
			Effective
			interest in
			ordinary
	Country of		share capital
Name	incorporation	Principal activity	2003	2002
Central administration
SABMiller Finance BV⁽¹⁾	Netherlands	Holding and	100%	100%
		finance company
SABSA Holdings (Pty) Ltd	South Africa	Holding company	100%	100%
SABMiller Africa and Asia BV⁽²⁾	Netherlands	Holding company	100%	100%

Miller – US operations
Miller Brewing Company	USA	Brewing	100%	–
Foster's USA, LLC	USA	Import and sale of
		beer	50%	–

Central American operations
Bevco Ltd⁽³⁾	British Virgin Islands	Holding company	58%	58%
Cervecería Hondureña, S.A.	Honduras	Brewing/CSDs	58%	57%
Industrias La Constancia, S.A.⁽⁴⁾	El Salvador	Brewing/CSDs/Water	58%	–
La Constancia, S.A.⁽⁵⁾	El Salvador	Leasing	58%	58%
Embotelladora Salvadoreña, S.A.⁽⁵⁾	El Salvador	Leasing	58%	58%
Industrias Cristal, S.A.⁽⁵⁾	El Salvador	Leasing	58%	58%

European operations
SABMiller Europe BV⁽⁶⁾	Netherlands	Holding company	100%	100%
Compania de Bere Romania⁽⁷⁾	Romania	Brewing	97%	–
Compania Cervecera de Canarias SA	Spain	Brewing	51%	51%
Dreher Sörgyárak Rt	Hungary	Brewing	99%	99%
Kaluga Brewery Company OOO	Russia	Brewing	100%	100%
Kompania Piwowarska SA⁽⁸⁾	Poland	Brewing	72%	72%
Pivovar Šariš⁽⁹⁾	Slovakia	Brewing	100%	98%
Plzenskny Prazdroj SA	Czech Republic	Brewing	97%	98%

African operations
SABMiller Africa BV⁽¹⁰⁾	Netherlands	Holding company	62%	62%
SABMiller Botswana BV⁽¹¹⁾	Netherlands	Holding company	62%	62%
Accra Brewery Ltd⁽¹²⁾	Ghana	Brewing	43%	43%
Botswana Breweries (Pty) Ltd	Botswana	Sorghum brewing	29%	29%
Castle Brewing Kenya Ltd⁽¹³⁾	Kenya	Brewing	–	54%
Cervejas de Moçambique SARL⁽¹²⁾	Mozambique	Brewing	43%	49%
Coca-Cola Bottling Luanda Ltd	Angola	CSDs	28%	28%
Coca-Cola Bottling Sul de Angola SARL	Angola	CSDs	37%	37%
Chibuku Products Ltd	Malawi	Sorghum brewing	31%	31%
Kgalagadi Breweries (Pty)Ltd	Botswana	Brewing/CSDs	29%	29%
Lesotho Brewing Company (Pty)Ltd	Lesotho	Brewing/CSDs	24%	24%
National Breweries plc⁽¹²⁾	Zambia	Sorghum brewing	43%	43%
Nile Breweries Ltd	Uganda	Brewing	59%	59%
Swaziland Brewers Ltd	Swaziland	Brewing	37%	37%
Tanzania Breweries Ltd^(12)(14)	Tanzania	Brewing	33%	41%
Zambian Breweries plc⁽¹²⁾	Zambia	Brewing/CSDs	53%	56%

Asian operations
SABMiller Asia BV^(15)(16)	Netherlands	Holding company	100%	100%
Mysore Breweries Ltd	India	Brewing	83%	82%
Narang Breweries (Pvt) Ltd	India	Brewing	85%	85%
Rochees Breweries Ltd⁽¹⁷⁾	India	Brewing	81%	–

Beer South Africa⁽¹⁸⁾
The South African Breweries Ltd⁽¹⁸⁾	South Africa	Brewing and	100%	100%
		holding company
South African Breweries Hop Farms (Pty) Ltd	South Africa	Hop farming	100%	100%
Southern Associated Maltsters (Pty) Ltd	South Africa	Maltsters	100%	100%

Other Beverage Interests
Other Beverage Interests (Pty) Ltd	South Africa	Holding company	100%	100%
Amalgamated Beverage Industries Ltd⁽¹²⁾	South Africa	Beverages	74%	74%
Appletiser South Africa (Pty) Ltd	South Africa	Fruit juices and water	100%	100%

Notes:
⁽¹⁾	Previously named South African Breweries International (Finance) BV.
⁽²⁾	Previously named South African Breweries International BV.
⁽³⁾	Voting rights are different from the nominal interest. A 50% voting right can be exercised. Control vests in SABMiller plc by virtue of the management agreement.
⁽⁴⁾	In March 2003, the trade of Industrias Cristal, SA, Embotelladora Salvadoreña, SA and La Constancia, SA, were transferred into this company.
⁽⁵⁾	In March 2003, the trade of these companies was transferred to Industrias La Constancia, SA. These companies retained the land and buildings which are leased to Industrias La Constancia, SA.
⁽⁶⁾	Previously named South African Breweries International (Europe) BV.
⁽⁷⁾	This company was formed following the merger of Bere Timisoreana SA and SC Ursus SA.
⁽⁸⁾	SABMiller Poland BV, a wholly owned subsidiary of SABMiller Europe, holds 71.9% of Kompania Piwowarska SAat 31 March 2003.
⁽⁹⁾	Pivovar Šariš AS is 100% owned by BBG Austria, a wholly owned subsidiary of SABMiller Europe BV.
⁽¹⁰⁾	Previously named South African Breweries International (Africa) BV.
⁽¹¹⁾	Previously named AntlerCorporationBV.
⁽¹²⁾	Listed in country of incorporation.
⁽¹³⁾	In December 2002 SABMiller Africa BV disposed of its subsidiary Castle Brewing Kenya Ltd in exchange for a 20% shareholding in Kenya Breweries Ltd, a subsidiary of East African Breweries Ltd.
⁽¹⁴⁾	The shareholding in Tanzania Breweries Ltd has reduced as a result of the East African restructuring detailed in note 29.
⁽¹⁵⁾	This company holds a 49% interest in China Resources Breweries Ltd – see the table for associated undertakings.
⁽¹⁶⁾	Previously named South African Breweries International (Asia) BV.
⁽¹⁷⁾	On 26 March 2003 Mysore Breweries Ltd acquired a 97.35% interest in Rochees Breweries Ltd, replacing a contract brewing arrangement that had been in place for the full year.
⁽¹⁸⁾	When the operations and assets of the South African Beer Division were a part of SAB Ltd, they were held as a division of that company. Following the restructuring, these operations and assets were incorporated into a corporate legal entity, The South African Breweries Ltd.


The group comprises a large number of companies. The list above only includes those subsidiary undertakings which materially affect the profit or net assets of the group, or a business segment, together with the principal intermediate holding companies of the group. The principal country in which each of the above subsidiary undertakings operates is the same as the country in which each is incorporated. Where the group's nominal interest in the equity share capital of an undertaking was less than 50%, the basis on which the undertaking is a subsidiary undertaking of the group is as follows: Botswana Breweries (Pty) Ltd and Kgalagadi Breweries (Pty) Ltd SABMiller Africa holds a 40% interest in each of Botswana Breweries (Pty) Ltd and Kgalagadi Breweries (Pty) Ltd with the remaining 60% interest in each held by Sechaba Brewery Holdings Ltd. SABMiller Africa's shares entitle the holder to twice the voting rights of those shares held by Sechaba Brewery Holdings Ltd. SABMiller Africa's7% indirect interest is held via an 11% interest in Sechaba Brewery Holdings Ltd. Lesotho Brewing Company (Pty) Ltd (Lesotho Brewing) SABMiller Africa holds a 39% interest in Lesotho Brewing with the remaining interest held by a government authority, the Lesotho National Development Corporation (51%), and the Commonwealth Development Corporation (10%). Lesotho Brewing is treated as a subsidiary undertaking based on the group's ability to control its operations through its board representation. The day to day business operations are managed in accordance with a management agreement with Bevman Services AG, a group company. Coca-Cola Bottling Luanda SARL (CCBL) SABMiller Africa is the largest shareholder in CCBL with a 45% holding. Management control is exercised through a contractual agreement with Bevman Services AG, a group company. African operations The group's effective interest in its African operations was diluted as a result of the disposal of a 38% interest in SABMiller Africa BV on 1 April 2001, in exchange for a 20% interest in the Castel group's African beverage interests. The operations continue to be consolidated due to SABMiller Africa BV's majority shareholdings, and ability to control the operations.