BAT INDUSTRIES LIMrTED
Regd.Offte: P.O. Box 30 Windmorflouse 30 Victoria Street London SWIN OVL
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We hereby cartil'y, pursuant to Section 4(f) Of the
Guaranty Agreement (the 'Guaranty Agreement') dated as
of April 9, 1980 of B.A.T Industries Limited (the 'Guarantor')
relatting to the 0100,000,000 Note Agreements dated as of
March 1,1076 as amended by Amendment Agreements dated April
9, 1980 (together 'the Note Agreements') of B.A.T Internationaa
Finance Limited, that we have reviewed the relevant. terms of
the Guaranty Agreement and the Note Agreements and hare
caused vo be made under our supervision a review of the
transactions and condition of the Guarantor and its subsidiaries
(as defined in the Note Agreements) during the period covered
'by the balance shoot, profit and loss accounts and turnoverl i
asset and profit analysis for the Group (as defined in the
GWant7 Agreement) for the fifteon months ended 316t December
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IM sent to you. Such review h&s not disclosed the existence
during such period and we do not have knowledge of the
existence as at the date of this Certificate of any condition
or event which constitutes an Event of Default (as defined in
the Note Agreements) or which, after notice or lapse of tit*
or both, would constitute such an Event of Default.
We further certify that during and as at the end of such
period the Guarantor and its subsidiaries were in compliance
with Sections 6 and 7 of the GuAr-ty Agreeme
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;i=.;cto= of u reantor Director of the Gua=artor
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COPY ppoWCED pUFtqUAmT To I VILD. OF
B.A.T INDUSTRIES P.1-C. V. FWXjp MgMET AL, CASE NO- CI-9"05
DATE AJIMAIESOTA,
CONSENT JUDGMENT D 518W W SrATE OF ET AL V.