On 28 October 2009, British American Tobacco PLC (BAT) announced its Interim Management Statement, stating robust revenue growth during the period. Hence, we do not anticipate a change in our current BUY rating for the common stock. We will reassess our target price and rating in our next update report, once the company announces its FY 2009 results in February 2010. As we continue to expect a positive currency impact on the ADR, we do not anticipate a change in our BUY rating for the ADR. We will reassess our target price and rating in our next update report, once the company announces its FY 2009 results in February 2010.

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