Performance review

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Cumulative TSR Performance graph 

The above graph compares the company's TSR over the period from 1 April 1999 to 31 March 2004 with the FTSE 100 Total Return Index over the same period. Over the last five years, SABMiller initially performed in line with the FTSE 100 Total Return Index but has, for the last two years significantly outperformed the FTSE 100 Total Return Index.

The company is a member of the FTSE 100 Total Return Index, and accordingly this is considered to be the most appropriate broad equity market index for the purpose of measuring the company's relative performance.

The table below shows the ratio of performance compensation to total compensation of the executive directors on the basis of including the expected value of the long-term share-based compensation awarded in the year under review. The ratios are in line with the remuneration committee's policy on performance incentivisation.

  2004 2003
  £ % £ %
EAG Mackay        
Variable 1,351,778 59 1,103,502 55
STI 681,000   425,000  
LTI 670,778   678,502  
Fixed 923,814 41 921,268 45
Total 2,275,592 100 2,024,770 100
MI Wyman        
Variable 628,851 52 529,176 49
STI 315,000   215,000  
LTI 313,851   314,176  
Fixed 591,649 48 539,668 51
Total 1,220,500 100 1,068,844 100

The assumptions used to calculate the expected value of the long-term share based compensation awards are provided within the share incentive plan tables.

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