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SABMiller announces proposed bond issues and debt refinancing

4 August 2003

SABMiller plc, the world’s second largest brewer by volume, announces that it proposes to raise approximately US$2.0 billion through issues of debt securities. It is expected that approximately US$1.7 billion in debt securities will be issued by Miller Brewing Company (Miller), a subsidiary of SABMiller plc, and that approximately US$300 million will be issued directly by SABMiller plc. The Miller issue will be guaranteed by SABMiller plc and SABMiller Finance B.V. (SABMiller Finance) and the debt securities issued by SABMiller plc will be guaranteed by its subsidiaries, Miller and SABMiller Finance. The proceeds from the Miller issue will be used to refinance a substantial portion of existing Miller bank debt, while the funds raised by the SABMiller plc issue will be used for general corporate purposes.

None of the debt securities will be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy debt securities.


For further information:

Cedric Becker
Group Treasurer
Mob: +31 (653) 22 4895
SABMiller plc

Anna Miller Salzman
Head of Investor Relations
Tel: +44 (0) 20 7659 0106
SABMiller plc

Notes to editors

SABMiller plc has a brewing presence in over 40 countries with a portfolio of strong brands and leading market positions in the United States and certain countries in Europe, Central America, Asia and Africa. In the year ended March 31, 2003, lager volumes were 115.8 million hectolitres. SABMiller is also one of the largest bottlers and distributors of Coca-Cola products outside the United States, with total carbonated soft drink volumes in the year ended March 31, 2003 of 22.1 million hectolitres. SABMiller acquired Miller Brewing Company in July 2002.

This press release contains forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond SABMiller plc’s control and could materially affect actual results, performance or achievements.

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