SABMiller executive share option No2 scheme

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Directors
No of share
options as at
31 March 2003
No of share
options granted
during the year
No of share
options exercised
during the year
Subscription
price
(£)
Exercisable
3-10 years
from
No of shares
as at 31 March
2004
Expected
value
(£)
EAG Mackay 112,577* 4.85 09/03/1999    
  159,416* 4.11 02/06/2000    
  161,589* 5.16 01/06/2001    
  201,578 5.705 31/05/2002    
    327,721 4.1575 23/05/2003 962,881 1,481,952
 
MI Wyman 60,463* 4.85 09/03/1999    
  85,341* 4.11 02/06/2000    
  88,857* 5.16 01/06/2001    
  93,339 5.705 31/05/2002    
    153,337 4.1575 23/05/2003 481,337 746,989

The expected values shown are the aggregates of the Black-Scholes values of each option grant. The Black-Scholes values have been calculated by Mercer using a model that uses daily share price data and takes account of the option grant date, exercise price and time to maturity, with assumptions as to dividend yield and the risk-free rate of return.

*The share options indicated were eligible to be tested against the performance condition described in this report for the three years ended 31 March 2004. The performance hurdle having been exceeded, these share options are eligible to be exercised.

No variations have been made to the terms and conditions of the options during the relevant period, including to the performance conditions to which exercise of the options are subject, as set out on the performance share award scheme.

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