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0 0 PHILIP MORRIS COMPANIES INC. 120 PARK AVENUE, NEW YORK, NY 10017-5592 GEOFFREY C. BIBLE aRESIDENT AND C-IEF EXECUTrVE"OFFICER January 20, 1995 The Honorable Richard Vinroot Mayor of Charlotte 600 East Fourth Street Charlotte, NC 28202-2839 Dear Mayor Vinroot: Thank you for your letter of January 12 concerning the reports that Philip Morris may be contemplating relocation out of New York. We are extremely unhappy about the passage of the bill on smoking restrictions in New York and, as you will appreciate, it has made us fairly uncomfortable. Nevertheless, many of the reports you have either heard or read are misleading, and all that we have said is that given the inhospitable climate the bill has created, we would reserve our options as to relocating our headquarters office. In that respect, we plan to take our time because there are many issues involved, not least of which is an assessment of the practical effects of the bill. (212) 880•4030 We are familiar with the business environment in North Carolina and, as you know, are delighted that we have a facility in Cabarrus. It represents an enormous part of our worldwide manufacturing capability, and we are very comfortable in that environment. In the event that we should decide to make a move, the difficulties of relocating professional staff who live in the area are considerable, because of family difficulties associated with schooling and spouses' work, many of whom have significant careers in the area. These issues tend to make areas

The Honorable Richard Vinroot Page 2 January 20, 1995 nearer New York more a possibility. Nevertheless, we will be considering all of our options, and we are grateful that you have raised Charlotte as an interesting alternative. I wish to be very frank about the issue because it has been expanded out of its real proportion, and we have been inundated with suggested alternatives. Right now, we have not even begun to consider any action at all, so it is unlikely in the near term that anything will happen. In the longer term, however, we may take some action and, should that be the case, we would always let you know our thinking. It was very good of you to take the time and trouble to draw Charlotte to our attention. With my warmest regards. Yours sincerely,