Tobacco Documents Online

195.4 Philip Morris & Co. Ltd., Incorporated 100 Park Avenue New York 17, N. Y. Dear Sirs: Reference is made to the paragraph in your Prospectus dated January 27, 1954 which reads as follows: trThe Company wishes to acquire all, but in no event less than 355,J+60 shares, of the Common Stock of B enson and H edges. Accordingly, it will not declare the Exchange effective unless at least 355,/+60 shares are then on deposit and unless B enson and H edges shall warrant to the Company that there are then outstanding or issuable upon the exercise of options an aggregate of not more than 443,561 shares of its Common Stock. Subject to the foregoing, Philip Morris intends to de- clare the Exchange effective as soon as practicable un- less in its considered judgment material circumstances should then exist which render such action inadvisable.1t We hereby warrant to you that there are now outstand- ing or issuable upon the exercise of options an aggregate of not more than 443,561 shares of our Common Stock. Very truly yours, BENSON AND HEDGES ~r -- eph F. Cuilman, Jr., President.