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MC CANLIBB & EARLY Ol NAS9AU BT12k:N:T CAOLt AD.DRCS1 MACCRLT. T[L[PriON[ BAwCLAr 9-0t60 N L°w YORK -5 I::ay 2'?, 1945 Philip Wiorri9 ~: Co. Ltd., Inc. 119 Fif th,Avenue "1ew York, New York Dear Sirs: You have informed us that your Board of Directors is about to consider a proposal to reduce the par value of your Cor,mion Stock from Ten Dollars ($10) to Five Dollars (1:Z), ner share and to i4s~1R to the present hol~Ters th-reof two sYa.res of the new par value Conulon Stock for each share of the Corrr.on Stock now held and have rerii,ested' our opinion as to wherh?r the constunmatlon of t'i'lis proposal will result in the realizatton of taxable income to the Cormon Stoclcho],ders s tmder the H'ederal tgx 1 1V,v s . You are advised that in our opinion the proposed re- dl2ction in par val.ueot' thA~ t"ommon S'tockw'id thee::chan,~e of cPrtif. !.cates z~efsresentln~ shares of the presently isstied and outstandinc, Comron Stockforcert3.ficate9 rPprPs,entim-, the shares of Common Stock with refii.aced par value, will not result in the recoSnition of any Sain or loss to :nch 9tockhnlflers for Federal tax p»rposes.