DELOITTE & Co.
P.O. Box 207
12B 6ueen VkMia SV" London E04P QX
ToleOW001-M3913
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Telex 4117810
27tb February, 1978
Britimb-American Tobacco Company Limited
B.A.T. International Finance Limited
1100,000,000 101% Guaranteed Notes due l5tb July, 1991
In accordance with the Guaranty Agreement, we report that in the
course of our examination of the consolidated financial statements
of Britleb-American Tobacco Company Limited for the year ended
30th Septsibber, 1977. we have reviewed the relevant terms of the
Note Agreement and Guaranty Agreement to enable us to give this
certificate. Our examination has not disclosed the existence
during the fiscal your covered by such financial statements of any
condition or event which constitutes an Event of Default or which,
after notice or lapse of time or both, would constitute all Event
of Default. We have examined the Officers' Certificate delivered
therewith pursuant to Clause 4(f) of the Guaranty Agreement and
satisfied ourselves as to the matters set out therein pursuant to
Clause 4(f)(ii).
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Chartered Accountants
London.
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