BAT INDUSTRIES LIMITED
Regd.Office; P.O.Box345 Windsor House 50 Victoria Street London SWIM ONL
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ZIOVESTMEVT DEPARTMENT TelelshonvOl.=T.".
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Telex 91SID3
I hereby certify, pursuant to Sections 4(b) and Cc)
of the Guaranty Agreement dated as of April 9, 1980 (the
'Guaranty Agreement') of B.A.T& Industries Limited (the
'Guarantor') relating to the $100,000,000 Note Agreements
dated as of March 1, 1976 as amended by the Amendment
Agreements dated April 9, S980 (together the 'Note
Agreements') of B.A.T International Finarice Limited, that
the balance sheets and profit and loss accounts for the
Guarantor and for the Group (as defined in the Guaranty
Agreement) for the twelve months ended 31st December 1980,
sent to you, give a true and fair view of the profits of
the Guarantor and the Group for such period on the basis of
accounting principles consistently applied (except as stated
in such accounts) and comply with the Companies Acts 1948
and 2967, subject to changes resulting from year-end
adjustments.
.................................
Finance Director of the Guarantor
Checked and approved ............
for signature ............
A Member ot the B.A.T Ororp
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