Windsor House SO VictoriaStrest London SWIHONL Telephone O71-W 7979
Sir Patrick Sheehy
a&
GATNOUSMISOLr- 28th July 1992
To: Mir RJ. Plit@ (Brown & WMainson)
B.A.T TridustrIes' Guidelines.: JuIv IM
7U attached Guididin- oudine die strategic priodf= and finaticial objectives
which have been. apad for Brown & Williamson and which should be reflected
in your plus fbr 1993-1997.
1. The guidelines are consistent with B.A.T Industrin' own objectives
to:
(a) Provide an above average return to share-holtim tilrough
dvidends and cuital. appreciation based an a sustalimW
tzind of above-aventge trowth in P-rning3 Per Share,
achieved by developing and expanding the Gmup's
activities in Tobacco and Financial Serview,
(b) Complem the rw#d rocoveri in profirs in 1992-1993.
2. VVIthin the Tobacco sector, the aim wiH be to maintain the Group as
a kading Slobal player, with competitive strengths which provide dw
ability to establish a leading position in selec:ed eigments of the
worid market.
3. Key elentents in the overall stwegy are progranimes to increase
=ujzt shm, mainoun the growth in exports, strengthen the
cW011 . . position of Inwi%auoW Brands, Invest for the maditun
tam in new mari=, and improve intra-Group c"p=don in
marketing and product sourr@ng.
4. ftorides include an emphasis on incrzasing produccMty, improving
profits in activities which are currently operating at low levels of
profitability and which are of a size to provide significant leverage,
the techr@czl upgmding of produ= and processes. and oppor-unities
for expanding I=f exports.
B.A.T INDUSTRIES P.L.C. - MINNESOTA DEposffoRy Copy - PRODUCED PURSUANT To VILD. OF
CONSENT JUDGMENT DATED S/8/98 INATATE OF A*AWESOTA, ET AL. V. PHILIP MORRIS, ET AL. CASE NO. CI-944MS
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this. If them am specific Godelefin which you wish to dc= fufter. pk=
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0cmber.
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B.A.T INDUSTRIES P.L.C. - MINNESOTA DEPOSITORY COPY - PRODUCED PURSUANT To VII.O. OF
CONSENT JuDGmENT DATED 5/8/98 IN STATE OF UNNESOTAI, ET AL V. PHILP MORRIS, ET AL. CASE No. Cl-94-M5