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Minutes of a meeting of the Board of Directors of Philip Morris Incorporated held at the offices of the Company, 100 Park Avenue, New York, New York at 10:30 o'clock in the fore- noon on June 27, 1962 pursuant to notice mailed to all the direc- tors. Present the following: Messrs. J. F. Cullman, 3rd R. W. Dammann J. H. Davis R. N. DuPuis W. H. Hatcher C. H. Kibbee E. Lasker T. N, Lawler R. P. Roper A. Snapper G. Weissman J. H. Wilkinson, Jr. A. E. Lyon, Honorary Chairman I Absent: H. E. Riddell, Director Emeritus S. Weil H. S. Cullman, Director Emeritus L. G. Hanson, Director Emeritus K. H. Rockey, Director Emeritus Upon motion duly made and seconded, the following resolution was unanimously adopted: RESOLVED, That the minutes of the meeting of this Board held on May 23, 1962, copies of which were furnished the members of the Board, be and the same hereby are adopted as and for the minutes of the said meeting. The attention of the Board was invited to a management recommendation of a capital appropriation for the Company's rs American Safety Razor division, in the amount of $127,400 for the ~° oa construction of two machines for automatic loading of single edge- ~' 4b W t-.r 0 razor blades into dispensers. On motion duly made and seconded, ~

the following resolution was unanimously adopted: RESOLVED, That the proper officers of the Company be and they hereby are authorized to expend, in connection with the Company's American Safety Razor division, approximately $127,400 for the construction of two machines for automatic loading of single edge razor blades into dispensers. The Board was advised that the managements of both the Company and Milprint, Inc. recommended a capital appropriation in the amount of approximately $165,000 for the installation of a reciprocating die-cutter and a cold water waxer in Milprint's litho-carton department in Milwaukee, and it was the consensus of the meeting that Milprint, Inc. be authorized to incur such expen- diture. Mr. Roper advised the Board that management recommended a capital appropriation of approximately $1,144,000 for the purchase of 25 Hauni MAFI attachments, 19 Hauni MAX-MAFI change parts, 12 plug crimping units and 6 plasticizing units, and for the installa- tion, including miscellaneous equipment, of plastic-forming units. Thereafter, on motion duly made and seconded, the following reso- lution was unanimously adopted: RESOLVED, That the proper officers of the Company be and they hereby are authorized to expend approximately $1,144,000 for the purchase of 25 Hauni MAFI attachments, 19 Hauni MAX-MAFI change parts, 12 plug crimping units and 6 plasticizing units and for the installation, including miscelianeous equip- ment, of plastic-forming units. The Board was advised that management recommended the grant of options under the Company's Stock Option Plan to certain key employees of the Company and its subsidiaries. On motion duly

made and seconded, the following resolution was unanimously adopted: RESOLVED, That the Company enter into option agreements this day, in the form presented to this meeting, in accordance with Exhibit A attached hereto, and that the purchase price under each such option agreement be the last price at which the common stock of the Company is traded on the New York Stock Exchange today, or if the stock is not so traded today, the last price at which it was theretofore traded. Mr. Kibbee reported on the purchases made by the Company of its common stock since the last meeting of the Board of Directors. Mr. Cullman advised the Board that, subject to its con- currence, it was his intention to appoint Mr. James C. Bowling as Assistant to the President. Thereupon, on motion duly made and seconded, the following resolution was unanimously adopted: RESOLVED, That this Board concurs in the appointment of James C. Bowling as Assistant to the President. Mr. Cullman invited the attention of the Board to the fact that there would be no Board of Directors meeting in July and that the July meeting of the Executive Committee would be held in Milwaukee. There being no further business to come before the meeting, the same adjourned.