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July 12, 1945

Bankers Trust Company, Agent
Corporate Trust Department
16 Wall Street
New York 5, New York

Gentlemen:

I hereby authorize and empower The New York Trust Company to execute in my name and on my behalf the subscription forms appearing on the reverse of the attached "Full subscription warrants for capital stock and stock purchase warrants for capital stock of Pan American Airways Corporation."

The delivery to you of such executed documents and accompanying check to your order for $17,200.00 will thereby permit you to have issued and registered in my name 800 shares of the capital stock ($2.50 par value) and 800 stock purchase warrants, which you will then kindly deliver to the New York Trust Company, Madison Avenue and 40th Street, New York, for my account.

[signature]
H.R. Silliman.