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tHl AS' K II N I S & S E L lL S CERTIFIED PU6!LIC'~. ACCOUN~TAN~TS~ 67 BROAD 5TR',EET. NEW YORK 4 February, 6, 11959. To the Board of' Directors and Shareholders of P. Lorillard Company: We have examined the consolidated balance sheet of' P. Lorilllard Company and its subsidiary company as of' December 31,,11958 and thee related statement of consolidated earnings and retained earnings for the, year then ended. Our examinatian, was made iin accordance witlhi generall'yaccepted auditingstandards, and' according~lyincl'uded' su~ch, test's of the accounting,reeords and such other auditing procedhres as we considered necessary in the circumstances. In our opiniony the accompanying, consolidated balance sheet and statement ofl consolidated earnings and retained earnings present fairlY the financial position of the companies at December 31, 1988' andl the results oftlheir operationsfbr the yearthen, ended, inconformity with generalNy accepted accounting, principles applied on a basis consistent wiith, thatt of the preceding,year.. ox ,9,&4 e1w