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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 ten thir ti il d t ty o'clock ll th di in the forenoon on March 27, 1963 pursuant tors: o to no ce ma e a e rec Present, the following: Messrs.: J. J. R. J. W. C. E. Cookman F. Cullman, 3rd W. Dammann H. Davis H. Hatcher H. Kibbee E. Lasker T. R. P. N. Lawler P. Roper D. Smith A. S. G. Snapper Weil Weissman b t J. A. H. K. H. Wilkinson, Jr. E. Lyon, Honorary Chairman E. Riddell, Director Emeritus H. Rockey, Director Emeritus sen : R. H. L. N. DuPuis S. Cullman, Director Emeritus G. Hanson, 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 February 27, 1963, 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. Mr. Cullman reviewed the performance of Paxton and Saratoga and outlined to the Board the Company's strategy with respect to possible nation-wide distribution of these products. In that connection, Mr. Roper t

requested the Board to authorize the acquisition of six additional Molins packers at a cost of $390,000 and the acquisition of additional Formvac forming and related equipment at a cost of $596,000, and to approve an over-expenditure of $203,000 resulting from packing machine modifications necessary to provide for the use of a longer cap on the Project Roper package. Thereafter, on motion duly made and seconded, the following resolu- tions were unanimously adopted: RESOLVED, That the proper officers of ,the Company be and they hereby are authorized to expend approximately $390,000 for the acquisition of six additional Molins packers and approximately $596,000 for additional Formvac forming and related equipment; and further RESOLVED, That the action of the management of the Company in incurring an over-expenditure of $203,000 resulting from packing machine modifications necessary to provide for the use of a longer cap on the Project Roper package be and it hereby is ratified, confirmed and approved. Mr. Lawler advised the Board that the Conflict of Interest Committee, in accordance with the Board's directive contained in a resolution passed at a meeting held on December 27, 1961, had obtained new certificates as to possible conflict of interest from all directors, officers and key employees of the Company, its divisions and subsidiaries. The report of the Committee dated March 27, 1963 was directed to be appended to the minutes of the meeting and, on motion duly made and seconded, the following resolution was unanimously adopted: RESOLVED, That the Report of the Conflict of Interest Committee dated March 27, 1963 be and it hereby is accepted and approved.

Mr. Kibbee stated that there had been no purchases by the Company of its common stock since the February 27, 1963 meeting. A general discussion of the business of the Company ensued at the conclusion of which the meeting adjourned. ? . C~C/4,1Secretary ~