Document nkYdNd6GBw6dVkmXNNY2dYKr8

Attarmtda upper Mining mnpang 35 Sroadmag SJtai ?orb September 2Q, 1936 International Snaltirxc and Refining Con; any, 25 Broadway, Hew York, H. Y. aentleasn: The undersigned, Anaconda Coppei-ltinlng Company, la the owner cf all the outatending stock of Anaconda lead Froduots Company, consisting of 13,65C shares of the par Talus of '60 per share. Attached hereto la a balance sheet of said Anaconda load Products Company aa of August 31, 1636, which aorreetly sate forth all of the asaota and llabilltlea of aald Company aa of said data. Slnoa tba data of aald balance sheet there hare been no changes In said assets and llabilltlea except in the norAl end ordinary course of business, and the net worth of aald Cp- pany as shown on said balance sheet la substantially the seise aa the date hereof. The undersigned hereby offers to sell end transfer to you the said 13,630 shares of the atoek of said Anaconda Lead Products Company in exchange for 13,300 shares of your fullypaid and ncn-asaascable capital atoek of the per value of '75 per share. Salivary of aald shares of atoek of Anaconda -Lead Products Ccnpany shall be nede by the undersigned against the delivery to the undersigned of duly end validly Issued certifi cates representing the aforesaid 13,500 fully-paid and non assessable shares of capital atoek of your Company of the par valua of $73 sash. If this offer la aeeeptabla to you, kindly indicate ycur acceptance hereof by affixing your signature in the apace provi ded on the duplicate copy of this letter enclosed herewith end return the same to the undersigned* Very truly yours, ABACOBEA CCPFES HIKISO Ce^PASY, ** sf jd ' AHEtVIX AiiD ACCEFTET't I'aTKHXATItKAt. SSELTIKO ASC RF-FISIBG CCSFASY, ** c/ l -./O', "7 r-7 -- '- it.. -- Vies President. Vies President PNYC0000662-8 N11472