This is Paramount p1202-790 from 1934, the second Lombard portrait in as many months to emerge from the mysterious mid-thirties fan magazine Hollywood Mirror (http://carole-and-co.livejournal.com/504105.html). The markings on the back indicate it ran on page 20 of the June (1934?) issue.
Can't read the snipe? Let's enlarge it:
"You Belong To Me" was eventually named "Now And Forever," pairing Carole and Coop with an up-and-coming youngster named Shirley Temple.
You may have seen said white swimsuit (did Connie Foster design the suit, the hat or both?) in several other Paramount stills issued about this time, such as p1202-777...
Paramount p1202-790 is an 8" x 10" original from Hollywood Paper, a treasure trove of Lombard images in recent months. It's deemed in "very good-" condition, so there are a few minor flaws, but nothing all that serious.
This is a strictly "buy it now" item, for $224.95 -- expensive, to be sure, but this is a relatively rare image that some collector of Lombardiana will want to snap up. Think you might be that collector? Then visit http://www.ebay.com/itm/SUPER-SEXY-CAROLE-LOMBARD-CHEESECAKE-1934-HOLLYWOOD-MIRROR-PHOTO-/320904519388?pt=LH_DefaultDomain_0&hash=item4ab7665edc to find out more.