November 16, 2004 Panavision Inc. c/o Bobby G. Jenkins Chief Financial Officer 6219 De Soto Avenue Woodland Hills, California 91367 Gentlemen: PX Holding Corporation, a Delaware corporation ("PX Holding"), and Panavision Inc., a Delaware corporation...Stock Exchange Agreement • November 18th, 2004 • Mafco Holdings Inc • Photographic equipment & supplies
