Tobacco Documents Online

February 1?-, 1954 It U Lehatsn Bros. 1 William Street New Y'ork, N. T. Gentlemen: I t~] On January 27, 1454s Philip Morris & Co. Ltd. s #' v Tncorporeted afYered to holders of n o St k ~on oc e~ enaon ~ B Hed.ges the privilege of exchanging their shares for an equal snaber Qf ~hefes 4f 1?~til~i pip kis~rri. ss Co~n Stoak. Under the ocnditic~~s of the oft`er, Philip Morris might acquire as manT as 443,561 shares of Benson & Hedges Comman 3 to ck. Our auditors have infarmed us ths.t, in their opinion, the shares of Benson & H+sdges acquired pursuant to the aformentioned ncche.ng* Offer should be recorded on thee books of Philip Morris, as an inrests<ent et the estimated , . (~, aggregater ftfr~ market v~ue at the offering date of the ~ Philip Morris Common StoQk iaaued therefor. W for ak bl.ock of 400,0000 shares., Stock and also advise xhether the value would be different ~ For accounting purposes, as outlined in the pre- Qeding paragreph., will you pleasa farnish us with your opinion as to the fair market value per share on J'snuar7 2g, 1954 Qof a hf In_& bloek ©f lah3ek1 aAditi l : on a ares o lporris Cerrzon m1 Mm °t:7 - snd C+~.omfsafon in connectionn ulth the ftchangeaffer. Afq slall also t'urnish you ~th s9my 'adctf tions2. tni'®rauatiott you ~___- _ ~=FW* enoloso, acopl of a rtgistrktf,on statement tinder Tbo Securities L.st of 1933 filed with the Securities