OTHER NEWS - Sept. 22, 1994

Some Shareholders Walk Out of Philip Morris Meeting: Representatives of six of the company’s biggest institutional shareholders walked out because they felt the meeting was orchestrated and impeded serious dialogue. Shareholders, particularly union and public-employee pension funds, had been pressing for a meeting with Philip Morris managers to discuss splitting up the tobacco and food businesses and other issues. The shareholder representatives who left included those from the New York City employees pension fund, the public employees pension funds from Pennsylvania and Florida, the Teamsters union, Progressive Partners and the Council of Institutional Investors.