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									SABMiller plc
Investor Relations

10 February 2009
Investor Relations structure

                                Sue Clark
                          Director of Corporate
                                 Affairs


                             Gary Leibowitz
                             SVP, Investor             Mariya Gibb
                               Relations                Assistant




  Kelly Mulvey   Rickus Conradie          Henry Rudd           Victoria Ferrier
 IR-Asia & US    IR-Latin America      IR-Africa (incl SA)       IR-Europe




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The role of Investor Relations


      To manage SABMiller’s strategic positioning within the global
   equity markets, the evolution of the SABMiller investment case, and
   SABMiller’s relationships with those who most influence our market
   valuation and access to capital – institutional investors and sell-side
                                 analysts.




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Investor Relations goals
1   Seek an optimal valuation over time
    – Reflecting future value drivers as communicated with sufficient insight, detail and
      robustness
    – Supported by a balanced (UK / US / SA) ownership base for a leading global
      consumer products company
2   Minimize share-price volatility
    – Relative to the markets and sector
    – Anchored by stable, geographically balanced shareholder base
3   Ensure favourable access to capital
    – Reduce cost of capital to at least peers’ level
    – Ready access to liquidity if required
4   Comply with plc regulatory obligations & pursue best-practice institutional
    investor interaction

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Investor Relations strategy
1   Ensure credible, compelling SABMiller investment case is crafted and
    communicated consistently
2   Rigorous investor targeting & screening functionality; tactical deployment
    of IR and management resources
3   Foster quality coverage by UK/SA/US sell-side analysts despite reduced
    quantity




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Credible, compelling SABMiller investment case
   Craft and communicate a compelling investment case featuring strategic
    plans for growth in business value over the next c. five years…
      What initiatives will you take?
      What investments will you make in the business?
      How will your brands grow the sector and win?
      What is your resulting topline growth expectation?
      What is your medium-term profit growth outlook?
   Work with the business as partners to enlighten shareholders
    – Key questions by country
    – Divisional presentations and local visits
    – Need continuous local market insight




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Credible, compelling SABMiller investment case
   Investment case maintenance requires ongoing insight,
    whether positive or negative!
    – Sales volumes
          Market conditions, economics, consumer trends
          Key competitor dynamics
          Our marketing and sales initiatives                            Investors
          Our successes and failures in the marketplace – share trends
                                                                          interested in the
    – Profitability
          Our pricing changes, sales mix (price, package, channel)
                                                                          future; the past
          Our key cost items, marketing investment                       only useful as a
          Route-to-market or employee issues                             guide
          Excise/tax changes or other regulatory moves
    – Investment
        Our capital expenditure plans




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 Global equity assets under management



                                          Europe
                                        $5,500bn
    USA & Canada                 UK
          $7,500bn         $2,000bn                     Japan
                                                        $1,200bn

                                                     Hong Kong &
                                                     Singapore
                                                     $1,000bn




                                      South Africa
                                      $200bn
Citigroup 2008 estimates



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How IR makes a difference in the investment community
Filtering and targeting …

  Quarterly divisional    60+ roadshow days          Ongoing, intensive
  seminars                across Europe, US, SA      dialogue with key
                                                     targets
  4-5 conference          400+ one-on-one
  presentations           meetings with target       Direct involvement by
                          investors                  Chief Executive, Chief
  4 trading statements,                              Financial Officer,
  2 results releases      1,000 calls fielded from   Managing Directors
                          investors and analysts
  c. 30 press releases                               c. 6 small group visits
                          Retail investors           to local beer markets




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Foster quality coverage by sell-side analysts
   Utilise analysts as an important distribution channel of company
    information
   Demise of investment bank model presents new challenges



Flow of business insight:
                                                Analysts
                                               “Sell-side”


             SABMiller

                                                Investors
                                               “Buy-side”



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                                                                        10
 SABMiller shareholders
     Types of owners: mutual funds, pensions funds, insurance companies and
      private money managers
     Largest shareholders are Altria (28%) and the Santo Domingo family (15%)
     Well balanced geographic spread of owners
                                                         Rest of     US
                                                         World     Passive
                                                 UK       3%         2%
                                               Passive
    Free float by geography*                    10%                          South
                                                                             Africa
                                              Europe                         36%
                                               12%




                                               England
                                                17%
                                                                    USA
                                                                    20%
*At 31/21/08

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Events of 2008 created unprecedented turmoil across
markets      Evolution of GDP forecasts over the last 12 months                                                    FTSE All Share sector performance 2008
          (%) change on a year earlier                     January 2008               Current expectations
                                                                                                                 FTSE 100                                            (31.3)%
             5.0                                                                                                 FTSE 250
             4.0                                                                                                                                                 (40.3)%
             3.0                                                                3.4                              Pharma & Bio                                                               7.4%
             2.0                                                                                                 Non-Life Insurance                                                      (0.1)%
             1.0                                                                                                 Beverages                                                     (11.4)%
             0.0                                                                                                 Tobacco                                                     (14.6)%
            (1.0)                                                              (0.2)                             Oil & Gas Producers                                        (15.9)%
                 2005        2006              2007             2008E        2009E       2010E       2011E       Electricity                                                (16.2)%
                                                                                                                 Utilities                                                 (17.8)%
           Source: Cazenove research, 27 January                                                                 Food Producers                                           (20.5)%
           2009                                                                                                  Food & Drug Retailers                                   (22.6)%
             Market performance last 12 months                                                                   Mobile Telecommunications                              (25.7)%
                                                                                                                 Aero/Defence                                          (27.9)%
                                    Equity index        2008      2009 YTD
                                                                                                                 Household Goods                                       (28.5)%
            Rebased to 100                                                            FTSE 100 Volume (bn)       Software & Computer Svcs                              (28.6)%
                                    FTSE 100          (31.3)%       (4.6)%
                                    FTSE 250          (40.3)%       (0.6)%
                                                                                                                 Support Services                                     (29.4)%
             120                    S&P 500           (38.5)%       (7.9)%
                                                                                                         5.0     General Industrials                                  (29.8)%
                                                                                                                 Industrial Engineering                             (34.4)%
             100                                                                                         4.0
                                                                                                                 Media                                              (34.4)%
                                                                                                         3.0     Electronic and Electrical Eqt.                    (35.4)%
              80                                                                                                 Equity Inv. Instruments                           (36.8)%
                                                                                                         2.0     Chemicals                                        (37.8)%
              60                                                                                         1.0     Health Equipment & Services                     (39.1)%
                                                                                                                 Travel & Leisure                               (41.3)%
              40                                                                                         0.0     Personal Goods                                 (41.8)%
                                                                                                                 Life Insurance                                (43.2)%
             04-Feb-08        04-May-08                 04-Aug-08             04-Nov-08          04-Feb-09
                                                                                                                 Fixed Line Telecommunications                 (44.0)%
                                                                                                                 Construction & Materials                      (44.1)%
           Source: Datastream, 4 February 2009                                                                   Tech Hardware & Equipment                    (45.2)%
                                                                                                                 Oil Equipment Services                       (45.9)%
             Volatility                                                                                          Real Estate                                (48.9)%
                                                                                                                 General Retailers                          (49.3)%
                                                                                                                 Forestry & Paper                          (52.1)%
                                                                                                          3.87




           Average daily move (%)                       FTSE 100
                                                                                                                 Leisure Goods                            (52.9)%
                                                                                                      2.63




                                                                                                                 General Financials                      (55.3)%
                     2.29




                                                                                                                 Mining
                  1.55




                                                                                                                                                         (55.7)%
                  1.50
                  1.45




                  1.48

                  1.47
                 1.39




                                                                                                  1.39
                 1.34




                                                                                                  1.36
                 1.26
                1.13




                1.06




               1.02
               0.94




               0.91
              0.81




              0.79

              0.77
              0.76




                                                                                                                 Industrial Transport
              0.70




             0.63



             0.63
             0.60




                                                                                                                                                        (55.8)%
             0.52

             0.53
            0.50




            0.49
            0.45



            0.48


            0.44
            3.87




            0.39
            0.40
            0.34




                                                                                                                 Banks                                  (56.8)%
                                                                                                                 Auto & Parts                       (65.6)%
                                                                                                                 Homebuilders¹                    (69.3)%
            Jan-06

            Mar-06
            Apr-06
            May-06
            Jun-06
             Jul-06


            Oct-06


            Jan-07

            Mar-07
            Apr-07
            May-07
            Jun-07
             Jul-07


            Oct-07


            Jan-08

            Mar-08
            Apr-08
            May-08
            Jun-08
             Jul-08


            Oct-08


            Jan-09
            Feb-06




            Aug-06


            Nov-06
            Dec-06

            Feb-07




            Aug-07


            Nov-07
            Dec-07

            Feb-08




            Aug-08


            Nov-08
            Dec-08
            Sep-06




            Sep-07




            Sep-08




                                                                                                                 Industrial Metals          (84.7)%

           Source: Cazenove research, 4 February 2009                                                            Source: Datastream, 31 December 2008




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Overall investor sentiment regarding SABMiller
   SABMiller has been an emerging markets growth story
   Sentiment swings between growth focus and risk aversion
   Company well regarded as best in class operator
   Current concerns over the resilience of our business during
    this global economic slowdown
   Challenge to quantify the profit impact of volatile / increasing commodity
    prices (input costs) and currencies
   Excise increase is perceived as a significant risk
   Will high levels of investment will pay off?
   How is the group realising synergies?




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Comparative valuations - price/earnings ratios
 Company                                                               -9M      CY09E   CY10E
 SABMiller                                                           (19.3%)    12.0     11.0
 AB InBev                                                            (2.4%)     13.3     11.1
 Heineken                                                            (41.5.%)   10.4     9.2
 Carlsberg                                                           (44.2%)     8.0     6.5
 Diageo                                                              (2.4%)     12.7     11.6
 Pernod Ricard                                                       (26.2%)    10.0     8.9
 C&C                                                                 (68.9%)     4.1     4.3
 Coca-Cola                                                           (25.0%)    12.8     11.5
 PepsiCo                                                             (21.8%)    12.9     11.5
 Molson Coors                                                        (28.9%)     11.2   10.4
 Weighted average*                                                   (14.9%)    11.8    10.4


 * Europe stocks only. Source: Merrill Lunch as of 30 January 2009



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SABMiller vs. peer stocks: five year performance
Peer group performance - rebased to 100 (USD)
 400
                   SABMiller
 350               ABInBev
                   Carlsberg
 300               Heineken
                   Diageo
 250               Pernod-Ricard

 200

 150

 100

   50

    0
    Feb-04         Feb-05          Feb-06       Feb-07   Feb-08   Feb-09
 Source: Factset



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SABMiller vs. peer stocks: one year performance
Peer group performance - rebased to 100 (USD)
 140
                                                         SABMiller
                                                         ABInBev
 120                                                     Carlsberg
                                                         Heineken
                                                         Diageo
 100                                                     Pernod-Ricard

   80

   60

   40

   20

    0
    Feb-08         Apr-08   Jun-08    Aug-08    Oct-08   Dec-08          Feb-09
 Source: Factset



                                                                                  16
SABMiller vs. peer stocks: five year performance
Peer group performance (local currency)
 350
                   SABMiller
 300               ABInBev
                   Carlsberg
                   Heineken
 250               Diageo
                   Pernod-Ricard
 200

 150

 100

   50

    0
    Feb-04         Feb-05          Feb-06   Feb-07   Feb-08   Feb-09
 Source: Factset



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  SABMiller vs. peer stocks: one year performance
  Peer group performance - rebased to 100 (local currency)
    140

    120

    100

      80

                   SABMiller
      60
                   ABInBev
                   Carlsberg
      40           Heineken
                   Diageo
                   Pernod-Ricard
      20

       0
       Feb-08     Apr-08           Jun-08   Aug-08    Oct-08   Dec-08   Feb-09
Source: Factset


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SABMiller Investor Relations
   Play vital role in establishing and maintaining the company’s
    investment case
   Effectively utilise management time
   Provide for consistency in external messaging to our stakeholders
   Communicate even during times of uncertainty




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