.DCigar.ttesdQrlag', ths194P: s.asan11n, fawgraas for foottii gaaes ~ aVasditnrss were ia all rsspsots apgroovd, rattfisd6, and oanfir..dg, Coatract detad,Jms, 6, 1940!*itb DoM Speaeer, !.* Zark CitJ, for,adRertising of' el' 00 COLD Cigarettes during ths 1940: 'seascn in pxograas for football gsass therein set out, at'a cost of $6,905.160'. I~ On,inoiian of ltr. Kent, s.cond.d hy Hr. teel; the folloRtmg,ad.ertisliag ;l . • ~ Costract dat.d' Jnljr 2,, 1940 .it8, Havy Athletic JssociatLoe, O.S. da+al lcsdeaqr, lm+apolis, 11d., for adsrtising of OLD GOLD Cigarettes during the,19l.0 season in progr.as for football gas»s ther.ia, set out, at a cost of 11'50i ~ therein set out, at a cost of $565. p; Contract d'ated July 2, 194D1rit!! 7a3s IInS.ersitl 1'thlatlc lssn.,, !.. Ha.eo, Com., 1 of OIni Ci Cigar.tt.s daring the Il9<L9' seasoa in' Farogr+as' for foot- far dr a tisi g er n ~ lall gaaas therein s.t oat, at a eost of $2G9-90. ~I. Costract dated July 2, 1W ' for' advertising of CcspaaJ'{rodncts in Tbs Hetafl'Cllerks' : IaternatiooaL L3.ocatr as therein s.t out, at a oost of $100- j~ IstLsate f26L of Iweasn , & Hlitohall TJac. dated JaI7 ' 2# 1,940! . for radio advertising of ; sIPPLE Tobacco over Statfoa,HQ., 1.. Orl.aas,,L.i faoa July 16 through Oatobar,12,, L; 19409, at a cosi of $1,523-49. `~ Ltt'aate 1262 of Iwedaa, & . ritcllall' Laci dated'. July 3, 1,940 ' for' advertising of Coa- ! DR°W Fsodvcts !n, the, iedlmtioa Iss' f=+cr July 19 to Dscea6.r 2I, 1940,1 at a cost of 1TJ8.90. ZsUm&tG f31 of Louis tra. Ino. dated July 9, 19K'L)„ fmr advertising of C1LD GOLD an d' t ingus Juj ' daring y ut t C' , j ,, o karates in foreign Lagnsg• ns.sAapars tbar•11a se r. s'ptaiiii 1940, at a cost of y8,326.62. Cn aotion duly .ads and' a.ecod'.i the s»eting ad: joua+osd. ,~-. .. Lssistaat Secretary V

r:. . August21r19l,,0 rre8ularmeetin~g of th., Board of, Dilrectors Of' P. LarT.I,Luy' ;s, pany .as held todqy at the office of the CastpanJy Tl9 fMst 10!th Street,,ie, iork City. m.r. .ere present Yssrs.t O. 8: Huss.l G. D. Xhitefield s. S.. Bosling 8. l., Gnt J.« J. Driscoll . J. S. lreeasa . J. A. Glascor.lt Je T. [.el Bnford Scott Todd Wool Q1t .otiian duly sds and, seconded, the reading , of ttus uiaats d' the previous i.etiag ', *as d.ispeosed .rith. On .otion of Mr. xhitefiald, secoad.d by ltr: Boilla3a It ss „ 17L50LaEDa Ttiat, a dividend of $Y•7S' per share on the Psefarr.d Stock of this Cosppsnt be andd it hereby is decirr.d p.yablr October 1, 19IJ to, stocrholdtrs of record' at the cDose of bunieess Septembsr ]l6y 19/.0- r On sotico of Yr. Driscoll, seooadYd tqr lllk. gea]!s It ws InamisouslY f~50LQIDii That a di.ideadi of' 3f3/ per sharr on the outstaad.aL fJasrm Stock of this Coapany be and it hereby is dRClar.d psyahl,.1 Octobler ]., b l~ , - 19ip ta stockholders of record at th. close of busiaess t3eptsb.r l en sotion of Mr. firee.an, seconded by Yr. Dri'sao31p it as waaLous],~r . BiSUiUAs That the Transfer Books of the H.gistar.d', Fi.ro Per C.ot doads of thic Ccapaoy shall be closed at three olbl'ock P.M. Septsu.ba' 22,# Y94U, for the peTaeat.of'interest thereon, dn. October 1, 19LOm,,asld shall b reopen.d,at taso"al.ock Y.r.October'Z,, 194p6.The Presideat called to the att.ntioei of the a..tina, the 1tu"" Z4vst suit brongtlt bw the paited Stetes in the District Cowt of' the Ooiwd &tstas for the Pastera District of iantuclq7 sgalnst various tobaaeeo eoapr5*'1" Including shis ¢aspaaqand its sutkidisry M& osrteiih of th.offieersof Oclo Obapaep, the Saforaiation ha.riag Wen filed in said Cowt m Ju1,T '7.t. 190 es' ttian..ons, tlaTlna°, tleens.:rned on this CoapeaJoo Jttla' 2% 194'D',aad ataad that this CaNPaaW, its enbsidhrx and'! officers ar. not guilty of the ab+rpo sisdelthat in hi's opinion autliority stlould be given ta talhe all st.ps necoeo'4 properl; to dkf.nd the actian. 8e farther' stated that ia oe+dsr' that' ttr.r* sitZs= be sA' deisT in the pr.peratim, of the I d.fensr the las firs of Cvms~70 & Steai'sxof' UahihKt;my, D. C. h'ad 6eeare tainad., Therevpon, aft+r disoaika apod ssoti'on, of 1tir. Drisooll, seconded toy H'r.. Reel, it .as mestlao~ssl7 '2SOLV01 That socE ret.ntion of'the lar fimof Ctismalods'~ Bi'aalefof. iasltingtoo„ Di~ C.i'a harel7 approred,, ratified, ancL' oonfi'assd' 1a al,lreap.cts andtEla O -I p~rer fficers of this Cuapaqy are hereby aatAoris.~ aad dl t d ' r.c e to r.tainddi til aona counsel' if' dee.rd ad+ir1sabLe„ to 3haisr 40' o+eses and Lo db Tl' , a tbingst th~ thae7 ." be adrised or dis.a nao.s+atT' mo+d' the said 1'ntf-=rwt actibn..

* 1. 1 I 4 , I ~ 31 I _....-, ' oa notioa of Mr. L'eat, s.coaied'lb,f,lEr. Drtiscoil, the fallbTiag adter- 11 C,~ tising pnditurer frsrs !a, a11 rerpwts appro.redy ratifiedy and ccnfirsad= : i Costract dated ltsgust: l, 191;0! *ith , i[s.y lthletic lssoclatioa„ Annapolis, id. for s 4wrtr page OLD GOLD Cigarette adTertiseseat in the: 1940, Assur-ga.r footEiall ww prograa, at a cort of $150. Qoatnct dat.d lagust' 9, 1940, for a Lalf page ad.ertiseaeat of' CoapnzW products is tbs Latior IDisy 19l:0', edition of the irade Onion Courier, Yer Iork City, at a cost of' $1506. =stlaates of, L.eaasa lo Mitchell Ltc* as fo171oras /263 dated July 16, 1940, co*eriat nagssine advertising of BRIG6.S Pipe 1[iztm+e dwSng; October, lbresber amd' Deee.tier, 119Z0y, at a cost of SS3'y94-.98. /26fidated August Si, 1940, ccovering spot hroadcastr of racing and other port ssss orer SStatloa MW, S.. Zorit Citbc, sponsoredi bf OLD GOLD Cigarettes, Cor a period;of thirteen *aets bsgi.naiag August 12, 1940, at a cost of 624',310. i2f11 dated August 6, 1940:, to.eriag fi.e adtertiseaents of OT31I C04D Cigarettes ia the Ocean Press, a pahllcatioo,of the U.S. Liner Aaerica, at a cost of $96.63. 176$ dated August 9, 19C0, eo.eriag ad.rertlLsing of OLD GOLD Cigarettes 1n the fasaen $arereiga, -puBl:imtion of Princeton University, fro. Septeaber 1,1 1940 to rs,I 31. , 1941. 'at a oost of $1.01.52., an .otlloa diay .ade and secooded, the saret'iag ad!jaurued' to ret ondV, lugast26+ 191,0,at ttu+ea o'clock P.If. 8ecetarir 4' II. ~ 11 ~!. ~IIII

wiust 26s 1940 . Is-adf'ourmsd siseti',ag of tL. Bosrd of Dir.ctcts of p. tori'].i.ay. Ceaapanpir ws i b.ldi today at the offi¢s of th. Cmpnqfy, 119 fest 40t11 Str.atsl Yo. Zort City,,.t three o'clock P.r« Shsr. .eas1 pr.seat xessrs.: E. S. Bo.lt',agl Todd Roo3l !a qoorsem being, preseot, tLe .eeting adj!oumed to ret R'tidjj. Lftgust 30,, 1940,, at three o'a.IoeY P.M., ' ~-r~ 8ecrs tarT

N I City, at btirroe o ciock P.Y. Shar., rare present llessrs.s R. Hope.elL The Gei'staat Secretarir An ad!joaraed: se.ting, of the Board of Directors of P. Lo ~ri~la*d ' 6o.•r Fany,.as hel'd' today at the office of the~Co.pao,, 11;9' *est l,t3th Street, Yis* Y'ork I Hti qnorsv, being preseat, tJre .e.tiag adjourned' to seet Thursday, SeptesCer 5, 1940, at three o11cYock RJ[.1 Assistant Secretarl .i

Sept+.her Sy 191A /a adjburoed! aeeting, oDth.Haard of Dir.ectars ot p. LoriTI.m Cciaprny .as held ' todhy at the offica ot' the C=pup,,, U9 gest (,Oth 8te+s.~ tov TorkCiV,, at three m"clock P.If. lhare were presaat Ysssrs.s Frank Hope.ell mr4siistanxSicr.tas-y Ssptaaber 12, 1940, at three o'clock F.ri. nr'~Y~o.. ~.rt~. - - ~ lssistaat S.crstaq Xoquortia tleing, present, the aest.fing; adjoerned~ to aeetThw.*r.

Septeaber 12, 1940, 35, An ad'j'ourned reting of the Sosrd of Ditaatoes of p:« P.oriLYard! Cos_ ~ ws heldi todo at the office, of the Coaptury,, Lli q IIest l,DthStreet, tle. York Gi,qr at three o'clocJc B.ri. Sbere .err present R.esrs.t G. DL llhi'tefTel'd . . The S.cre Gary I' go qoorsa lSeiag preseat, the oeetiag, ad j'ouraed'. . Secretary

J S.pte.bsr 18,.xg4o l iragnliar ssesiag of t]i. Boerd of Directors of P. LorYl7trd Coa." , sas belld tod'sy at the o1LLice of tye Carpanp, 119'rest LDtti Stroots lf.. ~ aitr. , 1bsre i ssra pRwssent S.ssrs. e! G. S. 8tiaosah y + ! C..D. R6it.fTald E. S. Bol 1. 1. [aat' ., l. ]. Ihiscol]l l. T1, ieal P. lopewll - 8uford Scott ` The Lssistsat Secretary Qi sotfioa duii9 nede aad! seeondid, ~ t4e ; roedLng of the ainutss af tb prsrions seetine .as dis{pmaed sitoi Oa s,o!tion oL+"Ar. Lriscoll,, secmded by 1lr. 9osl the follbsSag ad, .reatisiagazpeoditAtr.s .eese ia, a1Trespocts apl ratified, aad, conffsnl I . Cmtrsct dated, Yugwt dT','„ 1940 for a full pags ad of' Co.pl Frvducts 11o the josrnal of the Fifth &~T asnquet of the 11.1. Retaih ToLaeco Council Iec.. la. Iark City, at a cost.aof :5001, Lst. 132, of Louis irea n=, dated A2,,nst 26,1 1940 for an adtertiaement of 0(A'a"a.- 6ig,aretti.s: in• Je.ish ns.aspspers thereya s.t aat, at a cost of 41,822a37. Eit.. #33' of Louis [raa II=. dated lsgnst 25, 1940, for an ad'.artiseseat of 00 0.+'' 6igarattes in Jewish aessrpapers therein s.t ouGt, at a eost of f66.bT.. Qontraet dsted, Sept. 6, Lx4L0 rith Sportsesnri.eo Toc., Enfrfalo„ FrT. eoTerint',sd= .ertiaiag of OLD: GOLD Ciqssrettes ia Hoctex Rerie.s, therein s.t out, for cae fwr lbsginaing 1To.eaber 1,. I9dLQ„ at a eost of t2,LC0. Contract dated Sept. 6, M1L:0with Spartsar.ica Lno., co+.ert.ng, ad'vertisiag of OLD GOLD Cigarettes in t~a Chicago Stadin. Review for oae year starting icroaw ' Contract dht.d Sept. 6. WALD with Ya`.Looal Assn. or Tobaeco Di~atritiotcrs Ia+c• for a preferred Ilocation eshitnLt at the f.A.T.D. Con.eattom tfl be held' at the PsYW flaase„ Chiaago, oa J'amuAM .YS, tio, 18, „ 1941, and'a, fuLT pag a& litiehs, CoeeentSas 6uidis„ at a cost of S2,5{" Contract d'ated Septe.tier 12„ 1940 with Eart7r 1. Sterens $c., for a page adm` tlsueat of OLD GOLD C.ieaaattes ia t:e official progrea of, the forld's Seri'es 1940 Baseball Gss.s if pieeosd at the Taakae Stadina, 10. lorlt CiV, at a cost of :125. Lstiaatas ot, Lennen l a.Ltlzcaell Inc. as follosti 04343595 /2T,G dated Sept., 3',,, 1940 ffiac t'sree fiftsea a1n..t,e sports lavad'oasts each ~ek over Statioa Afdi, Chiea._•~. 7111noLs„ sponsor.rl by 0i',D GOID Ci'garettes, for s period,of thirteea,.eeks beginraing,0etoyer 2, 19{,CI„ .t a tost of' S13w~3!•~• i27s' datied Sept. 4, 19GII 'M= partlci;atioa in a, f3.ft.ea =inute news brosdnst daixr escept Sundays o.er. =%dio staticns therei'n set out, sponsored bJl' Q~' W Ciga.rettes, for a period' m1` ihir•~~ of l20,912.fi7. eee~ Es~onSng Oatobsr 1, 19f.0y at a' OQot ' ~! SfYAA ., IIOY Ciparettos, Lor a iP '27fi dated SepteaDer 4, MWO for tso .r .tationa that.ih set ftfteen aiatits radto ticroadGasts aach ~, a,att sponsord 1od a ' '

37' ,f yirt.dn .eales beginning , O+atober 1, 1949 at a cost of $25,880.1L. fM dated' Septeaaar 4, 1940 covering; radia ad'.ertisi'ng of RIPPLE Smoting 7obneoo ' , Birainghaats Ah., for a period of t6lrteea.e.ks begi;m]iae over Stntlon *SGd 5.pt,..ber 3©s 1R40,at a coat of, $8(9:,44. Oa aotfoa da]y a..de and s.eond.d, the neetYng adjonrned: to mst 15usday. Septe.ber 2G, 19<O# at three o1elock P«Y. .

to qmrot bsiag,pr.s.at, the s..tSag aQjonaved to mat isduesd.r, Sapt.absr,2s„ 1VQ, at.oas o4allock P.M.. w 38 a.pteaar 24, 1941) . ad'jonrned' nsetfing of the Board' ot' Diraetors or P. torinylti PBapsaw me bad today at' tYis office of the CospWy 219 gut «tti Stt,.t t.. Lort Ctt,t, at thr.e o'clock R.Y. " lh.rr me pres.nt rr. Zodd Wool.

, *,. - Hapt..tfer 25, 1940 3,9' - An adjonra.d meeting of tb. Bhardd of Directors of P. Lorillard F6... ~~y h.yd todqP at tha office of the Ca.pasqy 119'iest,q0ih Street, ss Zorlt. GiL7, at °OaI o'clock P.Yo ibera were pss.nt r.ssrs~,s G. H. Hm.al! G. 06 Hhitafield a6 A. Qent J. J. Drisoo]l Ji. S. l'r....s T. Hopa.el1 Zbdd Wool T I' Ga .otion duly siade and seoood.d, tlfe rsadtag ,of tb.: minutes of the pre.ious sr.tiag was dispensed *lit6. . BtSOLPLD' FQffiifR': That the agreement d'ated S.ptsber 25,, 1940 bbetween , ' la.are Corporstiony whereby saiLd, a De oratLoa this Company and Lensta Pa er Ccr ~, . ,, p p Zansta Papsr C40iporation agssa to : se11 tar : this Go.pOW ciVLretta p,aper oyon the .hich' agr.a.ant ss pandUc.d: aad' read tso tiems aod edaditibns therein set forthy , this meeting, is hereby ratified, coafiraed, aad appro.d, in all rsspectsy sad 8P5dLYED PHHM=r, mat the proper Officers of this Cosrpasey are~ hereby' ~ anfhoritsd' and' directed to .z.cat.~ said. t.o aP.eoents .itl+ the Lcusti Prpsr Cor- pozatiao, and to do aip and' all thinQs that, sp bs necassarP' or adrisablle to per- ~ fors the taras tEsraof.. ~ ~ I Ga sotilm dn7y r srdi and seconded, the wtios adJ'otao.Q: to s,..t ~ lkidaP,,, September 27„ 1940, at three o11clock P',If. ~ ~ 7b.e President stat.d that in order to s.e~a~e to this, Co.psa, an ad'equats: .; ;. iQpp,~r of cip.rette paper, ia .ias of disturbed' .orld!coaditions, ha,dse.ed, it'ad- ,~ •isahle that this Coapaq7 .aks a loaa to the bcasta Paper Corporatioay, a Delaware Carporation,; of the sues of Fi.e Htmdfr.d Thousand Dollars ('$100;,D0D);,, in order 'that ir said corpontion may a:rand its plaat, upon the taras and coodltions set forth in a; AroPosed' agreement datad Saptesb.a 25, 1940 by and between this Coapaq aadi said, EcustaPaperCbrporztion„ diich agreement .as produced axe& r.ad, to the .eetingil and ~aTso that this Co.pazW make a contract with the Ecnsta Paper Corporation whereby 1, , said corporation agrees to sall to this Coepany citarstta paper,,upoa the tssms,and!1 eooditioas set forth in a proposed' agr.e.ant, dated,Septe.ber 25, 1940, 'Dstir.en.this Cc.pupr and' said Bcosta paper Corporation, vhieh~ agreement saa also prodnced and' I read to ths .o.ting. Thereupon, after discussion, apon,iotima of lr. @sSitafieLd„ OLYED3s.auody d Y~ IItt. ~eestan,~ it ws manirloasly ; OLYED3 That the a~.esrnt' dated S.ptsbar 25, 1940 between this i R3S CosP4ZY and Bcusta Paper Corporation, a Delaware Corporatiion,, providing for a loea 1 bf this Company to said Ecusta Paper, fbrporati'on of' th. nsa of' Rive Htimdrad' Thou- ;, sand Oo1Lat*s (SS00'.0©0)I,, ctpoa' the teras and eoaditi!ona therein set forth, .hi¢h. atreeaeat was prodace,dy: and read to this sr.tSnd, ~ is hereby rati,Giidy oonfir..d, U& appi'ovsd in all rssp.ctsj and • i r

, .• !a. . :l i 40 s.pt..bar 27, 14<0: An adJiomaed s.eCimg' of thr Bb.rd' ot Dirsatoas of P. Lo i ~.as hald today atLthe , office of' the C~,aty_, 119 W'est l,p~, g~ Ts Tarle CiiT,, at W*. a"cYocl¢ P.M., lh.re .u pr.sent Itt. Todd Wnol. 1o, . qnox+s. being pres.ai', tLs~ aaat7lngl ad'jauua.d'. 8.ec.trrl .,..,, l.-:t. I

, October 16, 1940 ' .41 A regular as.tinQ of' ttla : Board of lTirectors of' P. IoriLLrd Covaeq aas ld tod+Y at' the offlca of tli. Co.psa,jr, 119', W.sf 4G!th S!Lr..t, ie. Iork CiV. 'mere su pa'.a.at Mr. Zodd. Tool. 1a qoorum being present, t8, swtta;, ad,joian.dd to sis.t Tbursdays ctober 179 1940„ at 3001 o'clock P.Y. S.eraas7 < r

I I An, ad ouraed swetiag of the Board of'Directora of'P. Lo ' ' ~~ ~ Ueet I,Atb Stree ~ psa~sas ba2d tod at the office of the Caapaq?!, 119 t 6itx, at 3=30 onaToclt P.lls lberwwre Ataseat Stssrsi.z' 6,. 8. Bum.el G. DL lmitefield E. 8: Po.liag, H. •. ICowt J. S. Pree.an J. l. Glascock r., Hope.el]l J. T. aeel Bufor&Scott ?od'd Uool On aot3.oa, duly asde aad' secoaded',, the read'int' of' the niautes of* t* prs.ious seeting .u diapensed wS';th. On wtioa of' ltc. femt,, seconded by Yr. flopenll,, the folTosing && e.rtiaing e.rpenditunea *ere 1b all respects: rati.fi'sd, and confirnd: Lttiaetes of Leanan, deUitche1lL Inc.: asfolTosss /293 dated Octotier 7, 1940, ecovering radio advertising of OLD Gt)LDlCt,;ar.ttn u thereia sat out„ October 9.. 19,L0 throughJannar! 18, 1941, at a cost of 133,8.5:'a MA dated.6ctoter 9, 1940, corering radio adTertisiag of IIY10a IWF.R and' 9!=• TVL, Tobaccos as thereia set out, 3o.eaber. 12, 194,01 througll.llarch 21, 1941, at s cost of =b,8U. . . i'Z95 dhted October 10. 1940 eo.eriaz radie .d+raref.sina nr otA GOLD Ci~&arsttrs ul ttl.raia wt ont, Octobar 22, „ 1940 through January 18,, 1941, at a cost of iWrP°J" Tb* S.cretar,flaid before the aeaLiaZ contract dyted! Oatioter T~1'k7 with 1;r.ricaa Coal Coa~ Iac.,, 9arttord,~ Coaa. for installhtion of a*iaklera tntowatic Bitv:iaous Coal. Burning Stoker at the CoanecticuL Leaf Dept. Of tbie 6bspsqY,, Rihdaor, Coon., at a cost of $'785.,,, mpder tersa aadd conditions ty.rsSa set aat„ ihich On aotlon nf 1[r. Ba*l:lingr, secoadad I'rf' 1tr. La.3, ssa in aL1'' resA'o i d apPro.e , ratifTed, as+d confirssd. r n o asai e tLs o On siotioa of 1tt. Scott, seconded lb Mr. Bhit.field, it ras onanIS°¢'7J ffiSDLYLDr, That thn Co.fr_! O _ lbousaad cont ib t IDolnars(N1,000J, ta the Caramitr F?tmd oftheCiV of Aich.oed, YirgiST.ak 0A'aatSood414 eadeaad' secc+od.d, the, seetingad,you:+n.d.

of this ComFa47fn *ict1 would g r.is. be pqable oa, t4s first buair.aaa: day of There ..ry present H.ssrs.: 0. .H. Hu_a]l E. S. , Bowling H. 1'. [sot J. J. DriscoiL J. 3. Zftteaa J. A. Glascock. T. Hopa..ll J. S.:Leall Todd iooL 1' Ho.emnar 20, 190 4 3 1 regular retikg of the Board of' Directors of P. ?ArilLrd, Caspay, y.M; tow;w, at the office of the Co.parOrs 119 xsst 40th Street, iar 2arib CiV. Ga sotim duly sade ani secood'ad, the reading of tha s.iantsa of tbe f,re- Rious asetixce was dispeased' with. Oa .ot3oo of Yr. Ho.ling, seconded LP I(r. Driiscoll, it aa: mastisoualy ,'. RLSOLYEDe Zhat: th. ~ dividaad of =1.75', per' share m the Preferrad' Stock 51 , qu e so c o!!er 31 _1940 for ad.erti fesaiaoall Hoc1.l. HoziaB, Champioa- 1 i th ' lenuarp,i 1941, bbe aad tlie sase erehX, by way of aatieipatimy daclarad' aod sad. ; pyrahle on Dece.ber 20, Il97.py stflclholders of record' at tE. •clbai i ocf, lSusiaess m ~: D.essbar 6. : 190. ~ ~• year 1940 of 300 par rQRMCR HFSOLVID: That a fiaal dl.ideod for the +hare On tta: outstaadiag Cc+roa Stock of' this CoRpaoT be aad t4e wa i's Lareiy deo2aasd ani'sade payable m December 20, 1940,1 to stodeBolders of'iecosd at tl1. dosa of Ibusinass m Dacsti.r 6, , 1940:. ~. ,1 ?08ZM R1SOLiRIDs . That' t3'sa propar Officers of the Cdapaat be aad' they hn7are autLorissd and directed to deliver, m or before the 19th d'q' of I~ i D.esaber, 1940, tbe aaarmt required to a+ake payaeat of the alSo.e di.ideodY„ to wit, fhe sua of 1733'.187.27R to.T3. Ber Iork Trust Company, 100 Sroadwp!, Hew York City, H•I., e3sich said aus: in this aaanar is hereby ilrrevxahly set aaide for and allocated to tbe pqaot of said di.idrads aad ahall be used by said, Trwst: Cospan,r for tma pq- f; ' smt, of' said di-idaadk in accordance sitil tha tsraa of tiis BesalatLm.. !MVMH HESOLYPDx 9het the aforesaid di.idYoda and taalr of tba.,, Ee chare9d against wareot earnings of the Coapaatx for the year 19G0,, out of amd with respect to .biCp thqn are int.odid to be daelared and paid. On notim, of 1lr.. Drisooll, seooad'di by 1[r« Q.el, the follosln8 sdFer- tirin; sxpenditums were ia a1L respects apirored', ratifisd'y aad'ooaf3sa.dt . i are P.ardaa Corporatto.,, t.. Zork Cibi Cmtract dst u S d O lladll t s a Fro as, of, 0IA COLD Cigarattaa ia IMN Figbts aad Bicycle HaeiaB, Proqrasa,, coTarias e.rsta hald at Madison aqvarr C.rdm and Yadisoa Cnrdaa Bo.h, du;iaa thr period Noesber l, 1940 to Oatwtiar 31, 19<1i, at a cost, of' $750. l.tirata /•3loq vf Lenaen & ritcha.ll Ine., datadHoertier Ll, 19G0, coreri'nQ radio ad~ vp'"t'lsfng of SUSiTIOM Cigar.ttas over Statioa:s4T, 8cheaactacy. .E., for a pariod, af Udrem ws1u; from November 12, 19/.0,1 at a cost of $b,0o3.78. C"tract drtad November 15, 197.0 .it1~, Central 4adis A LaLor Comci;l,, 1a. York Cit;f,, tor a y~if ' tha ChriLtrs 19i0 iks~ of tLe past~: OLD GOLp Ci~s.ttr ad*ertisas.nt in labor Chroaicl;a,, at a coat of $250. ~ Coatraet d.tad lanrb.r 15, 1940 .with CMafsal L+bor' IIoim of Hndsm CcraniW, aersey . I

CiY,n,,, LJ.~, for a page ad.ertis..eat of' Coapaqq prodlicts la tbe Bndaoa ~~ T+darati'ootat, at a cost of =350. Zbe 3.cretarlr llaid l4efore the retias tLe fa12owi'nQt LQe.aant rith E.I. du Pant d'e 1e.ctas &:Co., Cellophanr Dt.ision, for pw- epase of cellophane during the period Yovesber 1, 1940 to QctoEer 31, 1941 md.r terms and' conditions fuW set ont iherelnii 1Re..ent d'ated' November <, 1940 rith Macllndrees & rairlyes Co.parw,,. 1s. rorfk City, prowi'ding that contract dated W,Y ZO„, 1931 for tLa, purchase by jhU Co•paty of, licoriae paste, shich expires on Decrber 31',, 1941, aball epntlyy !n fnLIl fcece and effect after taidaexpiration date, aabjeat to canc.ll',atlM11f eitber partjy at azW tiae upon tso ysars" sritt.en notice in advancei, eaell of' thi'cJl Qn aotion of'Yr. Treeasn, secoaded'Tr Ir« Driscoll, .aa ia all' respects approved, rafifi.ds„ aad oonfiraed. l On motion d'u4 aade and second.dy the meeting adj©uraed'.. /isC„C , A40'e . llecr.tary

D.ce.ner 18,, 1940 45 1 regnlar m.etinH of the Hoard of Directors of' P. Lorillard Ca.Pna,rr as paQ today at the office cf the Cospaq7, 119 West l,Qth Street, ie. York Cit7. Ts.oe sere prasent Sessr..1G. H. Hv..e! G.. D. WhiitefialJd'. E. l. L.at 7. J. Dtriscoil! J. S. Prsa.ea 7. A. Gl'ascock. T. Hopes.ll 7: T. [e.1 Buford Scott Tod'd' fool On sotion of or. lent, seocodd, by H'r. Htiitefi'rid, it .as meniaonsl'7 HffiOLYLD3 That the Traasfer Books of the Registered Five Per Cent DmdY of' tliss CbapazW eila.Ll be al.osed~ at tlhre.~ o'olwcYP.II.: Jenaarf115, 194],,, fce the pqyseat of'iaterest thereony due Februar7 1, 196'1, and etlall Le reopead at tea o'clock L.l[. LMbruart 3, 1941. iGn .otioa of Mr. liroesa, secccdd by Itr« Hope.ell', it .as manlaanaly lESOLILD: That the Cbopatqr contri'bnte the sua of Five Hmdred Dollars (15M)' to the Dnitsd Hospstal CtapaLp Pmd of Ye. Lork.~ On swtios, of rr. DtLscn71.,, -secood.d! by Hz'. Hope.ell, the foLloriaH ad.er- tlslnH ezpendiR,ures wr. ilo alIl r.spects approred,i ratifidy and conSir.edsl Zailaate /'314 of LQnen, & ritrb.ll Lac., datd Dscesber 5, 194Q, ao+ering; radio d- *estining of rBIdlfDB Tobaceo over 3tatiw Lifl, .l.wark, .J., for a period of t111l-- t'a.a .esks bseLanSns JaaoarT 7„1 1941, at a oDat of 615,~818.40« .3- t+Glbet. /315 of I.emao & ritchell Iac- dated Dea.ilber, 6y„ 19Lr3j, ooser4eH radio eerti'siog, of HBC24rDT Cigar.ttes aver Ststfwo [Ha, Eaffalb+ 3.I., for a period of SAirteen .eelts lbegianiag, DacAsaber 11, 1941'„ at a eost of $6,950.53'. On snti,oa dtsy sad'o and secondd, t!u aaet3aH, adjaara.d to arat Tbursda7, Dec..Ler 26, ll91,0, , at 1'1:15' o'ei'oe3t A.Y. S.eretary i 5 .s .% t -.

r Dicaaber 2$, lgjo. Aa ad'j'ouroed aaet;ing of the Board of Directors of p. yoRillarc Cc.pw .as hald today at' th. office of the GhapaaWy 114 *.at 4pth SterrtM 1.. Zost City,at 11:15 o'cloctl'.1.~ lh.r. ..re prsseat l.ssr.ai 6. D. lait.fi.ld Th. Assistaat Sacr.tatT lo qporva h.ing'pr..eatv the a.etiag adjccarm.d to ao.t T.dh.rdy, Jaauar7 13j, 1941, at 1.105 o'clock A.If. Lssistaat 5.cretaq I

J,nuary iy, i91a 4 a Aa,ad]murned .eet.Lng,od Cbe Board of'Directora of P. Lori;LTnrd Co.- PW , as heid todsy at tLe oPi'ice oL the CoapnzW, ]IT9' 6.sL 4@th Street, Nes!, Fork: k Y' l ' oc .. l. a City, at 71102 o Zt+are were Fasesent Yessrs.s "` - Todd iool io quorus bsiag freseal, the matSng adjbnraed., /ri-C.C,. A110-6 Seeretary,

R a: G C ~ 1,.' ` ~` . _ ...R=-.w.x~..+s~. ._.+..-w . . . _ . - - - - - 'n~ rM (° i 1~ 1 ~ 9 d.aaar7 y 8 t 4 Y regular meeting of the Boerd of Directsrrs of P. Lorillard Coa.y paay was h.ld, today at the office of the Coapanyr. 119 West 4'0th Street,, e. Iark City. There .ere present Yessrs.s 6, H. 8+smni G, D. lYh.itefieLd E. S. Bo.ling H. l. [ent J. J: Driscoll, J. S. A'teeaan J. T« IseIl Todd xool mn motion duly sad* and, seconded!, the reading of tbw mtautes of the previous meetiag.ardispensed~ .ith., 0n aotioa of Mr. Fre saa, seeonded'.by: Ilr: Reel, it sas uaaat,aously SESOLYEDs That ('in lieu of closin; the Stock,Tranaf.r Books) 3 P.1. rdade{t, Pebxniary 10r 1941, be and the same hereby is fized' as a r.eord'date for the deteraimation of the :itockhoTders~.of, the Coapatq eatitled to notice of'anl to vote at the Annual meeting of the Stockholders to be held Yarch ]IT, 1941. Z083M RESOL4ED: That on];I' Stocl¢holders of recard at 3 P'.II« on Tebruary 10, 1941: 'sha11 be entitled to such notice of and to .ote at such Annual Meeting, notwithstanding aRyy transfer of any stock on the books of the. CoupnnY after said record date. On notion of Mr. DriscolIl, seconded by Mr. Borl'1ng, it was appointed'tfl act as lnspectors of'Election for tae election of Directors the Annual Meeting of the StocJabolders of this Coapanl, to be ha7d on BESOLYED. That Messrs. E.C. Huater and A.~ Riefner (neitiiar'of er being,a director nor a candi.date for that office) be and they hereby The Secretar}r stated' to the meeting:that under the reguYationsl R p c J no e an pro~ or the annusl aaeting of the stockholderspZ, ssued, byr the Securities F]echr:naro Coaaissioa a proxy statesent is: required W an - accoa the ti~ d f ~ RESOI:YED9 That the drafts of the notice of' the annual asat.iing On sotion of Mr. Hoslir.gr seconded by Mr. Ireeaan,, it was ua4 WOL4'IDs That as a aatter of eon.enilence the: aomal stat..ent' stockholders ta be held March 11, 1941, proxy aad'.pro~: stateaent (suli- ` ]L1, 1941. thereupon read to the meetiag,drafta of notice of'the annual aeeting of ~ kholders to be held March 11 19~41 ro~ statesent d ro , , p ,.. aa p ]q On wtion of Kt.: Preeaaa, seconded bx, Hr. Dri'scoll~, it .as usl,jr. respects approved and adopted as~the Acts of this Board andi the Secretary bean,preseated aad read to tBis aeeting, be and the saae herebf are 1a tosuch chiiddke angesn, saafts,i'fs.qy, as say bdeesrdiaecessaryr'or sable by coimsel in, order to cosplx with the lnl and! regulations) .hirb~ 4berebf ordMred' ta have the same duly printed and .a,tl'ed to the stockholders A to haee copies thereof'ehw prihted annezed to these ulnutes as a part

809evet0 ) r --= M - ;Ir~, V

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k -4. 1

g,1 br sa3];ed to the stockholders along with thr notice, proxy statesent and! prW u' p='ep&rod ' JA tiae for such aailing. 0o aotion of' Ir. 1Thitefiel!d„ seconded by Hr. Bowling, it .as RlSOLfiEDt That llr. *. J. Ha,Lley he and br hereby is eleated! an isaistant Ttsasurer of thei Compnnq. 'mero sras produced and rwad to the seating ainutes of a meeting;of the EzecutT.e Committee heid,on January 8, 194.1. . Sbrr.rupon,,on,ootion of Hr. Bowling, seconded by fir. Freeman, i't was unanisoualy RF50LNEDe, That the ainutes af t3r s»eting of the Fsecutive Cosaittee of January 8, 1941!„ .5ich have been presented and read to Shib meeting, and!tha sets and things done at said seeting, are tseretry appro.ed, ratified, and con- 'firaed'in all respects and adopted as the acts of'2;3is Board. M

10 41 A' - +.... K~kr~Qwt~'~~ :: Pehcuar,f 19, 1941 l regular aeeting',of the Board of'DS'rectors of'F. Lor1llardifq.:, parp .as held toda,yy at the office of the Coapany, 119 1lest 40th 9treetP , l;4s Iorh City. There rere present' llessrs.: G: D. Wh.i'tsfield Todd R6o1 go quoria being preseat,, the meeting.adjouraed to aeet 'lLeady. arch 4, 1941, at three o+'cSorJr P.Y: Secretarx, ~l

Jp adjourned s+setlsg of the Board of Directors of P. Lorillxrd; CoapeW v h.1J todq7 at the offic. of tb., CospWm, U9 sat 40th Street, gtr Tork City, at thr.a o~block P.Y. ., Ttrrei rir. present llessrs.t Gr. ff. Sia.el C: , D. ftitefia3di 1. S., Horliing a. [. Kant J. J. Driscal.l J. S. lreeaea J. T. 1001 t. flope.el'1 Tbdd 11601 On notioo day stisde aad, s.cond.d',, the reading; of the ainutes of the pe.ri'ous .eetiag , .as dispens.d'.ith. Om .otioo of ar. Trsa.anw s.condbd t7 Mr. Feel, it was maniaoualy Stock of' this Coapeny be, an+l it bereba i,s declared' payable April 1, 1941" to stockbol,dlers of record at the elosa of' but'n:ss March 15, 1941. Gn sation of Mr. Bo.1ing„ seconded by Yr. Drisooll,, it sas maniaously RSSOL9EDt Tbat a diTYdead of 300'psr shaae oa the outstanding Casmoa i =QLVEDx That a d!iwidend' of $1.75 per share an the Preferred Stock of this Coapsny be and it hereby is derclared' payable April 1„ 1941, to stoek- iold.rs of record'at the clos, of business March 15, 1941., PrOftim purposes, mder tesms ancC conditions tber.ia set out. lstimat• 135 of T,mvis Zraa Dnc. dated February 19, 1941 covering OLD: COW~ Cigar- st3:e ad.ertlaing in forei®s 11an,gnage n.spap+rs ther.in sat out, February 24 UT*Q49h Ifq 24, 1941, at a oost of $23,390.95. ZMtisat'r /8Q3ttpple...nt A of J. Dalter ThGftP4- CbKR-7 dated! Rebr~ lA, 1941 Cn aotioa of W. Bosling, s.oond.d bi* 1[r. Ueli, it sas imaniious]J B1BOL91!Dt That the Tiansf.r Hooks of the Registered Se.es Per Cbnt Booda of Ws Co.paip shatL be closed at tsslve o'clock noon March 15, 1941, for tha pa7aent of interest thereon„ du. Apri1',1„ 191.1, and' stlall be reopened at tea O'clock A.M. April 2, 1941. Qn .otroa of 1!'r. Lat, seeonded! trJ Dt. Bowling, the following ad.er- UsIng eveoditnres were inn all respects appro.red!, rstified„ aod confirarda 6ontract dated Tebrasry Tr 1961' with Cole 8rottiars!Cireas covering advertising of mII11GQLD Cfgar.ttas and 88ECH ~ItTt Tobacco in circus Iaograss dwring the 1941 s.a- Mu,, Und'er teras and cosdStioor tberais set out, at a eost ofI $2f10'. Gontract dated l.brs:ary 11, 1941 with TheSporting iOs, St. L'owis, ro., far baser- halll books ttiarein dascribed, to be used in ad.ertising;Coapary productr .nd for ~r1++g two aanounce.anti+ fln isbroaay issues of' t6. Yes York Post of the OLD Gt7LD' ; 1' ~~' Goodras Radio 53or, at a cost of 015.~ ++~ Rstlaate /19' of J. Walter Tsasrpsoa' Ca.pesJc dtl.ed Rebtae<rJ 17, 1941. oorering', n..s- I PaBer adywrtibing, of = G=Qignrettes Sm Chiieago, Bost+my and gs. York Ciit7„ ' 3 1961 at a cost of =1560950.04. t f•bryai7r lg th l 0

a fattaates of benaea & rTitchell Inc. as folLo.st /347 dat.d FebruarT 21, 19L1'coReriag radio ad'.ertiLing od, Q1tIcs' LFADM , 24, UZCH4rUT Tobacco: over Statioa illlla T.nlrtanj~S.D., March 1A th~ugll Joo. •_ _ _ ' 41,1,8i.k7: 19<1, at a cost of f3;bE dhtad Tebruarf'21', 1941 eorering,radio ad..rtising of Q1IIOf LEABD sm SZ=4rUT ToCacoo over Station L9f0, SYIC lrianci'aco. Ca11f., l'pril 1 tbros{/J Jsms 28, 19<l, at a cost of $1',56ll.0y.1 /U9 dated February 21, 1941 eo.ering, radio advertising of UNLa LEiD>rt sad 8ECM'-iP! Tobacco over Station K'L, Los ingales, [G/~~ ~Pbrtlaady, and 1BQ, Spoi<ans, March 5 throngh Jume 3!, 1941, at' a eost of f~4,511,.30~- /3S0 dated BeLamry 24,, 1941 cc+.ring newspaper advertising of' BEECkI4Q! Cigarettes ih Ye. Torii State f, March 3'1 to raT 31, 19<1, at, a gwt of =3Xfi.63 /3S1 dated February 2.t, 1941 , ocovering newspaper advarttaSng. of BLE1rS+iU! Cigarettes in the Strte of'California, Yarch 3 to IWq 319,19,41, at a cost of $8,336.39', #352 d'ated' February 24,,1911 coTering, newspaper advertising of BFECS4iUT Cigarettes Sa tL. Yet ffielaad States, Yarch 3' to lLyr 31, 1941, at'a cost of a9,308.92. #351 dated Isbrvnry, 24 ',1 1941 covering nesspaper~adsertisicg of B>!=-BPt' Cigarettes io,the Stats of Florida, ltarch,3'to Mj 31, 1941' at a cost,of' SSy627:21. #354 dated lebrnarT 24, 1941 ccovering newspaper advertising of SESGS~Uf Cieerettes in ftiladelghia, Pa. and Caaden„ .J., March 3 to llq, 31, 1941', at a cost of $6,],32:29. - #355 dated' Psbcnar} 27. 1941 ccovering radio ad.ertising, of SIINStTIf1r C1pr- attes sn the Paeifie Coast, tpriL 6 thraygh Jtm.e 29, 191.1, at a cost of 122,131.50. On .otioa d'ulT aede asdd seconded, the aeeting adjoazaed'. a.crstarl

Itarch 12„ 19141 5.11 A .eating of the Hoardd of Directors of P. Iprillord Gampaqy .as 8eld'at oras o"clock P.M. today at the offica of the Compas,, 119 11est 4UYh Street Ne, Iork Cityr it being the aost conreaLent tim since the Icaual,Meetiag of the Stock- r boTders held at elenen o elock ia,ttle forenoon. pI 'ihe sieeting us called to order, bjr Mr. George H. Hu®el aad' Mr. Todd gooT acted as Secretary of theiseeting;. ThrSecretary laidd before the Board the a.imut'es, of, thlesail& Annual Yaet- ipg of the, Stockholders sho.lng ttre alection of th. following Directors: Edgar S. Bowling Joha J. Driscoll J. Strotber Freesen Jasrs A. Glascock Hi3lins Ji. Halley ]Ilca.ok Hopewell Gatrgs H* Hisonei Ja.es T. Keel Herbert 1'. Lent Auford' Scott Jaqueliia P. Ta,lor George D'. 1Qiitefield Todd gooli. . ~, . r. Hope=.31 Mr. Htamme1L statedd to the .eetisg; that elections were in order fo ~r Gfficers of,the Co.pany for,the ensuing year and'aaked Mr. RhitefieIld to take the i chair. Kr. Q.itefieLd then statsd'that the first order of' business eas election of:Prssident. Mr. Bowling then ooafssated Nr. George H. Ho•sel for the office of President of'the 6oepaip,. Mr. Yree.an seconded the aotioo and a.ote being taken„ ,, She cameass showed the following Directors were preseats S. S. Howdiag G. H. Htmal' J. J~. Dri'scoll, J. T. Keel J. S. Yreesaa H. A. Kent J. A'. Glascock G.: Dr 1Riitefield Hall~ Todd iool t J r. George H.« Husael .as elected,Presidect, all .oting,ia favor except Ht. Husaal, eha did not vote. Yt. Htammal thest took hit seat 'as Chairsa of ttie seeting, 0n notioa of' Mr. ?reea.a, second'ed by Mr. Hrllbar, Mr. George D. thitefield .as elected: a Y1ca-Presideot, all voting in favor thereof ezcept tr. lhitefiald, ilo did not .ote. 1'. Hmmmel suggested that Mr. II'hitefield~ be d'esigpated La+scutii.e YTce- •resideat to: act i,1n the absence or disability of' the i'residlsvt, and thereupon, 00 aotlwn of' Ye., Bowling, seoonded by Illr. Drixoll, it sas' uaaaiaou..ly' SfSOL9fLDsZhat Mr. George D. *hitefield„ a Yice-President of the CoapwW, be desigRated' FxsL`hti'te Yi'ce•Bresidant aadd in the absence or disabillltj. Of the President, Mr. Rhitefield'as Ezecutl.e Vi'ae-President shall peafora tha d'uties of the Presidiat"s office, subject to the control of'the!dir.ctors. Qt notion of Mr. Driscoll, secoad'ed by Yr. Hope'ellr, Yr. flhrbert A. tent ` did not vote. ~, "s elected a'ice-President, a]1 Toting in faRor thereof except Mr., Bo.llimgr, who On sotimn of Mr. fieel, seconded! by Yf. Ibitafisld, Mr. l9dger S. Bowling t._

0 ws elected' a Viee-Presfdent, all voting in favor thereof exeept llr: Qeat, who did not .otR.. ps notion of ' Ilr. 1lhitef'ie3.d, secondadi b7 lEi+. Eeel, ft:, Todd 1100, ' tas elected a 9ice-Presid+nt, , alli voting in favor thereof .zcept Itc. iool, wtiod'id not.ote., on notion of tir. Do.l'ing,, secondad by Mr. Rhitefieid, Ilr. R. J. Hal'leF' was elected a 4icrPresident, all voting in favor thereof except Itr. gaTley„ who did not vote., On s,o#,ioa of, Yr. Ha1leF, seconded by flr. Qlascoc!¢, Kr. Todd ltool eas el4ncted Secretary, all voting iYn faror tosreof,, esEept Nf. ioc2,.ho did n.ot.ote. 'Aia Secretary ss ttierenpon duly s.orn for th. faithfnl perfor.- aoues of his dtrties as Secretary r as foi2on& 'SS138 OF [ER TOAX . ]'X' Ss'_ CQmTYZ OF BEU IORt ) TODD IML, Secretary of'P. LONTLLIRD1 C01PEll7p betng by ee d'nlj s.oray,, apon hia oath deposes and says that tiha .il]l fait21fu,1?,X dis- oharge tlli duties of SecretarF of' t2r aforesaid Cos•paoW to the best of Lis akill and ability. (3ign.d), TODD 10GL Strbscrib'ed'aad ssorn to before srr this litb dar of' March, 1941. (sgd)' Leslie L.ClernsfOSARY PUSI:1Cr Nassau Coimtr Yo. 245 ' Certificate fild!y..T.Co. xo. 2tG', Hsg. io. 2'-C-2Q1' Ccsmissllon Expires 1{arcb, 30, 194,2' Saido.th .as dixected to b., filedfith, the Secretary. On sntlcn of~ltr.~ [ent„~ second'eii t`+X~ Itr. Dtri'~swil BaU eX, J~ 1Cr: 1f. . , , ; 1ted Treasura , aIll voting in fa.or' thereof' who did escspL 1[r Salisy!R ~t ~~ . , Ah CA oa sntioa of llr. 8a31ey,, secoodsd by !r. RhitafS.ld;, llr. L. a. Xb Clesens .es elected Assiatwnt Secretara and Assistant TreaaWer , a]Il! voting Q,,,~ , . ia favor tAer.of: IM Oo >totioa of' 1[r. Criscoll,, s.cond.d' by irr.« Sallsy, I[r. 'lbo.as L., ).rkibs was aleetedian A'asist.nt Secretary, all voting in favor thereof. as wtion oZ Ilr:, Ha31wiM secondadd byr Itr. Gal, Yr. Sidney [.1J',F sas elected Aodit ll ar a .otiag in LNr , favorerw. ~ IM On .otion of 1lr. Driscoll,, secmdad by Ilr. 1lhitsfiald, Its'- G. H'. 8rith..ar eliected an Asaistant Anditor, all .oting in favor thereof. Qm sntiop of'Mr. Halle7i secooded by 11r. Eeal,, litr., E. C. Huntar a elstted aa assistant Aud•itor, s11 .otiag,io faror,thereof. A On .otl'on of Kr. 6allefy secooded by Mr. Dri'soolL, rr. F. H« 1leiste s electad' Cashier, alIl otine in fe.ror thereof.

4' ~1L? or M SU8[ ~ ~ 33= =a1S OF 1L* TUB[' ) =IUpD' 10oL, Sbcr.CaaP ot" P. IpAnt ram, COPM, E+Sai !o a. dnly s.oma, upon his oath dipos.s andsays t8ath. .d';11 fi~dtbl1iW d+lsthar`e the dQties of S.aaaarP of the atoresaS,d, par+aqP to tlhr bat of his s1d1`L and abilflty. ShAYiCribed and ~ s1olII .. to~ befo!"r ~. s» tsbds Ilth day ' of M'at+chy 1941. ~. t•.,~x:SS ,.3.

55 ".y{YonsiJ p . . , seco a mr n e r J .,lhitetlald, 1t sas Yr. HnuLal stated to the Board that in riew of' the alisetim by the stock2 . i ImI8.rs this daf of' a n.. Soard' of Diaectors;,, tEat' be deasedi it advisable for the i j gO.rd to' appoint a n.. H;scutiRe. Choitte.. u . ' , an siotioa of' - ih eaa m a b m d d' @ Ws goard'do appoint fror asoag its ae.bers m$tacutive Co..l:ttee consistiag of' al+ren (11)'. Direotors who sbaTl ezercise the po.ers and dutiew s.t forth in said RE40LYIIDs That pursinant to lrtiels IIIII of, the,Bf-lla.s oftb. Co.panq f aBpointed' a.aaber of said•lSncutire Cossittee, all sotina in favor thereof a:eept ~ tr. Eei2ey , who did: not eoter, . mob th sotion of' llr. Bowling, seoooded by Mr. WtefieldP'I Mr. Ttrank Hop.ea7.Y y~ "am apfointed' aaeabarof said'Fsecutirr C.ctmmittee, all voting iafa.or t'6arrwf' a:- e*pt Hr.: Hope.ei7, who did not vote. appointed a aaaber of sai'd gacutiTe Co=itte.,,, all voting in fa.or thereof ezcept H:« [ent,, .ho dYd not roti.,. CA sotion of Mr. [eel,'secoadid by Mr. Gilascock, Mr. J'., J. Dri:sooLl .as appointed a ae.b.r of said EzseutiRe Ceim4tt.e, all voting in faror threof except ILr. L'riscoll, sho did not .ot@. Oa .otion of Yt. Thi.tefield, seconded', by [r. HaZLef, Mr. J. S. Ireesan .as,appoihted!a aeaber of'said Esscuti.e Cotsitteep„ all .otSrg in favor thereof a'ept' Mr. Treemen. who, did not vote. Ca notion of Er. IIrilseoLl, seoooded by Itr. PY^eeraa, Mr. J., A. GLscock .as appointed a.eaLer of said'isecuti.r Caminittee,,all voting in favor tYereof except Mr. Gi.ascock,, who did not vote. On aotion of 1lr IIeaL secoed.d" b: Xr: BoeLTng, Mr. i. J. Haile~ .as o Chairaaa of the seetinr. ~ ~ . ~, Qn s~ntimn of'rt. Keel, seconded by Yr. Hope..Tl', l~. G.~ D. Ihlltafiald ws appointed' a asher of said Litcuti.e Cosstiittee, alil,.o3.ing in favor tbereof ' tuept ttr. thitesi.ld, who did not vote. Ou notion of Yr. [eell, seconded by Yr. Htititefieldr, Yt. L. S. EcRZing, .as, appointed!a a.aber of said Hz:ecuti.e Camaittee,, all roting in favor thereof ezcept !r. Bo.li'ng, .ho did not .ote. Ont, aotion of Mr. 8reeaaa,, seconded by mr. Hape.all, 1r:.. H'. i'. Kent as yrtial'e IIIL. J~ f j! r. Hu..eL asked Mr. *hitafield to take the chair. . Thereupon, on wtion ; , af Hr. Freeste.n, seconded by Mr. Bowling, Mr. Gr« B.Husael, President of tY.a Coapnqfr, F, .u appointed a ae.ber and Cbaiman of said' Ezacuti'Re Cwmmittee, all .oting in ;. fa.or tba^eof except Mr. H;,areli, .ho did , not vote. Yr. Htambe7l then: took hlis swt Os aotion of Mr. Ha]lef, seeondad!bx Mr. Criscoll, Mr. J. T. Keel eas aAFolat.d'a sieaber of saSd',Fiscuti.e Cb.aittee, aTl'.otin.j in favor thereof ezcept Or• [eal,, .5o did not vote. ih motion of Mr. Freeman, seaonded by Mr. HslleT, Yr. Zodd' [ool' .as ~ appointed a aeaDer of saild,ELecuti.e Go.dLtee, all voting in, favor thereof azceFt ~ Ir• iool,,, who did not vote. On aotion of ifr.. shitefiad,i seconded by Mr. Bowling, (Mr. E.nt not .+aiting), it was t . *4 Go

9LSOL9LDt That the salasT of 1[r. R. 1. Rent, R1Ce-$resid'eat of I the C*.pnn7r be and the seae hereby is fixed at th+s rate of $25,000 per atupm'effectike Ykrch 11, 1941. 'Oa action of' Mr. Balley, seoood.d Lp? Mr. Leel„ (Yr. Ifool, not satji) it .s BESOLYEDt~ Thatthesa]Isry of IIi. ?oddi i6o1y Yice-Plresideat, Sec.,,. tar~ and'lasistant Cbansel of the Coapaoyo be and!tha sa.e ti.rebl, is fixed at the rate of S20,0CO per anouar, effective Yarch 11. 1+0141'. On swtion of' Yr. Seal, seconded by Ilr. Driacoll, (Ilr. 8ia11eJ not soticg)i it .as STSOL4EDr That the salarP of' 1[r. Wa J.. S'alle7F, ifice-Bresident ard Sfreasnrer of' the CoopnqX,: be' and the sate hereby ia fized at the, rate of 114,000, per anaia,, effacti're March lh,, 1941.. . On, aotiocof ° Mr.Wh,i,tefield~ secorided by Mr. 8opera7l', (Mr: P'riscol1 not Toting)Tt .aa TMOLVPDr That the sa3briq of Mr. J« J. Drisco]Ll' be and the sas harety is fixed'at the~rste of';16,000 per'aaotm,effeeti.e Ytarcb ll, 1941. C1n motion of Mr. &al1eF,secood'ed by Kr. Keel, (lIF. Bopezell not voting) it sss BE50LYLDa That the salary of Mr. rraak 6bp,e.el1 be and the sa.e ber.Ydr, is fized' at the rate of 5.16,0W per ana=,, etfectire YercB 11, 19A.1. (A motion of Yr. =eal, secoodrd by Mr. Hoeliag, it .ae unaaiaauaTJ RTSOL4FDi That the follo.ibg, lncreases in salary, .aeh effectl.e . Zareb 1, 1941, he and the saaa herebY are In all resp.eta app oeed, ratLfied'o aad aoft d soti!aY)' it,as ELSOL4EDc 2hat the salary of' Mr. J., T. Keel be and the sa" ls fixed at tha rate of $17,000I per aaaas, effective rsrcb. 11, 194.1!. ~ t1v, .otilm of~ Mr. Hallq,, sacond.d'~ Crr Yir.~ Bb.line, (Mr. [eel, aot~ S.]ks ltcu L. Cruber Itroa the rat. osf To the rat. of s 1iddTetoen.8zaach !« r« Harpr3ng, [eotec]q Iwaf Dept. 1. H. P.ak O,000 per anair $$95W pap am1S17/i =16,9Cip • I $17,00o e e sY0,000 a e $11,p06 e . Qe ~.ot'im dhiir aads ~ aad secooded,: tha ~~ see t11aQ ~.' dj8uraed~'. ~ Seaeretasy

If..rch 19, 19u 57 A regular s..ting,of'the Board of Directors of'P. Lorillard Co.pew ~ pald toda3-a-t.-tbe-atticrel-ths 4o.gwqL,i 119 *est Lt7th Street, lf.. lark City. There were present ir.sars.s C.H« Haaasl. G.D. HbitafiaTd H.1. [eat *.J« 8w11sT J.J. DriscolL J.S.,Tree.aa !. 8opeeell J.T. [eel 8uford Scott. ToddiWooi The s.i'nutas of the seatiing of the Board of Directors held on March 1L, 19;Lll at 3 P.Y. eere read to the seeting, by the S.cretara and upon satioa duly s.da and seconded, said ainutea and tbe acts and' things done at said:seeting were maaiaousl;r' approved ia all respects. Oc swtlca of'Mr. i+snt, second.d,bf 1fr. Hope.ell, it ens uaaniaously RESOLFID& That the salarT of Mc+. L., E. CleaensM Assistant Secretary and Lsi'stant Treasurer of the Coipanyy, be and thei sase hereby is fixed at the rate of, S9„OOQ 1xr annust, effecti've lrarch 1, 1941. ; © ~. W ~ 1. Q. 0f 11,616.31,. ~' 058 dated, EetruarJr 28' 1941! eovering ne*eFiper ad.ert.ising' of BEECA,2IDT Cigarette fs L r ~ Bu.*fal,o, i.T., for a period of thirteen eeelda startiaB March 10, 19/.1. at a eo. of 92,118.32. . . . dated'y.rch Sh 1941 covering radio advertisSng,of UNICII LLADPR and HELCK-s~DT' 0359 lpril 7 to Ju1J' 5, 19/.1, at a~ cost of =L2,J66.62, lahaccos ar the t out ia QOn .otibn of' ltr. [ent, secooded' by Itrt. Haperell, the fol7o.ing, adter- tisiag,e=penditiu'es were in all respects approved, ratified, and' confirnedx Eatisate /`3fi of Louls Irat. Inc. dated' Yarch 1i2, 1941, ccovering nesapaper adver- tfsiag of HEgCH-HUT, Cigarettes its Huffa1o Polish daily, Yarch 17 to Jime 1.4, 1941, at a cost of $442.07. 2_tirte 14 - Supplesunt IL of' J. R6~1'ter Tho.psoa Coapany dated March 3, 1941, co.ering,radio advertising of OLD'GOLD Clgarettes over Station iCJf, Chicago„ Rtreh 31 ttirough April 12, 1941, at a coat of:f2,105~2C. 6titiaate i20 of J. Walter Tbaapaon~ Company dat;ed, March 3', 1941, coweri'ng, radio ad'- vertLlr.s of QLD' GQLD Cigarettes over various stations in Hee lark City as tbereih set out,, at a cost of i1'8„89'5.85.1 t~tiiate f21' of J'. Walter Tttoipsoa Coapen,T dtted! Yareb 10,, 1941., covering: radio . ad'vertisingofOLDGOLD'Cigarettes ih,Ce3lfornia,, Oregoa, and Oashingtan,iprill 17, thmu+;+ October 9,1 1941, at a cost of' f130,2U8'. tatL.atea of Lennen & Mitchell Inc. as: folloess I3'5i6 dated: Pebrunr7 28, 1941 ecovering newspaper ad.ertising, of BLECH-BM Cigarettes 7n ies Tark City and Ja.a.i'ca, Y.T, and Ne.ark, Y.J., for a period of tan seeks~ st'Lrtike Yarch: 31, 1941, at a cost of S-28,085'.3'5. /3'57' dated' YeLirnf_rI 28, 1941' covering neespaplr adiertising of BEECB-RAT Cigarettes 'A Rochester, Y.T.,,for a period of ten eeeksistarting tlarch 31, 1941, at a cost . , re se . : .. ~ . _...,~.

5'g ed.s7if SF2tS /362 dated ifarch, T0, 1941 covering radi aer ~-Ina oAT~IqY Cis•arettes qver Stati'on IINb7, Ha Sork Cit,7, Hay 19 thswu& August 16, 1941, at a cost of $7,2164.56. /3(i3' datedYarcb 11, 1941 covering radio adwvr^..ising of R1FpLE Tohacco oves Stati~on ST6, San Antonioy andi OGM., tsslLecor, "mcm•, for a, period'of t4ilktieea •eeksw at a cost of'S2„319!•OT: (36y dated March 11, 1941 co.eriog,radio ad'.er*:--Lslt6 of FRIIDfDS Totiaeeo o..r Stat'ion gJR, DetroiC, Uich., April 22' throudt Zula' 190 1941, at a cost of $7.33'1.25 .. ~ ' ' /36'S' date Yarafl TOy 1011 covering ad.ertisit; = SF3CH~-IiIi T Clgarettas in th. d I F il Jo lh h L t l' ~ armss o.. uzna ea ut /lpril and YaF 19l.7: ianes of t .i , at r cost oY /366. dated March 12,, 1941 covering radflo adier^i--sing of RiPPLE ToFiacco over Station EPTtC, , Houston, Ta~aa~ llarch 24 throngk: lm. 20, 1941, at a cost of' $2,252.25.

April 16, 1941 59 J lyQui;ar aeetia8', of the Based' of Directors of P. LorlLl:ard Cospap ws I,U todrJ at t6a~ office of the CAapsAYs 119: last /,Oth Street, Now York City. tbara were prss.ot KSasrs.s 0. N. Hoasl G. D. ffiitefisld X. S. 8o*Tih; 1. A. Leat W. J. BaIIey J. J. Driscoll J. S. [rwaa J. A. Glascoak J. T. Ls1i Todd Joal: On sotim of rt. lhitafield, sacoadLd by rr.BosTing, it was uaaniaou'sV prsTious aaetiag ws disyeosad with. On motiaa duly nadi snd sa+caodad, the reading of the ainutes of the ; HLSOBiLDt That the jmoper Officers of this Coapeny are hereby authorized Sixth Circuit atCiacionati, aB1m. . Lj . foacaeaat of its orders ia ths Qaited Statas Ci;rcuit Cois•t of Appeals for the Doard agAinat this CoipW asd to. µrocsedints tsw83tt by the i Board for the en- Q. eludln6 litigatiom resulting tharefrros breught tpr the Yatioual Labor Relatioos origimting at the CoapanQ"s Yiddlstom, CUo and Louis-y].la„ lQj, pl'ants„ in- this Co^pary from April 5, 1939 to Strch 25M 1941, in connection with labor satters Ry.,, the ua of 917,500 in fhL1 payaeat forlega.l services readtred by said fira to to M to Crawford, KiQdleton* *ilos & Seelbarh, lttornefs at Iar, of I.ouis-i11e, a- maetlon mf ]h.~_. fa.l _ i.eendedl br sM_ Anw24na tha follniri~nr adver-~. .~r. tia2ng a=peadituaes were in allnrsepects approvedy ratified, and! coafiraeds ~;.. . spau at their fnaual Convention and Tobacco Sti,osr to be bald' lib,* 15, 16 and 17, ToLaeea!: Dealers of 4eriu Inc. and displaJ tea ilYaese to be, issvad by the Batai7 Ccotract datadlprtl,3, 1941 fbr.a fall page admtisasaat of CoapaW products In Pa., _____r~his Record, Philadelphia, 0140dising CaaPaig- cooductad iA' the P*~'r•a' _f SOPteaber 1941 to JaauarJ 1942, at a cost of$1.775. 1atiaatesofLennen k 1[itcriell Inc. as folibass- TLQU Cigareitea over 1373 dated April 2. 19'l.li covering radio adrertisiltg of S~TSa the ye* 1'aglaad', Colba.ial liatsork, Myr 3a3 througA August 2, 1911, at a cost of =15 a592.30. rni dated April a, 19" eossriat radib advertising of lORPR. Semator Cigars over '"ZKUS'Saokiae Tobacco throu& partieipation in the 18th d'aaualiIIattis Plaa Yer- Ccotract datedilpril 10, 1941 eo"riag adrarCfsia6 ofpED G4ID Cigarettes and' 17.. 114l17. 19GT, of the Yatiaaal lssoclatinn otToOaooo Distribatars Inc., /e* DeB- ]asd Diriisioa,, at a cost of $500. . , ~ q Qmiract datad April dL, 1941 for a half p,age QIiI GOLD Cigaratts advartiseaent in t, the souwenir Wraetaa to be, pablishad in coonaation *iitD the, Seeoad Annual Banquet os'4r11 27, 1941 of the Ciearsttr merchaadl+ars Association of Ysssachusetts, at ' a cost of t12S.. 1 Ccotract dated April io 1911,1 for a pago adTartisaseat of Claapeqy products in qro« R+a, to be, pubIlishrd iaconaeetioa ddthttie Fifth AoaualDinuar andDaaeeon at a cost of $11 lWr Tork City 500. 14i1, at thaHotal Psoa riraaLa

60 Statioe~ ROif,[ei forlt CitY, for a pariod' of thirtsen, *eelts: lbseianing xpry'l,Z, 1941, at a cost of'$2,576. k #375 dated 1pr41 8, 19411 covering newspaper ad.ertiisi'mg, of BlEQi;-BpT' Cipr- ,ttes in llarxlsad, iast Pirglnia, and District'of Coluabi,a, as therein set oat, for a period, of tan .esks bsgiaaing,ipril 14, 19L1, at a cost of 13,?y9.fr, I376:dated April 10, 1941 ccovering osapap.a adsetisinr of, HF=-BDT Cipar- attsa is &laira, B.L., for a period of'thr.f t.eka baLlaatit~ April 28„ 1941, at a.oost of'i137.J0. /j7T dated April 10, 1941 for talent used for BL= ~D? Cig¢..rette amouoas. msat at conclusion of Ila*Ter 'Q' radio prograa„ for a peri'od' of' thirteen seelo D.g:.ihaing April 8, 1941, at a eost of $130. Satisates of J.: [alter Thostipson Coapacq as folloRs: /,25 dated,rpril 7, 1941 for announeeaenLS in newspapers of Californii., @regoa, and! fashington, April 17 and! 24, 19L1, of' the Tosmy AfiQgs ftiia 9ws sponsored by OLD GOLD Cigarettss, at a cost of' f98'5.6.1. !26 dtted April 8, 191«l,for four .eeksF pabli!ciltx,ca.patggL in connection .it4 the Tcsp tligga Bad1o SLoe spaaaored tv OLD GOLD Cigarettss, at a cost of $300. e snad s tosremder„ all as:.ora, fully set forth Ss sald a an t -V all n.ga a~•"!~.t~atas issued or to b ' i wRy,c, pursuant to resolution adapted at a rating of tbo Botd of' Direetars held oa Septsabar 2Sr 19LP,t2tia Cos~ aat.red inta an agresa.nt Aatd Septeatisr 25,:1940 with Eauta Paper Corporation, a Da]asarr Carpora- tion, pro.iding for a loan by this.Coapany to'sai'd' Ecusta Paper Corporation of the .m of fiee Bundred Thousand Dollars (jSU0,pp0) on the terms and eoo- ditioas th.rain set forth, aod BBFfiZiS,, it iaidasired to aaand' said agreement of September 25., 19401 ~a certain respacts and to that end to snbstitnte, in lien,and ia place of ttie said agreement da,ted Septeaber 25, 1940, and, of mp and all oegotiable, pa o- iissory notes i'ssued or to be issued theretmder,, an agreeaent dated April 8# 1941, aade as of Yarch 1, 1941. betaeea this CoapsaW and EMata pap.r Cospora- tioo, providing for said loan of'said :50p'Opp and bla S d a o e p t /29 dated lpri]: 9', 1941'for radio ad.ertisiag of OLD GOLD Cigarettes omar Station 1fH8Sy Coliabus, Ohio!, April 21' thrsngh Yoweaber 17, 1941, at a cost of $8,610. lssa =5,415.50!representing: saving d'us to aa.ncslLtioa, of BucWrfs lo4r Praeewa over Station 11lC0 Colotbus(Est. /74.TLs Ptesident st.ted' ta the aesting,that pursuant to resolutioan aidoptedd at a seeting of the 8oard of Directors held' on September 25, 1940, thi'a 6o.paav entered,into aa agreeasut dated S.pteabsr 25, 1940 Witlti Ecusta Paper _ 6orporat3aa, a DelasareCorporation,..5ereblthis Coapaaq agread!to land tbesaid'Ecusta Paper'Corporation the sua,af,riRS Bimdr.d Thousand Dollars (=5Wa0 7, ordar that said eorporatSrn .igDt az'paod,its plant for tLe s,anuffaaturi of aipsettr paper oa tbe teras and eonditions set forth therein and that it as d.e..d advisable to saead.said agr.aaeat,of,Saptembar 25y 1940 Ya igert+is~rf speata. lb.reupon there .as Froduced an'd read'to the s.etin; proposrd snbstt-- tate agrse.ent dated April 8, 19~G1', aad'e aa of Karch 1, 19l.1, between this Cas- pasv and Lcusta Paper Corporatlan, pro.id.Tng for said laan of =500,,000 bx.this' Company to, £¢usta, Paper Corposation .poptha ters andd oami'Stllons set fortbfs, said mbstitute~agrsesant. Zbareupon, aftar discussion, oa wtioo of 04343623 Ho.lisiondW ~ !r. Ballqr, , trie follo*ing resolutim ws uaaniaousl, r ad d t •.••• •y,~+.." o, iYU, atiar as oz~ risreh I 191i1 -&ti ah a..ot nas a . . ~ produced and rsad to thisi m.aiagf

i. YOg, YSBRg'oREr, HE'IT RESOZFEDt That the agr.a.ent dated April 8, 1941 Wd wdY ss ot 1(arch 1, 1941,, btieen this Ccrcpasl and Bcoata Paper Corporation, a y%,yvare:Corporation„ proridiag for said loan~of S500,0q0 an the teras and, condi!- tioss therein set forth, is lYerai7 rati?iedyconffiraed' and'appronedin~ a1Lrespects,yd s.dd' agreeaeat dated, April 8, 1941, nads as ot, 1{arch 1, 1941, and the nego- tupls, proaissory notes i'ssued or to: be issued th.recmd'er, sha11 be substituted for and stand and bei: in lieu aad in place of' the agrsement dated Septmbar 25, 1914 Wtvsen this Coapany and Ecusta Paper,CorporatLon and the notes lssusd or to M iseusd thereuad'ery; $ESOLAID F'0&II=z Zhat, the proper pfficers cf this'Co.pezY are hereby .nthorized and dlrected to azacute sald' agreement dated April 8, 1941, sssde as of {drsh 1, 19L1,, with Ecusta Paper Corporatimw and to do aM and e1IT things that ay be necessarf or s,¢wisable to parfors the terats thereof. Ch atiotioat dnTy suda and'secoaded', the ssatiag adjourned to seet Trid.,y,, 4ril 18', 1941, at three o'clock P.X. ~ ~.. .~~~~.+.~. . 1".e4 lt& S.cretez7

4111, ; .E+,,

., • r 1b (1) a THE DIS'fBICT COURT Or' THE QYTLIID STYTLS' FOR '17Dr YJIS'fEAB DISTRICT' OF' KEB3ACRTi; ~-'riminati Mo. 6670'. 01IITED STATES OF AMERICY,, ~. ISC i![ERICIYli TOBiCCO C010aAYL', ET' 11L., Defendmta6 ySTIPULkT30i1 AND' COIiSIIR' MAST M=W, this cause was instituted an July ?l, 1940, the defendaats 11 appeared'aadipleaded not guilty, proceedings eere bad'rith reference to aotioas for bi'llis of particulara and other natters, aod'tbe cause is so. set for trial on '' My* S„ 1941; aad' SEMhD MUMEAS P. LorilTard,Coapany,,, a N.. Jersey corporation, and P. Lorillard Coapary oS Delararaj its wholly owned subsid.f.azy, arr herein- after referred'to as the •eorporate Loria'lard defeadants•, and' Grcrge H. ~, Husstel, George D. iRs1'tefield Edgar S. Bo.ling and Herbert A. 8mt, offi- ~ t , eiails of said'eorporatioms„ are hereinafter referred to as the iadi.iduai ~, Lor121ardi defendants', aada:12, ofwha, both, corporste aad' individual, a.re herei'nafter collecti'ee$T, referred to,as the t4r+ll•rd defecdaats'*:and, BHPREiS Philip Yorris & Co.,, Ltd.,, Incorporated, a 4d'rginia cor- poratibn, is hereinsl•ter referred to as borpecata Phf.LSp Yorris defeadant', and Otrqf H. Chalhlery A11'red c, I,Tm and iirt H'. Hatcher, officials of fl said'corporatioa„ are hereinafter referred to as the •indi.idual Philip rorris defendaate', and all of .baa,, bothl corporate and iodiridus:l, are hereiaafter collectively refMrred,to as the 'Ph3aip llorris dbfe-'•Rts',. aad' I 1HfRELS '1treiILperial Tobscco Caw (of Great Britain,aad Ireland6). Ltd'.v a corporation of' Great Britain, and The Iaperiai iobacco w. of' geatucY4. Ine., its wholly owned subsidiary, are hereinafter referred to as the 'corporate Isperial defendants', and Leslie H. Reed6„ of'ticial,of sai'd corporatious',, is hereinafter referrsd,to as the 'indi.idua]i Iiperial defendapte, aad,aSl of .bea, both corporate and iinai.idlal, are hereinafter aollectiiely referred to as the Isperi'al defeadants•;, and WHEREIS Qai*ereal LMf Tobacco L'o.pacpr. Iac., a Virginia corpora- tlloa, and J. P. Taylor Coapaa7!, Inc., a Yir&inia oorporation, South- •estern Tobacco Co., zac., a Virginia corporation, . Hr sinstead Co.paey, Inc.. a aLrelnia corporation, L. B. Jenhias Tobacco Co.,, Inc.,, a RirgiaL'a QorpQratioa, j. U'.F•dnmds~ Cospaayy. Iuc., a Virginia cox;wration,, II.9L Laa 'lbbaceo Cc., Iae., a Yfirgiaia corporation, Persoa-Urrett Co., a Kirginia corporation, R. P« Watson Coipaop!, a ybrth Carolina corporation, •. A. 4da.a Co.paqf,~ a'Y'orth CasoLiaa corporatioa, G.i.W. Argue Co.paN,. ~~ •..

I ha • said corparations, are reinaf ter r.ferred to as the inaisidual, t~f,rersai, defendants•,, and all~ of wboa„ both, corporata, ands iisdiriduel, are hereinafter eollectiTely referred to as the '(anl.ersal defe.ndhnts~;, aad ntswy ndentswy and', 1' i- d, fi]linghaa~ and FredY. Heasrrison, officials of te nde snbsidiaries,,are hsreinattsr referred to as the Ncoryorate Universal db- i eorporationy and i. H. $each & Coapa2Wr lnc., a 01ry-in,ia corporatioay its j,l W-s a Lantuclqr corporation,, T, r. Bright Tobacco Qo., Inc., a Y'2rgtnla corporation, 14Adolpb- &tcn & Co.panT, Inc., a 9irginia corporation, Mston Tobacco Caapetp, Inc., a girginia corporati'on, Finston Leat,Tio- bseco:& Storage P•o., a Yortb P.hrolina corporation, Eastern Leaf Tobacco 60.,, Iaco, a,Qisginia corporation, L.: R. Edwards CoapenW, Inc., a,NirgSnia u saa aa t aa t 1s suDstaatie AJ er ess poser a o r rhre.,coapanies I t4s 1{ d'~dtb respect to,aay practices and condi'tioas of sariceting leaf tobacco, cigarettes and aroking, tobacco in the Onited' States~,, and on that accountt has had to canduct its busiaess subject to such peacti'ces and conditions;, ~ w 81IiFJlS, P.:Lori.LLrd Co.panF, upon the dissolution, in 1911 of the Tobacco Trust,,was consid'ered'one of the •8ig Faur• Tobacco LosFenies, (The lseriean Tobacco Ce.fs~qy„-i.igfiett & I~ers Tobscco Compar~, Ri J« Ssyaolds~ Tobacco Cospaqir and' P. Loril;lard, Qoaps~), but at trie Fresent ti'ae d' 1 f l ti h l ll and sdould'.ia~tbe public i'ntarest be corrected. tobaccog its acti.iti.s,ia the Uaited States„ oL whiab tbe Goreraaeat co.- , plaSns in this ease, are in connection with tbe p.achase of leaf tobacco; and Universal is substantially ssaller and less powerful thao the •'Big TSreestobaeco eoapaaies (The asericao Tobacco P.a.pasy, i:iggett & IpRera Tobacca Co.paqT, and R. J. Reynolds Tobacco Qoapany) with respect to aqT practices, andl caodi'tions of aarkstiag;Leaf'tobacco:ih the Qoited States, aad,on that account has bad to conduct its business subject to suca peactiees andcoadlitions;;and X8.8AE4S' tbe, Lorilllard d'efeadaats, the Philip 1['orris defendants, the I lsperial defendants, and' the (inli*ersa]: defendanta agree that tbere aa, be practices and conaitibns 1n the tobacco indtisLrT.l now coapl.i'ned of„ to , m' !nr the, Go.ermeat, which are uoJust„ unfair and inequitable and whieh Ltd.,,, is a Srit,iah corporation;, i'ts activities, 3in the aa.fte<i' Statesy of which the GoTera.eat coapla#ns~in this case,,are in connection rith the pm-chase of leaf t4bacco in the IInited,Statea; and Iaperibl is substan- ti'a1ly less powerful, in its business ia the United States,,than the •Sig. Threes tobacco eespanies (The Loerican Tobacco Company, Liµg.tt & 1lyers. Tobacco:6aapaq7y and R. J. Reynolds Tobacco Co.paa,T) eith,respect to aV practices arid' eonditions of marketing leaf tobacco in thei Uhited' States,t and'on that account has had to conduct its bnsineas subject to such prac- ticss and: conditlans;,and WMEREiS OnlRersal Iwaf Tobacco Co.pa,q,, Inc«,:il a d'eaDer in leat %fers Tobacco Company, and S. J. Reynolds Totiacco.LoapenT) with respect to i, arW practices and cooditiona of sarketiag,leaf'tobaceoy cigarette. aod saioking tobacco in the United States, and on ttiataccount has had to con- daet its business subjsct to such practiees and conditions; aad' WMtW tLe Imperial Tobacco Cospazy (of Great Sritaia~ aad Irelaad) ' the •Big Tbree tobacco co.penies (The dlaerican Tobacco Eo.peqT, Liggett &: and at the present tiae is substantially ss,a,Iler and Iess powerful than ii WHEREAS Phtli'R ltder.is & Co.* L'td., Incorpcrated,, has achieved its ~ position of pronlLnence in the tobacco i'ndustry within the last tenn gears / E ; : j detisadasts, the PhSL11p rorris' •_: 1 Cl)~ 1 severance of t~. Iwril,lard :«Rl MIMIEp'ORE, it is stipulated and' agreed' thats 1i r

-'- 0 (3) defendsnts, the Iaperie.l defendants, and' the Qaivereal defendants shall be,entered herein and a continuance firanted as,to t6ea until the rendi- tion of the verdict of the jury and the sentencing;b7 the Court of the deefend'ants fouad gltiLtJr by the verdiet; (Z). If the 1merican Tobacco CoapanF, Liggett & l(yers Tobacco Company and R. J. Raynolds, Tobacca Company arr found guilty by the Jury in thii cause and sentenced by the Court,, the Court is hereby authorized to enter Qjsasof nolo contendereih, the nanes of,,and-to iapose, fine& upon, the eor-parat. Loril7ard dbfenaaats0 tSe corporate Philip Morris defendants, tbs, eorporate Iaperial defendants, and the corporate Dni.ersql! defendants. 4. ('3)', Ilf the officers of The Alserican,Tobacco Coapeny, Li6eett & Yyers ' ToTiaeco Company (sitti the eiceptioa of llitllaa i., tZosers, who is iTY and ~; to ehos an i'ndiRidva.l, severance and!continuancs will be graated)'and R. J. fle,rnolds Tobacco Coapany , nesed as defendants in this cause are found vi];ty by thejuryrin ttl1scause, and, sentenced bythe Court, the Court is, hereby~, authorized to enter pleas of nolo contendere in the naaes of,, and to iapose • f fines npon „ the indiMidual Lorillard defendaents; the individua;l Philip ~.~ Yorris defeadantsr, the indiTi3ual! Loperial defendant, and the individual pa.itersal defendants. P. IlJRTLI:ARD CCYPAY! President P. IARIL.fJlBD! COYP4bR OF DE1aIIARE 'ft President Gecrge Y'. Sumoel G.crge D6 , litiitefieLd. Ldgar S. Bowling

i

'i , 1

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V..

L regular se.tiag of tYsr Board: of Diractors of P. Lori]aerd! Ccrpsny as Wd todqT at ttie offica of the CosspaAY, 119' fast 40th Street, Le. Zork CitJr. There rere prssent llssrs. s! G. H. Hasinsl G. D: IbLlitefielJd [. l. Lant W. J.: HaTley J. J6 Drisco3l J. SL lYv..aa _ J. T. L.el. J. l. f.2ascock Todd 10o1 ssl ws dispsasad .ith. On aotioa dn7Jl msds and s.oond.d, th, reading; of the aiautes of the pre.ious r ' Od s,otion of M=. 1r.esa„ s.coad'.d bj' rir« Halley, it was uoaaTaona2,3r ~ .+ HESOLidEDr That a dividend of $.1.75 par sharei on the Preferred Stock of'ttiis Ctsl be and it herebT is drelar.d' payahls JuT,T 1,l 1941, to stocldsold'ars of rs- ' eord'at the close of'lousin.ss Jnna 16 1941, ` 9 1~ . .~: Oa aotioa of' re. La.1, sacond.d by Yr. iQlitrfiald,, it ws ^n-niAously 88S069LDe! That a dividsnd'of 30# per share on the ontstaadi'n6 Co..on Stock ~ of this Coapaq7r 1ys aad it harebJ is d'.clared payable Ju7a 'l, 1941, to stoeJdioldars E, of r.cord at the elose of bnsinass Jmr 16, „ 19411• r~. n Oa aotion of Yr.: Lent, s.cond'ad by 1t1r:.. Ha1Le7, the folloiing advertisiag ad,- ; •a'tisiag espenditures swrt in a11 respects approRd, ratffiedy and oonfiimal Ltlsate /394 of Lenne'a & tl:ttr2iahl Inc. dated' lfY ' 12, 1941, , co.eriag, radio s.d.er- t Lst'Saate /37 of ll.uuis EruInc.. dated lfa1 15' . 1941, co.eriag: adverLising of' OLD.~ GOIZ Cigarettaa in foreign Langpage newspapers tt~.rsin set out, for a period of'tsn ji =18,x~/..nT. w.ks startisg ..ek of'Jaor 9, 1941, at a oost of . : On sotion dit)y rda aod, seeondsd;, tae s..ting adJou'n.d. ~ tlsiag of RIPPLE Tobacco in the Statr of Taas, far a psriod'of'tLlrt.aa salds, at a cost of f~4,353.70. 10-A4 MD'srL Secs•.l ,

, - -~ K..` A~~Ari., Josr is$ 19J;1; 1 i,egular .eeti'ngof the Board~ of Dtraetors of P. LaeiTinrd Cos... ws held today at the office of the Coapanv, 119' West 4M Stroet, xer 2ant - City. iherr were praseat l[.asrs.u G. H: Hta.au G. D. RhuLtafieLd s. 3. Ho.1•iata S. L. ient R,J. HalyeT J. J. Drisooll J.~ 8. Pr.e.am J: a. Glaaaoclr ?. Hope.all r J: S. S.aL Todd *ooal ° ~ . . j, af,.otion duly sade and' seconded, th. reading of th: taiantas of fbs provions meeting wr dispased with., - The SacretatT reported to the aating tirt sotiee bad been siallTed to aTll the ! Directors of the proposed aawdaent of Sectioo ]L of Article M of tbe H}-laa and presentedi to the .eetimg: a copy or the mtiee, Thorenpon, it ws . oedared that a copy of this notice be annassd to the ninntas. Ca .atf,on, of lfr: Treeaaa, aeconded by rr. Leat, amdi .,...n1mous?„+ adapted, it ws Hl50ZYED'& Tbat Seetiom li of JLrticLe iSL of the By-laws of' the Cas- PRF, readl!ng asi doll'o.si- • eSeatian, 1. Regular ssetings of theDiaeCtoassllaTlb. hald, attbs -. office,of,the Disectos•r,in the City of Y.uTort oo the thisd Redaesd+J 1a eacs .onth at 3yOD O'cTock in t4e aftaz+nooo. Special meetimga.ry be ha]Id' as deteisi'nsd' b7 the Direotiors, aad say Ee, called by the E'r.si- d.at at aax, tLae and skr1L be called tps hit oa tlbe i rrqwst of three ~ -Difr+ctars.•. 4and ttr, saae Ee retY Ls aendbd w, as to reed aa follo.s s-e8eetim 1. RhgnLr setiag* of'the Dieactflrs stiud•1 tbr held, at the office of: the Direetars in the City of ter Iork at' U aleSoct in the forsoaat m the lh•Lday foLlo.ing the third'21sureday in each aonth. dp.ciall meetings way be hol.d as deteritsed by the Difectors, and, aq be eall',ed1y, tklrPresidtnt at W tise and shalllbe¢allr.dd' 1Cr . tiijs,on sha reqoat of tar.. Direet+ocsi.8 Ga aotiimn da1,1'. .sd" and aecaoded~ the aeetdlat, aQjosroad. C l~c.c ~d~~'Trt J~b Gi3 secretary ~ W@7' ~ . . t1!

.t e.Gll~lC!'CG~IEF~f/~~1~~ Jta. 12, 1941' TOBIIlCCO-C[Q'sARETTES-CIG11lR'S I 0 S' 11 C I I TO l1LG DITfl."CTM: 2t ftas been anggated that regular ssetiftgo' of the Board of Dii+ators be :bald at the office of the Co.Pany in the City of Yes Tork at 11 o'e.lock t.iL on tlbs Friday follo*iaQ: the third Thstsdiy of each aontJr. L'ecordlaBTlr,. a3 the: regular aoetSng, of the Board of Directors, mder the azisting 8Y-Liam, oa *ednssdqfy Juma Il8th,, at 3 o'i¢locY P.IL, a resolntico will Lis'FtssamS.d'for the purpose of aa.adiag 5.ction l of 3sticls III, of the IY-lass o& , the CoaRuq, whlicit aom reads u folloss- eSsettm 1. RMgalar ret4ngs of tIl. Directors sha11 be held at tba at,-Mce of' the Directors in the City of Ea* Tork on th. third 59dbWGUbW in .acri,icmdJh at 3e00' O'c.lock; in tde afternoon. Special as.tIam asqy be hsld as d.tersioed by the Dir.ctars, aad asy be aall.di V the President at aqw tlsa aad ahsll be callied I by hts , on tI1e a.glnst of thrs. Diractacs.sN g a a u no , JlID.* lBth_ -.rC. 1Jl...M..~a.ndarat of the fln-la.., aad thre first recular ~i so that 1t,.m71t r.ad,as follo.ss= eS.ctism'1i. Regular ...tin~s of the Directors shall be 6ald at tN. af--i'c" of the Directors 3a the City of !n Zork at ]Jl o''clock Ia ths 3orenoon m the !Y'idiy follo.ingthe third thnrsdy in each smtlz,. Special: s+aatin,ts i sq' be hald as dsterssined by the Directors, and asW be called by the President at any tiaa atd sharLl, be callad !S Hlte aa the rsqwst of three Directors. s' I'!t Ir aspectedi that the aa.odr.nt .i11 !Se adoptsd, aad, it is therefore sa *111' Caaa D.fon the ssa.ting of I}Y--d fh sln b t d.r ta. Bl-1ar as u.adad' slll oeeur at t D ~tio t ors im 8o tth. of irec , Board ]] o~¢lodc ALJL ao Jme 20, 1941. '. JODD 100D, Socratauy

Jtma 20,, 1941 67 L~ raguTar aseting of tba Boardd of Direetnrs of' p. Lorillard Coapaqy sas MW tod.T at th. offi.ca o4 thr Cc.paq, 119' *ast 40tfi Street, le. Tork City. MLera ; warr presant Ilassrs. e 0. Hi. Humel G. D. Whitefisld t. S. Ho.Tins, 1. l. Ient C J. Hallay , J. J. Driscoll J: S'. h+eaan !. Hope.all J.. T. L.el lofaed Scott Todd' tool Gn,s+oticn daly sude and s.conded, the reading of'tLr ainntss of the pr.- .i'oos sseting', .as dispms.d with. ~' 3 Gn sotion of l'r.. Ho.ling, s.eeodrd 1'rJ'ttr. Rhitefiald„ it as maniaoas.ly lI5CIL43Dt 7hat tlls Ttansfar Books of the Regibtered Five Per Cent Bonds ~ .f'this Coapasur shail lbe closed at ttrree o'clock B.r: Ju!1y 155,, 19410 for the payaent sof interest tEeasm, dns August Il,, 19i1, and ahaLU bs reopened at tan oI clock 1'.1.. Iagust 2; 1941. . Os soticn of: H=, h.emn„ secmded br ra. Ha]lsf., 7lt .o umaniaously IRESpLYmz, lhat the Cbs+paW contribute tbe sm of' Cae ZLousand Dollars (81,000)to tbs Daited' Sarriea Organisaticos for lational Defense. m motion of Yr. Bowling, saemd.d tV tr, ati8tefield, it sas maallsonslJn 1LSi)LYIDt That the Cb.paspr contribute the sa of' Sso Hmdired: and' Fifty OaAars Qs 2y0a to t5. Colored! T.I.C.J, of Jars.J.Ci'ty,,l. J.~ On s,otion of lr. Hopesall~, secmd" ty 1!t« DriLcoll, the following ad.er- tisiag,.zpmdittres ..re ih all'respects approved, „ ratifi.d',,and confirasda Qsatract dated llpr 19, 19<l for a half page ad!.ertis..ent of Cospsq products„ at a cost of =S'0r, in prograa pahlishad in connection with Conrsntion of the iisconsin T6bacco Iftolesalers Lssociatim luc. tiald Jm. 7, 19<1 in ttYl.ankee, 11iso. Uti.aates of f.aaaa k Y7ite1raL1 lhe. as follo.ss /L10: dat.d Jma S, 19/.1 co.ering, ne.spaper ad.ertisiug, of SF.SCB-fD7 Cigar.ttes 1a,8ocbester, 1.Z., for a pariod, of tan ieelEi startingl J~s. 16y~ 19L1, at a cost ~' =1„6~20.91. /tll datud' Jrma 519i1 oo~.ering,nerspapar adr.rtising of-iU! Ci~,arettai ta ~fuo„, l.l.r, far a p.a•iod' of tsa ..elu starttaS' Jma 16i 1911', at a coat of ~,u3.33. /412 dated' Jims 6 19i1 oo+ering,nsspaper adRertising of DZDCB~OT Cigar.tta ia ~+ 7cr1¢ Cit~r aad~Jaaaiaa l:Z., and Ye.aalt, 1'.J6, for a period of tan wets start'_ 1119 .eale of' Jm.1 16,0 1941: at a coat of' $31,9b3.38• 1'I;~ DCg~pf' and' ~~ ~gyD~ BE /113'datUed J,ma 10, , 1941 ocovering radio~adsrtialni ~ Ioriaccos oter Station tFH, iiehita, lanaasyl Jffi. 16 throogh Septe.bar U, 1941, , at a' cost of' =1,S60i.

I me 8.cr.tary laid baCore~the oeetlag agrewnt rSth Stsadasd'pu Qasgga of !ai Jers.y to purchasa lub.rieat9ne' oYl'. !or we at tha Jersey Q1qq ~ •tJ: pl,aat~, dbring t4Ye ts.ltie~ aaotha period b.gSaaing j{.7 15, 1441, im,d.i tsta~ sad' aoodi' 1ma thereia set outfl .~~1'eli ps sotIaa of 1Cr. g.ely secooded by 1tr. Rhit.tiald, ws ta all r.ap.~y appev..d6 r.tt1't.d, aad coatii-d n tw sxytloa day rda and sacoadsd;,. the setYng, adjbaraad, aeara.zl

I . A reg{ilar ae.tihQ of the 9oard of, Directors of P. Loril]hrd'Co.pany ay pAyd, toalw at the office Of the Co.pazpy 119' rest 40th , Street,, Ne. York City., Shere were pzaseat Yassr..,e G. H. Hnserl H., /. [.at f. J. Hallqr J. J'. Da•iisccll'J. S. lYeeaaa ' Jr. Hope.elL J. !. beel. Dnford! Scott . J., 1'. Clascock The Assistant SecretarT On sotion d''uLJ mad., and s.cood'edl, tha reading,of:the stiiautes of ttie praRi'ousi s,eeting.as dispensed.ith. On aotion' of !fr« Keel', secoade& tbf: Ilr. Ha1leyr, the following adsertising' eipeodittiu'es rere in all respects appro.ed,, ratified, and confiraedt Contract dated Juse 26,19k1' for a full' page ad..rtiseaent of'OLD GOLD Cigarettes is the 1941 Year Bbok of th: Qnited Pal'estiae Appeal to,ba published in eonnection, sit51 the, Yight of Stars' pr+s.atation„ at a cost of =,1,1000. Contract dated July 8, 1961 with Yale University Athletic Association, N.r Haven, 6ons. covering ad.ertising of'01.D'.GAID.Cigarettes in pQ+agraas for, various 191.1 footLiall gsaes thereia' set out, at a cost of 6269:50i. Coatract dated July 8r, 1911 *ithHars7 1[., Stevens Inc. co.ering,ad.ertising Of OGa: GALD! Cigarettes in pcagraas for various 1941 footba.lli ga.es to be plaJed' at the Pclo Grounds and Yaakae Stadius, lln' York Ciq„ at a cost Of $665. Contract dated July 89 1941 .'ith Abotball Publications, Me. York Ci'ty, covering adhertisina of'OLD OOID Cigarettes in prograas for various 1941 footCall', gaaes therein set outs at'a cost of =3y834.87. _ Contract dated JullT 14, 1941, eiith Dm SQencer Co * g Rariousfootti~sLlasa vth.r~.fa sd~ertising,of OLD GOLD Cigarettes in grogzaas' for set oat,, at a oost of =806i.05.. e.tfs,ates of L.nn n & Yitet~ell Iac. as follosc e Hl~CB AU! 1Z20 Suppyleaental dated July 3, 1941, coverinQ ne*sPaiNr ad..rtisiag, Of Cigarettes in Pocatelloy Idaho, for a period of se..a welu starting JulJ 14. 1941, at a cost of 8238«51'.. /429 dated July 10,1961 covering .d'.ertisiag Of BH~-g~ Cigaretta over Statioa IlCUy [ansas Citayl lb., Jtt!' 14' throu$b' October 112', 1941, at a cost of S'•1,050'.. /L30 dated Jniy LC, 191.'l covering radio advertising of BEDCt14rU? Cigpretta o.rer th. Coloal&l Het.ark of, Y.. Eagland, lugu.+t 9 thr ough'1io.eaber 1, 1941, at a cost Of f11,3'82.35. On ssotiom duly sud'e and, secood.d', the aeetibg &djmm*d- lssistant Secretary

E , C t I bugust ?29 19~ 1, s.g¢Sar asatint of tl1. BbsrxU of DS,reetaa ss aet P. Larillard Ce.~4 ~~. .as L.lld tad+y at thr otfica of the Ca.parq, 11$ h.t "Dtli Strrwty I.. Iwk 2lrra ..re pr.sent'lfrsars.,& C~.D6 UStaDUldl t. S. Hoeling Z. A. Gat J. 1. Glaseorlc. ~. J. Balla! J. S« ls.ora 1. Bops.rll Dafcrd' Scott 'lodd' Wool in thsabaaaor of' Id•. Bums.i, Ps.siidant,, Mr~ ?ftlit.fialdt Ducntl*. Tice-Psos1'dont, .u cnsniaonali7r chosen to act as tbaiara. Qe .atLon d'v]y .ads aad s.condrd„ the :wdilon a[' t1l.i' ajnat.s' of ' th., ytsvtoos ao.ting .as dispensed with. Qu .of:ioa of Yr. Borling, sscocdW tr ltr. llls.rn, It .as msalaood* lf,SOGYLDti That a dividend of $1.75 psp slar+~ oa t6. PtaLarr!.d' Stbd af'thfl.s Ca.peay be and it hereby is drelYr.d piJat:la G'cebob.r 1, 1941 to stnek- 11old'ers of'r.cotd st t1ie alwe ofbasinrs Septe.lY.Tr1!$', 1941. ms .otLoa of rir. Br]1.t„ s.easdad by Yr. SaosL% , it ss maalaonaLy ffi9ai.YCs That a dividend of 30# per shar.' awn sbe oatst.aasnc Co-rai Stock of this Cosp.ny be and !'t hereby l:, doclarmed pqaQL. October 1, 1441 to stockhol'd.rs of record at tha alosa of bnsinua.~SeptaL.r 15, 19t1., Gt .atToe of rr. Halley, seconded tp mr. Dasi.2ag, it sas smaaisoosYJ i4 aoa.rint r.dio ad.!.rtil'f AlPf ssst ofls'T^ot+aeeo o..a-33tatiaa iPSC;, NoUltdoo, Taas,, S.pt..b.r 24 ttlroa& D.e..bsr 22„ 19<1, at a eosst cf, $'2y0§7.25. /"T ao.aaint r."o advertising of B.VpE,a Totaeco owrSlt:atim fSCi, DTssisiMM' sad @r" *ontialm7, Lla., SYpt.rD.r 29 tBrenKh Ascome.Q 26, 1941,, at Fcast ~ ot' t1,314. ~ /Li8 eo.rerrst aad'ia ad.aeti'siag,' of B1=414T aad ®fTW Uak= Tobaaoos o*.r' ~ Statlaa, fr9 k ~ VisJYata„ ianas ~pt.ab.r ]l$ ~ t s th ElSMEDa That the Treasfar Books of' the 8.pgist.mm.d Seven Por C.st soed's o[ ttd's Co.paqy sLnll be: closed' at thro* oMelbeloc,'P.M. SipRambs! 1S, 19L1, poc the pqaeat of interest thsrson, dnr Qetob.r' 1, 1.9id1s .od saall be swP&Dd at' t.. o'eloct l'.i. October 2, 1941. !Cs .otian of tir. [ant,, s.cond.d Yy mr. Sopss.i21', ibn fol7saSlsi +&` t.rt3silai, szpsditar.s ..r" ib all a.sp.cts appt^o+.d,. ast7;fiady aad oooflLrmi=' tstiaatr I34'of l. *aUt.r Zha.p.on Co=p.a1r datad lntaatzIl2, 19a eos.rind sadio .d.r.rtlaiea of OLD GtyLa CiQaratta , over Statias- MISM, Iadirsrpo3ls, 1d•. tatnat 19 thron40t tor.aeor 7,19L1„ at a cast oi btLrts of L.aasa & ' IIitrLaIll Lee, datad ingnst 13!, 14151, as f.11oo! b / , ~ 3w sL' Di oirir 1~19C1 a ~ , oost of s1,I..r,, ':6p~ /"9' eo.ari',nt radib ad.erttstas of MQi-RIIT and tDIIC)t:I~DLB Tbb.cooa o~ Stat!°° Lti' Sb aoaaRbaa Ilo S ..„.a,.pt.alrr 29 tlu•oa& ID.os.L.r 28, 194. at a east of Ur323.75. Q ~

, -_. ., f . . ~ 711 SePtr.b.r 30 tErougl~ D.e..bs 2 T, 1941, .t a oo.t of $2',583.75'. I4SO,ao.ersns r.asm .IaV.ptSsias of lRMW sob.oeo o..r statsan cSfl, st. loat,., ' ypc..d, „ rnti'Cied, aod' eoafirmrd. po .otion of ir. I.ot, swomiit tv Hr. 8r11q7i aa ib a12 resp.ctr. r.y,l ct' =Z,I,00, pqwL1e aonth34 in adrrama.; vhich .s t'E.r*in d.sari'h.d, Zor ona ae.r'b.ti-ia8 Sept.,.bQ, 1, 1941, .at aa aaanaT ywaaca T. 6.ry, .t .1s, of wr.bonse locat.d an aero.rly street, l.aism, isc., 2ti. 5.oratsry ~ laidd bafor.~ th«i...ting ~, l.a.e dat.d~~ Jme I6,,, 19L1 rnci.~ mn s~otioa, daly rde aad' s.ccad.dp , thr r.tiag , adj'o®nsd. t I r1

S.ptrr6.r 19 f, 19t11 a, regular eeting oC tha Board, of Directors of P. Loril]:ard C=P%q .as y,.l;d, todsa at the office of thr Caapalwo 119 wast 40th Street, Ila. Tork tLa'mars were present 8.ssrs.i, G. H. Svssial 0. D. WElitadiald S. a.,trnt T. J. Sall'aJ J. J!. Driscoll. alasoock l. Hops'a11 J. !. l.al ~ Oafoxd Scott . Todd IWai' ~ Qn~ .otioa~ duly ~ ss:ds~ and, seconded, the rwdi'n8~ of' the ainutas•of'~ tiys ' yra+ions s,aeting .aa d ispsnsed .ith« "I Ny: sd. On.otiooof Ut.Laa1,,, s.cond.d'bJMr.H#p..a1l,, the following s•ertis7ing sxpeoditures sere in all respects approved, ratifiad'y, and coofitisdr ContraCt dated! Septasthsr 5, 1941 with PiTaontll idTartising Cbrporations IAmC, IIalaad City, l'.l'., covering advertising of OLD COI.D' Cigarettes and !{URTLL Cigars in •S'he Ringside Sports Weekl;7• distrib4tted' to aud3encas of sports' ar.oas therein set out„ during the Feriod S.pte.ber, 1, 1941 tthrough 114X 31, 1942, at a cost of =620«50'. 66ntract dated S.pteaber 8., 1941 with Harry 11. Stevens Inc. covering ad.er- tisilo; of OLD GOLD Cigarettes in official prograas of the 1loriii Series 1941 Baseball Gasa to be pl.qfed! at the 1'ankse Stadiua, Ys Sork City, and BrouklP fatiooal I.ea=or Parlt, Brooklyn, lI..1'., at a total cost of $$0a. Estisrta /'i6ll of Lennen & Riteh.ll,Iac. dated Septeatier 9', 1941 ccovering radlo advertising of 1lUAIZL Cigars over Station W0Y„ tla. Tork Cilr, Octobar 2D. 1941 throagh January ' 17!, 19420 at a cost of $29574, The S.crstarFlsid'bafore,tliasw.ttag~ fl1e followings Laase dated August 27, 1941 froa Rsstera District iarehouaing Corporation. 95a1lly.ille,,, Tr-, of storagfsarehouse #6'T4 in Ceap. Taylor, Ky.«,, for oaa 1 Ta+r LsgSaaiiaDeceaDer 1, 1941, :at'an annual r.ntai of $1,500, psyabla soathly in adw.aea, undsr t.rss'and caaditians ttheraia set ont'i I- det.d tngust 27, 1941 fros Westsra District Warehoustag,CorporatLon.. of' atosage wrawnsa lffl5' in Caap T. i- slor dor' miin J.a~ 1+' b j , . ,, g on. year .gi 19G2, at'an aanvaL rental of u,500, pqabla sonth]y in ad+anc.,, smd'ar tas*s ' aei cas+ditl oas tLar.ia set outg I.asa dated ingpst 27, 1941'froz festarn District iarahocsi.lo8 Corpocatioor a,f storage sar.nonsea i'S82 and r583 la Caap tylor, ta., for oce year Q lwagtsiinrraauarY 1, 1942, at an annualrenta]', oD' $GOfJs pyraWla aaatlY.17!ils ;h ad'"aac+,,uad'erter.a aod,coeditS'oes~ tberaYasat out; 6aasadated augast 27, 1WL1, fro. *esteea, District llesahousingP.hrporationk~~ oL storage warahouaa /5g4 Sn Caap Taylor, Kj., for ona year b.gianing, ~ "saar7 1, 19t2, at an annual,rental of U50'„ pay!aDle sonthly ln ad.anee, ~ mder trnu and ¢oodltLoas t2asraa s t e o t tln aotioa of. @c. Drisaoll, s.caoded ty' It'r.. Ha.il.n~, sas' i;n al1' apPQ"~ed,, ratifTd,, and confiraad. ®a sotloa dnly sadJ~ and seeoadad,, tY,e se.tSng adjc~un'nad. u ; aaeh oF .hicir

October 17, 19" 73 ~ ! A reguLar mating of th. Board of'DSrectors of P. Loriliard'Co.paaw ws Md todaJ at tbe office of the Cc.pwQ!„ 119IWaat lOth Street, i.. Tork City. Thers wr" pr.s.nt 11.ssrs.e G. H. Ha..a1 6. D. mitafiald s:S. Bowling a. .. Gnt V. 1. ea]lsy i!« J. Dsiscoll J.. S. Pr..rsa J« T. [.al Saford Scott' Todd ioo;l' , li i I .< Os s,otim duly made aad s.oood.dy the r..dins of the zihnta of" tb.I ~00 xear begfnoin~ January 1, 1942, at an annoaIl raneal' of =1r2D00 ps;fabie ssonthy Le ad.aaaej ood'er,teras aod' cmditi+os therein set onti Iwaie dated' S.pte.6sr,23,, 1941fro. MilcorSt.aIl Ca.paWr, tiilwanlte.,, Hso.of' mtira, two storf, Lron Clad larehouse in La Croase„ Wi'sc: there.ia dscribed6 fmr one 7.arr beginnin8' January 1, 19i2~, at am annnal r.nta.l of t2y,iJDC, pyahl. .onth4 in ad- lenc•, umder tars and emditions tb.rein set onti aach ot .blea Oa notion of lfr. Bo.llagd second.d WMr. 8aile7„ was in all respects W'a.ed„ ratiftsd, and' confir.rd6 On swtyon duly made and seoooded, tnM r+tsag adJ'oaroed. inart.r, tndar terms and, cond4tiions therein set outp fwrse d'ated! Septaaber,23,1941 fro. rileor Stsel Ccssprap,, [ilsmt.., Vise. of Mtir" one story Iron C1ad Wasehause in La Crossa, W8sc, therein discribed, far r.rtising,of OLD COLD Cigarettes over Stattoo lGi, ChiesQoy Li1lnois, Octob.r 13 tLrongtl Dacaab.r 331,1 191ll„ at a cost of $17,787.63. Tb. Secretary rlaid D.fore trie syeting the follo.inss Lsase dated: Septaab.r 16, 1941 fros I.b. [allogd, Lditrrtooy tt+c. of IIarrallouar to., 26 in Edg.rton, for the tsm of on. Jear coss>eocYng,Janaary 1, 1942, at an mnanl rental of'$k80, psyabl,e in equal 9uartsrlT instalLsrats at the ead of eack 9stt.at. /LS' of J. valter Zhospson Capanp dated October 7, 194'1, aom.riasg radio adi- : ~~ qn notioa of Mr. iant, second'.d 1y Yir. Driscoll, tL, fo3io.ing,adsr- 1~i Wizg,azpenditures were in all respacts approwd, ratified, and confirs.dgi /ftisata /'41 of Louis [rsa Inc. dated, October 60 1941 1 covering advertising of, ~ 7LD GOLD Cigarettes La foraign lengu.ge nanpap.rs thsrein a.t oot„ for a peri'od of tsn weeks starting October 13, 19G1, at a cost of' =180:LL4.0l. ~ fitiant. /,l'Q re.isad of J. WaLtsr Thcstpson Coapatyr dated' October 3, 1941 ffor addi- t LT'onal azp.odTtnr. of $1„808.43 in connection sitb,radio adTertlsing',of OIAI COLD ~ %garsttls in Detroit, lich. .lans seting, aas di!sp.nsed with. 8saratars :.

4-T-9960;,• ~` y 7w.F'.. ~ ~ sw...wr us 191„1 & rsgu]Isr a.eting of the. Board of Directors of t. boril:Lrd ~ ws he11i' Lodelr at the offiur of the Co.paa7, 119' Xest l,Oth Street, „ Ne. Iark CItt. 1IirEVi+ssaat raara.~ C. H. Hassel 6. D. thttafiald 6. r. IIent i N:.J,. Ha1lleJJ. J. Driscoll J. S. rrseaan T. Bopeeell J'. A. Glascock ~ Todd' Wool dn awtion dull asde aad secaod'ed',the readioi, of the siicutes of t!r yrerSlous seating was dispensed with. RESOL4ED1: Thatite dividend oC =1.75 per share on the Preferred Staah of'thisCaapaqfe,, .hich~ would other.iseDepayabl.~ on, thwfirstladlness day 1s Jsnaar7,, 1942, be aod, the saae is hereby, by saf of anticipation, declarad' asd' sade pafable an Decesrier 19, 1941, to stockholdrrs of'recordi at the close oE, lhnsiness Deceaber 5, 1941!. TagTHM BF:OLYYDi That a finah dividend for the year 1941 of 3C# per s3ure on tbe outstanding Cosson' Stock of this Cbspai0.a be and the saas is' harebli declared and sade payable on Deceaber 19J 1941, to stiockilolders'of re- aord at the close of business oo, Decsber 5, 1941. 1HFtTHF7t ES:SdLYEDt! That the proper Officers of' !b. Cospss;f' be and lhar hereby are authorized aad, directedd to deliver, on or before the 18th dA7 of IDeceaCer, 1941, the aaotnt,required to anke peT.ent of the aboee dirideods, to .3t, the sum of'$733',187.27y, to The New York Trust Co.peay, IlOD BroadW. Xee Iork Cit7y N. T., which saidi eum in this aaaner iai hereby irre.ocahlll kt aside fmrand sllocatsd tothepsyaent of said~ dividends aad, s11.I11 De* used,~said Trust Cospery for the pqar,.ent of' said' dividends in acaordance with the twss of this Bssolution., lU81HPR BESOLYEDs That the aforesead dividends and saeh of tlus, Da charged,against csarent earnings of' the Co.p.eqr far the year 19L1, out of and!.ith respect to .3.ich they are, intended,to be d.clared'aad paid. sad Shat to the a:tent suc.b' earnings are not sufficient for that pusposW they be etiarsed aiainat surplus and undivided profits of th.,Cospany. !ae Treasurer reported to the Board that on oatob.a* 30, 1941 ne lad' purehasedi nitL the lhmds of the Coapaqf, $500,000 (faee .aln*') U.S.A. Sr.ana7 Notes of Tax Series B, rithh accru.d interest for the a~a of :5~.~" Nberenpoo, on aotion,of'Nr. fSitefield secoadrdi , k Y7 'Yr. Drisco.ll', aad,uaaai- siousl7 adopted, said p,urehase was app,ro..d, and the Treasurer directed to deposit said seeurities in the: Treasury of the Ctatgeny at Guaranty T1'ust' Co.p.oy of Nee Lorlty 140 Broadiafy New York City,, for safateepin,g gntil the ttirtbar order of,the Board of Directors or the Hcecuti.e Co.aittee. Ih aotion ot- Nr. BalLeqry, seconded, by Mr. Lent,, thi folloaini' ad' - serti.iag ezPs°ditnrae e.re iin,aIll respecta approved, ratiflad, aad oonfirs+" Eattaate /'476af' L.onan &: NStchell Inc. dated llo.eaber 5, 1913', eo.erin[ radio ad.ertising of RIpFLE TolSaccoao.er Station ICRGVy Jaelacoy, Tasas, for a,period of tLirt*4a.,eks, frer Noe..b.r, , 10, 1941, at a cost of' $210.;0• 0i4343644' - t

75 ptia.t. /14'TA' of, LennengC1litatiei2 Iac: dated' Y'o.reatler 10,, , 1941 covering rad'io'd..rtibimg of BE=41DT C1gsr.ttes orer, Station iHHM ge., Zork Cit7r, for a priod of thirteen .eeks froa December 1159, 1941, at a coat of $15,395.25. ~ Uttjmte 146 of J. Walter lbo.pson Coapaey dated! 1fo.e.foer 6, 1941' ccovering broad- pst of th. QLD. GOLD' Cigarett. Variety Rrogrea, over radio statiocs throughout the 02ited States li'sted therei'n, November 3' tliront#1 peceaber 29, 19419, at a cost of pp motion duly .ade sad seccnded, t6e seetiog adj'ourned. S.eretaty , 1,

Dece.ber 19. ~ 1941, / rsgnlar seetiag of the:Board of Dfsectora of p. Lorillard' .as kslm today at the office of' the GosRnaq., 119 Hast' 40th Street, , riee 2at ci4. 'lAare,.ere present tbssrs..e: G. H. Hnmnel G. D. HEl:tefieid 8. A. Een't H. J. H'aTl'.Fr J.,J: IDrlscoll J.3. Preeoaa J« A. Glascock F. Hope.all J. T. 6.e1 Bu2'ord Scott Todd tool On aotion ddJ sade and seconded', tlle reading of 'the aiautas ot ~tha pres5,vus aeetinR' saa dispensed sith. . am ~.lOtioII~.of.Mr..Halley, seconded by~Mr.~Freenae~, it~eas UniIIINK-Sly B6SOLitEDc That the Trsnsfer Books of the IRegistered Five Per r.opened at, ten o'clock 1.![. Fetn-oarF' 3. 1942. 19L2,foa the pq}r®ent of interest tlfereoa, , due February , 2. 19L2, and scalll p. Geot Daa+3s of this Ccmpet{Y stisYl' be closed at t5ree o+'elbck P.M. Jaauarr 15, sm.at_ Oa rot'2cnof~ Yr. Scott,, secood'ed! bXMr.th~i'tefileldy, it *as HISqLMs That the action of the Officers of this CaepdJW Ln sons na.ad bslor* at a pric• of One Hundred.Fortjn Doll.ara (") per sbas•i poutbasimgshares,ofthe CipiltalStsck of Federal Tin GbopaqW fsaia the Frae` asellz - a.eesa.xy eRr ad.isabla to eo.p,letr said' pnrcbasr. 00k psy aait pm*ch,ase prla and to do any and all CLiiags that ma}!' be deeaed O aad t!>,r, rL~ Officers of the Cc.wT are hereby autborized' and direeted' to be and tSs sase herebx l's appra•ed, ratified„ and,confi'.rsed in a11 resFectr lroa F. J'. Costello 250 shares • P. E. CostelTo 75' • • J. G'. Frederick 50: • • E. D'. Grallaa 50 • e L L. Cata 50 - ~ On srotios of rr. Free.an;, seconded by ttr. H'opeeell„ it, a" ~msaiaooa~' ap can srF er 6roas„ s..s Tork Citx, M. !., be and' the sase hereby is in all respccta . Qa. appro*ede saLified„ and ¢mfir.edL - f aa e I?li~ o )1.oe E-.ra.d Dollars (Z5'0Q)' to The lie. Tork Ch MettL--1 ~ ~ t Am i' 1lFSOLQIDs That the contsibuti'on b f tir sa~ of Q~ th C Q.~

..' * gicBaood, Ya. Chapter, Jersex Citbr, A.J. Chapter [idd3etown, 0liib Chapter Bouisville, Ur. Cbapter. Dan.ille, Yia. Chapter find'sor, Conn. Chapter IIa Crossey Bise. Chapter Madison, sisc. Chapter Lancaster, Pa. Chapter I =50a 250, 200 200 1w: 2525. 25 25 On .otion of 11[r. Kent, secondbd bJ l[r: Driscoll, the following ad.er- tising espeaditures .ere in a3.ll respecta approved, ratified, andi confiraedti Qaatract dated so.eaber 25, 1941 for a pag. adRertiement of OLD GOLD Cigarettes ib tbe shopper's Guwide of Hadassah for the 1941-42 season, ata cost of =50.. Castract dated December 10, 1941 for a page adwertisment of Coapaqx producta in FeoCraa for the Annual' Dinner Dancf of the Associated Greater Boston Tobacco R.- trilers Ibc.,, Boston,,, Wass., to be hrTd' January 26,, 1942, it a cost: of S100:, Costract d'ated December 10, 1941 .itb Matioaal Fouadation.for Infaatile, Paralysis Iac:, Bee Iork City, for a halt page OLD GOLD, Cigarette adtertisesent in aagazins sntitlyd •Coursge' to be puBlished January 30, 194Z', at a cost of $500. [ati.ates of J. 1alter Tbo=pson Coapany as.fol.loes, /i&Zuppleaent C dated December 9,, 1941 eo.ering, espenditure of' $500 in connection d'dth rad3o ~ advertising of OLD GOLD Cigarettes. 053 dated December 8, 1941 ecovering: radio adverti'si'ng of OTD' GOLD Cigarettes in C:e.eland, Oh1'oy,,Decesber 5, 1941 through December 31, 1941„ at a cost of S2,834.E~9 R5L' d'ated December 8 1941 eosering radio ad!.ertising of' OLD GOLD Cigarettes ia itizeaa, December 8,,~1941L through December 311, 1941,at a cost of' !1'.,525.26. AWd'ated,December 9, 1941'corering radio adtarfising of OLD GOLD Cigarettes in California, during;Decesber, 1941, at a cost of f7,509.70. 154-S`Fple.eat l'dated December 12, 1941 for additional expaaditure of'113.56 1h oaanection .ith OLD GOM radio adiertising,i'n.lrizona. [stiaates of be~en & I[it4Chell IIne, as follost I1L datcd! DeCeaber9, 1941 uirering,aagpzine advertising of BRIGGSTobtceoduring, Js°narT., Februasy and IW.rrh, 1942, at a, cost of 5E+5,329.52. !12' dated'pmsber 9, 1941 co!.ering, magazine adrertisiag' of FRIENDS Tobacco dutiny, Jsn". Febrmary,, irsreh, kpril, and May, 1942, at a cost of $52,575.08. 113 dated December 10!. 1941 covering radio ad.ertiaing of BEECB-NDT Cigarett.s on the Pacific Coast„ Jaa.ary 2'through March 27, 1942, at'a cost of S38,217.sQ. 1U dated December 10. 1941 covering radio ad.ertisiksg of mIOHiLLADF& Tobacco o""s'Station fSTB, R,•tla*d,,Yt., January 5 tprough Aprill L', 19l,2,,at a cost of h SO7S . 115' dated December ]Il' 1941 co.eriag, radio,adyertising of' CFiOY LEIYDEB Tdb'acco °'t~ Station iCCO, Ylnoeapolis„ ICiha.,, Jaauar& , S.t+rowgh, l'pril 4, 1942, at & cost ef d'.erti'sing of I~AIEL Ci'W's o.er Z~i In i d o a _ ' g rad 5 through AFri1' 4. 19C2, at a cost of ~1950: " a. at,ed December 15, 19~ coverin g~, g~ york City~„ January

~-- IAVLtf- s.cr.tuT. 61 I I F On .otilaa duly asde, and aeconded, the .eetine adj ourm4d.,

. Jaauary 16, 19a 79 L regu3ar a.eting of the~Eioard of Directors of P. Lori1].ard Cospany wy heyA , today at the ofLiu ot' the Ca.pa~,,, 119 *est 40th Street, les York City. Eaer. were present Hasrsa G. H. Hm.al G. D. HtiitefiisLd T. li. Hallq 7. J. Driscoll J!. S. !IY eeosa J: T. ifoal i. l.~ Glescock Dufaed Scott Todd Hooh OD 1DtLCnn dlLlj' sad. and NCCOd'adp:, th* : reading ; Cf, ' tbe: miniltesof: the, pn.ious saetia` aas dispensed aith. mn srotioa of rrr. Driscoll', secand.d: by rs. lhitatisld, it was s9aat.ously HTSOLYtDs: That (ita lieu of cLosing,the Stock Transfer Hooks),3 P.Y. Tossdtf,*ttrbruarir 10, , 191.2,, be aad' the sase hereby is fized as a record date: for tbs d.ter.ination, of the Stochholders of the Ca.psqy entitled to notice of sad' to svt.,at,tDe laaual Heetiag of the Stockholders to be hald'Yareh 10, 1942. ?QR=!S HESOLYLDe 7hat, only Stnctlloldars of record at 3 P.Y. on hbn-7 10, 19Q 'shaLl be entitTsd fo such notLce of,and to vote at such Annual leetiag, not.ithstaadisg ata transfer of axV stock m the books of, the Co.panqr after said record dat.. f Lo act as Inspectors of Tiectioa,for the~alection of Directors at the Annaal Yeet- ing cf the Stockholders of this Cospaaa to be bald on Harch 10, 1942'. Ou .otion of xt. Ha11e7, secondbd ty Xr: ?ree.an, it sas unaaiaously HWQLYED't That ri.ssrs. E. C. Haater and A., Ri.Sber (;neither al' thaa briafa director nor a~ c-ndtdate ~or that osfice)~ be aad tlley heretifare appodated Sba Secretary stat.d to the, seeti'ng, tliat under the regulations issaed ~. V1, ' the Securitiies and Exch.ade CaaiLssiona proapstatesent is requikad, to accos- AaR}! the notice and , praup for the annual rrating, of the stockholders end thereupon read'to the sseting drafts of notice of the annual aeeting of stockholders to~be bald March 10, ]l9rl„2,,, pros,' ststaaent and prW. second.d byrtrt«Ha.11ey, it ' was Witafirld Gnsntiow of'l[r ~ i , „ . 10aai60u217 RSOLYED,; That the drafts of'the notiee of the annual aeeting of ~ stoc3dlolders, to be heLd March 10, 1942, proxT and prmpW, statement (;subjrct to such f: dku&es'in said drafts, if aaY, as a4y be dee.ed aecessarf or ad.Ssable bf coamsel ~ ard tlh ld1tioaMch ha.a been presented aad ero coap,7 dth tea, aa reFu;aas ._., read to this~sretia be and the sasa berebf, are in all respects approved aad' r adopted as:the ~lets~ot this Board and the:SecretarP is hereby ordered to ba-e the dulT' prih<ted' and .ailed to the stcclcholders in accordanca.ith the requiire•- ~ aanta of lae and to~ha.e engies:thereof sheo-Friatsd anaead to, th.se aiautas as a Frrt hereof., ~ 0n motion of IIr. !R'eeeaa, secoodedl by ttr. Driscoll, it ws umaai.oasly BLSOL9LD!: That as a aatter of coQ*eniirace the esmual statesent shall be sailed to the stockholders along with the notice,, pz^w4 statesent as+d proV if ~~ ~pared ia, t1 ye foa• such aailiag« 41^' -- , ~

4 Oa aotion of Ir. Dribcoll, second.d by Kr. ieel, t!le.follo.be adrertisida' ezpraditeres eerei in all respects approved# ratit'i.d, sad'co.., fir.ede . Estimate No. C SuppleasataT of Lanaen &' Illitchell tnc. dated pecerbr n.j w 1941, conertag, radio advertising of UNION LEADF1t and HEDM-Ya!! Tobacco o.er StLtioa 1Gf, „ Sctiaaectady. SL?., January r 5' througb April lc, 19429 at a cost of S910a Estimate No. 51 SuppleeatarJ t of J, lfeltsr lhoapsaa CtupaaW dated' J.murr yj 1942, , co.ering,addiitiioael'costof` Siy=L?4, for advertising OEDi GOLD CiCar- attes in Ye. 2orker Yl.o.zihs, durint 1942. EEstimate No. 68 of J'. Walter Thoapson ¢capeW , dsted Jaaaarl bir, 19429 cover- iug ' radio p¢lblicit) caapaiga, for the Old Gold Variety Sst.ork S6o.w Jaastar! l throagh April 1, 1942. , at a cost of S2,2"75. Estimate 8o. 42 of Louis braa IInc. dated Jaauary 13„ 196.2, co.eriag,ad.rer- tisLng of'OLD 60LD Cigarettes in foreiga lnagua6a ae.spapers tLareia set oat, i'aaus.rT, 18 tbrough liarch 26, 19i2„ at a cost of $7.2,988.60. ALSOLFLDs That this Coapaiq contribute to the B.d Cross War nmd the seaa of Three 'rhoasaad Dollars (13,000)'. W wtion d'ulyr aade and' seccoded, the se~stins adjpurn.d. ~ S*cr*t"7

p. LORILLARD OOM'P'ANY • - jtrnq , Gq., N. J4, Fi'a.arP 4. I%2: . SUMMOLDra m. P., 1^-•••=s CoWrw+r:. a mdlaor.mcou , tbaaaf;. Fea i hndy ai.m, the the Anoual Mce:og of the 5(oddolders of P. LORI[:IIAJIID COHPA1vflE'., a Ne. C.pomaa .in be bdd u the primpai adice of du Corpocuia4 abom eo): 15 6xdl.w R1aoe., J,aaey ~! J, t de.es ddodc is the fasnooo oe dir 1laithdif of I+tarch, 1942. (11)i fbc the.feition of d,iRSm (1,)1. Ilss6dd!afierontil theoaa f*lib.io6 aaoa.l mmtins,of rtodclrolden or uotif tbar mxmras am daciedd. ~pfed,' od (2) the uans.aios of =uhotfia lwaioass u, maf, popany come Eefaee said I ma-ios or,.ay, .d, Ad be mleled-Ia .aoe, eotrridsaodieP .q trams(er of my todc m the books of the Camp.ay .6ar uid ie be 4A Tmda Doaks i ..il( .or be dae+d; , but , oalt StoWoldets of' resoed t 3 P:A[: , m 1 Fdwmq tA1, Taoo WiOL. SecetaR. s dit ,l+e oheting m,p be , Peope.ly tuld. f' =bk b be pteenr .t the meetias', Pllase sign dia' amdo.ed Pmzf, and mtnen t° the acmmp.aTn.9 (Sec odla side fb« Praxf, Stat®mt) ::-~---~^--. _ I 4. :

. _ ... . _ . . . . .. -- . . .. -_.~.._,,..~s•~~..s~•...: .. •M •.rt. .. . . w.. .. . . ' ~. .. . 1

I .M ..S .._ . , . PCf O! Yl . 0(' QOepill bowins MeameI• t/tFOU'aY ~. all," QDwwON~..~ PRO!XY .- .a.r.:..J~ ~a(t AtII 6p aytl'it VGtgCntlj. 7hat the undcrsigned hcrebE cautitutrs: ,ppointil and dirata (ittjIf; IfUwa/EL (PleStdCpt), , rirEOlfiE D. WHITEll (~SKUtl Vic6PRfidITN'),. WLLI:NUE. J,.IIIALLFY~ It;Q.Pa:r,lmr and Treasuree)i.,and'TooD WOOt, (1+fice,President' and' Secretarp), oc any of tAil ia the aamc, * asd stad' of the undersilpwd., to attend as the anasners and agents oE' and for the undersignr+d•. at'the aoauaf i Iamp( the stoaLholden of P. LoutsuloD G•owP,wr+ a Na. Jetsey Corporuion, to be held an the totb day of j ridi, t9!tz, at rk.ea ocloak in the forenoon at the oBue of the Corporation, Room aoS, 17I EscBaaae, Placil kl C%, N.i J', as.ell as at' any and,all adjournmettt or adjournaxnts of such me.+eting, and',to vae as the ptaml raiutdtnipned thereat (1II for the,election of thirteen (13)', dircctoll fbldleifue until the neat following ao• ; =4 oelong of stockholders or until' their successon am elected and qµili6ed: all (2) for the, traasuvm of sucfi sa binioes ao maE properlp'came before said meeting or' any adjourntnrnt' or adjonrnmeots tMereof; aamrding: to 4 nmber of .aes the undenigned i.vould I 6e entitled to ast iff then prmaoally , pteseot, and' to do a11'. sl aas' d d.op, as may be necesssrE or peopen in order td orry out the action taken i bf said mell , or aay adjaurnmunE xmfl heteby siviea to snid attorneYs, and' agents' or any of thrm1 power to ; suhuil anatEier or otticrs' in their ae : ~ f ' ' . the undeisi . ! or aey al, thc ~ or, sa jr tad aod IratifPioa atd I eon6nnitta alU tliat' the attomel an agents of d ~i in+eeor substittt,ts for'an] of aherR,may ~dt/, by:'v'rrtuc 6'ereo[. „~ 7Ltt prozT shatl he'deemed dated' an the date act ' for the meetina',hereio mmtioood'., udess a drHamt date s a ~nrd'lieYnr. I4 mdiaygned Lereby se.okes attE ptoay or ptozies lkmofore givat to vote upon or to aa .ith tes( ea to aa~' I~ - 7Be .denigrKd hereby ' aclcstorladges receipt of' tAe -Naeice of Annual Meetmg of Stoddwimcs dlmd 4"'l1'1.i 1'912;,and the ••Pto" 'Statetnent° furniilied thac.ith: 1,1'W1RNESS WHEREOF, 11 have herevnto set my hand and'seal this.. .day af' 19M r , ( 4 } r l p . - ~ t-K.':IS ~

A regµlar meeting of the BoQdof Directora: of, P., Iariliard CaaapaqW .s hell3' today at tha office of the Cospeny, LTq lfest'4pCh Street, Ni. York C1'V. 'laere .ere present Ifessrs, si i. J„ Haiisyr The Assistant Secretary go quorm being,preeentr, the aeet]Ing adjourned' to meet *ednesd'ay„ gsreh i. 1942r at U o'clock A.,Y. I Lssistant Secretary

Vf udjourned aaeting of tha~Bo.rd of Directors of !. LoriYYard Co.BerDy raa hald today at thw offic. of the Cos0asyr,1'19 sst AOth Street, Yis lork CitT, at 11 o'Clock II.Y. 4 'Section i. Hsewlar s.tt;ags of the Diiractors sbaIll1 lie haLd at th. offics of the Directors ia tha Cityr of'Yi. York at ii o6¢lloclt !a the for.noon oa tha'lrYdV follo" the third''12mrsdaJ la esch * l6arrs ..re pzessut IEsssrs.cc G. 86. SfasfaL G. D. *hitafY.U E. S. Bo.lw 8: 1. [.ct; *. J. S.dLT J.~ J« Driscoll J. S. lz..ss ' J-?: IeaIl T.« Hops.1l J. [. Glasoocit' Todd looli Oa.otioadu4 aade aad sacondlad„the rwddnQaF thetiaat.s of tll., pr..iovs sssting was dispsnsed .itb. On Notion of 8r. IIeel„ seooad.d bJ 8t. Drisooll, it .as maaironsl~! IESdL4EDr Zhat a diadend of' =1.75 pwr share on the Prafsrr.d! $toclt of tbi's Ccapaqt be aad it hsreb, it declared psyahle lpril 1,, 1942 to sbocidhold.rs of' record at the close of bnsia.esa llar¢h, 16. 1942. unaninoumr &=LFLDt That an intezia dirSdwd', of 25# per @bar* on the ontstaading Co..on Stock of'thiis Coapany bs aad tt hereby is d6e]ared pswahle Apri.Y 1, 19i42 to stoclholdars of' record at the close of, baslness arah 16, 1942. 'Ca s+otim of Sr. Ballea, s.cond.d by rr« Ho.]ling„ it .u EE90LPIDr That the lSesaaf ar Eooles of the Lg.Tstsr.d Sar.a Per PAnt Boods of this Compaay shal.ll be closed at thrs. o"clbck P«I[. rarch lbr 1,942, , for the pata.nt of interest thereon,, dns ipa3]J 1, 191.2', aod ibEl1 Dsir.opso.d' at t.n o1elock 1'.8. lpriL 2,1 19<+2. . SLSOLYIEDc That S.ctim, 1 of L'rti'cS. IZII' of the RF-lass of %h* Qotpaqy r.adikg as follorsj~ .. Y~ ,, •Srctloa 1. Regular .eetings of the mrocton aha11 /Dr he]ld' at th. office of'th. Directors ia the Cita of hrt York at 11 o'elock Q Iattir foremon oo the lridYy ftUo.iagth" thikdihursday iiteacJ1b01 s,antih: Special asetings a.y be held as d.teraind by the Directors. W aod' r7f be ccLled' by the Prasident at atpr tis+e aad aba1L be eaI]Ld 4b 10! 3ia m the requeat of thrs. Directors.„ W W aod tba.s.ae hereby is a..nd.d'so as to rrad'as fnliorau ~ . CA vi

sontb,.$pec3rT sie.t'I's aqb.ha211'as d.tartin.d by thsDtirsctrs,, snd Ba,T b. calTad 1w the i2<asraaa of ttis Board! of' Directors or Itr tb., trsaiderat at atW tSae and aha21 lbe call.d, !dr oaa of tba ca the as- qpset of ttirsa B1r.ctors.s IIFSOL4EDs lbat S.ctiaa 1 of Article I9 of the WrLass ot'.r the Corpaapr„ readin= as folloss e5.ctioa 1. The Birectors shall~ aaamaLjT choose firoa their oan mssbar a Pr.sid.nt and' fSsr. Yics-Pr+sidsnta,j and sba11 annosII,~r c~oosn a StcratarT snd 7raasarsrs sho s..d noat be Diascxa!rs.8. 83' po io3iba of Br. 1h11LafllaLd, l.conddi by Br. Bos13nB, it ss m.aY.ops];jr *Sectioa l. Sh.r, DZr.ctacs shall amoa].ly cboos.- fros tLisir oum a.umbers a Chalraen of th. Board of Diraotars, a Erasidant, aad five Ttm.- Brssidsnts„ amd' s6aLL awmaW cJfcoss a Secretary and aTreaawg, .ho, s..d not be Diractom.' Ou aotton of Ba. Donllas. sacondad 4T t'r. 4iscolIl, it v smaa3saus1i ELSOLnW: 15at SoctLos 7 ' of ratlcl., it of' the E3r]ass: oC the Ew4.W, rrdi'tg , as fvLlosst. 'S.c. 7. !ha Brsaid.at sLalY prssida at tl1e n..t!'ags of, Birectms„ and shall have the sraaarsnt of the CdsqarW' a affairs, sabjeatc io the cmtrol of the IIieacWrs.•, be and the sa.r hsrstr is as.od'.d w as to rs.d as follors: '9ec. T A. The C=alirsra of the Board ot Dir+sctors shall prsafib af the a.atinis of IDir.otors,- shall ad.ise sitti the Pr.sidaot amt'mtber Officers in the snnage..nt of' the PASpaspr''s affairs and, aLa1Z g.cfars< such,othar dutYss aa, the Baard of Ddlrsctors ttrc.1 tis. to tia. ap direct. B. ?ha PrasZdeat shall have th., siaaaQesnt of the Gc09OWs affaSrs, saby.at to tbe control of the Dir.ctorso, and stialll paes"S at the s.atnQs of' the Llir.otors in the atisance of the O-"---n• On aotioa os Er. DrlAcdll, s.GOOdad-', lpr- B'r.I.e1,, it ss ass.alYonal7 ilE90LVSDk That S.ctisa 2,of Article 1ILT of the W-ls a[ the CoMArW. reading as~fol3arss 'S.cttim 2. 1'S. tsaanttv. Camuitt.. aball conslsC of'ant Iess Wwa five (S) nor rore tb.a.Tatas ()L)j Ofa.ctors,, ooa of .baa ab..i1 be the Frsddant of the Cozsptatioa, sho aha,LL pr+aida at all s+.<zints Ca~~te. of said Co.ritt.e. In tbe abs.naa of'tbr Prssidant the s8aL1 aT.ct any oae of' ita srabcs pnss.nt Gha.ir..a„ d!o aa.,i1 Pr.- side at sach n..tllns.. lh. Sbcrstaat of the Cose.nOr' stlall br aj. 3.cr.tary of th. saL& Cosa.Lttrw and ltarp r.cos+d's' of its ~ proorditi[s. Th. .tsalstaat S.crstiaJqr of the Gos,Pashal]l act as S.erm tazy ' =f the said Co.autt.. Ss the abs.ocr of the 8res.tatY ;aod'Ss the abs.mc. of 7f 11 . the Sbor.taz7 aad the 4aistaot S.crstar,f th. ~itt.r st~.Lti ~d.aii- ~ r -aata an.lotfsg Sacr+tar7 for the r.t1~• bn aW the sasi. Irr.lQ is a..odd' so as to, r.ad as tolloss 'Section 2. Sh. Bmenti*a C4mmittais s'hall consist of aot Lsat;Yl+sa tlir. (5) aor sore tRan a3sra. (11); DLr.ctoas, iac]ai1aBth.0aa4zma

' --~:,-~r-~_r_ 4 :~ Lttaats /3?' of L.m.a k riteteili Inc. d'atad' T.bevarT 20, 141.2 oo*aFins' jba : r rad3A adt.rtisin cd fRRtg tCi ' 1 '~ Wasc'h~ ]b ~~ throasll , Jm. 12.,,1942:9 ~ at: & omat o[=' SU„680.~25. 9 ~ © of tbs DdarQ ar' Dir.ctors aad the Pr.sidant of the Cbrrporatiicn., Taa cbait..a of the Board of'Dir.etoss shall preside at all, arstiags ot said Cosaitt.a aod ia his aba.oae the P'r.s7idsot sH.ll preside at sam si..tlagai. Is tbo absanCa of' the ihalLraaa sad the Pa.sidaat, the Co:Ytt.e sria1L alset aty aaa of ita,..abars present 4Quir.ra„ .!b spd,Y Wasida at soeh ae.ting, Th. Saer.tarT of t11. Coapaq* .haii ps th. g.ez.tirr of the said'Co.ritts. and kap records of'its proc..d- iags_ lnIsaistrnt, Sacrotasy of the 6o.pa4w sha]LlI act' as Sacr." .t the said Co=Ltt.e ia the adsaaae of the S.arstaty .md ia t!r ab- saoc, of the S.ora!CarT and the Assistant Secretaries, th. Coftittaft s6a1,I dasTgaato the Acting 'SscrstarT for the na.ting.a' lmaalMom]J' 0asotioaotYr: DriscolL,, sacoadad by Ir.How23ng. St w Bfi3L1LYM That 9aetima 3 o!, Article rZII otr the BY-'L.s of the CoapaqT, ro.dih& u foilm.si H, O3action 3. Regular oeetlags of tlbaT.x.eutira Cb..ittoe sllal:l be bald at the odfiae of ' the Dllcaatoss in t!r Ci?V of Yo*' Iork cc Tado.sdeyrinaaeh..altat..L..sa~ocC]lockint2ti..oaniag,, SpeciAl •aatilog. .+p be t1aLd as d.tariind by tht Cansitt.a, andi as,7' Ee eaLTsd ti:' tha President of tta Crpaea^Gi'oa at any tlaa aad shall M~ Callid~ bY IIi'a os : . the s.qvast of tlnnar saaLi.rs i ofaaid Caas]Itt.a.•,, 6a , and tbw, sar har.bfin , ..a.odW'soas to read as foslosst e8+.etto. 3.. LgaLea s+.etiats of' the Rasentiw. Cb•itt.., aria" Y be 4.]a at the office of tha Directors 1a the City of fs Tork , oa We1a.sdaqr ia aaeh week at aL..aa o0eLock in the aoeaias. Sp.aial' . na.tiats aqr' be ria1.d as~ daeaaiaad tp the Ca.ai'ttaa, and rp be eatled bT tYioCha,irasm oftb. Board otDirsetars or b+l' tFuBrsi- iant of the ConPxstion at any t1as.yd i stlaY.l b.crlI.d by ow , of Uk.n aa tse r.qnast ot tbr.e a.ab.rs os'said fi.dwnitt...' . ma mo!Eim otAr. I..1, s.oood.d by Mr., Hallley„ tlrr f8.11].o*int adirsrtisins rsp.od'itsaas .are in all rssp,.cta appro..d„ ratified, sad. aoatira.dY: tstttt. /36 o[ Latnao & ritahall, Too. dated i+broatT 2Q, 1942 Ca!r.rist r.di'o adtatiai'aL of gfEC841[1t Cipirrttas o-ar Stattm 14M Ys fost CSt4s, ,~ , gsrs o..r 3t+tion iB211'„ Eufta]lo, y.2., ~ 1.rah 21' tiaroc-a j ma 22 719 2 ~ , 4 , at a oost,of =39o. W, ~ ~ Latint /36 aa of La+aaa & titeL.1L Inc. datadiT.hraar 2j 1912'ooV.rinL 0) s ,{; afir.rtisLU of BR2GG3 drOklot, lolracw ia the fassaa Sosaral ~~'~ l, .f 0.g.,.._..~ n..~~.. ~M ~~ a in;i ~-'~-~-~ ~.... +. arb a cwj6 ~ aC~ s,LUZL74.. . `k1'~j doatraet dated To1Ss•anrar 2Dj -L9i2 tor a pats ad..rlis.rasat of, 6ospaspR iPSo' daets1 Sasoaieenir prow to, be pa4Ilt+1lad, iaaaama¢tlima..itlrt6aThilyd laaml DiM.r & , Da,oo' cd' th. moda Ialaad 2oeaeoo tsaoaisct'ioa„, Proridanos, f.I., at a cost af' $100. Oa iattom ftl$ iradaaad s.eood.d,, the alating adSouta.d, ~~ex a.ar.tarf

I Yarch 10, 1942' 85 it A sretiag of the Board of Directors, of P. Lorillard Co.pany sa hsld/ tM r o'clock P.Y, todadr at the office of the C6opaql, 119 11eat yCth 5treet, ger Iert Cit7r , it being the aost eon.eaieat tiJse siace the 1oau.1 Heeting of ttbs gtisekholders hald' at U o6'c1ocY ia the forawcn. Jtquallin P'. Tqlor Peag* M lhitaf'tald Tadd bol Trs eaa.ass sho.ed the follodag Direct;ors were preseots Trant HopeeaiAl Pwcrg. H. &se,l Jassss T. Keel H.rt.rt A. 4at Buford Scott. The 5ocretary laid Before the Hoard'the aianrtes of'the said'Lhaual intirig of the Stockholders sho.ing, thir electioa, of the following Directors, =dgar S4 Bowling Joha J. Driecoll J. Strother Free.aa Jaars /. Glacoc3d 11111, a J. HaL1qr 6. H. Hra.ai J. S. Tr.es.a 6. D: ShStefisld' J. a. Glascock X. A. ient F. HoperelL S. 3. Hod',ing, J. T. g..i t . J. HaLLsy Todd Hcw.Y J. J. Drisooll .,_ ~=-=- : ~....:~.- _ Mr:. Hta.eIl stated to the aeetrssg that elhetions *ere, in ordl.r for a Qiairaaa of'the Board of'Directors and for Officers of the Cospa.o, for the ea- ftlag year aad asbad 1lr. Hhitefia3d' to take the cbafr. Ht+. Eo.lilag, then aoslhated Mr. G. H. Hta.ei for the office or Cbalrstaa,of the Hoard of Directors. Mr. Ereeatn seeaoded the s~otioa and a rote being tahen, Yr. Hue,al .ia elected CbrRaanof the H'oard' of Directors, all voting infa.or ezcepttlr., Hus.a1,, sho 41d sot Tot.. /r. Himmmel then took h1s sest, as C2+a.Rsasa of' the aeeting, m,aatLon ,of'Yr. Hhitafiol,d, secood.d by 1[r. Halle7rR tts Hsrbertl. gent'eaa elected'Presideot of'thei Coap.ql,, all,Rotiiog ln, favor thereof except Xr. L.nt, .bo did not .ote. OW sotioa of Mr. Keel, second'ed, by Mr. Kent, Ki*. George D. a~itefieTd V eYectad' a Yio.-•Presideat, a]J: voting in favor thereof'e:eept Mr. Whitsfleld. sdo did not vot.. Hr. &a...l smggested that Itr. lhitafleTd be d'esisnat.d lsecati.e Yice..president to act in tbe aliaence or disability of the president, sod Y3ure- Vft. oa.otiosi of Mr. HaLTsW, seconded by II'r.Freeass, it ess u^•n+„'"ua1,I H=L9LD: That rr. G.orge Dl *h1tefiel,d',,,a Yice-President of,tae . Compony, be d.siguted, Es.cutiTSI Yic.-8reaideot and' in tha absence or, dllsabilib 4 ibitafisld as fiiecuti.e Yic.+Praid.ot, shiall perfors the oZ the Pr id t ! es ea r ~ dbttes,of the paesid.at's office, subject to the coatrol off,tbe directors. .. .~,.+ ~ •Cls motion of'Mr. [.al, seconded by lte. Hhitefi.ld, Mr. Ddgar r I

. Soslins sas aliscted a 41c.-Presid.ot,:aLl rotikg in fd:Tot+ ttlareo? atcept Mr. go*1i0$., fto di& aot Rot., mn s,otion of !r. feot, s.condrd by M,r. Tre.aaa, Ir. Todd sbol v el.cted a qLcs41'residant,a1l .otinH in favor thoreof except rr. Hoo14 ssodid'~mot.ote« On, .otion of Mr. IIaat, secoaded by Mr. Gliscoclt, Mr. Wil]Y1u J. galley .as e]ected a V1ce-Rresidaat, all voting in faRor tkr.reoS e:cept Mt•. Halllef, who did' not vot.* on motion of Mr. Bo.lia8i socoad.d' by Mr. i..:l, Kr. J. Strothsr Tr.e.ae aa elected,a Yi¢e-Fr.sideat, all rotinH im,fa*or ttrr.of except s. lrs.aw. .ho did not .ata, tln sotion of Mr. Halley, seccndi.d by Yr,. iTkiscoll, mr. Todd wdol ws a'Latadi Secretart, a11 voting in fa.ar ttaarsof, eicept Mr. tool„ rilo did not .ote. ~~ lhs, Secretary as tCer.upon duly s.ora for tlYa faithful par-' fo:waacr of'hi's duties as Sscretary as follosss B5313E Or [M' 208L ) ) s. 3 C4IDfTR or~ f6L* 'LORZ ) ~ !'ODDi ti004,, S.cr.tarXof8:: IA&I7daRD~ CMiiT, baasby r d4tly s.ora, npan his oata,deposea amdisqs that h. s11L faith- lW]ar dischiargatLie dnti.si of Secretary of th. afor.saiA'Caapsqf fothe Eest' of hia sY1llaod ab71ity. , (Sipsed) TODD 1 100L SioLscrib.d' aad sscra tobefor.r.s ttds 10th djpr of ltarclt, 1942. (wigmad'), L.aYii S« Cle.aos lOTiB2'FOBLIlC,,. riaasan Counb1Fa..2iSC.rt:ificste 1 filed t.I.Co. 244, Eia. Ilo. 2'-1'r-201 Cos,.isaioa mcpires rarelt 3C1,1'9G2' laf.d'oath .as dir.ctd' to Ee fild~ .itlhtho SecretarJ.Q!r sorti~m ~ of Yr:, lRe..ra, , secnad.d14J Itin., Qlaseiock, !t. W:; JL iai7.y sss alectad Treasurer, al1 .otiaH ia favor tb.reof' suept Mr. 8a11I4, .ho did:not vote. On .otiba of Mr. [..Y, s.coad.d Yy ltr. fhitefiald, Mr. L. S- C1qnnna ..s al.ctd laaiataat S.cr.taty and lssiit.at 2reasurer„ al'1,rot3nd' !a favor tL.rsof: On Motlon of Ilt. HaIlef, seoonded by Mr. Bowling, Mr. Zhors 6'. ~` tft'&Us ..a .lected& an assistaat S.cretarT of tBo, CosspsqT" all voting 1a' ~ favor,tb.r.of. Oo 'aotioo of 11r. lfz.asa* s.eond.d W{ Mr. Drtacalli, W. Stdaq Cw e.l.cted AwdSltor,i a11rotias, in fa.ortki.r.of. Q Qa ro2lop of ILr. HaYl.f aoc d d H I , ao s . rr Hups.ll Mr. G tv.,. ~ Saitl.as elected an tsaistant Iludltorv au voting yn favor tLsr.ot. ms aotioa ot'Ir. DrIsooll, .eeond.d by Mr. Bowling, Itr. E. 6.. ws .l.ated'an t.aistmt,loiYt9r, all rotios ia favor tp.reol.

. °'!k?E OF RFaf 70RC ) ) ~ S.S., CfllJNTP OF tiEK TOR4 ); . TOM 1100Ls Secretary of P. LaRILJP.ff OQtP1l6fT, Leing by ae dula sworn,, upon his oath deposes and ssra that he .in faithftitlly discharge the dutSea of Secretary of the aforessl'd 6omparq to tha ~ best of his skil]l and ability. 9ubscribed snd swotn to before sr this 10th day of'March„ 1942. I 11irt.'f /UO! It'. !Itttm CjqY/ Vx 243 G~IQlt:rr.i~f n.Y:Ga.Ic0:2N4, 7." $1 Z::?2Q1. Ci c al.i~a 6s«i« ranS I6. I d42

os sotiod aS'-Mr. fr.asa, ,econd'sd by Yr. mltefield, Mr. F. H. 1' g.isks sas'ellsct.d Casaiiar, a11 eotYtsg,in favor thareof. Tb. Secret1MM7 atat.d to ths 9osrd:that by S.etiod 2 of lrticlW ZI7,I of the BY-lais the rh-i'rMmn of'ttle Hoard'and,t4e presid'eat arM ez-officio .a.bers apd, presiding officera; mf t4e ftecutive Cos:ittee am that !n .iew of the .lec, tUp by the stockbloldaca this day of a new Boasd of' Directors, hly dsessd it ad- iisablr for the Board' tso appoint a na. Htscati.e Co.allttae foc' that -purpos., aad to appoint nine other aifT*sctors as aeiberrs thsreof., BESOLYFDs: ZLat pursuaat to artptlis IIrIT of' the H7-Tars of' t!r Qool., psip this Board do appaxint nimei otbar directors fro. asoog its ae.bers to cmati- tnts rith the Chaiiaata%of the Board and the President an ba.cvti.e Committee wn- sisting of 1y Dinectoza'abo abaLT esscise th. po.ers and dntiss set forth in sai'd'Yrticle IIIII'. Qs aoR.iom,m?' tr. [asl, aecood.d by Itr. MiYtefielu!„ tir. E.S. Bowling ws appointedd a.esb.ar ~of, said Ciscatire Cesssitta., aTL voting in favor tCereof ezcapt Mr. Ho.Ltng,, .tnu did aot .ote. Oa .otfosa aaf Mr. MhStalts3N!, seoonded !if Ilr. Bo.13ng,, Rr. I. J. Vriscol~:Il sYs appo7intetli -a aeaber of sai'd: Ehcacatire Comnitte.. all rotin=' in favor thereof' escept Mr. Ir--iscoll,, db:did not vote. Oa s,otiom %af Mr. [a..L, seraad.d by Mr. Glasoock, rr: J. S. irse.an was appoiated a seatieQ _of said Fxscwti.e Caa:ittee, all voting !n fasor tbar+of except UYr.. Freesrn, mmo dfid not .ot.. On .otiamiaof Ir« lTea.aa, secood.d1 bl Mr. Mlt.fi.ld, Mr. J.l. GlascocY was appointasd & s+esbea of said Executive Cc.aftte.,, all voting ia, favor tb.ereof except Mr. Qbmseaoeh, s4o did! not *ots. Om .otlJmam cof Mt. Leat, secondd' by Mr. M.itafielld, rt. W: I. Salla7 w appoiated a sealrc'ot sald Etacutite Co,itt.e, ail,.oting,i'n faRor, ttiereof' except rr. flallerJ, tiiQO di& s,ot .ote. dx s+otiota • of Itr. 4tatooil, seconded !ij' Yr. R&UeT. Mr. !. Hope.all ws 'appointed' a m.ab.er of said , ftscutiRe CnasaUtte.r,,, all voting Ya fa.ur thereof asscept' Ilr. HopsTall.,, ..ha did , not vote. Qir Motlnas mf, lt:. hsasra,, secosd.d by !r. CLscock„ Mr. J. T. Lal .aa appointed a s..tsr of sald &ucoti.e CAaa+itteet alIl voting in favor thereof escspt' Mr. [iel, .lco aiid mt .ote. W s+okiasa of Rr. gaal, seooadad by Mr. !lse.raa, Icr. G. @i bit.fielli' also appoiated a se.rass of'said Execnti.e Ccanttt.e, all .otiag in favor tts.r.of' except III Mutefleliq, .ho dld oot.ots. 0n .oticas of' mr. mitefisld',i sexoded by mr. H.1YisI. Mr. lbdd gool' Rs~ appo~~d a.a.~tasr of aaid Tsecuti.e Ca~itta.,1 a111 .otine Sa favor t4ereof j~ except rt. Wooi. .baoadSd'not .ot.. seooadad qt rr. Qtttefls3d~,, (!t. P~sssel On natibsa of 1 gr« Driscoll, t 1 f eot roting), it .as I j RLSOLVMr: That the selss7 of' Mr. G., a'. es+s.l, caairana' of the Board of piirectors,.,tis, and the seae lLs.41 is fiz.d,at the ratA of =2G0O0 par, . ~ aannto effective 14M=ft 10, 1942.

. g8 ' On srotflm of rt. Bn.liaQ, s.comded br, Mr. a'r...aa,,, (11r. [ast aot'.otimg), it ws RFSOLYiDa That the salary of'rr« H. l. fent, Prrs'id.aa of the co.paqY, be and ths ssae h.raDy is fiztd at tha rata of =30i000 per aaa,,,• affecti.e, ILarch 10, 194'2'.. r1 .oi .otioa of Itr. *hitefilald,, second.d by Yr. Hopasal.l,, ('ILr. Erlt«l~not Rotine, it .aa, YE.'rOLYFID, That t!b salarY of Yr. 11. J. Hall'.y. 9ica-presidect aod ZYeasiaer of tbe. CoapacT, be and the sau hereby, is fixed at the rata o[ f 18,000 per annui, affectirr, Yas+cb 10;, 1942'. On aoiicn, of Ifr. f.a1, aecood:ed! IbJ, tr. Bo.lis~. (Mr. lr.eaaa not yotine), it was 8L90LYEOs That the sala,ryr of rr:.J. S. YYeeoany Yice-Pr.aideat' oftfie 6c.peal, teand'the.aaa, heretiJisfized, at ttie rat.of ,*=y,000• prtuomas, eff.ctYYa Wrrcb 10, 1942. Oamation of Sr. Li.ot,, seeRSSndladd lbX,rir« 8alley,(Mr.Ltri'saoll not Yoting), it .as II250L4FDt, That tha saLarJ of 1[r. J. J. Aaiscoll be aid' thr sw hereby is fixed at the rate of'918,000 per aaaa., eft.etiti. Yarcll 10, 1942. Cn sntioa of Yr. Bowling, s.coaddl 1aJ, Mr. eaL'E.fiald,, (Mr. G]Yscock not'.otiag)y it was - - IYSOLYID: That t!e sal'asa of'tr. J« A. Glascodc fse and the sar 5.r.1V is filaed at th. rata of' =16,000 isar, amws., .ff.ctiTe zsrcL 1.0, 1942. Onawtioa, of Mr.. Qeal, setoodedd bJSr. , Dti'scolB.(Mt.Hop..a3A' not eotiht),, it' wa 1E50LY6D3 That th.s saihrf of'Mr. Frank Hopr..,1L 6e aad', the aaaa. lls^aDr is fisadd at ths rate of ~,1Ss000 per aa_a, effective NardL 10, 19u. CIe .otSoa of 1lr. Sop.a.11s aecoaded, by I[r. Driscoll, (ft. [ea not .otiat)', it aa lZ90LYL'Du TLat the sa1anr of Mr. J. T. [.,el lb., aad the aaar: ianta! ia fiaad at the r4t. of, U8,Q00'. per aums, e!'feati.. ttareM 10, 19t2. Os s+otioa dala aade sad second.d„ the a.etiaS, ad,iaurn.d'- : ~ Al~ tar7

, rt.rct 20, 1942 89 •J regular neeting of the Board of Directors of P. Lflrl:Ylhs+di CoopaqP ..ss held tod'a,P at the office1 of' the Co.paM, 119 7fest 40th Street, Hew Lork, Ci't,f.. There were present 1Lessrs.ti C. H: Buno.L H. A: L.nt C. D. MhStefield, f. J. Ha1ler' J. S'. Lzeeden J. J6 Driacoll J. Y. Glascock r. Hopeeell T. L. Perkins, 4sst. Secretary The Chairman of the Board presided and,tthe 1'aaistant,Secretaryr acted as SecretarX of the aeeting. Qn soti'on d1ilJr sade and' ssconded, the reading of' the Mllnu2es of, the pre.icus seeti'ng,.as dispensed with. oa .otion of Dir. Ha11e7, seconded by l[r. Hopewell, the following adrer~ tising expenditures were in a11 respects apf,ro.ed,,, ratified, and canfirmed= Lttisete /,20-1 of,Le.men & Yitcheil Inc. dated March 13, 194'2 co.ering adYerti'sing of'E8TF1+ZS Tobacco over Station,ILJB„ Detroit„ Y'ich., for a period of thirteen .eeka froa,lpriIl 20, 1942, at a cost of U0',403.25. Estiaate 139-A of Lennen & Y1'tcheLl,Inc. dated March 13', 1942 for advertising of URSEI. Cigars over Station 1fFBRy, Baltisore, Md., for a period of'thirteen weeks fsoa March 23, 1942, at a cost of' S347.36. on aotion duly aade and'seconded, tbe~s+eeti'ng adjourned. I fssi'stant SecretarJ

l _...~, . . , t __......~~-_- .. .... ~ 90 April 17, 1942 of the Board of Dirnetors of P. Lor171ard Co I[ j~ ti ' sla nd mae .,q A regules was held today at ttia office of'the Compacq!, U9 West 40 1 h Streot, New ibrk city. There were present Messrs.,, 0. H6 Humcael. e. l. Kant G. D. Whitefield ba S. Bowling i. J: Ba.lYey lr. 6opewell'. J. T. Keel Jr J'. @riscoll Hmford Scott Todd Wool The Chairsan of the Bor.rd presided and' the Secretbry acted as 8e . tarq of the meeting. 1t • On ewtion duly made and seconded, the readin6 of the mi'nutes of tze : previous aaeting,was dispensedi with. Oo sotioo of Yr« Howliner, seconded'by Eir. Hopewell, the followiag, adMertising expenditure was ia ail renpects approved, ratified, and confirmed: Contract dated April' 7;, 19'..2 for a fu11'page OLD: GOLD Ci'garette ad.ertlseaent 1ia the De Luaa Journal,to be publ'ished in,eonnectibn with the Husaian 4e1'ief' Concert and Beal to be held Alpril' 17, 194: at the Rotel ComvodoreM, New York Ci17, at a cost of 32506 ., ~ The Secretary laid before,the meetiag,proposed renewal dated lpril' 17„ 19420 of lease dated'Ju1y, 26,,1934 froq the Compaqir, to the City of New York, acting by and thrau6ji the Soard of Ed'ucation'of said!Ci'ty, of pre- . ailses located at 13'34 York Avenue, New York Citry„ N.Y., for a period of fi+e years be=Saning,No+esber 1,, 1942, at an annual rental of $57,500 for ttie,first' three years and at aa annual rental, of ZL8,rJ00'for the next two years, paysble erontbl7y at the and of each montb, with privilege of cancelllation by' the Cit7r uf' ew York at the and of the third or fourth year upon six months" prior written' notice to the Coapeny of ita intention so to cancel, all as more fully'set forta 1n said lease and'the said renewsl t'+ereof, and . ®sai:aously On motian of Mr. Bowling,, seconded'bx: ttr. 8opewell, it'was giSOLYEOt lhat the renewal dated April 17', 1942 of said laase dated July 26, 1934 froa this Compe.qf, to the City of New Z'ork of' the Fremises ./1334 York Alrenus„ New York City„ N.T., on the, terms and conditions therein s't fbrth, be and the sene ia hereby ratified, appro.ed„ and, confirmed i'n aLU re- spects and the proper Officars of the Company are herebx, authorized to ezecuts and deliver sai'd renewal of lease and' to do a1l,things necessary or adeisabl'e l t iita Lh o eoap irt w e teraa and cditith onons..ereof. On motion duj made and secondedi, the m.eting, adj'ourned.

Xar aa, 1942 91 A regwlal~• oeeting of' the. Board of Directors of' P. Lorillard CompenF sas held todall' at' the office of the Cwmpanyy, 119 11est G0th Street, Nee 7ork Cityr.. There were present 8rssrs.: 6« H'. 6unmel H. 1. Aant G. DL; HLS,tefieid L. S., Bo.ling: fi. J,. FlalLex, J. S. FreeoaW 1: Hops.elT J6 S: Sed J. J. Drisco]l • Boford' Scott =odd'iool The Chais'an of the Board presided'aad the Secretasyr acted as Secre- 1atp, of the meeting. an swtion, dni',F .ad'e and,seconded, the reading of the ainutes of tbe pre.iaus meetinQ sas dispensed rith.. on mation of Mr. Hhitefield, seconded by ltr: Lriscoll, it was ssaaisouslJ aEStJLYEDs: That a dividend of'51.75'per share oa the preferred Stock of'taie C6apaqy be and' it hereby, is d'eclared pyratlie Juiy 1„ 1942 to stochholderd~ of record at the close of bnsiness June 15', 1942. , - . CJm .otion of llr. IIeal, seconded' by Yr., lLsnt, it was uaaaSmously ~ BF5O1:VdEDt 7bat an iateria dividend of'`50 per, ahars on the outstand'- ingCommon Stoc][or this Compeny beandit, turehFisdeclhsrodpqyable Julyr1,. 1942 to stocidholders of'record, at the closf of Cusibess J'unr 15, 1942. Oa matioa of flr.4nt, seconded by: tt'r- xhitefiald, it was +,n•*t•^usly RMI:YIDa That the contribution by the: Company of the sum of =2,500' to the Greater bee Zorld }lmd 19'<2, CampaSgnr be and the same hereby i's in a11 re- .spects approTed, ratified, and coofii+med. ASSOLVfEDtl lbat the Co.pany contribute to the Doi'ted Sarrice 0rgaaisa- sar Fuod Caspaip, the sua of =3,200+ tol be allocated as folloss& Yes Torlc City, Y.. 1. 1200, Jersq Cit7!, N.J. . $6W' Loulstrllle' CF. $450, 1(iddLeto.a, Ohio $500: Sich.oad, Pa., auoo Dana2.le, Qa. Y.175' Hindsor, Coam., $25 Hsdison, Iliac. ---------'~ t`5 I,ancaster, Ra. $25 tian, Cu ssotion of' Wr. ithdtefield,l s.eonded' !V Mr. Bopa.ell" the folla.issg advertising e=penditures, .ere in a1S respects approved, ratified, and confiaeds: Contract dated April 309, 1942 for' ahalf Pag• ad•e!tis.aeat of CospsaW' Rrod+cts; i

w I .._. ~--~ -.... _. . `i ~ ~ ..... 1a Con.entflon Rwgcaa of the lUsconsin 7abaeco Ilholesalers a;aasociation Ina.N ailisauhee, wisc.M at a cost of $50. Contract dated Ysy 12, 1942 .ith D..is Outdoor sdvertisi:.C Mwwq~g D.troit, Yich., for posting .onthly in to.ns in Michigan, 4.:,-snree sheet panels ad.ertising Co.paoy products, Juns 1,, 1942, through C+.en:ber 31, 19ut at a,cost oi't2'.25'per panel per .onth. Esti.ate /[31 of Louis 6re. Inc. dtted,8qy 11, 1942 coveriagL-saavertisi'ng of OOGQLD'Cigsr.ttes ih foreign language ne.spapers thereia s.ax out, YaJ u through July 4, 1942, at a cc.t.of $9,599.53. Estiaate /36-1l of Lennen g gitche11 Inc. dated Hhx 16,, 1947- cooeering, tsdLo ad.ertising'of,BEECH-NUT Cigarettaa oeer, Station Fa, Yes Fa.-st,Cit7r, June 15 tlU'osy1h SspteaLer 11# 1912, at a cost of =14,680.z5-.., - On .otion d'u1y .ade amd second.d, the, ueting ad4;,.rw.d.~ ~ 50-.eretary

Jnnr 19,,1942 93, i r.pnlar ...t1nH of tb. Hoardi of Directors Of P. T.oriill.ard 6c.paapR . as hsYd todaF at th. ot'fiao of the Co.psW, 119 isst !„4tb Street, Ha. Iork City. Thara .ar* pr.sant rassrs.s 6~. H. Httral s. r.. r.nt s. S. Ho.LLn$ 1. J. HaL1'q J. S. Fk.sra J., a. Glaseock T. llops.all J. T. raaL J: J. Driseolli Du!'ord Scott Todd sool ne as dlspans.d dth. mn notSon of Hr. Fa•aarn, sacvad.d' loa flr. raal, it ws manZ'aoualy I ffi91JL1fl11u 2Lat t!!s ~ ITUnsfsr Books of' the R.gistar.d ~ Fir. Per Crnt 1md's of this 6ar;,asq shall 1be clos.d: at tlsr., o"cl'ock B.Y4 : Jn4 15, 1Wr for 114s puwct of llat.rsst t4ar.oo, dar AnVust 1, 1942,1 aad' sh.ll, be rsapan.di at t.u s'cloek ll.t. August 3y 19R'2. . ~~ Qs aotion of Mr. iops.i.l,, saeaod.d ts Hr. HaUq, the follo.i'ag, a+dyer- ttsllct; azp.aditures nsr., 1naU ~ r.sp.ctsappro..d, ratified, aod conFltaeis• 6antract datad J%m. Il 19L2 oo..rins sdTart3sling of OLD GOLD 6igar.ttsa aad FRMW in5particip.tioa in the 19th Amus1 iattts Plan ICerdzaodZ'stas, ( i o t otin5 7obaeoo 1lbrau~ dapai'Sn conduatad 1s tba phi'l.dalplslY E.coad,, iWad'lpdSa, Ba., at a cost Of 01,775. , Utlaatas of 4soa.o & Yitehall Iae. aa, follosss /1W-s datad'Jms 5v 1912 covering radLo.ad.rartising,of HLLL~-HU! Cigarettes over Station 1ST8, $Fracosa, .I., JmV 6 tlu+oaof October 3, 19i2, at a cost of $3,165.5o. Ii5-g datad! Jnns 5, 19<'2 co*aris j ratlTb sdrartisihi of'rQRIII. C1'o.rs over Station HN„ Sss Iork Git,F, Ja4 6 throoo October 2, 194,29 at a cost of x1,950- /,48 datad' Jtma 5, 1942' co.arlas radio ad.artislhl of SDiStZLd! Cigarettes over Statlon rGO, 8aa Franc3sco, Calitf., Jone 15 thrsugtr S.ptrhar 12, 19<2,,: at a cost Of =3,823.95 9 fl'9 datad_Sm. SM 1W aoTariaS radio sdvvrtlsin.Q Of SE1SU2I0i Cigarettes a.ar Station tIDO, Bopw, Idahoy Jvn.1 15, thrwAgk S*pt.abar_12, 19ib:c, at a eoat Of U.575. /50 dat.di Jtim.r 5, 1942 , cowaritg ', radio sd.artisias of SLJtS1l7I0[ Cigarettes over Station Ili~]1p, Tia Jnana, YaLoo, Jons 15 thsouib sapt"ber 12, 1942, at a cost of 5430. . • . f34-1 A+ rSa.d'd'at.d Jaa. 5, 19i2 oo.rarias snSsaIa. :d.artIlsins,of BEDCS-RUT QlVarsttas, July 25 through October 17, 19a, at a¢ost Of fS4„1P5.71.

7 Statiaa WIL,, I.wOel.aas. La.. Ja7y 13 tarooWL Oatiottier 9,,, 1942, at a' co.L ~{, 4l'9933.35« 94 pn .otian duly a.+dd and ..aoadad, tEe a..ttag ' adjcmm.d. 1 ® I ;~;.._ ,. . .,. ~ ._. . ._ ~ _ . ...- .:.~ - .c_ ..- _ . _- _... ., ,.a ...~; ~, . . ..., _.'-w ~. . ^ •... ~ rl:.. ~ .. ~ R ,... kr i I c H .~l~l _, . . , A i J~ . ~ 7.._ ...v:., . .... . ..... . :1~. .Y~.:.Y~.~.. _s _. . . . .. . . :'.1'!~. L`. . .~ - L ~~

J, regular sweting,of the Boardi of Directors of 8. Lorlllard Ca.panpr mW hel& tods,?.t th.offirs of, the C*w~,,, 11g, is.t4M staeet„ Ye.,Iork City. of the 8.gular lccount of the CTd Gold Branch of the Co.p.qYoahallT bear the sidaa-i twos of', aqy ' tso of ttle followings I HLrSOL9EDt That all] checks; dra.n, against aa,r of the funds of ths, Cospaiqr on deposit with the Hudacn Coumtdr National Bank, Jersey City, If.J., to the credit J~ 8., lhr.esa G I. Lahi.J. R. foBariott J. X. 6.raus s. C. T'teg ; This resolutioa supess.da s1L pre.ious resolutions in r.Hard to the sigaina o[ snch checks. GD s+otioa of' Ifle. j..I, secondsd tpr Mr. DrisoolLr it ws maaLsansllJ RSOLYZDt That all checks drsm aQaiust' acpr of l1+, faflds of the Co.pay' sa d'.posit' vi,tlta the Hudsca~ Coimt,Pdat3onaT Baak,Jerssy~ City, 1LJ."p to' tG., credit'o[ the PaJ, RoY1 llccovat of the OTd Gol;d' branch of the Co.psaf~7shall bear the sienatnrs of aV on. of the follosiags J. 8. lY+...aa- f. I. Ishle J.R. roo.r.ott J4 A. Eraas s. c. gi.s I Provided that no check so drr.a is to be ia sscess of =.i00, nor to be honored by 4id Baalt uaYsssEmessnted.ithinthirt;yd'sJs` ffpoa dkte ibswd:, Ws~aesoluti'on mpersedes .l'l,pr..ious v.solutiona io revrd to tbosi4xini of, such c.h.cka.. On motion of 11r. Driscoll, seconded tly Itr. ftiitafleLd!„ it ws ~saf~aou'sl~r . 9L90LYEDe 1hat all checks drssn against any of the funds of' the H. A., 4smt. G. D. lhitefirhd t. S'., Bow]Yns; f. J. Ha2ataJ J. J. Driscoll J.« S. Jt.esa ~ J: ?. R.e.Y J. [. G2YSCOCIt F: Hope.e31 BufordiScott ?od'd' wool Sluc Chair.anof' the Board prssiaed an& th.S.eratacy acted' as~ SecreturJof the .oetia.H. fb sot.ion,daly iade and' seconded, the rsadinf;of the ainates of the pre- vious ratiaH wr d'ispens.d' riib. 1_1 Gn aration of Itlr. !reemsas second'ed ty Mr. Ha1TaT, it ss nasai.onslT I r (

on d.poslt.iYh ths Citisens Mioa l(aLionall Bank, Lonie.rilla, [aantuclca, to the credit of the 8ax'No11 llccount of the LouisrllYe BrancS of tha Co.paaQr,sLa].1 bsar the sigoature of a:p on$ of the foilo.ingl B1rc1®a11i +~~k~, T. B. P.a M . B.'. D. Qw.a . .aeJ' J. J. SYrpring, ~. E. Blmk' D. H. Vance pro.idbd tllat no check so dra.n is to be in, azcess of $100 nor to be honoradIqysaidi B.nSr iml'esspres.nte& rithihthirt;fdsys fro., 1.te isswdi, On sotion of Yr. Ba11ey!, seconded by lrir. Sops.all,, the fo2lo.ial advertising expenditures .em in a11 respects approved, ratifirdy, and cou.. fir..da Isttaatw 128 Suppleaent B od. I.ranan & Ditclrell Inc. d'ated July 4, 1942 covering radio ad.ert.fsing of IIURIEL Cigars over Station 1CCW, 'Eansar City, Do., for a period of thirteen reeks beginni.®g August 166,, 1942, at a cost of' . 1794.95'. ' S.tiaats If82 Suppl'e.rnt B of' J'. ia,lter Yhc.pson Caapanir dat.di July r 14, 1942 eoesring w.apaper adRertisiag of' OLD C,OL.D Cigarettes as t3ferelh set out, Jtma 29 through August 1, 1942, at a cost of $40,477.4.3. . tatim.ta /8,t'of J. Ballter iho.pson Co~ dated July 14, 1942, co.ering radio adRertisiag of OLD GOLD Cigarettea over Stations WREC,, Yesphis, aod t81f, lastrrills, S.na.. Ju17 15 tlirougb August 11, 1942. at a cost of ~~ $2,639.80. Sar Seeretarx Lid' lb.Lore the ae.tinag,SappZW.ent,t4 contract dated JanuarfE,1940, tietween AserScan, CariCoapr.r{yand 'thiv, Conpany for wcuas tins for OLD GOLD C1garettes, ateading the e:piratioa dats of eaid eontract,to~ D.cs.Eer 31, 1'943;,an& peoridi,ngforadjnstaent ilncostof said Tacwa t3na -dar tsras and ccoditi'ons tDarrin set onti,' thiah Gnsotion of' Yr. Bo.ling, secondbd' birMr.Wh4tafi.ldO wr inall r.sp.ets approw.d,, ratifiedy and' confSrs.d., Dri -tian dinly sxde and! seconded, the .eetiag adjourned.

/rasnst21, 1942~1 Thsr., s.re prsaant Y.ssrs.i H. a. Isat ..s laLd' todr,7 at tba offlaa of the CasspW,„ 119 Ss.t 4C/tb Strrs.t, l.. iork City.,. a r.ia3ar ...tiai of the Board of Directors ar P. IarilLri CasrpsaT I' - . _. S. $owli'as r. J., Ba11s7 8 J lf . . r...aa 11.111- l. Hop.wll J« J: DrlscolY~;J. S. [..1 - Daford Scott Sodd' goo1' I' in th. abs.nma of Sr. Bnasai, QsaYr.aa, IKr. i.nt,, Prafd.nt,, px+.sid.diaad the S.cr+atarT' act.d as S.c:!atart of th.,ratlaS. ' Oo .otioa dn1J a.dr and s.oond.ds the r.adihS; ot' the aiantas of the prs.ious s..tinS sas Jispsass.d with. 0naotSon : of Ir. Bowling, s.oond.d' tr Itr. . J~rs.sa, , i't .as maa3aoas];7 1CffiOLIfIDt That a di'ri:dand, of U.75 par aLsre oo the Paafersad Stock of this Cc.patW be aadd' it EarslhP Ys d.olar.d' pyable October 1, y9,&2, to stocJt- ' lold.rs of r.aord at thr ¢losa of bnsiasss S.ptrab.r'1S. 1942. Qa notior of Sr. Eos11aS„ aocoodad to Sr. aop.asll, itG .u nasaisoas" RL9CILVbD3 Zhat aa iat.ria dirid.ad of 234 par abare an tfse ontstaad- ~ liaE Cossma Stock of' thls Co.p.W ba and it-tlar.bbP is d.clarad' paaahLs October 1, ~ ]L,91i2, toI stoahbolmC.rs of r.coed at tha closa of basia.ss Sspt..bar,15, 19,". ft soti'ain o!'Itr.Ballq., s.cood.d tr 1!t« Driscoll', it .sam.alYoaslZ FL90LVEDy That the Zraasfar Books of the B.gistsr.d Ss.aek P.r Chnt laeds of thU, Co.parp sEall be alosad at tlLr.* o"nTock P.lf. S.ptrab.r 15. 1942, ffar the pa7rant of,i~atsr.st thrr.aa, da. October 1, 1942, aad shall b.:rsop.a.d at 10 W'aloch 4.Y. October 2, 1942. '. . eorarlae n.sRap.r .dt.rtisias of OLD OCLD CY4ar.tts-dnrks[' atgnst acd' S.pt.abar 19i2y at a cost of S275,075.i4. ~ Sstiast. yo. 36-8 of L.m.d & r+*"''•Y1 Inc. d'at.d lugvst 10, 1942, moiariss; radio adv.rtiitliag ofBESC84iU3 CYSI.r.ttas over Station IIHN, i.a, loritCiVs- S.p,trbsr']4' Ou sioticat of`Sr. Driscolly s.cood'.d tr Hr. Ho=IlaS, the follo.ins adv.rttainS .acpaaditases wz. iti aTl rasp.ota'approv.c4, ratiYd!.d, and condisards EstT.at.fo,. 82-Siqppl...At, D, of' J, aLt.r'SLo.pam6a.prq daftwd august 7,1942, thron& D.e..bar 11, 1942, at a cost of' i1.t,680'.25. Eaimata 1o. 8S'of J. 1.ltar Tboap.an'CcaspaaW rd'st.d August 11,. 1912, covering Blay-ld-plq broadoast of footb.ll pa.as d++rln8,th. 191.2 s.asoay of,th. Y.. Zork. CSiants, over Station 1185, 1eo-]fort City, S.pR...bar, T7'throu& D.aabar 6, 1942, at a cost of $33,727.50. . . tstiaata So., !6 of J., taltar ZLa.pson Cos:paCp datsd' aagast 13. , 1942, oo.arlns radio advertising of OLD Wiif, C:1yu"at+4a o.er t..lve stationa lo Cb1c.Yo, Lonis- •i,Ll., 8l;. Louis, SspFiis, Salt Lale. Cit*., asd' IIaauk.+, at, a cost of $5,750. Goatraet dated August 14, 19i2 .itII Dt.1s Outdoor Id.. Co.,:D.tsoit,;ltidt., for~ f j ~ ~

f i 98, tort,7r-tso addst!lw.a3 :taadard! s.tz: thr.. rhaat paaals aa..rt1'aing gyx"U, A.rtne ?3bacoay. Sra. S.pt..L.r ly 1%+Z tlsroa&, Dac.aC+ar 31, 1943, at a eo.t er $2.15 ' per ' aa--i Per10°th, beini a,vppl...ct to eontraot .ita aai,d CoPWW dat.d April 22 .a.d MaT 12,, 1942.. ContraetdYt.d l'iu'tt21', 19i2.ith Ia.y 'rtfi1.t11elasocilaRiaoftN. flailted i at;t.. 1a.a1 tcaw.ey far a qutrt+r paSe a3..rtla.a.at of OLD GOLD Cipazjtts !a, th. 1942' toottaa]1, Fxograa od, tba i Ya.al tead'aqry, at a cost ot $200, aad a siailar ad.artis.r..at, Iatlh.r,peograatorth. AraW49.qCa.aprograaat,a oaslof 42tk1,, oe, atbema1 , eastof ' 1iC0~

1; S.pt.ab.r 18,:,'1511:2 99 .-. , f l re;ular a.rting ol' the Board'of Directors of P. Lorillard (Ca.paq~ ws Eisdd tod.y at th.' office o- the Coapaaarr 119 Bost 40th Strost, Yo. York Cita.. lh.ro ..ae pres+eat yssrs 61 H. l. Esut G:, D. Zhitefiehd 1. S. Bowling 1. J. Hallel J. 3. lreea.a J. J., DriscoiL F. Hope.oll Bttford' Scott J'. A. GLascock iodd:tool, sad,th. Secr.tarJactd ss Seeretart of, the aeeti'ng. Cn motion ahu4 eade and seoanded, thei reading of, the simutes of tasi' siloos sr.tine;.as diapecs.d! with. ~ Od aotLoa of Hir.: Halleyy, s.coad.d' Y7 Yr. Driaoolli, it' was muaiaonslJ ' . ~' lLSOb4IDs 'tbat the action of the Officers of this CoapasW in rith_ dra$ng', 8300y,000 faee .alns D.S. SY-oasut7' Lota of Tax Series: B' froa the Treasury of the CosypaW at the G.lurantT Trust Co.Paw of Ys. York, 1.40 Broadway, Ber lork City, for tlie peu7pose of using said:taz notes to suke p+vsent on account of' 1941 United States Incose Tasss of the Casipup,, be and the saae is harepy approved, ratitiediand coad'irmed! in a11 respects. @n stiotima of lte. BosliYng, 8econded ' by Itr. Hope.ell, the follo.ing ad.e , tisiat osp.adi'torea .er, in alli respects approRed, ratifi.d, and' coafirn.dt . Cmtraet dstad Septeabsr 1, 1952'for a page adirertiseaent of Cospaay products in '' ' the JonrnaL for the 8enrenth gwal Barr}ast of the ia. York Rstai7 Tobacco Council Iac., to De h.1d 0eto0sr 10', 19<2,, at a cost of,S500. dtimtract dated S.pta.ber 2. 1942 2 for a page ad.ertiarent of Cosipasprt products in the coa.ention booklet of the Oklahoaa Asaociatioa of Tobacco DistriEntors Inc. at a, oost of $100. ~' CCntract dat.d Sbpteat,.-r 10, 1942 .with HarrJ Y. Stevens Inc. for a pege ad.ertiae- sent,of OLD GOLD Cigarettes in the official progrss of ths 1942 BoridiSeries Baas-•~ bill gases to be jpLyed, at Iaaks. Staditis., 1ew York Citx, at a cost of :200. Lbtlaat.I /"ra of Ijniis [ru Inc. dated Septeaher 4, 1942 ecovering adsrtising of i ' I' OLD'COIA Cigarett.s in foreigR 2anguag4i ne*spapers therein set out, October S throagllOctobsr 169, 19G2, at a cost of $4,0l;2.86. Estimata 14C-B'off'Lowis [kaa Iacs datediSepteaber 4, 1942 co.ering;adTertisiag of QLD CflLD Cigarettes in foreiga language.nr.spapers ther.in s.t out, Septe.h.r 7 throagL Oetober 16, 19<29 at a cost of' =3', 511-53. Estiaates of J. g~Llter Eaospsan Co.pstl as fol7orss /90 datd' 8opteabsa <, 1942 eo.ering radio adkertisi'ng,of Of:D GOLD Cigarettes' orsrSiation HtPOM Clsattanoogt, Tenn.,p S.pteaDer & through October S,, 1942,: at a eost of =360„ /52 ~pY~ent B dat.d' Sopt~e.t~r 3~ T9~ ao..riag: radio adw.rtiring of OLD GmID' ~.- C1gs•t,ttes in the Ne. Bag]:and, Statss„ September 28 Yhrough D.cesber 31, 1942, • at a oost of :Z3Mi59«2S. . ~ ,. - _._ _ .. ._.. , .. . : In the absence od iir. Hm.el, Cha.isman„ 1[r. Saat, gresident,, presided, p i ~II I

0 ;~. I 100 d ti i f s .ar ag o OLD aOAD /91 dated Septaaber 8, 19/.2 coTering radfo. a .Cigarett.a oxer Station gFCI, Pa.tuchst,, &.IZ., S.pt..b.r 10 througt S.pt.a<ber30,, 19y2„ at a, oost of =11a.. ./87-Suppl.aeat H dated Sept..bsr L, 14L2 eoreritu aawepap.r ad*ertlsiag f pID GOI.D Cigar.tt.s disriag, Septe.ber, 191.2, as tLsr.ia s.t outs at a, cost of8l0,b19.3t. . /'17,-Supplesent C dated Septesb.r 10,, 1942' covering radio adterti'sing of, OLD GOLD,Cigarstta ovar ths Coilvbia Broadcasting BFstrj October 28, 19i2 'throagb'Jaauarr 20„ 1943, at a coat of $2'G5,7C8,97. /8L,Supp1'assat C dlrted SepteaLer 11, 19t.2 coReriag radio adwertising of OLD~ GOLD' Cigarettes o.erStations RREC, Meiphis, smd RSiL,. IrtahTilLa. T.ap. Baptaaber 29: throughDocamriar 31, 1942,,, at a cost of ' $7'„557.,L3',:/9f~-Supplea.at.l'datediSepteabar 11, 1942 ccovering radio adrsrtising of . GLD GOLD Cigarettes over Station 1111PO, Cbnttanooga, Teaa.,, October 6 ttirougfi, Deceaber .3,];, 1942, at : cost of' $1,618.75. /W dataed Sept:esber 14, 1942 ccovering radio l3'Iertisihag of OLD GOLD CiQ'arettesi over Station IIiB„ ae. ZorY City, SaptslS.r 299 through Decssber 29, 194,2, at a cost of ZBiA. ad.aacal lb Secretary laid tietare the seetibg tBs follo*iagg l.asa dated June 11, 1942 froa Fi+ances F. Gary, .t+ a1s, of'sar.houss 10- eat.d an Brearly St., Yadlson,, *isc.,,as t6ereia d.scritied'y, Qor onr Fear beglan]ag, Sept.1, Il91,2,aVan annual r.nta.i of St.Al0y Mah'is aonWllis, l.ease dated lugust 26, 1942 froa Ilestern District 1ae.Noasiag', Corparatioa, off storage .arehouses 1'582 and,S83y Caap'Tayiorr ly., for one year Ee- 'gianimi Jaanar7 1, 19430, at an aaaual rental of VW. papratile smthlY ia sd.anca, uader taras aad,condi'tioas fu1]y set out th.erfa; Lsesa dated logust 26, 194'2'fro2 iestern D1Atriot Ilarehousibg Corporatioail afstoragf wsrehouse N5gL, Caap TqFLor, Ey., for ooe year begianing'JaaauT 1, 1943, 'at an aanuaT rental of 2450, peFahle aontLV in advance, undar terrs aad,coadi!tions fnl]y set out thereiap _ L.ase dated lugust 26, 1942 froa westera District tare!`ousing Corporatiaa.. of storage warehouse {'(fd4, Ca.p TqF1br, 8Y., for'oo.iJrear aad on. aoat6 baiinaud Dec.alber 1, 1942 and endiag. JaauarF 1, 19", at a rental sf . $1,625' p7able sonthly in ad.ancs y, under teras and oonditlass ia]:1;T set out ttsrsSai L- daRwd lugust 26, 1942:iroa westarn District Varahousing Corporatics,. of storage /67i5,. Ceap Taxlor, tlT., for ona Fear brgiming JanuarT' 1', 19L3~., at ea, aaaua,l rental of =1',5oo, pqyahlr soatLl,F in adiraac., aader tierls sad woditians fully set out therei'n; each of which Oa s,otioa of ke. Drisco3'1 secondwl' h. r Er eas in all Ho ss]Il . . p , ='*sP-t+ approved, ratifiedr aad confizsad'. Oa aotfloadkW'a.d.and ' secood'.d,, tbe a.erting ad,jiourned., . ~'

1b October 16, „ 1942 r' rsgnlas ateatiat, of the Board of Directors of PL CorilLrd Cospss, .vs 6eld taday ' at th. oltia. af ttl. Co.p.nQ, 119 fest 40th Strset„ 11e* Iork Citlr. There were prssaitC lessrs.s G. IC. Hsnwl Hi A. ient c. D. RhitafialJd Z. f. Hodi1~8 i. J. HalTeq J. S. 1fr.asaa T. Bopesell, J. T. seal Aafmrd Seott. Sbd'dlRoo7 On sotioa duly srda snd sNasnd.d,tbe readiYsB of the ninutea of t6a prF RLoas ss.tias .as dispeased sith. ' yl Gn soti;oa of Hr. Scott, seconded' tr !r. 4at, it .as naaairous4 ~ -...:..:.-.- I a cost of $75 psr soatll. ia the October, Do!.eabar and' D.ce.ber,, 1942 ' issars of the L.R.T.1. Ba]leti'n, at. Contract dated Sspte+b.r 30y 1942 idth The DsdtrR.ndaat Retail ToTiaccoatsta iaan6 -Ad.ertiaing Service Inc., ris Tork Cit,Tq covering OLD GUID!CiQaretta advertising speaditvras aers in all respects appro.ed;,,ratified, aad'caafiraeds HLSOLYID3 That this Ca.RssJ moatribnte to the Bicti.oud, v3zefaia iar ~ Cas.mity Ftimdy, tha am of =.1,GOQ. F On notion of Er. Sal1ey, s.eomd'sd ly Mr« IeeIl, the follo.ing adv.rtisinH ~' Contract dated October 1, 1942 .ithHers6.r Spwrta lreoa,,Hershelr,,Ba., for ad.er- LSsioB, of =1 IIDLD' Cigarettes in pso®ears co.eriaQ sports events at the Arena darSttg,tLa 1942-19l.3 season, at a cost of :50-. Contract d'ated Wetobar 6'y 1942, , soppleseating contract dated April 17, 1942 aod Jane 49, 1942, witM Th. Nortao @atdoor Advertising Coap.:0, for the posting of 196 additional ttiree-ah.rt panels advertising Co.pasy products, under tsas'and coa- ditioaa sat out in cow~tract dated April 17, 151l.2.. Lsti.`at. /,~8-4 of Leonam & HiscLdl Dyc, dated October 2'. 19L2'co.erir:g ;.dner- tiriag of EBIGC3 Saokin8 Tobacco iu, tD. 'aassas Sorereigm•, policatim of Brihceton 0ni.ersitJ, during October aod,Mov.aber,191,2„ at a cost Of $70.78. . Of ~pt..ber 14, 1942, at a, eost of $318. oa d-7*- asda aad saoaod.d, tS0 aaetias adjourned. 0a srotl reek ad'ditLoaa2 liaeag. in ne.spaprr ad.ertisias Of Oi.D' W,LD Cigar.ttes duriht Letlrats F82 3vpgle.ent J of J.,Taltsr,7A=q>s" P4mpeny dated October 5, 1942 ao*rriae oawspaper adrertisRng: Of QLII! (aOLDi Cigarerttes as th.rein set ont, dsrib; S.Qte.bsr., October,,,Yo.eaEer, aod' DeceoDer. 1942, at a oost of s4,9:38!.84. tatia`t. P82-SwVpLearxt L of, T. saltae TUMsos< Casp.ny datadi October i, 1942 for ' 10e-e Ai-fe seeretsrs V

- - --~- _ -~ ~ f , r, r.pXLsr srtLn; Of tris Dossd' Of Dir.etars of' P. Lorilla:y' Q4, papr.u: tald tod'qat 00offies oftLa faspuW, 119- H.at 4oth Stca.t„ w.. 7ostCita, lsa" ..rs prrsat' Hssrs.sG. a. ab..ali H. r. L.at Ga D. IDtta.fisld f. S: Boalini- /. J. Hs.1.10 i'. 3. F1ce.aaa J.J. Dsilaiooll J. !. 9001 t:, Hopr..]Ll •a?ord Scott. J. l. Gtsscoct Sodd 96011 On .otion~ da7Jr asde aad a.caod.d,, tlra raadinH, of t5a aiaut.s : ef' the previous ret3nH.as disp.ossdi with. Oa aotion of Ir. B.17e}r, s.cond.d y Yr. Gl.aaooali, tBa follo.- iat adi.rtising wpsdilt~or.a wr+. in~ aU respects appresd', rat'ified,asd aaafiis.d~ Lrpeoditnre Of $50 for a pap ad.erili'ss..at of OLD OOLD CiQarat't+ss ia th. Slwpper"s GzidU of Hadassall fee the 1942-4J saasom., Pootaart dat.d,Howsaber 13, 3.,942 for a psgs ad.ertitesent of OLD GOLD Cipm.t.tea in progren to, be pallLish.di ih, eocaaction d't'htll.;lSaaqn.t aadeotertaias.nt of tt1., Passaic Comitp Hatail Coaf.etiocers,! lasdeal'ars Asss., Patarson,, i.J.,, to' be hald January ]l8y ]l9'L3,at a eost of =35• /Emtnet dallad 10veab.rr 19, , 1942 ' ewith latdoaal Foaad.ation for Innfaatil'r Paralysis Tae., for a hait page ad.ertise.emt of CcaPanF products in ODIlBJIGZ, publication to 8e, issoed by tha Yatiosa Cbaitts., for the Cr1r testLoa olthr Pr.sidant' a, BirtWq, on January 3Ch, 19i3 M at aa eoat, of W& Rstiaat.s of'J. Taltrr l5espaost CospaaT as fol3oss: /W 8cppleent P dated fo...bar S,, 19R2', eo.erioH aewspaR.r adYertiviat of 0LD GOIl1 Cigarettes c4arin~ Ho.e.b.r sad~ D.ce.6er„ 191.2, at a cost Of 0103 dated Hov.aber 9,: 1942, eo*erias radib ad..rti'sias of QLD COL'D' CiiLV' .tts ia C1e..l;aad, Golss.bas, Bt.nDm.illa aad Tauntsto.a, aior, /o.r..6rr 3i6 tllrongL lor..ber 30, 19429 , at a oost Of $573. /93 Sqpplsaet t dated 1o...tssa* Il0, ]1942. oo..riat, redio adsrtiain8 Of ~ OLD GOLD CIgar.ttas over Station itI, Lbsi An=.Ls, CaliLf., Deaeaber 6 ~ tbtroa& Dk.ab.r 11, IW, att a cost of 62"!6. ~ I]IQ+I' d'at.d 1o..ati.r 11, 19i'2 oow.riM, radio .d+.ertislns of OLD COLD ca , Ci=arettes over Statiba ZBU, Boffajo', .T.,, ibeealb.r 16 tbrcaO ~. RaeaD.r 31„ 1942, at a cost of 11,000. •~ Ta. 8eer.tar7 pres.at.diaad read,to the .eetieH lett.r dat4d Mb;.ats.r 16,, 1942 froa Ecnstt Pap.r Corporatim, a Dala+rar. Corporatiioe, to' this C-P.qfr R'o'*idiae for t6a aasodast of' the, atrewnt dY+Rad~ 6.pt.r1»r 25, 1940, ba:•sme tbir CasQaa,r aadi said LeostL Pdper 6orporatioar so as,to increase the qoratity of' dtar.tte~paper that this QoepsjW 'sW ~parab.se, tirv. tebsta Pap.a• P4rpoestias from a arzi.oa of the eq;uisaleat Of ~

Zp,pppi staadard bobbins per soath to a snstsur of' tba sqairalent ot S0',©00, fy,y,~d bobbins per nmth, all other t.ras of said agra.asat dated S.ptasbar 25, 1940 t.ma+sing in, 1a]Il~ force and affictf. ".rsuyos, os aotioa or'xr. Otitafiald, ..aaod.d 1d rr. [sot, !t as ~vJ M9QLRDr That the agraemsat drted' S.ptsbar 25, 1940 b.tsara this pap aad' Leusta Paper Cot^porxtLom, a Dala.ara Corporatioa, .bar.by said &oyts pspew Corpoxstson ags.s to a.TL to this Co.pww cigar.tte papur, upoa tlle tsr.s and conditions therein sat forth, be aad the saw is hereby a..nd.d'so as to jnca«asa the qu.ati'ty of ci®ar.tta papsr that this Caspaqy s+u purehasa frw tcosts aapar Corpa!ratton hi+a a sLsina of the aqci.raxwt of 20,000' standard iobbias per saatb to a saxismas of the aqniraLat of'50,Q00'staadard bobbins, per anntti,, a31 as nara fuYy ' s.t forth sad •in .ccocd.nca with the ta;sa of letter datsd 1o!s.abar 14 Il9lrZ frar said 16oasta pap.r Corporation to thfs Cdapany„.b1ch Lsttar bas, bssa- produc.d aad rsd to, thi's, taaiat ' aa& is haraby apptrosd', raiL- fi.d!, aod ccafirmrd in all respects; If aat6ortisadaad dix.ctad to sr.eutsi saidT.tt.rd.t'sd' Yo.aaSerI6,1942 aadd` tod'ouw and'ai3 thlaQs that as, be swcass.rf or adtisabla to p.rfors tbe tar.s . tAsc.of, it balaQ,mmd.rstood that all other t.r,s of said atrswant dated A.pt.absr 25, 1940 anot aarod.rl by said, lrttar of Jfo...bar 16y 1942 sball remain in tyll farce and .ff.ot. SL90L43a MUMlhat th. proper Officars of this 6o.psW are harsby • RCSOLPLDa That' the d'3,vidaodof' Z s1«9'S, p.r shaae onth. Bc.ferz.d 8tork of this 6oapaqli stilch soyLd,oth.asisa be payable an tba first Yuainsss day ]In Jav+at,f, 1943, be aad the sa.a is b.rabr, by 4 of'anti¢ipatioa, d.clarad-and rd'a pVabla- an D.a.ab,.r 18, 1942, to stoctbal,d~ers of raoord' at tbe eiose of' Dasina& Arc.abar L, 1942. QI4 sotim *r Mr: Scott„ a.ooadsd Ly Mr. Bo.11u, 1t sas ®an.isous]r g,EMLTIDs That a final, d3tidend', for the a.ar 1942 of 43# par ~ ahara an tbe ontstsn,dyns Casmeu 9toak of this Company be aad the s.as is hereby d.eTar.d!aad'sndd psarabla,an December 16, 1942, to tooidsaldars of raaord'at the aToss of businass an D'.c.ab.r A. 1942. l ~ gE=Tog~ lhat th. propsr officsrs of'tb. 2o.iaw be and they 8.rsby are ~ autbari'sadaaddir.at.dd toda1Y..rp o. ~ or before ttla 17th diKjrdsof ~ Dacs/bar, 1942, tlla aio~mt required to sa1c. p.Yaaat of thr-abo+.; di~.idw,, to ~ wit, the am of s1,Q14r03'7.30b to Ta. 11oa Tork Trust Cwpaqr, 100, Bffia.ds.a. Yo. Tort City, 1«T., shlcli saidsos ih[, this waoaar is qar.bf, ilrir..ocaYly, s.taaid.: for aa,daLlocat.dtotlb pgymsot of saiddi.Ydandd aod shaT1 bans.dl Nr s'a.idirust~:~Fa~ for the p.y.ant of sa.S~d diad,.ods in .4ooeraa~ms stth the t.ras of this 4soluttoa. { I: ]MMfg ngQLyn, That the afor.said disid.add's and aach of them, ' out of ot aarainds of the Cc.paW for tbe year 1942,.od ~ obar d a t o i d :t o at fot that parpos+ a:t.nt such aaraiats ar., not sa~Cficir t. p as s~r. ~1 with respect to tihich they are lnt.od'.d to be d'.clar.d' and pwSd,„ aod, that tn, the ad agiLast, cbar th be SWp2w and smdiridsd raaCits of' ths CaWWW* On motioa, &ad, _" and s.oood.d, tbo s.at'iss adJruand., iN

t c t..-:.--- 1' ~' November 20; 14<2 ~ rsluL.r srating of t" Bosrd of Directors of P: borilLcrd. Qo,_ ps~ ass AaLd todaJ at the offico of tll. Coapaay' 119 X.st 40th Str.at, Is. Torlt City. SLars .ars pr.s.nt Lssrs-s c'. a. 8uis1 I. A. i.nt - G.~~ D. liitafiaU s. a. BvwLias T. J. 8.~11.7 J. 8: lr....a J. J. Drisooll J6. !.. ['..1. F. Iopr..il Dotord' Scott _ J. A. 6lrscock Tbdli W00'1. -' pp aotim duly sacie and sscocd.d, the rsadi?sI', of tbe minut.s et' tL4 prs.icus aralng .as dispens.d .9th. _ ibt advertising asp..dtturas eers 1n a3l respects appror.d, rstifisd, and Confitsadr Iap.ndltnre of =50lfor a psge ad.artis...nt of'OLD OOLD Cilar.ttas ib tb. . i9,iopg.t'a 4atdA of 8adassab for th. 19l.2-l.3's.ason., Qontrsat dat.d November 13, 191'2 for a page ad.artis.sat of OLD CQLD Cigarettes 1nproBFam to, br pnUlLiali.d ia, coaa.ction, with the bar--^artattd~~ •ta.~-_±s.:..=t of the Bassaic County R.tai'l Coaff.ction.ra t llsas,:.ci.rs rsan.,1 Bat.rson, I.J., to'bo hald January 18, 1943, at a cost of'=35« Eontract d'atd Io+.eab.r.17, 1942 v3th Yaf.ionai Fomdrtiba for Iafanti2s F+tra4sis Inc:,, for ahalt pnt. adi.rttsase~nt offAepsW prodncts' lnCQQBIIGE,pnbilScatl'onto ri., isau.d bytb. IktYonalCor.1C'tN a for the Cois-bratioa of !h. Pfa~.sid.ut'a gfrthd's,T os JsmsarF 30, 194,3, „ at a cost of. $5W. ptiaist.s of J. *aTter SLa.epsm"Cn.psq as follo*s, /I2 BuppYsaent P dated 1b.mbsr 5, 1942, cov.rial'n..sypapa,sdy.rtisi'aI of QLD GDTD Cigarettes daain6 November aad' D.c.aC.r, ]l9'42r at a cost of 010 datad Io...D.r 9's, 1942 ocovering r.dio .dsrtisflni of OI.[D GOLD Ciiar.tti.s in Cle.elsnd,, Co].aahasR SLsubstvi'3',ls and Tonaestonay mioy Ior.•bar 4' 16 tllroaO November 30'y 1912, at a cost of :V5. Q /93 Sapplwnt 1 d'ated November 1CI„ 1942! co..rinl r.dio adm ti's.1nl ot Ma OLDGO[D GIVLswtt.s over 9tatioa QLr, Los'Aaga7lrs, Ca11f., D.caab.r6 Cj thrcaih D.c+L.r 12, 1942, at a eoat of f 276. 114 datsd io..ab+r 11, 1942 ccovering radlo~ad..rtisint,or OLD GOLD - ICSSaretta o.ar St.tion iBR, Hnffalo,, •.2.,, ro, ssb.~ 16 tThrott& D.c..ba 31', 1942, , at' a cost of '$1,0DQ.. . ? ~ m. S.cr.tar7 Pra..nt.d'aad r.ad to tha ...t1as istt.r'datad Io:a.b.r 16, 1942 fros, Lcusts Paper 0orporatlaa,, a Dala.ar. CorZrorstiao, to ttlia Caa~., [ro.ridibl', far the s..ndsrnt of the agr..sat' dated S.ptr.tl.r 25, 19401 b.tzs.ar this, 4+osPan7' sad said Eaosta Paper Corpotatiois, so as, toIacs»s.1 the quantity . of cipsrtt,e papar' thattU1is Company, may pm+rb... tros Ycnsta Pap.; Carpoestios fdCom a aas3sous ot' t1l., .qnfl.al.nt oe' 0n sotion of !r. Ial1'eF,, s.condad, 1bJ' Me+.Glasaoelt, the follos-

io~ ! yp,p~pa standrsrd bobbins per a+anth- tio a stiziimn of the aqal~talsnt of 50,000 ~; sy;yd.rd bobbina psr ooath, all~ other tarrs of saiid agz+ee..at dated S.ptsabar, 25., l%p: rssaintngin' fttU forceamd, sffsct;, ms:sapony on ssotioa of *. mitaftald, s.ooad.d by Ifr., Lint, it sas I~ I`. 1' sminou+ly U50LYfDi, mat the agrssot datad Septesti.r 25, 1940 between this . Cope and lcusta Papar Corporatloo, a DaLasar. Corporation, .hereby aaid, kosta Fsps Corporation avs:a to aell to;thSs CospaaW cip retts paper upon the ta.,r and conditl'ona tbsei'n s.t forflj, b. and- ths, sasa; is har.bya.endadi soaa ~- te fnu.aae the quantity of cig{+rstts paper that this Co.pacy s+qr parcbaaa froa I, tcosta Raper Corporatico froa a aasLa+a-ofths .quinlent af 20,000 atandhrd!' lobbias per s,oatb to a stizisua of the .quivalsnt of 50,000: atandard bobbias par .onthr, al1 as .ore faslly set forth and •in accocd.ncewith the tez=s of latter dat.d xo.+rber1Fiy, 1942 from sai& E+eaatr FsperCorporation to, thi'sCnsipaa,f,, .hlfchLatter has been produud and read, to, this seatling and is hereby approved, rat1- fied,.ad aonfira.d in a.]'1resp.ncts; 1Z=OSD rURTBaa That the proper Officers of' this Co.paepr ars hereby aatAorilsed and direct.d toa:aeute said' l.tter dated'bto..aber 16, 194.d and to do. ant, sar& arLU things that aqby aee.ssas7r~ or ad+riisable to perforath.tar.a thereof, it being nndsrst9od that all other terss of'said agr+eesent dhted S.ptwaber 25, 1940 not as.nd.d bx sa•td l.tter of Noeeab.r 16f, 19<2 shail raoaih. ia f'ul.l fares and effect. On notion of 1(1v. Scott, saoond.d' by Ys^. Bosiiag„ it ss maai.onal7 Of this Cospatvr,.bich~ souLdotharstss be, p.a,atiLoatbs first basiaess da,f~ inJ'+0RArY, 1943„ be and the saaa is hsr.ty„ by q of antLicipatiLoa, declared and • SESQCYLDs 7bat,tlta, di+Kdaod; of =1.75'per ahase oa the.8referrsd'Stork In . pqable, on Diceabar, 118, 19420 ~ to staclthol'dirs of record at the aloa. of bYSiIIesa Decembar. 4,N 1942.: . . ...,..... _ EI ?D'R18lR BF.90LVEas tLat a fiioalt did'd.cd for the feer 19i2 of ~iS~ per : ~ a stwck of this Cbspar4 b. and tha asae is hereby shar" on t2r ou~tat Afl C . aa ag us o ~ de~e1arada¢d rd.pyablMi on Dsceisb.r 1~8;, 19X2,i to, stockYrelAsraoa~ reoordat the 91040 Of buaiaess on D'ec.ab.r 4, 191r2'. , T4R3S£$ BESOLPEDt lhat the pr•~per offic.rs of tlf.;Cospasy b. aod ths~ LarebX;are anthoris.d aod directed to deli•er, oa or,befoa^e th. l7tti day of ~ Decssbear, 1942, the asouat requi:red' to saks psjrstisat of the abo?re df.id.ad,s, to a'ti', the sss: of 01,014 ' 031.30,1 . to 1lss.ya,Zork Trast CoapsaWr 100 Broadi.yy,, a.. Iork, City, g.i,.,, stiich'sald sus its thia saaaar i's hereb7lirr+.ocably set asidJs ~ ftrr and allocatsd; to tt~e paJ.eat of' said' di+rid.nds and sba11 be as.d by said lrust. ~panf: for the pqs~wt of' s+jd- dliridaadYih aacoz#ancs .tiththr t.:as of~ this 4eolation. 7R81HEB,RFSOL~'EIS. tLat the afbr.eaSd diti"id.ada .ad eacII of tha., bi aEaried agalnst curraat .asnings' of the Qospa~' for the lear 1942, oat of and with respect to tihich,tb.y are iat.nd.d' to be decTared'and'paid, and that to the estent sucJn earnings ass not sufficient for that purpose they b., chuZ.d' a@uiaat ~I ~"y11us'sad' undivided profits of'tbe Coaya4.. On awtloa dttly ss~'e, aad' seconded, the asstih.gl aQJr+~crrd. i • ~ , I .. . . ., . ; . . QXW I I

i 1 ., r 1 104 , ~ .~~. ~;~ .....,....~......,~-r~ December 1S, 1942 1 regular'.esting of the Board of DS,rectors of P, Lorilia=+d Ces- pa~ eas h.ld today at the office of the Ca~pac7r 119' Wast l.Oth Strest, !.. Tork ai:ty« TLere were present llesrss.: a.II: H.aaT a.l., Ieat - s.S. so.ung . . ..J. BalleX J.S. FYr...an J.J. Lirisco3L r. flope.all B%ford. Scott J.A. Glasooch T.L. Psrfi:tas., Lsst. S.crstary Sye, Cpaissaa of' the 8ersd presilds& and the 4ssistant' S.cratarl, aated!as Secretasg of t6e meetin$, pn .otSon duly sade and secoaded„ tht reading of tlie aiautas at the previoas meeting was d3ss>ensed, with. ' Oo .ot3on of Mr. Tteesny Mcoaded' by Xr« Sowlibgs, 1t sass unralaoualy . @LS0L4F.Or That the Yraasfer Books of tha Si.=tstered Five Per G.ot Soada of this CoapaspW shall be closed at thre. o''clock' P:Y'. Januar?^ 15, 191J',, for the py.ent of interest ttiereon, due February 1', 1943, and shsll be re- opened at tan O'clock Y.Y. February 2, 3i9Y:3. . _" Qn.otion of'lirr. Bbpe.ell,, s.cood.d by ltr. Bo.1.Sng, the fo11o.1Yy adirortisiag azpsndittrros were ia all respeets aQprxr.ed, ratLfilsd'y.and eoo- firseds Cantract with Football PublScations, ias Tork City, for a paSe adRertisa* sent of OLD GOIZ1 Cigsrettes in, the otfici.al progrsa fcr the Januu7/ 1, 1943 10" Bo.l'Football'Geae„ at a n.t cost of'f291.55'. 6ontraot dated December 10, 1942 for an additional expenditure of $50 for ad'.ertisingof C1s.panT proclwcta in the, iestera Tobacco.louraal„CincinaatU. Ohio, diring 1943« Letiuates of J.,Taltsr 9hoapson Cotpacar corsrl'.ng advertising of OLD 0OLO Cigarettes as follo.s, /110 dated December 2, 1942 ia:ser.ice pub]',icatiroos th.reln set ont, durUS 1943, at a,cost of =22.391.03. /111dat.d+ December 3,191;2orer'rediio StatLonCFT~, Los 4ngelesr, Qft1af•t Janua=T 3 through April 1, 1943. at a coat'of't3,542: /112 dated'Deceaber 7, 1942'orer radio Station iR.T, Datroit, Yicfh.,. Jaanarx 1 through March 31, 1943;, at a cost of S1,345,.506- . /113 dated December 4, 1942 over the 2anldee blit.ork, Ne. Faglsad Staws" J'a°uarf1 thz'wWA1 lpril 1, 1943,,at a coat of' 419y,9i0Q:: /'1].r;,dated December 4,:1942 over radio- Station RiC, forcest.r, Naes.. Tan-"7"' 1 through ~ April 1,, 19431 ata, cost,of, fll,608.75. 11.15, dated! December 3,1942 over radio StatlontTSB', Iodianapoli'sl, I~•~ ~~+rJ 1, through April 1„ 19it.3y aft a aost of i2s92S. ,~........w 4 V~ it .. _.

- -- -~-.• - /11(i dated pecamb.r 3,,,1942'owar radlo Statioa,*FCI, Fastuct.t, @.II., January 1 thmugu lpri3. 1, 1943, at a cost of ibZk. /L1T dated D.ca.Esr 3„ 1942 over radio Station I01', Danr.r, Co]lo., January 1 throu& April 1', 1943, at a cost off, =2„184., . /1T$ d'atedDacs.bar 4, 1942 over various Collag* radio stations therein s.t out, JaauarJ' 1 ttirough April 1, 1943, at a cost of 44,366.206 111% datd Dbcaabar 3!. 1942 oover Station SEIN, Ys Tork' Cify,, Jaauar,ff S. thrvugh a.rch 30,, 19P.3'y at a cost ot' =780. (110 datad' Ddcaalbsr 4, 1942 over Station MEN, /.. 2orid City,, January 1 through farch 13, 1463, at a cost of $16,668w33. J121 dat.d',D+ec..bar 3, 1942 over Station ffi. sr lark City, January 1 fhrough April 1, 1943., at a coat of ~0~4G0. #123 dated Deesab.r 8,, 1942, 3M-13n. ad*.r,tia.s.nt in the Ya: lork Jcurnal, of Cossarce during, J'aauasy,, 191.3: at 'a, cost of $102. On sartion of tta,. Boi.ling, saeondad tw rr. ffreesaa, it ws unaalaously •1tL30LYMt: That the 6ospuq contribut. the sae o!' $500 to the 6iah.oad Tubarculoais Association, Ricbaoad, Va. On swtion Wy rds aad seconded, the ...tins adjourc.d. 9 , T Jasistaat Srer.tarJ

r xQS, JM-3T 22. 1943 i, r.gnliar meeting of ta., Board of Die+sctors of P. Tori].lerd Co.p.qF v Lald today at the offTca of the Co.peny, u9 2at L0th St?wt,,, Yew Zork CiV, Sb.rr .ere ps'eseat l~'essrs.s S. 4._.l~t.___ M. .. ..` ' ~ - -" C. D. tsitefTeld s: s. &orling 1. J. sallq i':, s« F,r.e.aa J: a. C3sscock J. J. Driscol] E. Eopenll J. 2. ieel, Todd ioal' •- -c:.~~`--- - ~'-~4 ~'I[+r= I' 7n the absence of lfr:~ Sts..el, t7saiz.am, Kr. Eont, Ptesid.at„ presid'sd{, an& the SscretarF'acted!as Sseretarl of the seetiing. Qn motion duly sadi and' secouded,, the ~ reading, of the advttss' of tbs previous weting ws dispsased *itL. On motion of 1Wr. ghitefielld, second'ed' by Mr. Dristoll„ it .as umaafaoss4 1tL5pLALDt That (AA ].4aa of cloaing, the Stock Transfer Hooits) 3 P.=. Tuesday, Fetruar} 9, L943',, be aad the saaa cerebg is fised as a record datr for the diterainatiba of the Stockholders of the Company entitl.d to notice of and tfl, Roto at the Annual Ysettng of' the Stockholders to be La2d rareti 4. 19A3., . XIIBTSF'8 R?'SOLYEDr That aoly Stockholdars of record at 3' P.lf. Febem+.r71 9, 19JC3 sball be entitled to suclh notice of and' to rote at snckk+nasl ifeating+ aot.itbstanding aW transfer of amy stock on the Dooks of the Ccapa~ afLat sai,3 record'dat.. Ou .otion of llr. Freaean, seconded by llr. [.el, it was nmaais+ovsil YES4IAEDS that f[easrs. E. C« 8tmter and i. Riefnw (neither of toet being a dLrect;or nor a candidate far that offSce)~ be and they hereby are appoinf..d to act as inspactors of Llectica for the el.ction of @irectors at' ., the adanall Meeting of the Stockholders of this Cotpatp to be lkel.d on 1ltret 9, 19k3. . Oo a,otiioo of' tr. LoaL, sscood'ed by sr: Sorl!ings it ta unaxima"U 1E50LVID: That the action of the Presid.nt aad the Treasiu+er of thTs Company in,liora!owing on January 18, 1943„ on behalf of this 6os+pasf from t~Ye Yatiooal Cy,tF Bank of Yaw Yorit,, 55 Da11 Street, A.w Ioat Ciltyi th.' SMof TLo tti'11ion Dollars 02,00q,U©0) and in, executing and d.li+rering in ths O lvse ar this Caapu{F, its proaiasorX note evidencing sai& debt, barfing said d'ate and p.yabIle at aaSh cSanlc ninety (9p), days from said detewith~ taterssL rD at the r.te of 1~ prr aaaism rram said date, bae and the sar haret4 lis 11s C"' all respects appro.ed, ratiSisd, .nd'conf3r•ed:d bA 2Le President statedi that he, dae.ed! it appropriate to wlll' to t!!e Q attentioa of the Board the 1:oss suffered by the Coa,paa, in tLe deatk'of i~ Kr.Sidaey IIa'iF,, uuditor oftHe6onpaqy_, .tio llad, lbeep- iatbeeRplafor~ tb* Coapaua'for forty Feers. The Presideot statedd that ia acooxdanee witti the ~ TerF fine cus6om that Ead become establaabed und.r sacheira+ss'R+AWos, be 1ltlavght that as a tokax of est.e., f or the long andd lo~rall sos.i ces r~ ~ ~ ~,~« ~ Company ~~ uTr ~' present to his rlidor,, Ws. lLtllea L.11'Ta tb*

~ of' $4~p0o,,, the e4}siRa,i'.at of Mr. La11F's salarF for a period of s.ix .oaths. SZyereupoa,I oa notioss of Mr. ghitefi'eld, seaond.d by Mr. Bo.ltng, it sss 4 tLpa of' tbe lo08 aad' faithful ser.ice rsadbred to this CospaW by Mr. [. , and ~ fAat tb.~Offioers of the CcapssW be asd they berebF are directed to do sbata.er sq bs aeussart to earryr out the prorisioas of this resoIluti'aa., q on aotToo of Mr. !h°ee.any, secoaded bF llr. 8operell, the fol!loring ad.er- ~ tysiag espsndittsss were ia a11 respects approved, ratified, and coapiraed: Coatract dated January 8, 1943 with Sportserace Inc., Buffalo,,M.Z. covering ~ ad.ertising, of OLD COLD' Cigar.tt.s ia score cards of baseball clubs therein s.t `,. ~ snt„ during the 1941 season, at a net cost of $1,943, Z,W, yae sam of $6,000,, in accordance rith,the custos 1a:sucL csaes, in recoFrst.- : saniawsJ,F . gFSpLFEDe: That the Cospazw pay to Yts. Heien LsLYx, th. .idos or rr. S3ldn4e Cootract dated January 12, 1943'for a half page adtertiseseat in souvenir joara.t ~' to be prepared in eonneati'on sitb the aaaual ai'fair of the 6.tai1 Cigar Store r'y-- _ pltyees ield'are Fmd, es Tork CitF, to be h.Id March 20, 194.3, at a cost of' =50- ' lstiaates of J.,Walter 'lhospsoa Co.pazp, as foilo.st "dat.d January 6, 19L3'corering newspaper ad.ertising,of OLD GOLD Cigarettcs. , January 11 through ILarch,6r, 1'9i3, at'a,cost of S5T5,289.6L. F /L,c"9 dat.d January 4, 1943, corering,radio advertising of'OIA GOLD Cigarettes as J~ tbrreih set out, January 6 through Deceaber 29, 1943', at a cost of 68T1,973:5i,. U /131 dat.d' JanuarF 6, 19if.'3 covering advertising of ON7 COf:D Cigarettes in, finaa.- ~ ctal papers' therein set out,, during; Il9rC3', at a cost of S6L07.,60. f1;666.89. trade, ]ouryals as thereia set out, during January or Bebru.ry, 19l.3;, at a cost os ; ~ M13L drt.diJanuart 12,, 19I;3 covering ad'.ertisiag of OLD GOGD CiQarettas in tobaers Zatlsates of beonm 8 8litchell Lsc. as foiloss /2' dated January L, 1943 covering s+aaasine adtiert4sSng of FS8T6CS Tobacco dtxriat: 19G3, at a cost of 5206,558.21. . /3 dated JaauarF 13, 1943 covering radio advertising of FRTF1076 iobacco, o.rer Station FBAI', Bo,ffaio, l.1., January 19' tbrou56 OriIl 16,, 1943, at a cost of tn sntion, duly made and seconded, the ..etilag' adjoarnad to: maet llonda,, January 25, 1943, at 11 o' cloc!¢ f.YL ''~ -l f" / ~1OL 8eeretar! I

. L .. ~ . . . . ..wKS}...^.+' . ., . .. • .. . ~' . ~ - . . .. . - . . . ~. .. ~ . ~ ~ - .. " ~ .. t~ ~ ~(t 106 Jannaey 22,, 19i3' t~ f tha Board'ot'Disectors of P LarillrrdCa I tFn - . e [ rgular oseting o ' arz am e ' I b.ld today at the office of tha Company, 114 test 40th St'r.ets g••,losit G}r t Zbara ; rere pr.sent Yassrs. si H'. A. Seat ' G. D. Whi.tefisld Z. S. Bowling i. J. BaYliq J. S« lr+e.an J. 1. Glascock J.., J. Driscoll F: Hope..Ll J. T. Feal Todd tool ]lti the absence of 1ir. Hos.e1, Chairman, Mr. Le.ntR Presideat, presided, aed 18e~ Seerets.ra acted as Secretary of the "eting. ,•. . On sotion duly aadei and secondedy the rsading of ths.ntantas of thei ~ pew.iow aasting sas dispensed with. On awtion, of ILr. WhStafiald', seconded ty llrs , Dtiscoll„ it .ar noaaSsoudy, .'iOLY'ED: That (in lisu of' closing the Stock Transfar Books)' 3 P:H. TlrsdyrR, Farnara 9,,, 19C3, be and the saae hereby !ia flzed as a record dat+ for the d'eterainatlon of the Stockholders of the Company entitled to notiee of' snd, toroteat, tnr hnaual: Meeting of' tha~ Stockholders t+a~ be haIld raran9j 19" TCR48l8 BFSUGFLD: i That oo.l3r Stockholders of record at 3: P.M« Aebeusrx9„ ' 19L3 shal3i be entitled to such notice of and to rotr at such Annuaal,Yaatiai, ssotrithstsodSn`,, say transfer of any stock on the books of the CoapaV aftar said'ratord.datei. Om .otioa of ltir. Trsa.an, s.coad'ed'Yoy Mr. II.el, it .as oaaaisously WO1:VLDs That yaasrs. Z. C. Hvater and A. Risfner (neither of tbes Deiag,a director nor a candidate for that offica), ba and they hereby ar+ appoiatad to act aa Inspectors of Llectiou for the electi'on of Dtrectors at the Aiznnall Ileetingof the Stocldioldera of' thi's Company to be held oa, March 91, 19W3. Qls .otioa off Itr. IIeal, secoaded by 1r. Ho.1Sag} it, ass ta7aairwasl,y' HE.SOLYEDt That the action of the President and'~ the Tr.asurer of thiis ComPanCF in ' botro.tmg on January 18, 1943, , onbehalf' of thSs, Company frarUe ~ iationaT Ci't,f. Ba nk, of Yir 2ork , 55 11al1 Street, lis• Lorlr Ci'ty, the " of'Tr.o Ui111on Dallars 02,OOO,tk10i',aad in e:eeuting amd delivering ia the s..e of this Company ita pro.issor7 note ee]Ideocing said debt, "heariag Sao C date and,p.yable at aaid,baak niae3F (,9p) dy,a from said d.te,, .ith inter+stW_A at the rate ~ of, 1t% ~ per aans= from sai'd d.te, be and the saae hereby fls tn Q,~ al..L r.s~,»cts' approved, ratified, and conftredL ~1 The Presideat stated' that he deaaed,it appropriate to cal1.to' the Q attention of the Board the loas suffered by the Co.paxy in the deatL of' rr. S1dheT Lal];7!, inditor of the CojpaqT of ths tY ~?aqFfor ro .•ha hed ban, ih, tlla, .aplaf rt!!'7ears. Tbs Presi'deat stated' that in aceordasce ritb the ~ verT f'1ne,cnstoa that had becooe establiahed,under such,ciresmstaocss, be 1ho4bt that as a token of astea" for th, long and loyal services rsadered * Mr. fal.l7ti the Ce.pasy shoW4 prwsent' to hL .idos, Mrs., Halan i"„ 00 - -,-- ..Z_-'

~ 1. . 107 so of =6vooov the equi.zl.nt of 1Fi. Ia1AY'~s salary for a period'of aiz aontNs. TLereupom, on satioa of Mr. 11hitefiald, saconded 1e2, 1tr. Bo=111ag, it ras yyni.auslX 41 RFSOLTPEDt That tlle flaapeq{ pa, to rrs. Helo IaT1yr, tRle~.id'o. of' 111r. S.idlnqR ; ga);jn,, the,s= of $6,000, in accordance dththe custoa in suab casess in recogni. !~ ticn of: the loag and faithful service reod.red to this Co.paqF 1qf 1pr. L.i,la„ and that' the Officers of the C*sspas, be and' they berebJ are direcCd to do .hiat..ar ssJ, be necessaray to carrF out the provisions of' this resolution. E Om srotioa of Mr. P~.~eeain, s.caad'ed W ttr. Hopesslli,: tlse follo.iing ad4ez- tising, ezp.adi~tures *ere ia allll respects app.roRd, ratifid, and' confii+edt . Contract dated' January 8, 1943 with Sportser*i'ce Inc., Bufftlo, Yi1r, co.ertns ' ad+ertisissg;of 01'.D GOLD Ciga,rettes in scorr cards of,DaseEall clubs therein set oat, during,the 1943 season, at a aet cost of'=1',9h8. Contract dated' January 12, 1943' for a halllf page ad+rertise.ent ln souR..air journalL to be prepared'in eonnection.ri'th the aannal affair of'the RetaiT Cigar Store flk plo3iees teifsre Ftimd,, !sw iart City, to be tuld Yarcti 20, 1943,, at a cost of =50.. Istilsates of. J. ialter lhoapsoa~ Coepasy as fb.llo.st ;` /Zc8 dated Jaauarl 6, 19X3 covering nsspaper adRertlsing,of OLD GOLD Cigatettes, J'anuarT 11 throagfl llarch 6i,, 1943, at a cost of S575,289'.64. /329 dat.d'January 4,: 194) covering radio advertising of'Oi:A CGOI11 Cigarettes as ~' t4ereia set out, Jaanary.6 through D.ceaber 299, 1943, at a eost of SM,973.54. 1131 d'ated January 6.1943' covering advertising of OLD GOLD Cigarett.s in fiaan- ~ eial pppers therein, set out, during 1943, at a cost of $6107.604 /134 dkted' JaaaarX 12,, 1943; covering ad!.er'tUaing of = COTD Ctgarett.s in tobacco , trade jaurnala as therein set out, during Jamiaay or Labeuarf,,1943, at a cost of s 1',bi66,89,~ . Lstisates of L+.man i ritchell Inc. as failowss: /2; datd January 4, 1:943 covering .rdasta. adtertiiaitrsQ; of $BIlCiS Tobacco dialag 1943, at a cost of, =206r558.2Z. #1, /3 dated January 13, 1943 cmea3nQ radio advertising of lSg]Q73 Tobacco osr Station g8O1, Buffdlo, 1.1., Jannarr 19 through llpril 18, 1943, at a coat of =1,482: OIL : notion duly arde and seconded, tbe s.etins adjouraed ts aset YBndq,; January 25, 1913, at 11 o"cloclt 4.II. 8.eretarT

~.. ..,.........-,. ~ G':. !!'~ ]~ i~. .~ ...._ ~. 110 ' me,S.cretary stated to the aeettng that under the regulatlons issued bf ttt ' ' on a pro:r,~ staterant and annual statement 1's M geenritLas and' Fscltanea C.as:issi qvired to accospatw the notice and proxy for the aaauaL sreting of the atock- Lolders and thereupm read to the meetins,dratts of, notice of the annual aeetl~e of stockholders to be nal,d' Itereh 9„ 141.3y prosy statement., and protq. On s,otion of llr. Balley,, seconded' by Mr. Hope.el'T, it was unaataously H.*•SOLVf9e That the drsSts of'tbe notice of the annual meeting,o[ stflcti- holders to be heLd Y+uxh 9, 1943, proa,y and, Fro;yy; statesent (isubject to sucD changas in sald: drafts, if'asp, as; sqy be deemedinecessary or adsisabia by Coansal in order to coaply with t'ha la. and regulations)rhich have been pre- sented and read' to thi''s meeting, be: and the saDe herebay are ib all respecta' appra.ed and adbpted as the acts of this Board and thi Secretary is hereby ordered to ha.ei the',saae d1tly printed andimailed to ta* stockholders i'a aceordance with the're.;niresents of'laf and' to'hawe copies thereof' ehen' printed annexed to taese mi'nutes as a~part hereofI RESf]DFED YI)E17iMv: That the annue3' fi'nancial, statement shall be mailed to the stockholders aleag with the noticer, proxy state.ent and proxpr', in accordance with the custoa,otl the Compatu and,the regulations of'th. Securi- ties and Dectiangs Ct+.mission. Oct motion duly s.de and seconded,, the meeting adj'ourned to seet IShids,f, JAnuarar 29, 19L3, at 11l o"cl'och A.Y: ' .Secr.tary (M' I;P6 ~. ~ . . ~' MGo IC

~ y ! f s ..s: 0 y J«sery ciey, N.1., eeerttay 5, 1945 To T-na STaarHOt.nea t:p P. Ltllttt.t.nan GowPMNr: Notice Is bernhy (tiven that the Annual Meeting of the gtodtholden of P. tORILLA1lEj CAMPANY, a New'leaq~pp~.y an, t, wiU be held at the prtndpel oBtce of the Corporation, Room 803, 15 Fichange Place, 1etsry City, N. J., at ele.at o'dodc In th. ~ forenoon on the 9th day of Maxlt, 19~t3, (or the election of thirteen (1;) dinca toa to h01d_ oQice astil the next following annual meeting o( rtoc-kholden or until their tucceuors are elected and yualified, to consider and vote upon the pro~ resolutions a!. forth in the encloscd proxy statement and for the transaction of auch other burinest au may properly come hefoce uid tnneting or any adjourstmrnt or adjoummectts thereof. The Stock Transfer Books will nar be doaed, but anly StOckholders of ncord at 3 P.M. on Pebntaey 9. 1913, ehatl be entided to vote, notwithstanding any trawfer of any stock on the books of tbe-Coo'ipany after rald record d.tea Tom Woot, Seaetat; It unable to be present at the meeting pteue dgn the enclosed prouy, (ndicatt lour votes thenwt, altd Mum k(n the eawn• p.nying envelope so that the meeting auy be properly held. nd )nt- i,d ~ nt.t ing he6 PROXY STATEMENT Rla}tT i91lF.VOKE PROXY Any stockholder giving the proap eada.cd with this statement hat the pOwer to nnoke.lhe pay A ae any tfine prfa to dr eaerc4e thereof. IT WHOM AND T86 MNN>rll IIf WH1SK '>'!!C PROXY 15 ELQia lIOUCITW _- T!r proxy Ie aolkited by and on behalf of the management of P. IAtillard Compeny. •Il,e cort of prrparing. taemlrting, and auiling the pro:~ rtatetnent, prory; notice of tlm meeting, annual atatement, and any other printea matter being sent to the .tock• holderi qill be borne 6y the Company. In addition to the use of the mailr, proxies mar be solicited by regular employees of the t:ompany, without additional compen• sation to dhem, personally, by teleptione or telegraph, and the Company may reyuert persons holdin~ rtork in their names or in lielp those of their nominees to tend proxy material to and oW,in rroxier from their rinapab and will retmbur.e such_ per.oru for their ,nd.. e.penses in to doing at a total ertimued cott of about Five I lundred Dollara ~;500.00), which will be horae by the Company. - - -- xnd. , '11te .pptoaimue number of relttlar employees of the Campeny who will toliclt proxies iu not more than ten and the manage• tn.n- ment-haa no knowledge or in(orttt.trcn that any other person rill apecially engage wty employees to solicit proxies. : ntetrt n Itte udof in the Peak, ,{n4er, empte, to l1N t futute »e x/e oMM VOTING eLCUffiliES OUTSTANDING '11ts outatandinR nurttber of e.dt dw of .aing securities of the Company ia u follows: N..kn ef sAi•••r . Conunwt Stock ........................... ,,•.••„•••.,,,,.1,fl71,9)0 Prderred Stock ------- - 9@,pup Ta al ............... ...................................... _...... 1.969.9 50 cuc.rloi. or enlr=Sa -- - At thls annral ntiaing iMrtott (l!) dir.rton ere to ht elected, who rhall hdd a~tc+ trtdt the trns fatlewtnt ewrtd .uetln~ ol stockholders oi untit their .ucceuon ate duly elected and quah6eil. It le the intention of the penarte named-in the ancloesd lnrm of pro.y, to veto eKt+ pre.T for the electinn of the nomineen named Eslow. 11 any of the nonuneee oamed 6elow b not a can- '-' - 4ta... /w t+ttlou Y.-ll-,a .e ur eetotlng, e. ..wY wMctf ttlit-niY..rlMxnt doe., not antktpete, the pIOiy wUI be loted (or a wa..,r t w.nJ the ut .. ..:n..,«. n..red l.L-. 8esh er- tAe eord.re a.m.d below 1. potr a altsrtol !f I1tW EomW^y redltvJ fi,wpy a.J r..e lg~ ... Kiw~ wMA tY.'.dw M(..wae,.,tt ~/ pr71_aO~yef-Y.=Il~ //J~ Im +.. po..J .4 Dtr..r.. r}ree ae& tw. e. W r•. wrq ~ tlr n~.d )..,,.er )). 1t+~). - _ - • - i?tM C" •, r M f.wePMl. wM4 Ir+w.nen Y Lrrab.trle, Kf .r~.r... seell „

The Secretary stated to the maeting,that under the r.gulations 1'aou.d by th. e Cosmiasion a prosv statessant and annyal sta ch n d'E ' a g x tils sn ta.ent, ls Is. th t or . aanual sis.t,tyg of the stock- to accompaw the notice~snd proxy and triereupon read to the m.etYng,drafta of notica of'thf enaU&I s~ i stockholders tabo hrld, llarch9', 1943, proiW statoaantl, amd'prmw,., t!n aotion of Mr. 8allef, seconded tpr Ilr: 8opa.re:lai„ it sas unanim.. RESpLPEDti That the dzafts of'tha notice of the nanwai .abtiag,o[ stQe1_ . iers to be held 1(srch 9, 1943, proap and proxy stat.aent (subject to sbch a in said drafts, if any, as may be dee..d naceaaary or advi'sabL b7 ' ' yr .rith. tlia Lns and regplations) in order ta ceo®pl , .hich ba.e been pre- l.d,and: read to this aeetitngv be and the sum hereby arai in a1L rsspects ro.ed and adopted as the acts of this Board and'.the, Sacratarrlr is hereby .red',to da.e the sw duly printed snd .aSl'.d to tdr stockholders in ordaaaa with the requirements of 11s and to har, copia thereof .h.n ted annexed to these sinutrs sa a part bar.of; I REiOLPED l^9RTtiFZi,i That the annoel filnancial stateaeat aLa11 1be safillad the stockholders along .i'th the notice, prorW stateseaRt and pproV , in r rith the custum of the CoapanT andd the r.gkTatLona of the S.cuti- aad Exrh.ags Co.aissiaa. mn mtSon duly aado and saconded!, the meeting adamnrn.d ta a+e.t , Tanoary 29 ,,197.3, at 11 o"cloclc /l.ll. S.cr.tarr. -•I '_ .-- _ . - I ,_...~..- ~

. .~...,....>-,. _ . `Y,._ ...,.~.~-~,.... . k ---_-_.. (r. - r,. C..,_,..Y.,. ~ I ! 11, ft~ ~~y M duu iacasmMm ma mAmw.W rm4 .~'i = _- ;~--~c ~ : -1' •.:.~.- ~~ _ ni r

Ba ~~. 91 3 11 ~ . . I ~' j~e' k`~~fi~~! ~pd3~J "!QY' ~8 7~, U ' ,~ ~ 1 z<oW ~j 9 .~tmmm . pqm .. 1-4w.w.pe iboad r[>6r~. •6~~ P*jql pT*7. .p ay~ .j.ptaqiPeio ~. Ie~. r*~"'wY1~.Jn:.aT7inv Jn:rylw2p:2aCie.0 wVt,ul~.Vswr aod"J.q1 pan Y*9TOq Je: fwT1..w Twnve.s wq3..ml dco,t'd pus *rrTAen wq1, N.droaaa~ 01 Fwtf'ntl Sonoew Paw 1,wwY*i. Agoadw'~waTrwTOWo3 ~.lo.ya12'yv.'9rTiSsK"Q rA.fT~p•~rS~~tuoTywlpP*s~.yy,a.y®n i.py, 8vI3w.. .q1, oi Rw1*ir. 4trysa.S~wVi~ oil .~, ., ... ~ ~ - _ . . . ... ~ a i -.....d'. .

04343691

The vUrY ~~ioaa is~, croa stat.. ° a~ i+°4 L L ~ ~ p en o aad .o d H:chaad C6s: tis aa to accc.paxy the aoti:cr aad proaW for the aama.l s~.• st~nt ~~r ra`a nd, thereupon ~' lEareha9~943~ praaq stat...nt ~~~ ~ft44.- eyd , On sotYm of Ifr. Ha114i s.oood.d by Mr. Hop•aaLl!, it wr '_&~ f , iWLYADi That the drafts of the notice of tha amaun]l t.etlsig of 1 stak ' c era in saidoldtafta~t,19~aap~aM ana~ etatm.at (suDjrct tfl eJy ; ; , iasVf ae7 nac+~saar7 or adTiaa ..i 4- .+.~i.~ tn rnanl. .i?h the Sa* and at vnl.tl.,na1 ..b..... . ~~1' 1 and rsad: to this aseting, be and the sas:" h.r.tbf ara in a1L aes ~~ ed and adopted as the acts of' tbi's Hoard , and the Sacry peC~' ~7 ia her ey red to La.e the sa.e duly printed and aaYled to th., stacltholds rs . JA irdAace rith, the rsqni;raa.nta of 1as and to have copis thereof .h.a ted aaaazad, to these aiawts as a part tiaawof~ BFSOLVLD TFlH1HMi That th. annaal, fimancial stata..nt shaU b sa>'J;ed' ` stocirholden aloag tlt0 aoce pros,r atattd with,s.en aa, prov ~, ~ zdaac. .ith the caston of the Paapasy and the rs~at,ians of th. Seca,` . aad Ezchaagr Cos;isai;m. _ . , . Oo sotioa du], rdd and teoond.d, the a..tSnH,adjonra.d t.iseet , Jauaary 29, 194,3M at 11 o'clocY "., I • • . - 8am'.tar~ ,_~•: . ... ~ . .. - ~ _ . - _ . . . ~ .s~,-.. ~. _. .. i'. ~`~.+.:,• .:. .. .~ ., ~ .., '.56

RFIMUNEAATION P1lID TO ALL DutECrOSS wrta crrtcats As' n©aovtar The a eegate amount of teemunention ptid during the fiuuf year mding December 3t, 1194'2'., by the Company'and' ib subtidi- aries dir I y or indirectly, to the,directon,and o&cen of thr, Compmy considrred as a gtoup was the wtn of Z282.68a.82 for nervices in a1l capacities. This amount exceeds the aggregate amountof'remuneration paid during the fixal,yeu ending December 31, , 1941.,by the tompany and its subudiuiea, directly or indirectly, to the direeton and'officca of' the Company considered as a grottp. by the sum of yt12.33 CLBTatfff PF.SSONS OTlIB! THAN DIIiBt.ZOR', OFlfCERS. OR FSd1'LOYEF3. WHO BDCEI9'ED' RED+iUIiffi1LTIOhf SYCEEDIffG i20.000 DURING THE AG°'aC1lf. YElLB EN'DISfG' DECE1'dnEB 01. 1'itT IY~ Aal.eare r.e..r rxairr/ GNO11. W:, L Perkins and the law 6rm of'Perhina, $24,000.00 Genrrd Counsel Daniels & Perkins, of' which he is a member W. H. Alitno g30.04C32 Commiseions in ononta2ion with titryiag Turkish leaC tobaoro 1 R1OPOS113a MADL IIIT' ElOC'KeOLDF3B Purwuat to the Proeiiiona of' Rule 76-1'AA.T of, the rnAea relating to the solicitatioa of' petulea peomulaated' by the Securities and Hxdiange~ Carmuation„wh'iah require the management to set forth in the proxy thtetoent,propatals of tROcJiliolden wbich the stockholder intends to pneaent'for action at the atodrholden"ateeting, there is sd,forth the followietg:, Mr. Jarrtei Fullerof'28N't]'turrh Sitmeti Hartford, Gann., the bolder of ten sharea of' Cotnraan, Stladd of this Company, by letter dlted'Jluluary 4: 111'/b', hu, given notice that he will p,ropox atthe annual aockhold6ri trueting four (4) resolutionq which an aet forth below together with the re.aotta given by Mr. Fuller; the wording',ofl the resolutions and' the te+aons being Mr. Fullet's: RESOLVTIO?c hh1W6t{n L, Resolved tliat' tlk '.By-i.wi' of the P. Larillard Comprny'be amended as follatru' At nch anaual!tocliholdbm taeetiag, th'eannual report of the P. Lorillud'4jotopany ib to be aubmitted'to'the,ttmck hdden for tbelr approval„ and a full dircwtion on the annual report, to he invited.' Re.rmr'or Ri'tefuio>t Nsatben 1. During,the last P. Corillatd''CotrtPany, stocliholder meeting which I've attended. 1'.e noticed'the tendency on the patt of'the management to evade answering quetuoas relative to this report which wan asked by Rot#hol-kn. ResoLumoN hluatactt 2. Resolved that the presemt Board of Dirtcton, which is responaibfe for ronommend*tion of' men to oeree on the suaceedin~ and' $oard'of Direciorr, ahalli nominate for the coming fiscal i period u least six men who are rtar a part of the preeat' management, who are not connected with the management oL any of the P. Lorillasd Company subxidiaries. Reaios for RtroLrrieNNrat6n 2. It is important that in the selection mf' managoment and!in the formuion,of policy, the Board of Directors shoald be frc~e of any management domination. Qth'erwile, management would'tend'to perpetuate itaelf and the directors would fail to betepresentati.es of the common stockholders who are the ownern of the enmpany:,They, need the advantaga'of'mentbeo on the Board who can bring outsidr viewpoint aod a variety of' business e:perieoce: RuoLtraoN fifu.reza, 3. Resolved that the"BfiLawi"af the,P. loduud Company be ameaded'as follotn: The: selettian of the auditors of the P: Lorillard Company ahould rere upon a recomtnend.tion by the Board' of' Dirattors,, a proved by the stockholders. Tbe' appointment of the audrtors should be provided for at the beginning of the year with right of access to records throughout the year .nd tequiring~the,presence of the auditor at Boud meetings and meetings of stodatiolden at which the reports of auditors arc to be disnrssed: the auditor being afforded an opportunity to report orally and being required to respond to queuiona. Re.ron for Rualrriors NratB'vr 3. 5uch procedure, would I prevent ptetmptory, dixniasal of' accountants by m.nagetornt: and a auti.titution i of others withwt, the disclosureof', reatonr It: wouldlead , to a daerrelitionship between,.,he directors andaaountrnuand a better, understanding of' the charuter and scope af' auditing aer.lce. RL7ot.aYwN'rrux!>9. 4. Resolved' that in every annual repatt aene ro tbe attodiholdera, a full separate pago be de+ated to show aty and I all fandl reuivediby'the P.. Lorillard,Company'feam each and emy one of ita subaidiaries Rermn i f or Raalerion Nrmdis+ t In thia wal, each and every stodihalder wi11 know which one of' the company atbddiadea If pto&abll ,k ia ota the, mtnpanp daides not to usue a complete statement in detail relative to each ntbaidiary~ Thusi inaroathere.ur any'unpro6'table rubtidaritaof ehe mmp.ay,, the knowledge of'wtiich !t hidden from the ttock}w18er fn the prexnt eonaolidated balance theet and pro6t aad loss stytement; this information will now be sharwn to atoelahddets, and tbe,rtockholders cnn decide for themsel+e'whether they want' to omtinue operating these noa.pro6table subsidiaries. Mr. Bufoni' Smtt, P.Oi Bo: 1373. Ridimood. Va., a director' of the Q'cmpany and' the holdex of, 2300 ahatea af' Ectnmon 8todd and'a one-6fth interest ia an estate holding 500 shares of Common StodS by letten 1 dated J'anuary 16 and i January 20. 1'9N'33 bas' givea notice thiat' he will propose at the annual stodeliolderi meeting a reaolutioo, which is set,fort6 belhw oogather.im the reppoa gi.eo by him. the wording,of the reaollotion and' the reason beurg,Mk: Scatt'ae

_-r.~....-r sanuumorr'.Nurtrra ]: RF.SOI.'VIFD^ Thar Art' I JI P the B L f P' T'11 ~c e a r• wa. o on ard Cotnpauty, IncarpontrdJ be' and the aarae are heneb4t unessded ~ adding thereto the following, to be'desigpated Section 4 of Anide l, naJnelp:' ~ ~ I' Whenever the management shall. in the ptofty statement now reyuired'by'the Securities Eschangr, Act of' 1934, or to nn other manner,,reaomtnend'ar nominate the persona to constitute the board of directore for'the enauing year; and facwtiom,the,prosiea wlicited by the trunagettxnrwill be .oted;,there shdl be included not leu than four petsoaa who are tsat to the. employ, o(', the Gomfany, or in the employ of any subsidiary or controlled cvmpany, and who aeo aat aherwtre afiliated with the Company or an~aubudiary oreontralded companyr and who own ae represent a ruMtantial'amount of stock of',th. Campaay„or ara officsra of'a b.ok 1 or trust company holding, a rubstantial I atnount of' stock of the Company.t Re.rotr for Rerafrtioe Jtfrtrrl.r 3. I oBtn this rerolotion'becaure I belicre that npn-mwgement representatiae'Ia beneGciallto the baud: lh contn'but(ng an ouuide viewpoint. Your President'n telephone ed*ice today., jlnuary, xqehr at noon. wu eq, first notice that' ll.waa not to be a management: nominee and 1!am convinced thu u an attempt to dlicipline.tna for my unrillingnw,to atultifp tttyrrl( by oQpain a rnolution 11 sincerely' approe e and have oftea difcuared. 11 kel'iese these eeentt+: fullj jurti(y the'rd.irabilitr end aaoeaaity' (ot in epaodtnt' judii•, ment on.t(te baard. f accordingly'ptopora'the abo.e reeolutiotr u r tubrtitute for, the Pullee'Reralutlon'1Na 2. Mr. Scott by said'lettera haa alio notified the management that he appo~a the action intended to be takett pureuant'~ to the prory by the tnanagemrnt vitb raspect to Rtyolution No. Z; to be propored by Nl'r: Jartw puller, with nesE+ect to Resolution hlo.' 7; to be proposed byMr. Scott,' and'with rempaR to the wtion of'the'rttattagetaent ta'ttotninating,a Blutd of Deracton oatrtpaaed!entiraly of'tanployea of the Company. O'F'POSITIAIf, OF MANAGERTIt'~"IT'70. HF3OLQTICNS'TO BE FBOBCSM IT RlIt:GSROIDtM ' J1T Ta ANt1A4 h2ETRi'f3' rierolntintul Nia. l', j and!a, to be ptaye>aed'bV bt'f. Jum pu11Rt, ahtti+ te'Jacte wtlitofl ind fnnud! prlefiuauiiur eplnwl by, the, tnana'gement' for'the'following rearon.: The auditors iof'thc Company since 1932 have been Deloitte. Plender, Geiffitlir,& Company, of'!9 WalliStteet, New York„Plew Yoric, unquestionably one of: the foremmt and most highly respected firtm of iadependent publlt acceantanta in this country,. 'Ihisfiim ir employed on a yearly basis, has full access to ail of the books and recordtr, of'the Company and its subsidiaries and b continually consulted throughout the year regarding any accounting eittesdon which may uue. The aecountfng .>ethod! of'the C',om- p~attr have kieen'established in full consultation with thir'~ firm and in compiling the annual statement the Compsn' consulb' and advises with this firm% which io ita'cssti6'ate to i the annual'~ rtatetnent reportai that the atatementa have beeo eomptled lin:canformityn with generally accepted ecrottnting',prindple. applied on a basis conaistent with those of'the precedinr< yeara. Foriyeaa the annual uattment, together with the auditon' report thereon, har beett mailed! to the stockholders with the Wotice'of the Annual Meeting and each rtorhholdar haa therefore been put in a position to ask questions with respect to it;,eithcr at: the attstual meeting or other, wife. .. . These'tnethoda of handling acsount3rtg, and annual' uatementa are, in the opinion of' the'managemenr, in conformity with ths procedure of'the'great majority of'the'lergt business units of the United Staw: the titanugemrnt therefore recommends that the present: metliod'ahoul'd be cotttinue!d, and that rtacidholdcn, should eote,agsinrt Resolutions L, 3 end: 4. Rrra(.rion'No. 2, to be proposed by Mr. Jk+m¢a Fulltr, and' Rrrofotiow Ne. 5. to be proposed by Mt: Buford IScott, both rcl'.t; iitg,to ouuide d'uectors, are,oppased by the,tnanagetnent whidh expresses the fallowicg,optnton with regard thereto:: 'iAe management cannot',too strongly impresa upon the stockholders that the suanr of yourCampany dependa upon ita policies and! adminiitration~bnng left to the judgment rutd tondirct of'those who are experienced io the tobacco business. There,u a fund.• tnental' re.ron. (or, this, naunelt, th'at' a tobacco 1 businexa har 1u its buis leaf'tobuco, a delicate product, and ira business that depends fot itr. rucma an the proper selection and blending, of the leaf' and themanufrwre and msrketing of tobacco products in a mao- ner that will tneet crit'teal' conruroer taua in the face of keen and rkilled' competitioo. We feel tliat' a consideration of'the raanagement and,opentioa:of the leading tobacco companies over a period of ycara wilL demonsttue the:tnuh of~ these,rtstcmrnta. The affairs of this Company have been conducted, and its poliaea determined, by those who hane spent their lives in the tobacco businesa and have no other iaterert ta: distract or' conA'ict. For'mme years two out' of'the thiiteen, members of'the Board of Diredora have had their pcindpaL activities outside of the Company, one of' wh'oret, bitt Jaqttalin i P. Taylory resig' ned from the Board on J'anuary 27„ 1943: the..catscy thus created being; filled by the Board,by the election m director of M'r. Irxin H'. Peak„ Manager of the Kentucky Leaf' Departmetst of the Canpany„ and the other of whonS Mt; Buford Scott is a, rtodi broker and lhanl er„ of' Ridimond. Ya. In the pl'ace of' Mr: Scott; the management ia'thiu year nominatin~ for electioa u director„ Mr. Harold P: Temple, Assistant Sales Manager of': the'Compa+ty, who ir espenenccd in the a'ales: end!of the'burinear and~ who gives hiai full time to the' affairs af'thrCompany. As to the dkgedltendencTnf'the management to:btsoane aelf•perpetuitiog,Illa tba opiaion of',the maoagsment'that tbe'future with the Company, of thore notninated' for election a+I dirtxton lu wholly ta the hands of' the stockholders. It! is only those, who wcctssfulljr edminirter the aHairi of the Company that an erpect the,uadtltoldera to continue them:in authority, Your Comran~ baa iuat.uocxludedone ofitaaw+truacessful yearsi andthe manaqemeneis proud to: Qoint outthat' thee number of' OIS)' GO'LD' CiFarenea aaid in 1'9!a'2 was the largest in the hiltoq of'that braad and ww almost' doubirlhe sales in S9A1; and'that: in additfon. the gross srles volume of~ all totiaoro products imanufactuted' by the Companyi for the first timc in its hirtory, eseetded 111100.o0Qit140. Wu' conditiona hare greaaly increaaed.i pmduction, and distribution problems and the enanagcmettt i>i of the aplnioo that' the polic~ making of', the ComI pany at thia time should be entrusted to a Board of Dirrctotr composed of' persons wbo' are eotiroly fawfliat with the aBairs o( your Company and.who are devoting their entire titne to itr intrreW,', aorordangljrt, the tn.aa'gemeot rYOoauncndn tharthe rtackholdera vote againat both Reeolution No, Y and Resolution No. S. • W1 b;b N;h 7fia annual meeting iei called (or the ipurpore' of' electins',directorq for the conddention and raing an tha aforetaJd' rcsoludona; ~ and (or, the tnnradion ~of' ruch other burinesa w may proper y'cotsu before tiie meeting. At the dati ~ o( thin proay, ttatement' the only business the aunagemettt Intends to prerent or'known will come befote tha: eneeting', is the election of directon and the ~ consideration aad:.oting on the resolutions aforetaid. Howe.er, If any other matters, properly comr'before the meeting, it le the ~ Intention'of the per+twtanuwd In the enclosed (orm:o(' prottr to .ate'utecb proxy in aornrdartw with their ),udgewtroa atch etattaa:, ~y Dated Pebttur~ !t 19dl: PAWCLLTSIO2S l f,',~"'~""'~• t;'t

f t'.~ ~49 tOt M~ 'Dbat the md"-ip+ad b-bf C085CAMM Wpaiatk tad duacv Hiuur 1fOY1C AZE4/F2tI* THE MiANAGcaMENP URGFSi YOU Q7 YtAl ~V50lVS STA1rD QJ THE P .: AS A SPOC3~fO1.DE[ TO V(XL'ff AGAIIWb7r AFSOT.II33ONS IvO6 t, 2; y, 4;, A2+ID I , I -soe, idiwmmmest3esaot: an~ Yaoiatiaoa INaeti, 7~ S. 4:,md S. deambed'in the'P°°t1 ~~dl -3 pta^"ied fkra° .betha bq deiea his .wn aat far a agaiasC the propoted reaolumora !: ' -.!. spm5es thr foiSo.m; actm to be ulam p~ uu to FiosT .t aud rreenna ; D. Wwtarsria (.mmri.e VilcclPtal Wuwuc J. Hiiucr (YicePmidcu aad T, cuure;; k ' 'da+t .ad' Soloc aay of' theat, m the aame, placa nad ucsd of the unaenipaed, tr urt -, r of .ad fdr, the codtrmgal s tbe .aaod mmnag of the stodctwlduai of P'. LoRuaw.o Coxrn: ., I+ ~04 to be 6dd oo Ibr 9t6 d+! ol 2(arctt 19+13, at ctc+ea o'cJodt m the faamoon a tEe oi3ca"6t''1, 15 Eahtnge Pirm , Jetx7 CAttr. N. }- .a velf asAc .ay and alI .dIoummeuu oe uiipumnraar+ of n. s the pm>7 of abc anceaigned tiierrn for ttx deaim ci thirreea (ta),i dlratoa to tiold o~r~ca uord ; S ~ i o~tinl~ of' stoGCholaasr a msa7 CLcir oucmtoo.ue eJal and quaiined and oo anT cna6ulion r i .ore or the uoahaidas t6eeM in moacdannr .uh tba oa,ia of uid cca,ag,' dsredi Fcbwq y: IS y i =,cby EfnorkdgedG and for the -pao of wchl otber bunioac w aialy Propeflr'caar 6eiors i, or'diour°mmw'tScoof„ aaoocd;aa to the aamirer of'.aes the aadcn.gaed .oald be mtulni 1 y prrs0t, to co a:L wco actL aad'things u assy , Nr ool or propec ia,ordcc to arry ora , ~ aad l creuag a aoy adjurrnmcaC a adjaurnmaw ehersvf. hccbt gi.wg to s++d mamen .ad .gmts a a ~.•~naaae anat3rr at otbrn m taar cc tYa srad aad I wifnag and conbnniag all that the utomm t a aar of 'tfieu>m awy pobtihrme oo wbtntrmes for anr oi therq, may do by rirtue heisof. !, }TFtERVLSE DITS-CTTtD, FiEREEIIq 'THE PSOXY ' OR PROkffS APPOINTED HERF3*f ARE ALTI•t t. :c A!CrAINST PWOLiTITO?JS NO1.I. 2, 3. 4. ATVD, 3: SET FORTH IN THE P2OXY'STATE*d):' EFSOUli'ION NO. t PO~ AiGAII+tST iESO ' O8I' NO. 2 ~ . AGAINS`R RESOCtTI1ON! 2VCk 3 POi : AGAIIYSi lESOLUTION NOL <: POt - AGAIIJ~'T 1.MLU77Ofr7 1~LOl a E~3a : AGAQVST T TO' bSATL',:FS NOT K23OL7N! 03, DETERl.LIrFFD~ AT THE TIME OF THE, SOI]C1TA7C 7 PRO)C1G Oa' PBOXiES' Affff AIiLIiO3IZED, TO' VOTE IN THEIY DI5CRE1.'IOW. iytmd'hacfiy rddao.idllqe tmeipt'oE' the '136tim of''Ahno.F Lfxtimg of Stodohoide:a' ditad' Febna7 5.,1 ~, ~. ,sSwd' l-6y eero&es mT Peeap ac Potnon kaaofoee gi.eo to .rooe apm a,to,.a .,tb rapaa to aw-b r. ;= VHEREOF,, I hne 5aemora ss ol Md' +od tc.l dya------a'1, of immt' rad A.ma.l Framc.f Srroeua>s fvral tlee,.rith , (Sadilnile+ +tro.Fidp bee1! L

I 969evcv0 w

. * An adjournad sreting of the Board of Directors!o1". P. Lorill:ard Cospany was wald t,odqr at the office of tba Compaqy , 119 West 4Ath Street, Hmr Tork, City, at 11 o'cloch AJf. SLere sere present Ysssrs.8 H. A. Lant G. D. Whitefield Ea S. Bo.Iing, W. J. Halley _ J. SL Zreesan l. Hope.all i J. T. Keel Sod'd Wool In, the absence of Hr. Htsmel, Chatrmn, Yr. &ent, President, presided,, and: the ~ Secretary acted as S.cretarlrt of the meeting. lIIe, President stated to,the meeting that in,his opinion_there should be adoptedi asd! spread upoa the sinntes of the Board of'Directors a proper Resolution testi2`ying, t9 the loss suffered, by the Company in the death of Yr. Sid;ney ICel4, Auditor of the Cc.pazy for so many years. Thaereupon, on sotion of Yr. hbiitafield, seconded' by ~. rr. tYee.aa,, ths: following resolution was nnaniaoualy adoptedt, ~ Sidney- ' Kelly, Auditor of P. Lorillard' Company,, who died on Januar7'<, 1943, li sas born in Shcies, Yirgiafa. He attended the Virginia Poly2schaic IRstitute at Blacksburg, FirQTnia, and after lea.i.'og,college became associated:rith the American ToLecco Company in t2ia year 1903'.. Hisi ability .as soon rscogn.lzed' and duaiag, the sase year he~ ms.transf''arred:to the Ybnopol'1`oLacco Company as office managera Sbreat"ter, upon~ thr I consolidation of the Honopoll Tobacco Coapel ond S. lnergyroa Inc., Ilr. Ee1:ly was sadiI Secretary of the consolidated company, in:.hich capacity ha served untl.l' the dissolution pursuant to court order of' the laeri'can Tobacco Cos•-., paqy in,Il911. lYroa 1911 to 1914 Hs'. [ally contii¢ued!as Secretarjr of S. ilnararos 's 1 Iac. and was; also iml charge of the Credit Departaent of P..Ioo.3llaad: Company. iater ha rasi sade Assistant Auditor of this CoepaoW,, .hi'ch,position he held'until, ; 19a.i' shea Ifr: tall,y was elected Luiitor and continued: in that capacity until the ~' time of his death. II rr., Kelly ws of qaist and reserved d..eaaaa and to know hia was t& adairs and t respect hia. He was endossd with great industry and devotion ta duty and he, he- eur onai of the outstanding credit aaa af the cointrr. Ha was associated with the . tohacco i'nduatr,f' at a time whaa the, industrx, was gro.ing, rapidIJy and this growth iaposed' upon hila, increasing Uadans which he met calml,f and carried splendi'd1T. Hi's high'integrity and his disilntarestd devotion to the best interests of'this Coa,-Rc, .ill be ra.e.bered by all. e, the ae.bers1 of tdia Hoard, who haTS Deen, so cloealy associated with his' for so many years, desire to record our d.ep sense of' loss and to eztend'ois heart- felt sfspatkjrt to, the aorrorilog na.b.rs of his f'aalLlf. TMM'ORL, HE'IT itbSGLYM, that this testisauial be' spread upon the ainutes. of the gowrd,of Directors of this Company an& a coppr thereof be present.d to his faaLiJ. Ot sotion duly aadm and second.dy, the seeting',adjjotu'oad. Janosx+Jr_~~ 29; 1443~ l'n ~ J ! s

Tsmruary 19. 1943 l aregular ..etiagm xtf the Board of Directors o!'P'. Lort1'Landiao.P"aT .as Dald today at thar aaMus of the Ccapana, 119 `.st !w^th 3treat, g.., Tork City. Then .as ps+ss.ar-'Mr. Todd gool. tf qnorna Eeing, Rres.at, the o.et3mg' adjbu:v.d to sst w.dnssdq. llareh 3„, 1943, at 11s'c3a i oAsiock A.r. __JI

I , * Ran . .. .. .. .. V ~.,ti'[. . : ~ 1[arch. 3,, 1943 113 An adj purned meeting of the Board of,Diractors of P. LoriTlard!Coapany was beld today' at the office of the Company, 119. Aest 43th Street, lle. York CiV, at11:30, o"cl'ock, Y.Y. Ttiere were present ll.ssrs.:: C. H. Hi:mmel a. A'. 1Cent G. D. Whi'tefTe3ld. E. S. Bowl'ing. J. S. Freemaa ?. Hope.ell Todd •ool, The Chair+an of tta Hoard presided and the Secretary acted as SecretarJ,of tce, teeting,. _ on eotion duly made and'seconded, the readYng'of,tbe sinutes of the previous seeti'n3, was dis,pensed' with.. on motion of Mr. Freeman, seconded by Hr. [StiiK.efield,, it was unaniaoust, HESOI:9LD: 2hat'a dividend of M75 per share on the Preferred Stock of this Coapany be and it hereby is declared payable April 11, 1943 to stocxHolders of re- card' at the close of business Y'arch 15* 1943'. oa aotioa of, Kr. ihitefield, seconded by Mr. Bo.line, it was imanlimously R..''SIJLY'FDt Ttia:t' an interim di.i3end of 25f per share on the outst.andi'®g', Ccmmon Stock of this Compan•y be and' it hereby 113: decl'ared payable apri.L l, 1943 to stockholders of record at the close of, business llarch LS,, 1943. of $3,445. 1,107 Suppleaent Y dated Febrw,x7F 19, 1943' covering radio advertisih; of OLDI GOLD Cigarettes over Station wdBgdea York City, tlarca 15 throutA Juae 11, 194'3', at a coat of g16,355.30. elll'Supplement A dnted Fehruary 19, 1943 coverina', radio adRertlsihe of OLD GOLD Cigarettes in the Me. Fbgland States, ipril 2 throu,;h JLL1J 1. 1943, at a cost of l19, 320.75. ~'. . , ~ e ru uppleaeat 0 date 7 , June 14, 1943, at a cost Cig-irettes in Detroit and Pontiac, Ylcb., March 16 throu~ , at a cost of, $250'. . Lstiaates of'Jf wal'ter Thompson Company as follo.sa s 19 1943: covering radio advertising of OLD GOLD i3d S' T b d r . i 9' Contract dated'FebruarZ 16, 1943 for a 14]:Y page OLD GOLD: Cigarette advertisement i in the souvenir prograa publi'shed' in'connecti'on wi'th the rZussien,llgr elelief rallq?,'. lanu&l Ba]il of the lll'.lsaukee Jewish Childrena'a dooer, at a cost of Sc5. , in the Si]lver anni.ersary Iear Book to be published, in connection rith the 25th - i On motion of Irr. Bo.11ag, seconded by Mr. dopesell, the following ad.er- tising e.zpendRtures were in all respects appro.ed,, ratified, and confirsedt 1943 for a ha]S page OLD'uOLD Cigarette advertisement Contract dhted Februarx 1 1'. RLSOLiIEDt Shat' the Transfer Books of'the Registered'SeRea Per Cent Honds of this Coa;aAy shall be closed,at three o*cl'ock P.7i. March 15, 1943, for the, paF- aent of isterest thereon, due April 1', 1943, and: shal1' be reopened at ten o~'clock 1.Y. Apri1 2, 1943. g Cn sotion of Ht. 9awling, seeondedl by Yr.. Vi'.tefield, it sas uneaiaous7Y

/12.4 Suppleseat A dated: Feb:vary! 23, 1943 coxeritig radio advertlsins of d1D 4~ Cigarettes over Stati'on NW,, Fer Ior1e CttL AFS1l2.Yhmj~& Jime 30, 19431, st a cost of *21!, 622.90'. 1125 Sitppleaent B dated February 19,, 1943 ccovering rsdim adverti3ind of', 0(D GOLD Cigs.rettes in C1avelana, Co1uabus,, Steubenvi111e, ard Ioungstom,, Ohio,, larch 1 throu8h Yesch 31, 19A.3, at a cost of 3629.22, J120 Supplement,k dated Februsry 15r 1943 coverina'radio adverti'ai'nd of oU OALD, Cigarettes over Stutibn XM„ 21e. York City,, Yar¢h 15 throasbh Apri1 i, 19Ga; t at'a cost of'9L',595. 1138 dated'Febra_ry 18, 1943 ccovering radio advertisfng of OLD COLD Cigarettes oTerS?.attion, !Ud3,., Chlcago, Illinois, Y'are11 Lt'hrough 8ay28, 1943, ~at a cost of $5,105:.75. y On, motion daa1,F'aade and seconded, the meeting'adj'ournedg

1. March 10, 1943, 115 t seetiog of the Board of Directors of,P. Lorillard Cos+pan, was hsld at u,j10 o''clocid A.M. today at the office of' the Company, 119 West LGth, Street, Tie., Tork CLty, it being tbe most con.enient tissr since the dnnna1 Meeting of'tbe Stockaolders 'Jeld at eleven o'clock on March 9, 19L3''. The meating, .as called to order by lllr., c.H'. Husael, and Mr.- Todd fool acted as Secretary of the meeting. The Secretary laid hefore the Bobrd~ the aiautes of the said 1lnnnaIl Meeting of tue Stockholders showing tns election of tne foLloring, d1: ectoras Edgar S. Bowling JohaJ.Driscoll J. Strother Freeaan James A. Glascock il.iliaa J. Halley h+ank Hope.eil~ George H. Histi.el Jaaes T. [eaT Herbert A. [eat Ir*Ln 8. Peeld Harold F. Tb.ple George D. 12Litefie3d zoda iooi The canvass shosed t8e following Directors .ere presenti S.S. Bar.ling J:T. Keel J.S: Freeman ' HLA. [eat J.A. Glascock HLF. Temple f.J. Hallay G.D.ThAtefield' F. Hope.elIl L.H. Peak G!.H. HuaeL Todd Hool Mr. Hummell stated to the meeting that elections .ere in order for a(hairsan of the 6oard' of Directors and,for Officers of Lza Company for the ensuing,Aear and asied'Hr. Kent to take the chair. Mr. Lent then nominated Mr. George HL Huaael for t3e office of' Chairman of' the ponrd' of' Directors. Mr. iChitefieid seconded the motion and a Tote being tn]men,, Mr. George H. HiM+sal was elected Chairman of' the Board of Directors,,all .otiag,in favor except Mr. Humael, who did!not .ote. Hs'. yumoel then took bis seat as Cbairaan of the aeeting. On motion of Ihr: IdLitefie]:d, seeonded' by lfr. Bowling, Mr. Herbert A. Ient *as elected President of tae Co.pazw, all .oting, in favor thereol' except Mr. [eat, eho did not .ote . On motion of H'r., Hal.lef, seconded' bF' Mr. Keel, llr. George D. Htiitefield eas elected a Yice-President, a]il rotia6',ia favor thereof except Yr. IQiitefield~ ho did not .ote. ~ 1 Yr. Hm.oel sugbeated that Mr. WhitefLeld be desio.csrd Executive Bice- Pre$ident to act in the absence or disabllity of'the President, asd t8ereupoa6 all sotioa of Mr. H,a11ey, seconded by Yr. Free-, it .as imnnisously fiFSOLWrFD:j That Itr. George L. ah3ltefield, a Vi'ce-President of ths Co.;.e.qy, be desidr+atad Ezecuti'Re Vice-President and ia' the absence or di'sahility of the Presii- dent, Mr. Whitefield as Executive Vice-PresLdent„ shall perform toe duties of'the Presid'ent's office, subjrct to the control of, tae direc wrs. . II. ' r • ! ~ x h' t , ' i, ~. ~ S WI

C ' !' ...~- i t - -- _ 1 .t{:. Oa aotion of Hr. Keel, seconded by Hr. Freemaay Yr. Ld'gpr S'. Boaln,l. ~{' 116 .as elected a Yice-Nresid6nt, a11 votin3, in favor thereof except Mr. Bosliag, who did' not voten ou,notion of, Mr. Ra11eg, seconded' by Mr. fhitetield, Yr. Todd! gool' ees eiected a Yd',ce-President, all voting in favor thereof except Mr. tooL,aho didl srot vote. Qn sotion of Yr. Xhitafi'eld,, secondedby' Ilr. F'reaman, Mr. Rilliaa Ti. Ballex was elected; a Yice-President, all votinb in favor thereof except L•r. gal:leT, who did not vote., on notion of'Yr. Temple, seeonded by Yr. Bo.ling, Mr. T. StrotherPreess was elacted!a 7ice-President, aLi,votihti in favor, tnereof except Wr. F7ee-„ .oo did,not vote.. Qn ootion of Yr. BorU=g, seconded by Yr: 1ih'itefielJd„ Mr. Todd 7foo1 as electediSecretary, all,voting in favor thereof, except llr. fiool, who did uot vota« The Secretary was thereupon duly' s.orn for the faithful performance of his duties as Secretarpy as follows: eS2ATE OF !l!1,1 20.31C ) 1 )' SSs Co1DiSI' Cff M ToR&), 11DDD, jQOL, Secretsry, : of P: L(~3ILLhRD CCIIPAliT, being by ae du1T srora, upon hia oath deposes end says thbt he .ill faithfully dis-- eherge tse duti'es of Secretary of tae afbresal.d! CoapaW to the best, of,his aki11 and ability. (Signed)', TODD iUOT. Subscribed snd'sworn to before ae tMSslOth daP of llarch, 1943'. (Signed) Leslie L., Cle.aens NOT1Sf PiJBLlC, Naasau, County llo. 246 Ca tifi' t fil d d C ' r ca e. e .Y« o. Bo.~ 470„ Reg. No. 4-c-1L3 C8.a1'ssion Expires Irarch. 30, 19446 l t':e Said Oath ras directed to De filsd rith the Secretarr. On motion of Mr. Freeaen, seconded' by Mr. Zhitefield, Mr. W.J!. HaTle7! ~tis elected Treasurer, alil voting ih favor t.ureof, except' Yr. Balley,, who 'Td not vote. Q ~ On aotion of Mr. Halley, seconded! by i<z+. Keel, Mr. L.E. Clemens 03s, ~ ted Assistant Secretary and Assistaat Treasurer, all' votiad ia favor Om..otion of Mr. Sant,, seconded by Mr. Tbmpiie, Itb. Zhomsa S. PerKios elected!an Assistant SecretsrT, of the Conpaqyr, all' voting in favor tder9Qf'' WI ~ Oe .otioa of Itr: Ha11e sec d B d b M Wh ~. F, on e y r. 8tefield, Yr. Georg*, h jth was electad'Ahditor, all voting in favor thereof. On motion of Mr. 4ent,,seconded by Yr. HoFe.ell, Mr. E: C. Hi+nter lelected an Assistant euiitor, all voting,in favoz'.'thereof, On sotion of' Yr., Freemny seconded by r Str: ithitefieid, YSr.~ E. T• g" elscted an Assistant Auditor,all voting,in favor tnereof. ~ ~--- __

---~-~- ---~._ - - - * r"'t°.~- ait-,,~_ .. :~ . . 1; . STLTB OF' DiL7' ZoSg: ) ) SSt C(lIIltTf OF NEW SDR& ) TODD i00L,, Sscretary of g'. LASILI:YAD Co1D'&1Q,, beiug !y.e duly s*araI,, sapqnhls oarh drposes aad' says that ha~ riLl, fa2tM1i1]yr discharga~ the duties of S.cretarY of the afcresaid, Co.F?aiq to: the bast of his sloill and ability. Subscribed' and' s.orn to before a thtsT(Dtb ds,y of' Yarch, 1943. R9iiLRY PUSLIC. Manau Ciuify,Ba. ?AQ ('nad4amPV.dN, Y. Co. Na, 270. Ra{~ Nr hG'1144 Caam,ruo. E}b-n.ruab :30,. 19" 0 1 1. ,f i i ;:.;, ;li

0 _~....~,._ _.. , ., A+i an motioa,of Yt. Keel, seconded; by i/r. Bowling, Mr. F.H. WeisYe was el lted C,jhier, a1T .oting,in favor thereof.. The.Secretary'stated to the Board that !ryr Section, 2 of Article ZIII'of ttis li~. j1t : ~t"! 4_1&zg the Chairman of the Board,and the President ara, ex-officio members and pre- a sidfnri' officers of the, Executive Comaittee and that ih..iee of the eiectioa by the etoclohoiders yesterdaJ of a new Board of Directors,, he deemed it aaaisabla for th. ~ go,rd to appoint a new Executive Committea: for thaat'purposs aad to appoint nine o6Der directors, as members thereof. T,nereupon, o& motion of Yr. Kent, aeconded' by Ilr.: IPhi,tefield, it was UDaaisoua]jr ~ {. E ! 1 Eperd'db appoint nine otber directors from among ite eembers to constitute sith-tbe *air,Lan of'the 8oard'and' tue Prenident an,fizecutive Cosaittee conyis2ing,of Il airectora sho shatt exercise the powers and duties set fcrth,in s+.id Article T,III!. On notion of Mr. Kent, seconded b•,/~ Mr. P.alley„ Yr., F. S. Boelinb; .as appminted a member of said Executive Conmitteey, all voting in favor tcereof except Yr.,bosling„ .ho:d'id,not,.ote. On swtion of Ilk. 'Wbitaefield, seconded by kr. Hope.ell„ Mr. J'., J. Dri'scoll sss appointed a member of said Executive: ComaSttee„ a11 voting in favor thereof except Ifr. Sriscoll. On motion of llr6 Keel, seconded by Mr. Halley,,1['r. J.S. flbeeman was appointed,!. a aember of sadd Faecutive;Committeaj all votidng;in favor thereof except Yr.. Freemaa sho did not vote., On mation: of Mr. Wnitefield,, seconded by, Yr.:Hopeseily Hr. W. J. Hailey sas 1! ' ezce;.t. appointed a member of, said' Executive Coomitteer, all sotin8 ia,La.or thereof Zr. iialley, who did[ not vote. ©n-aotion of Sr., Kent, seconded by ttr.,TeapleM lCr. F. Hopeeell was appointedi a meaber of said,HzecutiTe Comaittee„ all,votin8,in-fa.or thereof escept,Nr. $oteeelT„ .ha did'not vote. (b aation of Mr. Whitefield,, seconded by Mr. Hopasell, ltr. J. T. Keel sas. aFFointed a~member of said EYecutise Cosuiit:teey, aiL votitg,in iavor thereof except Yr. &eel„ who did not vote. On, aotion of Mr. Freemau, seconded by Mr. Bowling, Yr+, HLE. Teaple eas appointed a mmber of'sai& Executive Cbaaittee,,all voting in favor thereof except rr. Te.p1e„ who did not sote. Ho*ling, seconded' by Mr. KeeT, Mr. G. D., Fhitefield: .es On .otion of I[r . appoi'nted a member of said F5¢eeutire~ Coamittee, ali •otiag, in favor tbereof e:::ept W+'. Rhi'tefiield; who did not vote. On totion, of Yr, Halleyy seconded, by Mr. Freeman„ Mr. Todd' 11ool, was appointed a aember of said pcecutiire, Committee, all votitg' in favor thereof except Mr. aooi, *0 did not rmte.. On awtion du1y .ad'e and secanded, the meeting adjourned'~. /0-IC4 RF50LYIlDs That pursuant tQ Article KI'II of the Hy-Taes of' the Compat~y this U1 Secratarn .-

M,. l 118' Itarch 19, 1943 1' regular aeetind of the Eoard' of Directorsof P. LorilSard Coapa, eas held todair at the offiee, of the Coapany,, 119' Aest 40th Street, ge. Iw} Cityr. There .ere present Ilsssrs, s C. H'.: Hisaal H. l.:[.nt. E. S. Bowling T. J. Halley J. S. Fs+asan ?. Hope.ell J. T. 4ee.ll L. L. Clisaans, last. 3ect,X. i E' f I Mr. Hum.al'y Chairsan, presided6 ead the Assistent Secretarf acted as Secastary of the deeting. I an notion dul, aadi and seconded, the readiag, of the minutes of ttie~ previous meeting .asdispensed.itl1. On aotion of' Mr. aent, seconded by Mr. Bo.liqg., tte fo]1o.in8: ad- tcerti'sing,ezpmditures eare ih all respects approved, ratified, and con- f7Lrmedii Estinates of J, falter Thoapson Company Ihc- eo!.ering ad.rertising of OLD G618L I i, Cigarettes as follost ii /'108' Supplesent l: dated' Itarrb 4,: 1943, over radi'o station RSl'A, Syracuse,/.I. lyril 5' thraugi July 3', 194,39 at a, cost of S3,737.79: -/112 supplsent 1 dated 1Larch 4', 1943, over radio station R1fJ', Detroit,Yicll«, II Lpri7,2'through J'una 30, 1943, at a cost of $1,345.50'. /llt; Svppleamt A deted,ffareb 4, 1943,, over radl;o station IITACy, Worcester, yass:, April 2 thramgh,JulJr 1', 1943, at a cost of $1,823a25. /115 Supplement 11 deted March 4, 1943, oover radio station RISB, IIIdianapo11~„ Ind:,,lpril 2 through July 1, 1943, at a cost of S2,925. /I16'Suppleaent A dated 11nt+c5 4, 1943, o.ar radio station fBCZ, PaRt--kat„ I.I., April 2 throu8h July 1, 1941, at a cost of =624. f117 Suppleaent l dated'Yarch 5, 1943, over radio station [OA, Dsn.er, aLo., , April 2 throu4A Jul;7r 1, 1943', at a cost of f1,819..30. /122 Supplement A dated,tl&rch 4, 1943', over radio: station fBfR, Suffelo„ 5:T•, April 2 tArough July 3, 1943, at a cost of,S2„000. Q /133' SuppLeseat A dated ILarch 4, 1943, o*er radio station Hti1L, Nashiagton.1 ,i1b D.C., lpril 12 tbrough Ju,ly 9', 1943, at a cost of =2, 502.50'. cj' ~ h27 Soppleaent A dated liarch 4, 1943, oover radio station TPE1l„ Phi~dblp~" w, :I Pa., April 5'through July 3, 1943, at a cost of' $1,614.60. s~ f I /1L'G:4ated March 5,, 1943, over radlo etation tCAE„ Pittsburghw Pa., March 8' I' © ~~+ through September 3, 1943, at a coat of jl!4,8,39.50'. /I28 Supplement C datwd!Yarch 4, 1943, in ne.spapersl therein li'sted,,l4+fds a thrvu~s YaY 1, 1943, at a cost of S574,277.f9. 1321Suppleaent adated! Ilarrh~3,,19!'.3'(pecision ofEsti.ate datedDecesbar 3, ` 742) o.er radio,station i811„ me Tork City, January 1 through Augpst 1, 1943, ' i

0 1 .. . . . T.e.. . at a aet addltioaal cost of 626,000. rf f139~dat.d YarolY 2', 1943 over radio station WIRE, lndianapolis, lad'., March 8 Shrang3i ,iane 6y,_1943y. at-a-eovt-a1`-;32~.- .. . . ,ti ~ ' 1139 Supplement l d'ated March 9, 1943 over radio station WIHL, Inddmapolis, yod,,, March 8' tbrough Jnms 6y, 1943, at a cost of 848.75L /12g BuppLe.ant D1 datd March 109, 1943 in newspapers, January 1L tbrougfs rarch, 6, 19G3', at a cost of S291.90'. Contract dated llas'ch 16, 19431 with Retail Tbbacco Dealers of Naerlu, He. Tork Il ~ W;tyr,,for a fwLL page adRert];ssnent of'QoapaqT products Sn the ToGacco Betaflers" ; Al.anac, at a cost of =1,,5004 . ~.~. ~ On Motlon ditly , aa.da and seconded„ the nstSng, adjourned. 1'ssYst,ant 3ecs*etarx .J . . ' ~ i . -

0 i a ;l 1 Y 0 120' April 16„ 1943 L regular neetiag of'the Bo®rd of Directors of'P'. 1:ori1lardlCosY,,y, .asi heid today at the afficr of' the Gompaqy'y: 119' eest 40th Street, 8e. Tork Cl There *are present Yessrs.s C. H. Humei H. A. Lent. G. D. 1Qii'te°is1ld t. J. Ha1l'ey J. T:~ Keel J. L. Glascock I. H. Peak Todd Aooi 1fr. Humel, Chai'rsan, Presided, and the Sbcretery acted as Secretarr of the aeeting. • Cn sotion,dwly nade and seconded,, the reading, of tbe siinutes of tha pre~. Vious aeating was dispensed with. Cn n otion of' Mr. beel,, secondedbp Mr. Halley, the fo~l]'.oringadver- tising expenditures .ere in all respects approved,, :atified, and eonfirsedt Estisate 149 of IWuis 6raa Inc. dsted April 7, 1943', covering advertising,of OL.D'CALD Cigarettes in foreign' Language neespapers therein set out, April 19' lLrough June 26,•191:3~, at a cast of $26;,315.35. LstLante Y'128 Supplement 6 of, J. lfalter :'hospsan Coupany dated ApriS. 7. 191.3, covering adeertisiing of OLD GOLD Cigarettes in, the Raahingtan, D.C: Lvening IIe.s, during .eeka oP April 12, 19, and 2b, 194'3, at a cost'of V?U.. EstLiaate r143 of'J. Walter Thospsort Company dated Ypri.ll 12„ 1943, ccovering advertising of OI.D GOLD Cigarettes in the Epri1 15, 1943 issue of tae Sgortibg Ya.s,,at a cost of =300.. On aotion~du7y aadr,and seconded, the meting',adjourned Secretaar}r r t -i il • a , i. : i 4,

Kay 21„ 1963 L reguLar ssstikg of the Board of Directorai of P. Lorillard' Coapeny, ras held todny at the office of the CaapanT, 119 lest LOth Street, New Tork City. There were present Messrs.: G. H. Huamel' G. D. ihStefield a. S. bcwdine 1. J. Hall'ey J. S. Freemaan J. T. Keel H. F. Temple Todd tbo1 Mr. Huome1, Chairran, presided and the Secretnry acted'as Secretary of the meeting. On motlion duly made and seconded,,the reading of the minutes ofthe arevi'ouswntinv.as dispensed rith. On notion of It. Freeman, seconded by Mr. Bbeling,,it was unaniAousla R.F,,OLTr'ID: That a dlTidena ofltL.75 per share -~n the Preferred Stock -3f't'nis Company be sna it hereby is decllared payable Ju'_y 1, 1943to stookLholders of record at the close of business June 15, 1943. On eotion oflEr. Bowling, secondrd by Mr. 11hi*etiel'd, It was unanisously AMLMsi That an interim dividend of 250 per share on the out- June 15, 1943. payabLe July 1, 1943 to stockholders of record at the eiose of, business standing Cbomon Stock of this Company be and it hareby is aeelaredi On 2otim of Mr. [eeL, seconded by Mr. dbrlinF, the falloring adeertising expenditures were In all. respects approRed, ratified, and confiraed: OLD GOLD Cigarettes, May Il7throug5 July 10, 1943. at a cost of W%56Sb95. Hstimates of J. 1falter lho-mssn Compen;l as follows: `'128 Sunplement G dated Yey 5 1943 cooaring newspaper adverti's3nr of M 9upoleaent D dated' May 12,, 194?! corerinP radio eavertieing of OLD GOLDCidarettea in Letroit and Pantlac., JichiRan, June IS t!iratgh 1942 at a cost of 153- GOLD Cigerettes over Stetions7fJ an& RII'Z,,Detroit, Mich., on September U. 188Suooleqent C dated Nay 12 194y eoeerinA radio adeertlst'ng of OLD 10,, 1943, at a cost of $5,3?O.EO. GCLDCigarettes over Station AH21', New Tork City,,June 114 through Seotember 0107 Supolement B dated May 12, 1943 coverinP.radio ad}ertising of OLD! September 5w, 1p43, at a cost of 1373.75., /139 8app1err_nt B dated Ysef 12, 194?1 coverine raola edrertising,of OLD: GOLD Cif-erettee over S•ation IkIhE, 1ndlanepolia, Ind6, J+me 7 through Septeraber 113„ 1943!,, ata cost of V3,445. ,ged. on arotion, du3y saae and aeeonded, the aeeinz edJou Secretary

A regular :eeti:ng of the Board of' Directors of P. Lorillard caapsa7, sas held todav at the office of the COKPGXW, 119 *est 40th Street, yes pre.iaus aeting was dispensed,rlttf. On sotibo du17y aede and eeconded, the readlaQ' of the aittutas of the Seeretarf of the seetln$. Tbrk City. 1&.re .ers present Yessrs:r C« H. Bisssal' G. D. Hbitefield Z. 8. Bowling, 7!« S. Free.an, L« Hope.elIl J« T. &eel J« A. Glaseock a« 8. Tespl. I« H. P.ak L.H. CL..ens, ilsst. S.cta, lt„ ttza.al, Cdairsn,,presided and the Assistant S.cretar7 'acted!as C1a .otibn of'Yr. ZYeeoan, secondbd' by 1fr. Glascock, it' ws aaaalaomlT REMLIDr 'lbat the Transfer Hooks of the BeHistered Five Per Cent Dmds i of this Coapan7 shall be elosed' at three o.l c]:ock P.M. Jn1,F 15, 19431 for the pey!aent of' interest thereoa,, due ru¢ust, 2,, 1943, aand .tia17 tie re+ .p.oed at taa ot cl.ock 1.1t« 1tHust 3', 1943- on aotloa of llt. Bo.1Sng, aecoad.d by 1¢. Hoperall, the follosiaQ,ad- v.rtiiain3.>P.aditurr su~ in allresp,eets appxovedy rattfied;,and' oonfira.d'R' tstisate #6 of Lesmen:t Iitchall Ine. dYt.d.Y4T 17, 1943'eo.eriaa reA'io advertising of FRIf7(DS Toliacco oRer Station: BSD. St. LouSs, Cb., IGt,T 17 thrrougb 1aHnst 13, 1943, at a cost of $2,1106.. Ztir S.cretarflxs.d before ths.eetlnHta.follotfingil Qontract dated Wp ]S, 19C3'rittl Southern Coal Ces~ Inc., IIemph1ssTens•n for Purchase of'caal for nsa at',tbe Louis.211ev ry: R.l.ant of the CoapaqT. Jme 1, 1943 to Jtma 1, 1944, nad,er tersis and eonditibns tberei,a eet aatl' Gastract dated saT 18, 19l.3' *ith das1i.311e Coal Co , of' Louinrilleg for p~- r ' . ehase of coal for usr at the Louisville, Ky. p,lant of the Ca.T?&W, June 1,1 1913 ta SM 31, 1944, under tems and eondl!tlons thareiA set out;. il Cantraet d'atad,UY 21, 1943 .with L.P. rurphy & Co. 1'nc.,, RS'chaood, Ya., for L i ' reqn rea.ats of coal at the fifchaoad 1~' ~. 1943 , Va.~ ¢Lant of the Ctm~ , 9 to April 30} 19~,, ta,der teras aad' aond.itiona thereia set outji each of Ou aotlm of I[r. Lee1, secondad by mr:. Bo.linQ, wa in a3.1 respeot's 1 approved, ratified~ and' eonflr..d. 04 aotiim' dulf aad'e aad! second'edy, the aeetl'oQ adj'ourned. . lssietant Seereterx

Jala., 16, 19L3i 1 yygular meetS,ng, of the Hoard' of Di;rectors of P. Lorillard' Ccapany was dald today at' tbe offi'ce of' the CompanJ, 119 aest y0th Street, Ne. York l:ita. lhere were present Hesars:f CL H. HumeY C'. D. whStefi'eld E .. S. Bowling 1. J. Bailey J. T. Keal l« Hopewell R. B. TeapTr J. A'. G3ascock I. H. Peak T. i.. Perki'na, Ilsst. Secty!. Hr. Humael, 1lairman, yresided and the Lssistant SecretarA,acted as Secretary, of the mee tidg. On motion duly aade and seconded, the reading of the m.itnutes of the Fre.ionis eeet3zi', *as dispensed with. On notion' of Mr. Hope.e111, seconded by Mr. Te.pie, the following , advertising a=penditures were in all respects approved, ratified, and confTra,ed: FstSmatas of J. Walter Thompson Company as foLlo.s: A47 dated' July 6, 1943 coRering: plsly-trY-r,le.7' Eroadeasts o.er Station HIDi,, 6er Tork City,, of football gamee of the be.' s'ork rootbr.llGiants, during the 1943 season, aponsored by OLD GOLD Cigarettes, at a, eost of $29,002.50. /1Q9 Supples.nt C dated July 8, 1943 co.ering,radio ad'.ertisilog,of OLD Gui.D Ci'asr- ettes as therein set ont, Jme 28 througtt aepteaber 26,, 1943, at a cost of' U4,950. /°12t3 5upplement T dated July 8'. 19l:3 eoRering, newspaper advertising of' OLD' 00t1] Cigarettes, August 1 throug,h Sep',.eatier 25, 1943, at a coat of SC25,T11.9E. i 3 ~ On sotion of ilr. Halle7, seconded' by 1lr: lhitefield, it +ae unaaiWus.11 i.' ~-. RFSOLPID=: That the salax7'of H.A. &ent„ President and Cirector of the Coapexq!, be and, the seae hereby is fized! at the rate of $34„5Gfl per annu,y, effective Yarsh 1C, 1943. . ~,. On.otlon of ILr:, Pbak, seconded by kr. Tesple, (U'r. Whitefield not voting), it ~ was 1+ BWOL9ED:' That the salarP of G.D. lhitefield, Executive Vice-Preeident and ~ Direct'or of the Company, tre and, the saae herely is fi'sed' at the rate of'L<8.7:0 par &Qn-, effective 1{arch 10., 1943- Onisotion of Yr. Y•esple, seconded by , tta. a'hltefield, (LLr.:HosTing,not .otir.b), it, .as SFSOLPSDe That the salary of E:~S. Bo*litg,1 W'Yae-Presideot and' Director of the CO°raqTN be and the same herebP is fixed at the rate of S28,75D per a-=b efiectf.e 1larch 10„ 1943. Cn sotion of Br., Halle7r seconded! by Mr. Wtefieldk, it *as uflaaisonal,F of Todd iool,Yi'ce-President~, Secr-tar7ri and Director SF~fcDLYED's '~fat the aalar7 of the Compaz37x, be and the aew hereby is fixedi at the rat. of f23,pCpper aanua,'~ effective Nnrcb 10, 19L3.

un motioa of Yr. Ceal,, seeondsdi by Yr. Glascock, (Yr. $aT.leir, not .roting), it.as ~Lp~x That ~1e salary of 11.J, flallay,, +Aica+Presid'ent„ Treasurer„ snd Director of the CoapaqT„ bs'and the saao hereby, is fixed at the iate of W„700 per umue, eff.ctive Yarc3i 10, 19+i3 u an aatioa of 11r. Peak, secoadbd' DF it'r.~ Hoilixig, it sas ,n+ar_ i, ouah g=LqEp; Tbyt,the salary of 3. Strother PYeemea, Qiee-Presid'eat and Director of the CoIIpatN,, be and the sane hereL+y' ia fixed at' the rate of =23`,0C0'per ennua, effectise March 10, 1943'. On,aotloa~ of'nr. Bo*ling, seconded,byrYr.R'hi'+tefielid„ it uas ' noanlaouai7 SFSOLMs: That the salasT'of F.H. Reiekey Cashier of the Coapesp„ be and the saae hereby is fixed at the rate of 47;7,10 per aanua„ effec4!ve 1 t March 10, 1943. Op notion of Yr., Glascac4, secoaded by llr. Shitefiel'dM ('hr. Eeeli tot eoting), it .as iFS0L4ED: That the salary of Keel, Laaf uepartmeat Manager and Director of the Cospsa7!t be and tbe,sase hereby is fixed!at the rate,af. $2Q,,000 per sanmr effactise Yarch 10, 1943'. on .otion of Yr. Bowling, seconded b7 1tr. eieel, it .as eaaaimoaa17 BFSOLYEN That the.salarf of R«R. Patterson, Yeaager ot'the DaaTille L.af Depertaeat, be aad, Y:he saae hereby is fi=edi at the rata of $20,0()0' ~+r iF sama,, effective March 10, 1943. ' f , as "~~ ~OLVF]1e That the saLarl ef S.r: Teaplep issistant Snl:es 1'.aaget and ~Directar af' ti,e, aoaya:p,~ 1'ye aadi the eeae hereby is fSuced at' the rate of 312r5q0 per sanm+l affective Mnrch 10, 1943. , ~. On wtion of Yr. Keel, secoaded' by Mr. 1lhitafield',, ()tr., Peak not .o,ticg), lt .aa HF50LYFDs That the saTi.rr of' I'.H.. Peek,, Manager of the (Centuclqr Leaf Dept« aad' Director of the Ccapaoy, be and the sase hereby is fised!at the rate afa13,8C0 par'arava, effective March 10, 191.3'. On notioo of Mr. Teapler seconded by Ytr. Bo:licei (Mr. 6lhscock not votisg),,, it was 0 R=L9ED= That the salerT of ,T.k. Glaecoclc, tCaaager of the *6.itlocY Dranch and!Director of'ttie CcspuyY,, be aad the saaa hereby i's fised' at the ~. sate of $18,000 per anaa:x,eff'ective March 10, 1943. ~ ~ On iotion of, Mr. naT1eY, secocded by Yr. Keel, (lit, hope.alli not votips), it'.aa INA BlSOLYEDt That the aalarY of Fren1c 6opewell, Sales flaaager' and, Cireetoc N of the CoaPaM. be and the saae hereby is fised,at the rate of $20,00!0 per anaia,, effective Yarcb,10J, 19G). on sntioo of Mr. Boai,ag. seconded bg, Mr. 0lascoclt,, (Mr. Teaple Dot' V otTnY) it .

f -,z TRE'ASU!RYQEPARTMENT BUREAU OF 61VTERlVAL REVENUff SALARM, 3TAa1L12AT10Ml UNIT 233' ewo.uow.rWww YORK. W. Y:. iUC 2 'Q,3. f.- I:orillard' Co;Ipa:W„ % Perkixm, PanY.1s & Perkims, Esqm. S0 aoc3aetallbr F'lasa 7fsR Tark. H. T. Sirse. lateationt- Mr. T. L. Perkins, 4asisxnt Secretary $efereace Ls madb to the application d'atedliril' 14th, 1943, s3pad Yrf your Asaistant SecrecarpM :, L. Perkins. Please be i.aforcied' t}xt your aoelication as vade; is not apcroved. dcoro.al is lrtaen. however, to ad.iust-mt i~n salary rates i'a aecordance with the fhilae'ing achedulee; t . 8ale and! Pasitien Prssert Moxmt Salat7 F.kta Sal'eury' doolied Por e^orr+red `ere.ith i °srbert A. ICbnt. Presid'ext : $30.001] y40.C"00 ~54,5W G.o D ;a rts . atefihlZ., 3xeeuti.eViee: Pke+s- 25,,d6?0 Q00' 2<-'Ear S r Vice Pre.. 2S Bowlir 30.L`00, 30,000: 28y750 ~ i 28,750 . s, . {, Todd' 7zoo1'„, PicaPresidnrtt~, and Secretarg 20,000 ' 5.000! i ~ Zy ~ { Ki'lliar J. SailtlT. Yiee Pres. ~~~ at~d Treasurer 18„0u)0, ~.~ J- Strotlier Freem.a. 00 s C`Q0~ 1 2S Vice Ptee. 28.J00 2E.n~ . 1".A. Aaislbe,Cashler 7,2SC) 7;,T80 T.7:r0 Jst+a T., Keei, Ygr. LaaS 20 000 Degt. 18,00'0 20.000 , 2 R P ~ « . atterson,, ]V. 20 0`~ ~~~. LeaS Dapt. 18yCm0: , 18 E~ aad Director 12;pC0: 1. H. ?eak 1!gr. 16.000 , ~ ' . . J.IIes A. ~lascock. 3Zs. 1fi,Jtv 1'8.0D0 18.000, Fr.at Hoge..e12. Sales Xgrw 18,000' 20,0001 20,000 ~ Ssr'oldF:Temgle. Ilsst. 3'albs ~ ~~~ 11 ~. 7:1,300 12.

. ..„ - r.... . _ ' r. Lori'llard Compiny It is understood, that the ad'yus"~+R--- hereby approved sha11 not' be usedi as a basis for other wsga a= saliary adjcst- nents, or to increase the lerei of'product'_c• ms:ts appreciably or fLrniah the bas!s either to increoe pricea nr to resist other- rise austifi'ablie redlctions in priaes.. Zhi's ruling is based upon the irfor_-m-stion contained in 7aur application referred to herein. If thr "~orcation,is sub- seQsntly foumc' to be iaoorreet, this ruling•+sc17 hare aa foree or sffset. In the eveat you desire to protest tt~m rulinC,of this office, you should subait to the Depusyr C-_oner, tYsou2jti this office, a request, for review thereof' wz'_ a fiftemm, days fron the date of this le..er. Otherwise thr --sase will' be con- s3dered closed. Should you also desire a cos=°'cence In this oftice, request therefor shouldibe msde at ta .ia your protest ir filed. R.spectfn3lTr CbarLee A. Dra(aoua Head, He* Zort .: = ' oe aaY

t 1 i ?C 1: I } . .~._ . _. ~ ., .- i,~. .. z , .. . - .. . . _ ,;' .. . . .. : - _ ... . . -;Y _'~.. .. a~ r ..::1~ .. . . .7..L _ . •. . _ _ . . ~ . . e - . .. .._ . . ... .a~::^_~. ..) ~~ot~ • ~ .. r ". .. . • .~: _ ~. ~.. . . _ ~ '~~ ..._ .. .., 1 ~. ~i^. . _.. _ - . . , ... .~ .._ ... .. . ~.._...

i . - . ~~. .. .- .. . . . . ... .. ~_ Y 7 .~....lt! ~ ~ ~. . . -v._.. - .._. . ~ . . . -_. - ... _. ... ~~ APri~i 14, 1943. dr. Ch,.r1.s A. Dr,dos, Uad,, lle+r York W!'tia., JAj,ar7 Stab131sat].on (Jii1t,, id. 253 H!'0a4trVe Y.+i Tarfc C1tY. In r. P. LoriTlard Coxpanr Lour, referauaQt, Ci-j'jt?n,Rty':]f'-L Daar Sir: 1E.ta+rtitg to oar L.tt.p of Haron 24th, aad your rsp1y a,t April Lt, we herobyr reqwst your ap9rovtil of the 2'ol1bwliraa Voy7os!.Q salary inaroaas, a.Ll of vn3icD .e belSae• ar., Sn scaorQ- aiae with the salasy yo1Lal of ?. S.oril'.llaad CoaparW as stabt3iDad lV tas rsords of that Ccoipso,z . The P.orWany ts sa&4;.J fn t6e e.autastns. arrd 0414 ot tohsaew Dioatiots, 1ts ahi'.r' dr.rsis b.tn6' 00]id aoW rnd •HSeD- ri4% sidar.ttN, RUnl;on T.eadsr`~'~~ O.l~riaa~s' uad "IIrless" ssokiat tq4woa, •BMOh-xMbw smrap aIIs~rag' tob.oao aad IIurabvus othsr d6aa.tL.,, GieLa sad; tobaaoo: yrvctuotar.It is Laoorporatoa Umd.r ~ - ti1w la~ra of tbe state of ~/s. Jersey, with its p~rino.4Dal otLice at ~ 119 1i'esi 4OtL :3tra" Hew York CitJ na4 laotorS.s aad branahes at Jassry C1tr„ lL.J., TdewumW, Ila., U1alLetovra,, caClo, LoUlaRi.T.l's,iP,y, ant sev.ral oi!»r 91aaaa. ljo ahtsnges ttaes be.a atia4s 1a tUe- trya } Of Da"oduate eol,d aino. Jaaurar,f let, 19r1, but its rnUus ot' bwi'- ii sasa rias S.aOlwa.4 br' about ta1r4F p.ro.nt. aipo. ~ that, drts. Un]:y r- albat four D.rasat. of Its total oYtyot i1 sold to the Uai4ed ~ ~ 81atMGovsizcmrnt orayyr;of it+scAsaai'.s. Thr~ Luaraas., ta moium iW due i:n lustiee wsaar.to~ ttte gr.atlJino,r.aaW, olriliaadrsradltos its "t)ia Cold'" -Dramcl, ot' oSaarats. :-ias ot' this, brra4 hate, 4mrs thaa donblad, la the ]iast t+arTrs months as ooaparsd to aa ib.. a!!.ass of about tif'ts.a paroeat. in tha aiCuratta 2tsd-ustrx as a W0014. °hSs Lsge .olLcas os' business, togaGSisr rith tbr wen-pow° 044, Qt?isp~ slhctrtagas oreatad by t21s wasr LlmrM greatlly incroasod t~, ftlas, prob3iess anid rsapouafbjl'itYos o1' thr, oCt'ioars and, key r samasi ot' the Cospaal'. It fa on aaaownt of thase Ytaarsased du:; a M.l1 as, inllu. .rith lts stabiLih.a policy of rswardln.g na:; t*ri=i' s1rTiof bX in02baN/ frGR tZRil to ti~3s thAXt tlLe COMpwQ/' TMha taat the Qroyossd libOreassa should be aiv.n at'thls ti®s., L QsYr.d %o suic: these tacr.asas .rt.ative u, oS' 14.roh 10, lw- _ ..R.~...,:.- ,_ , ..._~--...r. ~ ,

The GesPW es7Dlo,TS' apDzozia.te17 7,000 persons. Th.. pleoe of work of tLs saplc7sa lisE" 6eloti is 119 vesti 40th S&y..t, Hnr York Oit,y, ual'esa other.iae cwte,t. l., Pr! 1~ 'd'e.nL. Ltr. t5erb.rt A. kant, eboss reaidena. ial Erons+ ti110,1 2i•Ye , Ta LDs l+rvsiaeat of tha CootpaW, and tha ctmer ot ~~ 1000 shares of its ooeaon etoek• fie has boan in ttaoapYoX oT the C-oriDatty for or.r 20 years, t:ainr;, oonsteotedwith the flAies I)*- yat=sat• He ra3 eleatod Vi'c.-itraident en1 Direo"tor in Lazoh 1940 " .t' aaiaaaual salwr,y of :.20,000. This vas iaor.aaaci to 'x$,000• per i.ar in 13'aroh, 1941. F.a .as aLeoted Yrssideat in !!*~Lroh 19" ' ut an ` jr ~anoal salary of 330C>00 ,. Stsa au~sry of the ooaoensati'cn ofr~• D cSbas Preei'd'cntaof the Caakiany as, aet forth; !n, the nemoranl ot-{aob.d to our lr~ter of' iti.roh ZJ,th ahoss that it in ths poliof oct' thi's Col to inoreasr the ac=penaation of Frseidonta by euias3an- ttrl aaounLs until coak.nsntiom of' j.70,®00« per rear h3s been at- tain.d. In' line with thS's ostabli'ubeo' yollioy it ia proyoaed to in- I drus" the ocmpe+aantion of str. lCent fron y30,q0.., yl year to • - ~~]' j4ff,0u0. ,tiar yo+ar, aiul yaur ngproral of' that inoroass is pequeated. 2. Yiow-qidr~-ets. Tne reaosds or the Ccana,mc as aet fcrth i'a the eaera.alulaulz ".6l to our lott.r of larob Z .ktt1 eho" that it is the poliay, o!' thia CCczp.jzy to iaar.ase tlse cocpensation of Yioe- htni#wnts in eu0otaati" eraDUnsa Watil the cazfsa= of v:;r,G®L1• par fvrr has been roaahed'. Ttsa Cca&-+any' Ysas at Droseat firyra Vioa-Presi- d'eats, and a ouzmry or' tmir pass ooaneo•Liaa .dith and oooxasatioa tlrar the Col a" the proposed inore.se, ia set rorth balcar. ('a) 1lr, Georg. J. Xhltetisld, the.~d o~ lOLO ~--~ ' ~3erfla~ '~3erfla f o Sae Coapaty, ra~nides at a~ptoa l.a~ss, ~ ter co+®wa stoalr of the Cc:apaW. L"s i's ia ohas~r ct aasl s-am_=6sabla tar oha yurohsma, . p_~cosaa~tia~ ard bla*d'rt ct d1' lsn!' toixiacoy nnal U Ohai3=aII of ths cGCmitwei o7L rda7i'Ya4'YiWlO iEhIGA h.'3e /;anerU CT."7- rUioa of all MMu?aotntl S:~t Bss boer with tl:., CcssRri far C11rer 20 Jearsv aaa eleoted a D3ravter in' 1933 at a aaln47 ax r13',5*%a'• par par, aaa Vi'O.-proaidorrY in, 19;7 as a©alary ot .+20„QW, per'ycs!« +a 1939' his ossmyemsatioa was iaareas.d to ,i2l„G30!• yoz year, ani ia 1940' to :2S,pOfll per yaar, ehioil zaw he ia s;~Ll]l roeei.i.~,. In ao- dcrd.noe with ths astaClichad Fol1'cy' of the c.ra,naa7 it is, yropol tio ihoreaae ?l'r: rMttaflolrt"s compeaaation lCroa ,i15rQ00• Der year to 00.000• Der year, and your ay;"ral of tihis inore.ae i'a requeated. ('bi ur. E4;Rar s. tlo.lia8, reaidea at 3jonsrille„ N.Y., and is U. areer of' 3000: shares of ti:e ocamn' atook of the CGaparq. Idr. '0ii1'iA8' haa had larESo esperieaoe in the r.urah,ase of leaf tobeooo aad th+ taaufQOture of tobaooo pro--laota, haYjr4 ' beon oonoeatad with the ~ti+h~..sori II Tbbao Coara~4y ror' a r-tsna.r ot' years• tzi fizai o +. yari]~lard C~mpamy in 1y~35': Yhen he was eleoted~ ~+se ooaasotaQ, .rith e

1A , , , a as . a3or miations° aad asgotiations for the Ca>aprnyr. Zt1 line with the as- t.Dlispad, poylay of the Ccana,ny it i's proxoaeb to; increas. k?. ` : jy"os oom;;rnsatian 1`roa< ,i25,W0. per year to s3C,WQ. per year„ „y'y'eas approtar of such Znoreass ia r.qunsted. (a) Scr. Tm'tci Woal,Yia.-Prasiceutand :;aoratar7~ of ths, CWO.• iaaf, rea!'.toa at }AWunt K1'eoo, :1.Y., rnd ia the oYner ot 500 a3wres of ths ooasmoa stock of the Ccmyany. L'r. i4boi' is a lawyer. His, !d'rst oZ'r]rial ooaaeotioa with t'he, Cwca,)rusy was in 1937 +rheo he was Olooted :se.reta7ry at a saTaty of' ai„5UO. per year. ite arns thut aaar ysar .lrotesi aA'rvator. In , 1941 hs K aA ala,oted Mice-i'ma!- irnt, as wellas tiooretary una Arautor,,, uncL hSsaa.Cury w„s Sn- a.ased f3oz ;,,1~8!,000. per ye,ir saich he xas thon reoei'vling, •to :rz0,000~ par year„ .chicb ia kia prueeat rhte. Nr. :rooi haa;ilea Ur saervtarial dutYos of thu Co:;pany~~ passes on eontre.ots and ad- r~.rtflaia~g: isat~.rial .n~iwith 1r. ~ar.liaghandles ths- laoor, re],a- tioaa and na"tiatloatr for the Coqrruyy. In aoooraance with tba as- tianaith.d y4mUoy of tir Gasw:nyitia yro,,oaa.d to, lno,rvas.Mr. t'iool's oaayaawttoa frcaa ~20,U0O. per 7esar to ,R:15,cW. pcr yearM and yoar oypaosa] at, such ii.norvaos is requasnod'. (d)! Mr. tAill'1'nmJ. l;iallsy, VfLco-:rreaiaent sod. Treasurer,ra-aUN In 4tiosas YilL:ga, L,.:., otti iy tlia ouraar of 500, sh-sa, of Via aae,wa atook of the Coapanyr. He hes beea with the Ceapany for O..r 2L/ ysars. ty. was eleocod Coaptrollar of the Cbapx,+zX in tasoA s ljroetor to ad.rlsY the Laaf und idsnwGaaturing :mpartaents at a SgU~,.of*25ss000'y paryear. Iul 1194.j he was! eleoted! Y-1co-pre~ai3eat gs tbe s.m.oost,pensatiorn. Iie, i's aatirrintnel,ear cndhaaui+aatuwi..c.. ,r.partrwnts of the Qotapany, anl with L'ir. s oool' h adi th l 'cr. irseman"s oort;.etL+atl'on rrUra «ZOruGO. yur year to „25,000. per 19W' at a salary of' ;9,W0. par y'e.x, atsl, wua elected 1fto.-s3"aai- d'oat, Treasnrss arui lllrestor In Ukroh 1941 at a salary oaf' ,114.0U0:, ar year, rttirrh salary ws increased to s:li8,pQ0. par year i'n Baroh 191.2. lfr. 8n:1ey 2us ooay:leta cisarFa of the Treaaurvr•s aepartaunt, ZIle ~tualttsg; aad Aoooeintissg ,wyartueats oIUl' the peraonaei oi" tba Cts¢Aaar, stst' as suoh 1S ocoum/la#; ycsitSuas and asaua2rg tha autiea. Aai'a•rly divided betweas the Yico-c?rosidont and CorspLrollAS *ho r.- DOi'red 0O',G*co. par year aod the, Vice-i'reddent aax Treasurer wtso rioe7irad ,-'~,~2,p(30'. yer year. Za aooordance wlith the setahii'ahed 6blSoy ofth. Coa4panX' it S:sp'roposedtoSncrease :3r.P:.•,UeX*G! c=-A+uati'on t?om :18',CQQ. par year to i25',OC0. j,4or year,, aal' yaur eFDroxa1' oy svoh increase Ss requested. ('a) i'a'!*. J!. :.Lrother Preeana, Srforr•ttissiceat 12t aharge of ftna?aetur'..SSg, resides at :.ast uri.nF.e, and' is tts owner ot- 520, atlarea, or tihe uoe3soa. took of the e:ca;~anX. Hn has been a 01 s'eotar of the Co=pany since 192-y,, aad was elected Yice-Prsa:aeczt ~ 194'.2 at a salary of' 310,LVU. :ar' yoar,,, wnicb wus an Snorvasn, of ~.wo . psr Ynar over tna con;ten4ation ho hati brea reo.i'ring; as~ 36a dger or the 0i.1 C°•olQ tLrunoD In JurseyCity, :1.J.Isi lirawYtaSbA~ eataoyishod11oyof theCoaix&ny it!!s ;:ro.;osod to Snorw", ' %J

* .. jpas and your approrru.t of auoh~ increase is requested. 3. Cashler. mr. Y. H. keiske, Oaslder of the Conpr+ny since 193'a9 at 10001M hs was startenl at an,annwLi r.te of ,I9064o. Bo w iaoreubecd froa ti=n to timo unt11 in 1940' his ooc;,eow.tion MS,j,b,p0o- per ya'nr, and in 19L+t it rus .7,23U. yc+ir year. Thie Is tbe hi'eltest ruto thut hrs r.er baea pnSd tti. Caahler of this Cci,vny. lhnriTar, his duties una rosponsl'biatiies are rory ai.zi. isr to taot of the 7saistaat ;uaiLors rlio 3ln 19..2reoeived' .:8,C.00. . ,aq 11I3,pD0. ;,u+r xear respeoOiMely. Zn line with the estnDl3'ahed ;cUcy of the (;oa;x:ny: of rewatwtJ.ng trea tiae to tSar s*ritoriousi ualio., It is, prorosed to inorouss sir« :reSake's oaspeasation troa jJ,250. por year to 47',730., yar yenr, and' YOur rpprovai of euoh isoreass is requosaed. j. En rbraonnel astcl' Ileuus of Vcrious oepartaaat!s. (a), fl(r. Zumws Y': Ko.1, who~ rai.tes In ttarring-ttcnanrk,, bT.I~_ urm oxne 60u, ehurms u.f the oormon atoot of the Coapar,7/, hae tt..n. tDi?eotor of; the COAphny since 1926 and ouri'ng that peri'ad has Me.a ltaaa4ror of t4a I.)aa ;jepartaent. 8is oomysasatioa in 1927 ws 49;,WS30. pal* yaur, aad thtlrearter hbs been icorcasdd In various noaate. until in T937' he was receiving ,;,16!„W04 per year, whioh aaonat hs also raoeived In 1938 19)9 and 1940., tii's oosp.asatioa. ~ 1's 1941 was 7 p100 uc~1 ' la 194~ .ras318 000. Za '~ a w ith tnr . ., eatablished Fo3:loJ o!' the Gooi-rayr 1't is Frol?o.ed to iaoresas the laap.nsation of 2tr. lG,oeYi from A8,C,J0- yur xaas to! 4~20,G{10,.per Jaat, an+f your a;,qao:ul ot thid iaorease, is reqcosted. wisa reoides at Da.zRm rj , Virginia, (mIl iLS« }t., F3, i=attersun , ta MAnaEer of the Juosillr Lon1' vooartmanw. a_%a as suoh Ms ohargsW oi' bW1nR al'1 of the rlc'te-ourod totwaoo ftis the CoxTeuiy'- t3e I Die.a .ith the Can4)o4 ewre tluua 10 yesrs,, rsaeYvinW oo2yeasaGiaa W0. pur'yeiar froa 1937 through Of i1S 00U. ror Xour In 14)3 ti7 , , , 19", aaB; ;~or~ ymar in~ 199. ~.~ In line wich~ the establilaaed ti ~ oa Altoy of tha C'onoaoy' i't 1'a proyoaed to inorease thr oa"nsa ' ot ltr'« ratterso¢s frc,a 3Ttl C)0,, ;?er yusr to ;20,OOU. per year,, aad ]sar approwaloL' tuis. i'nortDeuseis~ r.qti+ested.(o% : Kr. I 6a ' Peak wdto, residesl ut Louievi+1Le, Mr. andtis .., 1be o`aer of 7W aharea of ttie oamer.+n stock of tha CcnpKay, is the ' Oaa.gsr of the ICbntuuick° Leaf ieyertmot aaQ' as suah has aharge O4 kying „ all oy thn mur.Luy tocuauu- for ct,. CQmwaY• Us h""OS°' aoaaeot.d wrta tbo Ln"f .fslurtaeut of tha ducsywa:f .inoe 191U, war asaLstaat to, the the+A Y1:ur,i-nr ot tue Lvut .+dparUMnt until ths Uit.r'e ueatlL in 19'39',1 at wuian ttue he wus syj,oiatad IstmeSer at a salaly of ,.IU,UuO. yur year, whioo was inorussed' to ;11',wy. La'1'9Wi aad to ;12,04A. In 1942'. His Saa„dSst+ predeoessor re- e•4rsd oomyeaaatioa at the ratn of v1:7.000'« Yer year at the tifaa

of ble daath. W*« oee,k was eleated a Jireotor of the Corapo[y tlis year. In lino with the ostatwliahed polioy of the ¢pqpaJyy j% ys pyc;,osed to irroruse his aompomaat..ion ftsa4. 312,000!. par i.ar to a1S CX~U. per y'wr, r~ua your approaral of this inorease Lt, ~~srusata~« (dj 1ti'. Juass A. Ciuaoook, wtw residos at Hiohmond, Ya. .nd is the owaer o= 7©0 shnrea of the oo=un stoak oZ' the Cosapaayr, LS the lfi.,aagar of ttis ahitlooic Dttc.aoh at Itiohaoi Y'a.,, where all or, Ch. Ccai oigars urs asanufWOtured. 2Ss has ooaupsod this positioa for oo,re tssn,a 10' years,, and bas be.a ai ilireator of' the , , s' ns, aa~i thereattar iboreased until it wui ! ~ c,0. p 3'. in 1'~+.0,~ 1 :L1.SW'• in 19" ond .16,00U. io 1942. Za lin.iwitA the astaiy- 1Lalied poliap of tho Coapasyi it is propos.d to inarees. 1itr. Glas- soa1e's oom;:enartion froa rTb. Wti. yer year to 41E3,OW.. ;at year, .ao your a;,protuh ot that inarsasa Is requasfed. Iraspan f ainoe 19t.0. His oootioaaatibn in ly3;y was 31o' UOa ar raaistaat :;c1es ldnnnRar. Sa 1942 he was prooota4 to :3ales l.eanger .t a salary of ,318',t)00. par yaur. 1tr. FSopewaLl as alar lthmsar ls ia chargp of al3i seLling and adrertising and is performing the datiss that orslaari.ly are y+rrformd by the Xioe-;-resident tn darge cL sales as wall as br the sc.los S9ansger as thare hua besa w Yie.-?raiuaalt ib the .~alios .te,aartment sinoe fYr. fiaut' who ocaupied that 2osition, was eiaotcd i rasiseat in 1942. In line dth ths established policy of' the aos,xur,a! it ia proyosod to in- 4rsase the oog;:easation of :Tt. iApweLl froa 318,"-0« per year to iK'0,000. per yev+.r, anayour naproval~ of that inoreaae 1s requested. (e) ltr, Frank Hopewell, vRw r.sid.s: at :h•onirill., a,Y, and' Is the owni of 500, shares of the oocsaon stook of the Cai ii r Dirrator and sli es i&+mar:dr of the Coapav/. Ur. kopeval.l has l..n wLth the Cocvany o.+..r 10 years. In 1933 hSis snlar,r us fi . yistarsC jales i:anarwr waa ,J,B',000. per yearwniioh wus tharoalter idareas.d until ia 1941 her .was re~aed~ t ing, .,;a6,000. p.r y+'ar as , . I 3X raason of nricnaLioaa and aaritorioua surrioa his aonyaaaatiou Anaaticni in 193p, wua 3a,'lKe, ptlr year. 1926. 3.'~. TaspLel'e oLsa •1th the coaspatOr aad ita wtiolT}R-owaod sa111nC subsidlar7 einoo 1i Ais1s148.rit :i!lles' N.,"o6ger al' tht7 Cor1:?ty1!. ISr. :'mmpl'e hers bean is tnw owndr o2` 3o0 ehares of' the ccrswa stocslc of the Cou;tiqy e,nd ('t) L4p. n.:rold F« Tocaplio, wDo r.siaes Mt' Crast*ood, n,,T., ,>ra lboresa.d uasill he was reooLTliaa r'9.Wu. per yeer yn 1y". ; kr• Tanyle troa ,al,oc)o. to, ,la„5QOi. par year, an1 yrour, ajyroRUl, isny 7lt ia kropo.ed Co inarease the a+3;,enaatioa of Of the Coia L1lrsator of the Coa}-. Ic liaa witn the atr"ishud, poliay. I salarr Of ~11,0t)0. por 7ear.. 2i++ boa this yeor, buen elected a Ud Ibaerae usistant• .iu.U.s liaa&btlr oA the paraut ooQya~ny ut a ,' 1942. Lurits& 1514,e h.i was troasferrud froa the aellirog auasi'diuryr ~t:1oh was inOrei.aei to r10-000: y«r year f'or tiu fi'rst part, ofi. ~ that inosaase Is raquested.

1 ' M4 s Tbsae proposed 1'aoreasas .oulrd not appr.oiab.]ly' is,toraaaaI 00 jsral' o!'oaats of'tha Compapy't busiaess nor the peroeateAe d, tae tdal pay-rull of salaries in esaess of ;.Sw00i per year. tt+e fe.l that all os' the ato.e propos.d, inaraas., ass La aMrdhaa..ith ta: e.tabTia'h" polioy of the Cocapa= am tlsere,G foes in aooordaaoe .iih the protisioas ot' :d.atioa l002'.],6 atxt eay 009 raquirs ths prior' appso.a,i! otyourUnYt. H,'o.eRe~r, inRLan oft4r psaalti.s proTia.a' for ia' the T.ati aad kteguldtions re xould! apDrooL.te r.aa!iwirS ' frou you a ruliag, to the orfaat thnt mo sp- psoyay is requir.d or, if your' apprc.aY iis required, a ruTlns fM roa arWa'tiag to as triW rsQutred approval. Xer,y truly yronrs, PM2L'UL`I, D:UlIZ:1 a P-MMMS ' 31Y T. I:.PEMM3' b.ingduly swora,d'epoees aam' e.7ei tbat be ls a partn.r or th+e lar fiza of Perkins, Danialis i Perlc3str, OiaaralCouaseY; for, P. llor iillasd, Coapasyy, and that heis AssiaRi-ai' 3.oretary of 'a'. Lor1Ylard' Ccmpan7r, ttat the faets aoataLnwd !k the forogioSns stataaent' were taJC.a from the r+soords of P. Lori2Lard Coap,mar aad, ar• correct to the b.at of h1s ksiod'ad" at' E..]liaf. ftb.arib.Q and s.ors to Mtbe+r sr this 11.ttt day ot' ZIrll, y943'. ' EOWICIN' F'« MAJER ....~CS:: .:: Ep rCUMY R~._...a [tYra~~.~:,iu jr. J.4

• TREJkS'URY' DEPARTME(V11r' lUREAW OF M(TERNIIL REYEtlUE fALAZTSTAEIL'IEATION l!NIT 333 SRG/IDi/lT NEw YbitK: Ni Y. a(. Faaki'as„ Dltaisls ! Per1[lar 3p IIoek.fatlsr Pias.a L. Zbrk, lis. Lark APR 1 t9!'3 A'ttontfon: T. L.. Ark3a. 2s, 16.: P. 1orL11ard Coapaxy , SLrs: lbf.rs.aa is! aade to your l.ttar datwi yarsII 24, 11143, wharaia ym anolosa for appro'a1 r salarT policy •hiaD. bu b..a r.duard to writi'n;,, appLic.bl, to the ?r.sid.ot,. Tic. Prasi'a'.a:,,S.eratarT,,Assistaat S.eratarx, Aoditor, Coaptrall.r,, Ansistant Auditors, C+ishtars, aad, Assist.at. .Co.ptrolY.rr of'P. Lorlllara'C4pasy. Zs aana.etton, tbar+s.t'tb you ara aCRt..r, tLst, tbs i'adt'eatd, spr.as' U.t.sn 1L. adaYSng sad .astams r".a for taa, r.sp.ati.e positions is too .i3s to .arraat appra'..1„ 6011 that ia riw tnar.of suas raaVa are sot d.aa+ad to bO •Lthfa tbe seopo, of a.al'arp rate seDdnle ar oonta.pist.Q by Ssottoa 10OlL14 of the Caaiasloaar's Hacalat'tonw. Ss addittoa6, the IIni't r.anir.a that ail aa3rrp rata selLdalss . snr+nitt.d for appro.al eoatata liaitatloas as to tb. .a=i- stu (b.s.d on aaoaat or parc.atagp of'baie~salArxl iaeraas.s, to b• arsatad ila aAy oas sp.oifid prrtod. Tonr ftrtbsr attaat3,on Sa dtr.etd b tfi. pmrsstaas of S.otioa 1G02..kd', sLiek stata, that mftil.~ aa splo;.r wq, rr loea a, w]Jarp p,oIlieT to .rtttas, aoE' s.atu~ its ppro.al as ar apprn,.d salarT rats se3adal.,, ttrr. ts ao r.qpir.r.nt, that b. aust do sob.forir,WcLa[, a ao.t~a.ar7 wlary ' tn+ar.asa, Tbralatsoao af'suab poLie7„ bo.w.ar, noat b. astabli.ba3 to tSs. aatlsf.otLaa of the Oosia.laaep, and tba barS.a of proof r.sts, opon tbe atplaA.r. aTasY' bt1~ ~ Lapae ttn117~ ° . .' k'."f' ^ :o;i U +eYi•'~! GSarl.a' A, nrak. S.ad, E.. York Cffica. 3~.'i.at:a{ s N , :'

C m P T 3Larch 24, li9L3. L., Cbarl~ea A. Drake, ~ 1ieR York Office , Stabilization ~Jhit„ !:easury Department, ibr 253 Broe dwa T, yn Iort City, 2:. Y. Re. P. LORT L:RD1CO2k'kJZY' 20 aalal`y policy and salary rate schedules of that Cbnpany for as officers and are submitting them he:ewith, in tripricate for T,+ur approval. Oa, behalf of our client, P. Lorililaird Corapany' and in. wcordance with Section 1002.114 of the Treasury Regulations re- l.ti'ng'to stabilization of saluries, we have red'uced, to writing. 7eu Sir: 'aviaaioaer will be requested. It is our understanding that whea such schedules.and ;Ol'lcpr have been approved we may, in accordance w1th- said Section 1i'p2.14, make within the liaits of such schedule those increases kt forth in said section fea wnich the, approval ,af the Cooni;ssioner lanot required. Any increase thet may be given will be either in xrict accordance with this section or the specified approval of the The attached salary schedule has"been obtained from the CecAw`s payroll records dating from the incorporation of the Com- • ;W on November 23, 1911„ down to: the present. These records are,, cfeourse„ available for the inspection of'the Commissioner if suchh i"pection 1s deemed necessary, and either the writer or any of the~ OfYi'cera of the Conpany will be glad to discuas this matter with Teur uniK at anX time and! furni'sh~ such other information that you 2q deai're. As I ezpla2ned to Mr. Stephen Starkweather„ of your "lit, 1II Our conference yesterday, these officers were re-elected, att'h& organization meeting,of the Board~of Directors held on Yarch 10, 1943', and as we are~ anxious to be in a position to fix ts'air compensation for the ensuing year we would appreciate hear- sd from you as soon as may be convenient. Tery aincerel'y yours,

r 04j:.• ,... :0 21s.:.d ;:~ ...._J.s...'. ^ ~' ~: . r . . . ,...•:- ,r.. •._. aw:' The first Sron, 19i'1 to 1924; ths second from 1924 to 1937; the `j SAT•A'FR' SCFIa'DDLB 6t TIM ClIICS,R.,9! 0? 8., b0Rni-r-4.An CO:JpAHY ZI:ECT2D ' BY THI BG;.FtD 0Y' DMCT0RS. CS,tIRii,lN 0F TH3 BG;LW).. This office was created in Much 1q42 itbe only oacupa.nt,, IOr. Gborgs H. Auamel, who was Ficer'-Presidant and or of the Compsny from 1911 to1940, and 1"resid'entand Di'rector ,194A to 1942, recei.ed 420,000. for the year in~ which he occupied t of?i'ce. lltr. S+smm.1 has been re-eleoted for a'cother aear, .?RZSIJ:{.`tT: Since the.incorporation of the Company in 1911 aww have been fiye Presidents, who haTe, held office for the ffoiloi.ing, lu be4 as follows: fias 1942, until the present tine. The compensation of ttie presidents ~ from 1937 to 19401; the fourth from 1940 to 1942;, and the fifth. 1911 thru 1912 1913 thru 1917 1918 tthru, 1924 1925 thrul 1930' 1931 thrul 1933' 1934 thru 1936 (9 months. of' 1937)1 L93'8'thru 1939, (ino1. 3montihs of 1937) 1940, taru 1941 1942 i30'.,0Q0.'per year 40: ,000'r per Jear. 60,000, per year 36w000i,per year 60;QO06 per year 50,000. per year 30,000. per year 40,000. per year )n,000. per year lroa the above it will be seen that the starting: salaries of t he titioas Bresidents has been between J30,000- and xL0,000, per year, and' I U6t those two Presid'en.ts who tiaTe renai'aed in, office far any leng,th off t1" hawe been thereafter increased' to a maisut salarr of 460,,000. per year J"4 thirdi und fmurth iew to: oeeupy the office xere both o.er se.enty years ar 990, when: elected to the positi'on, and each held the office for only a. V i I

.fi r * 2 short tiae,, so that no: history of increases was estahlislied, as tbes, 1tr. Herbert 1.. Eent, who wes firat eleoted President in 1'iarch ;;;2. haa been re-aleoted to that office1 f'or another year. RICE PRiSID311P3', The By-Laws of' the Compeny call for five Xice }Yald'ents, and with a few ezceptions dhe to taporary oircumatances the ~cpaay has had fiTe lficei Presidents at all tlmes4 Of the original Vice " ° JJIMsL'dents one received x2t/,000. per year and four received 415,000. . per pir for 11912,, A22' were increased to $2S!„000. per year in 1913 and to 06„QqO. per year In 1918. Since that time the Vice Fresidents have been %arted at Tarious sala:rg rates ranging fromia niniaum of' 417,0001. per jnr (with the exception of one Rice President who was started at Uf,,,000e wys" and inoreased to 418,000. per year the next year),„ and the mazi- a ef'y36,000i, per year. Siacr 1930 ssix new Rics Presidents: have been 4.eted' at starting; salari'es ranging from, $17„000. per year (;with, the one 9te.ptiaa above noted)' to 425,,1000, per year. The mziaaa compensation tttalhed by Vice Presldents dnriag bothf of the above periods was Z36~,,000. Ar year« The C,oapany ]ln 1942 had five Yice Presidents, as ffollows: 1[r. Gecrge D. Thitetield, BYeauti.re Vice President. 1[r. Eltgar S. Bowling, Leaf and 1tanufactaring Mr. ]". S. Treeaan,, 1fa,nufaoturi!ng 1[r. 1f. J. galley,, Y1oe, President,- 'freasurer snd Coaptroller . . ]~. Todd Wool, Vice President and Secretary.. ~1 are Directors of the Companyr, and all'ha.e been re-elected for an- aGd.r year.

.` \ BWBXlAHT and! TRZASURM. Theae offices were j originally held the sase san, ho received 415,000. per year in 1912', was thereafter ttia of Rice president and Treasurer, as well as that of Ooaptrollier. tlfpss until his rstir.etent in, 1941. 81's sucaessor, aalso holds both the 1'934 shea, he was elected Ticei Fresident and continued to hol'd both af'the Treasurer sas, gradually increased to a-ximum of U2,000. ted Tice President and has eince filiTed both offioee. The oompen9a- !,Q00. per year .hlich he was receiving in 194a, at: which time, he was ,dM at the t ia. of his retY'reaent in 1937. The other was elected astarrti'ng'salary ot'j,i3,500. per year and thereafter increased to iear aadi thereafter increased, to 415,000. per year which he ras: re- t10o other Secretari.s'., one elected in 1927 at a salary of 41000001. at' a aoopansatioa of 47,0+C)0'., per year. Since that tliaa there hava i a g.cretarX elected at a coapensation o1' 48,5,00i. per year and a Treas- .d: first ¢o 418,4100, per year and then~ to $20,000, per year which rc.ivnd until his retiredent in 1924. The offices were'then split L'4SZSrA?r 3FCRSfAAL and' A:;SSST.;17r TRB:,SLJR.~B. Since 1928 ,this "Xnad office has been occupi.ed by one san,, nlio started at $4„500. per r6000. per year, which was later increased to j7,,000'. per year, the A40as or signing documents ln the Treasurer''s absence. In addition, 'y CoiapsnJ in 11941 elected an additional Assi'stant Secretary at a salary ~ daa no duties, as Assistant Treasurer but has that title purely for W a'ad haa been increaseduntil he is no*receivIlng, 4110,000'. per year. !""yt coeli;ensation.. '

V ~ AIIDTOH. The f'irst Aud'ltor of the Cocpany rscaived ;1'0,000. Jrsr in 1912' and 112,000. per year froa, 191'3 until hi~s retirem.nt oeta4 to replaoe his. ,hrd been reos,t*ing $11,0001. . pmr' year as Assistant Auditor has be.a rate when he, dled about a annth ago. One o: the Assistant Auditors .d' to 412,000. per year in, 191'.1. He was reoei'ving aoatpensation at' alsoted at a salary' of' $SwC100.' per year, which was graduall,y' in- nroagh 1923, at which tiaa he beoaae, Cosptroller. His suaoeasor laareassd to a masinua of ;j;LO',000'. Hr year,, which he received fsoa' 1919. A successor was qlsoted at a salary of 37,000. per year, whiah, 0 tariad between 39,0Q0~ per year and jl31,250'. per, year. mat tiiae sa ooabined. Th. salary for this off3;oe when oaouDied alone COlM0LS2tE. This office was establi'shed' in 1924 and has at oas tines been atabined with that of Yiae President and is,at the wlstaat Coaptroller has bsen ooabin.d with others quit. frequently and idt+ frequently not filled. 81noe 1930, the aSalaus ooap.nsation. for any ~t'h*se Positions has bean 44,000. per year and the rxtmm 411,0001. per t'Artsent two. Thera has' been ons Cashier at all tiaes. The' office of A:3SLSTA'ra AIJDITOR3,, CAlBHTER And ASSTSTAN! COaPTROLLL'R. The noa- ~ ai lssistant Auditors has varied b.tween two and' thr.r, aad there ar. lroa the above it is our opinion that t he salary eohedlxle for ._-..±:._ 1!Q"oPLioers ateoted by' the Directors is as fouowss -^~ I Y

@ftto. pr+si3.at Ticr PresiQent 8.aretarT ~ tssistant Bseretar7 Auditor Cmaptrolisr Assistant Auditors Cashi'ers, 1sst. P•oolptrollers 0 S L[t~a2sa. maxsmma i3',0l. WO- W; ow. 17,000. js,ooo. 1C,000. 1a,Wo. 6,000. 101,000. - 8 1 '000.. 12,000. p.0o0'., lj, 250. ) ) ; /1,00'0. 11,000. ) As to tbe oSlSoss of 4hairsan of the Board', Treasurer and 1s- dttut Thsasnr.r, .re reel that thl data L iasufriai'snt to establish a "1rQaLs as,d that ir tt beooa.s necessary to fl]1 the latter tro of ti1aow s°hwe the oo.p.asatioa of the.Chairsan of the Board special epprovall IM 1« reqaest.d ;roa th. Coatissionsr.. She approra.l of this schedule by tIIe Ccs=issioner ila rsspeat-

. 1 SAI:ARY SCIIaDUL:C' CT' TIIZ:: ' -=ICER3'. OT P. LOR7ni.::ran CCinmar* II.W!'ED, B7' Tris' DG..RD C?-- ' ::T.2?L"M'3'. 2 tS.tMIIi.LTI ©lr' TH3, BOI.RD. i'h1s a~Soe wai created in MLrch 1%.Z' the only occupant, Xr. George, H. Hbmuml, tho was Ric.-Presidant and or of the Ooepas4X' froa 1911 to TQ4Jq. and iTesident and DiLreotop ~I4110 toI 1942, received ,).20i,0o0. fo==.:hsyrsar Sa, which, he oocupied' office. Mr. Htma.y has been re-e];a,aateQ for acother year. AR:Mme. Since the incorpaz2M-LSon of tae CompaaT in 1'911' har. Eeea five Yresid'ents, .'yo tsaves 3»1d office far Lhe fm1'lowissa Us: The first froa 1911 to 1924; thsr _m-c^m+' frca 11924 to 19)7; the froa 1937 to 1940; the fourth frvs=19L0 to 191,2; and ths fifth 191.2 until the present tisas. The~ csssa.nsaticxn of the Prealdents , 1b ....0 1~11 thra: 1912 430,0001. per year l911 thtq: 1917 40,0001. per year 1918 thsv 1924 60.0001. per year 1925 t)tru' 1930 36,0001. par year 1931 thru: 1933 60,000. per year . •r, ... 11934 thru 1936 19 months of 19)?, ), 50,000. per year 1938 ' thrt' 1939 (~inal. 3' spntasi oz` 1S!'3!I 1940 thsu 194,1. 30,000. Fe r year 40,000. . per year 1942 ji0s®t70o per year ?rot t he a bors i t tr il1l be seesr---LA.t the startias aalaries of the "110" I'tesidents has been between, Ocr.rGw- and $7„0,000. per Year,, and tht thnas tt..., -hn K..a rsairmedi tn ot'fi'oe! for aar lienKth of' . 11"' ha.e been thereafter inareased, ta o` -imziaoa salary of' =50,000. per yr.ar, %' tUrd und fourth aen to, ooouPy thr o~". Sce wre both over seTenty years '6e when eleoted to the position, anW-:maoh heldi the offtce for only ' a

2 ON Short tl;ae, ao that no~ historf oZ iaoreasas .as established as Ues, IGr« Herb.rt A. lCeat, who waa first aleoted President iln H.roh ~%t.1 Lds beea, re-elected to that of.fioe for another year. TIcE' pitY.32,D3!R+3~, The BY-Lass of the CcMpaaY aall for fiRe Vice ttuidents, and with a fev ezceptionr due to temporart circuostances the, *pay has had fiye Yi'ce Presidents at all tims4Of' the orig~nal Vice hild.ats one; receired! $20,000. per year and four reaeiced'; 315,000. per par for 1912;, /Cll wre increased to g25,O00:. per year in 11913 and to. 06',OQO'. par year in 1918. S:,noe that time the rice Presidents have beea "et.dI at various salarp' rates ra.oging fron aminrmum of 317,000, per , (,dtn the, ezoepti'on, of oael Tice President who was started at Jl'i,,000.. !4 Jear asd increased to 41Sy1000. per year the next year) ,, and the aasi'- r ef' j;j6,00pL per year. since 1930 ssix ns Vice Presidents hatrs been, ft.oted at starting: salaries ranging fro+a ~17,000- per year (with the oae, "t3on above aoLed),' to 425,000. per Year. TLe ~~±` oo.panaati'on 'd Wasd'. by TLoei PrssiCients durins both of the abo.e periods w4}b,0001 sr'7ear.~ Tha, CcqP.nY ~ in, 1942 ~~ hed five~ Tioe Breaidents, asi fol.lo..z, Mt. Gaorge D. tthitefield,,jasouti.e Vice President. 1[r. M[gar 8. So+rlina, Leat and Wnufaaturins Mr. J. S. Tree.an, ]ssnufeoturing 1tr. tt. J. Eall'q. Yi'ae Presi'dbnt,.,Treasurer and Cos.ytroller W. Todd' Xool, Vice Yreoldent and 3ecretarl. 4U aft Directors of''the OompanY. and' s.11 have been rs-eleate& for an-

4! 0 gaC~ ART avi T8BaS4ltM. Theaa ofLi'a.a were originally hald t1w aaas sra, who received 41S,00Q!. per year In 1912, wa.s thareartsr !"ilrat to 41a,000, per year and' then to $20,Im00!. per year whioh! raeind aatl3 his r.tireaeat in 1924. The ofliass .ere then, split 8aaretary eleotisd't at a oorapensation oL :8',500'. per' year and a. Tr.as- a oL Tiae Prestdsat aati' Treasurer, as well as that of 6oaptrolLr. as aIItil hisi rettrment' In 1941. Ris successor also holds both the 19X .dien h..as eleoted' Tioe President and continued to hol!d both atthe Treasurer was graduayly thoreased to: a aazl=sn: ot' 411,000. fice i"sideat aad has sinoe iilled both oflYces. The eorDensa- ,00C. per year which he was receiving In 1941. !at which tSas he .as: starting; salart' of g]1J,500. per year and therealter iaoreased to ,itaj,at the time ot' h1s ret]'reaent' In 19'y?. The other .as: eleot.d laas and thareafter inoreaued to 45,000. per year which he was re- Cw other Seoret..ri.s, one eleoted In 1927 at a salary of JU0,000.. at a acapansation of 4?!,0C10. per year. 9inca that tiaa there hare •3.4]f:3S.XJf! SwRSLAm amd 4.;81!3'ATy!' TX3.LSURM 3'iaoe 1928 tthis *W office hes been: oooupied tory' one van, who started at $L,500. p.r O t PPb " aIId 6as been inoreased until he is no+, receiring, 410,000- per year. W [ Ns COMLl' !a 1941 eelected aa additione,t' Assistant Searetar7 at a salary ~ r6•1 Ow', Per year, which .ns later increased to, 4T„Cl04'. per year, th+s ~at aoipmsatloru. ~ Juasi o!'si6nimg d'oauieents in the Tseasurer•'s amaence. In addition, a.7 ~, O ~ C. 114" no ' daties as /lsaiitant Treasurer but has that titl* purely for I:.--I--,.

mm"dw - 1.^, .,",~ r t t' M : a.^tiu .,; `.. ., ,*:r..rx olected at a salary of 4BjOOO. per year, whi'ch .ua graduallj in- p through 1923, at :rhich tlne he becaae Caotptroll'er. H3's successor 1ncreased' to amziasua of ,`,T0,000. 3;or year, which he received troea 1915. !A suocassor was elected at aalary of 37,000. per year, which M, AUDITCR: Th!e, first Auditor of the Conpany received 310,000. r lsar in 1912' and 412,000. per year from 1913 until his retdrezent b1 been reoriTing,33L1,000. per year us Assiatant Auditor has been .d to 412,QE+0: per year In 1941. He was receiving coapensation at rste wheal h,e IIled about a mnth aga. One o: the Assistant Auditors: FuMQt tlas so ecatbined. . Ths salnry, !for this o2'Sioe when oa3upied alone 60... TM This office was established in 1924 aad has at lons tSstes bean oombined with, that of Yice President and is at the 1r naried betwean 49,000. per year and J13',2501. per year. sP~s.at two. Tbera has been one Cashier at all tinoes. Thei office of' A=I3T.;.,7Q' AtlD'II+Oi23, CA.4:Iu:R And A~.4Z=AtIP CCZTRCr:L:.."~'. The IIaa- ~r of dssistant: Auiitbrs has varied betwesa two andi three, and ther" aze Wirtaat CoapR;rcrZlnp has be.n, coabiael others quite Lreq;uently and posit'ioas hssi been, 44,000- per year and the, s+-t- ,P.l:I,,000. per lron Vtl above it !s our opinion that thel salary schedlil'.e for officers el'ec:adl by the Jireators Is ass follows:

02`tioe ll[inSmim 3fnrim;um pre s i'deatt ;70, 000'. 000'. Yiioe Presidlsat .17„OO0l. 36,000. .8soretarT 100q00. 18.0006 •ssistant Secretary: 6,000. 10,0004, Auditor 6,000. ]2,000: Cos,ptroUier 9. 000:. 13,250. A'ssistaat Auditors Cashhiers ~ 4,000. 11',000'. Asst.. Comptrollers 5 As to the offices of Chsircma of' the Hbard', Treaswrer and' As- AsCant T3'easurer, we feell that the data is iasuQficiaat to estirhlish aa s.%dnU affi' that if !it becoaes, necessary to fill the latter two offices e e3uLgs the oonpeasation of the Chalirmnm of the Boardi special approval IMIbs ir.iquested 1'roat the Cossllssioaer. The approval of this schedule by the Coezaiss3oaor iis respect- requested.

* .r. 1P. L A1T of the above increases in salk.rT ha., bean approved by ttie Salsry Stsbili'sation, Unit of' the Bureau of' Interna;l 6.wenne, Treasury Depaatsent, Fvr- ~ Aust to laws and regulrtions in such cases -2ade amd'prorided, as stioen by copy of letter dated Ilf,arch 24, 1943: to Salary Stabilization Unit, together with salrsy sctledule of °tlfe Uffieers of this (:ompen)r annexed theretof, reply of, the Salary i S4biilisa!tion Qni't dated April 1, 1943; ' ccopy of letter dated April 1.4, 1943 from this lfoapeay to SaIlary StabiTisation Unit; and letter of approval dated July 2;, 1943 froa the Salary Stabiili'zatibn' Os1it to this Co.paqq,,, .hish sre~ attach.d' h.reto~ on sotion duly siadim and seconded, the s.etinQ adjoianedL /salstant SeCretes2r

Lnb-4st' 20, 19l,3 i y regular meeting of the Bbard of ITir'^-65ors, of' P'. Loriliard Ccm;;e,v nr kald todeyat tbr office of the Coai,an,l!. 119- 4sast 40tlt otreet'„ sev icrld, c:17.. There were present llessra.,s' G. H'. K-1. ;! H. A. Sen= G. D. 10ti2xsLileld! J. Sa ft- J. T. xeel_ H. F. Ter,-.4s J. A. Glas-adt ToddisooL Yr. dmmtieT, Chairacsn, presid'ed and t:.-- .3eeretarJ acted as Secret:.:ry the aeeting. On sotian dn]' made and'secanded, the "-Mading,of tae.xiDutes of taa ,. preTious neetias was dispenred rith. On aoti'on of Yr. TenrLe, seconded' L7- 21r- beel~, it ws' vaaaisauslJ EFSOi.7tED: That a, divi;dend of $1.75' ;:e= a5are on tbe Preferred :tcci of tfiia'. Com;rsy be and it aereby isdeclare--- -aayable Gesnber' i, 1943„ to' stockholders of record at tneelose of; busioee_se september 1'5s 1943'. Oo motloa of l.r.Chitefield, secondeQ bW 1[r.'£resmns !t was unsnL=~' R_Sf)G7E9:: That xa iateri' aiTid'end of .25C per smaM on the outstan'ri 0o00on Stock af, this Compao;f be and it herebj;- :is' decia.^ed paJa:bLe tXtocer 1, 19C3A. to stockholders of record, at the close uP business Septe:ber 1'S, 1)L:. , OIL .otllon of iir:. $ent, secondad by rr-- ?aple;, i't was uaani'aouslY HFSOL7I=: That the TYe.asfer Hlroks of t!=Ee Regi'stered! Seven Per Cent Honds of this Cos-,.aqy shall be closed, at tar- o"eiock P.lE. Se;,tesber 15, ==:. for the paymeat of interest tr.ereon, d'ue Octo:max' 1, 19L.•y and sabll be at 10 o'clbck d.Y. uctober 2, 1943. On sotioa of Sr., +ee1', seeonded by' 7cz_ -remple, tx IalTosiLa,auvert::::% espOn,iitur's.ere inalIlrespects eprroved, ~=:.ifi'ed, erai ccnfirmed: Cbntrzct d3ted' Ju1J "c6,1 19431 . sith Ca.a1Ta -oba~o Co., Ef',isaukee, 1Pisc.,, far a page ad.ertisemmt in the Paa arcadian Al`x~ at a cost of :1GC. Estiaat'e r'LT3 Supp. C of J. Walter `thoapson '.m¢aaal datea Alugvst' 14y 1943, ccovering ra.ilo a:vertiai'ng, of QLD iAL'u Ci6eret=Lea in tse xe. Di#;,1and 3tntass October 1 tLzrout;s Decrmber 31, 1943. at a, casz nf, f2.~.,63W. Estiaate'*12L C' of Ji. Zalter Thompson '+n-anp dated Au.~ast 12 ,, 19L3 ~ eo.erLsr~, radio a.:vert'Ls1ng of OLD ~;piA Cigar_r.-.aes over Statlon ,.NG, ~.orCr Ysa., Octooer 2 tbrouges Lece.aber 19, 1943, ac,. cost of x]l,3Cd.54. ~ *sti'sate e117 Slscp: C' of J. %aLter Tbomasoa C: ;..:.,;, dated Aug+st 1<. 1?Z3' eoveriag r.dio a,irertisind of OLD GOLD CS'earet_sr s over Statloa Denver, ~ _ Wlo., ucl.,oLer 1 th.wuet iecemtier 31, 1943, az:•e cost of r-„1dZ.bG. rob Oa notlon du1F nade and seconded, the =nteti,ab adj,ournedL / Plasa.. +/~~"' ~ ^ Secratary

. 0 . :.~~.. ~. . - - .~ Septeeaber 17, 1943 1 27 j regular seating;of the Board of Directors of P. p,oril2ard Comp"W .es, p.ld, todaY at, theofficeof: theCoaWTt , 1'•19 West 4Dth~ S3a+eet, NetlorkCity,. There were present Mrasra. x G. H. Htaze1 S'., 1. &entG« t1, tlhitefiald E: S. SowLinQ N. J., Ha11ey P. Hopesel.i J. l. Glascock J'. 1: Keel H.F.,Tcmpla, Tod&Hool Hle. H'tam¢el„ cs`•t.MMk prssi'ded,and, the~ Secretary acted' asSecretary, of the ssetinH. e au r aa e a e n ea o Qn Qoti;on duly as ads and seconded, the rea • r , ding, ot' the ninutaa of tha prertvua ahL,of the Directors. ibersupon it sas ordered tlat a copy, of the notice and,the . niT r t e z n d t th Tt me secrecaryr reporua s;r•ac notice oZ this ssetirg had beea ssai]:ed to all, the . Dlractzrsi aadFrasented to the: meeticg a copy of the notice end saiYer sipned by + fhe Cha.irman~ prsemtedi to, the, _-.etir.g; the rasignaationdatedSeFte:Der 17,: T ~. --...a, .•d.~ ....oyo..oo..~ .- ~. . f! ; - i o g o on af aacon e a- Comp.~ .hiok upon no r. ]Cen t 1. ,,,,., *as Cu~rt aceepted' and the rasigaatiiom .as ordered' to be, filed it the minutes ot' ' Bonda .11n r 7 H t th t d b ti J d 19/3.of Guaranty Trust Cempssy of ltea rori as Trust.e uadar the indentcre dated r.,. Decenber 1, 1911, as sturplaaented ty the SupplementaT indenture dated(Cecember,14,,; 1911, proovid.ding,for the Seven.Per Cent. Gold gondsand the Five Per Cent,. Gold tE(is' neetir.Q, ~ , Qpoa motion of Irr. Sent, seconded' by LEtr. Teap2ey, it eas^^•ntm--u:,* RMSI>LFE'Dx That Central Hencv.r Bank and'Trust Company, subject to the ;ro- ~ r ai'sionsof' ttieLndeature d'atedl December ]f,, 1911„ assupplementedby' the Supp:Ie- ' apRoittmsnt of Central Hennorer Bank and Trust Companyr as,such 5uccessor Thivstee. The l,7saiiaan suggested' that the l<entral Hanover Bank and Trust a:oapany DeseTected', to act aa Successor 1+s+ust.e under said lndenture. The Ch-J+=a then Rasentad a fom of Iadeattre for esscution ty the CazparW, Guaranty 1'tust Com,- pRAY, of Ner iork sadi Centrali Flanovar, Bank and IYvst', (:ompawy FroRiaicg for the t °imtiLL Indentuue of Decembar 14,1911,ti•appatnted' aa SuccessorTrusae, ®abr "id1 Indenture au'so supplemeated to i•11T theI RacancAea.used!ly the resibactiboe o=.Cuarant7 Tust CoQpatW of Hea tork aa 'YYast.e, and,that the Fro_er officers of =his Corporation be, and thay~c..rety 'are,, autborised'and directed toe=acute ecd celiTer an, tadenture appoint.hcg CenLral iianover Bank andi Trust ConpanY- as such Succeasor TTu,stee, whirh, Indenture ahall: be substantis.lly in the form of the Tndenture prseent'ed to thi:+ oeetin8. Ii1uS1"HgEtRFSOC.YM)Y• Tbatan aseeuted Qopyof saidIndentta. shall be filed: v'th'the minutes of'this meetix$. The Cha2tsnsn stated that he beL.ieved' it advisable to have the Trustee under aaid-tadentur.,,,a& suFp1'.mented6 also~act as Pay!ir.a,ABent rith respect to the bonds outstanding.thereunder. DPon aotioa, of 1tr. ahitafield,,aeconded 4! rr. Ho;1ac8. it aas ~ I

PAR EC~~ 11 5~ 1 0 S`i 0'1 S ~~ T`~d':~ Y .................. , . --- - ~-- ~ : F r 1o' Rg„ct)L=:, That Central asao.er Bbnlt and Tctist Compet;y, upon acceptinr the appointeent a$ Surcessor'Trustee under the Indentwt of thSs Co¢,anp dated Decesber 1, 1911, as su,,.leaentsd by the Supplemental Zndenture deted Deee.ter 14,,1911, sHall be ead beeome the Pe3ing,Agent of'th, l:oaE,,,Y eith respect to the Seven Per Cent. Gold Bonds and the,tiRe Per Cent. uoid Sonde, outstanding under sai& Indentt.re as so supplemented, and as such Pa},Snb A6eAt shal~l be entitled to rely upon the srittaa iJnstructiona given to it froa tlne to ti::e byr the President, or any iica-President, or' ttis 4easurer af this Compasx« ibe~ udirmaastated triat, forso.e tiye theoffi'cerse of' the Com-„nny 2u,dbeen conaidering'a Frograa of financing that would enable the CompeW to ~ offits azisting short'termbank',losae ofa19r,0W,,0Maad.to prorida, !'undefor the retisnent of't11r Seven Per L~ent. Go1d Hondh In the principal aaaunt of iS.209',600 which will mature on uctober 1, 1944. The tidairmaa flirther saidl ttmt the offieers rsd discrJssed the matter with Lehban1 Brothers and other is.estaent baakers, and af tar full consideration concluded, that it jr%;Td tn adsrisabie for the Cootpesp at' this ti}w, to issae S20,OO0,Q00 of Debectt:res to sattire on or'abeut uctober 1, 1963, andita Nsar such rata of iaterest as the Board'xight determihe, and,to isst» 374,:9I shareniof'ad'diti'onal,Codon, Stock provided such HtocY could be sold' at a pri'cei of not lsss: than fbtateen dollars (i'1L.C0),per al•lrse« :h. Chairman stated' that the sale of tha uebea- tm:es and Stock would require the filing of a' Registratiom,Statement with the Secmi'ties and Etcbaage, Cosm.ission under the Securities Act of 1933, as aarnded, and': that the officers of, the ComF.+aey,, together with counsel, liessrs. Perkins, Daniela & rerld.ns and'2essrs:, Daeis Polk Rardrell Sunder2.and' & lCiesedT, an& Yesars. Delait?o, plender, Griffitbs & Co., Independent public accoun'aatsl, kay.•been engaged for some ti5ft in tbe preparation of a Registrstion,Statexent andiProepectvs for fil3ng uader seid lct. Hs further said that the $eptrmba 10, 1943 Froof of the segistrstion,Statemeat and Psrospectus had'bees sent to eacb Director and he sa3sitted to the meeting a copy of, the,proof' dated SeFtesber,1fi, 19L3'.Yr. Hallea eo:plained'tbst the prineiFal differacee, '6ata.en the two proofs saa ttat'tbe Later one eontainedifinancia.l stateaezta and also tde figures .ith respect to sales and earnings. Liter conaidaration,, an aot.,lan of f[r. C.lascoc]ty seconded Yr 1tr. Eent, it .aa Unan+msv HMI:TdD: That the dreft of Froposed~ Registreti'on Statement (y,roof of Septeeber 16, 1943):,, in res.iect, to the i2C 000' 000I 1lrent7=ear Delbentures,, and tbe 374'r.91,sharws of Coanon St.oct Froposed to tie iesurd; by this Cogoa1p11 after ineor,poratiog azV fUrtter changes that the offi'cers of tbe Compasq W dae. neeessaryM or, advisable, be printed and ezecuted an behalf of this Cospsa7 t+!' ita pro;,er officers end at least a aa ori of the directors and 1'iled *ith the 5ecurities and 6zchr.nge: Co.¢issiony together with ttue Prospectua ana ce- aessarl axdibits;, ~ d~s~~ID:' T'-~+t the ~oper' officers and at' least a majoritT of " and ther eeret'Y are, authorized from timei to tisn tc 1STa sitE the S.earit,ies and'.Ts of 1933, v,~~ ~Se'Cossisaian, tmdar the Seearit'ies dot ~~ , -.:.ent or -...--.. ;onta to tLe Kegiistration Stateaent, proj' Pect" and ezhibits, as the; ny deem necea serT,'and'adr2saiile" issr.d ~~n ~ tb`t,, if the adiiii'tiona.l sHares of Common Stock were , it as Frapobb t~ af a ~ea fit tf th Compa ~,rso the bol'ders oe~v ftUUW-i.os" aharss of Cocon Stcck at tLe ratio of one shareof additio~ ~ Stock for each fire shares.of Ccsaon Stock held'of't+cord t~ issuici b sae2r ho~.rs transferable 4.:bacr;;-tion R ated' ~ ~ ~t arzenLs H thsa prese ~ tso fo .eras af a ~ri , ir li ~nar~ltGt Stoe e~'erproposed' to 15 . ~.~ senLo,

r 12J , ppid'ers, one for= to be sent to those residing,in continental Onited'States and C,r.ada and tJie other to thosr residing,elseehare, advising thess of the contes, pytsd issuance Of the Froposed Subscription A.rrants.. ifter disaussion„ it sast on motion of, 31r. Keel, seconded 17 1r. Temple, o a r assndaents or ca om u my seea necessar7 oa sa a. ao WWLOEDs That the forms of the letter Frvposed'to be sent to the holders of CbsLon Stock of the Cwepany, notifying them of'tte.proFosed i'ssue of additional .hara of Cosswn Stock'and of the SubecriFtion sarrants with respect thereto:in the form presented to this sting„ bey and tte sasre aeret(p are approved, an+d:that ths Ytesident tie, and he hsrelV is authorizad to send,such lsttas .i'th such ~ 64w~i hl d dSfi t ~.nfmousl;~r • Kean Upon,notion of Mr.nt, secdad by Itr: Hope..l'1, it was unser~nsly BBMLKHDs That application be made to the tie. York Stock 3cchange for th.: . °~ listing of not more than f20,000,CO0 7wentf Year Debentures, dur uctober 1, 1963, '.; ani for the listing af tbe.374,,391 shares of additional Cwsazon,Stoch of tee Com,- I pazy Froposed.to be issued, and'that nerbert A. Rent, President, n~~ J. ~ Pa11'ef„ 4ice-President and Treasnrer,•or, todd sooIl, Yice-Hresident and Secretary,•,~ L- 'bs designated by this Coapar{y to appear be.fome the: Co~i.ttee on Stock List of'said: Ezrheagp, with autriority to make such changes in said application or in any agree-i sents reiati.re thereto as may be necessary to conforawith the requirements for listing. BLr.'SOLYHD= That the iu+oper officers of ttis Conpazs tae, and they berel7 are ~ authorized to file with the:S.caritiea and Etchan6e Co~ission and the tve. York 1 Stoclc Erchange an application on.Yorm 8-A for the registration,of'said Dsbentturoe., and additional shares of Comam Stock of' this ComFax~r and to.: take any and all fur- ther ther step as they or any of'the•a nay deaa necessary or adrisable and proper in cospTiana with tbe proTisions of t~se sec~u~itias Act of I933k as a:endedo the Securities Exchange lct of 1334'r as a~roedsd,: and,the rules and'regu.llations issued' : purssnt to s~eh: Acts and the r~ss and reguia:ians of the 5b. York Stock Ezchange.; BSSQLYEUt, ?hat t'.ie.proper officers of,tLis Company be, and eech-of'thea i de.-ehg is authorized and eapo*ered' to execute and, file on behalf of this Ga~r,~ar~ ~ e .: e. YorY Stock 17ccaangr an with tne Securities en3 Sir~aange' Co~Lssion, aadi tts ~ ,. r na ti-M4 , on e c ptloM earrante to dea issusd` basis and an an •issued' basis. T r appli'eation on Form 1:: T for the rdgistr_tSon on sue.h Tschangs for •'irhen iasu.d• ~, ... ~ desZina of the rtiT.T ShareI Subscription zarr3nts and the Ft+&cticaal Snsre Sub- scri.itioa earrants,, avLencing', rights tn subscribe- to shares of' Comoon Stock of th.Us Company, and to execute and :iTs rith.sar's Costisission and with such Eccbsag. 4a stateaent oa Form 15-AN in respect to: thw, «ea*'tion o_" sucK. F]i,l'li Share Sub- ., scri'ption:+0arrsnta and Fractional Share oubsezipti'on earrants when issued f'rom t registr9tion under such Act; , and that the proper officers of this CospazW be, i and'each of tleot hereby is aut:ori'zed and eapo.e'ed to esacute in the nasr and on , ~ I t~ tl It of' this Company yy and under its corpoz4te seal, or otSer.ise, and to iilr with such Cosmission:.and with such &zehsnge, aaF'anci all,surb statements, certi- i, . ~ ft'eatea, agreements and other instr.ments, ar.i to do any and all such other acts and thiaas aa they or any of them may deem necessary or advisable in'arder to ob- • taLa the adhi1"sioa of such Fu11, Share Subscription Nac'r3ats and FYactSional, 3hsra ;,) n* Yv~ Stock &zchange on a.hsn , Snbs i t ~ RESOIREDt That the proper officers of tnSb Coss,aaA' be, an3 they hereby seTeral:xy are,authorised, to execute on beha::.' of this Coe4any such appLicstiians, state3entsy, or other sstr.iaents as taey aaJ dee= necessary or adrisable in connoctlon .rith the qualification of t:.e proposed Debencures and the additional shares of Coonon Stock or oubscription +ar-ants .ita respect thereto under the la*s Of any State re;ulating the salia of securities thsrein, and to file such f F {{ .a

applicatibns, statezests# or other instnmment's .ith such offi'cers, deoc•rtim,~ty , bureaus, '~oards„ or other gwernaental authoriti.s as' they me~r desa noeesyU7 . ~ or adiRisabis. t ths officers ttE had b.ea naBotintin with d' th ti + - + t t g s . ~ r . . *.* s e s tahamn Erothars and SSnith, 9arney and Co. for sale to them, if issued, of the ^eiiea- tures'and aqy snares af Cosaon Stock'not subscritied,for by the holders of shnrrs~ of Common, Stock. da ;resentedi d'rafts (dated as of Septe®tisr 3', 14L;3)y ons *ith respect to tha, Dabent•ares and ths, otthsr with reapect to' the s~er of Coa®on Stock, of agreecents zroposed' to be entered i.nto by the Cer;.=7 , ritti said firms and, such other i;avestaent' banld',ng' fir's for'rhich they are acting ar'nayw act as representatives. 1tr Chairman pointed out'th3t the interest rate an:i redeuption prices of the I?ebentures and, the rrilees at rhiayh the Debentures and,the zmsubscribe.i,shares of 4:omroon Stock are to be soTd to: the umderrriters has'not yet been determined and'taat'the agreements .ouYd not be executed until determination of'such prices bad been mad.. lfter dlscussion, on notion of ltr. Whitefield, second.d by 1pr. Hope.ell, it sas unanimously AL'SULP°D& That the drafts (,daated September 3,, 1943), of' th.~ proposed . ag;aeaants rit'h I:ahnaa l3rot.zzrs and' -3aith, Barney and Co., a,eti5g', on betialff of'a group of tmderrriters, with respect•to the saie to~such cmdertriters of $2Q„OtA,Q0O Tirent,7 i ea_r Debentures, du. Uctober 1, 1963, and of am shares of'fbe additional 374,391 shares of Contoon Stock',propos.d to be issued by this 6ompeny and not subseribed!for t7 the holders of'its outstand'ing,shares of 6o®an Stock, subject to the fsrther'consideration and d.tnraination bA t'ais Board, as to the prices at .rhich, such Debentures andi s3ares of Co®oniStcck are to be sold' to scid underwriters and as to the i'ntereet rate surh Deben- fiaos are to bsar r.nd' tr.e redtsption prices thereof, be approved; and that upon the1 determination of such __rices and interest ratai by this Board, the president or azty Vice-President of this Connan,y is and shall be authorized for and,on,behaSf of taJs CoaPIU7„ snd' in its name, to execute surh, agree- ments substantially in the fors of the drafts snbaitted to this maetise,, --ith such ehaaaes or aoairirations t:iereot as the officer, .zscutin= svcts agFea- saats say deeo.n.cessary or ad.risable.. 021 sotion duly .ade, and saconded, the x.eting, adjota'aed' to meet IbursW. September 2j', 194,3, at 1Q::3i3 o'cloci i t

1b , JM..-Ow[!.S lORILLA/1D~. ..C "r~.rLar~ GOO[C!'. ~fl~~~ClL~f~i ~fl~lll~ ~co..e...u. TQS'AGCG- CI'GA R ETTE S-CIGAEiIS' -IlO te", 'V 'rc K" 1110 ALL L'IF~'CTORS), .eptember 1L'r 1943' FLElLc€ TA4E NOTICE that a reEular mectirg of'the Board of Directors of' ~.1a:i'1'la_^d Compeny will be held at:the office of the Compe.ny, No. 119 eest _:.h Street, New Yark Citp,, New York;, on FYiday„ Septeeber 17., 1?43s at eleven :'cluek,ia the forenooa, or on.aapy adjourned date, for the folloiing' purp,osesc 1. To consider andlact upon the appointment of Central Paaoeer Bank end Trust Compen,y as --uccessor'Trustee under the Incenture of this Company dated Leeec6er 11, 1911, ae supplenented, under which its Seven Per Cent. and Five Per'Cent. Gold Bcnds were issued'anc are outstanding and't':ei appointnent of aaid Central finnoeer Bank and.Trust:Company as Paying R'gent mith' respect to aaid Bonds; 2. to eonsicer and act upon a refinancing Frograx involving, asong,other things, the issuance of Lebenturea: in the aggregate pQicclpal asount of t20y,CGYD,OQ70, the issuance of additional shares of Common Stock and t!-A offering thereof through the mediu of, Subscription sarrents to holders of Cosson, Stock of'the Compeny., the entering into agreements with one or more in.estment' tanking, fisaa for the cesciase of such Cebentures and any additibnali Commwn Stock o!fered to Cammoa Stock holders and'not subscribed for by thea„ the regiatration of,such Cebeetures and,additional Common Stock to be offered under tha~5ecuritiies Act of 1933.as amearied, the li'sting, of such Debentures end' additional Coamaon. Stock to be offered on the'Hew York Stock Exchange and registra- tion thereof under the Securities exehange'Act of 1934, as amendbdy the payaent to the 8uccessor Trust.ee: rSth resoect to the Se.en Per Cent. Cole 8ondw of ttie: Compen7y of the principal amount thereof' and'interest thereon,to eccrue to maturity„ and the payment of the short term bank loans: of the Compeny;; and 3. The transaction of such other and further busi;zess as MJ eome Defore such,meetinga Azd Aa_Secretasa I

=-,_ --- -= cr'r',X~ 1ellf I .'. ...~........ '~ TaHAc.eo-Cic.rRErrFti-CiG.4Rti //.g 1('' c'/ S.ptsb.r 1L'. 19,0' lsi, the ondersi;ned, alli of tho Dirsctors of P. Lorillamd' Ceapany, a Nr. Jars.ar t:orporation, do Eiaretff .ai.e a11 statutorf and 5,-16aw rs- qalraaents as to nati'ce of tiae and pLcs of a r.gular aeetinC of the Board of Directors of said coapany to be, heid at tbr offi'ce~ of tho Cos- paqf, 119 test 4Oth Street, tfes 1'ork Ci'ty, Y.1., on Friday, S.pta.b.r 17, 19(3, at 11: o1clock in the for.noon, or any adJourned dato, Cor the fallo.lag , parpos.s s So eonsid'.r and act upon the appolatsant of C.ntral Hano.rar 8ank'and Trust Ca.panT as Succsssar Trust.e under th. Ind'en- tmr oftbis Cbapanyrdat.d, D.esabar 11, 1911, assuyple..nted, tmdir whlch its Seren Ysr Csnt. +nd li.r Per C.nt. Sold Sdmds tore issued and ar.~outstanding and!the appointa.rit of said Contral 8anorer Bank and Trust Ca.-uny as PalS.ng Agent with r.spsct:to said'Bondsl 2. To, eonsider and, aat:upon a refidanciar prograa iarol*jmr, u=g other thi',ngs,, tbe issuance of Debentures iks the agae- pte principal as+omt of' $20,QCCf,fYaO, the Lssuanca of addi- tional shares of Cos.on Stock and thr of:.riag tm.r.of thraugs the aediia,of SnYiscriptios iarrants to hold'.rs of Cosann Stoak' of the Co.pamy, the moterihg, int0i asreea.nts with oIIe or s,ore iaTestaant baakin~',firasl for ths parchase of' such Debenta,rss and acpr additional Gca•on: Stock offered to Cbmmoan Stock holders and not sxbscribed for by thaa, tae registration of such L.bentiaes and'additional Common Stock to be offared und.r the Securities Act o' 1933p as t..nded',. the listing of such Dabsntnres and additional'Comoe Stocle to be off.red on the sew iork Stock *-schaxLgaad r.dsT.ra- tLm t'her.of and.r tiya becuri'ties ar.aan%-t act af 1934,: as aaeoded, Lhs pafasnt to t3e Soco.ssor Trsst.e with rssp.ct to the Sit.el Ysr Caet. Sold! Bondi of the CCOaparY ' of tks prineipaT aaomt thereof and iatersst,thareon to, accrue to aatatitar and the pays.mt of' the short tera Erak loss of ta. CasPaiV j' and ]. 3. T'he traasactlon of sacb other and' ftitt'br business as

~~uarQlntyTrust CaittiP~anyar NeN~~-Ybik wiwW.ft+ p. Iorillard Comgany 11Q; ii.st 4Qth Street Ie* tork, He. Tork.. 140 Broaitw:ar New York Srptember 17, 1943, ...w,.. ,..~ ._.. .. 1T 16 r.wy" ofM. . ue.da D.ar S3ra„ Yotiae Ss hereby given that pursuant to pcragrtph (f), of Article Nine of the Iadenture dated Deaember 1, 1911„ as wppl.arated by the Supplamsatal IDdenture of Deeemtier 14. 1911. iprn'rid'ing for Seven Per Cent. Gold Bonds due October 1'. 1944 aand ti'n Per Cect., Gold Bond!s due August 1„ 1951. Gti3araaty Trust. Coapany of ller York, xtrustee under said Indenture asi se uppLr a.ated', hereby, resl6na theresmder. Zoaas very truly., QitL.RiiFTT; TRUST„ CC3,7A2+7' OF , 07 /

`ia.... 1i ., .. .. , : 1" . -1 i ~ DtI7EATURE' dated the17 ' day of September„ 19,43, between P'. Lori'Ilard'Companyry, a corporation organized andd ezisting under the laws of'the State of New Jersey (herei;n- a.fter sometimes called the OCoapasyy"), party of the first part; Guaranty Trust Company of'Niew York, a corporation or- aanized and ezisti'ng under the laws of the State of New York,, as Trustee under the IIndenture hereinafter referred to (here- inafter sometimes called the •Trusteem), partF of the secondi part; and' Central Hanover Bank and Trust Company, a corporation organisedd and existing under the laws of the State of Ilear York (hereinaSter sometimes called the *Successor Trusteet), party of the third part. . _ :1 •'I T N E'S S E T H t Company due October 19 1944'r and Five Per Cent. Gold Bonds Of the Compan,q' dae tugust 1, 1951; andi . .~ ` YM,E',d.Sy the Seven Per Cent. Gold~ Boads and' the Five. 1EESE:YS, the Company executed with the Trustee an Indenture dated December 1„ 19'11, and a Supplemental Ihdenture, dated December 14, 1911 (ahich Indenturey, a& supplienented!by Said Supplemental Indenture, is hereinafter called the •Indenture') providing,-for Seven Per Cent. Gold Bond's of the. Per Cent. Pold Bonds provided for under the Indenture were duly issue& and the aggregate principal amount of said Seven Per Cent. Gold Bonds~now outstanding,is $5,1209 000 and' the aggregate principal amount of said Five Per Cent. Gold Bonds s a f

.w ft-:4 -_ aow oatstanding is S6„195,450; and iHF3FAS,, In accordance with, the r=a.c:Lsions of the Indenture, ths Trustee has resigned! as Z"r~.is*_een 'thereuader;; and the' Successor Trustee is aF- r.orporation aoapetent and qualified to accept the trust -xder the In- denture and is a trust company ia New York Ct:-~_ in good staading„ having a capital and'surplus aggregmcLing , aore thaa~. $5,000,000 and is iillln g and able to accep; ~ trusts of the Indenture upon reaso®albl'e teras, ana' the aumrdl of Dir- ectors of the u'oapan~} has authorized the apFoiuztaent of the Srtccessor Trustee as Strccessor Trustee under ~e Indenture; YfiW, Tn'~iEF'OR :, in consideration off -the premises and of the mutual agreenents and undertakiin~ --ein con- tained, the, parties hereto hereby agree eacs >rt.-*--h the others as foYlos: FIIHST'z The Coaaauyr herebg' appoints ssid Central Banover Baak and Trust Coapan„ party of the t33a:rd part, as 0 Successor Trustee of'and under the Imdentm e=-Xi:1T the A vacancy caused by the resignation of'said Guz=o=T Trust [.~_~~ w . ' COMpanF of Be* Y'orfc as •^rsutee, with all the e--=ates, proper- 14 ties, rights, powers aad'duties provided in tirLe iadenture V 1A Tested in the•Yrustee naaed thereSay subJects smReRer, to the right of the holders of' the outstanding Gsr11r~ Bonds as Pro.ildl®d in hrticle Ten of the Indenture. 'fe?"P ti

SHCOND's Said Central Haaover Bank and Trust C;enpaay hereby accepts said appointment as Successor t3ustee of and under the Indenture andiassumes the duties thereof, subject to all the terms'and provisions therein aontained. THIRD: The Company and' the Siiccessor Trustee hereby request the Trustee to execute and deliver to the Successor Trustee an~instrument transferring to the Suc- cessor Trustee, upom the trusts expressed in the Ind'enture, a]ll the estates,, properties, rights, powers and trusts of the Trustee. - FOtJRTH: Pursuant to such request, Guaranty Trust Gonpany of Haw Iork,,, as Trustee, bereby conveys and trans- fers ta the: Successor Trustee, upon the trusts expressed in the Indenture, all the estates, propezties, rights, po.ers and'trusts which it has or aag have as such Trustee by virtue of'the provisions of the Indenture. FIFT3: ThisInd'enture may be ezecutedi in several cowmterparts,, each of which shall be aa~ original and, all collectively be one instrument. IIN, 1fIlIuHSS Ird1RFAg, the parti~es hereto have eaused'this instrument to be executed in their respective eorpcrate names by their respective Presidents or Vice Presidents, and their respeetixe corporate seals to be hereto

^=.''^'.-+.+">.-.F . . . ., . . . ~. ., ~- _, ~.~. ... :a !L' , -- a1:yL_'-..Z`•1, atfised or attested Ey'their respective Secretaries'or rssistaat Secretaries as of the day and year first above irittea. * P. LORILLAliD ~ COYPd2iY Ittest: BresYdeat Attest: Secretary Ystaat 5kcretary

Of the Lcaar.i of Directors of'said corporation and that he affixed 6l1SB OF'~,~•`' COOIfLZ' 01r vS'• x ' rr ~-~tAt tt.hi of 1943, before me per- sonal3y &;;.es&__-r~d d~ccclk , to me known, whar be- iol ne d.3.:3. sRorn did' depose and say; that ~ pesides, at ~•-'--- ~ ~'r{! ; that he is: the _• re,ccc~lX' af R,. Lc,-' LTaird Compae0.ys, the corporation described in and which tsecuted ti>e 2aa~egoi,ng, instrument;, that he knows the corporate seal of ..aal corporation; that the seal at'fized thereto is such corporate se3.1;, that it aas so affixed by order of the Board' of Diaectors of said corporation and that he affixed' ltis signature thereto' by Lte order. thereto: Ix ssch- corporate seal; that it was so affized by order the ¢orpcr%:re' seal of' saidi corporation,' that the seal affixed ln a.nd execnted the foregoing, instrument; that he knowss of Gua_-,-~=t.7 :rust Goapan'7~ of New York, the corporation describedi . . r?lv4 -'. + }F~ ' ~ . ' FUC*:'_. M.n~..~il~ C.e:C.a'.-' ied x. Y,. Ca. No :'J. Rtd• °: t' .. Can.~r•aw rart~f 30, 19{•Y.. Sx1TE OF' S?: YORB ) >; SS.: CODR'r~ u"' 3a'! ' YORI~ ~' 01a thSs day ofd~ ~ 19~.~3; before me per- s~ sa~red aT: =r ~. to me ;~osn, xhoy be- ~g by az_a+r,i,y seorn, did depose and say, that he resiaes at t--'----i ~,• a that' he is, the i_c ec :,. his siam^,*r- thereto by like order. ' IYVM. JL eVAKNAMi Ig"yy ~ iwblie. . W «ecuoe.e CAMeW ~ . Piftabe.oe+. E1W . vk :::~w. Yir1c C-IT Qert'.~Ka,Pt.': . tia 19+ii comajig~. ..ja ~.,.; •rr ai•c6 74'. ts" '

"; , Ib , STM Hr' . ~IyI' i. SS'~...: P.7t31Tif OF liice orcier. On this: /1day o; 1943, before me per- sonall,jn appeared IF. WCCFE (r' , to se lno.n, *hoy being by ae duly sworn, did depose and' say; that_~e_re~,,~'~`~''es ~ ~ at. .%• • ~ :...-•. nRr~a ;. that IIe is the w t-oVf.~~ ~t(/~~ ok^Central fiaao.er Bane and *rust Coaoany, the corporati'= desari'3ed in and ahh ch esecuted' the foregoing in- strtaent; that he 1noTs the corporate seal of ssid,corpoira- tioa; that the seal affixed tnereto is such corvorate seal; that it .as so affized by order of the Board of Trastees of' sai3 corporation ar.d: that he affi•zed' his sidnature thereto by car.- :cr.nr. cza.. KorA.^.i n... r_ KAs::AJ ECL w1sa f .

Septembar 23, , 1943. 131 ya adjo+anad' seting of the Board of Directors of A. Lorillard Camparlg was ~, jpid, today at the offiee of the Coapaqf„ 119' 1Nst COtYs Street, Ye*; York u:1ty, at 1Qs30 a$cior3c LHL =anlaoaaV adopted HHHHEASw,This corporation has applied or is about to apply to the Ce.- zissionar of'Corporations of the State of Califoxaia for a psrait authorizing it to selL certai:n secnsitiss of' its own i'ssue in the State of Ca2.iforniay now, tbarefore. brougtt or p.ndintr agslnat this corporatLon in tse said Stata of California shall . be fcrrr_rd.d by ~il,, in accorsiancs rith tnr provisions of seidi Corporate, Securi- f Cel.ifornia,, and his successor or sncessors in sald'office„ be and he is hereby 6 ap:oiated tha true and 1JarfttL attorney of this corporation upon, ihou a1.t~ process f, in aep action,or proee.din3'agaloat it oa, be ser.ed,.ith the same effect as if 4' this corporation were orgsaised or created under the laws of the State of Cali- foraia and had hsaa larfuYl,~r served with pxrocess thereia, and that serviaee upon suu' attArne,7 sLa]Ll be deesed' to be personal ser.ice upon tthis eorporati'oni., .' ~ . z Eb lT; tMR1HM RFSOL{TEDy, Ihat Sodd, Nool,ahose address is 119 seat LOth, Street,''Yer !orlt, Ye.~ York, be and hr i's designated as the person to .hoa a copy of every process served vpon,said',Ccamissionar of'Corporntions ia an,y action.or prooeeding llet'of the Stat. of Californiay the Cosra.issioner of Corporations of the State of F HS'IT HFSOLPSD, „ That pcrsuant to the p,rori'sions of the Corporate Secusities ties Ict of said State of Ga.l].fornia. BE IT FUeiS3lB tMSfJLVSD, That Kerbert A. Keat, President and lhosas L. aHainst it,csy'b. served with tne saas eff.ct as if'said,corporation sere or- fol,Io.ing for., to;.it: '~ . ~ 'iliUll' /lLL KW' HL' 1M'S& PliESYXfSs ;~ r That pursuant to the Cor-torate Seeuritles Act of the Stete of California- . Y. Torjlj&rd Coapanyr, a corporation organize& and exdsting under end' by rirtue Of the laws of the State of be. Jersex,,, not carrying on business in the State af,l;alifornfa, and ha.iug no offices in rhe Stnta of C+sTffornla, and ha.ing. applied or being about to apply to the Cosraissioner of'Corporations of said State Of Ca]',Lforni.a for a permit autliorising,it to sell securities of its orn issue in sadd' State of Ca.Lifornia, has irrexoeably consti'tutedl antd appo3nted' end, by these ~ gr.sents does irrevocably constitute and appoint the Comaissioner of Corporatiau . of,the State of Ca]lfora3ak and tiis successor or successors in saidioffice, its true and!lsafuT attorney upon .hoa, all process in aapir action or proceeding and in,tts corporate nasr, a po.er of attorney in writing in substantially the Perkins, an Assistant Sicretar7 of' this corporation be and'theyr arsiauthorized, f, and,directed'to:szeeuta andi acknowledge, as ths act and deed of this corporation t r tlse lasistant S.etwatary acted as, Secreta:rp7 of the eseting. In the absencr of ttr. H1aaa7r Cha4^a^, 1Er. bentr President , presided, and There eers present Yssars.s H. 1.1 ![ent G., DiM MitsfiaTd . J. lfall.7r F. Hopeeell H. F. ienple T. L. Ferld.inso abst. Secrete.cf Gn aotion duly neda, andiaeeandsd, the reading of the aiautes of'the previous mest'in$ was disp.ased' with. ~_ . M 61n nation of IW. Hallsfl seconded by 1[r. S.nt,~ the foll:osiu3 resolution was

jaai~.d or ersted zmder the lais of the Stateof QalTtorain and mad' beem Iar_ ftQl;i)r a.rred with ; rocess therein6Sa,d eorporatSon has furtLtier designated, and Yy thssr ;r,asan+ .s does de:iF natey the following -oxd! ?erson, to vitx Todd Wool, .rhoa. aCdrsas i'a,113 40tJ1 Street, tisr Yora, hs* lork, as the~parson to .hos & ceL 7 ot e.eryn -r0ces, i sarre3 upon sai,d C~o=missioner of Corporations in any actios or ~--oce,'ding ~ a~inst said corporation shel]l be forwarded, by' mail, in aeecrdaooa sith t:ze jxroTisions of said llct.' . Ee IT FGEMM , d!.'9uLYLID, That +fien said power of' attotasY sba11 h;,ve bo= , ss am¢uted and ackno.leaged, said Assistant Secretary be and'he is fl3rtber authorized and' directed to fiLs the same in the office of tL~e sn2id Coyaiss!'=er of Corporations. un ootion du7y sade andi seconded, the1 ®.eting adj ourn.d to awt 'Iuaady v S.pteaCer Zd„ 1943, st 11:40 o''¢lank a'.Y., ~. Assista-* Se¢retetlr ,

0 . Sb2tesber <"8,,19L3~ 133 /a adjourned eeeting of the Sosrd of C~irectors of P. Loriller& Coapaq ws held tooa4 at the office of the Coapany, 119 dest l.0th Street, he 2ork City,, at 11s4c o'clock i.ll. There were present Nessre.s G. H. Husael, B. A. Rentl G. D. lftitefield' E. S. Bowling i. J. Hallbyr J. S. F'reer.aa. F. HoFe.e11, H'. F. ThmYle Todd [oo3 yr. Htyunel's, C'hairaan, presided, and the: Secrats,ry acted as Secretary off the wting. ~ ; On eotion duly eade and seconded, the readins; of' the ai-tes of the: pre.ious seeticg, was dispensed with. The Cha3rman placed before the eeetirg a co-,7 of the Re4i3trstion Stateraent (form S-1) and Prospectus relatisb to k;G,00G,0C.7 :*entp ;'ear ' % Debentures due ~ luto5er 1, 1963a,and 374,391 shares of Comaea Stack, ard stated'that such Regis- tration Statenent and ptrospectus aad been fiYed on Se;.tessber ;].,.1943 with tue Se- ( Varitiea and Dcehange Cosiission Furs:ant to the resolutlons ado;,ted by the Board !' at their seeting heid,oa SeYtesber 17, 19L3. The Chair.an also laid before:the ~ seetir.6 a fora of' proposed' Cosaon Stock Under.ritL^.e, A.,.Teenent for executicn~ by the 1 Gcmf,aqx and i.ebnan Brothers and d&ith Bnrne7 4 Co., on be'ns_.'f of theasel.es snd as He;.resentatives of the .arious Cnderrriters, referred, to in the hezeement„ and: statec, that as a result of neBotictions between the aancaes:ent and such Re;,reseatatites the lJstter had indicated' their .i]:Tibgmess to Fureryse, subject to the teans and ~ u acndi'tions of' such Qnderrri'tind Aa'reenent, at the price of f14.CC per share such p of the sharee of'Comisoa Stock'Froposed.to be issued as aar not be subscribed,for by the holders of COMon Stock. 11 lfter discussion, upon motion bp Mr. 1Riitefie:d and seconded by lr. Bowling, Lt,sas unanimousl, R~`'~OLYFiD, that subject to: the effectiwenesa of the Hes-iat7atlon Stateaent F' (Form. S-1) heretofore fi,l.ed, by this Com{;any eitu t_*.e Securites: aui' Fxchena,e Co®- t, s.ission under the securiti+a Act of' 1933, as aaer,ced, as sucn :a6istretion ; tate- , aent nqy hereafter be a>tended, this Company offer to the holders of its Ceaaon 3tock ' Cosmon Stock of : ri&hts to subscribe to an aga-re6-ata of ,i74,?91 additiocai shares of ' Co.aon Stock this CompaMY at the rate of oaa•-fifth of' one share for each sr.rre of held at the price of 31.4.CG7 ;,er stwre, and RFSt)LN£D, that such offering be gade to r-ad on1;F to the holders of, sharesi of CQzMon Stock of the, Cov.lYaqF of record' as of the close of busiLess on Ce tober 4, 1943. The Chairman then presented to the meetin8 teo foras of 1'etters, dated' i SePt-ber 29„ 1943, proposed to be sent to the holders of l.oomon Stock, one fora to ~I be sent to those residinE; in continental Onited States and,Canaaa and t-.e other fora, to those resiaing else*here,, aavisind such stockholaers of' t:.e FrcF,osed o.fer- I Ills-+ind the subscription p-iee. ;`~e Chat ^m°^' also Fresented' a forn of t?u1.L Shere Wubscrihtion 6arrant and a form of Fractior.a]i Share Subscription, .arrant, a forem of latter of'transmittal to bei sent together with the Subscri;tlcn 7e.-rEmts ar.dd the Rroepectus, to holders of uoazrnn Stocic resic.'inb in conlneniel united Stotes +od Canada, and! a form of letter to be, sent with the FrosFectus to holiers of, ~ . . ~*"`..~ ~

idin outslde of contizental Qaited States and fi.lnada. Common Stock res d and ppon notion madls by, Yr.: 8or11agr,/secoaded by Yr.F~ree"n, it ras aaani;moualx g-0LQ0y that the f'oras of'Tetter dated September 29, 1943, be and the ' { ~ same hereby are a;,;:roRed aad' trat the President' be and he hereby 1's aut:o- ~: rized to eauseJetters: in such forst, *ith avch nnendments or modificaticns r therein as to hi:a sv{y seen necsssary or adriaable„ to be malied to the re- i specti'*e stockhoiders for,ehoa such letters are intended; and gESOLYED;, that the form, of Fdl'.I Share Subscription 6arrant, the form of~ Bracticcal Share SubscripLi'on Herrant, the foro of letter ta accompanx such 1Yarrants when sent to the holders of Cosston Stock residing, in contTnental United States and'Canada and the form of 1'etter'to accospaqy the Pros;ectLs when mai!Ied to the holders of Cocson Stock residing outs~de of continer,tal United States and'Canaday be and the same hereby are approved for use by •te Cos:panf in substantially the forms presented, .ith: such, chnnges therein a:.d additions theretay if aw, as the officers shal'l deea necesearJ or advlaable,:' and with any blanks appropriately f1111ed in;, end R7SOLVED, that the larrants prior to issuance etialll be siyved on betialf .of this Coa,pasy by The Mee York Trust Coozpan7, 'hereby appointed'SubscriFtion Rnrrant Lgent, for ead on behalf of the Company in respect of the F41.C, Share Subscription sarn.nts and the F5mct1onal Share Subecription 1Parrents, herein sametires referred'to colTecti.eTy as e1Pe,rranta'; and flY"F,57LQED, that for thei purpose of the original issue of such: RarrEnts the Subscription aerraat kgpnt' ia hereby authorized' and' directed as Agent of'thi's Ccmpeny forthwith after the close of business on October 4, 1943, to issue sarrants ih such aanes (in the case of kull Share Subscriptlon Narrents) and in such anounts as msy , be necessary to entitle each such holder of ComUOn Stock of record' as of the close of' business on October 4, 194'3,1 to & i~+11' Sbare Subscription iarraat andia Fracti'anal Share:Subscription farrent,exi- d'enciag,the rigut to subscribe to shares of Common Stock of'this Co@p+anlY at the rate of one-fifth of one share of such Comnm Stock for each one shere af' ces®,on Stod¢ heid by him of record at such tiie,, and wden; signed by the sub- scripticn xarrant Aegnt as adent on behalf of this ComFLay,,(,i) in the cEss of stockholders residir.a ih con Snent,al United States and CaLada, to' mail,or eause to be mailed' to each of'suc2i stockholders'of'record as of such tiss toe Warrant or Rarrnnts issued to hia, together with a copyr of the letter of tr"s- iittal;, in subatEnt'1al]yr the form heretofore approved, and a~ copy of the Prosr p.C'txis' in finai form reiating to the e,,;-'O,OC.GI,CCA 'Y.anty, Year Debentures d:a October 1„ 1963, anrt the 374',391 shares of Coma and! (3ia: ia~ the casr on Stock . „ of'etockhoidere rAsidiny outside of con" ineatal United States and Cenade', to Q _ aeS7l or cause to be smiied (ta the extent lerful') to eaeh such stoclchol~;_r of' '1 ; , record as of such tLze a coFg of said letter of CJ t' i1 os t f th d : pec us an a cofy o e tran9ol'ttsl: ihtended: for such stocieholder, in subatantiall;Yr the fora here Vo- ~ ""'N foce a r . d ~ pp o e and to hld' th A k (~ i ,~oenrra h stoc- ti ' a ench suc ornrrrnts to which ' '+holde ` r sna11 betitlddr ' ene an r..- e-- - ,__ ..- ,n' _t3 •r~~ acrtnt,or s4rrants as such stociholder, subject to applicable las a~ r'teFtllatlr~w . - --t. 'y' kcuFeriy!alrect. ~( {,_4, k: ~~{~ID ~ .. . , •hat, the Subscri ed ti R p on ~d r aak• tsansfere s 1L s a'-r'nt Aaent is autlwrized f~~ e . P t-up and consoiidations on the baroks of' this Coge'lal L errents as :.qy be yurrecdared frcn ttae to time for tranefer, spiit- or eoesolidetffica in acccrd;,~~ ~.. . ~~ x reed Mndhay'- __4 ...a••rr-- trg affiz.d ttereto surt :uc sf®r taz ~ent:arr or stock tran ~ a~xAbe re~uired,bY'thr Ta.e of'the Gnited States, and upoa asncella ~ - arrents~ ao surrendered for tracsfer,, spllt-up or consollidatlon,~ '~_

0 * 1I355 to ;; ; s on 'sehalf ' of ttiis Comi an,r aes wszrsats of a like asoan.,, seii cm ~ . 'xA: sach Subscrip:,.i'on aazzsn.' :.ient on be~.r o„": t;.is Caogsr,7 to' cala'ser tpsa ta or a,on toe or.ier o: the person entitled taereto;; ani 4 'es-TSOLY!:D„ tba2 the Subsesirtlon ykrrsat .-ent is .e3 aai .aree:e+i' s,ca I~ c~er to :t furr ezereise, at, aqp tize prior :o- 3:a;, P.Y., Eastez-s iar TLe, ca I octo_e:' 15, 19437 , of Rarrants dul,7 en:brsed' an:' eccansaieo't7 isa:-scts i af s,sai,-Iment (Tt essi'e-.ed1 an.'. naria;;, nT:'ize.: thereto sum c=--&enta,r1 or stc.ct ~' :..'533::8« tSIIs'taaps',as, :.9~y, bee reqAirec: •~ a .•~: by 's.e Tinaw. rr wc.ite.. St,:,es a:." aer-,s- yy tte subscri;~,tion price for Caaaon Stoct at tbe: rste set f.rt: iL: s-.:--h Ts_-ri:.3', `a~ canaeT sucz Tarrsstt' so surrez.iered to i':t and to r_tafn scra La.-.-s=u s~t;ect to the instrietlb: s of tcis Cca.i:asy,j a:.3 to cmiit, ta t::e; accaunt :.f: :c1s Cy~'' aiT aoneys or cre33:s receire3, b3r it as sucz r*sc-t;tios ;-ice v:fon ie& aze..isy of War•rsa:s as herein set far'Yi; and ~s,~i.7~", that the 5'n~c:irtioa Fsrsr~nt :.ben:,as a:.h and , as l6-e: t :;"_:a: :ossan Stni of C: is Cca- actv,, be en,: aere!r{ is aiL=rize.i anr aL-ec:ec :-~a 1 tLa: atise, upon s-rrenaer ta i: of aa.-:,sza for a:e__isa as rere:,:,be:'are i..- tiie3, :a iss_e, reeurc' s: i ca:mterzign as 'T:: sf aLr ;,ties: certL' '•.s:'es ^o , a::-'e: of sbar-_s of Cts=son =to.:k of :n.''s Qos,,r:q3- :ai ea;ic3 suc= eair- t:& rib.t to sibscri'Ses in i:.a zaaes of' tre ;ersx.s to mns sr: :_w t='i xtss a..-a •a I~e i'sr,;e3 in accor:ence :=:.h tee: terns o: '.e esr-sn:s so :o tts cer«_i..~icates: so issued to the eud s:t_-sr of tLe C~ :.=ci of tt4s E; j C:.-;.c-~ f--r re6S'stra:ion and c.untersLg-s:xr_, :o receire -ae sL:e, fr-.a tae .-_ ,-.es so reei.tere.i an3, e:antersi,gaed„ ac:: t,.^ de`i..: su::z s;:o:A ce: 1aesIxs to tne, ;,erson.s enti:led to receive ts-e s:ae; ~ enfl ESc:L7~, t:.at all iarrz~ts issued on bP.__l..` o_' aa ;ol:ers .f: Casmcn 3toct -es:c:~;; ...:sice af contiaen :aT United etYtes a.n_ Car.a.:a ys.: as' to nicn t: e~u} sc-i: a a S;;r: ent :-sn: s-lall not on or prior o~e af aQsi:+ess on ~ _:cbe: 1-..', 1943, hsve received larfuL and satisfact3-y f-oa tce ij oac: s"•: e-.ecf eit:er for t:ae e=ereise of or for '..:e otre. :as,.es_*.' on of s.:ch I xa.:_-n.s, shalil: be so1c, t7 t:x Subs=i'=:ion, ws.-ant Egent oa uc: ~~. i:, i:w, at: ' s::ar c_ice or priees as nay be a?Fro.e3' LT the o:fiaess o: t.as ro&;AA„", ay: a;.,ro i, ; rstm sha.rr_ of the e&Cres5te, ze:: ;roceeds, if sq•, of' si:.n sLle, to ::.e e=:Lt ,-ar- j; j .1:led b7 law and s;.;licaCle soRe.---y.e=.;.a:i rebvs:iLns„ s:r1,i ba re~i.: ea '.:7 ~ C.b=c_ i,tion ::.rrest :seLt to, or if' no: ;,araitted, s:n.ll' be fcr r:a acx:.*ci' as:h sich stocs,older cioae tisrr-.nts are so sol.:,s:e s.:aii taa:ec:ter be rsi to the lsst'l4l imatructions, of sucs s:aet5older; ani ?f~OL7z..3', t'sat, the Subscri;tioa warrEnt laeat be and aereb7 is aurho rire.3 f &ad on beba3:f of' the Conpana to cace a:.i :ii'e sTl',r_;lfersi~_s a trwres e..era-- -'ctal e~troritles rrYuisite to obtain any necessarp coLsent; to or epFror_l of s'ie c" xs-r,ents be3ongiaa to: aqr holzers of (Soanon 5to•;.n rbsi,i~ oiitsioe ot een:ine.ata], United States and Canada; and ~, that• ttie YationaT Ci'~ ~t of ier !or}:, as %e~s'_-~, of the Cc+maas '`-ck of t:~'s CczCaWj. be and ncEbY ' is ac.r.ori.zed anL.iiir,ec:.ea, froe tine to tise, -;ea _'e:l.erg to it of certi.icatts for no:' in 4xceas c.` ;~G,:yi cr.area cf Gosnn =~ ac af 'hSs CoaPLUY duly coun:ersia'-ea, cy : a_rnrsi'er_:~ect, esi: ry-+an re_ti:isiiir `".c=, Trtaefer Agent stat:rg that surb certif',ic:tes a.re .e;u#red to be ceiivese4 t7 -'= '>raufer ;Le,eat in it+s capacity as SncscriFtioa cy-rani' ;,aRnt upon tre es- arce se of' werr_nts,, to reaister and ccuatersIgn as ae6is sa: sucz cert.L• i:.ates~ IZI! , 'o redeli.er t:ess so re4stered eDO e:nterri,~ea ':o s,.ai lrtzsfer 66r.nt;, anc ; that reports of the n-ber of saxsros of Cozzon 5'.c.cc ss:bscr:be.: for ( 'r bo_'cers of F;_rrsnts: =htll1 be sent or Zeli.e.rea &-fter the c:ose of` Lusinsss eaCi „ caq :y the S:S.y'•sc::;.tion s':rran!: aaent to the :k'eas•:rer of, tue and ta: ;.:e ez !or s, Ctoci and a' full =e,ort of t:e, tctaT zu=t,er of sLhses of lcmoa ='ACt -.:b_crioe3 for L7 the holders o.' fiarr&=u sna:'.11 ts iikee<se sent: and deli.er- ec to thLe +.rea:surer of this Gcu}6M as soon as rossitl after 3':=G F.ki. on :xtoces 15, . 1 J

~ ~.... _ ~. ~.--~.--------- ~ -- - t-~ y I , ' 136 1943'; and F=AJL7B1T, that this Conpany sballi inde9nify and hold harml'esa tca ;y,b r.Y tion f.arrent 6gent from anci, against any acd' all loss,, lliability, dhm,rtes a; C, ;;,i in recoynlzing and acting upon e17 sibmature upon anp Yora of assimaeat o: ierrant and any form of subscri';tioa ballieved by it in iood fr.ith to be bem iye~ and in holding, ezerci'sing or othersise disposins of' aryyr .;arrr,nts Fursuant to, the.instructions of this Comfaay; and BFSOL4SD,:that the Preaidant, any Vice Presie.nt, the heaaurer o- SAcn,.7 of this Coipeny, be and eaca of theai hereby 1's auttiorized: to gve to the lub- scriation larr+.nt hgent such iastrsctiona supplementina, these resolutions ss t., my deem proper, ana .nenever the Subscription Ae:rrant &ient siu.ll deoz it ere. dtent it xcy a,:-e,i,y' for insLintiions to r>ap of such offi'eers, rnd' t.`.e ~ub cr:;::~e ~ lfarrsnt Agent W act is accordr.nee aith, any lnstrlctions so biven to it, this Coupaqy a:w::T Ln,ieAni_'y' sn3: bolu harmless the Subzerirkion Ferraat ,., _tt fron and agsinst any andi all loss, liabiTity, danagesi ann' co3ts incureq c,r z, fainsd by it in actinZ in accsr3aace :i'th suan in.:tructllon;, aad H=L7Efl, that the formy terms andd provisions of the propo3ed Comaon $toek Uoder'rritind Sgreement bat.aen t:.is Company and, Lehaan °_rothers and „yi ,- & W.,, om behal: of thenseIves and as t+epresentati'ves of certain othar Dr.aer- =ri'tera, for, the sale bF' this Campa:q to such Onu9eririters sevea^aTl_y r.ra tce ;ur- ahase by such Onderrriters from this Company of such number of shares ot' Co== Stock,as'shall be~offered to stcck', olders and: shal'l not be, sub3cribed for 6y- tliea or' their assi&Z1s on or before the expiration of the xarrsntsw a coir/ of d'iich Caaaon Stock ;lnderariting A~eerent aas been submitted, to' tais seet:.ns,, be and tirei same hereby is in all respects approved, and tue ?resident or sq Yice President of this Comoany~ be and he hereby is autharized in tze na3a ac-' ao behalf of this Company to execute and deliver the Common Stock',Oader=rit'iy Agreement in substantially such form,*bicY such chan6es therein and adsitiacs tasato, if sial,, as the officer erecuting,sucn Ilnasrvriting,Agreeaent snall apgrove, and execution of such iinder.riting lgrees<ent by such officer snaii be conclusive evidence of'the apgroval thereof, aad that upon 3uch execution &W delivery the ;;ro;xr officersi of this Con,.aa©' be and they' hereby are aut~-ori';.d and directed to do axq ' an3 all suctil acts an3, t:2i;nss as they msy deeu neceessrY or adirisabld in~ ord'er' fullg to Carry into effect the tersr and rrovi';oions sf sueh'Coaaon,Stoek Onder-rriting,lg'eeaent and to affect the delivera'to th. Ooder*riters Cherein named of aay such:shares of' Com;aon Stock aa are~to be piachased by thra t::ereunder against payment to this Coapany of the ;urc&50 prics thereof'specified in such~ t:- Stock Underwriting IiQreemenL; and BESOLYED, that each sbere of Coomon Stock of this Comparyy on issuance thereof'andipayment tharefor, =ursuant to the provisions af sai'd Warran'ts or pwsuant to the provisions of such Coaaon Stock'Onderwritia,a. ~eemeat, soedT De~fhlly paid and'non-essessable; and, M~SOLYLrDy, taat the Transfer 1,gent of the Coimon Stock of' thia' Coal?a47 be aad herebT aaLhorized fros time tr~ time, upon the.ritten ord'er or or=ea of this Co.psay, aipad' in its Dr.Lalf L7 its Rreaidtat Vice-Presl'dent, t:'e l~ena~er or tye Secr~_:tarF, (1)I to i,~s,ae, record' and counteraiga certiSiast:rs~ for +ueh'number of:shares od' Comaon Stock of this G6m and in such r~T~s and daaamiaatiooa as st~aTT be set fcrrth and ahall be ~rai'ned:in the raZ:7-er set forth in suw rrittm order« (ii), to deliver the certificates so recorae4' and' cwmtaraigaud to t.he i2agi!strer of the Comaon 3tuek of Lhis Coapatiy for r+' `Satrstlon.and countersYgaaturev and to receive the same from the ReBistr6r .tien so regi'stered and' eoun..arsLbned; and' (,i'Ti') to ieliver the same as sL+Lie° / "'°% .ritten order, provideds ho.ever, that the number of shares of C"'^'os ilieh the Trr.asPer igent snall have autiwri-l- to issuew recordi +34 ~1git in accord4Dee .ith thi'a rssolutlon sha11' not' exceed the di`fere°N i ~ .

r. . -, I teen issued ta the hoidsre of War:ants upon 13ia ezercise thereof pursuant to (, authori'b'heretofore at this aeeting,granted;, and p. 1137 I , betYaen 374',3',T1 shares and the nuabor of shares of Cosmon Stock that shall ha*e SESOL4£r that th R t l j , e ea s r~r of the Cossontock of this C Som^ ,a~,r be and hereby* is authorized and directed, from tSse to tise, on delivery to iit of'certificstes ; for shares of Common atock of tdis Compaiyy„ duly countersigned by the Tre.nsfar / A6ent, to record as Registsnr such certificates ana to reoeli.er thea so regis- ~ tared and countarsibbned tai such Transfer,+genL, Frotided, however, that the number i. of, shares of Common Stock which the iiegistrar shall1 have authority to register and , countersi'as pursuant to this resolution shall not ezeeea the dirt'erence between t 374,391 shares and, the nuaber of shares of Common Stock that shnlli have been is3ued to the holders of liarrents upon the ezercise taereof pursuant to authority heretofore, at thiis xeeting',grvnted. ~l Shs Chaisaan stated that he had been aaised'taat according to the records of Ihe New York Trust Compaep, as Transfer Agent of the Cosmon Stock,,it is presently '.' authorized ta transfer not in excess of 1,899,243 snares of CoM om Stock, and according, to the records of' The sationaL Cibj Bank of' 4e York the Hegistrar , e of the Common Stock„ it is authorized to, register not in excess of 1,91L,034.bQ'9 t shares of Common Stock. The Chairsan aointed out that Lhei presently outstami3:og j Common Stock totaled 1,871,954 shares and that there were sststanaind scrip and ~ stock dividend eertificates entitling the holders upon surrender thereof to an ({{ adzitional' 33'6.89 shares of Comaon Stock. ihe Chairsan said that:it would be aa.risable to reduce the num0er of shares of Common Stock sh.ich the Transfer Agent ~, i's authorized to transfer and the Registrar 1s authorized to register to t:a. number of shares of Common Stock presently outstanding, plus the amount iss•aahl'e f upon surrender of scrip and stock dividend certificates anu the 374,391 shares to . be issued upon anercise of the earranta or to be issued pursuant to tha C^^m.M ~ Stock tlnd'erwriting Agree.ant. !!!. Qpoa motioa sad'ei bf 11r. SalLeyr, and seconded by Yr. Teep.ler, it was .. t uaanimously. RES(]i.PED, that the total agaedat'e number of shares of Common Stock of, this Coapaqy which The ser York Trust Compaqy,, as Transfer Agent, ahallT be authorized to transfer shall,br 2„246,681.89 shares; and ftF.50LV...DF that the tota]l aggregate nnmber of,shares of Common Stock of this Company which The Yhtional~Cityr Hank of Nee York, as Registrar, shaT1 be'autho:- rized to register shail,tbe 2,246,6871.89 shasss.. On motion duly sade and seconded', the seetiae,adjourned'to meet Friday, October 1, 1943, at 3c30~ o'clock ?.ft: 6 t ---N 1~At`P (. Secretary . ri, ~..z. L f {. : t

F ia.~ .awx~ ('' i 4 ~- 5 T"LL ? ~ u. t,.~r: oa~r R'RECIISf O' NI . IT` ~ - - ---- ~~'-~~-~-~=-=- - =_ - - . _ ._.,.,_. Vctobar 1,1 19::3' 1a r~jaurn~! -eetinn of ths Hoard' of Uirectars of p. 1oriL'_-_r'. . -~ z;s he?.: tod`i7 n-~~ Lhe of'ice of the 4o=patly, 119' ~-est 40th Stre t, 1G t„ at 3:30 o'c1'ock N.~l. ; =..-e I rere resent kessrs.= G. H. 'riuxnel fl'. A. Kwnt' G. 0.:~hitefield Id'. J. aalley J. S:Freoaaa Y. Hope.elL J. i.:xeei :!',. d.: r~espl~e Todd nool ~. =u=ei, -:esided„ and tze Secretary' acted'~ as ~cr=': ~ of -.a ~eetiag. t~z ~ticrs d'is made and secoaded. the :ead9tta of the uinutea aL ~ e ! `l ; neetiad >as dis ensed' aitiz . ~ , i Ls Cdsnir~a ~iaced befcre the :eeting, the L'allowind:, (,a) a ir-c.' : dars3 ~c'oo~er 1,, 19~, of the zropoced lndantlre between the tios:~ ar.d ~ et:1J1y , tya^ea:ter to and ir.c1•adinb, uctnber 1, :3: C#a=S-~^~? 1:sst G7i7an;J cP bae 1'ork, :'rusteey, dated WCtober 1~„ 1y4%, Ti_9.~, :zr the isst.ance of ;~G,~u,000 9kantf Yee,r 3~ Uebentures Z::e (lcr.ober _, 1933; (b1 a fora:oE Tearoru-~~ +ebentiue„ Tithput coupoae,: ;,ra- pn•ned :o be issuai under said, Indentnre; and, (a), a, form of ^,,rapo3e~:! :mbez- tx+e rs..rriitia5 l*reeaent far execntion, by the Compa, ' ana L.ea=~' anL 9Rrne- ~ s uo., on be'L;?f of tyeaaelves and'~as Representatives o:1 tisa Tsr yus Underrriters referred to in the ~ A~eenent. L~e t:zai~rsaa: stated ts'Lfi it was aroooaed thst the Debent.u+es to 3i !s3aed' ~zsr sai3' L3dent-irc carr, interest' et the rate of 3~ per ea-.'=-; s~ Lebeatres be subject to redemctlan otherwise than ttiroi~^ ~^~ =:e Si.~^o %sm:' to a_:d inclYlin~ October 1,1946„ at 104~ of the or`c-_L:=l as~t, •~red:ter to an3 in_1•+'S'ng October 1, 1949, at I03%y thereafter to ea3' ~cT2iiz, Uctober 1, 1952, st 102'~, therea.fter to and Yac_s:::r•S ~ n trss 3e re3eamb:'ei out of't.~ze Sitsiln6 w%nd )rovi'ded .^or in seld' T==en^ t; rt 3-Z 3141 of the -rSaeip*rl amount to and inciudin3 uctaber T, 19= , a 1,. . 1: r!~ s._'sa at 1WC, in eae:ti, eax p1us, accrued' ihterest•' and that such Debea- - _i.. _=---r_c zo ana i7Ci'lains ucCoSer i, 1`301, at 1vO~r c=." -•°- ,. e11 1~ ~~ tm~s '~a tie ~ess to purc..aseI ~,~ at 1G % ' of the rincip l amouat tzereofr F1+U ea.rrrac ~teresC. ` ~«er d_acuaioa, uDon xotian tr~ it sas 6a.eaiaouslJ lt.: 1Ceat, snd, seconded by . .ad ez- res;e: t De-en- at _~~ ~:ereafter to and incl-iiing uctober 1„ 1950, at 101i%' therea:t~~' to sz.: ~„ctob•r 1, 1'3;':3,, at 101%' thereafter to a nd iacTli'-i'1d Gc'~3rs :,, 1956,, et 100 3/-44 tt~e-ea2'ter, to and& inclu3lad uctober 1„ 1"-9+ si _0-•„°. ~ereefter to and ina.Lino uctober 1. 1361, and at 10C~' t=e'°' ~"~. == ~~~ 2iua accraed'interest. also said that as ith t:e lt ' ' a reav ona w aL ne6otiaLi '~ars - 1 f or of ~'' ' ~ Lum ~~ ~,,~ ~ lacentue dnted uctober 1, 1943, be' ~ i~ ~' le )"'ed to%:.iz yet 'a.7 Coz:,,:ct; ot" Ne tark, St^astee, i " ixroviaing,9 for the creation and i'esusnce'

• -~ ~s, . . ..., . ` - "k~~ ..C_ 13J~ t`.e eaader of. $20,0•;O„O+Yoprinei,'-sa1; amount of 1'wenty Year 3% Debentures, due (icto*er 1, 1963y of L-.+s Coayaryy', bearing intp.rest at the rste of 3% per annla, Wsbie seai-annuslly on April 1 and October 1 of each year, be and the saae is hereby approved,, with ssch changes and insertions taerein as may be a,rroved by the i'resident or a Vice-rresident of this Company, and the esecu- tion of said Indenture by tie President or a VSee-i~resident of this Company satLa be conclusive evidence of the approval of aTl such chang.s'and inser- tions; and' . KtZOiYED, that the 1'residant or acp Vice-Ytesident of this Compacyy, be andn is tereby authorized' on bersalf af tais Companay to sign' and aclmowledge said Indenture, and the Secretiry or any Assistant Secretary of'th.is Coa,%W be anl is h.rettr authorized to affix the corporate, seal of this Conpatyy, tllsreto an,i attest the sane„ and axty of saidlofficers be and is hereby authorized to d'eliver s; Ld Inuiienture ahen so si„nad and sealed' to said Cuas--nty lrust Caa- p,an7 of aei Rork, as Zrustee,, for execution by it; and . BMOi.WEDi thnt the form of Temporary Lebentural to be, issuedl tmder seid 1' In.ie=t-ire sula:itted to this xeetin6 be and the same is hereby approved, with such Insertions and changes t::erein as may be approved by the President or ; {;y 7ice-i'rssident of this Cenpany; aad! RESOLVM, that t.4e Definitive Debentures of this Coar~e-v to be issued! =3er said Indentse sha3.1, be in substantially the fors to be set forth in I f ; sa:id lndenture„ with sucbt ctaz6Rs tzerein as :sy be authorizedl by the teras a. !nd ~+ ;,ravi si'ons of said, Ia.a.entxre, and the Definitivai~ Debentures sna1L be issuable xrier said lzdenttme in coupon, form in denaminations of i1!,0?7"0 and in re6is- tr.red form, .ittiout coupons, in denomitu.tions of $1,000, , ;fi,00r, and surh. I ~' { ~ oG:<_r, denominatio¢s as ~ be hereafter authorized by the Board of Directors ,' of' the Cola~; and BESi)LPED,, that aFon the execution and delivery of said Indenture,, the ~ proper officers of this %lomj,aqy be, and are herebx authorized on behalf' of this Company to sign s'20,0CQ„aJ0 principal anount of, Debentur es in teaporsry +; ~ ) fory (-nd'also in definiti7e form'raen ,.~epared)' and to cause the same to be delivered to the Trustee for authentication; and, niv'=+0LYED„ that the Debentures'. (both Temporary and' De Vinltive ) shs.1l: be e_snua]:~jr ai~,n ed tig the president or a Vice-e resident and by t:ce1Secrcteryr or I , I an Assistant Secretarp of this Comparly„ and a facsimile or tice corporau sea.t, y'. 1 f. of this CoeYaz{i• s_a7.I be im -srintedl thereon; and ~ , on' t~e ezecotion of said Deben tures !Sy the Com?any!, the I i . B`QLV?D that u , p .Yresident or any Yiee-president of this Coapaiyy be and is hereby authorized to .t execute and,del.iver to the T,rustee an,order (as Frovided'in Section 2.01: of 1 the Indentxu-e) with the corporate seal of, this Company affi'zed C:lereto„ ; I ~ attested' by the Secretary or an As'slstant Secretary of this Coa-..ara,y, directing the aut.tientication by t.ze Trustee and' tne deliver}rt of E20,0QCy000 pri'ncipa3 I j, ~ aaount of sald,uebea.tures in tearorary Eorm„ without coupons, in denominations of each, to the Co=pany or to such persons, firms: and,corporutions as I E', ~., Me, t,a _a .- -~'°. w ~i ~ i i ~r -- y;u. amyu~ na;at.ucu~ ur*.ca, cu... It! I 11 1' ~L U1 BEhOuVF:D, that unon ths ezscution aad,deiiverF of said' Indenture by the durY authorizad of2lcers oL: this w:par;y' and' upon the esec ltian tr~ i,uaz nt7 1' M ' ' cere, i Trust Com~~ of'bs~r'xorc„ as lrusteaw by the latter's duly sutinorized,af: and upon the delfvern of' said lndenture,and upon t3e .~sGucion on beiulf of triis Cac,-sqg, off said ;em ornry DebenturP: nud'the autheoticntion of the saas bl t-`ie Trust.ee then the trebidret or any 7ice-kresident of' this Can-aeay be and is h.reby aurr.ori.:eu to, cause ;20,0'a0,Q00 of said Debentures to be ilssued u+d dellt.ered to such xrsons, firas!and corgorntions as may be specified in } -~ i I 1 K

W . ~ v:- p p ~~~ ,+,t~~ mu~ w~c . r 1 I , r!, ,~ ~ .g, ,ei~ 7 ~ ~ 1 q -,e., ~ u ).i ~n W,~ {I .l ~ V~' 71, ~ .... s. - ~~.~...~.~..~--~ .~ . . .-~.~...~~ ~ n uctobar1,19o An adlourned',eetind of the Board of Uirectors of P. .as held toda7 at the office of tY.e t%oaFary(, 119 ' iiest L0th 5tre t,,.Nec ta;t UYtT, at 3:30 o'clock Y.Y. Yhere rer* present ressrs.. G. ii. Himuel H'. A. iCent G. D.: i;hitefield W. J. Y.a]aey J~. S. Ereonan' P', KopewaZl J'. T. l4ee1 !!., e . Teraple Todd hool i' T -"x. ii-el, Cnairman,, ;: aoided, and the Secretasy acted', as 3eezet,ry' of the xaeting« Un aotioa du73 nade and secondea, the r+eadiii6 of' the~ r„inutes ot' :z:a ' purtions zeetind .ras d'.s.iensed with. I, The Cnairaan claced before the :aPting t.he, foLloxind': (s) a, ;r:o-' dated' ucto-oer 1, 19G3',,of the: propooed Lndent ue:betxeen' the Conprn~r snd Guar3nty Trast ComparW of t,ev York,, ^rnste9, dated Uctober 1,, 1'9L3', ,:~ ri3ind for the issuance of 5~0,(7GJ„000 T~aanty Y'er,r 3~ iebentures d::e y ' Lebeatsu e, nitiiout coupoas, prc-' Uctober 1, 1963; (b) a form of Te3?ors.r- posed to be iosued under said Indentsrt; and (e)', a form of ;.r7poied,:ieben- tlsa Under.ritiag, Fgreement for erecution by the Coapany' and t•e•tirna and Saith, Barney, s Co_, on behalf or'thenseives and'as Representati.es of ,' the r+arious Qaderrriters referred to in the flt;reecseat. The V:hatrsaa stated tnst it was oroooaed that the Debentures to be issued unc3-r said insent•ue carr, interest at the rate of 3~6 per ena=, that such Letienttses bee subject to redesDation, otherai'se then throu6n tiW Sinkino Ftmd to and incluilnd dttober 1, 1946, at 10L'+"5 of' the trinci.-s'= amomit, thereafter to and iacluding October 1, 1949, at 103%,,therea:ter' to and incltiilng Uatober 1, 1952, at 1fJ2X', thereafter to and inclu='-rs Uotober 1, 1955, at' 1fi1~:~ thareafter to and incl•.iiin6 vat.o~+r 1, 1959', at 101%. thereafter to and including 0ctober 1,: 1961, at 10~7L, nad'ti.cra- after at 100L, in eaeh casei plus accrued interest,;', and that such DeLxn- Caes be redeeanbleout of' tiae ~-!iui'ne :Aad, rroRided for in seid' rT..: en- tie at 101 3y1.X of the trL3cipa]l asount to and, inclu.iina uctober 1!, 19L7n at 101e- thereafter to and' incl•iiiag 'uctober 1', 195010 qt:lOly% ' =ecesfter to and iacl•i_ing uctotr_r 1, 1'953„ at 1013: thereafter to and incl`o•iiza' October 1, 1956, at 10013/4iS tthe-eaft-r to and inclsiin- uctaber 1, 1'A-9, at lO~. thereafter to nn& inc1u31n;; uctober'1,, 1961, and at: 100% tFa-e- after,,in each case p1aa accs^.Lnd intere=t. Q 11e Chairyan also said t?Lit, as a-esult cf ' negotiations with t.':e ~ Under*ri`ars, they ;ad ex;pesse3 t;eir aiS UnneS3 to purchase Lh.M De~n' ~y tues Cron t5e Cos?z~ at 10~ of tze ari!nci,-s.^.•1' amount tttiereof, plua acCSl:l& lntw~aat,_. ~ lfter dSscussioa, upon aotion Yry it.: 1Cent, aad' seconded by Yr. Hrlley, it sas'unpniaous~ Sc~ULTMj, ty-A the Cora of Incenture dLted uttober 1, 1943.,be- ' twee° ~s~ ~ ~~d~Ug rnnty ;tAst Cbaac,n • of tter iorc, lrsstee,. Sib•i ~ 3,ana rroviitaa,for the creation and issuance

rr+~_r~.,~,ne, • .• 1.3.) t:.e e•ander of $20,W,0,0?'i0 princij-~al, amount of 2'tenty Year 3% Debentures, due October, 1.1963, of' t'r.i's Coapa,ry„ basiag, interest at the rate of 3% per annua, paystlle seai-annually on 6pnli 1 and Lctober I of.f each year, be and the same is :.ereYry approved, iith such cnanges and insertions therein as may be ao;raved by tae President or a tlice-rresident of this Company, and'tye e~cu'_ tibn,of said Indenture by tae °resident or a 9ice-cresid'ent of'this u:ompary s^,nll be concl:ksive, eviaence of' the approval of all euca changes and inseri tions;', and }L~~QI.PED, that the i'resident or azp! Fice-Yresideat of' this Coaaaqy be and is Leret;/ authorized' on, benalS, of this 6onoery to sigs and acknowledge said In.:ent.u•es and the Secret-u7 or' an,y Assistant Secretary of ttiis Con~e:qy be enj is hereby authorized to, affix tce corporate seal of' t.z+_s Conq.=q7 thereto an,i attest the sarsak: and any of' said officers be and' is :nereby authorized to d'eliser said Indenture when so si,-aed' and sea_ed to said! Gu3r--utp 'rrust Coa- p,:N of per lork, as l1ri:stee, for execution by it; and, S'FSOLM, ttint, tae form of' 1empors.ry Lbbenture to 'be issued under said In.ienture sutaltted: to this: xeetfae be and: the se:ze is hereby approved, rith, such ihsertions and chanCes ti:erein as may be approved by tae President or W7 7iee-Nresident of tnis Comparyyj and r'LrSOLVED, that t~e Defini'tiTe Debentures of tt.±'s Compaq7 to be issued -m3er said Indent:re shall,be in ssbstantial.ly tae form to be set forth in s3id! ii2denture,, with such chaa6es t`:arei:z as =ayy be authorized by t:e terms and provisions of said I1dantae, and the Definitive Debentures shall be issuable mier said' Iu9enture in' coupon form in denoaistions of ii,07] and, in, regis- tered fbra„ without coup nsy, iin, denanin=tione of rl,,:00, ;;S,OCa, and! such otaer deaosir.ations as =aq be hnreafter auc.:orized by the Boar.i of' Directors of the Coananyt andi 1 1 i i ° )LYED, that upon •. :~e ezecstion and' delivery of said In.3enture, the' BF~ )L YE D,rroper officers of this Wa}sany be and .rs 5ereby authorized' on benaif' of !, this Companyr ta sigm ;2J,000,C)O : principal amount of Debentures im te3rorsry fors ('-pd also in definitive form rsen ::repared) snd' to cause the sane to be delivered to tiye:Trustee for anthentication; and . ' ~ isYSOLYrD; tha't the Detientures (both T~eaporary and! De.initive) sn:11' be eL.nuaT1, signed by the President or a yice-=residbat, and by. ti,e Secrztary or aI; i an Assistant Secretary, of this Coe:ary, and a facsimiie of'tEe corporate seal ' oY t1is, Covj,aryy, sshall be imprinted tfereon;, and R&SOLYED,, that upon, the execution of said Debentiaes by tae Coenany, tne °resid'ent, or .ary' Vice-President of' this Cba::arw be and is hereby authorized to esecute and daiver to the 1^rustee, an order (as provided in Section :.01 of the indenture,l with the corporate seal of t••.`:is ConF.my, affixed Lzere:a, 41 attested by the Secretary or an Assistant Secretary of tci's Coaany,,directiz6 tJ' e authentication by t1e Trustee an3~ tr.e delivery of, a20,OPA',000 principal saount of' sa.id' Uebentures in ten:crar-7 form, without couFonsy, in denozinations j I K Of Z1,000 each, to the Coapany or to such,tereons, firms and corForjtions aa ~V be specified in ee.id srit'ten order; snd $SSOLYED,, that uDon the execution and delivery of said Indenture by tiie (J~ d~X authorized officers os:' this wnoany ind unom the ezecution,b7 uuarWnty ~, Trust l oanaay of bes Lorci, as Trustae,, try' t:.e Iatter' e du1:y autaorized ofl.icec s,, and! uPon the d'eliivery, of said Indisnture,end upon t.:e enecutioa on beeu.il' of this Cos;.aqy of said :,e:a';orary Debentures aad the aut-henti'cation of the saae by tihe Tru9tee, then the rresident or ary' 7ice-Pres;dent of this (faspea•,y, be ~ and i's hereby authori':.ed to cause .20,aJ0,aMof, said' Cebentsres to be i'ssued' i II I 1 "d delivered to such persons, firss and corporations as ssiy'be sFecified,in .~,..y, ~ f

..,, .t n - -- the eritten ord'er of the Con.:mny pursuant to Section 2a01 f tnrs; and' Bts1QLYO, that Guaranbf Trrast Company of ser York be and is hereby desSgnated and appointed Payin„ l~ent and,Registrar for t'se L:enty ie:r 3% Debentures, due October 1, 1953, of the Coapaay, t0 be issued uad'er the Indenture dated' uctober 1, 19l.3, between the Company and Guaranty 11vst CompecW of ne* Y'ork, Trustee;! and HRduLyM„ thnt the principal ofYlte of Guaranty Trust Company of lte* sorY, 11,0 Sroadsay, Now 1ora, nr.,Y., is hereby designated, pursuant to Seetien,4.02' of said inaentauro, ns the office and! agency in the Sorough of Yanhattan, The City of bee lork, where Debentr •s may be presented f;r exchange as in the lndentur.e,yromided and where aotices and demands to cr np,onthe Conpan.7 inrespect of the :ebentures and coupons or under said Indenttae may be serve.i and rhere toe Lebentures and coupons r.ay be «re-- seated for peyment; and RaOL4'g'J,, taat the above-aentioned of f icere of the Coacatiy be and are hereby instructed r.ot to cause any of said Lebentures to: be issued' or delivered until the reiis rtLtibn under tae, Securities Act oi' 1933,, as amended, in respect of saia Debenturessha:1T have become eiieetive;snd Hl.StdLYM, that the form,, terms and oroRisions of the proposed Sieben- tnre Un3erTiting Wee:,eat bet:een this Company ao& i.elL-iea, brothers and Saith, Barney g Co., on beL•aif o:"~ t.l-ansel;res and as 1+o-oreseatatiRes of certain Aader:ritars, for the sale by this Coacaay tc~such Uader.riters se-ere11y and the yurcaasei by such iiadereriters from tlii's Coapanjof t:e, .IBebenturesto• be issued initially tmder said *r.dent•are, a eopyof' shi!ch Debenture Underrriting Ae-reenent has been subaitted to this =eeting„ be and the same is. cye:aby in all res.ects, approve3, and, the President c.r any Qies-PresYdent of this Qon. .r7 be and iereby is aut'r.orised in the n^.=e c^.d on behalf of this Company to execute and: deliver the Debenture Qnrier«rit;.=o Ygree:eat in suh3:antLa113 suea form, with such changes ttiereih an3 addi- tions theretoy if any, as the officer executir.g such Unuerrritia,; 4-reccent ahaaYl acprovre, andi exec.ition of vuch Undeenrrftting K grees:ent by such off-'cer shall 6e conclusive evidence of the anarocal thereof, end' uzoa such azec-- tion and deliaery„ the _ ra:a^ officers of t.i.is Con;any be and t.~iey are hereby aut'horized end d..z-cted to do any end all such acts and tH1:.gs as they may deea necess>:ry, or adTisable in, order f'uT>/ to carry into effect the~terns and ~roxisions of suca Debenture UnderaritingA'gsee=ent Rr-i to effect the de]11Rer7 to the Qndenmiters therein named of suehDebentures as are to be purchased by then nereunder a;,ainst pVment to t't-.is Ctr-vtt17 of the Furchase price spec::Sied in s3id Debenture, Qndersrttiai Agreearnt; :.: s F.L'ftYM, that t:w Yresident, any Yice-President, or the Treasu*er of this Coat:r.jw„ be and is :.e:eb•~, authorized, upon iss•aance of said Debenturei, to, deposit ritS4entrl ?+a'no,rerT+an1c and Trust r-dmiarp, asBayir.e, :gentiith respect to this Coaauyy*s S•evea Per Cent. rold Bonds, maturing lktober, 1, 1944 , the suy of d5.20%604 (being equlw3,lent to the a&&-ree;-te priftipe.l awtint of said Seven fer Cent ' out of uold gonds d4n ) t ta . , ou s n 1. fnads to, be receive& by the Conrr,W upon issuance of said Debent:a'es, sDi to A'}7 to said Centr^: hanaver sr_nk and Truct Uoc;sany, as such °eyin; Aeer.t, froa other fun.:s of this Coa;;aVy an amotmt ecual: to all iaterest to aecz'.:e oa said Seeen, Per cent. Gold 8onds to,tne :i~te of :.atutity taereof,~and YrrenocebYy to inatru:t said Cea,rnl P.aaoTer E:anksnd Tru::t Co2oary7„ es 'such' of sgent, tfl, ase said funos so ueposited with it for the FurF°r of (t) F r~ , a , , g y said -M„an : er Cent. Gold Bonds upon maturity or payin8 all

• 141 y.,;ri baa,s ;reseated' to it for payaa`t r-riar to snturity at the :rincipal a_^o-.t :.:YersCf and f'sterestt to. 3at-m-ft'orsJosery itiaC3asi:6', taes, ia.n tGeozea. ;arirG at a;rico not in es=ess of ;ae =-iac±aal aac:mt L:ereof aad'ict.ro_t t; 71~ait7, aad' (ii) F4T'•=% i--wr.at cn said .3ewex Xar k.eat. ~aXz xr+:y as s.3 S: :eres: saa"l~ becoae :as; sc.i $.,.^'CLTJ..'', tie: the 2n3s:e.; of' tae -sroeeeds; to b. re :a:red !a t_-. C,-.X=s-7 -a,-,cs tas issum-ncs o: sa.ii iear.zy :ear 3-i zpbestses a:4i' =. Lrcee.ia :a Ped s. c::7ed '.Cr ~i,aa:z~ :z?nm :s is~r,;--xce of I: e a.~,s3.^es o: Cba.roa : a~e:c s~_ ~ri:ad : crsta:t ta tLr res.asa:xs adbste.i '~r tris :oa.-u .:a, b_=te3Sar ~ ~. to the aztent rezsLre.:, br 1T tre .:i:'i:ers o: tc=s Cax=r.T ~s 'eJ-_mt os', ts _r'.:-csa: of, u:a :.):as o.' t+c _-~ ^ of sae trri, Cren'_eaI 'er:4 4:r.:yt Cca;,e-L*, :`e !eL'_- C tr :;.~ c_^ !er York, :y`e Neillc:a .Tast Ca,:xs1 asnc.er Sa:i ....=.ay. :`.rst, & ser=zams aati.na:l, ?dat, 3iz:aosi„ S:.t',. _s :ers ~~c 4 ir-si s.esaonc, Vsei=!~a, C.'.zeas; Mion ss,-.ic.a.:; Ba:_k, !ec'.:::.i7, ar..i rrst y,U_=a,1 ae:.i, 3SSC_7EJ,, Uxat out o'' c:e bs~er of saii rrc:ae:s to be rece:rsL: tT t cz*a7s Won t3e issaasce of saS! -ebe=::res ~C sJ ses o" S_orY,, tz:e -s ~e ai-„ or t: e~o=: a,r-, :+e".:._-br-rse _tself :ar azzr ra::r r=t!j re s~ct :.a y tre: eS.ar.Ses incideattothe r°sp~s:3'iti'aD,, isr-~Ai sndsa`e:.f-Z.e, . ~a'Je:.:;z_-13s ~: Cozr.:n _.-ck a=i a..; a: ter :.1 be adcedi to, tte. -.r.eII6g caril.blof t:is .he Ch--IA-at'_.acc3 before l2:e, =Ae:-"s; cor:es cf U+-4-*-t 5o. 1, aa3: L=~=eat so. 2 to tae nezi3tra_ion Otsta--t'iie3,, res:ectirr,:~z„ 03 5erteaaer 2d'`, 13G3 an3' ..etaaer l, _943. s1:e •aer.r.evs: .y..,re -si,edtx tLei :r^sctcrs. :m-aat.ion ssnde ty 'tr. dec•., ar.i secon::ec :u iz. '".~.'..a:'1a':-, it.es -x-llw,u3:7 ~ui. n,,, that ti.:e ezec..tioa of ----~-t so. 1 s.: L--i ~ct )6o. 2 to t:.r a`1st.ra..Son ota:e=est 'Sled U7 tbr:s C.cspa~ .it5 t-.e: Sac_.-=-~ss .~ ~- ~~nee Car`_ssicn a: i! ::s -i+i-~ of' suen: r:-: s&Si' Coe-^•ission se tA respects rssi:~, af=ir-..c a:..:, r=rorw:; aa: BFw':.7sa+, tLat tae -ra;.err offi=ers nnc a. '_asst a a;ori.a: :F t:u =L^ee- tors be r.,:' tr-e; neretrj are autll-oriie+i froa ti:e; to t"~-e :o :lle rita t'r.& fe- c~ri ies aaa ?Jccaacge wo~ssis :m:er La :seLri"es Aet' of :433s as = -red. s.X-lz ot2ier a:~d fl'.rser &-a^~at or Rlarents: to t:e aey-=strs-...:an _zt,aceat, ..:Tisa~e;; and 2ros,xc a:s zad E[sLbits as tiaa7 ~&Y deew nacasory and HYSC_Tr...i:,, tsat t'se tresi:a:: or s--l ;ice-FresiA'eat of' ::.is C-,.eo;., or t:r :rs&sser or snl .ysis--.~~:.t .rrzs.:rar or tns Secr=--ssf :r =rtiT lssi:;:aat Secretary of t::is Ca=~~, be s-- ere -~ezrea: eatrori;ed anc :arec:a.: ta ,io s ca'.ss to be doae suca otser acts and as :.u,r be =eces3ary cr re.;u=red, er tee7.ed trj toe rresi:eat or ss:es 7-ae+-?resi.:ent, .reassrer, :ss:.s:.a:t :reas'1Terf, ZAcretzTJor essi-itaat --zecrefU,rj:.e.ces.sarJor' acr_:;la~lle, to earlT' . out and to eaic.::nta tse ten-s s.::i' .xcriai:,u of '-•ie fC.redoi=e raw.~tiazs and the resalutioas aaopt.d' L7 ".: is .4oesd at taeir L.eet::a6s --e:,i on bepceioer 17, 23r.nd sd, 1943; aand Yp.api,m, t:at t:1e aecretaa or rumy ' dssistaat Sacret+sr,r of t:3s Coraarly Z+e an3, 1s zeretrf autsoriz.Ki to certi'fy =& deL.er a coty of' tbesr reso.a- ti=s esd' t~ze resolrjtiors of t.-iis =o---d azoptec on x. tn:ber _?, 23 aad <3ir,, 1913, to yuc.h ;.ersoas, fL--y aas eor-rorntions as be aey cees aecessr_-7 or desiiahia, and' to iden'ify Yn nis s,grature or certi:icste or i3 sue3, fora,

l 4 142 as nef be raqnSred aay tora of document au2aittsd'.to and aPFao..d at i1ts aretixg or such other neetings. on sotton dv1'y made ard~ s.cond.dI the eieetiing ad,foarn.dto daet Wednesdaa,, October 6, 1943-, at 11:15 o"cLock l.ll. Ca'

" Ncto2rt 6,, :aK3 la adjo ian.d .e.tiat of th, Board of Directwrs of ecsc held today at the office of the Caap&zq„ 119 reat l..^lim Jew at 11:15 oft.locY l'.ll« ~ lhere were irssent ldeasrs.: FS. l. teat G, t. t.hitefield E. :. Fo.11ag . Z. J. L1aIl.y J. 3. Freemaat 1 F. Hopeiell J. T. &eal '#. H. i « Tampla Todd iool' I s. t ; In the ebsence of ar. tlu-el, sr. Bent, tce Seeretesy acted'as Secretary of'the =eetiag. Oa, motioa dul;f nad. sadi seconded„ t'sa, reaciYzg of the sl,anses :.eatirg sas cistersed'rith,. (s: wtipn of, ltr., risL*e;y secoaa.d trJ Yr. doperall, it .as' er--+- acvui-~Z 3:90LPM: That The 3e: Iorlt Trut Coaperq„ 100 9roadwV, 3ee' 1=-c Y.T., be aad it is hereti7 designated as depositary for =e prrceecs :a be ~- eeire'd: frca the: sale of' ;20„C1:C,DOC Three rer t;eat. DeOacc:xes d;20 l*e?, sx the ;roeead'a to be received fram,tne sale of 374,391 shares of Comcm ~.acc, sueh deposits to be celd!ia a Special lccosmt.. FUS'1.'~-ii 8~Eui.TyB: That all checks dra.a a0inst saidi aYrcial' Accotimt xith The rer fork,Trust Campa47 s.`sall bear the sigaatures of rr,T t.o ot 'L`e follo.icg:, President yqy Yice-1'r.sideat Treasurer dec.,-etaryr un,.otion duIIy made and seeonded, the coeting adjourfled''•a =,!et f:aneay, b-yebe- 15, 1943, at'11 o!aLock l.y'. S.cretr:ry No.eaber 15, 1943 ' la adjouraed veetiag of the 9omrd,of Directors of P. LoriTlsrd COMpa7 as h.ld today at the affice of the Coapaa7, 119 tast 40th 5traet, Ye. 2ork City, at 11 o'cTock,l.Y'. There sas'preseat Mr. Todd'IIool. ro quorea being present, the eaeting; adjouraed' to meet lleSceady,,. Deceaber 22, 194:3', at 11:15 o"clock A'.Y. 3/ S

J regular aseting of the Board of'IDirectors of P. Lorillard'Coapax7 we$ hel;d today at the office of the CcrpaaY, 119' Yest l;M Sttsest, U. Tort CItr. S.re were presmt r.ssta.: G. H'.Hun.aIl HL [. feat G'.,D. ILitaftald I. S. BoT11rg J. L. GLascock I. J. Ha11ea J. S. Pr.esan 1. Hops.lli 3. T. [sall H. !M1. Te.cpl'a Todd go01, Hr. Hme]L, ChairaenM paealdsd and tha S.csetarJ acted as Secre" ef'the seeting. Gn so+Ciom dnly sads and seconded,, the readSae of the adnites of' the yx+wions aretta` sas dispansed .ith. Gn ao!tiion, of rr. Botl4ag, aeooadNd' by Kr. Freasa, the foSLa.ikg' ad- tertitling e:psodltures were in all respects approved, ratYfieda: and canfTra.dc Eati.ate b. Lt8'. SagRlrsant A of J. Walter Sha.psoa Ca.pwq, dated October 18, 19430 corering, radio adserti!s!',ng, of OLD GOLD Ci'gar.ttea, October 17, 1943 through J¢4 9;, 19'!«4', at a cost of' a8.~813'.61s tatiaate sa. 1R9, of J. ialter Tho.psoa, Co.panT datad:OctoEer l;, 1943, . oonring radio ad.rertYsing,of OLD GOLD cigarettes (World Series Gsaes). October 5 4hrovdL GctoDar 1];, , 1943, at a cost of S60.5C1. Ocotract dktad' October 15, 1943' with S.B. STs,on Inc.,, Bost;on, Hass.,, cover- ins,adverttsiae',of'aLD GOLD Cignrettas in: tks Cwrdea-Areoa Sport ian co..r- int',erents hald in the Boston tteAiison, Sqqare Gsrd.a ahains the.l943'-" ssa- am*, at a ooat of' W. GD notlca duly .ade and' seoonded, the swtilag adjoarned'.. 304+etai]! Q ~ ~ ~ ~'. ~ ~

6. 1rnn..ls.r 19, 1943' 145 1 regular m.etiag of the Board of Direotors of P., Lorillard Ccwpwp sas lleLd todp at thw of4ice of the CaslpaW, 119 iest 4Qth Street, Bie Torrk City. nere were Preeeat Y.ssrs.t; B. l. Lant T., J. HaTl'ey ?. L. Parldas„ Isst. SYotr. In qaorm .being preaents tb.a seetiag adjonrned to aeet vandaym7ome.ber 22s 1943, at' three os'clork PJIL

/onabsr 22, ].91:) ' 146 re8ular An,.~ooraad~,eetia6oft1~, aoara' of t>~ctors otr. Loti7lrrd Ce.ri,W, ws held today at the office of the PowI1anqs. 119 airst 40th Street,, lse'Iorlb City, at threeo*¢1'ocle R.Y. there .er. present i[essrs.z G. 8'. Tomeal T. l',[est Z. 8 r Eo+rlSaT T« J. P.alley I « s. Meeaasti T. Sopeall i. ?. lespla Todd .ool 1tr. SummeL, Quinsa, presidedi and the SiareRrrJ acted as Setrasrir of the seetL'ng. ~. pn .atfoa dalljr .ad" and s.caaded, tha readtn;, o!'' the siantas' of the pr.- ` e3oas a.etine was dispensed with. qe sotiimm, of Y.r. Bowling, sscamdrd' tif Itr« C.ct, tt wa unanimously S'S50LFEDx tfiat' the dividend of S]I.75 per shsr" on tb. PraFerred Stock of ftuts CoaQsary« shich,.ould otherwise be payable oa the fSt'st tusiaess diy !fe J-AatT, 19&k„ be aadthe aa.a1's hereby, bx'.erq of aati!rif.tion, declared aad aade payable on, Deaesber 17, 1943, to staek3:oldiers of record at the close of Dusiness on Dece.ber 3', 1943. I lARTM SYSOLYLDt T'hat a final dirid:ead for the year 1943, of 451t pas . share on the oatstnading Cam.on Stock of this, Comaany be .nd' tthr' sa..' is harebt declared'and aadb Raxahle oa Dacenber 17x 194.3, to stac3Ehaldars of r.eord at'the1 closeof0asinea.1 on Dece.her 3!,1963. ~ . !QR'ffit8 R7SULM: That the proper 0'tfieers of the Ca:pea,f be and tf>mV ~ hsrt!>S are authosised and dSreet.d, to deliTer,, as or before tti.e 16th day of Weeatier, 1943, the aaauat raquired to sake peyment of the above di>Iridends. ~ ta wit, the sat of' i1,182,506.85y, to The ber sorY 'Prnst Coeoasy.' 100 1h'o„d"T., Te. Iorfa City, [. 1., which said seta in thi.s csaner is her.T+t irrs.acshl7 set aside ffor and allocated to the peY"eat af stiQ~ dividends and ahall be used W' said '1'rnst toapaax for the peyemG of said di.id'aods la, acaordance with the teasa of this fiesolntSoa. I lCR2Fil8 RFS4LM: That tha aforesaid divideadM aad etrll olr ths, be ahar¢ad agaiast currmt .araiags of the Caacpatq for the T.er 191.3, aat af aod d'th respeet to.b.ich they art iateeded' te be deelared and Aaidr and tbat't° th- e:t.nt such earniagt ..rr not snfficfent ltor that ptrpose thrJ be ehatEt alpioat, aarpins aad imditid.dprotita of th., Com;aiqr~. oa,.otios oL Ut« tant,,..oood.d by 11r. T.av;a, the following adRertis"I e=psodit'O"s s.re Ia all respects •PFro'r*4 r'atlti", and' oonFixa.ds s+UMAtet of J. .,itor~Thag„M C,,,,, any as fouawsa #151 dat0d Wa.embar'9, 194,3' co.er.ing,advert'lsfag nf'OI:D COtD Ciaaasit.a ~ ~~ 1~ ~~~ee ~li'c.+tioas therein set aat, at a cost' of ~~ ~ f1 teUvesbeves~ r g, 1943 cowrering' ad'.etaiai4 of OLD GOLD' Ci rettes ~ ~Yaa thereTp set out, at a cost of $581,6L8.«43!• +~ ~ • ~ t d.twd Yot.rbsr 1b , 19143, ca.ering adrsrtising ot OLD' WTD

, i. , C28+FS'ettas in •eiagsd 1fSatary• lesus of Lha P1q7bi11, ioysaber 21,,. 1943, thswa&Ifq 20. 1944, a8 a aos4' of $24Sas. _. QIIsdUOII, 1'~IiY Mde aLdd sSCCOded, the YetiW '. adj'OSII'IIed~« 14?' 1 t 4

/ Xoss.lber 22, 1943! . 14~ Mgular j+s sdjpw..d/s..ting of the Eoard of Dlrsctors of P. LorilUrd, Coip.W ws 3ald todi.* at the office of the CcsparW, 119 lfest 40th Street, awe ta}. Qity, at three o`elaclt P.r. The=y ss,s ~ pseseot g.asrs. t c'. 9. L'as,.el rt. A. ceat F. S: Earliaa' T. J'~ Sallsy j . s. F"el.a l: sope.elL Q. F. Z'eoPla Todd iool ar. Sose1, chairsa, presided, and the Saeralar7 acted as Secretary of, the .eeting. OALI totSlen day ' .erle i and secondad, the rsadilag of the a!',natss oftbf pre-Tions aeeL.iag .as dYspensed with. Oa .otiaa of Ar. Boilingi, seooaded by !r. [eat, it tas nasaiaously RW0LTlQ: That the dividend of t1.a5 per' share oa tba Bretarred Sloclc of I Iais Ceapaas, esich ernald otherwise be payable on the first buainssa day is January, 1944, be aad the same is hereby, 6x'+eaJ of antieipation, declarad'aad .adl~ pq;adIla oo Deos.lbes+ 17, 1943, to -stt~cidioTdsrs of r*cord at the, close of bosiaeas oa Leceaber 3, 1943. T4811iPS,BML9ED! That a final' dividend for the yeer 1941 of 45«' per shara on the oatstanding Ca®on Stock of this Ccapaql! be esd' the asae is Eestit'T dwclared and eadepqlaillle on. Decealar 17, Il9'43;,, tostoc]dtoldera of' recacd at tfleel,ose of tiasiaess!om DeceaEer 3s 19J',3. tQSZliI'8 SESOLIDt That the proper Officers of the PcaQaep be aad' thq hereby ar+saatboriaed' sad dL'mted! to diLieer,oaorDefore t5s 16t8daY udDsce.bea, 1943,,,tE+a saonnt required' to sake psJsent of the above di.ideflda, to iit,, the ses nf S1„182,506«85,,to Th. tlsr sork hnat Casgasq,. 100 8road.e0'~~ ler'Lorl¢ Ci'ty,, I. I'., which said aa ln this oaaaer is haembf irrevocably sstt . asid'e for end alTcoated'.tb tll, peyeast of sald d~iTidlsadll aad sha11 be used tv ~ said itustCeePaa7 for.the prJaeetof said d.irid.odsias acoosd.ac+ ritJ>> ts teris of'thi's Baaolntioa., MB?MHfSOLPIDs iT+at' the~ aforesaid d'i.idendy and eachoftF+w.h be charged against' e~trreat ea:aiaas of' the Cas~.aq for the, rsar 1~9~03, oot' of a~ .itb, rsspattos8ikb tli.xara~ ilatended tsbo deelared andgaid'y and that' to' the aae'Gat susb earaibgs ass not saffieisnt for that garpose theF be charP4 ' aVtast snrplsu and mdixid.d peofits of the Compaeq. . 09 .otia. of rir. tent,, seconded by lr. TJavgl.kr the follorin8' advOrtis''" ' asgmdltaas .s. 71aa11rasPscts appsv..df rwtffL.d,, endconfitmsds Ltli.atea of I~. Rylter Thoapson C*,PWW as foiloas l15" d'atodlic.eaber9. 1913' ooRer,ingad.rertiaing;ofaLDCOUDCiprettas ~~t 19Li in Sar.iee..ppblicationa t8erein set out, at a cost of Wi~2•86~ #152 dat.d 1oa.reaber 8, 1943 eo.erina ad.ertisiag',of OLD COI:D Cigarsttes 4utlal 191iL L- aas tyia g.&AA,,rs set out, at~ a cost of !.581,1.<8:<:1•, l150 8vMl+mt 1l dntsd Yo.e.bex 16 1-,, oyp CacD f . e ca.eriae adrertirtni a

©434377U

0 ~. ~: ~------- ; December 1?' , 19Zj l regulYr ae.ting of th. Board'of Dir.ctors of P. borillard'Co.pany ns, tods,F' at the office of the Ca.pany, 119 *sst l.Dth, Street, He. TorkCity,, m.ers rere present 14ssrs.s G. H. Hum01 H. 1. geat G. D. Hbitefieid, E:« S. Bo.ling, J. S. heesn t . Hope.an J. T. r.b.l H. T. Srsqnis J6 1C. Glascoek Todd Rool1 tir. Hiasely Chairaen, presided, and the S.cretarir act.d as 8ercrstury, of the arsting'. On sotit+n dsilf'aads and seconded, the rsading,of•,the siinutes of the Frevious s.etiAg sss dispensed with. On aotlan of Yt. rhitsffeld'„ seconde& bJ' 1[z, HopeeeTl, it was u^-?s usly 8C9QGYlDu That the Transfer BooJcs of the Sagi!ster.d' Tive Per Cent Bonds oftl4is, Coapsrq 'shallbe closed at taalve o"clack nooa J'anaarFli5„ 19L6,for, ths pqyaent of interest tbereon„ das February 1, 194:L, and sbail' be reopen.d at ten o`cloct r.fl. TdbraerJ, e"i 1914. On aotion of Hr. Lmt, second'editiF Ir. Se.pIls, the following adtertislng espwd'itures .ere in a11 respects approved, ratified', and confit><eds 66ntract dat.d December 13, 1943, .with H.r. Stevens Inc. for a hal'f pag. Odi1GOLD Cigarette ad'.ertiseaent in football pz»grea for gsam to, be pleyed at the Polo Groonds,, Yer York CitF,,oa DeceIIbe:r 19, 191.3', at a cost of 15G+ tat3rates d'atti& December 10, 1943 of S. Ralter 2liospsm Cospaql' as folla:as /160 co+ering,radio adkertising,of Oi:D CDLD Cigarettes over Station 1I5a, Indianaa olis, IkbdL,J.nuarx1 thraagfi December gG,, 1944, at acoet of S11,73P.5a• /161 covering radio ad.ertisisg,af,OLD GOLD Cigsretttes over Station iSZR,1 ftImcase,,r.L, January 1, through December 30s, 191,1., at a cost of 0s sotica of ftic. ftitafle.Ld, seconded by• Itr. Fresam, it was w1eniaousJ.T ZL90LTatt That thtsCa.pany, contribiutathe, saa of S.1y,QW to SSteHational Conference of Christlsns k Jews, Y.. Sork CYtv„ !(.Z., • On .otion duly sad.e and seccaded a~a-ned to sset the aseiia , g ledn.edq„ 9ecesber 29, 1943, at 17t10 o'c.lodc l'.M. ~ aecretar]r

i Drceamer 22, 1943 . lu adjgurned ierting of the Bosrd of' Directors of' P. LorllZL.rd CoapaeQ, was tiaYd todsa at the office, of the Cosqany, 119 west 40th Street,, Ye. Tort~Ci~t3?, , at 11!g]'.5~~ o"cLack Y~.Y., lhsre were present ll[assrs.t! G. H. StsimmaL. H. A. Lent 0. D. MLitafiaLd S« S. Bowling f. 7. Sa1Tea j . S. areeaan . _ 7, Bope.eTl Y. E: 2eapla. Todd loal Kr. Boa.eiy, L3airsany presidid'y aod the Secretir,f acted as SecatarT of the I s..tiag,. On action dula aada and, seconded, the r.adSng,of the aSnutss of the previous seeting .as dispensed.rSth« ~; The C"-irman prssanted' to tha, reting a copy of ll.aodseat io. 3' to ths B.- ~ gisxrati'on~ StaLesnt,.ltick, A'mendaentsas t1i1'ed mOctoiier2y, 1W',aod a.1so~ acopf'of,tbr Prospectus as snpplamentad, aad, filed an October 19, 194.3. . The %seod-f sat and Prospectus, as supple.entedy were -aiaed tbr the D1.rectors.. Qnisat3on aad. tprllr. Yent and secooded tr Mr. Rhitefiald, It was .efawiwuslY RbSDLFIDs •That the execution of iamdaent go« Ito the HagLstraklos Statisy j sent filed tpr this do.pany aith the Securittes and,8schaage Cai..issioa and the f111nZ of sucb A.andmeat and of the Prospectus,es suppia.entadywith said,Coaais-;; atoni are in a11 respects ratifiad, affirned and appno.red'« ~, Tte, Gaairsan swport.d that all of the $20,OQO,000 teeat,f Zear 3% Debbeuturea j •ere issnsd' and sold to the Ou+das+rriters,,, pursuant to tM.e tsr.a oL' the, DsDenture ~ Dhder.rikibi, 4gree.ent dated Oatober, 1,194,3„ on. October 8y; 19l.3, and that tne Co~~ poration had' received f:va the Daderrriters for aai'd Debentauros the par aaount ~ thereof,, or :20,000,,000i*, and hadl paid' tlo, the indtrr.riters cosai'ssiona in~ the aggM Pte saoamt of $350,000. ~ The Zreasm-er stated that 345,196 shar.s of the CcrmoA Stock ofYeredi 1`y the, Corporation to the holdera of its Cboran Stock for subscriptioo bad been sab- scribed for kf such stocidioTd.rs or their assigas, that 120 shares of such Common,Stock were reserved t7 the Corpomatioa to fi21 late snbsariptions in .ar1.- toriovs cases, aad that the Ealance of ths 374,3'31 ahares,of Coseon Stock autho- , rised for issuaac., or 29085,shares, .er. paachaaed ty the Underwriters, pur- ttt{ saant to the tarns of, the Comaoa Stock IDnder.riting Ilgree.wt, on October 21, ~, ,19;C3'« lrrangos.ota .ere,aada with the Underwriters dleretp, they agreed.to t~ald y, tatporarily of tha,stoclc purchased by 'thea 300 shares in ordar,to take care of asW further late subscriptions. ma, Treasurer furtb.r said that to the extent ;', . possihle late subscriptions Lad been provided for aad'that aTl ot the,3?4,391 ~ shares ha.re taeea issued and the Corporation has received tharefor an ai,-XbI~Kte aaaiat of $5,241,i7L. xe said that the total' undsrm-itisg; c,a.oaisaions paid ~ f with respeot to the Cesson Stock eisre g187,15i5. `0' +• oe .otiod of /lr., Fsee.an, aad' seeoaded 1¢l Yr. Bosling., it .aa aaaaisousldr =OLYISDs That a11'of the acts anditsansactioni of the rsepectL.re officers Of this Corporation with respect to the issuaaee and sale.of'$20,000,000 Tweaty ii T , I

1'Sa 2sar 3% Debentures andi of t3s. 374,391L sliares of' ad'dition.T 6oe.op Stock of this Cacporat.fioa De aad tbe saam bsr.ty are raLlSi.d, effine3' aad appro.red. 71h. Secretary sL1ld that al1' of the lSaaineaa to be Cransac8sd: pmr- suant to the [otice of Special 9setin; of th. Bdard'of Directorsq d.ted Sept,eabss, 14, 19A3, had' no. b.en cos:gTet.d. un s,otion aad. by Mr. lhitafiald„ aad seconded lir Ita. Se.QIle, it as msaileonal,f H6901AIDx That t2ie aseting be adj'otiaaed..

t a+..W--- Dre..b«a 29, 1943' 1'511' An ad;j',oacened aatina of the Hcardd of Direetors of' P. Lor3llard Cc'aaaxW .as haid', todby, at t:tba of fi'ra of the 6o.paaW, 119 Hat (Dth ~ Strs.to, Hs- JoriC ' GitXr at: T1s10 o'euoclt II.II. - 1110" -r. pcmaat 8bssrs. r a. H!.: Hum.al mL A. Lent 0. D.@i{t.fiald! S. 8. Bo=11a` W. J. Halley' J~. S. Irsa.aa 'P'. Hops.all S. F. lrayls ?odd lool ir. Ha..als. , Ch•+•o•,, presidedy and the 9ecretu7 acted sa Sacratar,f o4 the a.atin8. On aotiba dnJ7 aad. .nd seconded, the reading of the siantos of tbe pa.- .ians sr.ting aas a4 ap.aa.d .dith. tr. Hrst ea3Iwd' tio the atLantL'oa of the asatla~g, that ths, vacancy on, the Board'orrat.d'ba' tm.,d.atb of llr: Joha J., DriscaLl had:aot b.eu filled. He statid! that ia r3aw af the sentiaent espressi.d bf .aax of the StockhoTdarsi of the CasspaW he hart TrseJsad the aoneLnsloa that aa azpari.nod baainess nen,.bo is not in t2se eagLaa of the Ccspwp attonl,d !» aiacted' to the Board to fill the ; asistiag sacaaey; Unat ht had,git.n -ch thengtrt to the rtter aad'after'dts- eassilon with othesr J:Lreatars ne desised to noninata 11s!. t. cl`dd•n S.ari*, of' Bro°rvtl•, 8A.,,sss~ a ..abtr of'r2ia Board, of Directors. lr. Fres.an, eaidthat' ~~ d'istimet ad-ii'tioat.ath. Board'.Thsra 6e1nH,aoothaA na.inations,it ras 1390L4f9t Th" !r. F.: Gli.ddaa SsrL, a boaa' fLda .haaeholdar' of this Qom- paqT,, be and Do her.r3y is eTeeted a aeaban of the Board of Directors of thf.- : C6apaW to f11]. tts vaoancP on the Board created by the death of ' Yr . John Dsiscoll.. t he d'aIlre& to s.eomd , the maYnatiioa aad'that~ tis believed mr. Searla d onld bt, a at sotdasL of !Rr ,Keat, aaeond.d tr ' lEr. Yhitetialdy it' w.s unaai.onalT SESOLV'II1i Th- the r..aTnt3on adoptad' at a aestting , of t2t. Board of Dirnto. hald m Yarch 8, 2i.~. regar¢tng aorg.nsation to: Liract;m of the CosQany, dro arw aot_ othenwis., sp].ay.d trfor ooaaecteddth~ tlls G6rpsay, bsandthe ssr iU' harabr rejpsala& aem wesieirnddf and l4RZEII' B8sm33Ds Tu+'at effectira Jamsr7 1, 19" the eo.p.nsatioa of Directors of the Ca><naal sbo aae not otherais+ a.playadd,lif'or connected .ith th., Cd.pwp, foa ssvicr as director, shall be at' ttbe ratse of' Cha 9Soasaad' Dollars ($1,000) joar aosssl: qV YbU I laI equal 9uar3+'rlJly instal]la.ats. .. 8al ] et, seraari.d by tla. HoPe•ra10, the r6L] orlas adwarttainH, on• aoRSos ot WL- aspabdituri,s .ar.im al]U r.sp&cta~appro+ad, r,atlftad,„ and[ canrYrsiaauEntlsiate 11fY5of r_ Sa]itar nwapson C-nany d.t.d D.oaab.r 23, 1943, ccovering aancnma.rents af. -r.ua,o adtertia.lhaY of QIiD G]LD' Od;6arsftt.. in newspapers tri.rais, s.t aaty duria8, Ja®marr 1944 ~at a oost of LT,,6t6.23. CIrotraat datd! IDacstrr 23', 19A3 for a full pagn ULD, CBLD~ Cigarette adir.rtis..enR+ _

ln t8. Sioppera Cu1d'.~ of fladasaah ffo- the 1943-194~4' s.asoa, aj a' wat oII #50• On .otlon duly .ads and aecondid, the aeetSng,adj'onra.dito aroat Ztiussdey, Deceztier 30, 1943, at ll o'clock r.Y.. Satraar7

I ys ad,imnra.d s+aatinH of the Board of' Directors of P. T.or1lTnrd Caapnuy sas ' SaLd todaur at the officu of th. Co.PaWy iyy' W.st 4Oth Street, Ya. Tork City,, at alir.an o'clock JJ[. m.re were prssant rassrs.t H. 1. bant G. D. *h.tteflald T. J. Halley 7. Ynpa.all1 i. F. la.pla Zbdd wooT In the absence of,Yr.,Huma.l, GLslrsam, Mr. [.nt, President, grasidsd, and the Secr.tarJ actad'as SacrstarJ of th.iaaeting. W notion daiy anda and sacomded',, the readiag of the i ainntes of' the prerlievs i , aeatins ws dispeasad with. ps .otion of Itr. Hopa.al:Y, s.ccodsd bJ Mr,.,lmitnfSaid,, it was naaafawnalJ BFSOL'.YLD's lmat the TTrassorar be and ha is hereby ant3oriaed to chasge to t2ir capital, sszp.l!ns oI' thiis Gospany the smdea~.rit3ng coai'saion paid to the Uaderwritars and akT otbar asp.nses in, connection ri!th ths issaanca and sala of 774.3931 s!lares of U0 par caTa. Gammon Stoek of' this Company.. pn .otYloa dnlj .ade aad sseondad, the s».tinQ adjonrnad'. S.cratarlr `

~" ------ - ..,,..._.. Jannary 21,,191,L L'regniar seeting of the Board of'Directtirs of P. Lori]aard!Coapal'y sas heuLd todaJ at the office of the Coapaq7r, 119 lfest 40th Street„ Naw,1or16 Ciity. T%ers were present Xeesrs.s G. H. Huame1 H. A. ![ent GL D. lmitefieldi H. S. Bowling *L J. HalleY J. 3. 1Yeeaan: . J. A. Glaacock J. T. IIeaT. T'. Gladden Searle . H. F. Tesple Todd Hooli Itr. Hmmel,, Chairsan, presided, andi the Secretary acted as Secrstar) of the aseting. Gn aotion daly made and seconded, the reading of the ainutes of the previous meeting was dispensed1wi'th. Cin mtion of 1[r. Ifhitefield, seconded by Yr, dalley, i't was anaaSiwusll AESOL4IDk1 That (in lisu, of closing the Stocld Transfer Books) 3 P.Y. Yoode,r, February 1;4, 19449 be.and' the same hereby is fized as a record date for the deters.inatiun of the Stockholdera; of the Coapaay entitled to notice of and to vote at the Annual Yeeting of the Stockholders to be hald IIarch 14, , 1944. IUH7M RESmLVFN That onTF~ Stocleh:oldbrs~ of record at 3 P'.1[.~ FehruazY ~ 14,~. 19" shall be entitled to such,noti'ce of and to .ote at such rlnnnel,Yeetind, notwithstanding, any transfer of aRy stock on the books of the Co.paip after satd record date4 On s,otion of'Yr. Temple, seconded'try Yr. Freeman, it was uaanlaousl;P BEWQLFED': That Messrs. E. C. Hunter and A. Riefner (neither of'thes being a director nor a candidate for, that office) be and.tbeyr aerety are appointed to act as Inspectors of'Election for the election of, Directors at the ltnaual, Meeting of the Stockholders of this Cbmpasy to bei held' on March 14, 1944. The Secretarf stated to the meeting that uadbr, the reguLat'ions isz ued' f/y the Securities and'Ezchaaae Coamisslon a proxy steteaant and annuall stst*- sent,is required to accompany the notice, and proxy for the annual saeting of'f the stockholders and thereupon presented and read to the meeting drafts of' ©i notice of the annual meetina of etoeldholders to be held YLarch 14, 1944. Pro' .My. statement, and proxy., On sntion of 1(r. Searle was UmaaiwIISly ~' secbaded t Y 1Qiit ld fi , y r. e , e HESOLafEDs That the drafts of' the notice of the annual .eeti'nd,nf atoc~-~l holders to be heldiltarch 14, 19L4, proxy and proxy statement ('subjeet ~~43 changes in said drafts, i.f any, as say be dbemed necessary or .dtilisaLile b! eounsel in order to comply with the law and1 regul'ations) which have becn presented and readito this aeeting, be and,ttie saae, hereby are in .11 re. spects approved and' adopted as the acts of thib Board' and tb. SeCn~ i's liereb} ordered to have the same duly printed and mailied to th., stoeicholdars ia accordance .ritb,the rec,uisements od,law and,to have ccpies tbersof'sties.

P.i LORILLARD COMPANY NOTICE'O'F ANNUAI. IulEfTIING OF'STOCSHOLDERS: J.rsey , Gry, N. J., Febni 7. 1944 To:Tt& Snaatxot.cewoe P. iaar.t.uw Cortr:tr+vi: Notice is hereby giveu that the Annual Meeting af'the Stocklsol'dera of P. Lotut.r..tea CorarM+lt„a Ner Jersery C„otporetian, will' be hcld ar the principal office of' the Corpontian, lloom eol„ lS' Pachange Place„ Jersry, City„N: J., at eleven o'clock in tha' forenoon an the,14th,day of: March, 1244', for the election of thirteen (I!)~ directors to hold office until the next following uutuall meeting of'rtockhalden aruntil their auccesron ere e',letled'and qualifred, toi consider and, vote upon the proposed resolutioar tet forth in the enclosed proxy statement and i for, the transaction of such other buainess u taay , propedy rnme before ruid nueting ar any adjournment ar adJaurnmenu theroafc The Stocli Transfer Books' will not be closed, but' only Sloaltholders' of! record at 3 P:M: an, Febrstuy t4', 1944; ahalli bee entitled to vou, notwithstanding eny, transfer of any stock oa the: booka of' tha, Company after wid record date. Toca Woot, S.r+u.y It unable to be present a' the meeting pleaae sigc the endosed, p,roxy, indicate yatr, .aa thereoo, and retttrn it' in the accumpanying err:elope,w that the meeting may tie properly heldJ PROXY ST!-L'TEIMENT' S1GHT'TID AEVbfQ.' FHOYy Any, rtoaldhol'der, giving the proxy enclaaed with thia rtatement han' the ponrer to rerolie the pronlr et enr time piior to the eeercire themol:. ET WHOM ArtD'TIM DULNL!rEA' Bit WBICH'TFIE'PAOIY'1S.RIIHG'8OLiCiria The praey Ie ealicited by end on behalf af' the aunagcment of! P., 2:orilllyd Cotnpany,The aperue oUthe• wlititat'iat oC proaiea for this rnreting„ uuluding, the cost oL' mailing; will be borne by the Company„ In adUition to the use of the muls, the Comp,any'msy raquesr persons holding, stock in theie name or custodr;, or ih the name of nomiaees, to send prory, material to theu principaliand request authority , for the execution of the proaiea and will ra imburse such persons for their eipenses, in to doing, ar a total estimated cost of'~ about,Pine Hundred' Dollars (S5oo.tlo). To the e'itent;necessary, in order to usura sulficienF representation at the meeting, officers and «guleremployeer of the Carn- PNy, at' no adlitionJ compenution; w3ll request the return of pro.iea' persanally, by telephone or telegram. Th'e, extent to which thil will be necessary dependi entirely on how promp<ly, proxies are'received and stockholders are urged to send in their, pro:iea. , ' without delly;,The management tiu no knowledge or' information that ary other persan .rill, apeciallp engage'anT emPldye° to alicit proeieu Q VOTMG' SECVAIflES O1JT8T'!L2!iDINIb The,outumding number of'each clau of: roeing,securitiea of,theCompany'ismfollbwa: a~ ~ tl lY~..Iwef,fi...r. 62 ~ i ~--_ . Q'.ommon Stocli..... _........... _.,.................. 2~,246.3,4b' Pteferred Stock ........... .............................. 98,000 Tiotrl ..................... _.................... ............. . 2:3~44,S4tA (LJ loeetine ~~~ (i!;)' d.wr . 6 - v a w rre to e ec s t ho shalt b'old' o~ca rt. r...,. uamtl the'aext followin an rneetin -`---~~-- R nual' 11

~,.....,;~.,~ JannarFr :eL,, 1944 A regular saeting of L'Lie Doard:of Directors of P. Lorillard!Co.pany eld today at the office of the CospanC/, "I Hest 4Dth Street, Be* 2ork' ihere .ere present tlessrs.t G: H'. Hts•aL a. L. lent G'.:D. Zhitefial.d E« S. Bowling ' H« J. HaTlsy J . S. Freeaan J: A. G1asccck J. T. [.ai p. Gladden Searle . H. F. Ttaple Todd'iool Mr. Humme1, Chairaan, presided,, and the Secretary acted as SecretarF le seeting. on .otiom do17'sade and, seconded, the reading of the slmutes of the bas seetiug',.aa dispensed rith« Qn~ aoR3on: of llr.llbitefield', secondedbbFllr.~ iiallTeFr, it .as, unanim++u&.r HLSOLQEDx That (;ia liad of closing the Stock 'Lranafea Books) 3'P.Y'. ~y Febsva:7r 14, , 1944, be and the saae hereby'is fized'aa a record date ithe d'eterainati!on of tor Stockholders of the Coapacqr entitled to notice lad to vote at the 4'aanaIl Meeting of the Stockholders to be held. ~ 14, 1946. . FUffiM R.FS~OL7LDs That only Stocltlholders of' record at' 3 P.M. February 14,, shall be entitled to sucb notice of and to vote at such Anaaa7.'Yeetina, )nithstandiag any transfer of aE7 , stock on the books of the Coapany after ~i record date. „ On sotioo of Mr. Tespl.ee seconded by Mr. Freeuan, it .aa umndaoualy AE60LYEDs That Messrs. E. C. 3unter and A. Riefner (neither of tDesm a director nor a candi8ate for that office), be,and theyr hereby are ointed to act as Inspectors of fl+ection'for the election of Directors at. ~ Iaaaal Meeting of the Stockholders of this Coapany to be held oa March 14, ~ The Secretary stated to the eeeting tbat'imd'er the regula?lons issusd ;tbe Ssanrities and EzcEangp Cosaisaion a proxyr etatesent and annua7, state- Y'is required to acco.pasW the notice and proxy for the annua]l meeting cf ,atoebLiclders and'thereupom presented and'read, to the eeeting'drafts of ee of the annual seetini of stockhoider:'to be held llsrch,14, 1944, prox7 t,,, and proxy. ` Oh aotfon of kr. Searle, secOoded bF, flr. 10sitafield, -i€' .as uneaLaous17 ,TEDx That the drafts of the notice of the annual seeti- of atock- a to be eeLd March 1L',,19L4, proi7 aod:prosy stntement (subject to sUJ7h ~s ia, said drafts, if any, as, aq be dee.ed necessa.rT or adeisable by aI ih order to oo.ply with the; law and regulations)i waieh have been and read to this aeeting, be and the saae hereby are in al.l re- alEav.ed and adop,ted as the acts of this Board and, the Seereterf is tdered'to have the saar duly printed and oail'ed to the stockholders' -- ce with the re4aireeeats nf lar and to hawe copies thereof when

MOTfCE OF ANNUAL IM£ETINO OF ST'OCKHOLIDMS JRraq City. N. , J:, Pebnr.ry T. 1441! Tio Tirtr STOOttsot:Dera or P. flonut.AAa Qoaeury: Notice isihereby given that the,Annual Meeting,of'the Stockholden,of,P. Lo•mun Cowrwrr, a Ne+r)ersey, Cvrporatior4 will be held at the principal office of' the Corporation, Roan ga3'; ill Fachange Place,, Jerrey CGty, N'. JL,, at eleven o"elock ia the fbrenoom on the 14Ih day, of Ma rch; ,194,1, for the election of' thi neen (143) i di recton to hold offue until the ne» , followirrg , annual meeunlp of rtoakhoWern or unul tluir, aucrasorr are eltrtted and ywlifsedj T romider and, vote upon the proposed resolutions set furth In the enclused proxy rtneement and'. for the tranrution of tuchiotlier burinera as may properlr tome beforrwld meetinx ac any adjoumment or adjournments thereof. The Stock Tr.nsfer f3ooka wi11 not, lie closed, but only &ochMolders of record ar 3 P.M. on: Februauy 14„ 1944, ahall be entitled' tovote, uawitlsstanding,any transfer of' any stock on the,boake of'the,Ccmpatty, after said record due.. Tomo Woot., Snr.r.y Cf', tutable to be present at the mnting plelu rigo the enclosad: pro", indicace yotrr, vate. theneoa, and return it in the a¢sompaoying envelope so that'the:te,eeting',nuy be properly held. Any stockholder gi'ving, the prosry eruloxd with this statement has the powee to revoke die'pco:r'.t' any time prior to the e:ercise, thereof. PROXY STATEMENT ffiGRT'TO SEVOIIZ PROXY IT WHOIIg',AND ifiE IrlANNEA: IN', V4IHICI3':T13E PROXY L1',EF]IfCi EOIdCIL= I The' pro:y' is rolultedl by, end' on bchalf, of the management of P., LarilWrdl Comparlr. The espeme of' the• rohdtat9on of' prosviesi for this meeting, including the cost of nuiling, will Le bome by the Company. In addition to the ure of the,mails, the Company may, reyuest persons holding, atock in their neme or cttrtodjr„ or in the natne of nomioeM,to send proxy mateoal'to their, principals and request: authority for tire e:ecution of thrproaiei aad will ee- Imburse such persons for their expenses in so doing at a total:estimated cosCof about Five Hund'red Dollan ($500.00). To the extent neceuary im order to asaure rufHcient represe,ntation at, the meeting, oHtaen and regular employers of the,Com• pany, at no ad.litionad compensation, will'reyuest the rciurrt of' proxies personally, by telephone or, ttlegtam. The eitent to which this will be necessary depends entirely on how, promptly proxiea are received and! stotlMoldera are urged'. to send in their, pro:iea, without delay. The management ~ has no knowledge or information that any other person will rpec.islly eng.ge: any employeh to aolicitl proiies. V!O'ilPfa (iECtJttPCILS OUTST1l2QDING The outstanding, number of euh darf of voting setwritka outhe Company is as followa: Nr,.Mw.'f Slwr Common Stock ._.._.._......._................. 2;246;348 Total ...... ..._........... _.._ ................ _........... 2; 34d, 39a. G.ECTIONI OF DQtLGTO8S' • At thie annual meeting thirteen (13) diieaore ua to be electedJ;who uhall bold oflice until the oat (qllowing annuaU meetint of stockholders or until thdr tuaesvors are dulyeleaed and qua6iied. It~ir etie inteotion,of'tlk persons named in the eocloaed form of proxy to vote ructr proxy f,or the election of'the notninees named below. Il any of'the nominees named'.below,ia not a aandidWe for election as a director, at the meeting; en,evenc which the management does not anti¢ipate, the proxy will be voted: for a substitute nominee and the: other nominees named below. Eacfr of the nomiaeer, named below lt now a director of',the Company. Mt. F:,Gladden Searle, of Bronmville, N. Y.,,waa elertes!' a dlrector by the Board of Directors December 29, 19~13;,to fill a.ucancy, on the Board created by the death of' Mr. John J. Driscoll. From, 19t9 to 1'941 Mr: Se.rle, was asrocuted, with the Continental Can Company and' (rom 1936 to: 1941, he .rw a member, of; the: Boardi o(I Directors of' that' Company and Vice. Prenidcnt in charge of sales and' adverti.ing„ H'n tesigned, this position in 19^t1 to beconx' director of' rala of the Ctown Csn Company, which position he held from 1941 to 1942. 'Ih 194'2 he resi®rted this position to d'nae, more time to his business a9lirs. He is oow Generd IStanager of'the Wegner Canning Carporation, isi a, direnor,of'the Maine State Packing C.orpornrion, und a director and member of': the Executive Committee of the Worthington Pump and Machinery, Carporuion. Q > 0 f

AI!Fw. ,.r..«M .1.. Ir+.. ..rc«r« .. ~., a..ac.. r.«..w. .l . « .r 7 Nys ul .~'ewiw.n c.l.rrNf orr.p.Wa...r t.//.qi.wr nr..i.L.. Di.Mw'.rrt /.a.urri I1'. 1911 (;corpq H'. Fti mmef Chainnan of the', Board of Direeton P. Larillard". Company . 191'L 2,412 sliarrss of Commrn, Stuck llerbert A.,Kent', PresiYlerlr P. lsrillard Company ; 1I9191.200 sliaresv of'Common Stoc.k George D! WhiteLeld Biecutive', Vi¢e;Pres. P. Iwritlard Company 1933' 1i200~shares of',Commoes Stock Edgar S. Bowllag, Vice-President' P. llonllard Company 1933: 3,600! shara of'Cortunon Stock Todd Wool: Vice•Pres. & Secretary P. rlorillard Company 193'7 600,sharea!of Common'Stodr William J. Halley Vice:Pres; & Treuuror . P., 4orillard Companp' 1941 600 sharen'of Commoa:StocJr J: Strother Freeman' VicerPtesident'. P. Lorillard Company 1929' 724'shares of Conunon Stock' J.mes A. Gtaucoct Minxger„ W}titlock Br.rtdl,, P. Lorillard Company 1940 °40' shares of Common Stock Frank Hopewell Richmond, Vu. Salea M.nager, P: Lorillard' Company 1940 600 sharea of'Common Stock James T. Keel Manag<r.' Leaf Dtpt P.' Lorillard Company 1926 720 shares of Common Stock Irrin H. Peak Mana,anr, 14entuchr'Laf!'Dept, P. 1.orillarr)d' Company 1943 900 sharea of 'Common Stock F. Gladden Searltr 1.orritarille. Ky:. General lituaa'ger Wegaer Gnaing Co: 1943' 100 s}iarn of'Common eSock HArold F., Templ.; Asst. Salla Managtr, P. larillird Company . 1943' $60 shares of Common Stock The folfowing, infaematioo is furtrir,hed,witb teaped to Mr. Jhqytelin P. Taqlor, who resigned' ul a Director on J,rmuar7 2Ai, 1941; MG' Buford Scote; whose term e:pued MaacL 9. 194b; and' Mh Jolrn J. Dtucoll, who died on April IB, 1943: . .. .. ArMd.r.,....U'. .f' ..ri~ efnr .f' Nseaf C.rP.rstb. Y.' ~.r.riir# rrr.nri.r,.f rhirr.n h..rifrsJlf . .'ILCIj.J Mral~'aiir, //]rjir+r.rk Nrrrr.rr:e/er"d ' en`irLd lnr.rrJJ',N'iIJIVIINJJi/r.f, 140010 o,rr.plrt...r' Pwi.rirn..ilE.a Dir.n.rJ'w.-y '12, 1944 Jayudm P.,TaTlor Dieettor Universal Leaf Tab. Ca 1932 ai391isharn of'CoaunonStodc and Leaf Denkn, 700 s}ierea of.7% Preferreal Stock Richroond, Ve. rad' income for Gfe ftom' a Trust' in .rhich' there are 4'00, sharea o('. 7;"o Preferred Stock and 200 ahares of Comawn, Stock. Buford Srott Stock Braker Ar Banker Scott & Srringfellaw 1'939 2;400 sharea of Common Stock and Rlchmond. Vn a one•fiflh interest' in an est.te holding' 600', shuea of' Comnton Stock. John'J. Driscoll Mutagers Purchasing Dept. P. Lorillaird Co., 19y2 None. RG'sdtTREttdTl©N OF 1lLL' DIIiECT098 AND~ tfObfSNEF_9' DLTRIIiIa iF[E FL,C1lIi Y'E1{R ENDBZIG DEt:EtdBEA'91. 1917 ne fallowing,directan during the fucal! year ending',December 31, 1943: and nominetu for el'ection u direaor,,recei'ved in aR of'theit'capacitiea during that',tear thcremuneration set opposite: their respective namea, alllsuch payments be,ing, made by P: Lorillud Company. Any, excess remuneration!over the 6scaJ year tnding, Decomber 31, 1942, '', is',set,forth oppoaile the names of'thore directan and nomineei who,reoai.ed in eseeaa of y20,000'in th'e, fiscal year ending December3l, 1SH3:,INo officer.,not a'director, re'cerd remuneratioa ~totaling maee than $20,000 during the 6wl'rear mding Decembee 31, 11943. ARRreRWelwefi.r' el rrn..rr.ri.a irrnr .f; n-a"i's nrriivd l•e!w u6% , fW . I(irJ'2.+e"""`r, Cew/nf"/'itr D.r.:l1. 3041 '^' rshrili.min,, lirrmlt. Ff,...nyiw.lr/+,01 .r 1118rrrh' wli. fl D.a' lit. POO George HL Harrunell ..._« ««. .._»...««~«.........«.._....«_..«_.._.« «...._...J)2a~ooa:aa Herbert' A'. lCent' ...«..» .« ...._..««.._.. _».._........... George Di Whitefield! ..................................................... ...._.......... ......... 2B;a7a:49 HdFu' S. Bowlrng'. ............. _........... .... _..... . ............................................... 2°;07A.49. Todd Wool ....................... ...... .......... «.... ._.... ............... ........................... 22, t62.79. William JLH.Iler ... ...._ ......... .. ..~.. ...... .._.... .. .. .........._.._.._. 20.21'6.51 J. Strother, Freeman' ....... «.... ..... ..... _......... .......................... «.......... ....... 2214152IJ9' John J,. Driscoll .......«»........ ........... ................. ............. «.......... ............ 6:000.00 James A. Glaxoclt r._«. «_ .«». ...._.... ' «......«.. .« ................. ... 17;616:13 Frank Hopewell ........ ...... ... ....« ...«.. .......«.._...._.,.. ....__ _... 19,619:29 Jimet T. Keel .. ..«. _»..~.._....__«..«_... _.._ _.... «....._.« » 1i9,649:29 Irvin H6 Peak .......__ . «...»«...« _ _« . .__..........«.. ..«_...__............. 1Q',477:67' Hirold F. Temple .... «._ _ .... ...... __..__«..... « . .. «... ...«.« .... 1'2!,233:00 d' Sl f catt ..... ..«««.«. _«. _«. .__«.« . _.«.. ~ . « ..... or Su J'aqy+elin P. TaTlot ~.,..».«. ««_. _ ._, .. . _ ..~ . «... ~~ P. Gladdm i 9barle'..... .- -. _«_..._......__............__...._... ._.. _ .._«. - N f Ttie' ~ sidiarieai . KrR.Kef~ ir~ 3.1~,, 11942~2 grouP. b1' One pany and aggre;gatc during 1 Ct82AL N. Perkina.. W. HL ~. Dacia! PC New, yo' Daloitte.. ODWi4e ]Mamn, PuC and Eui tha sto¢U Mr. bp' letter tiony, sxla tiring' Air gttsrn.un Raso+ in shonhu stodlwWer atockholJer Rf'.ro+ M'.>• I thoasanJa o: bf'uarkhol.: 77risi rejvrr , mprs inrereu' Xnrsa vtrorr I AsaucMFt The sele proved by th' to records ahr the reports a to'qWeuions r R.rra y. S'uch pr. dirclosure of' the character uld' nwke lhr fwwR, rlw r.' t

ffl4tt bp aryC$C ~'rCBtlttg: 'Ctut: tthe undcrsigned hereby constit~rte~, appounts, and direc g((' , a r~).,G.,[ottca D. Q'tusEt')ELa (Execurime Vice-President), Wtuux J. Hwzuer (Vice-PtetiJcnt L; '' ' % `~, (ice-Presidtnt and Sccstary )~, or any of theny in the namq place and stead o, the undersi,:-. f ~ ~'.od aScnn of ud for the vn.Ictsigned u the anaual meetiag of tha stodholdcn of' P: ILouu:.. !~(orFaranoo., to be held on the 14th day of A(udy 1944. 'u eleven a`Hoc: in thc fortmoon u thj rys, poom 5o), 13 E>achaage Place, Jersey GtF„ N. J:, a+ well as at aoF and I all adjournment or adjoufn t~ p.aae as the proxy of: the underugrred thereat for, the election of thirteen (1J): dinoeturs to uc annual meeting of stoddroliicrs or until tf~eit su¢essorf are ekcted and qwlificd and on ( ¢ X,a,pmtr.eJ to a.ote of'the stodalio{drrs, thereat in accordance with the notice of'said'cocaing d3ced Fa: c~y( ii bereby aeknowled$ed:, and' for the transacuon of sueh ochec business as maF psbperll come beict mrntpmrnt or adjoummeata thereof;,aorordiay to the aumber of'.otcs the undersignerd' .roulid be entitlfr j ~y,m pracnt and to, do all such acts and thiags as maF be naastiry oc propet ia ordee to cury out the -~ _Mq oc anp adjouxnmenc or adjournuunn thcreof; hereby , giving to said atiorneya, and' agcnn of anT 'af -; t:mmor6er or othas in &Aic or his stead and ruifping and eonbrmiag alf that the utorneys and .gent- ~; ~ r1aq of them, on aoy , sadxCtittrte ar substirutes for any , of thea; mar da by virtue hereoL iy,{Qygned rpeafir:s the faJl6ring actica .hxh,be; desines to be ta6en pursuint, to: his pcoxy at said, ;-a=mt or adjouromrtnts tfuteof on Resolimoos; Noi 1 artd 2, described in the proxy stuemea4 1 ~n rta.ided, heteio vhetba he desires his votes cast for or agasaa, the proposed resoli4tiocu: .`•-t:iHE, REASOIVS: STATED IN TH'E, PROXY' STAT6affNY THE NMNAGE!VLPrfL IURGES' ll', SMFST AS A STOC]a3,OLDER' TO VOTE AGAINST RFSOT.L1T1O1vfS NOS 11 AtYD 2. RESOLUTION NO. 1 AGA'INSIC_.._______+ . RESOLUTION IyfO: 2 ffOR.._.__..__.._......-:: A4',AIIVST:__.._ OTHFRWISE DIRECTED HFAEIhf THE PROXY OR: PROXIES'APPOIIYTED HEREIN: ARE: a' AGAINST REdOLiST]OI~SS LQOS: I AT~D 7, SET FORTH IN THE PRODC1f' STATE.~fFNT. W; SIERS , NOT ~ KNOW'N': ORDETFRkfL,IPD I AT ~TH'E 77:ufE OF' THE ' SOLIIGSTu1lS1ON~ HEREOF, • ~TffS ARE ALD1fHORTLED, TO VOTE ItV' THEIR DISCRETIOSJJ. )S'mJersrened hereby tzvolces anF proxy or pnover herdofore given to .ate upoa ar, to act"th respe ~ -derpgeed! hereliF ad~aoledgei, racapt of'tfx 'f!Iotice of: ADnual Meeting of Stodkfwldler~" dued F:- L ~i Stuetoent^ aod, Annual'~ Fuundal StsterneatF.uaished'~ r~erewittu s77N1E55 WHIEREOF„ II have hereunto set ~, hand' md' scsf thir.. .d~ I (5eodkoilrr +hwLP rjv he+ i r fl I

~ January 21, 19P,4 „ II 11 aaating of the Board' of Ilirect9rs of P. LorilTard~ Co.pany . daF at the office of the Co.p,"7` 119~ West 60th Street, Hew Fork ~ H'. Ils Kent G. D. Tihitefield E: S. Bowling i.. I'. Hallba' J. S. i'reeaes J. A. Glascock s: T. Leal. P: C6ladden Searle HL F: Teaple Todd Wool IHuseel,,Cdairsan, presided'y and the Secretary acted as SaicretarF ;. aeting. 5wtion dnla+ aadr and sscoad'ed,,, thr resding,of the sihutes of'the ~Isseting was dispeased'rit11. {,~otion of rr_ lhitafield. seconded by Mr. Hal]leF, it .as nnanimous.' ~OLQEDs S~hat' (~ lisn of' closing the: Stock Transfer Books) 3 P.1[. ~ 7elnverF 14„ 19",, be and the sase hereby is fixed as a record' datc deterslnation of the Stockholders of the Compaux entitled to noticc. 14 vote at the Lnana1 Meeting of'the Stockholders to be hsld! tl s 19fi~.. (f. HE90LYZDt' That only Stockholders of record'at:3 P.Y. Febrsss.ry ~11 be eatit1ed to such notice of and to: .ote at such Annual Weetint stfading any transfer of any stock,on the books of the Conpu{F after 'o2d date. ~ISotion of Xr. Teapley, seconded by Mr. Free.an, it was nnaaiaoyal,F LYR9'a: That Hwssrs. E. C: Hunter and l. Rlafner (neither of'thea ,' director nor a candidtite for that office)i be and tllea'hereba'are F adi to actas Inspectors of' Elect:Lon for the election of Directors at . ~3s,l [eetiae of the Stockholders of this ComperyW to be held on Yarcb 1 I ~ SecretarF stated to the aaeting t6at imder the regulniSons:issaed I , 3o03ritiies and' ischange Caaai'ssion a proxy statestaat and annia.].' tate- ' '' reqnired to accoapany the notice and' proxy for,the aanua.Y seeting of ckholders and thereapon presented and'read to: the .eeting dreft+s of of the annnal aesting,of'stoctholders to be held March 1k+ 1944 Frox7. ~ s, „ ana proxy. - sotion,of llr. Searle, seebnded by l[r. lfhitefield~ it was UmaaimO°sly ~ :YID: That the drafts of'the notice of ths ennnal seetin$ of stock- to be held Yarch 114, 1944„ Projq' and orozr aG+tement (subSect, to s~ch I s an sald drafts,,fi any,, as'asy be deemed necessary or adrieahle bF ~ ih order to eoaplF, with the Ls.r and regl.latSons)l which have been Lted'and read to this seeting, be and the sa.e hereby are in:a311 re- ~ approeed and adopted' as t]se, acts of this Board and the Secretary is ordered to hane the sas,e duly printed and' ealled to the s4.ocJcholders br'danee with the re.;oireoents of law and, to have copies thereof when 1 _ were present Yessrs.: G. H. Hnssl r

REASl7NL7fATIO2i' PAIID'TO ALL DMECTORS ANDOirICElL4 AS' /l GROUP The aggregate amount: of,remuncration raid during the fiscali yrar ending December 3l'„ 1913 , by the Company and, in i aub• sidi.riea.',diready or indirectly; to the directors andiotTicerr of the Companytonsidered as agroup an,the awn of f3t'3',396.72'for serri.es in atlleapuities. This amount exceeds the agltregate amount! of remuneration pai& during the 6scat yearending,Decennber )t, 19-12 by the Company and its subsidiaries„ directly or indrrectly„ to the directora and olGceo of', the Company considered as a group; b'y, the sum of 1130,'915.90: One employee ot the Company and it, subsidiunea (other th'an olficen and ditattom of the Company) raceived' from. the Com• peny and its eubsidiaries' foa thr calendar' yat 1943 'remunention, in esces's of f20;0t>D but not' more than, x)0,000;, and' the aggregate arnortnt;of remurteotiort paid to this~pervon v+as y'21.270.,2Yo nultiempl'oyte received remuneration in e:cess of $40,000, during Ii94J, , CERTJCIN PERSONS OT'hffiZ,THJIN DatECTORS. OFlICERS, OH' LIVlpLOYEFS VNHO'. HECEIYa1 BEMVNgtATiiO2f QCEEDIIiSl' 11ZO.OD0' DVSM~O tIM FISCAL YE1lA! EMiG DECMCEA' 7ll, 130 Na.e Perkinsq, Daniels & Peskinsa' Al'ONt.re .waser ~ rrrrino[ S'24,000:00 CAIuHf. Geoerd Cotrasel' W: H. lllston g!'9,782:92 Commissions in conacaion witb Davis Polk Wardwell SumdetUnd! & iCiendl 1127;700.00 buying Turkish leaf tobacco LaGaJ services lVe.r York Tntst Company $b);10).84' Transfcr' Agent' Deloitte, Plender, fniffuht' & Company $38,487.48 Auditon eDvelag 1945 7Tiemu L Perkie., Punxr o('the irs of Perkinr„ D.aiels et' PerkijW rarei.ed fron rhe r'omP.ar foe hin uarirs u Asruua - 9ecmut Uv; rua+ of 17',000. 00. P1lOPfl3AT3 MRDE BY' SdOCiIiOLDERS Purruane to the prtxiaions of Rule X-14/47 oU the rules nlating to the rolieitatioa of proxiea promufg.ted bythe 5ecuritien and Lxchaogc Commission, which require the, management to set forth in the: protry statement proposala of uocktwlden which the stocLholder intends to present for action at the stodchol'ders tnecting, there is ut forth the fallavting: Mr: J'amra Fuller, of 284 Church Scrnet, Hartford; Conn.,,the holde'rof twelve sharet of'Commorr Stock of'thie Cornpattyr by letter diud December 20„ 194)„ haa, given notice that lie w<ill propose at the annual' uockholders' meeting two (2); resolu. tions, which are: set forth below, together with the rrasons given by Mr.. FuU'er,, the wording of'the; resoluuoaa and the rwona being lifr., Fuller's: RasoLunoN Nuuaatc 1: RrsoLveo: 'Ihatat dl ennual!tsxetings, complete reeords,sbrdl be'tak'en "verbatim" during the meeting by asecretary either iir shorthand or by rtenotype,, and based an this "verbatim" report; a fair and comprehensive summavy be sent to nch and!everF storJdhoidt:r of the Company within thirty days after the annual, meeting, the cotnplkte "verbatim" staaement, to ~ be senr to anyy atockholdet reqaesting same. ffharan for Rsroltrrian Nkmbir 1: • May I suggest to out stodh'oidtra that the 5urtdud Oil Company of' New Jersey lia.'nwt a similat aenographic reporr to;ita ' tltourandi of stockholders during the past three yean at a.r7~ J,a.1l exPenra to the Company, resulting in very, favorable eomrtator by stockholden: The Shattuck Company,, Maq Company and General, Foods Company in recent yean have followed, this poliky:. This, report will provide all, stockholders, with roore~complete Information regarding their company, raulting; in stockholtlers taking, more interest in the company to~the mutual benefit: of: the stockholders and the Company. R.WOLUTAON. NlllleeR2:': . RrsoLV¢o: That thr By.lavai of I P:LorlUard Qompany, be amended u. follows: The selection of the auditors af] P: Lorillard Company sliould' rest: upoa a recommendation by; the,Board of Direttors, ap. proved by the stochlioldrn. The appointment of: auditors shouldbeprovidedforet,the beginningof'theyearwith right'of'acceaa to records, throughout the ycar and irequiring the presence,ofl the auditor at Board meetiAgs and I nettiingt of' stod[holderr i at trhicb ~ the; rcparta' of auditors are to be, discussed; tha wditor being allorded an opportunity to report orally and'being,reqyired to respondl to questions of stocLHolden: Reason for Rlrolrlioe !!f>rnrba 2k Such, procedure would prevent pmmptory ditmissal of accountants~ by managementr andi a rubstitutioo, of others, .rithout, the dirclosure of, reaoons. I't' v+ould I lead to a closer, relationship between the Directors .nd' AYcoumtants and e betten understaading of'; the character and scope of auditing service. It would also Iead, to ecloz.r rrLrianrbrp between the.rnorntaeu and the tlorbboilnr and make the auditors'realize that their /frrt considerarion in auditing accounts is to 1be arorlbaldirrJ, in,ease, some time in the fluture; the inloelra; o f'UatlbalJ.rr, and rmnarnrr.nP raeJlirn 01 ..-~..+.r.~. .r.y:-. ~ r.. ..

OPPOSITION OF'BGiNiRGFIdENT'TO' RHSOLf7TIONS TO BE PROPOSED BY A BTOCII1dOLDf3i AT THE ANNUAL MEETIIf(r< Retolutiona. Numbers 1 and 2 to be proposed by Mr. Jimes' Fuller; .ihich relite to rerbatim recwdr and tummary of' pro• eeedings atlannuai, mectings and to auditors, are opposed by the management for'th'e follo.ing reasons: Rrsen.,uno.-ii Pluwn'En I: Mr. Fullerbi statement in support of Resolution Number II names, certain companies, which he saysi follor the, praaice he', suggests and! indicates that: the expen', h'as been very smalli The rr ,unagement, is advised, that this prae• tire ii not generally follored' by eorporationsi ho.re.er; and the x cost miFhc be considerable, This Company lias orer twenty,6ve thousand (2%OOO) stockholders and!if a large'number' of'them requested' the'rerbatim report in addition to receiving the sum. nu'ry the cost' might be quite, LrRr: Had this, practice been followed at the last t.ro annual meetings the record rould have been long' and roluminous. The management does not feel it' is to the best,interat of'the stochholden to tspend'their money for sudt a purpose, and'there'fore recommenda that'saockhol'den rote'against' Resolution Number ll. _ R6SOLUTQN.IVUMBE!R 2: This; resol'ution.ir siubstantially thesameu; aresolution.submittedbfM'r..Fulleranddisappro.ied at' the 4st' annual meeting held M'arch ~9, 19i3'. The auditors of the Company since 1,932 have been. Delditte„ Plender;, Griffiths k('.ompany, of 49 Walll Street. iile+r' York, N. Y.,, unquestiana}ily , one of the' foremost and tnaat', highly respected 6rau of' independent public' actnuntantt in, this country. This 6im ii employed on a yearly basis, has full acceasi to all of' the book's and I rerords'of the Company and itli subsidiarien i and is continually consulted throughout, the year,regarding,any accounting question .vhich'.may, rrite: The accounting'methods of the Company have been established in i full l consullationwith thir'6rm and' In compiling,the annual statenwet the Company cort, sulb and adri.es .ith.thii firrt;,which in itti certi6cate to the annual statemettt reports that the atatementr haae been eompiled i fn. conformity with generally accel±ted' acmunting principles applied' on a basis consistent with those of the precedinfp' years. For' pearn the annuallsta'tement', together.rith the auditon:'report, thereof' has~ been mailed'to the, stockholden with, the Notite ofl the Annual! Meeting and' each stockholder has therefore been put in a position to ask qqestions with respect to it;, either at the annual meeting or othernise'. These' methmds of' handling accounting, and annual statementa are; in the' opinion of' the ttanaFement, In conformity with the: procedure ofi the' great tnajority of' the hrgG, business units's of tlie'UniOed States; the tnanagement therefore recommends that' the present method should be continued and that rtockliolden i should .ote against Rtsolution IJumber' 2: OTFER PROPOSDUS The nunaGement is ailso informed: that,the same Mr. James Fuller intends to intnoduce at the Annual! Stockhol'dersi' Meeting a resolution that the, Byrlavs of P. Lorillardl Company be amended so u to rnluirr that there be' at' Itatt six (t;)Ia memyers ofi the Board of Directors who are not empEoyees of the Company and who are not connected with the management af P loriliard Company subsrdraries. The Company is advised by counsel that, under, the applicable statutesaind Lmsi of New Jersay this rssolu, oon isi not' a proper subject for action by the stockholders and it' u' intended that this resolution shall not be uted I upon i pursuam te' tbei lf this resolution isi introduced at' the anoual merting,it ir proposedlthat it will be'ruled out of' order. CONCLUSION 7iie annual meeting is called for the purpose of electing dircRon;, for the consideration and'.at'rng on the aforesaid trsolu, tions, and for the transaction of such.other buwineas~ as may properljy come 6efore the mceting; Authe date of this proxy statr+ ment the only business the managemmt: intmd., to p,resent or knows will come before the mecting is the elnetion of' directora and'. the consideration and voting an the resolutiona aforesaid Ho.e.er, if'anF other'tnattere.properl}, come before the nxetini& it',is the intention of'the'persoau named in the enclosed form of'groxF to .oee such ptaml in ao¢ordlace with tfuit /udjmeat' m tueh matben. Du.d! Ptbrttrrr'1; 1'9" .

(Foe ee,mFy of camp.ep Nm/dunt l~,>~ ~.~ i Corrorr _ yg SpI 5? tbtga plCg4ltboy Ttiat the uodeniRrud herelrF canstittmea appaich aadldirecb H. i ; GFOaGa u.. wnrrEnIeLu: tcAmurva vaccrresjaenr1,. wat.uar:)J rLUt.EY~ (Vaae-Presultnt and! :~ , ~ ioc4 (vice'Ptesident and' Seaenrcy)i,,or any of th'ear, in the: name, place aad stead of'the undersigaed II md',agmro,of and' for thr undenigned. at the anntul meeting,of the stodcboldMr of P. Lotcuuan , r' g0; 13 Eschanga Place J'err,cy CitF N' Tj a.dl au at.an md' al1 adJauiaraart ar ad'oumma p r (orporarioq ro be held an the 14th dsL,of Much, 19rfAj,u dc.ea o'dock in the fwcaooa at the orr I pt y- '~j r.me au the proxy of tfie: undersigned thereat for the election of thirtees (1)) dinttnn to bold . ~~prioa annual meeting of' atod¢holdea oe until their suo:essota~ an: dtrted and quali6ed and on any f ypmwsd to a.ote of'the,stackfiddets thereat in aKCacdanca vuti tlre nouceof said meeting dated Feb nsa t , ' np 's besby, acknowledged; and , for the transactioa of xrb other biuuiness as map ProFelf come before u a 'ip~ ar adjouranxmts thereof', according, to the oumber,ofvooes the undersigned w-awld be enatled!to , i y~esmt aod to do all such acts andl things as maL be necewrT or proper in order to earry out the acrio• 1: ~a wy adJoummeot or adjournments thereof, hereby giving to said utomrys and agents or any of thec tanya ototliers in their or his stead and ratifyiirg and conGtming, an that the attornerand, agtats of ~ /: ii aq of tbe:4 ar anT substitute or: substitutes fof any of' theeq may & br vi;tue beceof. ...d~gmed specifies the fol lowing utioa whi¢h he desva m :be takna pursuant to his peoxy at , said ioxe: naamr or adjouramentb thereof an Resolutions Nos. I'. and 2; desaibed ia, the pmxy statement, bT, io : 's?widrd herein whether he desires his votes cast for or aCainsr the peaposed resolutiom- lTllE AEAS'ONSSI'ATED: L4Ji THE PROXY STA'1'E.yfIEN!' THE MA:YAGEJIFIVT' I7RGESYOl1 i :dELFST AS' A, STOCKFIOLDER TO VOTE AGAINST RPSOL[IPIONS NOS; I, ASdD' 2~ RFSOLLT7fffiHH' NO!, t FOR .......~=_r AGAINST....._ _.r BESOLU'L'ION' NO: 2 FOEL ................. _.: AGA@iST......_ OTHEMSE DIRECIED HEREIN THE PROXY OR'PRO.IQIESAPPOINTEID' HEREINiARE ANI1 I AGAISv19P' RESOT.LITIONS', NOS.' i AND' 2'. SET FORTH IN THE PROXY STATEMENT. Vl?I3H ) S' NOT r-NOW*1'OR f7£i'ER.ui[, IED: AT THE TIME: OF TFfE 'SOLICITATIO:!f' HEREOF. SAh M ZgS A9E AM THOERIZED TO VOTE IN' THEIR DISGAE77ON1 , "red heneby ie.olces anF pmxy or proxies heretofore given to vote upon or to ait' with reseect to t'°dtmgned, herebE, acknowledges receipt of the, "Notice of. Annual Mtcting of Stocfihofdees" dated Febrw l`af SW®eot" and' Annwl Finaoaa~l Statemenr furnished therewith. ipT1%TSS WHEREOF, I! ha+e hereunto set, my hand and' scLl this :............. ____.dayot:.

V ' ~Qa i bp ttQzC' 3preBaRt!(; That the vnd'eaigeted', hereby consrinues, appoiots; and dircm' Ntuean A: moaoc' (1rG¢-Picti.Itnt and Secretary). of aay , af'tham in thcasma,' place aad!stead!of the undcnigned. to attaaf yame/s aod agcnes of'andloe, the tmJrrsigned; u' the annwl mecYing of the rtodliolJen of P. lnaaLAAn Caxru+w. t}9 Geo.Ga D: WturEtir.t.>k (EsecuuR VicePresidear)„Wtt.r.ux' J',. Hwucr (Vice.PRsident and Tteasutcc)',. >~ at aMrs ia tlseir ar his sdrad,aad ratuf7ing and'' canfisming all' that the attorneys md ageats of: the undlr- or any adjoatnmm[ or adjouroments thereof., hereby gr.ieg to saiJ artorceys and agents aa,utp of'theo4,prara to ptome, md to do .Il sucfi I aas and thinp as may he aacasary or: proper iu order to carrr out the saioo taken by a4o.romantot'adjotaoments t6erceof, according to the oamber of'.otcs the oad&sigmed wuUl!be entitled: to cast it tben .Icreof is haaby ardana.ledGrd: snd l for the trussaawo of sacb nther burineas as may FtoperlZ come befom mid!macti6g, k.,6mitted to =.ote of'the rtocJatiolders thereu' in acrordaoce a+th tLe:ootxe of saiil mceangdlted'Fctinury 7. 1944: fopn.icg amnal mecdng o!, stocklblden or untdi tlasr soa:asors us eterted: urd qualified' and oa .n7, resolutian md'ta .att n eBe proq, of 'the oadenirued' tlKrcu for the elcaioo of thirteen (13) diteaon to bold offict uatil! [oom 803. 13 EatLaoge Plxe., Jiersep'Ct7„ N. J1, as .rcUf st at,any and alll adronrnmmt: or adtournmenes of sac , GorporxioN , to he held m the t4th diy of, bfard. ,1944. at ele.ea o'clocY,ia the fuccoooo u the oa5ce of' the b x m/ of e6m% , ar my std"tidtae or substitates foc a" , of'them,,ax7 do by .irtue'hereofe sdd~goedI spaifies the following action .hicA be desires to be talim,punuaar' to'ha' ptcmy, at said' maeting and at MERtST AS A,STOt7CHOMER'TO VOTE AGA'CJ51' RESOLUTIONS NOS: 1 AND 2. i)i SHE'~ REASONS, STAT'ED ~ IN THE PROXY STATF3[ENR THE NiAP7AGE.%fFLYI URGES~, YOU' IN 1'OIdA~ at sd`omammts thereof on Rcsol'utions Nos_ 1 and'. 2, desaibed: ia the prozy , saternaot, by indicating in, E.o.ided herem whett,er he desiia his wtes, cast for or against the prorouvl resolutions: AGAINST RESOLUTIONS NOS. I AND 2. SET FORTH IN' THE PROXY STATEIME2VT: WIT% RESPEQT' )RESOIL1JIiON' NO., 1! FOR...`_ : AGAINST._._- RESOLUT!ION NO , 2 FOR..-__.._ _: t.\TESS OTEERmLSff DIRECTED HEREL'VTHE PROXY OR PRp7CIES APPOINTED HEREIN ARE AiTIHORIZED 7:my Shreme+t' and Annaali Financial Statearcnt fumistsed i there.ith. 3 'QRINES6 WHEREOF,, I h'i.r hertvnw: set,mp hand nnd', seal 1'4N; 1fiATiER3 NOT 1C4C?!R'N.OR DETER.~fINED1 AT'THE,TIRfE OF THE SOLIQTATIOIY HEREOF„SAID PROXY '10AIFS ARE AICJTHO'RRfD'TO VOTE' IN THHR DLSCR@TIONr 51 snekrsigned Iyoels), revokes any proxy ae ptosies lkrdofoet given to .ote upoo or to ut, with tesl+oa to such stocdt. 15[ ondersigned' hereby sdma.rli:dgss tecript of the 'Notict of Annual'SfeKing of Staddlwlders" dated February Z. 1'3N:, ('loodctYddkt ~+IiwN ~~..isn hne) ~ ~ t i `d'

yrinted annez.d to these :inut.s as a part hereof; BFSOLYZD ZURTIMt That the annual financSal statas.at shalli be .ailed' to the _ stoclholders'along,sith the notice, gsozy state.ent'and croswy in accordaace .ith the cvstoa of the CoapaqT and the re6ulatioas of ta. Seeurities, and L*tctisnge Ca®aissioa.. On ootion of Dtr. Bowling, ssconded by llr. Lnt,, ths, follosing , ad.ertisiag ezpeadiitures terr ia a.lll reapecta appro.sd, ratiLiisd, and confiraedz i Contract dated , Jannar}r' 1a, 1944 rwith BarrF x., Stevens Ine., ies' 2prit, I.T'•, eoteria,g adtertislng of Ccrpany F.roduets in score eards of' trsetie.'L1 cluba listed' therein, ddriag the 1944 season,, at a cost of k,350- j C;ontract drted JannarF' 12, 1944 .with Sportaer.ica Inc., Buffalo, N:7.,, co.er- iat, advertis.ing of' Caa~ prouoats in score aaras of, taseLsLl clubs list'ed therein, duriag the 1U4 season„ at a oat cost of *stflsate 11167 of J. asater Tno.pson Coispanr dated' Jacnm,r7 1<, 1'94.G, coTer+sg, F3sq- by-plq broadcasts over Statiooa 10L and XIfDC,, iashiae-ten, D.C., of YasebelT goaes of the itahiaQton Senators, during , the 13i.( sataca, sRonsored, by OI.D „OL7 Ciaar- ettes, at'a cost of $50,810. 1In ' .ot,ion of Yr. Trearn, secaoded ~ bl'Mr• EvKljase the follorini resclutlaa sas vaaniioas,u adoptedi i+'tiLLSy under' tb.' pro.isions of Section 403 of the Sixth b1ipQTe.eatal ~ Naticnail Gt.L'sn.s. ippropriation Act of 19L:, as aaa.der!', iLt is r.coemised' to be the oLligition ofPL , LaRTt J" COIfraYZ to, ren,t ptLate the aggro fycte prices aid . fees paid,to it tmdar its .ar contracts'aad to :i1`:md tae asoaet af Fros'its . realised' by it in the perforsraet of sacli eantracts eaicb pastant t. tne ,.-rori.- .; siens of said Act and any asendaents thsreto soould be al't,sn.ted an.i reiZmdid to. t!!at' the corporation shoold retw a to the On1't.d States Trea'sur7 tise aua of Tfp' HL/DS0 FIITT FTPL' THOOSLNDi Wii.4Hs* (6255,OW) for ta.e; fisca,L xear eod.d' 31 December 1942. Uffy", 5,j pursoant to such reoegoCt'ations toe md.r Secretary of tar has fo®d' • ttie iAtitod States, aOd, thfs .eeting, mkaich agree.ent, Frotides for the paysaat by P'.. LDRsU:.pn1 QAeyyZ, to, th. OnYt.d States TyreasurP of the sa of T10 HIIIQHLD1 FUTT' FIYE !fi::OSihu DGLi1.3S sF 1i f2255-000L subieet to orooer cr.dit. if aW., a1:,oeabTe for Fecara1 Inc'as,e and 7 J hareYy ars aothorised to esecute on behalt' of' this1 Co.^'~, cr.tion taat certala rert..• gatiatlon agreeeeat dated Jan9ai7r "c]l,, 19" betseen' P.. L.1' '',RD ' QWlil., as Con- tractor.,and'thei Qnited States of laerica, ahIlcb tias bsen;Farsented aoa re.d tn .Xq,, MaZYW', BE TT SLSOLYFDs That the President or any Pie.-dresident, and' th., Secretary or llssistant Secretary of P. TO_SLI:aBD CpFasl,, be and' tdqr latarnal B..enue Code, upon the t.ras and connitions of said aas..ent, a31 as srre fully appears therein. Oa,.otion of =r. I&Stafielk, sacoadud by Kr. H-TLq, it ss ti++-n+mouzZ7 ' lTSALOIDk That tbii 6ampuq contrfDate the sum of 11,5410 to Dmte Dai*ersiV timr scientific in.estiantioo, and ezperfsents in connection rixh aos!itw :urtisa i IIzcess Profits Taxes'fmr sai'd,s'iscal Tear, as svrided in Sectioa jleAa of the J6saf ToLacco i'n this country.

YeLruar1r 18, 19" 1I regular'meetiag of'the Boc.rd of Directors of P. Lorillsrd Cbo~e,x7 ' eas held' toaay at the oStlce of the Coapaqy, 119 fiest 4Ztti Street;, Sa. York CSty.. There ras present Mr. Todd'Woo1'. b quorua ba{i'na' present, t21e aeetiiae; adjour¢ed to aeet 1^tidnyr, , llarch )', 1964, at eYevea, o'clock' A.II.

rarch 3y, 191,4. 157 An adjourned meeting of the Board of Directora of'P'. Lorillard Co.paip aas held today at the office of the Coopanyr, 119 T:eet 4©th,Street, Ne.'Tork CitT„ at. 11i of'clock AaI: There were present llleasrs.x G. H. Huaoel H. A. Kent 6. D. Tdxitefield E. S. Bowling •L J. Hal1eT J. S., Freeman F. Hope.elL J. T. l4eel. H. F. Temple Todd Wool Mr. Ehimsel„ Chairmn, presided, and the Secretary acted aa' Secretary of, the meeting. ~ On sotibn duly .ade andiseconded!, the reading of the aimites of the previous t .eeting was dispensed with., , ~ On motion of' 11rr. Fhitefield!, seconded by Mr. Keel, it ras, unan+mo+Rly RFSOLYEDa That a dividendlof i1.75 per share on the Preferred'Stock of tBis CooF.anY be r,nd it hereby is declared'pqyable April 1, 1944 to atockholders.of re- cord at the close of business March 15, 1SJ..G. On sotion of Mr. Boiing, seconded by Mr. Temple, it sas unanimously RESOLBF.Gz That an interis dividend!of'250 per share on the outstendiag Coron Stock of this Company be and it hereby ib declared payable April 1, 1'Y4.4'' to stockholders o•' record at the close of bouiness March 15, 1944. oa .otion of' Ilr. Ha.lley„ seconded, by Mr. Hopeell„ it was unanimusly pay'ent of ir.terest thereon, due /lpril 1„ 1944, and sha11' be reopened' at tan. o0'clock A'.Y. April 3, 1944. ; RESOLVEDe That the Transfer Books of'the Registered Three Per Cent Ceben- tures of this Conpaxpy ahall be elosed'at three e'clock P.II. March 1'5', 19L4, for theI On motion of Mr. Temple, seconded'by Yr. Hopecell,,the follonin; advertisiag; expenditures were in all respects approved, ratified, and confireedc Contract dated,Febronry 23, 1944 for an advertiseoent in the 1944'AnauaIl Jourmll of the Newiork Chapter of Hadhaesh, at a cost of s50. Contract dated February 29, 1944 for a hnlf' page OLD GOLD Ci6arette ad'rertisesent in the 1944 year book 'Rescne throu,;h E]aigration!!„ published by Hebrew sheltering, & Im.igrant Aid Socie.y, Her york City, at'r cost of,:Z75. On motion duly aade and'seconded„ the meeting adjournedL "t ~ A Secrcta.rr i Q aPh W~ 6

M W - ~ `r^"a"--`c , i 158 Yarch 1Sy 1944' A meeting of the Board of LL'rectors of P. Lorillard 4oapany as held et two o'clock P.ll- tocay st the office of the Gompeny.„ 1T,9'Test 4Gth Street, New lark City, it being',the most convenient time since the Annual Yeeting of the Stockholeers held at eleven o"elbck In the forenoon on March 14, 1944. The saeting .ae calle& to oroer by Yr. C. 8'. Eiumael and'Hr. Todd iool acted as Secretary of'the meeting., The Secretary laid before the oonrd the mi'nutes: of'the sala1 Annual Meeting of the Stockholcers showing the election of the following Lircctors: Ebanr S. nowii'ng J. Strother rreeman Jaaes k. Glescock iilli'am J. Halley Frank Hopewell . . GeorEe H. Hiimmel JesasT. deei' Eierbert' r. gent, Irvin H. Peak F. Glbd'den ~earle Harold t. Temple George L. whi'tefi'eld Todd hool The canvass s::owed'the following Li'rectors were present:. H. a. dowling I. T. Keel, J. S. Free^an H. a. Kent ia J. Halley I'. H. Peak F. Hopeseil H. F. TempLs Co. H. Hummel ' G. L: ahitefieid' Toda woo.L Mr. HuaeL stated to the meeting,that elections eecei In order for a Chair- Raa of the 8oard of,Directors ana for Officers of the: Compeny for thei ensuing. Jear and' asked Yr.. Kent to tnke the chair. Mr. Kent then nomi'nated Mr. (,eorge H. Hwrmel for the office of'Gliairman of the Doare of Li7ectors. Y4-. Freemen seconded, the aotilon encA a vote being taken, Mr. Leorge H. Hummel aee elected Cbsirsan of the coara of' Directors, a31, votir.g i'n favor except 1Lr. HumneL, ho did not vote. Mr. HummeIl then took his seat as 4ai'rmen of the meetiog. dn motion of Mr. hhitefield,, seconded by Mr. Hopewelli,, Y'r., Herbert,A. Kent *ss elected'President of''the Compeqy,,a1L voting in favor thereof except Yr. [ent, who aid not vote. On:aotion of'Yr. dowlitg„ seconded by Mr. beel„ Y'r.. George u. nhitefi'ele was elected a Viee-Presidenti,, bllivoting,in favor thereof except Y'r., •hitefieid, ho a1'dlnot vote. J;h ~ Str. Huamel svggested thrt Mr. eh1tefield'be deslEneted'Lxecufiive Rice- Pres1'cent to act in the atsence or dissbSlilty of'the Presiaent',,, anci, thereuFon,1 ao m f 1 ti ~ o on o 1=.. Halley,, seconoyai by Mr. Freeman, i't' eas unani'aouil'y ~ LIMMY~.T+: That Mr. Gaorge G'. ehltefield a Vice-President of tye Cospar'ITI ~ „ be desi6nated Hxecutive 9ice-Presicent Ene in the absence or dlsabi'lity' cf the Preaicent, Yr. lhitefield as Executive VLce-Preaiaent„ shall perfors tne d+ties ~4 of the Presiceut''s office, sub~'ect to the controi o^ the directors.

f. s:a did not vote. On:aoti'on of Mr. Tesple, seconded by 1[r. Rh2'tefielld', Yr. Edger 5: .,Bos2ing sas eTected a 71ce-Presi~ent, all votiog,in favor thereof except Mr. Bosli'ag, ; On notioa of 1ir. Halley, seconded, byr I[r. Hopesell„ Yr. Toad R'oo1 was elected a 91ce-Preeioent, all' voting: In favor thereof except Mr. itool, sho aid not vote. On sotion of 1[r« Eeel, seconded byrltr. fesple,, Mr. Ailllas J. Ha1Ley, was e2ected'a Vice-Presiaent'„ all voting,Sa favor thereof except Mr. Halley, sao oin not vote.. On sotlon of 1[r. Sosl.ing, secondtd by Mr. Hopere,ll„ Mr. J. Strotber Freesan was elected-a 9ice-Presi'deat, all voting in favor thereof except iL^. FYeemen,, *ho oYd not vote. On .otion of yr., Halley, seconded by Yr., 1YiitefieTd', !r. Toad: gool! was e]:ected 5ecretary,,;al'i voting in favor thereof, except Mr. kool,, who aid not vote.. The Saeretary was thereupon duly s.orn for the fai'thful! pertormance of bi's, dutiea aa Secretary as fo,lloss: eSTATii OF IfiX a"OR& )i j ssm w"OLL'TY 0r LFTi ZOF•S ) TOLL 7100L, Secretary of P. LORI;I.LA'FiL- CQllPA)IZ„ befhg, bir ae duly ssorn, upon his oath ceposes and says that he will faith- fn11y discharge the duties of Secretary of the aforesaid Compnny, to the beat of his sicilL and abili'ty. (Sigaed) TOLL i00L 8ubscribed ano sworn to~bef'ore _. se this 15'th aiay of Yarch, 194L. (5igned), Leslie E. %;Le9ens ItOTLRI PUBLSC,, Nassau County No. 246 Certificate filed !1.l.Co. No,. 270„ Reg. Ho.«4-C-1G3 Caenafaaton E]rpires Yarch 30, 1944` .I Said Oath .es d3rected to~be filed with the Secretary. Ow notion of Mr. F'reeman„ secanded by Mr. TeapLe, Mr. y. J. Halley eas elected Treasurer,, all voting in favor thereof except Mr. Halley, who did not,vote. *as electea an A'ssistant -uc3tor, a3L voting in, favor t'r:ereof'. On, aotlan of Yt. Te.piie, aecoaaed bg Mr. •hLteflel:d, Mr. L. E. Cle.mens *ee e2'ected,Assistant Seeretarp ano Assistant Traasurer„ all foting,in favor thereof. On motion of 1[r. ihit'~efieLd, seconded by, Mr. noelitge /[r. Thoras L. Perkins was elected an 6ssistsnt Secretary, of the Cospacy, a3.l,voting in favor thereof. On notien, of II[r.. Freeman, seconded, by, Mr. Teaple, ILr, toeorge!ti. Smi'tb ses elected 6uddtor,, e11 voting in favor thereof. On aotion of' Mr. hiG efield, seconded by, Mr. [eel, Mr. Edward C. Huntlrr ~ ~ _ . _

ah~ motion ofIr.Eop,eweil„ seccened by, Mr. Keel,, llr- c.award, J. ae1'.I',y .asi elected an [ssietent Au<iitor, aIl voting i'n favor thereof. Oti motion of Mr. Zesp.le, seconded by Mr. ahitefield, Mr. Fred' B'. geiake .as elected Chs!aar, a11'voting,in favor thereof. 9%e Chairsan stated ta,thei meetSng,tia t by Section 2',of Article IIII of the ®y_laws the 4hairman of the 8oara sm the President are ez;offi'cio aesbers and presi'din.g Officers of the Executive Uomiittee aaa that in view of the election by the atookhoildars on Yarch 14 of a new Doara of Li'rectors,, he aeeoea 1t,advisable for the Boara tnoappoint a new Ezecutive Coo.aittee, for t'hRt Fv=posa and to appoSmt nine other airectors as aesbers thereof. I Thereupon, on eotion of Mr. Freeman, , seconded by Yr. xhi'tefielida it sas unanimaxslir E:WEQSs That pura+ant to Lrticl'e I3II of the By-lews of the k;GSpfny thf,f Boarti do a;,point nine otLer eireetors froc aaong 1ts members to constitutz .itA ~ the Chair.an of the aoaro and' tlse Presiaect an cxecutive uosmatteel consi:t'ing ` of ll directors eho stiall exercise tl:e: porers ana auties set forth,in sala il Articla~LLIT,I. on aotian, of Mr. Free.me.a,;secooded by rr. IMtlltefield, Mr. E. S. bowling aas appoittea a oesEer of said rssecutive 4ammiYtee, all voting in favor thereof eacept Mr. dowhicg, who o9u not vote. Oo xotion of Mr. Temple,,seconaea by Mr. ahitefield„ ICr. J. 5. Freeana aas appoiht,ed.a memter of said isecutl'7e Cazsittee, a11'votiag iw favor thereof' except Yr: Freewan, who did not vote. Qi ootion of Mr. 8opewelT, seeonded by It. Keeli, Mr. Y. J. Hallley was appoir.t_c a member of said, i~xecutive Co=m]t~Lee„ all voting in; favor thereof' efcept gr. SalleY0 who did not vo'ar On,aotion of Mr. Leel, seconded by Mr. gewling, ll'r. °. HopeeelL was acPai'o_ad a member of said Executive Cossittee,, all voting in favor thereof except IIr« Hopewell, aho aia not vote. 0o motian of Mr. ihb'te'leld Seconded by Mr. &awlina, ib•. J. T'. Keel was appoiloted'.a aember of aaid'E:zecutive Comaittee, all' voting ini favor thereof aseept 1lt. Keel, who cia not' vote. ~, on moti~on of ir. Sent, seconded bp'rr. Seei,, Mr. Bi. F. Te.ple was e;paict llled a aember of said: Executive, Como,ittee, aTl voting,in favor thereof except mr. TeapU., ho dia not vote. On aotion of Ilr. Keel, seconded by Mr. HopewelL, Mr. C. L•. Ahitefield,was'd appoi'nted a' member of aaia, s":zecvtiwe %;ommittear,, all voting, in favor thereof except Yr. i'yi'tefi'eid, who' aid not vote. Ca aotLcq of Yr. :hitefi'e3a„ seconoed b,7 llt'. oowl.ing, Mr. Tocd 11001 wes appointed a aemher of said,Faceeutive CoaaSttee, all votin id favor thereof ' ~. g, ezcept ,Yr. iool,, rtia aid not vote. . On aottoo of Mr. Ha1Tey ck' -as' aFcoist seconuea b G Yr ~. , y Iasco . Ient, Mr. J. %•. alb*r of saia uewtive Cormittee,,alY votiup in favor thereof. On aotim duly, maie eny, secoaaed; the ceetiog aa_ou,rnedi. ~~ I ~ ; Secretarr ~' -_ .____- - - - -- -- - - - ----- -- . x,r . ....,~ . ' h . `

-- - - - -- -...r.~ •. ~ dUt s*ora, upon his oath deposes and says that he will faithfully dlacdlarge the duties of Seeretarg of the aforesaid Comparw to ths, MdTil91' PUR1;.. Nav.au C:mtr K--%. a4C.ndwt,m.Kd a 19. C'a. NS. 213. R&g; N., 4-C-143 - Q.~aon6aqeft ltLrcY,3Q..19W.

`T T 1 rsrch 17, 19" 1I'' 61 l regular .eeting of the Boerd of L4rectors of'P. Lorillhrd Coapany sas held today at the,offi'ce of the Ccrpanir„ 119 iest 40th Street, ies Ior1d Ci'ty.. There were present' Ifesars.: G, H. HumelL H:. A. Lent G, La IhltefiaLd E« S. Bowling H. J. Hallay J.« S. Freeman • J. AI. Glascock ?. Hope.ell J.. T. Keel I. H. Peak H: F. Temple Todd enol Hir. HumaeL, Chairman, presided, and the 5ecretary acted as Secretary'of thr weting. - On aotion duly made and seconded, the reading of'the aiautes of the previous seeLing sas dispensed with. On sotion of Mr. Lent„ seconded by Yr. Hopeeell„ the following advertia- ing, expenditures were in allY respects approvea, rati!fi'ea,, and confirsed: Contract aatediltarch 14, 194.4'for an advertisement of uompany proauct,s in the prograi journal to be publi'shea in connection ri'2-h the 14th Ann.f.ersary Banquet of,tEe Merchants' ana aalesmen's Club of'Brooclyn, Inc., on 6pri1 1, 19C,f, at a coat of'Z50. EstIsates of'J. saTter Thompson -c+.paay as foilio.ss 1159 -Qupp., A'dated Yhrc'z 7, 19L4 for eaditional ezpend3ture of approrl'aately . UO0 entailed in broadcasti,ng the Bob Crosby Sbo.k sponsorea by OLD GOLD Cigarettes, froa the Ar,ze^s, CeLiY. llaval' Base, on lltrrch 19, 19L.L.~ /183 dated Yarch 6- 1944 for procuction expense of =325 covering change in , OLD: GOLD Cigarettei sagazine aavert,ising. A81 dated February 29, 194G'co4ering radio aavertiaing of OI:L GOL.L Cigarettes over 8tation xNOL,, he. Or2leans, il.a., April 3' through l+eceaber 29„ 194G, at a, cost of 14',602,7& (182'aated February 29, 144'l, covering radio advertising of OI:G COLD Cigarettes Over Station C1(L. , ietroit, Y.ich., April 17„,19G4 through,Jenuary 12„ 1945, at a cost of t24,700« The Secretary laid bafore the meeting the following: Contract dated F'ebrusry 28,, 19C.L with Inight Procuctsr, Inc.,, Cineinnati, ~ao,, for coal requiresents at the Lan-ille,, Ra, plant of the Coapen,y, April 1„ 1944 to March 31, 1945M und'er teras and eoaaitioaa therein set out; Agreement dated March 1i3„ 194G,sith Tice iater Associated qiliCaspany for reyui'reaenta of'lubricatin6 oils ana greases at the ni'chmono, Ya. and, Lancaster, Pa.,plants of the Coapen7, for a perioc of teelve,sonths froa F_bruaryr. 15,, 1944, under terms and,cond,ftions therein set out; epch of rhich.

on moxlion of Yr. H&LYey, eecomdbd' bgXr. lhitefie1d,,, ss iaa11 asepects aPAicved's rati'fiea4aadconfiised. Qu mot3!oa dnly msue end,secoodbd'y the meetiag ad;aurned'. Sa!erata rT

f r. : ~~.-.,..~. Apri1 21, 1944 i'regular meetina,of the Board of Directors of,P. Lorillard Companv was held today at the office of the ComparW,, 119 Test 41th Street, l7er york City. There rereipreseat Yessra.t G'. H. Hummel H. A'. Kent G. D. f.hitefield' S: S. Soeling 1. J., Halley J. S., Freeman J. k., G19sscock I. Hopeee]IT J. T. Keel I. H'., Pedt !« Gladden SearL. Todd Wool Mr. Hunaiel,,ChaSraan, presiid'edl, and the Secretasy, acted as Secretary of the _, meeting. On motiion dul,yr aade esdi seconded, the reading of' the aimitae of the pre- .1ous meeting,ras dispesLsed with. On sotlon of Mr. FYeeman, seconded by' ibr. Bowling, (ur. He,Tley, not .roting), it Raa HESOLPFIDs That the salh.ry of 6.J. Halleyr, 7ice-President, Treasurer, and Director of the Coopany„ be and the same hereby is fixed at the rate of €{L3,,OW per aanua,,, eff'ectiR,e April 1,, 1944., on motion of Ib•. Hopewell, seconded by Mr. Whitefield, (µt. Keel not Roting); it *as HFSOLPEDc' That the salary of J.T: Keel, Leaf Department 16Knsger and': Direc- tor of,the Coepdtys be and the same hereby is fixed at the rate of g20.7tJ0:per anMQXI,: effective Apri1. 1, 1944. oa motion of Nr., Bowling, seconded by 1pr. Peak„ it as uoanisousl,j HFSOL4EDe That the salary or R.R. Patterson„ Ysnager of'the LanvilTe I.c+at Departaent„ be and the sbm hnreby is fixed at the rate of I2O„T,x)l per a*+mam„ effective April 1, 1944. 'On s,otion of ![r. Nhitefield, seconded by Br.. Freeman, (Hr. Gl:ascoch not •oting), it was RFsOLYED: That the salsry of'JrA. GLtscoclt„ Yanager of the T.'hitlock Hranch as,d Director of the Com;.an7„ be and! the same hereby is fized'' at the rate of' "h18„C00'per anmrm, effective April'1, 1944. On motion of'ttr. Haliieyx seconded by 1fr. Freeuan, (Yr. Hope.el]l not votinC), it .as RFSOL9FIDs That the salary of F. Hope.ell, Sa1rs Hcnager and ri.ector of the CospeW, be, and the same hereby isd tixed at the rate of glti)s700 per -1a, effecti.e April 1, 191.i.'. On cotion~of Mr. Keel,: seconded by Mr. Peek, it was ,=wnt~^uslyr , RFSOLYID: That the salary of, H'.F. Teapls, 1Lssistant Sales 1N+Meer, and ~` I y I

, Direetor of the CompncYy be and the same hereby is fis'eil at'the rate of $13,500 per aacnin, effective A'pril 1,1 1444. On ontion of Itr. 2^reeanny secoodea byr IG+s Ifbi'tefieid, (IQ•. Peaf,not •oiting), it ras RESOLYED: That the salary of I.H, Peak„ lia,nager of the 6entuclq Leaf Dept., and Director of ttie Companyr be snid the' sa,ae herebf is fised at the rate of Z.15,O0' per amum, efz'ective April 1', 1y<4. AlL of t8e abors increases in salary have :.een appro*ed by the Salary Sta_ Millizatibn Unit of the Bureau of InternaiiRevenue, Trensurf 'Department,,, as shown bg,letter unted April 15, 19" f=om the Salary Stabilization Uait too this Coapaqy!„ attached hereto. YYie Seeretary laid, before the cieeting, the, follo+ri~- papers. in connec- tiioa with the loss of coupon dile October 1, 1942 detached f:oa 7;E Cold Bond so. 20931 of this Company, in tre princilal amauat of E1,Out3x /Issignaent datad 1Lgrch 2j!, 19L;4 of said coupon by John P. FTail'ing,~ 391 State: Street, Albany, H.Z., to '.he aati'one.l Coasrcisl Bank aad Trust Company of A3beny,, ilbarq, tl.L.r lssig-nt' datedi fisrch 23, , l~i9L.4' of said coupon by The ;Sational.. ComerciaT Bank and Trust Cam;any of 111baqyr to Fidelity and Deposit Coapaip' of ISeu7lend; Bond of' Indemity dated April 7, 1944,1 in the sua~ of' S7U,,, *i'th Fidel'1itT and Deposit Company of'Marfland, 140 Eilliam Street, New !ori¢ City, as Obli&or. indeanifyi'ng this Company and Central fianover BaAk and Trust CoaFntyr agp,i=st anf, Loss or damnge zhich mig.ht ressal.t froa the payment of said aouponidue October 1, 1942 ' ddetached from 77: Gold' Bond, No~ du93, a11e8ed to have been,lostn without presentation of'saae;' Rhereapoa, on .otion of Ir: Haller seconded,bp W. Ahiteflelld, it .as' aas.niioual~r E.SQLFEDs That the Central: Haaover Bank and'-,iust Company be and it ia hereby authorized and directedl to cake Fayment to Fidelity and Deposit Co.pe+W of Yar73etdr~ of the nssount due1 on sald alleg.d 1'ost coupon, naaeIT i35!. On aotion of 11r. Sent, seconded by LLr. Zhitefield'„ it .raa U*+D^I ~us]J SE.'AL4ID: That this Co=~aap' contribute the, sum of' F2,500 to the 1944 aaapeign of The Greater Nes~2orx Func, New 2ork,City„ N.l. Q. On .otibn duly .ade and seconded, the eeeting edjourned: ~ /Adz . $ecretasr ~

:. _v,.-'~'•t$r~~ M mrr frLEw~ `YfcRsc 7. W. Y: - .. ) ~.. ~, .. r: 1ArL11ard CoaparW„ T". 119 Ir..t 40 Etr..t i.r Tork,, 5. T. TREASURY DEPARTMENT eURSNl1 OF IUtTERNAL REVENUE . yNJARyfT•.IIwuWI71 Atsaatzoa: T- L P.rliSna, L.iataot S.er.f..rr -efe .enre .- a,~e to Ta•a• 4-ted If....i t7} tga. or _ a,.ra ,:.i ai' ; ropaseti ia=-~er•E_ in ~: a=~ns..tia : ai e:a::oziii& c_).~: rres: tiSliaa J. HaLI Jra.. T. 9001 L B. Brtt.r.m Jasn l: GTaa«!.k lsaak Lop...11 Eansld 11. T..ple 1.. E. F.ale iou :ai:r u?n1icr.t?an :`s cporo7ec:, c-'reti:eJprii l- I`_' 1;; -zn:erstaa; L'r:t L;e rd:~~~ts .-creby annroved' s.5a!!1 r:at. ceusea . ,, sis'. :orrni'ler ~!Z:e . cr. =ai:-;E-juct.7_:1,L4, or:o 11c E :rC :- ie _evcl af 3.^o-cstion cost-- + ,3 -eci:.b1 ~ or :`=uiz3: the b" -_ls ai• :e: to incrc=s.: -.r:res or to ~st at:.eziso ,jµ=tifiablm :-cs:tiaas ir arirAs. T'ja r.U:ina; is b;-sd, uwn Lke, '.=Zo- -ti'un Cont.:-ir+ed im Tour p?_:atier.. L•- t::c i.1*ar_.tia:, _J to Ge iaeorr_~ct, ni ir..: ::1r-2:i a..ve no : or ce an~ Jec=- 3x, direeti~n of' tY.¢ Co-uisri aoes_ 9erT trulw 7tr.irs., Lharlcs J:. r?rrke, s7ewd, &er York C`ffice. L :or a... I t

----= ~~- -- ~-. F ;; t ~+,1 19 ~ 19r1 165 ll rr!g^_:.ar rre•,~ o.°, t.'e Baeri of r.i.:~ecters of P. I:ariLiard ,^,<ampa1w aas tai:: taaT at t~-e af:ita, of ae Caspaiw, 113 , iest.,itt ;.Lreet, 1e Idrj¢ Ci:,. mh-ar. II+e.re, ;resert Messrs.: G. E'. ?usmel S. A. [ent' G. Z. LEitefiald I. S. Boslins. i. J. °&iley ?: S. }reean F., Po.~eeell ?: ! b.el Il.H. Peak J. A. Glucock Zona Wool Yr. 3na.el, C*-i--Ln, =^esi::ed, an3 the Secretary acted as Secretary of the meeZ!.rg. On srotion cu7;y ade aaf s.cooi.a, the readinj ; of' the aiautes of the pre- victA seeting sas =.is-,srsed with. On motion~ of Mr. SoaiaZ, seccn~ed by Itr. Gt,itefiela„ it .a, unaa3aously ?,,=LFr): :%at a di.i.:end of' 21.75 ' per suare on the ?referred Stock of ty`is Confa:y be: and it =wetr/ is caci.ared pay;a:aa JSUly 11, 19.,,: to stock2iolicers ci' rreorc at the d.ose of aui'aess Jturo d,, 1?u:.: On notion of' lt`. 'w?itefiel3, seconced by 1r. Eolxse3l, it was „*L_m+as4 RESCI:.S': Mat an izteria :Svi.iend cf Z5: per stare on~ t"e oLtstanding Comoa Stoek of t~-is Coo:,exW be: a= it ~s eby is declared' paysble h4 1, 1944 to st.ackholdersr of recorc at' the close of busineaa Juas o, 19:.... ahe 5.cre:rrT laid before the.meetiaa tie follo+ring; Pirst Sup;.Yene..-tal A6^eement dated: ria,.-~cn~ a, 194..., betaeen this Co.;e:yy and ti:e Onit.d States of' A2erieas aaeaa.-.b, anri, ez:ensic.b lease cated yovemter 11, 194.2 to '.:.e Govurnment,: of t:.^is CoaY.am'a Craoe NareLoruse in Yi.i.aeto.n„ Ohi'o„ frwl J:31f 1, 19" ttm".;h Juae 3JM 1-3..5w - to reae,in in force t-nereaftar from year to year yitho.a_ _`.:rther notice unless am, nntil' terrinated by tte &overn- meat ia:accordance eith the tera.s tzereof; shich~ On motion of 1r. EELLl'eyr, seeoaZed~ by Yr. }h^eeman, .as in ali resPects argroved!, ratifiea, and confirs+ea.. Qn sotion of mr. Lhitefieid, seconded by lr. Ho*liaGr (wr., Kent not votint), it .as RrSOLFEC: That the salary of H.As Kent, President and: Direetor; of'the Coo- pasar, be e.nd' tte, sane he=ebg is fixed at' the rate of 438',Jua) per. anmum,, effective 1ta,T 1'', 19.:4. On motion of IIf. Hope.ell,second.d bPYr« PeakN, (Yr:. ihitefield not voting),,j it *aa ocenr.vmz That the saTarr of G'-D. iGhitefi'eld. E=ecutive Pi'ce-Presi.dant and Director of the Coapagyy, be and the sase tarebP is fixed at the rate o.f't30.0JO per~ ' aaauaw,er fective Yqy 1, 19+.4. i V On sotion of' Mr« Freesan, seconmed' by IQ'.,lihitefielld', (',1tr. 9oe1'iaa, not f, . ~-_....~

166 voting)',, it sas BESQLY:D: l2ut' the,salary of E.S. Bo.ling, Vi'ce-President and Direc:. Lor os' tha Company, be and' the saos hereby ia fixed at the rate of ;;3uyGJG', per annum, affectiRe flay 1, 194:4. on.otion of HY. Halley, secoraed, by llr. BoM11'n,~,, (Mr. 1roo1 not .otirg)i, it was AMLtTED:, That the salary of Todd Wool', Q1ee-presi3ent, Secrett.17,, and Director of the Ctrm=•arW, be and the same hereby is fixed at the r,ate of! $25,000 per anm:m, effective 1{ex' 1, 19t,4. On motion of Mr. 5ee1, seconded by Mr. GTlascock, (lltr. Frecman not totin), it was RFS()LYED: That thel ealary of J.S. Freeman„ V'ice-Presic.'ent and Director of the CoaFany, be and the same hereby is Y,ijsd at tte rate of sZ5„OCJU per a-, effective SISy 1, 1~44. On ootion of Mr. BoFewell', seconded by 1Gr. Whitefield„ lt as uueaimoualy' BF50L4ED:, That' the, salary of' G.H. Smith,, Auditor of the CoaFaag, be and the sama hereby is fixed at the rate of cL2,,0u0: per anaum, effec- tive lta,7 1, 19t4. On ssotion af 110r:. Hoperell, seconded by Mr. $eeT1, it was umai..ios:;T;,• B,FS44L'9!M: That ' the salar3 of E.C. Huater, Assistant Aucitor of the Cozpaa,p, be and t:e saae hereby is fixed at the,rate of'i9,5W per annua, affective llay 1, 19,44. On notion of II'r. Bovl•ingy seco:Zed' by Yr. fixite:iel3, it sbs nnawiMusl,yr. iLES4LV£D: That the salary of E'.J. Kell,f„ Assis`ant Auditor of the CoaQa.qy, be, and t:>e same hereby is fixed at the rate of ;;5,50.) per annun, affecti.e yqy 1'y 1944. qOn moti'ron of itt. Keel, seconded by ltt. Whitefield., it xas uaaaimoael7 RFr.,OL4ED: Z2iat the salr.ry of F.H. *eiske„ Cashier of the Conpavl, be and t-se sase :ereby is fixed at the rate~of ;8,,253 per aaeuwm, effective lfqr 1, 19". IITI of the above increases in salarf have been approved by the Salar,y 0 SLebili:J,tioa Qnit of the Bureau of Ihtarnal Reveau® Treacury Ce;;artmentt . M7 „ as shocn bgr lettar dated Yay 17, 19" from~ the Salarj Stabili:.atian Onit, ~. flo' this CoapnW, attecbed hereto. ~ Oa antioo dalX: eade amd' seeoodai, the meeting adfournerS. Q N

! *' I!._~.. Iorl'.. ;hr TAZEASUIRY' DEP/XiRTMI'~EM' ? BUREAU OF INTERNAL, REVENUE MLNR11"sTMILIZATlOM IUMtTi We7 f1WOWA7 ME1M YORK, 7. ML Y. IjA1C 17' 19«' Earkinss Daniels•k Perldas. 30 Rockefeller Plnza is York ?Ai„ B.« T. , .y*1'. ~91a'4~,A~N ~~•..~. 1ts:: P. Lorillard Company Attention: Mr. Robert B. Tyler I ? S + R.flrsnce is asde to your eppiication dated 1Yay sy 1944 requsstiag, ! approval for proposedii'ncreases in the coapensation of the follc.ins .. ainm officsrs: Annaal 3aLari Immplu7ee Present Proc+osed' Approved Rerbart A« Ssnt S34300 =40000' ta8000 ' Uor e D Whitefiald $8750 30000! 30000 4 $ . Id' nr 9. Bowli 28750 30000 50000 ~tt1 g ng • y 1 a r t Todd lool I. Strother FY+eesan E30Q0: 83000 23000! 25000 230001 23000 1 s ^,. H. Szith 11500 180001 12000' _. C. Hunter 9fJ00 9300' 9'S00 1. J. E.11y d000 5600 55W ' 1 T. H. isislce 'd750' 8230 AE30! Approval i's: herabf granted as indicated above effeetire May 1', 1944, 1 I I The erii'snce, sl:baitted d'oes not sho.'that any further iaoreases: ikayr R arr perslLssible under the prosfsions of the, Art of,October 2„ 1942 ('Pt+b., L. No. 729, 77th ' Cong., rad Sess.) and' the Regulatlbnsl, as emsadbd, purzuent to Szecutlve Order 9328, and th. Act,of April 11. 1'943 (~PtL. L. No. 34, 78th Cang., lst 9rssj It is naderstood that the adJustments appro.ed herein ahail not be used as the basis for othsr".a3s or salary edjuatmsnte, or to lncrease the level of prod'ueti'on costs ap-iraciab3r or furnish the basis elther to iaeraase prices or to resist otherwise Justifiable reductions. In 7rices, This ruling,i's,based upon infoematlon eontal!ned In 7ouz'applicatib'a If the iaformatibn is subsequently found to be incorrect, this ruling shal'I have no force nor effeet. i t ;! 1F?' ~ i

AU 7ut the e.ent Ton d.aire ta~arotent the ru:ing of't5ls, of'icee jou sho-U'3 subai't to this offlcaj in tri'p,llcate, a r.;uast for retie. tS.reof„ Yneorporating thezei'n aoy , ed attonal i'3fa:.a ti'os you saf •i'sh to present, .lthim fi'fteea daya fi^oa tGe date of tCis l.tter. Otheraisr tSs case will bs considered closed. Shau11 Jpa also desire a coafareaca in,this offlke,, a re.;cfa_t tharefor aEould b. sad* at the tia* your protyst ia t11sd. By direotion of the Cosa1baionsr. 7erp truly yours9

r th _~....._._.._.~. _. ._ ~. ..~ K ~. :.. . June ls" 19" 167 _ A'A regpeLr meeting of theBoard. of, arectorsof P:T,orY.Yl}.rd CoapajV was Eelc todsy at the office of' the Company, 119 eest L0th Street, tie. Tor¢ City. There were preseat Messrs.: G'. H. Hummei HL A., 6ent. G: D., Whitefield E. S. Bowling, F. J. 8alley J. S. Free.an J: T. Keeli I.H. Peak H. F. Temple T. L. Perkina,,ASat. Secretary ib•. &ummel, Chaisman,, presited and the Assistant Seczxtar acted r as Secretary: of the msting. Oo motion duly oade and' secacdedR the reading, of the aYautes of the pre- vicus meeting eas ulspeaaed rith., 3rS On motion of Hr. He1ley„ seconded i+ rs ! by Mr. Temple, it .as u,,••,,•or•ly RF50'LYS3That the Transfer Books of the lRedistered Five Pcr C2nt, Bonds of this CompatpR shall be cllosed at twelve o'clock noon July 15, 19~C, for the payment of iwterest'thcreon.,due Aub"ust 1, 19.;4,,and sha1l be reopened at ten o'c]Iock,A.M: August 2, 1944. ~ ... On moti'on of llr., Freraan, seconded by 1r., Bo.LY +~1 ng,, Yt was .,T.,, m.,usly , ~ RFSOC.VED: That the firm of Lelioitte, Plender,, Griffiths & Co.panyy Certi- fied Public Accountants, of t.9'Ha1l Street, aew lvre City, who tavei :eretcfore been serving this Coapany as Auci?.ors, be and they hereby are appointed Auditors ~, of this CoaFaW for the year 1944. On motion of Mr. Keel, sitconddedi by Mr. Tc.ple, the folTorira, advertising espen3iture was in all, respects approved, ratifiedo „ and confizmede Agreement dnted June 13, 19/.4'ith Garden Trading,Corporntion, contiauiag,for a further terf of two years from Octo•orr, 1„ 19w., the qI1D C2= Ylaamirateci electric siga,above the store of the "Garden Tradlne Corporation rt 1032 Eroa_rayr,l~1 Mee Zork City, at a rental of 52,0001 per,anmua. On motion duly made and seconded', the meeting adi'ourned. Assiatant. SecrEte.rar W Q

1 JsuV 21, 1944, . Are6ular me.ting,of'the Boani,of Directars of P. LorilLard CcsoajW *as held ta9ay at the office of the Coapeqr,i U9 last t.iili Street, !jes lark citye lhere .are present Y6ssrs.s G. H. Hummel & lr., lent G.Dw 1hiLetiel:9 8'. S.. Bo.ling W: J. Halley J: 3. Freemna J. A. Glascocid F. Hotewell !. G. Searle S. F. T'em?Le Zhe Assi..tant Secretary IOb.,gua.-+eT,.Chairman, oresided an.a at. clencns, Assi.ztsnt Secr<tazy,, acted as Secretaxy, of the meeting. On aotion duxy' nade and secoaied, the reaaing of' t.5e .im:tes of the pre.iom meeting was dispensealsith. On matioa of Hr. Hape.ell, seconoed tty,'_7. !'eapletthe follo.isg ,ad'- tert4aing espeadl,t.ue .as in all respects approved, rstifi'eds aad confirred4 Shpplementaryr g:stimate 151-A of J. 7Jalter Ttioaoson Cososny, ated Ju.1;F 11„ 194:r, covering magazine adRertisin_, of OLD COLL, Cibarstt~s, JitV ' through Decemtier„ 1944, at a cost af' :;.6qLt1L. -1j; Qn notion duiy' made and secondled, the ceeticg sa fo~raed'. Lsistant Secryt~.ry

s sY~«.~ . • -~ . . ~, . lu,;ust 18, 19,44 ' l regular meeting of the Board,of Directore of P. LoriLlnrd'Comoacy .aas held today at the office of'theICompeDY', 119 w.ea4,4Jth Str_at, New,york City., There *ere present tleasrs.: H. 6. K'ent' G. D. Ilhitefield E. S'., Bowling, i. J: Halley J. T. K'eel J. A. Glhscock T. L. Perlic.ins, Asst. Secretary In the absence of 'lt. Hum<se1, Chairman, 6r. Kent, President„ yresidedi, and the issistant Secretary acted as Secr_tsry of' the meeting,. On motion duly made and,seconded„ the reading of the aiautes of the p,re;- vious ceetine .as cispensed with. On sotion~ of Mr. :hitefie3.d,, seconded by lr. Bow11n;,~y, it was unaaimouslyr P.FSOLVM: That a diviaend of .1.75 per share on the Preferred,Stock of this Coapaxrjr be and it hereby is declared ;.ayab3:e, Octoter 1, 1944 to stock- holders of recoti at the close: of business September 8,, 1944. On motion of Mr. Glascock, seconded by Ur: Bowling, it was unantmaisly! RFSOLY=-: That an interim cividend of 25f per share on the outstanuing. Comoa Stock of this Comruvy be and it :.e.eby is declared ;.a}-ab1e ()c'atier, 2i 151L4 to stockholders of record at the.clese of business September 8„ 1944. On moticn of lLt. Hblley, seconded by Mr. i.hitefieldr,, it ras unaaibously F.°.SO.:TD: That the Transfer Books of the Fiegistered! Th-.ee Per Cent Dabentu_^es of this Campany s.:ell. be closed: at threa o1clock P.Y.. September 115, 1944, for tha i7ayment of interEst'thereon, due October d, 1944, arti sha3l,tie reopened at ten o'clock 6.Y.,October J„ 1944.~ On, motion of Mr. Bo*lini;,, seconded: by: Edr. ;,hitefielc°, the following ' ad- •ertising ezpenciture was in all res,aects apcroved, ratified„ and confirmedz EBtizate 1190 of J. Talter ihomcson ComxW dated Aut,vst 9, 1944, ccovering news- paper advertisin& of' OLD GOLD Ciesrettes. 61u6Wt eO 1 throuoh October 14, 1944, at a cost of .jd•,135.79. • On aotion duly mane andi seconded„ the meeting a.:journed: r Yssistant Secr--tary 1 t > I,

Set,teaber 22„ l,w., A regular meetiz-, 'of,the L=aatv of Lirect~rs of B. i.orillar, ^03 aV ras Lelri todayr at the of.`ice .~ !':-aa 113 Rest .7th Street,V:;en Tork Cityr. There were present 3fessrs:.c L. 8. qumsrol B;. A. Kent T- S. Soo1!insw 7C- J. Ha.I1ep _'. Hopeteil J. A. f,.,ascock -E. F. Tem„le F. C1ac'_en Searle L. E. '1e=ns, lsst. Seereteay 1R'. Huaael, Chai.^xan„ c7H=--.~d# , arni the xssistant Secreta.y actu: as Secretarg of tne aeetinb.. on motion d:al/ me.de and sef=n.:ed0 the reading, of the minutes of the prerious aeetin,,, Ras dZsj.e~n cith. On notion of' Mr. Socewe3i„ secon.:ea by at'. Bosiir~, thx f.ollb-i:.r' , aa- Tertisinb ezpeoditu:es aere is a--I respects sa;,roTed, :etli.^ie_, and co^_i:aec: :,ontract dated Septemb r 1i5, Iyc..._ zith TLe Morton Out>.oor A.:Yert~isin.' :oi, Fisltiaorey, i6u. for postinS 13U2 staimara si:e 3-sheet Fanels aiser- tiainb Coa,saqg proaucts, at a:c--=- of-.3~.kXj1;+er, ipnell }.ar mont5,frooJanuar2 1, 1yi,5' throu,;.h Leceabe..= y:, liy5s uzL=er tarzs aod' condiaons therein,set out. Contract dated Septamber 1„ i.z...., aith feris Out..ocr :;,:r,;rtisirY;, I-om:+.ct{„ ` Detroit, !:i-h. for E,ostir.g, no~ .:z= 4:.1 str.niard siae }e::eet panels acivar- tising,Com.-amy yrocucts, at a_-.- , of .2.-~5 Fer -r.n_l ~er mat5, fraa Janiary 1, 1"1•:5 t'.--out# Geceebe= ~., 1945, 'unner t_zs ana coi.iitions therein set out. :.ontract' aated S-ptesr,er 15, T?.-ri'h. : ick We.ranau-;h, GroRe City„ Ghia„ tor costiag son•hl7 1W stan~ r.iye ~-sheet :aael's e.:wrtisin., ~o®:srW ' prociucts, at a cost of :2.:c5 .e= .-:;~l .er siontk, froa Jaaoarp 1i 11»5' throa6h December 31, 1).5r, unrer ~-as na; cocx:itions t.,ereia set out. Q. Cbat-act dated 3eptember, 15, 1;L- rlth ?zraepa Out.-iocr A.:wart,isi-k;, ie:vi 2y ~ Chicago, I1Dinois, for .ostia; 3u,, 9tam;ar_, aize 3-sneet cunels' ek- ~ •ertising ~ompa+yx -rouucts, at s. r..nst o:' er panel ~r month, froo ~ =~"8' 1, 1)k5 th_rou~t :,2ce::oat~,, ly:.5„ under U-ras aai couations ~~ therein set out. , ~ On mtion dUy snae aV- seemuaaei, tya seet.ing aujournea. ~ Yssistant'Secretaz-,/'

• 4•2 I r L' reguhhr meeting, of the Board of Directors of P: Lorillard Com•,.allY, aas hald today at the office of the~;omr,aW, 119 6eat 4uth,Street, New York City. There were present Yessrs.,s G., 8',. Hummel, H. AI. Eent G. D. Tmi'~tefi'eTd S. Sa, BowlSna, *. J. Halley J. S: Ft+eeman J. A. Glascock F. RopeqelP J. T: 4ee1 Hr F.,Templr L. E. :.lemens„ As,;.t. Secretary I[r:. Hummel,: ,:hui.^man, ;,resided, a.nd theILssistant Secretary acted as Secretary of the meeting. On:motion duly made and seconded, the reading of the minutes of'the ;.redouss meetins was di'spensed with. order of any: person whose name,ap.,ears thereon as si,-ner thareof)'r:hen beariag,or purporting to bear the facsisilo signature of any one of the follo.dngs On notion of Ilr. tihitefield,, seconded by Mr. Hallayr it was unanimo„al7 RESOLVED: T.".aS Cit',izens Fidelity Bank and Trust Compaqr,,, a 3'entuclqr C,or;,ora- tion, as a desiomted'deyos'itory, of this corroration, be end, it iauluding its correspondent banKs), is hcreby re•,uested', authorized and directed to~honor all checks for the payment of money drawn in t.his corpor_tionI's~ nsms~ on the Pay Eoll Aceount of its iientuc,f ;.eaf, Depertment (inciaaicg those drawn to the iradivLiual H. D. Seeley T. S. , Blku~k Company: by the Secret.cry or other officcr of tr.iis cor_,o:stiony proTid'ed that no check so drawn is to be in excesi of ;i:kD, nor to be honored by said Ban[ unD:ess ar~sented within tii'rty days from aute issued. This resolCiaon supersedes all previous: resolutions in reg".-d to the faesiaile siyai¢g of,such~ccecks. shall be entitled to honor and to charge the Pay 9o1:I Account of this oor;,orationPs Eentueky Leaf peprirtment, for all such c~.eci¢s for the ;ayment o2' money„ regard- lessi of by'whom or by aha.t means.the actuFsL or F4irported facaiaile sienature tki_reon may Y.ave, been affixedi ti:ereto,, i' such facsimile si.;nuture resembles theI facsimile speciaen from tis to time filed,sit5,^i_i':.ens Fidelity shnic and: Tr-,LZt, , end Citiaens. Fidelity: Qank and' Tru.st .^.ompanYy (Ancl•.nirg its corresnondent, banks) ~ On motion of Mr. TempIle, seconded by Mr. R2hi..afielsi„ It ras'l unaasisociqi,j ~ }tESOT.FEC: That' t* is ,^,bm;.dIW contribute ta the tiational Aar' Fund the yum of :121$W. to: be allocatec aet,:een the New l0oric uffice and thd v5rious:;lant9, of, the Compaqy. ~. on motion duly mr de and seconded, the meeting ad jo;:rmd'. ~ Asslstdnt Secretary i : I Y s

t ~ .11 i ]f~ .,,..,.,_ ~_._._......_.~... . Hovember, 17,, 1)" A resular mseting of the soard of :irectors of'P'• Lorillard!Compacy :ras hald today at the office of the ComPacVy, 11,9 i"est 4Uth Street, :;ew rori Ci'ty. There were present Yessrs.o G. H. H'uamoe1 H« A. bent G. D. thitefield. E« S. Bowling *. J,. Haul.lex J. A. Glascoolc F. Hope'.elh JT.?. Keel li. ii. Peak . H. F. Sempl:e T.,G1addUn Searle todd' Wooi Mr: Hummal, ChaiTman, presiaad, andi the Secretssry acte& as Secretsg of'the aeetina, On aotion c-o17 msde e:nd! secooded', the reading of the mimites of the previous neeting , was dispensed *ith.. on motion of 1tr. MktteCield, secoaded by 1tr. Bo*lins., it saa naaniaously R'^~SOLYr.'"D: That the dLvidend of' i1.7`r p er share on tFie, Preferred Stock , of this Coni~wV,, which souki otherwise be payable an the, first tiusiheas day in Jarm.iarA, 1945, ts' and' the sesro is hereby, by way of anticipation, de- elared and mede payable~on Cecember 22,, IA", to stoc{aholders of recor& at` tbe close of tlusiaessDecember 1, 1AA. I0MIM' FtF.SOL rP'D. : Tst a final dividend for the year, 191.. of 2SR p-r shele on the outstbaainb ,^,ossmon dtock of t::is C;oa;,aqy be, and the sdme is hereby declared and maie eytible on Cecem3er 21„ 19L., to stockholders of record at the close of business on December 1, 1y.i,4'., FURRSFR AF:SOL rF"'D. : That tne Fropar Officers of the, ComYaxy ' be and they hereby are authorized!aaa directed to deliver, on or b>_fore t:,e tlst day of December, 13L;.;., the emesuit recfuired to aake payment of the aom!.ro dirirdends, to wit, the sum.of 6733r17Q..47y to '"he.:iew York ;`rust Cosk;.a4v.. 1a)7 EroaaLay„ aew iorld ; ity, 11.L,, which said sum in tiiis manner is r.e:-eby' irrewocabl,y set aside for ana salocated to the i.ayment of said divildeds ~ aad adeal,'be used by said'Sr:ut ;,ompanyfor the :,&yment of sxiAi d'iviiuemas .~ in.accordanca with the terss of'tais qesolution: ~ T"J8':firZ P.c50LYaZt: That tLe aforesaili diviOends and agch of them, be ~ eharged against eurrent earnbn;s of the Yo~a:any far the year 1~4,4, out of end with respect to adch th.ay are~ ir.tendea to be dec)Lred and paio, a:od' u~ that to the extent' such erarnLn,;s ere not suf:icient ::or that r.u'pose theS' be chargad adairLat surplus anci utt,i,rided ;.rof ita of the Con,:any'. ' ~ on, so•_ion of 1r. HoCenel1„ seconded oy Yr. '^emple, tne~ following ed.ertisis.e e:pencittre was ia,sll re,pects ipyroved, ra2ifiea, ano'' con- firmeds Eatimste r196 of J: Balter 'fhompson Gua;,eny, cated Aoveaoer 1, cover- Lug r'e=s;aper adrartiaicj of' 0.19 GOLE' Cibs.rettes durin4; October, t~cvambi:r. ~

l: and Decesber,, 1y46, at a cost of g3',,353.37:~ 1Q. Hailey, Vice-President of the:Gom,aW, stated'Ya~~he aeetiag that :vr- 1 guant to instructioru of the ;.tsiraan, of the: Bbard' of Directors and, the~ ?resi- dent,,he, too ther with Nes::rs. E.S. Boeliins, Vice-President, Tocd Lool, Vice- president, L.E. Uemens and T.L. Perklns, ::ssistant Secretaries, had:s'or some time past as a coszaittee for the purpoaej, been investi'6utin.U a plan for Group Life Insurance for the employeea of the Compaqy;, that conferences :.ad been hei& ith representatives of, viariuus lite insurance comr.anies and tne matter studied Rery: thoroughly;,that in the opinion of'the Gommittee it is anv2ar.ble for the. ;yoapatp± to aaopt a pl'an for such, insurance am he presented'and rean'for the consideration of the meetitg, a pi:an for Group Life Insure,nce ana a form of' pre- 1SaSaaryr application for such insurance addressed,to the :;quitable Life Assurance Society of the Unitewi States,,.+;.ereby a;_rlieation is made for a policy of Group LifeiInsurance by t:e Comt,aay for its ema loyees. Thereupon, after full dis- cussion of'the principles oi the Ylan,fina its anticipated resuLt upon td,e operations of the GoapaW, upon motion,of Yr. Searley, seconded by iEr. Tsmple, I i't'ras uaaniaouslT Rr."SaL'Vr."L: That .'t.ereas it is the opinion of the Boa_-3' of Directors that the institution of a Group :.ife lnsurance Plan for the eapLoyees of this Compaxy is a sound and proaressiveI policy :n emoioyee welfare and'reiation:hi;.s and alll redound to Lhei benefit of the Gosi;aaty anri its employees; a(fF, TiiER17'GP.E, BFI IT =s50LVM: That this Board formulates and' approees tbe plan for Groap1 LL^a1 insurance for Lze employees of' the Gom,;any (and of acp or al1l of its subsiaiaries if'they determine it a.i.isable so to do),.hich has been presented and reau to tni+3 meetind and a copy of which is ordered filed si2n t..e Secretsry, arn the Fresident arn any Vice-e''resicent of t:.is uom;arv is hereb•j' authorized and ai'nctea on beanlf' oi' this :.om:.aay to sidp and deliver said Ereliainary a;,,_lieation dated27ovember, 17,19:.4' for Group Li:alIasursnce for the employees of this Woa:.azV addressed to the rqui~tuole Life Assurance Society of the United':St:Mes, to pay'a11 necessary premium.s and to oo any and allU thinss that may be necessr_rj or reyuisite to place sUd plan, for Gtoup Life Insuzsnce in operLttion,as :rom;tl7 as posaibie. FUECTi_~R , FiSUIiVMt That the 8oa-s~~d of Directors of' tse Com;xiW be andl they hereby are e.uthorized from tine to' ti.ae to sdce such monlficatilorLs, eYsrsions or chanbes ia said plan for G: oup Life Ina-ur-nce as tcey .&y from time to tilme deemi;roper and for the best interests of the r7ompaap!. FURT.-Ot ' nE'iOI:VM:: That said p3i.n for G:'wa Life Insurance is hereby adopted sub jeet to the approvaL of ' t: e Stocichol.der s of the Gom;sqy at tne ne:at an:wal meetic4-. of stocahol:.ers to be hela on Larca, 13, ll'A5. On motion du]y madi and seconded',, the c+eeting adjcu.-ned to siset Friday, bioeem5er ", 1y44, at 11 o'cloek 4.1'. Secret::x~r I i

il? . * J , s 1 W-aber ?.4, 1944 iln adjpuraed aeetizsg of the Boasd' of Directora of P. Iori7lnrd ;,oe,t,aq •as heltl' todaqy at th, offiicf of the .;;ospsqy. 11,9 heat 4Jth Street,, He. Tork' Ci'tx,p at U o1clock 11.Y'. 'lb.re .as pr.a.nt' Ir.~ Sodd Wool. o quatva being pres.nt, the aeeting adjpianedL " ~ je% 3.er.trs~ I

A regular meting of'the Soardi of Directors of,P. LorilTardiCompatp was held today at the office of the ComkarV„ 119' C:est .ath Street, Hei 2ork city. . Shere were present Ilbesrs.: H. A. ![ent' G::DL *hitefield E. R. J. S. Bowling J. Halley S. FY'eeman J. J. H,. L. l. S. F'. S. GLascock beeli 'lesp:le, Clemena, sst. Secretary Ta the absence of' rr. Huo.ei, Chairman„ HY. Kent, Pzesident, presided aadi the Iwtsistant Secretary acted as Secretary of the sneting. pa sotion duly oade and seco:,ded, the reading of the dmites of the ,.-rsa- rious meeti'ng was di!spensed wSth.. On aotion of Y1r. Keel, seconded by H*: Teap.Ye, it was unan8aous4 P.LrSOLVED: That the 'Lransf'er Books of the Re6istered Fi.e Per Cent Honds of this CovFaxV shal.l be closed at three o'cioc.f¢ P.Y.Jemary 15„ 19b5, for the rayment of interest thereon, due February 1,,1945, and shall be reopened at' tea o"cTock r.Y., February 2, 1y45 ~

:[. as 4----~'r }.~ J Iii . g rsgular .eeting,of the Boasdiof'Pirectors of P. Lorillard ;,o.-„ar17 was held today at the office ef the Co.pWW, 119 Fest 40th Street, See Zari¢ Cit7. Ther, eere present'llessrs.s H. A. Kent Y. J. HalTeF J. S. Free.an J. A. Glascock F. HopeselLl J. T. Keel F. G. SearTe H. F. Teaple Todd' Ttool In the absence of Mr. Hu.mel, ;,hair.an,, Mr. Kent, Presid'ent,, : resided', and the Seeretarr acted as Secretary os?' the seeting. on soti'on dul'y mede and seconded, the reading of the ssinottes of t:,e previ'out ngetina cas dispensed!sith. Br.,Ha11Tey. Yi'ce-PTesident of'the Coapsmy stated to the aseting,tN.at pursuant to the instructions of the Chai.r%an of the Board of Directors and the President he, together with Vessrs. E. S. 9owling and Todd Tool,, oice-Presidents, and L. E., Clemens and T.L. Perlcins, Assistant' ;,1+cretLries, " bad for some time past,,aa a Coamittee for the, aaruose, been iavesti'.,.:ti:.g an DspUoyeest Retirement P1an; that the Coasai'ttee had engpged'tae se-rtices of Mr. Gsorg* B. Bucic, a::onsultin6 kctual7, had held conferencea ri"h aepzesentatives of various trust co.naaies,, and bad,studied thorou:;s1)I' •arious t7Aes of retirement plans; and t:.at int6-e opinioa of't~;s Coaaitt'ee it is advisable for the :,o.paV to adopt a trusteed retirroent :len for t.r•e. sa3,nried employees; that the Commi:t'ee had d.^alted nroFosed~ P.ules zsa: zeaiis- tlons Gocernin6 tye Operation of the Employdes Retirement ?laa and ttAt, a dztft' of said erogosed, iiulbs aa,'_ ReguLations had been senM to' each iircctzr for study and consiueration., llr: Ral:le7 then presented for the coesidern- tibo of the aeeting the proposed Rules ana" ReLvlations GoverniuZ t^e 0.eh- tibn of the EZiployeea'' Retiremeat Plan of' p. Ao't'illard' Co.pan,Y'. 1hereupon, after full discussion, on eqtion of Mr. Searle, seconded by Mr. Temple„ it sw unanimously 8E50LM; Ttiat,,hereas it is te opinion of the Board of rirectors that' this Gompeqy should :.aopt an Employeest Retirement Plan coverin6, t:e salaried employees of tnis Co.ceqg am of its .holl'p' oxneia subsiaiar7, P. Ta rilLard :.o.paqy (a, pela.ure Corporation), and the sa:l'sried employees. cf aZq or all of its subsidis:ries as .e.y froa tims to ti'ae be bro::aht ,m=er the Plan, in accordance .rith its tersu, as a souni' and r.rosressiive r,olicy in e.plbyee .elfs,re and relationships saieh .ill redoand,to the benefit of the .".oapsqy, and its employees; I 8(7w, 2TM[U~F;E„ BE T,T .SLAL:cZ): That this no..rd does hereby for--La:L, te, a,prove and a:azt the EapTo•,•eest Ret,irement Plan set'forth,ia the prof,osed Rules and Regulationa Governin6,the Operstioa of the F:aplay!eest Retireaant' ~ Pl:an which has been presented ta~ this seetinb,, a copy of saica is orurrel b ~ to e filed .ith the olnutes of'tiiis neetir,-;' ana''.his Hoerd'does he:ebY' ~~ declsre that in its opinion the adoption of aaid, :~zpioXees" Retirea+aut Pl`z is'advisable„ and does hereby direct t:e pro;or officers of uhis Co='YanO' t*3 paesent saidi Plan to the stocu;holbrs of' the Coapaa,f at the next Annua.l Ileetiat;,, to be held oa yrrch 13, lyy5, for such action as t: e said, oeeti'nd of stockholdhrs mqy tai:e thereon;, and

177 FIIRTF[FR Re:SOLVEDz That the proper officers and agents of this Company be and they harebyare authorizedi and instructed to do all that my be' needful, includins the preparation and eseeution, and' the filiny with the Treasury Depart- ment of the Onited,ata es, of'a;21, affidavits, exh.ibits„ statements and other papers required to~be filsd'by reason of any applicable law or regulation tao obtain the'approvr.l of said Treasury: Department,to said EaployeesI Retirement Plan and'a ruling from said Department that sa.id plan confors to the~appiicable statutes and regulations as to such plans, and to make any .aaiifl'cation,or aaend- seat of said Plan which my be necessary or'appropriate to bring the Plan~imto conformity with govermentai!regulstions expressing public policies or conditionss shich suat be conformed with in order to make the Pllan elieibls for tax benefits.. On .otYon of Mr. Hopewel.l, seconded by: Mr. 1Ceei, it was unanilaousiy RFSOLVFZa That ('in,Lieu of'closing the Stoct,lYansfer Books): 3 P.M. Tuesday, February 13, 19+.5w bs~and the saae hereby is fized as a record'date for the deter.ination of the StockhoTders of the ,^,.onpany entitl.d'to notice of and to vote at the hnwal Meeting of the Stociaholders to be held Yerch 13y 1945. b1JRTHFR REZ0LYzD: That only Stociaholders of record at 3 P.Y., Febn3ary 13y,. 1945 shall be entitled to such notice of and to vote at such pn=al Meeting, notwithstandiag,acyr transfer of,anp+r stock on the books of'the Company after said record date. . On sotion of Mr. lreeoanr, seconded by Mr. Temple, it was ananfmausi,yr RFS(]LPi3l: That Messrs. a., C. Hunter and A. Riefner (neither of thei being a director nor a canciuate for that office) be~and they.heretry are appointed to act as'Inspec:tors of Electibn for the election of Directors at the Anaual,Yeet- iag of tne Stockholders of this ,".oaNany to be held on March 13, 1945. Tha Secretary stated to: the aeeting,that under the regulations issued by the Securities and,Ezchan6e Co.rslssion a proxy statement and aaim:al state.ent, ie required to accoafa:ny the'notice~and ;roxpy for the annual seetinS' of the stockholders and thereupon presented'ana read to the meeting drafts of'notice off the aanaal aeetizZ of stockholders to.be held March 13, 1945, proxy stateuent,, and proxq.. pn .oti'on of Mr. Teaple, seconded by ll'r.~ Freeman, , i't was unaaisously RFS{)LYot That the drafts of'the aotice, of, the'anaual aeeting of stock- holiders to be aeld ]4.rch 13, 1945, pproxy and proxy statement (subject to such changes in said drafts, if any, as may be deemd" necessarf or advisable by co::asel in order to comply with the Iaw and reguiations)',Wtich have been pre- sented snd read,to this reeting., be and the same hereby are in a.11 respseta& approved and edopted as.the acts of this Bodrd,and the Secretary is hereby ordered to have the saw duly printed and an.i'l.ed to the stocrcholders in accord- ance with the requirements of law and to have co;.ier t::e.oof'rhen printed annexed to these aimitea.as a part hereof;, :., .rLgThg.- Zhat' the anaaaT financial statement shn]1 be aailed' to Rf,,pLyM the stockholders along with the noticey proxy statement and ;,roxy,, in accordance with the custma of.f the CompaxV: and the re6-µLationa of the Securities and E:cchaa'ge. Woanission. On .otion of'3ir. Hoaewellv seconded'by!'Yr. 3eaT, it was unaniwouslx RESWLYID: That Section l of Article, II'I of the, $y-lawa of the : opany, reading as i.ollowst S I t 4

~ ~ 1 3 ~~.... :. •Ssetion 1. assvl:.r aeetinds of the Lireeto:s sL-11 be Nar1a at :; a office of the Cirectora in the City of Ne. Zor1e at U o+clocla ih,ihn forenoon on tAe Friday folloan#c the third Yhursday in e:,cs eontL_ Spscisl eeetiiuts mey be ueld as deter.ined by t.te Direetors,, aa: ray be cailed by the Ghairr.tin ot the poard of Directors or by' L^.e czesi- dent at any tiae aad,shall be called by one of tnea on the re nu:;t of three LtrecCors.z be aai the au.e hereby is a.eaded so as to read!aa folYowsz •Sectioo 1. ps3ular meatings of t}.e DSrtctors sha11, be fa]Y at tY:e office of the Directors,in the Ci.y of Ne i!orc at tzo o'clock ia, the sfternoon on the secobl iednestiay in each monLh. ,Specir.l eeetiags aa,7 be hei.:' as deterained' by tne Lirectorst arn, aey ce called by the CSniraan of tae EoLrd of Directors or by the Presi- dent at any tiiae aad ana.hl be cal.ied by one of Lieu on the reyuest of three Directors.• On eotioo cu4 sde aad'seconded, the menting acjourned, Secretr,r7 •.•..Y.

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. 7. Jkcroounts . . . . . . . . . . a. 1laaagommt of Funds . . . . . . . 9. Certain Rights and' Ubfigitions of,Crnpa". ., 10: Noo-Alienation of Seee6cs . . . . . . 1!i Xmadments ... . . . . . . . . . s

RULES AND RRf;iDLt'IIOnS GOVERNING 7HE' OPERATION OF '1'HE EDIP'LOYEES" RE1'1REb1ENP PLAN OF Pl~ hARIILi AR'D cO31P.1NY Sidfae 1: DeHnitJco. The following wordf and phrases as ttsed herein shadl' has,e the following meanings unless a,dif- krew;meaning;is plainly required by the conte:t;: (1) •.Plan.° shall mean the ffmployees Retirement Pha of P. larillard Company,, as described bnrin or as from time to, time hereaftes amendc%L (2) °Rults.. sha11 mean these RW'es and Regulations toc the administration of the Plsn: (3) ..Efe+ctive dioe of the Plan^ sftall, mean January I, E945: (4) ..Company- shalll mean P. 1Lorillard,Company.tta wbstdiuy P. LorillLrd Company (a Dcla• aare corporation), all, predecessor companus to P. Lonllard! Company, and also each~and any atfiliated md subsidiary company of P. Lorillard Company hereafter autborued,by the ®oard of Directors to pu- tiapate in the Plhn with respect to such affiliated and subsidiu7 compan., s employees. (h) •.Baud of Direcxors<* shall mean the Board of Diroctors of P. ILortllardlCompany. (6) •.Retinastent: Birard" shall mean the manaSing; boaacd of' the: Plin as provided in Section 6. (7) •.Employee" shall mean any pcrson;, including; any Director who is also an oEficeror employee of thr Company and' any o6tcer,, cegularly employed by the Clampany; who receives a regular stutedi aeeklt, tnonthly, or annual sslary, from the Company othcr than a pensan, severance pay, retainer or fd¢ utxier, contract, whether paid i in a Ilunp sum or stated perrodw parmcnts., and shall not mean any perwmwhoso customary employment is not for more, ttun :u txr,rr in any one week or, any penon whose atstomary employment is not for more than S months in any calendar year. (8)i ..I+tember" shalll mean any person ioaluded' in the membership of' the Plan as provided in Section 2. (9) •.Salary~• shall' mean the salsry paid to an empl'oyee, for services rtrnd'ued! to the Cornpany, exduding overtime pay and any bonuses or special pay, (10) ..Sfembership service" shall mean the period of sersice,rend'ered by an employee as a,ntcmlier fat which eredit is allowed,as provided in,5eaaion 3: Subsect,oa (Z)',. (11i)', "Prior servii:e"' shal'l mean the period of service neadered by an employee prior to the effcc- tive date of'the Plan for which credit is allowed as providld'in,Sectioa 3, Subsectaoo (3). (1'1) "Creditable service' shall mean the sum of any, membcrship service and any prior service. (I'1) "Rctirement allowaace"'shall rncan annual payraenn, for l'ife payable under the Plan, as provided in these Rules. (I4) "Retirement allowance rexrve"' stulllmun the pasmt' value of all payments to be made to a on account of a retiredimember, when compuned at regulir interest on the basis of the tables last. adopted by the Retirement: Board. (1S) "Regular interestr• shall,tnean irtterest,at such percentum rue compounded annually as shalt be determined; by the Retirement Bdxard from time: to time for use in all actuarial ealculations required! m connection with the Plart„with, a rate of two and one-iulf pcrcentum applicable from, the edective dite of', the Plan unless and until changed! by the Retirement Board. (16) "Attuarisl l equivalent" slulli mean a benetit, of e5ui.alenr value when computed rt' regular mteresr on the basis of the: ubJes list adopted b. the Retircnent BoarJ!. (17) The miscvline protuwn wherever used shal; ' inch.de the feminine.

~. (I)' Every salaried employee ca t!u effective date of the Plan who sftal) have: beam in tbe sn.icz of ' dic Company for a period' of 3' years of tnore shalll be a,roemher as of such dAe. (2)! Artypenoa,now ia tYte service of the Company who on the etfectih e date of the PGan, sbaM oot havc bren ia the service of the Qompany for 3 years or shall ooc be a. salariedl employer and any person who wters the service of' the Campany after the effective date of the Plan shall become a merrr . ber as of the date on which sttch person has been in the service of' the Company for 3 years and ia or lxcotnes a salaried employee., ('3) StwolWi a meadier acsse to be an employee for any reason wbatsoever his membership ia, the ~ pSan,slt.lli thereupon te**fu^,te, and if' he thereafter agaia becomes,a member he shall receive nobenefits PLo shall become payable m or oa account of any member while abaeat from~ the servicrof tlie,Ca!m. psn;•_ IA1Psuch lea.es granted by , the Retiremrnt Board utd all such coatrrbutions made bry the (-i.ompany. sltiall,fie uwfosm, without any discria.inatioa. as berween,emplogees or' groups of emploaees pusr shall male oontrtki.uions for such i absent, employee for such periud; and that no beneht, ttader the I - due:of separatiaa: providtd thu credrr shall not be illowed for aay, pertod of; abaence unless the Co~ "i, -y ahsmcewhile in the armcaf' forces of the U;ruted 9tues withourloss of aeditnble service accsueditn the ~ 8~aai m.y continue the membership of' an employee during a periodI of' absence btom, sccvice,iaclttding, ic L. oa accouot of' service rendered prior to the date he last became a member eaoept that, the Retirement 3resi.. 3. Cisdit.blk Ser.hce (l): Creditablt, service arrctiremI 6n w#uch i retiruneau sllowaaoe shaIl be bued shal2 oamsist af thrsum of any membership service and any prton service. (2) Membership service aeditalile under the Plan shall' ii+clude,all setvice as an employee tc>sdered by, a member since be became a~ member,or since hc last became , a member m tbe eveat, of a, break ia meatbvship; for whicfi aorttributiotu for such employee are aude by the Company. (3), Prior service creditable und'er the Plan shall iadudt all service readerod by aa employee prior o the ctfadive date of'the Plan, but eschuiing any such service rendered chuia6 such; employee's first 3)ears in the service of the Company. Any employee who becomes a,mernber oa the effective date or whn is absent artlie effective date on leave,granted by the Company or irr, the armed forces of t}ie United' 9tates and becomes a member within thr, tune limited by, srkhi leave sfull be eotitled to prior service otcdis. Saxs4.. 4. $ea,e8t. (!0) , Normal 1Retit¢rrtenC AllowarKe (a) Any member in, service. e:cept stach memben,as shall be aged 60 or over at the effective date of the Plito. who attains age 6S on or after Jutuary1. 1945. shall be retired by the Retirement Board oa, a oormal retirement allowance on, the tirsrt day of the calesrl.r rnocufs mat following such ao- ~ Rinmmr of age 63: aod sfufl cease to : be a roember of the PtalL (b) Any member who oe the eBective d'ate of'the Plan is agedi60' cc oeer shalll be retired by ~ the Betircrmettt Board at any time during tlie S: ynrs succeeding the efie,ctive daae of the Plan i t}ut such ttteatber may eleeY. provided! that no, rnember, miy elect: tp retire before age 65 e:cept as provided ia ~ Subsecrion, (I) of this Scitiao: (C) : The oormali retirement albw ance shall coosist of:. .IYm anooal' membership service allowmice equal to s~'a of I per: eaoe of' the part of the salary teceived'd'uring membership service not: in excess of,the ratrof S3'.Ot1Q per anaurn. plus 1%' per cent, of the part of', such salary in e:cesx of', the rate of" 53'iutx?' per aaaura~ and C{~ '..An 2. i

per annum' mu 5;; ' 000 i l r plied by the number aE years urr aeditaa prior servtoe. bl ' (d) All'retirrment allb.vances shall be payable in narmthly insnllments ooatimting to'the,list oanthly pzyment prior to death; except that any retiremeat-.:allbvance atnountiitg to ltss than f 120 per, aroum mar be paid! by direction of' the Retirement Board ta•u lump'sum of- equtvalenr actuanab value: (tt)'! Nothing in the Plan shall prevent the,Board at:Mir_norsy from employrng,on'a retiiner,oa Eec basis any person who: may be receiving a rettrement allo.wsaax under the Plan;, pro„tdld that oo' per• son receiving such retirement allowance may be elected to iary oncce in the Ciompany„ except that such person may , be a Director of the Company or mairman or Vlaonmairman of,tfte Board'' of: Lhrettors of Gymtttittttes thereof. (2) EYrly Retirement Allowance (a)', Any , member in'service who bas,attaitsed'' age`S5 sballl be retired by tbe Retirement Board m an earlf rctirement allowance an; the fusr day of the,t3iaaditr month following recmpt by tfie:Rcrirr, mmt Baard'' of a written application therefor blr, the Cur=a.uy; or: by the membc with the vntten rpptovall of the Company. (b)', The early retirement allowance shalP' eoasiwovz a retirement allowance mmmenang, im, tncduteljt, which shall be the actttarul e9uivalenc of, a detrarad retuernent allowance eommeaaag', upoo' the attainntent of aSe 65 and computed as a nortaai:emranenr allowance on the basis of the tnetnber'.s salary and i creditable service to the titne of, hts eaariy rcttrement. (S) Optional Bencbts: in Licu of'Regulhr Beacfia At rerirament, any member may elect,,by filing writtraamcncr with tbe Rrtirementftbssd, to cnnvert, the benefits otherwise payable on his account after rctiremeca: mta' a retue®ent adlarance of' equivalent acmarial value, in,accordJtnce with one,of the optional fnr~rs named belnw, provxled, howevcn„ that if't6e member dies within 60 days after retirement he shaiG.a treated the same as tf,atgh be,had not eltctcd' an optioa Option 1. A red'uced', retirement allowancr paysb3ee during the rctired' membu'3' lift;, with the pru.isuoo i that after his death it shall continue during the liiir of' and shall be paid'' to the person' nom- iaated'by him ~by written designation duly , aclenowledged aacd ~led' .+ith'h the Retiremeat Board at the time of'his retireaunt, if'sttch person survives him; or Option 2. A reduced retiiement allowance payab:'er during the rerinedd member's life, with the provision that after his dtath'. an allowance at ane-half thr: rare of his reduced'allawance shall be cva- ttnued!during the life,of and,shadl be paid to thrpersontntsmmatedbyhimby.rrit•.en'designationdulr adanos Icdbed' and filed with the Retirement Board at the ti~ of his retir!etnent. if such person survives him= of Option 3: A reditced'' retirement allowance pa.urae, during, the retired' member's life„ with some other brnelit payable after his death; provided'tHac~cnt shall be approved by,the Retuemrnt llaara. 40 Any, membet,.Yho' on the effective date of' the Platnas.agxd'' 60 or over and who may caatinua im the service of: the Company , after attaining the age ot 65, ptarasuant to the provisions of'Sottion !„Sulr ~ teztion 1(b)'„ shall„ iE'such,member desira tn deetone of tfst=.atorrsaid three options;,make sttch election by futuary, 1, 1946. or upon attaining the age of 66;, w~hichererr event occurs lhst, by filirtg vritrm notice with the Retirement F3oard, and such election , shall be biiadiang in, all respeas. (J) Ristoration to Active Service and Membership (r~ ~ Anything herein contained to the contrary twrnithstamffig, if' any retired metnbec undtr the age of 66' is restored to active service as an empluyce, his retrrvrmeat,all'owanct shall cxisr, he shalli again'e lic+eome a member uf the Plan, and any membership scrvuc=.or prior service stindin5 tu his arnLt,when. Q. 3 1 U ~[,, the member has prior' service credit; an' annual' trrsor service allowance equal to 5/4 of' .,~ 1 l per cenr: of the parC of his salJrry at the ratte obtannra~ on the effective date of the Pllts not in excess of $3,000 per annum plus 1 0 of the part or:.Wch salbry in e=cess ofI the ratt of' ~ . .

yr tctired' sba11' be restored' to him;', provided borever, that if a retired' membar becomes a member of ye plln after the attainment of age 60; the amount of his retirement allovance upon subsequent' retire- yeat slulli nat, ezceed! the amount' ot the retirernmrt allowance previously payable to hirn plus the amount of the retirement'allowanu acrstred after his aeturn to active service but prior to theatt'iinment of age 65. ' . •. jpC{100.S.. QOOtYihYlfo" (il) A'l.l, contributions to provide the bet>efits under the Plart stiaill be made by the'Company. andl eu contrtbutiuns si>aIl be required of mernbers. The contributions of the Company shall be payable at' ;a intervals as may be agreed I upon by dfe Company and the Retirement Board, and shall consist of & mnuibutioo to covertlie'normal cost of tbe,PSut, known asthe "normal'conutbutiom•'„and of a con. ztbttion to cover the cust', of prior service credrts, known as the "prior, service contnbution'': (2)i The norntal contribution shall' be computed as a percentage of' the salary of, all' members. The ptrcentage normal contribution ratrshall, be determined at the'mme ot each actuarial valuation as proo- rsddxl' in Sectiun 6. Subsection (8), by subtractiag from the presenr value of the total lubilities of the plaa, the assets in hand held for such,liabrliues and the,presenr value oflany unpaid prior service con- tttbutsons under Sub'section (3) of this Secuon S. and dtvidirtg the result by one per centum uf' the -n:xnr value of the future'safary of' adl tn®bers Fullowing, each actuuuli valUation, the actuary shall. ,nufy to the Retirement Board his recommendation as to the percentage normal contrtbution rate, and' :bc Rcurernent Board after consadering such recexnrnentlation:shall!deterrmne the normal contribution i.ruble by the Comp.n': The total liabrluies of the Plirt at any time shall consist of the present value a-hur'ially computed of all bcnefiu to be provsded,on account', of retired members and all benefits on rtount of active members based on crad:itablt servtce'rendered or to be,rend'ered. (3) As suort as practicable afier the etfective'date of the Plan, the actuarp shall determine the pmscnt' value of , all benefits ~ for pnon service, wflich~ shall behnownas the "prior service cosi '. The Company, sshall contrtbute from time to ttme until the prior servicecost,his been liquidated, such prior tenice eootributiuns as the Board of' Directors may dean advi.uble with respect therctol provided that the prior service contribution ini any year shadl not be less than the amount requrred when ad'dedI to prior years* payments for prior scrvice motrsbtmons to eyual,tfte amount computed' by multiplying 4'To of the initial prior service cost by the tsumbar of years since the etfective date of'the PlAm (4) The C~ompanr shall provide alll funds required,for the administrative expenses of the Planh (S') Any and all! coruributions made to the Plan by the Company shall be itrevocable;, and shalf be mansferrcd by the Company to the Trustee or Trustees by whom the assets of the Plan ire held as pm.idtd' in Seatton 8, to be used' in accordance wrth, the provisions of these Rules in providing, the bene hts and' paying the expenses of the Plaa,, and rrirh.:r such contributions nor anyincome therefrom shall be used for, or divxerted' to, purposes other tfsan for the exclusive bcnefit, of active and'retired members or their bateficiaries under tlie PIYn prioe to the sarstactton of' all Ii.bilitres for benefits urxler the PI'an. Saetiw 6. Admini.umioa .f' Plaa (1) i The general administration of the, Plan and the responsibility for carrying, out the provis'ions 6crtuf shall be placed in a Rctirmsent Board of', not less than three members who shall be appointed from time to time by the fioard of Direcors to ser~e at the pleasure of' the Board of Directors. (2) Any person appointed' a member of the Retirement fioard'shall signify his acceptance by fil- Lng written xceptarxe with the Board,of Directors and with the Secretary of the Retirement Board. Any n'.anbcr of thc Retirement Board may res+cn by dclivenng his written resiGnation to the, fioard' of' Directors and the,Secrerary ot tfse'Retirerrtent Baard. and su.h restgnation shall beLome etfec!tiie upon the dute specified , therctn (3) The members of the Retirement Boardl shal'l elect a Chairman, and' i Secretary whu may be 6ut tseczP nut be one of the members of the Rattremcnt firurd; andl may aplxoinn from th• in number sucfn c.:mmittces wdh I swh puw ers as tlxy sfudl' .lctcrnswc, ttuy autti.ruc unc ur, tnure of I tlieir number or 4 u• flI' f!I I I

---

}y;i 5e charged all retirement allowances or' bene6ts in IJeu.thereof paid on accountof,retirc~ jp~l~;, jy~u,; an) retired trtembar be tesbored'to metnbership prior to the agf of'b3' te umunt of~ his retire- yet aJo.ance resme shaU be transferred from the, Retirement Reserve' Mtount: to: the e4ccttmulation, ~ (T )! Kll' assets of'tfie Plan s'hall be held I as a speaad tnut for use in accordance wirlh t'hese: Rules aF.wrding tlie bene6ts an: paying the expenses of the Plan, and no, part of the corpus or, inc+ome, sh~ac used! for, or' diverted to; purposes other than for' the exclusive benefir of'f members, retired metn- Sas aind tbeir bene6ciaries under r,he Plan; prior to the satisfaction of all liabrluies with respect to, such ymnea and, tetired members and their beneficiaries under'the Plan. hio person shall, have any tntcrest. ss ac nght to any part of the earnings of the trust, or'any riglhu in, or ta,,or under the tmut or' any, parro uf =te aasets thereof, except as and to: the extent expressly, provided in these Rules:. (Z) The Ttustee or 7frustees shall' be appointed' fiomi time to time by the fioud of Directors by ,r-Fczy-xiate instrument, with such powers' in the Trustee or Trustees as to investment, reinvatmmt„ s,ac;,1 and di,burseraent of the funds as the Board of Directors shall approve and as shall1 be, :n ac- me witli the Plut. The Board' of Direaors m.ry rettwve any Trustee at:any tune, upon reasonable'e aarrs, and upon such removal' or upon, the resigrut+un at any Tnutcc' the Board of Directors shall +~-aare a successor T'lustee or Trustees. iie- ~ 9. Certain Riglaro and ObLgrtlaaa ol', Company (L) k is the interttion:of tbe'C:antpany to'cmntinue the Plan and' make its contributions regul'uly, aL;i ssar., but the Company, by action of its Soard'd of Directors„ rtuy for any reason disconunu;. sus- ?csic:i <sr reduce its contributions below those req*red in Section 2. in which event all benebts under :he Flha shall be reduced to such a'tttourtts as actuarial valuataoa, shall induate the contributions t'herw mnmr,rnad'e by the t;ompany, togetfler with the future reduced1cuntnbutiortsi if any., will provide. (2)' The Plan is designed to qualify undeu'Siition 16b(a) of the Internal Revenue Code. However, dcic Ylao shouldibe disapproved by the Treasury Departtnent', as a plan rsot qualrfying under saidl ia=rq the Boud! of Directors, at its option, may terrnuute: the Plan, , rn ia hiche.•ent all the assets of , tbe Plm shall,be returned'to tbe f~~.ompany, notwithstanding anything to the contrary in these Rules. (3) The Plan may be terminated at' any time by the Board of Directon. In the event of trrmiss. trom af the Plan for any cause'otber than provided' under Subsection (2) of: this Seetioa 9, all of the ssses of tbe Pla'~a, shall,be used' for the bmc6tof'members; retired members and,their beneficiaries under die Plaa6 and foe no othen'purpose. Each tnernbec and' each person entitled to a retirement allowance sDiJ' ba, entitled' to his proportionate share of the fiill, amount of the assets of the Plan as a result ~ o['aTi.l prehitws contributions tmde, in the proportion that the liabilities of the Plan on his aceountt beacs so the total liabil'ities'of the Plh'n as dctermined by the Retirement Boatd on the buis of' acnnrial': uft"-+ o- The Retirement Board may, require such members or other persons ro withd}aw such amounts ocash or in tlx'furn, of, irrunedute or deferred' annuities as, it, in its: discretion, rnay determine. The Lwrau,Soard' in acting under this 3ubseation (3), shall proceed' ' on a uniform,basis,. (4) Anything in, these Rules to the contrary notwithstanding, if: the fSoard!of Directors finds tha't' amr senml member' is enga'qed or employed in any occLpation connected aith the manufacture or dis tr'.Etcsoa of tubacco pttxliuts which1 is in competitioni wtth the Companyy, and' if after due nottcrsuch M==~d rnemFier, tauntinues'to be engaged' or be cmpluyed'in such occupation, the Retuerrment Board,shall ; nn.-,rad his retiretrtent' allowance. which suspension shalll continue untill reunved I by notycr from the &sud of Directurs; and a'ftru sucft suspension hu' continued fur one year the Retirernent l3oard sfsall I aae~ezl sueh, member s reuremenc allowance: (5) 'Itie establishmenc of' the Plan shall not be construed'as conferring any IeGal rights upon any evniolee,or, any, person for a continuation of amp,G,rmait.,nur stwll it irrterfcre with tle riyhts of tlic 6

Company, to discharge anF emplbyee' and to ueu turu without regard to the a8ett .rflich strch treat- meat might' have upon him as a member of the Plan. . (6)i All oontributiuns made by the Company to the Plaa~shalllbe voluntary and tlle Company shall be under no legal liability to make any such contnbutioa. 'ahe Company doesnot guarantee,anF of the beoefits', of' the Plan. (7) Aay diseretiottary acn, to be taken under these Ruies ~ by the Board of Directors or, by the Qetirement Board with respect to dassi6cation of employees, cootrabutions oc bertetits shall be uniform a their nature and applicable to: all those persons similarly situated, and4 no, discretionary act shall be '[I tahen which sball be discximinatnry ttnder, tHe provisions of Section 16b,(;a)i of the Interaad, Revenue Gode. as it no.v eusts or mar trom trme to time be ammded. (S)i Notwithst'anding any other provisions in, this Plan to ~ the contrary: the retirernent allowances -- , a othes benefus provided from funds of the trust for those members ('irscluding,retired members) who ue artnng,the t.ventY•hve taost', highly compenuted employees as of January 1'., 19a3„ shall be subject ~~ to the conditions in this subsection. lf„ on any date prtor co January 1, 1955', this Plan is disconanued, (1)i na ~ monthly retiuement! allowance payment, cornmencing ar or, af ter age 65 which is payab:r after sudt date to any'such membershalli exceed'. l/tl2,ot the greatest of (a), f,t,500:00. or (b) 1 a rearement allowance,.vfiich on the baus of' the mortality tablls' and interest rate used in the reserve nlculations~ as they were on January ll„ 119a5„ shall, have a present', value equal to ~ 20 per caatL of such tmnber s average salary, not', in excess of $'SU;Qa.14ll:00',received during the five year period preceding,the d'aae tlut the Plan is discontinued, multiplied' by the number of yean from January l, 1945 to~ the'datr of such, .- . fp] dismntinuance or (r)', a retirement allowance, which on the basis of the rnortadity, tables and' inrerest tsur used in the reserve adculations, as'; they were on,January l, 1945', shall have a present value equal Iu,=20~;000.001 on, the date the Plan is discontinued, and (2) no rnonthly retiremeat all'onance paymeat U troder Section 4, Subsection (2)„ which is payable after such date to or vith respeet to any such nsem, ber living on such dfvte shallie:cecd'. the amount whirh, would'have been payable under thrsame.srct>oo and commencing at the same time if the retirement' allowance otherwise payable eommenang, at age 65 were the grratest'of'the amounts (u). (b) or (c), in this sentence. 1'flany other benefits are provided in liel~rof'retirement allowances, the value of all benefits and any retirement allowances providedl for any , . H such memkier upon or af'iear such discontinuance, shall not exceed the actuarial value as of' the d'a,e mrh disooatinuance of the retiremenC allowances which rruy thereafter be provided in accordance with the previous sentence. If, in any year prionu to January 1, 1957; the contributions to the trust haze been :aw6iaent to, meet the costs of'the Plan, no retirenent allowance ot other beneiiCS provided for any such manbers shall exceed those whuh would,be providerl'if the Plan were discontiaued at the ead of such year unless and until any later date w•hen.aontribuuons have been,sutbcient~ to~ttret the coses of the Plan. For tlie'purpose of' this subsectuon4 in determining whether the costs' of the Plan have becn , mer, there shall be used the methodlof actuariali valuation. the plan of funding, and! tSe asstimptsocs as, too fdttrre experience used in 1949: If, arany tirne prsor, to. J'anuary t„ 1955 : the Plan, is changed so as to reduce the scale of retirement allowances to be provided thereafter far any otbcc, rt>embers,, such change shall, fot the purpose of thit' subsection only, be considered a discvntinuarscr unless: the Company or, Trustee has, then received a written ruling from the Commtssioner of fnternal' Revenue tfi:t, in, ftiss opiniort, wch change will not result in failure, of the Plan to meet the requiremencs of 5aaioa 161(a) of the liuernal Revenue Code_ Serctto. 10. Nea,Alieoatlos oL BcueGu No benefit under the Plan shalC be subject in any manner to anticipatioq a11ez<asale, transfer; aasrgtunent, pledge; encumbrance or, charge., and any attempt sa to anti:ipate.a4iertate; sell„ traasfer, gn„ pledge, encumber, or' charge the same shalL be void; nor shalUany such bmetit be in an. toanner Mfor ar' subject to the deHts, mntracts; liabilities; engagements or torts of the persoa eatrrled I to su;h benefir;,e:cept as specificalliy provided in these Rules. ,. n -10110~.

if any member, retired member or any otAer beae5aary under the Plan becomes builcntpt or attempts p anticipate,, alirnate, sell, transfer, asrigp;, pladge. encumber or charge any benefit, under the Platr, except as specifically provided herein or should any benelit be subjected I to, attachment, execution, gar- oisli,xati sequestration or, other seizure under any legal, equitable or other process then such benefit, sba!1; in the discretion of the Retirement Board. cease and determine, in that event':the Retirement $uyid may, hold'or apply ttie same or any part thereof'to or for the:benefit of such member or retired taesr:ber or other beneficiary, his spouse, childrerti, ornther dependents, ocany of',them, , in such manner ux1 in sycbi proportion as the Retirement Board may deem proper. 5ccri.. IL. rlllee.rdiaow Subject to the provisions hereinafter set forth; the Company reserves the righrat, any tiine,and from ome to i time by action of' its Board of' Directors to modify or anxnd! in whole or in part any , or all of the provisions of' these Rules;, provided' that no modifieation1 or amendment rtuy be madr which by reasoo thereof w ill deprive any , member or retired' member orother person receiving,a retirement adlow- axe, airbout his consent, of any benefits under the Piart to which be would other.vtse kie entitled by teiton of the, accumulated assets held under the Plan on his acnount at that tune, and provided that no ruc6 modification or amendment shalC malde it possible for any part ot the assets of'the Plan to be used! for, or dicerted' to; purposes othee than for the enclusive benefit of inembers and retired' memben and their, betufrciyries uader the Plan prior to the satisfaction of' all liabilities with respect to such members mJ'retired I merttbers and t}ieir, beneticiaries under the Plan. Notm ithstanding the foregoing provisions io ithis Section (7. the Board of Directors shall, have the right to make any modifintiun or amendment of'these Rules which it deems necassary, or appropriate to bring the Plan into confarmitr a•ith, govern, ment:al regulations e:pressing, public poliaes or conlitioas wFiicL must be conformed with in urdcr to wL•e the Plan eligibie for tu benefits. SeetS.. 1Z t'oa.etrrerlba These Rules shall be coosttucd„ regulated and' aLninistered under the Iir sof the St.ae of New lrorlr. s 0

P. LORILLARD COMPANY NOTICE OF ANNUAL I'+EETIING OF SZOCKiO1'.DERS . vk. )uwy C.orpantia4 .iU be bdd .t the Pr1O°Fal °fice of ' the CoMP`Ol. Rarv $a). 11 Fschange Bq Jesey, C'ar.,DP J, ,r da.m o'dodt in ttie ro«mom ao the 13eh d,2 of M.rd. , t9as; [ior toe Wb.;°s eurposes: j6wy 'Gtry. rL j.,Febn,.y 7. 1945. ' lPdtias is Eia+by p.m tA.t the Amu.!'M'eatins of the Seodriolders of P. IaeacwID CcwRw+r; a 14oar .mmtiao- es odkd to dye fact @se Ne. Jerry Iz. rcypiie ./a.onb& oes of tti.eFtl+irds ie lme',ar .djoacemcid t6deof:, d' [ur the ot.as.mm of' suKh aitba basioes as mny peef+aly : wme 6efoee said' meetins or .ay , adjpwrn, mdo.ad: Bevay ' Stammmt:, htmol.ecd aod'adiiaeed' by the Bo.rd' of Dihcmo a/'th'e Camp.ny .nd,.hidi u dbmbed in the (3) To mmider .nd .ade apoo the ad'optiao iof a Gewp Cita lauuLane Rtm ohichtias been aodo"d Prost SRaaamect: . (2) To oaaaidier aed .aec upon the adopem u/,.a Employces* Retirement Ffan which hiai been ftitmuUeed .ad I ad+ird! . hy die Bmrr$~ d! D'uamisi ~ a(' the ~ Company ~ and .hic8, iu: . deKnbnd in~ tbe~ Nbetiag oe seodc'hdaes or .aot dhaer aomes.on ,m dened and qudi6ad: (L')i 716r .lectioa of t8irsnen (13) Dirmaws ee 6oid aficg verill dhe, eext lotluvfn6, AnmuJ I n&.nrf 13„ 1943. tLadn be entitled tlo.otr,,mtwithataadiog .ep trsmler o/ aut soodb on the liaimks o/' 7be Saodt Tnnslan Bcaks .iII' nar be rJa.ed but ealy seackholdus oC'aamrd' a tMne R., l+C m kirameK', Blaa or the Cxovp Lile, Iaauyou Bl.a ah.lli b'mome operati.e oeat a(' etb das ; o[' rtodhoddes premt at the mec6na, and .vtina bdo rr atha the Eapiv/ea' 4 coMpsoy .tter a,a, gem d ia- +d' ntuce it m, the .®ompaeyioa m+elape so that the meemg m.y be propalr bdd TasnWOOU, S.net.7- (!f ao.hle m be prQnt ar the meebng ', plea.e ti8n d1e, end'osed PrmT., indimm Twr'.aaes dsereo4

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T lb . L FJ+g;bilif7: ' MI stlaried'anplorees of'the G.ompaW(induding, offuera, .hetfier ditectora or mt but,aat ditactmI t s1:) rho shall' luve completed three 7eua of'sec.ice with the Company or its .fio117 o.aed'.+b yq: P: LorilLtd, fampan7., a Delay.ate Corpoeation., aFiadl be members of'the: Plan: Ttie number of' Z#M" prexntlt emplioyed by thrCampan7; and, its subsidiarr who are elioie to be membeta is own-dr 6•ti4', ot whom 1) ue officers. The number of empl6" absent in the armed fiortts,vho .1 bt dig~'le an tNeit return to tLe, Company is appro:imatel7 426. The tonl number of' empiblee tdt,Companp and' its subsidiary is approximuely ):S'30. Oduers and emplop<as of: Federal Tia :xqaaf; Icc. a vbolly o.ned' wbaidiar7 of the Compan7., numbering; approzimatef7 650; are mt io- sded 'm the peopaxd Emplopees! Srtitemeat Plan and the Company has no present iatentioo of' ,raIiog the Plin to include sudt persans. b Rai.emwnt doar:• . - (.,) Fmployeea .etio: arv 60 ae over on the efkcti.e date of the Plan may retire on a full attire, {{{~~~ .uorance ac anF tame r~nua tne neu nve reus„ provioee ttu~ nave reacnea age oa; ~(6)' Fiapiopnx o ho ue under 60 :m the effecti.e date of the Plan shall be,retired on a fulf:cetire- aWt.ance ao the fiat di7 of the month followirlg ruah emplote+e's 63th birthdi7; ' allo.ance .= the ap- (c) Emplopees who artain age sx ®ar be tttiredloo a eeduaed rttirement rn.l of ItNe Company; (d), Persons receiring , eetitament' allowances under tbe Plan may be employed' an , a teLiinet or, fee m, but may nd be eieaed1 to any affice in the 4:ompan], e:cepY Direaor.,oc Qsaitman at' VierQbur- ae of the fSoard of Direaots, or C.o®mitroets thereoL ' 1: RHirae~ent .lfavrwrei:•, (a) Na.emaf l@or:.aeent Allowsr.: An annual aarount equal to Ys of' l,p"e of the part of' the nlnr7, . ladudiog;o.ertinx aad bonuses)I receixit'while a member of'the Plar>, noa in emss of', the rane of JS,OOO pee, year; plus t%% of the parr ot such sallry , iu, ezcess of the rate of', =3:Op0 ptt' yeu':,and if' ~r ®rmb'er haa priot service credit, , an aaaual amount equaf to ?/.:s of ' l! ;5 of' tbe part of' his salaey at . k nue c6taining on the effective dite of the Pfa4 not,in enesv of 23:0Q0 per tear; pbn 1;'a of ttie put >f aicA salary in aceas of the atr of '1d3.oW pet:pear multiplied by the number of' Peara of''aeditable prsor (b) 1 Eo1y Riti.eoemrt Alto+awta: ZLe a¢r-ytial equi.alent af a defetred! retirement allo.aaee cnm, xuoeg upon the attainmcntr ef age 63' and computed as r normal retirement allowance m the,bauis of he aYmberi salaq and ctcditablr set.iee to the time of; his early retimm®t; (c) OPtiowot'Brirtfiu: Any memEier may elect' at the time of retitemeot:to con.vt tiis seti:eaent. 4O.ance into a reduaarf' allowance fcr hiraxlf toget6ar vith a lienebt far some other named berr- "I .bidy taken together, ahall' be the actvsrial eqoi.alent of his normal retirement allowance. (d) Bennfin under the proposed 6mpleyee.i Reterement Plsn ue in addltioo,to .rh bene6~s n Yf atcrue to 1 at.y employee undee the Social Secartt7 AiL 3. Vuoeg Bitber:; [!1a: rights .eat: in any emplbfee prior to retirement and in the e.ent of dkstti or tamina:ioa of ae.ire:aith ttie Company prior to retiremenr all rights to participate in the Plan .Eich ma7 ha.e 11 +trued!to any member rill termioate. Absence from the employ of', the Company by rnsoa of' lea.e F+ated by the Company for .errice in the armed i facn of' the United States or far orl,ee acceptable aawn* sliall not newlt in, losr of: aedit fot membeesliip aervitr aKrtued! prior to tudn Iea.e. 6: A'iieiail trrtioR of f1m: - The Ptaa s?ialf be admiaisraad by a Ratinement Board of not' leas tban three members, who sti1U k apiaiued: b7, tt+e Board of' Directota to senre at the pleawue off the Hbard of, Dimtora. It is the in- ... "oo af the Company th.t this Board shall watiat of'offters aed employea of'tbe,Campanp: 7: caarib.uio.az The entire can of the Plan is to be borne by the Company and lthe manbexs shall make no cnot:i 60iooe eo.uda said cmG Qamtnb'utiom ahall cmiia of' a rwrr.ul coatubdtion to mves tBe: aast' of re- t ~ 1 d. t

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''. _- ' .i~:. t ~~ L 'A i~'." ..a , iebnasy 14, 1945 L segpLar n.atizg, of the Board of Directors of P. I.orYl7ard' Cbapaiqr .as, haldd today at the oFfSoe of the Coapany:, 119 Aest 4J'th 3traet, JIe.'rork,Mit,r. Therw.as prasent:lti. 'todd wool. No Quorus being preseat, nla .eatfne,adjourned to .eet Friday, Yarch 2, 1945, , at U o'clock A.Y.

e 1lRrch 2, 1945' ja adfourned'aeetir.g,of'the Hoerd'of Directors of P'. Lorillaed wss hel& toaa,y at the office of the Co.Paryy, 119' i7est .,Jth -o" Street,, New rora city, ht 11 o'¢locr A.ll. nxere were present Lessrs:s'H. A. Kent G. Dw 11hitefield 1. J. BaTley ,P. s. Freeman F. Hope.ell H. F. Te.;.le. L. E. Clemens, Aast. Secretcar.r In the absence of ltr. Humsl, rhaireen, Itr. Kent, Pteeident, presidea, anci the Assist+.nt Secretsryr acted as SecretxrT: of the weeti.lg- - .,R1, . On motion du.ly m+,oe axdd seconced', the re+uii'ng of' the minutes of the prerioua meeting ras aispersed with6 t?n soti'on of' Mr. Freeman, seconded by Br. Teai;ler it, was' nnrntsryly SESOL7ED: TFat adi*idend of ,',1.7j per snare on the °reiarred Stock of t51s :o.,,acp be ana it hereby i's declared Rayable April 2, , 19-5, to stocidhol.ders of record at the close of ' business March 15, 1945. Ca wtion of Mr. Hopewelll, secooaed tiy: Mr. «hi'tefield,i it as naarlaousl;~ PM41LVL;: Tt.at an interim ci.rioentii, of 25; per slL,re on'the outstannirg, Common 3tock, oi'' this :..oapsny be ami it' r.direby' isde- elrred payable4pri'1 [„ 1YK5, to atocictiolcers of record at' the close of busi,aes3 1L•.rcL 15, 19..5. Ca .otion af Ar« EalleT, seconded by Mr. Kopeaell, it was aaaaisa;:alT H?SGL9Ms That the Tr_nsfer Boola9 of tha Rag,i.tereKi Per :wnt Lebentures of this Company sh~.11, be closed at three oPclbc;¢ Yarea 1;;, 19..$, for tae sywent of iritarest thRreon, Que A;ril 2., 1945, anei' shall be reopened at ten o'clock A.M. April 3, 190. Qin aotion duly asde and secondi.d,, tne, oeetiisg, adjourned. Aesiatant S+cretary 11

« 1 ~e- ti• raraD 14, 1945 181 ~~ L regular seting of the Board of'Directors of,P: Larillard Co.pll .as meldiat two o'ciock P'.Ul todag at tbe office of t6. Coapa:q, 119'West 4c)th Street, Hs Tork City, it aTso being the oost con.reatant ttne since the Aarmnl, Yeet#ing of the Stockhold'ers held at ele.ea otelock in the foreaoon on Yarch 13'y 1945. The sseting,.as called to order by Mr. H.,l. Kent and Mr. T. L. Perl¢ins acted' as Secretaryy of ths meeting. The Secretary laidi before the Board the nimrtes of the said lnm-l Ilaet,ing of the Stocldholders shoring,tbe, election of the foilordng,Disel 8dgar S. Doeling. J. Strother Fleesn Jas,es A'. Glhacocic *illlsa J. HalleX M^anla Hope=.lL George H. Hstasl Jas!ss T. Keel .Herbert i. Eent Irwin H'.,Pea1e T. Gladden Searle Harold F. Te.ple, George D. ftitafield Todd Woal The canvass showed the following Directors .are present= E: S« Bowling I- H. Peak J. 3: EY•eess.n • Z.G: Searls. J. A. GIascock H.F. TeapI:e w. J: Halley . G.D. IDQtefieldl l. Hopesel.T H. Y. ![ent Yr: gent stated to the aset3ing that elections .ere in order for a Chairsan of the Board of,Diractora and'for Officers of' the Co.pacq for tbe ensuing year. Yr., IfhiteCi'eld, ooaLnated Y'r. George H. Hus.el for the offic.e of Chairssn of' the Biard of Directors. llr. HaIlley seconded the otion and a.rote being taken, Mr. George H. Hussl .as el.cted C4airasn of ta. Board of Directors, all voting in favor thereof. !c - On .otion of Yr. H1rllieyr, seconded trf Mr. Hops.ell,~ Mr. Herbert l. Sent was eLctsd' Prasident of, the Coapaiq!, all .otin3 in favor thereof except Ht. C'ent, ! .ho did not vote., h Oa motion of Yr., BoRling,, seconded by irr. Preesl IIH'. George D. IIhi'tefield .as elected a Vlice-Presiliant, all voting , in favor thereof except Hr. Hhitefislld', t .tlo did oot' .nite. j Hr. Bent suggested that Mr. l~hitefiei.d be desigoated' F.tscutire Ytoe~-pe^esiden ft' to act in the absence or disabiTiRJ of the president, and tnersupon, on otion of Itr. Heil'eyry, seconded by Mr. 9o.S1n61 it was ••mnimm,.ly BI50L4RD: That Mr. George D. Fbitefield, a 4ic.-paesi'd.nt of the Cosl . be dssignated Ececutive 03cw-Presldent and 1n tne,absence or,dliaabilit7 of the Presid.nt,, Mr. Whitefield as Ezscutinr Vlice-Presi'dent, sball: perfors the duties of tb. Presldent'' office, subject to the control of'tbe directors.

7 f , ~'~r.:.... ..t ?F on aotion of Mr. 3Cent, seconded by Mr. 1Chitefiel.d', Mr. Edgar S. DvelS;ng *as! eleeted a Vic.-?resident, a1l Toting ia favor thereof'ezcept Mr. Eo.lina.,sLo did!not Tote. On .otion of 1r. TbsPle,, secood'ed' byr, Mr. Borling,, m'. Todd ifool sas elscted!a Yice-president, all voting in favor thereot. On srotion,of W. Wtefie,id„ seeond.d by Mr. Peah, lft'. 1iiTliaa j. galley .as eleci.ed a Yicr-President, arLl' roting, in favor thereof' except Mr. HaIlTrx, , .ho did not sote. @n sotion,of Mr. Bo.Ting, seconded by Yr: Halley. Mr. J. Strother Taeessn was; eleeted,a Yicc-Presideat,i all,roting in favor threof except Mr. Freesan, *ho did not tote.. On sotion of 1Ib;. Hallef, seconded' by Yt. Hope.ell, 1Cr. Todd Wool sas aleoted Secretary, all voting in favor thereof. It .as'ordered that the Secretary be s orn for the falthfub perfor.- anee ot,his duties as Seerstery'and the Oeth of'the Secretary .hen executed 1lrf' hi'a be dtala flled with the sti-tes of this aeetiug„ said oath to: read' as follos. sS7Y28' @! 11F]f i I0H[ } )SSs COQaTY q! Y'FI TCYM )' SQDD V0@L, Secretarf of P1, LQHII.LARD fAiH'ANY, being,bJ ss daXy s.orns apoa his oath deposes and se,fs that he will faithfully discfarge the duties of,Secretar! of the aforesald'Coapatpr to the best of his skit]L and ability. Subscribed aad sworn to befors se 16th dyr of lfirehi 1945. this (!L'gy~' E. cr_ cM'c) Lesliie 8. :.lsaeas;, Ilotary BuDlir, 5iasaau IIouat,, IW. 208: Certificate filed, I.Z.Co.,j Dto. 48',, P.eS- Coailssion Expires llareh 30, 1946.e ('s3gned: Tonn'. waoi )i ro. 3S-G-6 ' On aotion of Mr. Ttees+ear, seconded by Ift. Bowling, Mr. f. J. Ha7.]leJ *as , elected Treasurrr,, all .oting io,faror tbereof except Mr. Hallepr. *ho:did oot eote. On sotion of' Mr. Boelln3, secooded by Mr. RhltefieL.d, Mr. L. .rr. tlessns .aa'el.eted Assistant Secratazy ani Assistant Treasurer, all voting in'fa.or thereof. On notibn,of Ir. Hb.Lins, seconded by Mr. Teapley, Mr. Zhosias L. Perkins .as elacted an Lsaihtsat Secretarjs a11; roting, in favor thereuf. On aot.i:on of Mr. HaS1'.fr, seconded'Uy Mr. Thi'tefi'eld', Kr. Fd*srd' C' Euater was elecCW I-Aitor, aYll roting in favor thereof. Qn,.otioa of Mr_. Fse.aan, seeooded b llr ard'J: S" Ps It IId k , f , . a s , r. .` as elected llasi.tant iuditor,,a11 voting i'n favor thereof. ~,ma'notion,of ltr. Ha11qr, seaonded' E7!1Cr. Hope.eli,, Mr. rred'' grAwisic..

i .._:=?i1, N .. . r. STATE OF NEtt' SOP.1C ) ) SS_ CODSiZ oF' ti81! Zi1R8 ). TODD WOOL, SecroCa:7 of P. TAfii'S:Ii8DiC01C'IiRY, being, br me duly 'saorn, uNon, his'oeth d'eposea and ss,ysi that he .i11 faithPulYyr discharge the duties of Secretary of the aforesaid, Cospan;y to the best of his s]ciIll and, ability. Subscribedi anL srorn to before ar thls 16tbda}* of 1C&rch p 1945. lEfrJE L tt6rENx ROTi4NT rUldUC. N Y..r ~. C.,uT1y ~ Nw, 208 CaeU6c.2.~..:J.d'N1 Y. Co..No~. 48. Reg. Nk 3YCi Cor.won , Esp. ll ies Yi 3'0,, 19N ws.

•as elected Gashi.er, allvatin:.Tn favor thar.cL_ 183 The Secretary stated, to the: meating that LT .+ection 2 of lrti'cie ZI3I;of thei ; ftl;an tLe Chai*man or the Bosrd, and the Presiaes:. are es-Ql"ficio aesbers aod ! presiding officers of the Executive Ccsoaittee a- -:hat in view of the electibn b7, the stocYhoLders on ihrch 13th of a ne. Boarzz:r-f Directo.e„ he dseaad it ad- vlsahle for the Board to appoint a n.. Ezecutive: :!.cavLttee for that purpose: and ~ to appoint nine other directors as, smbers thereos:. Ther.upon, on noti'on of Mr. Searle, secoadsri -17 Mr. Peak, it was u^ntr*,•3;F I I I I © I lr,ti'q4. nIZ.. BP50LQEDr That pursuaat to lurticle:1Z11 ot" rne $j-laes of the CoapeW this ` Board do appoint niae~other directors fcos aaon}~:,its .e.hers C.o couatituta eftb F the:Chairiaa of the Board and,the president an i:=acuti'vei CGai'ttee consisting of e?aven directors sho sha11 saercise tbe powers anaa :uties set forth in, sadd aept mr. Bo.iina, who d,id, not vote. On. sntion of lttr. Tesple,, seconded by {r. Rxii:r,a.fiald„ Mr. E.S« Bowling was appointed'& eaes.2ierofsa.id Executive .^.oaaittee,,. "-i l voting: ia, favorther,eof ex- on wtioa of Mr. Hopese3l,, seconded by ttt.. rlILitelial:dy, Mr. J':3. Freaaen appoiated a rsaber of said Executive Cam+aitteei,, voting in favor tcereof eacept yCc. Freesaa,,, who did not vote. @n .otion of llr. BosDang, aeconded by IBr. F-9eac, ]tb. J6l. Clascock, $x appointed assaberof ta+.idErecutive Comai-ttee,,,,nt11, voting in favor: thereof; axcept Mr. Glascock, vho did not- vote. On iotYon of, Ir.. Te.pie, seconded by Mr. .::-ecock„ Mr. i.,T., Ra]1ey sas appointed a ssaaber of said Esscutive Coam.ittee,, as:1, voting in favor thereofr except Mr. Halley, who did not vote. on .otion of Mr. FYeesnn,; seconded by ]tt_ Q=i2efield.: Mr. F. Hopeee]S Res appointed.& sssber of saidEx.cutiveCe.aittee,;,esI l'.voUog;in favorthereoof es- I 1 I eept Mr. Hope.eLl, .ho did' not votea: Qn sntion of ltr. Peak, seconded tig i1r. Bo.i:ingx mr. 16 T. 5eel .as appointed assaber of anSd'Ezecutire:Coiaitteey,,arl1'voting in fsvor: thereof. On not.ioa of' Mr. lfh.itefield, seconded .b7 Isr!_ 31ope.ell, ICr. H'. F. Te.ptle !1 Vas appointed a asmber of sa.fd Esecutive ;ammit-.aee* a3Z voting ia-favor thereof saept sr. Temple, who did not vote. j . {s On .ot3,on of Mr. Pea1t, . seconded by Mr. Bo*Titag, Kr. C.D. 1lhitefiald .as 9 RF50L.YFI3: That the salarT of, lIC: E. C. Eca:r.er, proaoted to the positionn of Anditor of the C.oapaW$be fixed at the rate: aaf' f,il,WUi per A-m-, eff.ictive appointed a ae.ber of said Ezecutive Coraitte.,,:esll voting in favor thereof except Mr. 1mStaSi.ld. who did not vote. On .otion of' llt. 11hit.field', secondedYry HI=.. BorlYcBr Mr. Todd, 11o01l sasappoi.bt.d a sesber of' said. Ixscutivs Cosi'ttee._ ea13.voting ia favor tbereaf .uept Mr. xool. oaaet,ioaof Ikr. Searla, secondydl birtttt'. 120tufieldi it .aa •na*imouslN March 14, 1945 . ou sotion of Mr. Bowling, seconded by ltr- i3eZateti'eid, it eas uouataous4 i i

BF50LVMx That this Covpara' contribatal the sua of :3,Cq0 to Duka Dhiversit7 for scientilic,investi'g4tion and esperiments i'a connectinn sbth groring' Turkish Leaf Tobacco in this cauntry. • sr. Kent stated toi the ®seting, that at the annual Stoclahold_rs1 Yeetiag the StpToyees#'Retiremant Plan foraulated and adrised by the Board of. Directors at a oeeting'he11d January 19. 1945 had been approved and,adopted b7 the afTir.+ative vote of .ore than two-thirds in interest of each c1aas of stockholder present and voting; that the Plan had been presented to the Treasury Department for approval and that any further action by the Board, on the Plan should await a ruling by the Treasury Depestsent., Yr. Kent also statedi that at the anm,aL StochhoTdsrs8 l6eeting the Gtvup Life Insurance Plan had been adopted ani approved by the affirmative vote of aore than two-thirds in intereet of each c3;aes of stocicholder present aad voting and'that accordingly the Gm up Life Insurance Plan *as in full force andd effect as of December 1,, 1944.

J' . .:.;; 4 . Jpril 11, 1945' 185 A regular emetins of Ue Hoard of Directors of'P. Lorillard Wo.pacqr *as beLd today at the office, of the Company, 119 b'eet L0th Street,, Diee }Qork,;.it;/. There .ere present Ilessrs.; H.,A. 4ent C. D. Hhitefield: •L. S. Hozling f. J. Ha11ey J. S. Freeman s. H'ope.el:L J: A. Cliacocit, • D. R. Peak H. F. Temple !. Cladden Searl:e J. T. 6ee1 Todd Tiool In the absence of, Yr. Hnmsei'„ :,hairmany Yr. ]Gent, the Secretary acted as Secretary of the esating. President„ Kresided~ and On motion duly nade and secou3ed„ the reading of'the ainutes of the pre- vious eeeting,.as diapensed sith. On .otion, of Ett+. Hal.ley„ seconded by Mr. Boeline.,. it was uwaimousl,F nESOi.YHD: That tr.e fira~ of Leloitte, Piemer, Griffiths Y;.oagsany,, Certi- fied Public 6ccountants, of ,49 'ha1.I Street,, Nee lork C'ity, who have aeretofo-ee been serving this Compaqy as Wuaitors, be and they herebv are a;.pointed Auditors of'thiis Company for the year 1945. ~ On motion of Mr« Te=p le, secondeiid by Irs Bowling,, it was unnaimusly HFSOLYED= That the action of the proper Officers of this Company in execut- ing and issuing a pro3q or power of'attarneJ to C:P. ihitefield ana W.J.~ Ralley„ or either of then, to,vote: at the aamial ®eeting,of stacihoiders of Federa3~Tin :.oepesq held on : Yarch, 30, 1945, :aall of, the stock of thct Company which th is Ca.la:y is entitled to vote, be nnd the seme weretiy is in alI respects ap;roved, ratifiedy„ and confirmea. On ssotion of !C-. FYeeman„ seconded by' Mr. Hopewell, the following ad+.er- tSsing exr,.eocitures were in all respects aprroved„ ratified, and confirmed= :+ontre.ct dated iSLrch 21, 19..5 for a f.ull, paga~ advertise.ent of Compexq ;;roductsw in f.rograa to be published in concection.ith, the ..nnua1; Smicer of' the Chicago Cigar, Tobacco~ & Cigarette Salesmen"s Qaion, Chicago, I111nois, at a cost of' j25. Estimtes of Lennen & lCitchell 1'nc. as follo.ss: ,f17'revised, eated a_nriT 3, 1y.:5y for an additional expenditure of';,756.57 to cover change in radio aa+ertisind of'OI:D GOLD Cigarettes in PSttsburgh, Pa., ('Ftilton Lesis:broau:casts). 05 datedl1Larch 29, 1945 ccovering advertising of nEF;^H-lfUT, Wheeing Tobacco ib Tbe Sportin6,yeea, as therein set out,,,at a cost o'.:2,L67.54i E37 dated' April 3, 19,:5 coverir.d, :esparr,ar advertising of OLD GJIZ Cigarettes, as tbereia sat cut, vµril 9,turo.;'hSpri1 ::7,, 194'5, at a coat of 339.yoc.12. On motion duly mr,de and' secomed„ the meeting adaourned. .1 S t I Secretary

. ~ ` ,. t r 1 1861 fty 9, 1945 1l' regular seting, of' the Board of' Directors of P. LariLlUkrd Cospasy as held today at the of'fice of thr :.a.pat117., 119' sest 40tb Street, Ba iork City. There were present lisssrs.s G. H'.. Hwostsl~ H. [. hient G« D. ihitefield t., S. Boaling J. S. Free.an . i. J. Hell.e7r J.Y. G1ascock F. Hope.ell J. T. E.el I. H. P.alt. H. F. Teapls Todd'wooi Hr. Hiwel,,Whaizaany presided, and,t.he Secret&ryr acted as Secretnrr of the eeet'ing. On sotilon duly aa.de, and seconded,, the reading of' th,e aimutes of the t¢s.rious msstiag .as.dispensed'eithd piz notion of Mr. T!mpls, seconded by Mr. Ghitefie]dy it .as uaaaiiwuslyRFSQLWID: That a diiviaend''of S]..75 per share on the Preferred,Stock of tLis :onpaqy, be and it hereby is declared'payable July 2„ 1945 to stock- balders of record' at, the clos., of' business Jwne 8, 1945. 91 Oa sotion of Hr. Ha:lleyy, seconded by Hr. Peak„ it was u^ari''mo°O1y R£SOLVED: Tbat an interia diRidend'of'25* ' per'sharw on the outataod- Sag Cos'on Stock of this ,^,acQasy be and,it'hereby is declared payable Jnly 2„ 1945 to stockholders of' record at the close of, be.siWss June dim 19:.5« The Secretary proanced'and read to the meetin6' the nimttes of the ssat- Tne of the Eeecutive Cosmittee held on Tpri1 .t5, 1945 ehieh, among other thi'nasM aathorized' increases in salaries of certai;n officers of the Coap+srU- Thereupon, on sotion,of lbr. Preesnn„ seconded by Mr. TesQle, (Yessrs- ha11r7. Peakr &W Hopeeell not votliing)l, it eas BrLOL7LD: That' the ibcreases in salaries of officers of the CoaPa4f siade by the Ececutive wbmmittee at said, meeting beLa April~ 25, 1945' be and ' the same hereby are approved in,aTl respects. On .ot+iion duly sade and seconded, the meeting adjourned to ret FYidyy. Ihyi e5,, 1945,, at 11 o''ciocY A.M. ~. ,r,o- N ; z C4 $eEratary

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