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T HE ANNUAL STOCKHOLDERS' MEETING will be held at 43 Park Avenue, Flemington, New Jersey, at 2:00 P.M., Monday, March 14, 1955. Proxies will be mailed to stockholders February 11, 1955. Stockholders who are unable to attend the meeting are urged to sign their proxy and return it promptly to the Company so that the stock of the Company will be represented as fully as possible at the meeting. L I G G ET "[ ~ i\i Y E R S ~~ U N E O F TIMN 446318

HIGHLIGHTS 1954 1953 Net sales ..................................... Profit from operations ......................... Percentage of net sales ......................... Profit before taxes ............................. Income, excess profits and franchise taxes ........ Profit before preferred dividends ................ Net income after preferred dividends ............ Percentage of net sales ......................... Net income per share of common stock .......... Dividends paid per share of common stock....... $548,861,959 53,592,624 9.76 0 47,835,364 25,634,000 22,201,364 20,740,177 3.78 c7o $5.30 $5.00 $586,498,727 57,225,791 9.76 rc 51,963,576 28,985,000 22,978,576 21,517,389 3.67 c"e $5.50 $5.00 Current assets ................................. $459,145,998 $467,548,656 Current liabilities ............................. 129,034,362 134,136,776 Ratio ........................................ 3.6to 1 Funded debt ................................. 113,000,000 Capital stock ................................. 118,662,125 Paid-in surplus end of year ..................... 19,364,550 Earned surplus end of year ....................... 111,247,861 (Further details on pages 14, 15, 16 and 17) Approximate number of stocldiolders ............ 40,900 L I G G E T T & M Y E R S .r. 3.5 to 1 115,000,000 118,662,125 19,364,550 110,065,289 37,900 O N E O F TIMN 446320 2

TO THE STOCKHOLDERS This is your company's 44th Annual Report to its stockholders. The following is intended to give you a picture of the company's overall financial position and other information regarding its operation and policies. E ARNINGS Earnings per share of Common Stock were slightly lower than for the previ- ous year. They amounted to $20,740,177 compared with $21,517,389 for 1953. Total earnings after taxes were fifteen times dividend requirements on Preferred Stock. The ratio of profit from operations to net sales remained the same, or 9.76 7o. SALES --- ~ Net sales f or the year 1954 amounted to $548,861,959 compared to $586,498,- 727 for the previous year. The L&M Filter cigarettes, both regular and king size, made a substantial contribution to this sales volume. Export (tax free ) sales were down. This was due primarily to smaller orders from our diminished overseas armed forces and to the increased difficulty in doing a profitable business in countries where we are handicapped because of dollar or commodities limitations. Millions 700 600 500 400 300 200 100 0 This chart shows a record of the Company's sales for the past ten years. 1945 1946 1947 1948 1949 TOBACCO'S MOST 1950 1951 1952 1953 1954 R E ti P E C T E D N A M E S TIMN 446321 3

RESEARCH The Research Department of Liggett & Myers, in Durham, North Carolina, is considered to be the most modern, best equipped, and best staffed in the tobacco industry. Its work is of prime importance to almost every phase of the Company's operation. Our consultants include eminent scientists from leading universities, and Arthur D. Little, Inc., of Cambridge, Mass., "one of the largest and most reputable industrial research organizations in the country." Through searching analyses of our own and competitive cigarettes and of many thousands of pounds of tobacco, we have found ways to help the individual farmer grow a better grade of leaf tobacco. Day after day, week after week, our laboratories make a continuous study of tobacco taken from all over Tobaccoland. In this way we are able to know in advance of auction time the exact location of the best tobaccos of the present year. The result-the present Chesterfield and L&M cigarettes are the best made in the world today... cigarettes which, in test after test with other leading brands, have shown superior merits - highest in quality and natural flavor-with low nicotine content. L&M Filters -with the "Miracle Tip" were introduced just over a year ago. They were the result of a three year research program in our laboratories. The team of scientists who undertook this operation had at their disposal all the latest facts on tobacco, filters, and smoke filtering. Conducting thousands of tests on every known type of filter and hundreds of new designs, these scientists after three years found our "Miracle Tip", distinctive to L&M and protected by exclusive patent rights. The result-L&M stands out for flavor, for effective filtration, for highest quality tobaccos. The smoker gets a light, mild smoke, with much more flavor-much less nicotine. 'OBACCO'S MOST R E S P E C T E D N A M E S TIMN 446325 7

DIVIDENDS For the seventh consecutive year, $5.00 was paid on each share of Common Stock. The payments were four quarterly dividends of $1.00 each plus an extra dividend of $1.00 per share paid on December 1. Total dividends paid in 1954 were $21,018,7192 or 94.67, C . of the earnings for the year. TAXES Taxes of all kinds are becoming increasingly burdensome from year to year. Provision for Federal and State income and franchise taxes alone amounted to $25,634,000 for 1954, equal to $6.55 per share of Common Stock. This means that such taxes required an outlay of 31 ~ more money than the entire amount paid out in dividends on the Common Stock during the year. As a further illustration of the magnitude of the Federal and State income and franchise taxes, the following chart has been prepared to show a graphic comparison of them with net income after taxes for the past eight years. r 1947 1948 1949 1950 1951 1952 1953 1954 This chart shotcs the Federal and State Incon2e and Franchise Taxes (dark area) eomFared tcith Net Ineome after Taxes (light area) 1947-1954. L I G G E T T & M Y E R S ~~. O N E O F TIMN 446322 4

r , `clfiLt A ~ .'_i~ ~ - ~ .. :~.h. p~ . ~ ~..~._ LIGGETT & MYERS TOBACCO CO. INC. 630 Fifth Avenue New York 20, N. Y. 44TH ANNUAL REPORT December 31St, 1954 TOBACCO'S M OST R Eti P F.CTED NAMES TIMN 446319

all cigarette sales were through self-service stores or vending machines. No per- sonal selling was involved. The buyer was pre-sold, largely by promotion. Company profits are increased if sales can be increased at the lowest possible cost. The cost of selling covers personal selling, promotion and advertising. All are necessary to the job of producing and retaining smokers' goodwill. The least expensive, when employed effectively, is advertising, and, therefore, it can be the best means of increasing company profits. The development in advertising techniques within recent years has been carried on at a pace which makes it possible for your Company to reach vast markets with our sales messages. For some time in our country's history the techniques of production were so spectacularly successful that they brought about basic changes in our entire economy. The development of selling tools to match these new production facili- ties has been outstanding, especially within the last twenty-five years. Since that time we have seen personal selling brought out from behind the coimter and into the homes of millions of people-first through the great medium ' of radio and now, in a completely new dimension, with television. Your Company strives to make the most efficient use of these new techniques. Product person- alities have been developed in the minds of millions through association with our personal salesmen, who regularly come into the homes through television, radio, newspapers and magazines, and also make new customers at point of sale through the medium of promotional display material. Your Company's sales promotion has one aim: To make sure that our prod- ucts move off the dealer's shelf into the customer's pocket or purse. We are con- stantly looking for ways to improve our sales messages to the smoking public, just as we are always looking for ways to convey these sales messages to the public at the lowest cost. LIGGETT & iviYE RS ,..~, O N E O F TIMN 446324

i DISTRIBUTION & PROMOTION The mass distribution so essential to the sales success of the products manu- factured by your Company has been achieved through the efforts of our six thousand distributors and our own sales force working with them. Now, more than one million three hundred and fifty thousand retail outlets in the United States, from the city supermarket to the country store, carry products made by Liggett & Myers. Abroad, some of the Company's brands enjoy wide distribution, Chesterfield in particular. This cigarette is sold in eighty-six foreign countries, and in many of them it is the leading American-made cigarette. Surprisingly, L&M is already distributed in 43 countries. Your Company promotes its products to the public through sampling, mer- chandising and continuous and extensive promotion in newspapers and magazines, on television and radio, in motion pictures, and at point-of-sale. These promo- tional activities are designed to support the work of the distributors and the sales force. All media is carefully selected to help widen the market by attracting smokers through advertising and sampling. It has been said that ours is an economy based on innovation and invention. Sales are not necessarily caused by the wearing out of goods physically but often by the wearing out of goods psychologically. They become "out of style." In the past few years, the cigarette business has had a number of psychological changes in consumer preferences: the growth of the king size cigarette, the filter tip cigarette, and finally, the king size filter. In such an ever-changing market, continuous promo4on must be done to keep our business and attract more business. In this highly competitive era, loyalty to any one particular brand does not always remain constant, and advertising seems more than ever necessary to cultivate and recultivate established families, to keep their present patronage and increase their loyalty. More particularly so, in view of the rapid growth of the self-service store and the gradual disappear- ance of personal salesmanship at the retail level. In 1954, approximately 35 % of TOBACCO'S MOST RE tiP E C T E D NAMES TIMN 446323 5

OFFICERS President Vice President Vice President Vice President & Treasurer Vice President & Secretary Vice President J. Bowling Anderson Russell M. Chenowet h Frederick J. Graeff Assistant Treasurers Assistant Secretaries Henry A. Petry I Benjamin F. Few William A. Blount William B. Lewis, Jr. William L. Perry Zach Toms James N. Wellman Robert H. Henshaw Rufus H. Hosea Charles B. 'Morgenthaler William A. Blount Lawrence W. Bruff James E. Farley Benjamin F. Few Francis H. Horan J. Camden Hundley William B. Lewis, Jr. William L. Perry Eugene C. Ringler Loy D. Thompson Zach Toms James N. `Vellman GENERAL COUNSEL Francis H. Horan DIRECTOR OF RESEARCH Dr. Frederick R. Darkis EXECUTIVE OFFICES 630 Fifth Avenue, New York 20, N. Y. TRANSFER AGENT The Hanover Bank 70 Broadway, New York 15, N. Y. TOBACCO'S MOST AUDITOR Eugene C. Ringler REGISTRAR . The National City Bank of New York 55 Wall Street, New York 15, N. Y. R E S P E C T E D N A M E S TIMN 446331 13

ASSETS LIGGETT & MYERS TOBACCO COMPANY CONSOLIDATE( CURRENT ASSETS 1954 1953 Cash ......................................... $ 11,592,982 $ 11,996,787 Accounts receivable, customers ................. 23,131,291 23,234,014 Accounts receivable, others ..................... 982,339 975,732 Leaf tobacco, at average cost ................... 393,193,579 400,084,953 Manufactured stock and operating supplies, at average cost ............................. 30,245,807 31,257,170 TOTAL CURRENT ASSETS .................. 459,145,998 467,548,656 PROPERTY, PLANT AND EQUIPMENT-AT COST Land and buildings ............................ 20,024,589 20,014,236 Machinery and equipment ..................... 41,054,224 37,576,620 61,078,813 57,590,856 Less reserves for depreciation ............... 32,386,362 30,801,668 NET PROPERTY, PLANT AND EQUIPMENT .... 28,692,451 26,789,188 OTHER ASSETS Brands, trade-marks and goodwill ............... 1 1 Stocks in unconsolidated subsidiary companies..,; . 627,004 439,005 Stocks in foreign tobacco companies, less reserve of $4,473,163 ...................... 4,001 4,001 Deferred charges .............................. 2,839,443 2,447,889 TOTAL OTHER ASSETS .................... 3,470,449 2,890,896 TOTAL .............................. $491,308,898 $497,228,740 L I G G E T T & M Y E R S O N E O F TIMN 446332 14

CORK T/P ~ , Cigarettes PRODUCTS Your Company manufactures sixt three different brands of tobac, products -each and every one made to the highest standards of qualit Pictured on these pages are the principal cigarettes, smoking ai ~ GOOD OLD TINE' R~ 50n~lE 0, A L I G G E T T & M Y E R S .,~. O N E 0 10 TIMN 446328

I LIABILITIES kLANCE SHEET - DECEMBER 31, 1954 AND 1953 1954 1953 CURRENT 1_,IABILITIES Notes payable to banks ......................... $ 95,220,000 $ 99,000,000 Accounts payable .............................. 4,041,183 4,176,635 Dividend payable on preferred stock ............ 365,297 365,297 Accrued interest on debentures ................. 929,687 929,687 Funded debt payable within one year ........... 2,000,000 Taxes payable and accrued ..................... 26,478,195 29,665,157 TOTAL CURRENT LIABILITIES .............. 129,034,362 134,136,776 FUNDED DEBT 238 o Sinking Fund Debentures, $5,750,000 pay- able annually during the years 1956 through 1964, $23,750,000 payable in 1965, and $37; 500,000 payable in 1966 .................... 113,000,000 115,000,000 CAPITAL STOCK AND SURPLUS Preferred stock 7% cumulative, par value $100.00 Shares-authorized 341,398, issued 225,141, in treasury 16,400............ 0,874,100 0,874,100 Common stock, par value $25.00 Shares-authorized 5,000,000, issued 3,911,521 ............................ 97,788,025 97,788,025 Paid-in surplus ................................ 19,364,550 19,364,550 Earned surplus (see statement annexed ) ........ 111,247,861 110,065,289 TOTAL CAPITAL STOCK AND SURPLUS ..... . 249,274,536 248,091,964 TOTAL .............................. $491,308,898 $497,228,740 TOBACCO'S MOST R E S P E C T E D NAMES TIMN 446333 15

The pension and retirement plan, of which the Company pays the entire cost, is considered to be liberal. The plan is administered by the Equitable Life Assur- ance Society of the United States. Working conditions for the employees compare favorably with the highest in any industry. Our cigarette factories are air-conditioned, well lighted and have every device to safeguard health and to provide comfort for our employees. The employees' cafeterias provide excellent and varied meals at modest prices. MANAGEMENT CHANGES ~ William L. Perry, a Director and Treasurer of the Company, was elected Vice President in Charge of Finance, to succeed Hugh E. White who retired under the Employee's Retirement Plan the previous December. William B. Lewis, Jr., a Director, was elected a Vice President to direct the sales of the Company, succeeding George W. Thompson, who had retired as Vice President and Director under the Employee's Retirement Plan. Francis H. Horan, General Counsel, was elected a Director of the Company to fill the vacancy on the Board created by the resignation of Edward S. Peters. Eugene C. Ringler, Auditor, was elected to the Board, replacing George W. Thompson. STOCKHOLDERS ; Common and Preferred Stockholders now number approximately 40,900, representing an increase of 3,000 during the year. Liggett & Myers stock is rather widely owned. It is held in quantities ranging from a few shares to many thousands owned by banks, estates, trusts, insurance companies, investment funds and educational institutions. At the last annual meeting of the stockholders on Marclf'8, 1954 there were present, either in person or by proxy, stockholders representing in terms of votes approximately 79% of the Common Stock and approximately 83~'/0 of the Pre- ferred Stock or a total representation of approximately 8070 of the voting stock of the Company. The management is pleased that so many stockholders indicated their interest by exercising their right to vote. T O B A C C O'S M O S T R E: SP E: C T E D N A M E S TIMN 446327 9

CONSOLIDATED EARNED SURPLUS FOR THE YEARS ENDED DECEMBER 31, 1954 AND 1953 1954 1953 EARiVED SURPLUS AT BEGIN\'ING OF YEAR.......... $110,065,289 $108,105,505 ADD Net Income for the Year ................... 2?201,364 22,978,576 132, 266, 653 131, 084, 081 DEDUCT CASH DIVIDENDS $7.00 per share on Preferred Stock....... 1,461,187 1,461,187 $5.00 per share on Common Stock ........ 19,557,605 19,557,605 21,018,792 21,018,792 E ARvED SURPLUS AT END OF YEAR (see note )..... $111,247;861 $110,065,289 NOTE: Under the terms of the Indenture covering each issue of 2;~'c Sinking Fund Debentures $58,898,960.47 of earned surplus is restricted as to pavment of cash dividends on Common Stock. This limitation does not apply to stock dividends on Common Stock, nor does it restrict payment of dividends on Preferred Stock. TOBACCO'S l1IOST R E S P E C T E D NAMES TIMN 446335 17

t CERTIFICATE OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS HASKINS $o SELLS CERTIFIED PUBLIC ACCOUNTANTS BOATMEN'S BANK BUILDING SAINT LOUIS 2 January 20, 1955 To the Directors and Stockholders of Liggett & Myers Tobacco Company: We have examined the consolidated balance sheet of Liggett & Myers Tobacco Company and its wholly-owned subsidiary as of December 31,1954 and the related statements of consolidated income and earned surplus for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying consolidated balance sheet and statements of consolidated income and earned surplus present fairly the financial position of the companies at December 31, 1954 and the results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the p-receding year. LIGGETT & TNTYE RS ~. O N E O F 18 TIMN 446336

t TOBACCO'S MOST R f: SY ECTED NAMES TIMN 446339

0 DISPOSITION OF TOTAL INCOME oFOR 1954 The Company received from its customers for goods sold and from Divi- dends, Interest and miscellaneous sources a total of $549,097,000 in 1954. This chart shows how it was used or set aside: Federal and other excise taxes ......... $254,773,000 Leaf tobacco, wages, other manufactur- ing costs and freight ................ 197,805,000 Selling, advertising, administrative, interest and other eYpenses .......... Federal income and State income and franchise taxes ..................... Dividends to stockholders ............. Earnings retained for future needs..... 48,683,000 25,634,000 21,019,000 1,183,000 -C: TOBACCO'S MOST R E S P E C T E D N A M E S TIMN 446337 19

r SUMMARY Domestic cigarette sales for 1953 showed a decline for the first time in many years. In 1954 there was a further decline from the all time high of 1952. The Company's sales followed the industry trend. Much has been written and said about this turn of events. The sales of king size and filter tip cigarettes have been markedly on the increase during the past two years and this trend may continue in the foreseeable future. Since there has been an overall unit sales decrease, the increase in the sales of king size and filter tips were necessarily made at the expense of regular size cigarettes. King size cigarettes are about one fifth longer and contain approximately 171,"~ more tobacco. It follows that the extra length of the kings affected unit sales downward. The Tobacco Division, Agricultural Marketing Service, U. S. Department of Agriculture makes continuing studies of tobacco sales trends. Stephen E. Wrather, Director, believes that one of the most important factors in the two-year decline of cigarette sales is the change in the population composition since the 12 year period, 1940-1952, when cigarette consumption went up 119 '/-C". During those years the consumption per capita doubled and the number of cigarette smokers increased by 501 ~, due to the larger age group of 20-39 years. A diminished birth rate in the 1930's has been responsible in the last two years for a slight decline in the 20-39 age group, somewhat approximating the decline in cigarette sales. Unwarranted attacks on tobacco products are as old as the industry itself. Today, after reviewing extensive research of many other professional groups, our Re'search Department, as it has consistently reported from the beginning, says that proof that cigarette smoking causes lung cancer is lacking. In fact the cause of this disease is still unknown. Accusations without proof in the past have not prevailed. Thus, it appears that this factor should be of diminishing significance. The management greatly appreciates the cooVeration and loyal support of its stockholders and employees during the past year. Respectfully, LIGGETT & NI YE RS January, 1955 O N E O F 7CIlVIN 446330 12

t CONSOLIDATED INCOME FOR THE YEARS ENDED DECEMBER 31, 1954 AND 1953 1954 1953 NET SALES .................................... $548,861,959 $586,498,727 OTHER INCOME Interest and dividends received ............. 160,617 225,275 Profit from sale of land and buildings ........ - 482,596 Miscellaneous ............................ 74,451 153,168 TOTAL INCOIIE ......................... 549,097,027 587,359,766 DEDUCTIONS Cost of goods sold, selling, administrative and general expenses ................... 492,771,480 526,838,878 Provision for depreciation .................. 2,497,855 2,434,058 Interest and amortization on funded debt.... 3,042,188 3,042,188 bnterest on bank loans ..................... 2,925,243 3,065,024 Miscellaneous ............................ 24,897 16,042 Provision for Federal income tax ............ 23,595,000 25,495,000 Provision for Federal excess profits tax....... - 895,000 Provision for State income and franchise taxes 2,039,000 2,595,000 TOTAL DEDUCTIONS ..................... 526,895,663 564,381,190 NET INCOME FOR THE YEAR ...................... 22,201,364 22,978,576 DIVIDENDS ON PREFERRED STOCK ................. 1,461,187 1,461,187 NET INCOME APPLICABLE TO COMMON STOCK ..... $ 20,740,177 $ 21,517,389 16 L I G G E T T & M Y E R S O N E O F TIMN 446334

chewing tobaccos made by Liggett & Myers Tobacco Company. Following the Company's policy of maintaining a complete line of cigarettes and other tobacco products - the L&M king size filter cigarette was added in the summer of 19K FOBACCO'S MOST The Pinkerton Tobacco Company at Toledo, Ohio, an unconsolidated sub- sidiary, has as its principal brands: Red Man, R~il Horse and Pay Car. R E S P E C T E D N A M E S ~- ~~i= TIMN 446329 Y

a 0 RECORD FOR FIFTEEN YEARS SALES - EARNINGS - DIVIDENDS L I G G E T T M Y E R S O N E O F TIMN 446338 _ NET SALES NET INCOME DIVIDENDS APPLICABLE TO PAID ON CO.N1MON STOCK CO'MMON STOCK Year Amount Amount Percent of Sales Per Share Amount Per Share 1940 $246,265,854 $18,878,053 7.67 0 $6.02 $15,684,695 $5.00 1941 275,103,587 16,389,273 5.96 5.23 15,684,695 5.00 1942 294,351,573 14,293,355 4.86 4.56 10,979,286 3.50 1943 347,258,296 14,195,223 4.09 4.53 10,979,286 3.50 1944 374,032,971 13,332,272 3.56 4.25 10,979,286 3.50 1945 399,212,620 13,477,648 3.38 4.30 10,979,286 3.50 1946 464,507,825 16,907,740 3.64 5.39 12,547,756 4.00 1947 513,771,422 21,439,504 4.17 6.83 14,116,225 4.50 1948 556,506,847 27,799,934 4.99 8.86 15,684,695 5.00 1949 557,733,433 28,105,507 5.04 7.18* 18,783,023 5.00 1950 530,547,285 27,597,044 5.20 7.05* 19,557,605 5.00 1951 539,947,406 20,292,047 3.76 5.19* 19,557,605 5.00 1952 603,080,876 19,987,339 3.31 5.11* 19,557,605 5.00 1953 586,498,727 21,517,389 3.67 ~5.50* 19,557,605 5.00 1954 548,861,959 20,740,177 3.78 5.30 * 19,557,605 5.00 `'Calculated on the 3,911,521 shares of Common Stock outstanding at the end of the year. Per share earnings for prior vears in above table calculated on the 3,136,939 shares of Common and/or Common B stock outstanding at the end of each ~ear. In addition to the annual dividend of $7.00 per share on its Preferred Stock, the Company has paid a sub,twnti.il cash dividend to holders of its Common Stock in every year since its organization in 1911. 20

FACTORIES i The Company has three main facto ries; Durham, N. C., and Richmond, Va., where all the chewing tobaccos and many of the pipe tobaccos are manuf actured. Close to half a million people have visited our Durham and Richmond facto- ries. ~ ries. Without exception they have commented favorably on the efficiency and magnitude of . tl ~Y-.' ~- "-+..~iLL_YQiU11.{!A{,Y.~TLlUM1.VlN:2'.i4 cW~ M where all our cigarettes and our leading pipe tobaccos are made, and St.Louis, ivlo., R El V I ~~~ci~~~ ~ ~ rt[t~; &~ our operation. At Durham and Richmond are also located warehousing facilities for leaf storage with vast storehouses covering hundreds of acres. We have modern processing plants at the big tobacco market centers. Danville, Va., Durham, N. C., Rocky `~Iount, N. C., Lexington, Ky., Paris, Ky., and Watertown, Wisconsin. At these plants we properly condi- _ tion the millions of pounds of tobacco bought „l- ~ l~~~~?~7 I ~ i I 1.~a from the farmers to the exact moisture content F . i :Ir3d7~1'~ for ageing and mellowing to make the best cigarettes. ~, ~^- - • ~ plants in the Near East to handle the aromatic and delicate Turkish tobaccos grown there and used in our cigarette blends. The plants are at Izmir, and Samsun in Turkey, and at Cavalla and Xanthi in Greece. Similarly, the Company has processing EMPLOYEES The Company's relations with its employees (whose length of service aver- ages 10 years ) continued to be harmonious in 1954 as in prior years. The Company maintains an extensive program of employee benefits includ- ing pensions, life insurance, hospital and surgical, sickness and vacation plans. L I G G E T T & ~`i Y E R S ,~- O N E O F TIMN 446326 8

® ~-.----------=-r u~sr ~~d Q ® ® ® © ANA awl= *am &omD!!R tM tt9a I 1 Roam !ow lit-~=liaf[m I i t:.rri r~:w `{# = tI': © ! ® e _._.~.. ~ _...~-c. EFFECTIVE FILTRAT101y EFFE(-rIVE FILTRATION GA LIGGET{ ' t¢ld ¢~t¢r~ ,-.....'_.'..+~ `"SfZE ETTE5 ~. VE~~g ~BACCp . ETTES ~ . LIGGE r...,TT d MYEqS TOBACCO CO. ld ~ KING SIZE + PILTERS- LIGGFTT & MYERS TOBACCO CO. -~-w.~r'.~--"~a'~,~:  -A FI I,TERS- LIGGETT & MYERS TOSACCO CO. TIMN 446317

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