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LYBRAND, Ross BROS. V- MONTGOMERY COOPERS & LYBRAND IN AREAS OF THE WORLD OUiSiDE THE UNITED STATES February 26, 1963 2 B R O A D W A Y NEw YORK 4 Mr. C. H. Kibbee, Executive Vice President - Finance Philip Morris Incorporated 100 Park Avenue New York 17, N. Y. Dear Mr. Kibbee: In accordance with your request, we have reviewed the Report upon Examination of Inventories as of December 31, 1962 prepared by the Company's Internal Auditing Department. In this connection we have reviewed the methods and procedures followed by the Internal Auditing Department in testing quantities and pricing of inventories. These tests were made generally in connection with our examination of the consolidated financial statements of Philip Morris Incorporated and its consolidated subsidiaries for the year ended December 31, 1962. As you know, a considerable amoTunt of the work done by the Internal Auditing Department was performed either in close cooperation with us or under our direct supervision. As a result of our review, we believe that the methods and procedures followed by the Internal Auditing Department in testing quantities and prices resulted in a fair presentation of inventory valuations at December 31, 1962. Very truly yours, CJS