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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