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LYBRAND, RO S S BRO S. & MONTGOMERY RESIDENT PARTNERS WILLIAM M. LYBRAND PRIOR SINCLAIR NORMAN J. LENHART WALTER L.SCHAFFER CONRAD B.TAYLOR ALVIN R.JENNIN6S HERMON F BELL CHRISTOPHER H. KNOLL HILTON R. CAMPBELL EDWARD 6.CARSON WALTER R. STAUB PHILIP BARDES HARRY N. CASE JOHN C. POTTER LOUIS H. RAPPAPORT HENRY C. ELFERS CERTIFIED f UBLIC ACCOUNTANTS 90 BROAD STREET NEW YORK 4 January 27, 1954 The Board of Directors, Philip Morris & Co. Ltd., Incorporated, 100 Park Avenue, New York 17, N. Y. NEW"ORK ROCKFORD PHILADELPHIA ST. LOUIS CHICAOO LOUISVILLE BOSTON . ATLANTA BALTIMORE DALLAS WASHINGTON HOUSTON PITTSBUROH SAN FRANCISCO DETROIT LOS ANGELES CLEVELAND SEATTLE CINCINNATI TULSA LONDON PARIS Dear Sirs: We previously submitted our reports dated December 7, 1953 covering our examination of the financial statements and supporting schedules of Philip Morris & Co. Ltd., Incorporated, as of October 31, 1953 and for the fiscal years ended March 31, 1951, 1952 and 1953 and for the seven months ended October 31, 1953, and our review of the summary statement of operations for the fiscal years ended March 31, 1949 through March 31, 1953 and for the seven months ended October 31, 1953. Such statements, schedules and summary of earnings, together with said reports, are included in Registra- tion Statement No. 2-10640 on Form S-1 and Amendment No. 1 thereto, as filed by Philip Morris & Co. Ltd., Incorporated, with the Securities and Exchange Commission. In our opinion, the financial statements, supporting schedules and summary of earnings covered by our reports con- form in all material respects with the pertinent requirements of the Securities Act of 1933 and the pertinent published rules, regulations and instructions of the Securities and Exchange Commission. Supplementary to the above mentioned report, we have also made a general review and investigation, but not an audit, of the company's financial statements as of December 31, 1953 and for the period from November 1, 1953 through December 31, 1953, the latest date as of which the general accounts of the company were recorded. We also inspected minute books of the company for meetings of the Board of Directors through the meeting held on November 24, 1953 and made inquiries of officers and other employees of the company responsible for accounting matters as to the consistency of accounting procedures, as to

The Board of Directors, Philip Morris & Cc. Ltd., Incorporated - 2 the nature of transactions subsequent to December 31, 1953 through January 27, 1954, and as to the existence of any material contingent liabilities. Our review and investigation did not reveal to us any information which gives us reason to believe that there have been any material adverse changes in the financial posi- tion of the compan,y during the period from November 1, 1953 to January 27, 1954 other than as set forth in the Prospectus. It is understood that this letter is not to be re- produced, in whole or in part, or to be referred to, in the Registration Statement or in any amendment thereto or in the related Prospectus or in any literature used in connection with the offering of securities covered by the aforementioned Registration Statement and related Prospectus. HNC Very truly ours, ?40fGr ~~' a~v- //