----

|                               |
|-------------------------------|
|                               |  |
| SABMiller plc                 |  |
| Consolidated income statement |
| for the year ended 31 March   |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |
|                                                                                        |   |   | 2013 |   | 2012 |
|                                                                                        | Notes |   | US$m |   | US$m |
|                                                                                        |   |   |   |   |   |
| Revenue                                                                                     | 2 |   | 23,213 |   | 21,760 |
| Net operating expenses                                                                      | 3 |   | (19,010) |   | (16,747) |
|                                                                                        |   |   |   |   |   |
| Operating profit                                                                            | 2 |   | 4,203 |   | 5,013 |
| Operating profit before exceptional items                                                   | 2 |   | 4,403 |   | 3,987 |
| Exceptional items                                                                           | 4 |   | (200) |   | 1,026 |
|                                                                                        |   |   |   |   |   |
| Net finance costs                                                                           | 5 |   | (735) |   | (562) |
| Finance costs                                                                               | 5a |   | (1,417) |   | (1,093) |
| Finance income                                                                              | 5b |   | 682 |   | 531 |
|                                                                                        |   |   |   |   |   |
| Share of post-tax results of associates and joint ventures                                  | 2 |   | 1,244 |   | 1,152 |
|                                                                                        |   |   |   |   |   |
| Profit before taxation                                                                      |   |   | 4,712 |   | 5,603 |
| Taxation                                                                                    | 7 |   | (1,201) |   | (1,126) |
| Profit for the year                                                                         | 27a |   | 3,511 |   | 4,477 |
|                                                                                        |   |   |   |   |   |
| Profit attributable to non-controlling interests                                            |   |   | 237 |   | 256 |
| Profit attributable to owners of the parent                                                 | 26a |   | 3,274 |   | 4,221 |
|                                                                                        |   |   | 3,511 |   | 4,477 |
|                                                                                        |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |
| Basic earnings per share (US cents)                                                         | 8 |   | 205.9 |   | 266.6 |
| Diluted earnings per share (US cents)                                                       | 8 |   | 203.5 |   | 263.8 |
|                                                                                        |   |   |   |   |   |
| The notes on pages 6 to 80 are an integral part of these consolidated financial statements. |   |   |   |   |   |

----

|                                                |
|------------------------------------------------|
|                                                |  |
| SABMiller plc                                  |  |
| Consolidated statement of comprehensive income |
| for the year ended 31 March                    |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |
|                                                                                        |   |   | 2013 |  |   | 2012 |
|                                                                                        | Notes |   | US$m |  |   | US$m |
|                                                                                        |   |   |   |   |   |
| Profit for the year                                                                         |   |   | 3,511 |  |   | 4,477 |
| Other comprehensive loss:                                                                   |   |   |   |   |   |
| Currency translation differences on foreign currency net investments                        |   |   | (700) |  |   | 136 |
| - (Decrease)/increase in foreign currency translation reserve during the year               |   |   | (700) |  |   | 153 |
| - Recycling of foreign currency translation reserve on disposals                            |   |   | - |  |   | (17) |
|                                                                                        |   |   |   |   |   |
| Net actuarial losses on defined benefit plans                                               | 30 |   | (21) |  |   | (9) |
|                                                                                        |   |   |   |   |   |
| Available for sale investments:                                                             |   |   |   |   |   |
| - Fair value losses arising during the year                                                 | 26b |   | (1) |  |   | - |
|                                                                                        |   |   |   |   |   |
| Net investment hedges:                                                                      |   |   |   |   |   |
| - Fair value gains/(losses) arising during the year                                         | 26b |   | 63 |  |   | (1) |
|                                                                                        |   |   |   |   |   |
| Cash flow hedges:                                                                           | 26b |   | (5) |  |   | 6 |
| - Fair value losses arising during the year                                                 |   |   | (8) |  |   | - |
| - Fair value losses transferred to inventory                                                |   |   | 8 |  |   | 2 |
| - Fair value (gains)/losses transferred to profit or loss                                   |   |   | (5) |  |   | 4 |
|                                                                                        |   |   |   |   |   |
| Tax on items included in other comprehensive loss                                           | 7 |   | 34 |  |   | 101 |
|                                                                                        |   |   |   |   |   |
| Share of associates' and joint ventures' other comprehensive loss                           | 13, 14 |   | (70) |  |   | (256) |
| Other comprehensive loss for the year, net of tax                                           |   |   | (700) |  |   | (23) |
| Total comprehensive income for the year                                                     |   |   | 2,811 |  |   | 4,454 |
|                                                                                        |   |   |   |   |   |
| Attributable to:                                                                            |   |   |   |   |   |
| Non-controlling interests                                                                   |   |   | 233 |  |   | 255 |
| Owners of the parent                                                                        |   |   | 2,578 |  |   | 4,199 |
| Total comprehensive income for the year                                                     |   |   | 2,811 |  |   | 4,454 |
|                                                                                        |   |   |   |   |   |
| The notes on pages 6 to 80 are an integral part of these consolidated financial statements. |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |

----

|                            |
|----------------------------|
|                            |  |
| SABMiller plc              |  |
| Consolidated balance sheet |
| at 31 March                |

|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |
|                                                                                                 |   |   | 2013 |   | 2012 |
|                                                                                                 | Notes |   | US$m |   | US$m |
| Assets                                                                                               |   |   |   |   |   |
| Non-current assets                                                                                   |   |   |   |   |   |
| Goodwill                                                                                             | 10 |   | 19,862 |   | 20,171 |
| Intangible assets                                                                                    | 11 |   | 9,635 |   | 9,958 |
| Property, plant and equipment                                                                        | 12 |   | 9,059 |   | 9,162 |
| Investments in joint ventures                                                                        | 13 |   | 5,547 |   | 5,520 |
| Investments in associates                                                                            | 14 |   | 5,416 |   | 5,072 |
| Available for sale investments                                                                       |   |   | 22 |   | 30 |
| Derivative financial instruments                                                                     | 23 |   | 732 |   | 732 |
| Trade and other receivables                                                                          | 16 |   | 144 |   | 136 |
| Deferred tax assets                                                                                  | 20 |   | 71 |   | 117 |
| Loan participation deposit                                                                           | 17 |   | 100 |   | 100 |
|                                                                                                 |   |   | 50,588 |   | 50,998 |
|                                                                                                 |   |   |   |   |   |
| Current assets                                                                                       |   |   |   |   |   |
| Inventories                                                                                          | 15 |   | 1,175 |   | 1,248 |
| Trade and other receivables                                                                          | 16 |   | 2,067 |   | 2,204 |
| Current tax assets                                                                                   |   |   | 159 |   | 629 |
| Derivative financial instruments                                                                     | 23 |   | 111 |   | 24 |
| Available for sale investments                                                                       |   |   | - |   | 1 |
| Cash and cash equivalents                                                                            | 17 |   | 2,171 |   | 745 |
|                                                                                                 |   |   | 5,683 |   | 4,851 |
| Assets of disposal group classified as held for sale                                                 | 18a |   | 23 |   | 79 |
|                                                                                                 |   |   | 5,706 |   | 4,930 |
| Total assets                                                                                         |   |   | 56,294 |   | 55,928 |
|                                                                                                 |   |   |   |   |   |
| Liabilities                                                                                          |   |   |   |   |   |
| Current liabilities                                                                                  |   |   |   |   |   |
| Derivative financial instruments                                                                     | 23 |   | (34) |   | (40) |
| Borrowings                                                                                           | 21 |   | (2,469) |   | (1,062) |
| Trade and other payables                                                                             | 19 |   | (4,004) |   | (4,127) |
| Current tax liabilities                                                                              |   |   | (1,460) |   | (1,323) |
| Provisions                                                                                           | 24 |   | (558) |   | (704) |
|                                                                                                 |   |   | (8,525) |   | (7,256) |
| Liabilities of disposal group classified as held for sale                                            | 18b |   | (1) |   | (7) |
|                                                                                                 |   |   | (8,526) |   | (7,263) |
|                                                                                                 |   |   |   |   |   |
| Non-current liabilities                                                                              |   |   |   |   |   |
| Derivative financial instruments                                                                     | 23 |   | (52) |   | (69) |
| Borrowings                                                                                           | 21 |   | (16,079) |   | (18,164) |
| Trade and other payables                                                                             | 19 |   | (132) |   | (112) |
| Deferred tax liabilities                                                                             | 20 |   | (3,507) |   | (3,719) |
| Provisions                                                                                           | 24 |   | (538) |   | (569) |
|                                                                                                 |   |   | (20,308) |   | (22,633) |
| Total liabilities                                                                                    |   |   | (28,834) |   | (29,896) |
| Net assets                                                                                           |   |   | 27,460 |   | 26,032 |
|                                                                                                 |   |   |   |   |   |
| Equity                                                                                               |   |   |   |   |   |
| Share capital                                                                                        | 25 |   | 167 |   | 166 |
| Share premium                                                                                        |   |   | 6,581 |   | 6,480 |
| Merger relief reserve                                                                                |   |   | 4,586 |   | 4,586 |
| Other reserves                                                                                       | 26b |   | 1,328 |   | 1,978 |
| Retained earnings                                                                                    | 26a |   | 13,710 |   | 11,863 |
| Total shareholders' equity                                                                           |   |   | 26,372 |   | 25,073 |
| Non-controlling interests                                                                            |   |   | 1,088 |   | 959 |
| Total equity                                                                                         |   |   | 27,460 |   | 26,032 |
|                                                                                                 |   |   |   |   |   |
| The notes on pages 6 to 80 are an integral part of these consolidated financial statements.          |   |
|                                                                                                 |   |   |   |   |   |
| The financial statements were authorised for issue by the board of directors on 13 August 2013. |   |   |

----

|                                  |
|----------------------------------|
|                                  |  |
| SABMiller plc                    |  |
| Consolidated cash flow statement |
| for the year ended 31 March      |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |
|                                                                                        |   | 2013 | 2012 |
|                                                                                        | Notes | US$m | US$m |
| Cash flows from operating activities                                                        |   |   |   |
| Cash generated from operations                                                              | 27a | 5,554 | 5,237 |
| Interest received                                                                           |   | 468 | 516 |
| Interest paid                                                                               |   | (1,238) | (923) |
| Tax paid                                                                                    |   | (683) | (893) |
| Net cash generated from operating activities                                                | 27b | 4,101 | 3,937 |
|                                                                                        |   |   |   |
| Cash flows from investing activities                                                        |   |   |   |
| Purchase of property, plant and equipment                                                   |   | (1,335) | (1,473) |
| Proceeds from sale of property, plant and equipment                                         |   | 30 | 116 |
| Purchase of intangible assets                                                               |   | (144) | (166) |
| Proceeds from sale of intangible assets                                                     |   | 4 | - |
| Purchase of available for sale investments                                                  |   | - | (1) |
| Proceeds from disposal of available for sale investments                                    |   | 5 | 2 |
| Proceeds from disposal of associates                                                        |   | 21 | 205 |
| Proceeds from disposal of businesses (net of cash disposed)                                 |   | 57 | (23) |
| Acquisition of businesses (net of cash acquired)                                            |   | (6) | (10,951) |
| Investments in joint ventures                                                               |   | (272) | (288) |
| Investments in associates                                                                   |   | (23) | (52) |
| Repayment of investments by associates                                                      |   | - | 14 |
| Dividends received from joint ventures                                                      | 13 | 886 | 896 |
| Dividends received from associates                                                          |   | 113 | 120 |
| Dividends received from other investments                                                   |   | 1 | 1 |
| Net cash used in investing activities                                                       |   | (663) | (11,600) |
|                                                                                        |   |   |   |
| Cash flows from financing activities                                                        |   |   |   |
| Proceeds from the issue of shares                                                           | 25 | 102 | 96 |
| Proceeds from the issue of shares in subsidiaries to non-controlling interests              |   | 36 | 107 |
| Purchase of own shares for share trusts                                                     | 26a | (53) | (52) |
| Purchase of shares from non-controlling interests                                           |   | - | (27) |
| Proceeds from borrowings                                                                    |   | 2,318 | 19,000 |
| Repayment of borrowings                                                                     |   | (2,878) | (10,139) |
| Proceeds from associate in relation to loan participation deposit                           | 17 | 100 | - |
| Capital element of finance lease payments                                                   |   | (6) | (5) |
| Net cash payments on derivative financial instruments                                       |   | (5) | (52) |
| Dividends paid to shareholders of the parent                                                | 9 | (1,517) | (1,324) |
| Dividends paid to non-controlling interests                                                 |   | (131) | (109) |
| Net cash (used in)/generated from financing activities                                      |   | (2,034) | 7,495 |
|                                                                                        |   |   |   |
| Net cash inflow/(outflow) from operating, investing and financing activities                |   | 1,404 | (168) |
| Effects of exchange rate changes                                                            |   | (51) | (39) |
| Net increase/(decrease) in cash and cash equivalents                                        |   | 1,353 | (207) |
| Cash and cash equivalents at 1 April                                                        |   | 606 | 813 |
| Cash and cash equivalents at 31 March                                                       | 27c | 1,959 | 606 |
|                                                                                        |   |   |   |
| The notes on pages 6 to 80 are an integral part of these consolidated financial statements. |

----

|                                             |
|---------------------------------------------|
|                                             |  |
| SABMiller plc                               |  |
| Consolidated statement of changes in equity |
| for the year ended 31 March                 |

|                                                                                                                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                       |   | Called up share capital | Share premium account | Merger relief reserve | Other reserves | Retained earnings | Total shareholders’ equity | Non-controlling interests | Total  equity |
|                                                                                                                                                                                                                                                                                                                                                                                       |   | Notes | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |
| At 1 April 2011                                                                                                                                                                                                                                                                                                                                                                            |   | 166 | 6,384 | 4,586 | 1,881 | 8,991 | 22,008 | 751 | 22,759 |
| Total comprehensive income                                                                                                                                                                                                                                                                                                                                                                 |   | - | - | - | 97 | 4,102 | 4,199 | 255 | 4,454 |
| Profit for the year                                                                                                                                                                                                                                                                                                                                                                        |   | - | - | - | - | 4,221 | 4,221 | 256 | 4,477 |
| Other comprehensive income/(loss)                                                                                                                                                                                                                                                                                                                                                          |   | - | - | - | 97 | (119) | (22) | (1) | (23) |
| Dividends paid                                                                                                                                                                                                                                                                                                                                                                             | 9 | - | - | - | - | (1,324) | (1,324) | (159) | (1,483) |
| Issue of SABMiller plc ordinary shares                                                                                                                                                                                                                                                                                                                                                     | 25 | - | 96 | - | - | - | 96 | - | 96 |
| Proceeds from the issue of shares in                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| subsidiaries to non-controlling interests                                                                                                                                                                                                                                                                                                                                                  |   | - | - | - | - | - | - | 107 | 107 |
| Non-controlling interests disposed of via                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| business disposal                                                                                                                                                                                                                                                                                                                                                                          |   | - | - | - | - | - | - | (64) | (64) |
| Arising on business combinations                                                                                                                                                                                                                                                                                                                                                           |   | - | - | - | - | - | - | 84 | 84 |
| Dilution of non-controlling interests                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| as a result of business combinations                                                                                                                                                                                                                                                                                                                                                       | 26a | - | - | - | - | (5) | (5) | 5 | - |
| Payment for purchase of own shares                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| for share trusts                                                                                                                                                                                                                                                                                                                                                                           | 26a | - | - | - | - | (52) | (52) | - | (52) |
| Buyout of non-controlling interests                                                                                                                                                                                                                                                                                                                                                        | 26a | - | - | - | - | (7) | (7) | (20) | (27) |
| Credit entry relating to share-based                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| payments                                                                                                                                                                                                                                                                                                                                                                                   | 26a | - | - | - | - | 158 | 158 | - | 158 |
| At 31 March 2012                                                                                                                                                                                                                                                                                                                                                                           |   | 166 | 6,480 | 4,586 | 1,978 | 11,863 | 25,073 | 959 | 26,032 |
| Total comprehensive income                                                                                                                                                                                                                                                                                                                                                                 |   | - | - | - | (650) | 3,228 | 2,578 | 233 | 2,811 |
| Profit for the year                                                                                                                                                                                                                                                                                                                                                                        |   | - | - | - | - | 3,274 | 3,274 | 237 | 3,511 |
| Other comprehensive loss                                                                                                                                                                                                                                                                                                                                                                   |   | - | - | - | (650) | (46) | (696) | (4) | (700) |
| Dividends paid                                                                                                                                                                                                                                                                                                                                                                             | 9 | - | - | - | - | (1,517) | (1,517) | (128) | (1,645) |
| Issue of SABMiller plc ordinary shares                                                                                                                                                                                                                                                                                                                                                     | 25 | 1 | 101 | - | - | - | 102 | - | 102 |
| Proceeds from the issue of shares in                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| subsidiaries to non-controlling interests                                                                                                                                                                                                                                                                                                                                                  |   | - | - | - | - | - | - | 36 | 36 |
| Non-controlling interests disposed of via                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| business disposal                                                                                                                                                                                                                                                                                                                                                                          |   | - | - | - | - | - | - | (13) | (13) |
| Arising on business combinations                                                                                                                                                                                                                                                                                                                                                           |   | - | - | - | - | - | - | 1 | 1 |
| Payment for purchase of own shares                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| for share trusts                                                                                                                                                                                                                                                                                                                                                                           | 26a | - | - | - | - | (53) | (53) | - | (53) |
| Credit entry relating to share-based                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| payments                                                                                                                                                                                                                                                                                                                                                                                   | 26a | - | - | - | - | 189 | 189 | - | 189 |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                           |   | 167 | 6,581 | 4,586 | 1,328 | 13,710 | 26,372 | 1,088 | 27,460 |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |
| The notes on pages 6 to 80 are an integral part of these consolidated financial statements.                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Merger relief reserve                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Merger relief reserve comprises US$3,395 million in respect of the excess of value attributed to the shares issued as consideration for Miller Brewing Company over the nominal value of those shares and US$1,191 million relating to the merger relief arising on the issue of SABMiller plc ordinary shares for the buyout of non-controlling interests in the group's Polish business. |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |
| SABMiller plc                                                           |  |
| Business description and notes to the consolidated financial statements |

|    |                      |
|----|----------------------|
| a) | Basis of preparation |

|    |                                |
|----|--------------------------------|
| b) | Recent accounting developments |

|     |                                                                                          |
|-----|------------------------------------------------------------------------------------------|
| (i) | New standards, amendments and interpretations of existing standards adopted by the group |

|      |                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | New standards, amendments and interpretations of existing standards that are not yet effective and have not been early adopted by the group |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 1, ‘Financial statement presentation’, is effective from 1 July 2012. |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Amendment to IFRS 7, ‘Financial instruments: Disclosures’, is effective from 1 January 2013. |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | IFRS 13, ‘Fair Value Measurement’, is effective from 1 January 2013. |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | Annual improvements to IFRS 2009-2011, are effective from 1 January 2013. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | IFRS 10, ‘Consolidated Financial Statements’, is effective from 1 January 2013. |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | IFRS 11, ‘Joint Arrangements’, is effective from 1 January 2013. |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | IFRS 12, ‘Disclosures of Interests in Other Entities’ is effective from 1 January 2013. |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | IAS 27 (revised), ‘Separate Financial Statements’, is effective from 1 January 2013. |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | IAS 28 (revised), ‘Associates and Joint Ventures’, is effective from 1 January 2013. |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 32, ‘Offsetting financial instruments asset and liability’, is effective from 1 January 2014. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | IFRS 9, ‘Financial Instruments’, is effective from 1 January 2015. |

|    |                                      |
|----|--------------------------------------|
| c) | Significant judgements and estimates |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                                                  |
|----|--------------------------------------------------|
| c) | Significant judgements and estimates (continued) |

|     |                    |
|-----|--------------------|
| (i) | Impairment reviews |

|      |          |
|------|----------|
| (ii) | Taxation |

|       |                                      |
|-------|--------------------------------------|
| (iii) | Pension and post-retirement benefits |

|      |                               |
|------|-------------------------------|
| (iv) | Property, plant and equipment |

|     |                       |
|-----|-----------------------|
| (v) | Business combinations |

|      |                   |
|------|-------------------|
| (vi) | Exceptional items |

|    |                     |
|----|---------------------|
| d) | Segmental reporting |

|    |                        |
|----|------------------------|
| e) | Basis of consolidation |

|     |              |
|-----|--------------|
| (i) | Subsidiaries |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                                    |
|----|------------------------------------|
| e) | Basis of consolidation (continued) |

|     |            |
|-----|------------|
| (i) | Associates |

|      |                |
|------|----------------|
| (ii) | Joint ventures |

|       |                                             |
|-------|---------------------------------------------|
| (iii) | Transactions with non-controlling interests |

|      |                        |
|------|------------------------|
| (iv) | Reduction in interests |

|    |                  |
|----|------------------|
| f) | Foreign exchange |

|     |                              |
|-----|------------------------------|
| (i) | Foreign exchange translation |

|                          |
|--------------------------|
|                          |  |  |
|                     | Year ended 31 March 2013 | Year ended 31 March 2012 |
| Average rate             |   |   |
| Australian dollar (AUD)  | 0.97 | 0.95 |
| South African rand (ZAR) | 8.51 | 7.48 |
| Colombian peso (COP)     | 1,796 | 1,831 |
| Euro (€)           | 0.78 | 0.72 |
| Czech koruna (CZK)       | 19.65 | 17.65 |
| Peruvian nuevo sol (PEN) | 2.61 | 2.73 |
| Polish zloty (PLN)       | 3.26 | 2.99 |
| Turkish lira (TRY)       | 1.80 | 1.73 |
|                     |   |   |
| Closing rate             |   |   |
| Australian dollar (AUD)  | 0.96 | 0.97 |
| South African rand (ZAR) | 9.24 | 7.67 |
| Colombian peso (COP)     | 1,832 | 1,792 |
| Euro (€)           | 0.78 | 0.75 |
| Czech koruna (CZK)       | 20.07 | 18.52 |
| Peruvian nuevo sol (PEN) | 2.59 | 2.67 |
| Polish zloty (PLN)       | 3.26 | 3.13 |
| Turkish lira (TRY)       | 1.81 | 1.78 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                              |
|----|------------------------------|
| f) | Foreign exchange (continued) |

|     |                                          |
|-----|------------------------------------------|
| (i) | Foreign exchange translation (continued) |

|    |                       |
|----|-----------------------|
| g) | Business combinations |

|     |              |
|-----|--------------|
| (i) | Subsidiaries |

|      |                               |
|------|-------------------------------|
| (ii) | Associates and joint ventures |

|       |          |
|-------|----------|
| (iii) | Goodwill |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                                   |
|----|-----------------------------------|
| g) | Business combinations (continued) |

|    |                   |
|----|-------------------|
| h) | Intangible assets |

|     |        |
|-----|--------|
| (i) | Brands |

|      |                                                                                  |
|------|----------------------------------------------------------------------------------|
| (ii) | Contract brewing and other licences recognised as part of a business combination |

|       |                                                                                           |
|-------|-------------------------------------------------------------------------------------------|
| (iii) | Customer lists and distributor relationships recognised as part of a business combination |

|      |                        |
|------|------------------------|
| (iv) |  Computer software |

|     |                          |
|-----|--------------------------|
| (v) | Research and development |

|    |                               |
|----|-------------------------------|
| h) | Property, plant and equipment |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                                           |
|----|-------------------------------------------|
| i) | Property, plant and equipment (continued) |

|     |                                      |
|-----|--------------------------------------|
| (i) | Assets in the course of construction |

|      |                                  |
|------|----------------------------------|
| (ii) | Assets held under finance leases |

|       |                       |
|-------|-----------------------|
| (iii) | Returnable containers |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| ▪ | The excess over deposit value is written down over a period of 1 to 10 years. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Provisions are made against the deposit values for breakages and losses in trade together with a design obsolescence provision held to write off the deposit value over the expected container design period – which is a period of no more than 14 years from the inception of a container design. This period is shortened where appropriate by reference to market dynamics and the ability of the entity to use containers for different brands. |

|      |              |
|------|--------------|
| (iv) | Depreciation |

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |
| Freehold buildings                                                          | 20 - 50 years |
| Leasehold buildings                                                         | Shorter of the lease term or 50 years |
| Plant, vehicles and systems                                                 | 2 - 30 years |
| Returnable containers (non-returnable containers are recorded as inventory) | 1 - 14 years |
| Assets held under finance leases                                            | Lower of the lease term or life of the asset |

|     |                                   |
|-----|-----------------------------------|
| (v) | Capitalisation of borrowing costs |

|    |                                                                                      |
|----|--------------------------------------------------------------------------------------|
| j) | Advance payments made to customers (principally hotels, restaurants, bars and clubs) |

|    |             |
|----|-------------|
| k) | Inventories |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Raw materials, consumables and goods for resale: Purchase cost net of discounts and rebates on a first-in first-out basis (FIFO). |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Finished goods and work in progress: Raw material cost plus direct costs and a proportion of manufacturing overhead expenses on a FIFO basis. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                                            |
|----|--------------------------------------------|
| l) | Financial assets and financial liabilities |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (i) | Financial assets and financial liabilities at fair value through profit or loss |

|    |                                                       |
|----|-------------------------------------------------------|
| a. | Derivative financial assets and financial liabilities |

|      |                       |
|------|-----------------------|
| (ii) | Loans and receivables |

|    |                   |
|----|-------------------|
| a. | Trade receivables |

|    |                           |
|----|---------------------------|
| b. | Cash and cash equivalents |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                                                            |
|----|------------------------------------------------------------|
| l) | Financial assets and financial liabilities (continued) |

|       |                                |
|-------|--------------------------------|
| (iii) | Available for sale investments |

|      |                                              |
|------|----------------------------------------------|
| (iv) | Financial liabilities held at amortised cost |

|    |                |
|----|----------------|
| a. | Trade payables |

|    |            |
|----|------------|
| b. | Borrowings |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|     |                            |
|-----|----------------------------|
| (i) | Sale of goods and services |

|      |                 |
|------|-----------------|
| (ii) | Interest income |

|       |                |
|-------|----------------|
| (iii) | Royalty income |

|      |                 |
|------|-----------------|
| (iv) | Dividend income |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|    |                        |
|----|------------------------|
| v) | Dividend distributions |

|     |                    |
|-----|--------------------|
| (i) | Wages and salaries |

|      |                                             |
|------|---------------------------------------------|
| (ii) | Vacation and long-term service awards costs |

|       |                                |
|-------|--------------------------------|
| (iii) | Profit-sharing and bonus plans |

|      |                          |
|------|--------------------------|
| (iv) | Share-based compensation |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|     |                     |
|-----|---------------------|
| (v) | Pension obligations |

|      |                                   |
|------|-----------------------------------|
| (vi) | Other post-employment obligations |

|       |                      |
|-------|----------------------|
| (vii) | Termination benefits |

|     |                   |
|-----|-------------------|
| (i) | Fair value hedges |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|      |                  |
|------|------------------|
| (ii) | Cash flow hedges |

|       |                                                 |
|-------|-------------------------------------------------|
| (iii) | Hedges of net investments in foreign operations |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Operating segments reflect the management structure of the group and the way performance is evaluated and resources allocated based on group revenue and EBITA by the group’s chief operating decision maker, defined as the executive directors. The group is focused geographically and, while not meeting the definition of reportable segments, the group reports separately as segments South Africa: Hotels and Gaming and Corporate as this provides useful additional information. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| The segmental information presented below includes the reconciliation of GAAP measures presented on the face of the income statement to non-GAAP measures which are used by management to analyse the group’s performance.                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Income statement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | Grouprevenue |   | EBITA | Grouprevenue | EBITA |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | 2013 |   | 2013 |   | 2012 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | US$m |   | US$m |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   | 7,821 |   | 2,112 |   | 7,158 | 1,865 |
| Europe                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   | 5,767 |   | 784 |   | 5,482 | 836 |
| North America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   | 5,355 |   | 771 |   | 5,250 | 756 |
| Africa                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   | 3,853 |   | 838 |   | 3,686 | 743 |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 5,685 |   | 855 |   | 3,510 | 321 |
| South Africa:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   | 6,006 |   | 1,263 |   | 6,302 | 1,303 |
| - Beverages                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   | 5,540 |   | 1,129 |   | 5,815 | 1,168 |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   | 466 |   | 134 |   | 487 | 135 |
| Corporate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   | - |   | (202) |   | - | (190) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | 34,487 |   | 6,421 |   | 31,388 | 5,634 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Amortisation of intangible assets (excluding computer software) - group and share of associates' and   joint ventures'                                                                                                                                                                                                                                                                                                                                                                 | (483) |   |   | (264) |
| Exceptional items in operating profit - group and share of associates' and joint ventures'                                                                                                                                                                                                                                                                                                                                                                                                       |   | (205) |   |   | 1,015 |
| Net finance costs - group and share of associates' and joint ventures' (excluding exceptional items)                                                                                                                                                                                                                                                                                                                                                                                             |   | (779) |   |   | (570) |
| Share of associates' and joint ventures' taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (164) |   |   | (170) |
| Share of associates' and joint ventures' non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (78) |   |   | (42) |
| Profit before taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   | 4,712 |   |   | 5,603 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Group revenue (including associates and joint ventures)                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| With the exception of South Africa: Hotels and Gaming, all reportable segments derive their revenues from the sale of beverages. Revenues are derived from a large number of customers which are internationally dispersed, with no customers being individually material.                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | Revenue | Share of associates' and joint ventures' revenue |   | Grouprevenue |   | Revenue |   | Share of associates' and joint ventures' revenue | Group revenue |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 2013 | 2013 |   | 2013 |   | 2012 |   | 2012 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | US$m | US$m |   | US$m |   | US$m |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 7,821 | - |   | 7,821 |   | 7,148 |   | 10 | 7,158 |
| Europe                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 4,292 | 1,475 |   | 5,767 |   | 5,347 |   | 135 | 5,482 |
| North America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 141 | 5,214 |   | 5,355 |   | 134 |   | 5,116 | 5,250 |
| Africa                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 2,267 | 1,586 |   | 3,853 |   | 2,299 |   | 1,387 | 3,686 |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 3,797 | 1,888 |   | 5,685 |   | 1,682 |   | 1,828 | 3,510 |
| South Africa:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 4,895 | 1,111 |   | 6,006 |   | 5,150 |   | 1,152 | 6,302 |
| - Beverages                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 4,895 | 645 |   | 5,540 |   | 5,150 |   | 665 | 5,815 |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | - | 466 |   | 466 |   | - |   | 487 | 487 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 23,213 | 11,274 |   | 34,487 |   | 21,760 |   | 9,628 | 31,388 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Operating profit                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| The following table provides a reconciliation of operating profit to operating profit before exceptional items.                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                    |   |   | Operatingprofit | Exceptional items |   | Operating profit before exceptional items |   | Operatingprofit |   | Exceptionalitems | Operating profit before exceptional items |
|                                                                                                                                                                                                                                                                                                                                                    |   |   | 2013 | 2013 |   | 2013 |   | 2012 |   | 2012 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                    |   |   | US$m | US$m |   | US$m |   | US$m |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                           |   |   | 1,920 | 63 |   | 1,983 |   | 1,617 |   | 119 | 1,736 |
| Europe                                                                                                                                                                                                                                                                                                                                                  |   |   | 588 | 64 |   | 652 |   | 1,939 |   | (1,135) | 804 |
| North America                                                                                                                                                                                                                                                                                                                                           |   |   | 7 | - |   | 7 |   | - |   | - | - |
| Africa                                                                                                                                                                                                                                                                                                                                                  |   |   | 518 | (79) |   | 439 |   | 584 |   | (162) | 422 |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                            |   |   | 358 | 104 |   | 462 |   | 54 |   | 70 | 124 |
| South Africa: Beverages                                                                                                                                                                                                                                                                                                                                 | 1,040 | 22 |   | 1,062 |   | 1,050 |   | 41 | 1,091 |
| Corporate                                                                                                                                                                                                                                                                                                                                               |   |   | (228) | 26 |   | (202) |   | (231) |   | 41 | (190) |
|                                                                                                                                                                                                                                                                                                                                                    |   |   | 4,203 | 200 |   | 4,403 |   | 5,013 |   | (1,026) | 3,987 |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| EBITA (segment result)                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| This comprises operating profit before exceptional items, amortisation of intangible assets (excluding computer software) and includes the group’s share of associates’ and joint ventures’ operating profit on a similar basis. The following table provides a reconciliation of operating profit before exceptional items to EBITA. |
|                                                                                                                                                                                                                                                                                                                                                    | Operating profit before exceptional items | Share of associates' and joint ventures' operating profit before exceptional items | Amortisation of intangible assets (excluding computer software) - group and share of associates' and joint ventures' | EBITA |   | Operatingprofit beforeexceptionalitems |   | Share ofassociates'and jointventures'operatingprofit beforeexceptionalitems |   | Amortisation ofintangibleassets(excludingcomputersoftware) -group and share ofassociates'and jointventures' | EBITA |
|                                                                                                                                                                                                                                                                                                                                                    | 2013 | 2013 | 2013 | 2013 |   | 2012 |   | 2012 |   | 2012 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                    | US$m | US$m | US$m | US$m |   | US$m |   | US$m |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                           | 1,983 | - | 129 | 2,112 |   | 1,736 |   | - |   | 129 | 1,865 |
| Europe                                                                                                                                                                                                                                                                                                                                                  | 652 | 76 | 56 | 784 |   | 804 |   | 11 |   | 21 | 836 |
| North America                                                                                                                                                                                                                                                                                                                                           | 7 | 721 | 43 | 771 |   | - |   | 711 |   | 45 | 756 |
| Africa                                                                                                                                                                                                                                                                                                                                                  | 439 | 392 | 7 | 838 |   | 422 |   | 318 |   | 3 | 743 |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                            | 462 | 156 | 237 | 855 |   | 124 |   | 132 |   | 65 | 321 |
| South Africa:                                                                                                                                                                                                                                                                                                                                           | 1,062 | 190 | 11 | 1,263 |   | 1,091 |   | 211 |   | 1 | 1,303 |
| - Beverages                                                                                                                                                                                                                                                                                                                                             | 1,062 | 67 | - | 1,129 |   | 1,091 |   | 77 |   | - | 1,168 |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                     | - | 123 | 11 | 134 |   | - |   | 134 |   | 1 | 135 |
| Corporate                                                                                                                                                                                                                                                                                                                                               | (202) | - | - | (202) |   | (190) |   | - |   | - | (190) |
|                                                                                                                                                                                                                                                                                                                                                    | 4,403 | 1,535 | 483 | 6,421 |   | 3,987 |   | 1,383 |   | 264 | 5,634 |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| The group's share of associates' and joint ventures' operating profit is reconciled to the share of post-tax results of associates and joint ventures in the income statement as follows.                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Share of associates' and joint ventures' operating profit (before exceptional items)                                                                                                                                                                                                                                                                    |   | 1,535 | 1,383 |
| Share of associates' and joint ventures' exceptional items in operating profit                                                                                                                                                                                                                                                                          |   | (5) | 11 |
| Share of associates' and joint ventures' net finance costs                                                                                                                                                                                                                                                                                              |   | (44) | (30) |
| Share of associates' and joint ventures' taxation                                                                                                                                                                                                                                                                                                       |   | (164) | (170) |
| Share of associates' and joint ventures' non-controlling interests                                                                                                                                                                                                                                                                                      |   | (78) | (42) |
| Share of post-tax results of associates and joint ventures                                                                                                                                                                                                                                                                                              |   | 1,244 | 1,152 |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| EBITDA                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| The following table provides a reconciliation of EBITDA (the net cash generated from operations before working capital movements) to adjusted EBITDA. A reconciliation of profit for the year for the group to EBITDA after cash exceptional items for the group can be found in note 27a. |
|                                                                                                                                                                                                                                                                                       | EBITDA | Cashexceptional items | Dividends received from MillerCoors | AdjustedEBITDA |   | EBITDA |   | Cash exceptional items |   | Dividends received from MillerCoors | AdjustedEBITDA |
|                                                                                                                                                                                                                                                                                       | 2013 | 2013 | 2013 | 2013 |   | 2012 |   | 2012 |   | 2012 | 2012 |
|                                                                                                                                                                                                                                                                                       | US$m | US$m | US$m | US$m |   | US$m |   | US$m |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                              | 2,382 | 61 | - | 2,443 |   | 2,068 |   | 112 |   | - | 2,180 |
| Europe                                                                                                                                                                                                                                                                                     | 884 | 61 | - | 945 |   | 1,067 |   | 58 |   | - | 1,125 |
| North America                                                                                                                                                                                                                                                                              | 29 | - | 886 | 915 |   | 22 |   | - |   | 896 | 918 |
| Africa                                                                                                                                                                                                                                                                                     | 583 | - | - | 583 |   | 564 |   | 13 |   | - | 577 |
| Asia Pacific                                                                                                                                                                                                                                                                               | 754 | 34 | - | 788 |   | 159 |   | 88 |   | - | 247 |
| South Africa: Beverages                                                                                                                                                                                                                                                               | 1,257 | 10 | - | 1,267 |   | 1,267 |   | 13 |   | - | 1,280 |
| Corporate                                                                                                                                                                                                                                                                                  | (131) | 25 | - | (106) |   | (168) |   | 24 |   | - | (144) |
|                                                                                                                                                                                                                                                                                       | 5,758 | 191 | 886 | 6,835 |   | 4,979 |   | 308 |   | 896 | 6,183 |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Other segmental information                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |   | Capital expenditure excluding investment activity¹ | Investment activity² |   | Total |   | Capital expenditure excluding investment activity¹ |   | Investment activity² | Total |
|                                                                                                                                                                                                                                                                                       |   |   | 2013 | 2013 |   | 2013 |   | 2012 |   | 2012 | 2012 |
|                                                                                                                                                                                                                                                                                       |   |   | US$m | US$m |   | US$m |   | US$m |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                              |   |   | 528 | - |   | 528 |   | 522 |   | (34) | 488 |
| Europe                                                                                                                                                                                                                                                                                     |   |   | 216 | - |   | 216 |   | 324 |   | 17 | 341 |
| North America                                                                                                                                                                                                                                                                              |   |   | - | 272 |   | 272 |   | - |   | 288 | 288 |
| Africa                                                                                                                                                                                                                                                                                     |   |   | 391 | 29 |   | 420 |   | 398 |   | (82) | 316 |
| Asia Pacific                                                                                                                                                                                                                                                                               |   |   | 88 | (78) |   | 10 |   | 69 |   | 10,931 | 11,000 |
| South Africa:                                                                                                                                                                                                                                                                              |   |   | 228 | - |   | 228 |   | 284 |   | - | 284 |
| - Beverages                                                                                                                                                                                                                                                                                |   |   | 228 | - |   | 228 |   | 284 |   | - | 284 |
| - Hotels and Gaming                                                                                                                                                                                                                                                                        |   | - | - |   | - | - | - |   | - | - |
| Corporate                                                                                                                                                                                                                                                                                  |   |   | 28 | (5) |   | 23 |   | 42 |   | 1 | 43 |
|                                                                                                                                                                                                                                                                                       |   |   | 1,479 | 218 |   | 1,697 |   | 1,639 |   | 11,121 | 12,760 |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| ¹Capital expenditure includes additions of intangible assets (excluding goodwill) and property, plant and equipment.                                                                                                                                                                  |
| ²Investment activity includes acquisitions and disposals of businesses, net investments in associates and joint ventures, purchases of shares in non-controlling interests and purchases and disposals of available for sale investments.                                             |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | Depreciation and amortisation |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   | 467 | 445 |
| Europe                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   | 226 | 298 |
| Africa                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   | 104 | 128 |
| Asia Pacific                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   | 316 | 117 |
| South Africa: Beverages                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   | 172 | 168 |
| Corporate                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   | 32 | 26 |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | 1,317 | 1,182 |
|                                                                                                                                                                                                                                                                                       |
| Depreciation and amortisation exclude amounts relating to impairment charges.                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Geographical information                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| The UK is the parent company’s country of domicile. Those countries which account for more than 10% of the group’s total revenue and/or non-current assets are considered individually material and are reported separately below. |
| Revenue                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | US$m | US$m |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| UK                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   | 378 | 359 |
| Australia                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   | 3,064 | 1,025 |
| Colombia                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | 3,742 | 3,481 |
| South Africa                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   | 4,896 | 5,150 |
| USA                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   | 129 | 124 |
| Rest of world                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   | 11,004 | 11,621 |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | 23,213 | 21,760 |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Non-current assets                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | US$m | US$m |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| UK                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   | 388 | 354 |
| Australia                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   | 14,351 | 14,511 |
| Colombia                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | 8,465 | 8,727 |
| South Africa                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   | 2,368 | 2,760 |
| USA                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   | 5,804 | 5,777 |
| Rest of world                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   | 18,409 | 18,020 |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | 49,785 | 50,149 |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Non-current assets by location exclude amounts relating to derivative financial instruments and deferred tax assets.                                                                                                                           |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|        |
|--------|
|        |  |  |  |  |
|   | 3.  Net operating expenses |   |   |   |
|   |   | 2013 | 2012 |   |
|   |   | US$m | US$m |   |
|   |   |   |   |   |
|   | Cost of inventories recognised as an expense | 5,043 | 5,049 |   |
|   | -  Changes in inventories of finished goods and work in progress | 93 | 18 |   |
|   | -  Raw materials and consumables used | 4,950 | 5,031 |   |
|   | Excise duties¹ | 5,755 | 5,047 |   |
|   | Employee costs (see note 6a) | 2,693 | 2,502 |   |
|   | Depreciation of property, plant and equipment | 867 | 909 |   |
|   | -  Containers | 226 | 237 |   |
|   | -  Other | 641 | 672 |   |
|   | Net profit on disposal of businesses | (79) | (1,242) |   |
|   | Profit on disposal of investment in associate | - | (103) |   |
|   | Gain on dilution of investment in associate | (4) | - |   |
|   | Gain on remeasurement of existing interest in joint venture on acquisition | - | (66) |   |
|   | Loss/(profit) on disposal of property, plant and equipment | 13 | (15) |   |
|   | Amortisation of intangible assets | 450 | 273 |   |
|   | -  Intangible assets (excluding computer software) | 394 | 218 |   |
|   | -  Computer software | 56 | 55 |   |
|   | Other expenses | 4,634 | 4,906 |   |
|   | -  Selling, marketing and distribution costs | 2,582 | 2,562 |   |
|   | -  Repairs and maintenance expenditure on property, plant and equipment | 333 | 325 |   |
|   | -  Impairment of goodwill | 11 | - |   |
|   | -  Impairment of property, plant and equipment | 39 | - |   |
|   | -  Impairment of trade and other receivables | 23 | 25 |   |
|   | -  Operating lease rentals - land and buildings | 64 | 60 |   |
|   | -  Operating lease rentals - plant, vehicles and systems | 95 | 84 |   |
|   | -  Research and development expenditure | 4 | 7 |   |
|   | -  Acquisition-related costs | - | 109 |   |
|   | -  Other operating expenses | 1,483 | 1,734 |   |
|   | Total net operating expenses by nature | 19,372 | 17,260 |   |
|   |   |   |   |   |
|   | Other income | (362) | (513) |   |
|   | -  Revenue received from royalties | (55) | (43) |   |
|   | -  Dividends received from investments | (1) | (1) |   |
|   | -  Other operating income | (306) | (469) |   |
|   |   |   |   |   |
|   | Net operating expenses | 19,010 | 16,747 |   |
|   |   |   |   |   |
|   | ¹Excise duties of US$5,755 million (2012: US$5,047 million) have been incurred during the year as follows: Latin America US$2,019 million (2012: US$1,843 million); Europe US$995 million (2012: US$1,204 million); North America US$4 million (2012: US$3 million); Africa US$418 million (2012: US$408 million); Asia Pacific US$1,369 million (2012: US$626 million) and South Africa US$950 million (2012: US$963 million). The group's share of MillerCoors’ excise duties incurred during the year was US$695 million (2012: US$703 million). |
|   |
|   |
|   |   |
|   | Foreign exchange differences recognised in the profit for the year, except for those arising on financial instruments measured at fair value under IAS 39, were a loss of US$14 million (2012: US$27 million). |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |
|   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |  |  |
| 3.  Net operating expenses (continued)                                                                            |   |   |   |
|                                                                                                              |   |   |   |
| The following fees were paid to a number of different accounting firms as auditors of various parts of the group. |   |   |
|                                                                                                              | 2013 | 2012 |   |
|                                                                                                              | US$m | US$m |   |
| Group auditors                                                                                                    |   |   |   |
| Fees payable to the company's auditor and its associates for the audit of parent company                          |   |   |   |
| and consolidated financial statements                                                                             | 2 | 3 |   |
| Fees payable to company's auditor and its associates for other services:                                          |   |   |   |
| The audit of the company's subsidiaries                                                                           | 9 | 8 |   |
| Total audit fees payable to the company's auditor                                                                 | 11 | 11 |   |
| Audit-related assurance services                                                                                  | 1 | 2 |   |
| Taxation compliance services                                                                                      | 1 | 1 |   |
| Taxation advisory services                                                                                        | 1 | 6 |   |
| Services relating to corporate finance transactions                                                               | - | 3 |   |
| Other non-audit services                                                                                          |   |   |   |
|       Services relating to information technology1                                  | 1 | 4 |   |
| Other                                                                                                             | 1 | 2 |   |
| Total fees payable to the company's auditor                                                                       | 16 | 29 |   |
|                                                                                                              |   |   |   |
| Other audit firms                                                                                                 |   |   |   |
| Fees payable to other auditor firms for:                                                                          |   |   |   |
| The audit of the company's subsidiaries                                                                           | 1 | 1 |   |
| Taxation advisory services                                                                                        | 3 | 2 |   |
| Services relating to corporate finance transactions                                                               | - | 1 |   |
| Internal audit services                                                                                           | 1 | 1 |   |
| Other non-audit services                                                                                          |   |   |   |
|       Services relating to information technology1                                  | 12 | 8 |   |
| Other                                                                                                             | 12 | 7 |   |
| Total fees payable to other audit firms                                                                           | 29 | 20 |   |
|                                                                                                              |
| 1Principally relating to the business capability programme.                                                       |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                   |  |  |  |
| 4.  Exceptional items                                                                                                                             |   |   |   |
|                                                                                                                                              | 2013 |   | 2012 |
|                                                                                                                                              | US$m |   | US$m |
|                                                                                                                                              |   |   |   |
| Exceptional items included in operating profit:                                                                                                   |   |   |   |
| Net profit on disposal of businesses                                                                                                              | 79 |   | 1,248 |
| Business capability programme costs                                                                                                               | (141) |   | (235) |
| Integration and restructuring costs                                                                                                               | (91) |   | (60) |
| Impairments                                                                                                                                       | (30) |   | - |
| Broad-Based Black Economic Empowerment scheme charges                                                                                             | (17) |   | (29) |
| Profit on disposal of investment in associate                                                                                                     | - |   | 103 |
| Gain on remeasurement of existing interest in joint venture on acquisition                                                                        | - |   | 66 |
| Litigation                                                                                                                                        | - |   | 42 |
| Transaction-related costs                                                                                                                         | - |   | (109) |
| Net exceptional (losses)/gains included within operating profit                                                                                   | (200) |   | 1,026 |
|                                                                                                                                              |   |   |   |
| Exceptional items included in net finance costs:                                                                                                  |   |   |   |
| Litigation-related finance income                                                                                                                 | - |   | 4 |
| Transaction-related net finance costs                                                                                                             | - |   | (26) |
| Net exceptional losses included within net finance costs                                                                                          | - |   | (22) |
|                                                                                                                                              |   |   |   |
| Share of associates' and joint ventures' exceptional items:                                                                                       |   |   |   |
| Impairments                                                                                                                                       | (5) |   | (35) |
| Profits on transactions in associates                                                                                                             | - |   | 46 |
| Share of associates' and joint ventures' exceptional (losses)/gains                                                                               | (5) |   | 11 |
| Non-controlling interests' share of associates' and joint ventures' exceptional (losses)/gains                                                    | 2 |   | - |
| Group's share of associates' and joint ventures' exceptional (losses)/gains                                                                       | (3) |   | 11 |
|                                                                                                                                              |   |   |   |
| Net taxation credits relating to subsidiaries' and the group's share of associates' and joint ventures'     exceptional items | 20 |   | 24 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              |  |  |
| 5.  Net finance costs                                                                                                                                                        |   |   |
|                                                                                                                                                                         | 2013 | 2012 |
|                                                                                                                                                                         | US$m | US$m |
|                                                                                                                                                                         |   |   |
| a. Finance costs                                                                                                                                                             |   |   |
| Interest payable on bank loans and overdrafts                                                                                                                                | 183 | 170 |
| Interest payable on derivatives                                                                                                                                              | 255 | 156 |
| Interest payable on corporate bonds                                                                                                                                          | 677 | 463 |
| Interest element of finance leases payments                                                                                                                                  | 1 | 1 |
| Net exchange losses on financing activities                                                                                                                                  | 25 | 13 |
| Fair value losses on financial instruments:                                                                                                                                  |   |   |
| - Fair value losses on standalone derivative financial instruments                                                                                                           | 220 | 144 |
| - Ineffectiveness of net investment hedges¹                                                                                                                             | - | 4 |
| Exceptional interest payable and similar charges¹                                                                                                                       | - | 96 |
| Other finance charges                                                                                                                                                        | 56 | 46 |
| Total finance costs                                                                                                                                                          | 1,417 | 1,093 |
|                                                                                                                                                                         |   |   |
| b. Finance income                                                                                                                                                            |   |   |
| Interest receivable                                                                                                                                                          | 39 | 55 |
| Interest receivable on derivatives                                                                                                                                           | 355 | 226 |
| Fair value gains on financial instruments:                                                                                                                                   |   |   |
| - Fair value gains on standalone derivative financial instruments                                                                                                            | 272 | 170 |
| - Fair value gains on dividend-related derivatives¹                                                                                                                     | 10 | 3 |
| Net exchange gains on dividends¹                                                                                                                                        | 2 | 3 |
| Exceptional interest receivable and similar income¹                                                                                                                     | - | 74 |
| Other finance income                                                                                                                                                         | 4 | - |
| Total finance income                                                                                                                                                         | 682 | 531 |
| Net finance costs                                                                                                                                                            | 735 | 562 |
| ¹ These items have been excluded from the determination of adjusted earnings per share. Adjusted net finance costs are therefore US$747 million (2012: US$542 million). |
|                                                                                                                                                                         |   |   |
| Refer to note 22 - Financial risk factors for interest rate risk information.                                                                                                |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                       |  |  |  |
| 6.  Employee and key management compensation costs                                                                                                                                                                                    |   |   |   |
|                                                                                                                                                                                                                                  |   |   |   |
| a. Employee costs                                                                                                                                                                                                                     |   |   |   |
|                                                                                                                                                                                                                                  | 2013 |   | 2012 |
|                                                                                                                                                                                                                                  | US$m |   | US$m |
|                                                                                                                                                                                                                                  |   |   |   |
| Wages and salaries                                                                                                                                                                                                                    | 2,154 |   | 2,038 |
| Share-based payments                                                                                                                                                                                                                  | 201 |   | 161 |
| Social security costs                                                                                                                                                                                                                 | 215 |   | 193 |
| Pension costs                                                                                                                                                                                                                         | 128 |   | 112 |
| Post-retirement benefits other than pensions                                                                                                                                                                                          | 11 |   | 13 |
|                                                                                                                                                                                                                                  | 2,709 |   | 2,517 |
|                                                                                                                                                                                                                                  |   |   |   |
| Of the US$2,709 million employee costs shown above, US$16 million (2012: US$15 million) has been capitalised within intangible assets and property, plant and equipment.                                                              |
|                                                                                                                                                                                                                                  |   |   |   |
| b. Employee numbers                                                                                                                                                                                                                   |   |   |   |
| The average monthly number of employees are shown on a full-time equivalent basis, excluding employees of associated and joint venture undertakings and including executive directors.                                                |
|                                                                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                                                                  | 2013 |   | 2012 |
|                                                                                                                                                                                                                                  | Number |   | Number |
|                                                                                                                                                                                                                                  |   |   |   |
| Latin America                                                                                                                                                                                                                         | 29,882 |   | 26,933 |
| Europe                                                                                                                                                                                                                                | 10,489 |   | 14,095 |
| North America                                                                                                                                                                                                                         | 82 |   | 76 |
| Africa                                                                                                                                                                                                                                | 12,652 |   | 13,596 |
| Asia Pacific                                                                                                                                                                                                                          | 5,128 |   | 3,804 |
| South Africa                                                                                                                                                                                                                          | 11,438 |   | 11,939 |
| Corporate                                                                                                                                                                                                                             | 815 |   | 701 |
|                                                                                                                                                                                                                                  | 70,486 |   | 71,144 |
|                                                                                                                                                                                                                                  |   |   |   |
| c. Key management compensation                                                                                                                                                                                                        |   |   |   |
| The directors of the group and members of the executive committee (excom) are defined as key management. At 31 March 2013 there were 26 (2012: 27) key management.                                                                    |
|                                                                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                                                                  | 2013 |   | 2012 |
|                                                                                                                                                                                                                                  | US$m |   | US$m |
|                                                                                                                                                                                                                                  |   |   |   |
| Salaries and short-term employee benefits                                                                                                                                                                                             | 34 |   | 32 |
| Post-employment benefits                                                                                                                                                                                                              | 2 |   | 2 |
| Share-based payments                                                                                                                                                                                                                  | 61 |   | 36 |
|                                                                                                                                                                                                                                  | 97 |   | 70 |
|                                                                                                                                                                                                                                  |   |   |   |
| d. Directors                                                                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                                                                  | 2013 |   | 2012 |
|                                                                                                                                                                                                                                  | US$m |   | US$m |
|                                                                                                                                                                                                                                  |   |   |   |
| Aggregate emoluments  £6,689,562 (2012: £6,087,153)                                                                                                                                                                         | 11 |   | 10 |
| Aggregate gains made on the exercise of share options or vesting of share awards                                                                                                                                                      | 12 |   | 15 |
| Notional contributions to unfunded retirement benefits scheme £767,000 (2012: £562,679)                                                                                                                                     | 1 |   | 1 |
|                                                                                                                                                                                                                                  | 24 |   | 26 |
|                                                                                                                                                                                                                                  |   |   |   |
| At 31 March 2013 two directors (2012: one) had retirement benefits accruing under money purchase pension schemes. Company contributions to money purchase pension schemes during the year amounted to £11,364 (2012: £nil). |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  |  |
| 7. Taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| Current taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1,118 |   | 957 |
| - Charge for the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1,131 |   | 986 |
| - Adjustments in respect of prior years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (13) |   | (29) |
| Withholding taxes and other remittance taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 170 |   | 137 |
| Total current taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1,288 |   | 1,094 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| Deferred taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (87) |   | 32 |
| - (Credit)/charge for the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (28) |   | 60 |
| - Adjustments in respect of prior years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 5 |   | (3) |
| - Rate change                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (64) |   | (25) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| Taxation expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1,201 |   | 1,126 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| Tax credit relating to components of other comprehensive income is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |
| Deferred tax credit on actuarial gains and losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (28) |   | (71) |
| Deferred tax credit on financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (6) |   | (30) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (34) |   | (101) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| Total current tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1,288 |   | 1,094 |
| Total deferred tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (121) |   | (69) |
| Total taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1,167 |   | 1,025 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| Effective tax rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 27.0 |   | 27.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| UK taxation included in the above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |
| Current taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | - | - | - |
| Withholding taxes and other remittance taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 133 |   | 39 |
| Total current taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 133 |   | 39 |
| Deferred taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 24 |   | (24) |
| UK taxation expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 157 |   | 15 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| The effective tax rate is calculated by expressing tax before tax on exceptional items and on amortisation of intangible assets (excluding software), including the group’s share of associates’ and joint ventures’ tax on the same basis, as a percentage of adjusted profit before tax. The calculation is on a basis consistent with that used in prior years and is also consistent with other group operating metrics. Tax on amortisation of intangible assets (excluding computer software) was US$135 million (2012: US$72 million). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| MillerCoors is not a taxable entity. The tax balances and obligations therefore remain with Miller Brewing Company as a 100% subsidiary of the group. This subsidiary’s tax charge includes tax (including deferred tax) on the group’s share of the taxable profits of MillerCoors and includes tax in other comprehensive income on the group’s share of MillerCoors’ taxable items included within other comprehensive income.                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |
| 7. Taxation (continued)                                          |   |   |   |
|                                                             |   |   |   |
| Tax rate reconciliation                                          |   |   |   |
|                                                             | 2013 |   | 2012 |
|                                                             | US$m |   | US$m |
|                                                             |   |   |   |
| Profit before taxation                                           | 4,712 |   | 5,603 |
| Less: Share of post-tax results of associates and joint ventures | (1,244) |   | (1,152) |
|                                                             | 3,468 |   | 4,451 |
|                                                             |   |   |   |
| Tax charge at standard UK rate of 24% (2012: 26%)                | 832 |   | 1,157 |
| Exempt income                                                    | (242) |   | (413) |
| Other incentive allowances                                       | (20) |   | (63) |
| Expenses not deductible for tax purposes                         | 157 |   | 47 |
| Deferred tax asset not recognised                                | 51 |   | 30 |
| Initial recognition of deferred taxation                         | (28) |   | (10) |
| Tax impact of MillerCoors joint venture                          | 180 |   | 179 |
| Withholding taxes and other remittance taxes                     | 170 |   | 137 |
| Other taxes                                                      | 35 |   | 28 |
| Adjustments in respect of foreign tax rates                      | 124 |   | 90 |
| Adjustments in respect of prior periods                          | (8) |   | (32) |
| Deferred taxation rate change                                    | (64) |   | (25) |
| Deferred taxation on unremitted earnings                         | 14 |   | 1 |
| Total taxation expense                                           | 1,201 |   | 1,126 |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |
| 8.  Earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | US cents |   | US cents |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Basic earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 205.9 |   | 266.6 |
| Diluted earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 203.5 |   | 263.8 |
| Headline earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 204.5 |   | 179.8 |
| Adjusted basic earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 238.7 |   | 214.8 |
| Adjusted diluted earnings per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 236.0 |   | 212.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| The weighted average number of shares was:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Millions of shares |   | Millions of shares |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 1,667 |   | 1,661 |
| Treasury shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (72) |   | (72) |
| EBT ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (5) |   | (6) |
| Basic shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1,590 |   | 1,583 |
| Dilutive ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 19 |   | 17 |
| Diluted shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,609 |   | 1,600 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| The calculation of diluted earnings per share excludes 6,332,436 (2012: 8,362,920) share options that were non-dilutive for the year because the exercise price of the option exceeded the fair value of the shares during the year, 21,226,441 (2012: 14,799,716) share awards that were non-dilutive for the year because the performance conditions attached to the share awards have not been met and nil (2012: nil) shares in relation to the employee component of the BBBEE scheme that were non-dilutive for the year. These share incentives could potentially dilute earnings per share in the future. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Subsequent to 31 March 2013 and before the date of signing these financial statements, 10,601,120 share incentives were granted, 3,291,261 share incentives were exercised or released, 1,248,948 share incentives lapsed and 424,822 treasury shares were used to satisfy awards outstanding under the various share incentive plans.                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |
| 8.  Earnings per share (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Adjusted and headline earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |
| The group presents an adjusted earnings per share figure which excludes the impact of amortisation of intangible assets (excluding computer software), certain non-recurring items and post-tax exceptional items in order to present an additional measure of performance for the years shown in the consolidated financial statements. Adjusted earnings per share has been based on adjusted earnings for each financial year and on the same number of weighted average shares in issue as the basic earnings per share calculation. Headline earnings per share has been calculated in accordance with the South African Circular 3/2012 entitled ‘Headline Earnings’ which forms part of the listing requirements for the JSE Ltd (JSE). The adjustments made to arrive at headline earnings and adjusted earnings are as follows. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Profit for the year attributable to owners of the parent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 3,274 |   | 4,221 |
| Headline adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Impairment of goodwill                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 11 |   | - |
| Impairment of property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 39 |   | - |
| Loss/(profit) on disposal of property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 13 |   | (15) |
| Net profit on disposal of businesses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (79) |   | (1,242) |
| Profit on disposal of investment in associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |   | (103) |
| Gain on dilution of investments in associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4) |   | - |
| Gain on remeasurement of existing interest in joint venture on acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | - |   | (66) |
| Tax effects of these items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (14) |   | 12 |
| Non-controlling interests' share of the above items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (3) |   | 40 |
| Share of associates' and joint ventures' headline adjustments, net of tax and non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 15 |   | - |
| Headline earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 3,252 |   | 2,847 |
| Business capability programme costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 141 |   | 235 |
| Broad-Based Black Economic Empowerment scheme costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 17 |   | 29 |
| Integration and restructuring costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 71 |   | 60 |
| Net gain on fair value movements on capital items1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (12) |   | (2) |
| Amortisation of intangible assets (excluding computer software)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 394 |   | 218 |
| Transaction-related costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | - |   | 109 |
| Litigation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | - |   | (42) |
| Litigation-related finance income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | - |   | (4) |
| Transaction-related net finance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | - |   | 26 |
| Tax effects of the above items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (137) |   | (101) |
| Non-controlling interests' share of the above items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (8) |   | (7) |
| Share of associates' and joint ventures' other adjustments, net of tax and non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 78 |   | 32 |
| Adjusted earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 3,796 |   | 3,400 |
| ¹This does not include all fair value movements but includes those in relation to capital items for which hedge accounting cannot be applied.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |
| 9.  Dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |
| Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |
| 2012 Final dividend paid: 69.5 US cents (2011: 61.5 US cents) per ordinary share                                                                                                                                                                                                                                                                                                                                                                                         | 1,125 |   | 973 |
| 2013 Interim dividend paid: 24.0 US cents (2012: 21.5 US cents) per ordinary share                                                                                                                                                                                                                                                                                                                                                                                       | 392 |   | 351 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1,517 |   | 1,324 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |
| In addition, the directors proposed and the shareholders have approved a final dividend of 77 US cents per share in respect of the financial year ended 31 March 2013 which will absorb an estimated US$1,227 million of shareholders’ funds. The dividend will be paid on 23 August 2013 to shareholders registered on the London and Johannesburg registers as at 16 August 2013. The total dividend per share for the year is 101 US cents (2012: 91 US cents). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |
| Treasury shares do not attract dividends and the employee benefit trusts have both waived their right to receive dividends (further information can be found in note 26).                                                                                                                                                                                                                                                                                                |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                       |  |  |  |
| 10.  Goodwill                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                  |   |   | US$m |
| Cost                                                                                                                                                                                                                                                  |   |   |   |
| At 1 April 2011                                                                                                                                                                                                                                       |   |   | 12,309 |
| Exchange adjustments                                                                                                                                                                                                                                  |   |   | 188 |
| Acquisitions - through business combinations                                                                                                                                                                                                          |   |   | 8,091 |
| Disposals                                                                                                                                                                                                                                             |   |   | (63) |
| Transfers to disposal group classified as held for sale                                                                                                                                                                                               |   |   | (29) |
| At 31 March 2012                                                                                                                                                                                                                                      |   |   | 20,496 |
| Exchange adjustments                                                                                                                                                                                                                                  |   |   | (301) |
| Acquisitions - through business combinations (provisional) (see note 28)                                                                                                                                                                              |   |   | 3 |
| Transfers to disposal group classified as held for sale (see note 18)                                                                                                                                                                                 |   |   | (13) |
| At 31 March 2013                                                                                                                                                                                                                                      |   |   | 20,185 |
|                                                                                                                                                                                                                                                  |   |   |   |
| Accumulated impairment                                                                                                                                                                                                                                |   |   |   |
| At 1 April 2011                                                                                                                                                                                                                                       |   |   | 355 |
| Exchange adjustments                                                                                                                                                                                                                                  |   |   | (20) |
| Disposals                                                                                                                                                                                                                                             |   |   | (10) |
| At 31 March 2012                                                                                                                                                                                                                                      |   |   | 325 |
| Exchange adjustments                                                                                                                                                                                                                                  |   |   | (13) |
| Impairment                                                                                                                                                                                                                                            |   |   | 11 |
| At 31 March 2013                                                                                                                                                                                                                                      |   |   | 323 |
|                                                                                                                                                                                                                                                  |   |   |   |
| Net book amount                                                                                                                                                                                                                                       |   |   |   |
| At 1 April 2011                                                                                                                                                                                                                                       |   |   | 11,954 |
| At 31 March 2012                                                                                                                                                                                                                                      |   |   | 20,171 |
| At 31 March 2013                                                                                                                                                                                                                                      |   |   | 19,862 |
|                                                                                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                                                                                  |   |   |   |
| 2013                                                                                                                                                                                                                                                  |   |   |   |
| Provisional goodwill arose on the acquisition through business combination in the year of Darbrew Limited in Tanzania. The fair value exercise in respect of this business combination has yet to be completed.                                       |
|                                                                                                                                                                                                                                                  |   |   |   |
| 2012                                                                                                                                                                                                                                                  |   |   |   |
| Goodwill arose on the acquisition through business combinations of Foster’s and Pacific Beverages in Australia and International Breweries plc in Nigeria. The fair value exercises in respect of these business combinations are now complete. |
|                                                                                                                                                                                                                                                  |   |   |   |
| Goodwill is monitored principally on an individual country basis and the net book value is allocated by cash generating unit (CGU) as follows.                                                                                                        |
|                                                                                                                                                                                                                                                  |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                  |   | US$m | US$m |
| CGUs:                                                                                                                                                                                                                                                 |   |   |   |
| Latin America:                                                                                                                                                                                                                                        |   |   |   |
| - Central America                                                                                                                                                                                                                                     |   | 803 | 819 |
| - Colombia                                                                                                                                                                                                                                            |   | 4,706 | 4,809 |
| - Peru                                                                                                                                                                                                                                                |   | 1,796 | 1,744 |
| - Other Latin America                                                                                                                                                                                                                                 |   | 224 | 243 |
| Europe:                                                                                                                                                                                                                                               |   |   |   |
| - Czech Republic                                                                                                                                                                                                                                      |   | 901 | 976 |
| - Netherlands                                                                                                                                                                                                                                         |   | 100 | 104 |
| - Italy                                                                                                                                                                                                                                               |   | 414 | 431 |
| - Poland                                                                                                                                                                                                                                              |   | 1,168 | 1,218 |
| - Other Europe                                                                                                                                                                                                                                        |   | 75 | 77 |
| North America                                                                                                                                                                                                                                         |   | 256 | 256 |
| Africa                                                                                                                                                                                                                                                |   | 250 | 252 |
| Asia Pacific:                                                                                                                                                                                                                                         |   |   |   |
| - Australia                                                                                                                                                                                                                                           |   | 8,319 | 8,262 |
| - India                                                                                                                                                                                                                                               |   | 335 | 350 |
| - Other Asia Pacific                                                                                                                                                                                                                                  |   | 1 | 12 |
| South Africa                                                                                                                                                                                                                                          |   | 514 | 618 |
|                                                                                                                                                                                                                                                  |   | 19,862 | 20,171 |
|                                                                                                                                                                                                                                                  |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                              |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                         | Expected volume CAGRs2014 - 2018 | Post-taxdiscount rates | Long-term growth rates |
|                                                                                                                                                                                                                                                                                                                                                                         | % | % | % |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                                | 4.3 - 6.4 | 7.6 - 13.2 | 2.0 - 5.1 |
| Europe                                                                                                                                                                                                                                                                                                                                                                       | 1.3 - 6.0 | 6.6 - 10.8 | 2.0 - 3.0 |
| North America                                                                                                                                                                                                                                                                                                                                                                | 8.5 | 6.7 | 2.5 |
| Africa                                                                                                                                                                                                                                                                                                                                                                       | 7.6 - 8.8 | 13.5 - 16.8 | 6.0 - 9.5 |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                                 | 2.1 - 6.3 | 7.4 - 12.7 | 3.0 - 6.5 |
| South Africa                                                                                                                                                                                                                                                                                                                                                                 | 3.3 | 10.6 | 4.5 |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| The most material balance is in Australia. For the goodwill in Australia to be at risk of impairment, the following would need to occur: future compound revenue growth to reduce to a level where operating profit growth is limited to the long-term growth rate; or long-term growth in nominal terms to fall below 1.5%; or the discount rate to rise to 8.7% or higher. |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Impairment reviews results                                                                                                                                                                                                                                                                                                                                                   |   |   |   |
| A US$30 million impairment loss has been recognised in respect of SABMiller Vietnam Company Limited in Asia Pacific, which was principally due to a deterioration in trading. The impairment loss has been allocated to goodwill (US$11 million) and property, plant and equipment (US$19 million).                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Sensitivities to assumptions                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| The group’s impairment reviews are sensitive to changes in the key assumptions described above. Based on the group’s sensitivity analysis, a reasonably possible change in a single assumption will not cause an impairment loss in any of the group’s CGUs.                                                                                               |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        |  |  |  |  |
| 11.  Intangible assets                                                                                                 |   |   |   |   |
|                                                                                                                   | Brands | Computer software | Other | Total |
|                                                                                                                   | US$m | US$m | US$m | US$m |
| Cost                                                                                                                   |   |   |   |   |
| At 1 April 2011                                                                                                        | 4,860 | 540 | 48 | 5,448 |
| Exchange adjustments                                                                                                   | 304 | (32) | 12 | 284 |
| Additions - separately acquired                                                                                        | 6 | 165 | - | 171 |
| Acquisitions - through business combinations                                                                           | 4,832 | - | 595 | 5,427 |
| Transfers from property, plant and equipment                                                                           | - | 3 | - | 3 |
| Disposals                                                                                                              | (28) | (30) | - | (58) |
| At 31 March 2012                                                                                                       | 9,974 | 646 | 655 | 11,275 |
| Exchange adjustments                                                                                                   | (11) | (36) | 2 | (45) |
| Additions - separately acquired                                                                                        | - | 149 | - | 149 |
| Acquisitions - through business combinations (see note 28)                                                             | 2 | - | - | 2 |
| Transfers to disposal group classified as held for sale (see note 18)                                                  | (9) | - | - | (9) |
| Disposals                                                                                                              | (4) | (7) | - | (11) |
| At 31 March 2013                                                                                                       | 9,952 | 752 | 657 | 11,361 |
|                                                                                                                   |   |   |   |   |
| Accumulated amortisation and impairment                                                                                |   |   |   |   |
| At 1 April 2011                                                                                                        | 782 | 275 | 27 | 1,084 |
| Exchange adjustments                                                                                                   | 23 | (17) | (2) | 4 |
| Amortisation                                                                                                           | 201 | 55 | 17 | 273 |
| Disposals                                                                                                              | (18) | (26) | - | (44) |
| At 31 March 2012                                                                                                       | 988 | 287 | 42 | 1,317 |
| Exchange adjustments                                                                                                   | (9) | (18) | (1) | (28) |
| Amortisation                                                                                                           | 335 | 56 | 59 | 450 |
| Transfers to disposal group classified as held for sale (see note 18)                                                  | (7) | - | - | (7) |
| Disposals                                                                                                              | - | (6) | - | (6) |
| At 31 March 2013                                                                                                       | 1,307 | 319 | 100 | 1,726 |
|                                                                                                                   |   |   |   |   |
| Net book amount                                                                                                        |   |   |   |   |
| At 1 April 2011                                                                                                        | 4,078 | 265 | 21 | 4,364 |
| At 31 March 2012                                                                                                       | 8,986 | 359 | 613 | 9,958 |
| At 31 March 2013                                                                                                       | 8,645 | 433 | 557 | 9,635 |
|                                                                                                                   |   |   |   |   |
|                                                                                                                   |   |   |   |   |
| At 31 March 2013 significant individual brands included within the carrying value of intangible assets are as follows. |
|                                                                                                                   |   | 2013US$m | 2012US$m | Amortisation period remaining (years) |
| Brand carrying value                                                                                                   |   |   |   |   |
| Carlton (Australia)                                                                                                    |   | 2,139 | 2,181 | 39 |
| Águila (Colombia)                                                                                                 |   | 1,478 | 1,557 | 32 |
| Victoria Bitter (Australia)                                                                                            |   | 1,080 | 1,101 | 39 |
| Cristal (Peru)                                                                                                         |   | 646 | 646 | 32 |
| Grolsch (Netherlands)                                                                                                  |   | 421 | 451 | 35 |
|                                                                                                                   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                             |  |  |  |  |  |
| 12.  Property, plant and equipment                                                                                                          |   |   |   |   |   |
|                                                                                                                                        | Assets in |   | Plant, |   |   |
|                                                                                                                                        | course of | Land and | vehicles | Returnable |   |
|                                                                                                                                        | construction | buildings | and systems | containers | Total |
|                                                                                                                                        | US$m | US$m | US$m | US$m | US$m |
| Cost                                                                                                                                        |   |   |   |   |   |
| At 1 April 2011                                                                                                                             | 358 | 3,743 | 8,787 | 2,245 | 15,133 |
| Exchange adjustments                                                                                                                        | (15) | (99) | (350) | (106) | (570) |
| Additions                                                                                                                                   | 801 | 20 | 369 | 306 | 1,496 |
| Acquisitions - through business combinations                                                                                                | 54 | 347 | 373 | 12 | 786 |
| Breakages and shrinkage                                                                                                                     | - | - | - | (73) | (73) |
| Transfers                                                                                                                                   | (563) | 118 | 383 | 62 | - |
| Transfers to intangible assets                                                                                                              | (3) | - | - | - | (3) |
| Transfers to disposal group classified as held for sale                                                                                     | - | (10) | (44) | - | (54) |
| Disposals                                                                                                                                   | (48) | (354) | (1,268) | (379) | (2,049) |
| At 31 March 2012                                                                                                                            | 584 | 3,765 | 8,250 | 2,067 | 14,666 |
| Exchange adjustments                                                                                                                        | (18) | (163) | (505) | (147) | (833) |
| Additions                                                                                                                                   | 720 | 25 | 324 | 296 | 1,365 |
| Acquisitions - through business combinations (see note 28)                                                                                  | - | 1 | 1 | - | 2 |
| Breakages and shrinkage                                                                                                                     | - | - | - | (71) | (71) |
| Transfers                                                                                                                                   | (733) | 115 | 532 | 86 | - |
| Transfers from other assets                                                                                                                 | - | - | 3 | - | 3 |
| Transfers to disposal group classified as held for sale (see note 18)                                                                       | - | (2) | (10) | - | (12) |
| Disposals                                                                                                                                   | (11) | (18) | (313) | (138) | (480) |
| At 31 March 2013                                                                                                                            | 542 | 3,723 | 8,282 | 2,093 | 14,640 |
|                                                                                                                                        |   |   |   |   |   |
| Accumulated depreciation and impairment                                                                                                     |   |   |   |   |   |
| At 1 April 2011                                                                                                                             | - | 667 | 4,016 | 1,119 | 5,802 |
| Exchange adjustments                                                                                                                        | - | (29) | (174) | (57) | (260) |
| Provided during the year                                                                                                                    | - | 78 | 594 | 237 | 909 |
| Breakages and shrinkage                                                                                                                     | - | - | - | (26) | (26) |
| Transfers to disposal group classified as held for sale                                                                                     | - | (2) | (25) | - | (27) |
| Disposals                                                                                                                                   | - | (42) | (635) | (217) | (894) |
| At 31 March 2012                                                                                                                            | - | 672 | 3,776 | 1,056 | 5,504 |
| Exchange adjustments                                                                                                                        | - | (43) | (273) | (82) | (398) |
| Provided during the year                                                                                                                    | - | 78 | 563 | 226 | 867 |
| Breakages and shrinkage                                                                                                                     | - | - | - | (24) | (24) |
| Impairment                                                                                                                                  | - | 4 | 35 | - | 39 |
| Transfers to disposal group classified as held for sale (see note 18)                                                                       | - | (1) | (6) | - | (7) |
| Disposals                                                                                                                                   | - | (8) | (293) | (99) | (400) |
| At 31 March 2013                                                                                                                            | - | 702 | 3,802 | 1,077 | 5,581 |
|                                                                                                                                        |   |   |   |   |   |
| Net book amount                                                                                                                             |   |   |   |   |   |
| At 1 April 2011                                                                                                                             | 358 | 3,076 | 4,771 | 1,126 | 9,331 |
| At 31 March 2012                                                                                                                            | 584 | 3,093 | 4,474 | 1,011 | 9,162 |
| At 31 March 2013                                                                                                                            | 542 | 3,021 | 4,480 | 1,016 | 9,059 |
|                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |
| As a result of annual impairment reviews, US$19 million of impairment losses have been recognised in the year (2012: US$nil) (see note 10). |
|                                                                                                                                        |   |   |   |   |   |
| Included in land and buildings is freehold land with a cost of US$725 million (2012: US$742 million) which is not depreciated.              |
|                                                                                                                                        |   |   |   |   |   |
| Included in plant, vehicles and systems are the following amounts relating to assets held under finance leases.                             |
|                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                        |   |   |   | 2013 | 2012 |
|                                                                                                                                        |   |   |   | US$m | US$m |
| Net book amount                                                                                                                             |   |   |   | 40 | 34 |
|                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|        |
|--------|
|        |  |  |  |  |  |  |
|   | 12.  Property, plant and equipment (continued) |   |   |   |   |   |
|   |   |   |   |   |   |   |
|   | Included in the amounts above are the following amounts in respect of borrowing costs capitalised. |
|   |   |   |   |   |   |   |
|   |   |   |   |   | 2013 | 2012 |
|   |   |   |   |   | US$m | US$m |
|   | At 1 April |   |   |   | 53 | 56 |
|   | Exchange adjustments |   |   |   | (4) | (2) |
|   | Amortised during the year |   |   |   | - | (1) |
|   | At 31 March |   |   |   | 49 | 53 |
|   |   |   |   |   |   |   |
|   | Borrowing costs of US$nil (2012: US$nil) were capitalised during the year. |
|   |
|   | Borrowings are secured by various of the group's property, plant and equipment with an aggregate net book value of US$21 million (2012: US$20 million). |

|                                                                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                  |  |  |  |
| 13.  Investments in joint ventures                                                                                                                                                                               |   |   |   |
|                                                                                                                                                                                                             |   |   |   |
| A list of the group's significant investments in joint ventures, including the name, country of incorporation and proportion of ownership interest is given in note 33 to the consolidated financial statements. |
|                                                                                                                                                                                                             |   |   |   |
|                                                                                                                                                                                                             |   |   | US$m |
|                                                                                                                                                                                                             |   |   |   |
| At 1 April 2011                                                                                                                                                                                                  |   |   | 5,813 |
| Investments in joint ventures                                                                                                                                                                                    |   |   | 288 |
| Transfer to subsidiary undertaking                                                                                                                                                                               |   |   | (100) |
| Share of results retained                                                                                                                                                                                        |   |   | 671 |
| Share of other comprehensive loss                                                                                                                                                                                |   |   | (256) |
| Dividends received                                                                                                                                                                                               |   |   | (896) |
| At 31 March 2012                                                                                                                                                                                                 |   |   | 5,520 |
| Investments in joint ventures                                                                                                                                                                                    |   |   | 272 |
| Share of results retained                                                                                                                                                                                        |   |   | 717 |
| Share of other comprehensive loss                                                                                                                                                                                |   |   | (76) |
| Dividends received                                                                                                                                                                                               |   |   | (886) |
| At 31 March 2013                                                                                                                                                                                                 |   |   | 5,547 |
|                                                                                                                                                                                                             |   |   |   |
| On 13 January 2012 the remaining 50% interest in Pacific Beverages was purchased and from this date the company has been accounted for as a subsidiary.                                                          |
|                                                                                                                                                                                                             |   |   |   |
| Summarised financial information for the group's interest in joint ventures is shown below.                                                                                                                      |
|                                                                                                                                                                                                             |   |   |   |
|                                                                                                                                                                                                             | 2013 |   | 2012 |
|                                                                                                                                                                                                             | US$m |   | US$m |
|                                                                                                                                                                                                             |   |   |   |
| Revenue                                                                                                                                                                                                          | 5,214 |   | 5,174 |
| Expenses                                                                                                                                                                                                         | (4,497) |   | (4,502) |
| Profit after tax                                                                                                                                                                                                 | 717 |   | 672 |
|                                                                                                                                                                                                             |   |   |   |
| Non-current assets                                                                                                                                                                                               | 5,626 |   | 5,613 |
| Current assets                                                                                                                                                                                                   | 593 |   | 573 |
| Current liabilities                                                                                                                                                                                              | (521) |   | (528) |
| Non-current liabilities                                                                                                                                                                                          | (829) |   | (801) |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |
| 14.  Investments in associates                                                                                                                                                                                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| A list of the group’s significant investments in associates, including the name, country of incorporation and proportion of ownership interest is given in note 33 to the consolidated financial statements.                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| At 1 April 2011                                                                                                                                                                                                                                                                                                                                                         |   |   | 2,719 |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                    |   |   | (102) |
| Investments in associates                                                                                                                                                                                                                                                                                                                                               |   |   | 2,056 |
| Repayment of investments by associates                                                                                                                                                                                                                                                                                                                                  |   |   | (14) |
| Acquisitions - through business combinations                                                                                                                                                                                                                                                                                                                            |   |   | 186 |
| Disposal of investments in associates                                                                                                                                                                                                                                                                                                                                   |   |   | (104) |
| Share of results retained                                                                                                                                                                                                                                                                                                                                               |   |   | 481 |
| Dividends receivable                                                                                                                                                                                                                                                                                                                                                    |   |   | (150) |
| At 31 March 2012                                                                                                                                                                                                                                                                                                                                                        |   |   | 5,072 |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                    |   |   | (161) |
| Investments in associates                                                                                                                                                                                                                                                                                                                                               |   |   | 106 |
| Disposal of investments in associates                                                                                                                                                                                                                                                                                                                                   |   |   | (21) |
| Share of results retained                                                                                                                                                                                                                                                                                                                                               |   |   | 527 |
| Share of gains recognised in other comprehensive loss                                                                                                                                                                                                                                                                                                                   |   |   | 6 |
| Dividends receivable                                                                                                                                                                                                                                                                                                                                                    |   |   | (113) |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                        |   |   | 5,416 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| 2013                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
| On 7 November 2012 Foster's sold its 49.9% interest in Foster's USA LLC to MillerCoors LLC at no gain or loss to the group. Foster's LLC is now wholly owned by MillerCoors LLC.                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| 2012                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
| On 1 January 2012 the group acquired a 27.5% interest in BIH Brasseries Internationales Holding (Angola) Ltd (BIH Angola) in exchange for contributing its Angolan businesses, including its associate, Empresa de Cervejas N'Gola SARL, into BIH Angola. Castel acquired the remaining 72.5% in BIH Angola, having contributed its Angolan businesses into BIH Angola. |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| On 6 March 2012 the group completed its strategic alliance with Anadolu Efes. The group’s Russian business, SABMiller RUS LLC, and Ukrainian business, PJSC Miller Brands Ukraine, were contributed to Anadolu Efes, in exchange for a 24% equity stake in the enlarged Anadolu Efes group.                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| On 25 November 2011 the group disposed of its effective 12% investment in Kenya Breweries Ltd, generating a profit of US$103 million.                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| The analysis of associated undertakings between listed and unlisted investments is shown below.                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                    |   | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| Listed                                                                                                                                                                                                                                                                                                                                                                  | 2,580 |   | 2,536 |
| Unlisted                                                                                                                                                                                                                                                                                                                                                                | 2,836 |   | 2,536 |
|                                                                                                                                                                                                                                                                                                                                                                    |   | 5,416 |   | 5,072 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| As at 31 March, the market value of listed investments included above is:                                                                                                                                                                                                                                                                                               |   |   |   |
| - Anadolu Efes                                                                                                                                                                                                                                                                                                                                                          | 2,318 |   | 1,985 |
| - Distell Group Ltd                                                                                                                                                                                                                                                                                                                                                     | 704 |   | 574 |
| - Delta Corporation Ltd                                                                                                                                                                                                                                                                                                                                                 | 351 |   | 204 |
| - Tsogo Sun Holdings Ltd                                                                                                                                                                                                                                                                                                                                                | 1,166 |   | 1,032 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                               |  |  |  |  |
|                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| 14.  Investments in associates (continued)                                                                                                                                                                                                                                                                    |   |   |   |
|                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Summarised financial information for associates for total assets, total liabilities, revenue and profit or loss on a 100% basis is shown below.                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                          |   |   |   |   |
|                                                                                                                                                                                                                                                                                                          |   | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                          |   | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Total assets                                                                                                                                                                                                                                                                                                  | 23,249 |   | 18,731 |
| Total liabilities                                                                                                                                                                                                                                                                                             | (8,890) |   | (6,231) |
| Revenue                                                                                                                                                                                                                                                                                                       | 19,046 |   | 12,963 |
| Net profit                                                                                                                                                                                                                                                                                                    | 2,155 |   | 1,760 |
|                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Some of the group’s investments in associated undertakings which operate in African countries are also subject to local exchange control regulations. These local exchange control regulations provide for restrictions on exporting capital from those countries, other than through normal dividends. |

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |
| 15.  Inventories                                                                                                      |   |   |   |
|                                                                                                                  |   | 2013 |   | 2012 |
|                                                                                                                  |   | US$m |   | US$m |
|                                                                                                                  |   |   |   |   |
| Raw materials and consumables                                                                                         | 691 |   | 670 |
| Work in progress                                                                                                      | 123 |   | 122 |
| Finished goods and goods for resale                                                                                   | 361 |   | 456 |
|                                                                                                                  |   | 1,175 |   | 1,248 |
|                                                                                                                  |   |   |   |   |
|                                                                                                                  |   |   |   |   |
| The following amount of inventories are expected to be utilised after 12 months.                                      |   |   |   |
|                                                                                                                  |   |   |   |   |
|                                                                                                                  |   | 2013 |   | 2012 |
|                                                                                                                  |   | US$m |   | US$m |
|                                                                                                                  |   |   |   |   |
| Raw materials and consumables                                                                                         | 48 |   | 43 |
|                                                                                                                  |   |   |   |   |
| There were no borrowings secured on the inventories of the group (2012: US$nil).                                      |   |   |   |
|                                                                                                                  |   |   |   |   |
| An impairment charge of US$15 million was recognised in respect of inventories during the year (2012: US$12 million). |
|                                                                                                                  |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | 16. Trade and other receivables |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   | 2013 |   | 2012 |
|   |   |   |   |   |   |   |   |   |   |   | US$m |   | US$m |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Trade receivables |   |   |   |   |   |   |   |   | 1,740 |   | 1,545 |
|   | Less: provision for impairment |   |   |   |   |   |   |   |   | (140) |   | (140) |
|   | Trade receivables - net |   |   |   |   |   |   |   |   | 1,600 |   | 1,405 |
|   | Other receivables |   |   |   |   |   |   |   |   | 392 |   | 492 |
|   | Less: provision for impairment |   |   |   |   |   |   |   |   | (12) |   | (12) |
|   | Other receivables - net |   |   |   |   |   |   |   |   | 380 |   | 480 |
|   | Amounts owed by associates |   |   |   |   |   |   |   |   | 68 |   | 205 |
|   | Amounts owed by joint ventures - trade |   |   |   |   |   |   |   |   | 5 |   | 6 |
|   | Prepayments and accrued income |   |   |   |   |   |   |   |   | 158 |   | 244 |
|   | Total trade and other receivables |   |   |   |   |   |   |   |   | 2,211 |   | 2,340 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Analysed as: |   |   |   |   |   |   |   |   |   |   |   |
|   | Current |   |   |   |   |   |   |   |   |   |   |   |
|   | Trade receivables - net |   |   |   |   |   |   |   |   | 1,584 |   | 1,389 |
|   | Other receivables - net |   |   |   |   |   |   |   |   | 274 |   | 370 |
|   | Amounts owed by associates |   |   |   |   |   |   |   |   | 59 |   | 205 |
|   | Amounts owed by joint ventures - trade |   |   |   |   |   |   |   |   | 5 |   | 6 |
|   | Prepayments and accrued income |   |   |   |   |   |   |   |   | 145 |   | 234 |
|   |   |   |   |   |   |   |   |   |   | 2,067 |   | 2,204 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Non-current |   |   |   |   |   |   |   |   |   |   |   |
|   | Trade receivables - net |   |   |   |   |   |   |   |   | 16 |   | 16 |
|   | Other receivables - net |   |   |   |   |   |   |   |   | 106 |   | 110 |
|   | Amounts owed by associates |   |   |   |   |   |   |   |   | 9 |   | - |
|   | Prepayments and accrued income |   |   |   |   |   |   |   |   | 13 |   | 10 |
|   |   |   |   |   |   |   |   |   |   | 144 |   | 136 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | The net carrying values of trade and other receivables are considered a close approximation of their fair values. |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | At 31 March 2013 trade and other receivables of US$466 million (2012: US$441 million) were past due but not impaired. These relate to customers of whom there is no recent history of default. The ageing of these trade and other receivables is shown below. |
|   |   |   |   |   |   |   |   |   |   |   |   |   | Past due |
|   |   |   | Fully |   | Within |   |   |   |   |   |   |   | Over |
|   |   |   | performing |   | 30 days |   | 30-60 days |   | 60-90 days |   | 90-180 days |   | 180 days |
|   |   |   | US$m |   | US$m |   | US$m |   | US$m |   | US$m |   | US$m |
|   | At 31 March 2013 |   |   |   |   |   |   |   |   |   |   |   |
|   | Trade receivables | 1,255 |   | 181 |   | 62 |   | 15 |   | 18 |   | 42 |
|   | Other receivables | 290 |   | 44 |   | 18 |   | 5 |   | 4 |   | 15 |
|   | Amounts owed by associates | 6 |   | 2 |   | - |   | 3 |   | 4 |   | 53 |
|   | Amounts owed by joint ventures - trade | 5 |   | - |   | - |   | - |   | - |   | - |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | At 31 March 2012 |   |   |   |   |   |   |   |   |   |   |   |
|   | Trade receivables | 1,140 |   | 129 |   | 58 |   | 15 |   | 23 |   | 29 |
|   | Other receivables | 353 |   | 16 |   | 13 |   | 4 |   | 18 |   | 3 |
|   | Amounts owed by associates | 72 |   | 8 |   | 6 |   | - |   | 12 |   | 107 |
|   | Amounts owed by joint ventures - trade | 6 |   | - |   | - |   | - |   | - |   | - |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | The group holds collateral as security for past due trade receivables to the value of US$17 million (2012: US$28 million). Collateral held primarily includes bank guarantees and charges over assets. |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | At 31 March 2013 trade receivables of US$167 million (2012: US$151 million) were determined to be specifically impaired and provided for.The amount of the provision at 31 March 2013 was US$140 million (2012: US$140 million) and reflects trade receivables from customers which are considered to be experiencing difficult economic situations. It was assessed that a portion of these receivables is expected to be recovered. The group holds collateral as security against specifically impaired trade receivables with a fair value of US$1 million (2012: US$1 million). |
|   |
|   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| 16. Trade and other receivables (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| At 31 March 2013 other receivables of US$16 million (2012: US$13 million) were determined to be specifically impaired and provided for.The amount of the provision at 31 March 2013 was US$12 million (2012: US$12 million) and reflects loans to customers which are considered to be experiencing difficult economic situations. It was assessed that a portion of these receivables is expected to be recovered. The group held collateral as security against specifically impaired other receivables at 31 March 2013 of US$1 million (2012: US$nil). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| The carrying amounts of trade and other receivables are denominated in the following currencies.                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   | US$m |   | US$m |
| SA rand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   | 340 |   | 413 |
| US dollars                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   | 238 |   | 355 |
| Australian dollars                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   | 260 |   | 385 |
| Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   | 246 |   | 241 |
| Colombian peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   | 167 |   | 162 |
| Czech koruna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   | 91 |   | 89 |
| British pound                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   | 81 |   | 79 |
| Polish zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   | 211 |   | 142 |
| Indian rupee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   | 136 |   | 110 |
| Other currencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   | 441 |   | 364 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   | 2,211 |   | 2,340 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Movements on the provisions for impairment of trade receivables and other receivables are as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   | Trade receivables |   | Other receivables |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   | US$m |   | US$m |   | US$m |   | US$m |
| At 1 April                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   | (140) |   | (147) |   | (12) |   | (14) |
| Provision for receivables impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   | (23) |   | (25) |   | - |   | - |
| Receivables written off during the year as uncollectible                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   | 12 |   | 7 |   | - |   | 1 |
| Acquisitions - through business combinations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   | - |   | (5) |   | - |   | - |
| Disposals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   | 4 |   | 20 |   | - |   | - |
| Transfers to disposal group classified as held for sale                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   | - |   | 1 |   | - |   | - |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   | 7 |   | 9 |   | - |   | 1 |
| At 31 March                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   | (140) |   | (140) |   | (12) |   | (12) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| The creation of provisions for impaired receivables is included in net operating expenses in the income statement (see note 3).                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |
| 17.  Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Short-term deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,684 |   | 103 |
| Cash at bank and in hand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 487 |   | 642 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2,171 |   | 745 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Cash and short-term deposits of US$146 million (2012: US$144 million) are held in African countries (including South Africa) and are subject to local exchange control regulations. These local exchange control regulations provide for restrictions on exporting capital from those countries, other than through normal dividends.                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| The group operates notional cash pools. The structures facilitate interest and balance compensation of cash and bank overdrafts. These notional pooling arrangements meet the set-off rules under IFRS and, as a result, the cash and overdraft balances have been reported net on the balance sheet.                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Effective 1 January 2012 the group combined the operational management of its Angolan businesses in Africa with the Angolan businesses of its associate, Castel. All of the Angolan businesses, in which the group retains an associate interest, are being managed from that date by Castel. As a result, a participation in a bank loan of US$100 million previously owed by an Angolan subsidiary of the group was no longer entitled to be offset within borrowings.                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| During the year ended 31 March 2013 Castel has paid US$100 million to the group to cover the group's exposure in respect of the loan participation deposit. This has resulted in a payable to associate being recorded in the consolidated balance sheet, as the loan participation deposit and the payable to associate are held with different counterparties and therefore are unable to be offset. In accordance with IAS 7 'Statement of Cash Flows', the loan participation has been separately disclosed on the balance sheet as a loan participation deposit, and in the cash flow statement has not been treated as a cash and cash equivalent as it is not readily convertible into cash. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                              |  |  |  |
| 18.  Disposal group held for sale                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| During 2013 the group agreed to sell its milk and juice business in Panama, subject to regulatory approvals. Accordingly the assets and liabilities related to the milk and juice business in Panama have been presented as held for sale, and the disposal group presented within the Latin America segment in accordance with IFRS 8 'Operating segments'. |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| In 2012 the assets and liabilities related to Foster's interests in its Fijian beverage operations, Foster's Group Pacific Limited, were presented as held for sale, and the disposal group presented within Asia Pacific. The Fijian beverage operations were disposed of on 7 September 2012.                                                              |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| a. Assets of disposal group classified as held for sale                                                                                                                                                                                                                                                                                                      |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                         | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                         | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Goodwill                                                                                                                                                                                                                                                                                                                                                     | 13 |   | 29 |
| Intangible assets                                                                                                                                                                                                                                                                                                                                            | 2 |   | - |
| Property, plant and equipment                                                                                                                                                                                                                                                                                                                                | 5 |   | 27 |
| Inventories                                                                                                                                                                                                                                                                                                                                                  | 3 |   | 18 |
| Trade and other receivables                                                                                                                                                                                                                                                                                                                                  | - |   | 5 |
|                                                                                                                                                                                                                                                                                                                                                         | 23 |   | 79 |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| b. Liabilities of disposal group classified as held for sale                                                                                                                                                                                                                                                                                                 |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                         | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                         | US$m |   | US$m |
|                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Borrowings                                                                                                                                                                                                                                                                                                                                                   | - |   | 1 |
| Trade and other payables                                                                                                                                                                                                                                                                                                                                     | - |   | 3 |
| Provisions                                                                                                                                                                                                                                                                                                                                                   | - |   | 1 |
| Deferred tax liabilities                                                                                                                                                                                                                                                                                                                                     | 1 |   | 2 |
|                                                                                                                                                                                                                                                                                                                                                         | 1 |   | 7 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| 19.  Trade and other payables           |   |   |   |
|                                    | 2013 |   | 2012 |
|                                    | US$m |   | US$m |
| Trade payables                          | 1,236 |   | 1,262 |
| Accruals                                | 873 |   | 1,076 |
| Deferred income                         | 9 |   | 14 |
| Containers in the hands of customers    | 504 |   | 449 |
| Amounts owed to associates              | 150 |   | 42 |
| Amounts owed to joint ventures - trade  | 14 |   | 17 |
| Deferred consideration for acquisitions | 10 |   | 12 |
| Excise duty payable                     | 363 |   | 383 |
| VAT and other taxes payable             | 239 |   | 248 |
| Other payables                          | 738 |   | 736 |
| Total trade and other payables          | 4,136 |   | 4,239 |
|                                    |   |   |   |
| Analysed as:                            |   |   |   |
| Current                                 |   |   |   |
| Trade payables                          | 1,236 |   | 1,262 |
| Accruals                                | 873 |   | 1,076 |
| Deferred income                         | 5 |   | 6 |
| Containers in the hands of customers    | 504 |   | 449 |
| Amounts owed to associates - trade      | 50 |   | 42 |
| Amounts owed to joint ventures - trade  | 14 |   | 17 |
| Deferred consideration for acquisitions | 4 |   | 3 |
| Excise duty payable                     | 363 |   | 383 |
| VAT and other taxes payable             | 239 |   | 248 |
| Other payables                          | 716 |   | 641 |
|                                    | 4,004 |   | 4,127 |
|                                    |   |   |   |
| Non-current                             |   |   |   |
| Deferred income                         | 4 |   | 8 |
| Amounts owed to associates              | 100 |   | - |
| Deferred consideration for acquisitions | 6 |   | 9 |
| Other payables                          | 22 |   | 95 |
|                                    | 132 |   | 112 |
|                                    |   |   |   |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |
| 20.  Deferred taxation                                                |   |   |   |   |   |   |   |
|                                                                  |   |   |   |
| The movement on the net deferred tax liability is shown below.        |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   | 2013 | 2012 |
|                                                                  |   |   |   |   |   |   | US$m | US$m |
| At 1 April                                                            |   |   |   |   |   | 3,602 | 2,394 |
| Exchange adjustments                                                  | (45) | 52 |
| Acquisitions - through business combinations (see note 28)            | 1 | 1,270 |
| Transfers to disposal group classified as held for sale (see note 18) | (1) | (2) |
| Disposals                                                             | - | (26) |
| Rate change                                                           | (64) | (25) |
| Transfers to current tax                                              | - | (17) |
| Charged to the income statement                                       | (23) | 57 |
| Deferred tax on items charged to other comprehensive loss:            |   |   |
| - Financial instruments                                               | (6) | (30) |
| - Actuarial gains and losses                                          | (28) | (71) |
| At 31 March                                                           | 3,436 | 3,602 |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                             |  |  |  |  |  |  |  |  |
| 20.  Deferred taxation (continued)                                                                                                          |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
| The movements in deferred tax assets and liabilities (after offsetting of balances as permitted by IAS 12) during the year are shown below. |
|                                                                                                                                        |   | Fixed asset allowances | Pensions and post-retirement benefit provisions | Intangibles | Financial instruments | Investment in MillerCoors joint venture | Other timing differences | Total |
|                                                                                                                                        |   | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Deferred tax liabilities                                                                                                                    |   |   |   |   |   |   |   |
| At 1 April 2011                                                                                                                             | 711 | (16) | 1,187 | (48) | 748 | (4) | 2,578 |
| Exchange adjustments                                                                                                                        | (34) | (1) | 95 | - | - | (13) | 47 |
| Acquisitions - through business  combinations                                                                                     | (36) | - | 1,600 | 5 | - | (297) | 1,272 |
| Disposals                                                                                                                                   | (49) | - | (2) | - | - | (4) | (55) |
| Rate change                                                                                                                                 | - | - | - | - | - | (25) | (25) |
| Transfers to current tax                                                                                                                    | 1 | - | - | - | - | (16) | (15) |
| Transfers to/(from) deferred tax assets                                                                                                     | 2 | - | - | - | - | (23) | (21) |
| Transfers to disposal group classified   as held for sale                                                                         | - | - | - | (2) | - | - | (2) |
| Charged/(credited) to the income statement                                                                                                  | 112 | 5 | (62) | - | 37 | (51) | 41 |
| Deferred tax on items charged to other  comprehensive loss:                                                                       |   |   |   |   |   |   |   |
| - Financial instruments                                                                                                                     | - | - | - | (1) | (29) | - | (30) |
| - Actuarial gains and losses                                                                                                                | - | (2) | - | - | (69) | - | (71) |
| At 31 March 2012                                                                                                                            | 707 | (14) | 2,818 | (46) | 687 | (433) | 3,719 |
| Exchange adjustments                                                                                                                        | (51) | - | 2 | - | - | 2 | (47) |
| Acquisitions - through business   combinations                                                                                    | - | - | 1 | - | - | - | 1 |
| Rate change                                                                                                                                 | (64) | - | - | - | - | - | (64) |
| Transfers from deferred tax assets                                                                                                          | (11) | - | - | - | - | (14) | (25) |
| Transfers to disposal group classified   as held for sale                                                                         | - | - | (1) | - | - | - | (1) |
| Charged/(credited) to the income statement                                                                                                  | 104 | 22 | (125) | (2) | 44 | (85) | (42) |
| Deferred tax on items charged/(credited)                                                                                                    |   |   |   |   |   |   |   |
| to other comprehensive loss:                                                                                                                |   |   |   |   |   |   |   |
| - Financial instruments                                                                                                                     | - | - | - | 1 | (7) | - | (6) |
| - Actuarial gains and losses                                                                                                                | - | (6) | - | - | (22) | - | (28) |
| At 31 March 2013                                                                                                                            | 685 | 2 | 2,695 | (47) | 702 | (530) | 3,507 |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   | Fixed asset allowances | Provisions and accruals | Other timing differences | Total |
|                                                                                                                                        |   |   |   |   | US$m | US$m | US$m | US$m |
| Deferred tax assets                                                                                                                         |   |   |   |   |   |   |   |
| At 1 April 2011                                                                                                                             |   |   |   | - | 60 | 124 | 184 |
| Exchange adjustments                                                                                                                        |   | 1 | (1) | (5) | (5) |
| Acquisitions - through business combinations                                                                                                | 2 | - | - | 2 |
| Disposals                                                                                                                                   |   |   |   | (4) | (7) | (18) | (29) |
| Transfers to current tax                                                                                                                    |   |   |   | - | - | 2 | 2 |
| Rate change                                                                                                                                 |   | - | 1 | (1) | - |
| Transfers from/(to) deferred tax liabilities                                                                                                |   | 2 | (1) | (22) | (21) |
| (Charged)/credited to the income statement                                                                                                  |   | (1) | 5 | (20) | (16) |
| At 31 March 2012                                                                                                                            |   |   |   | - | 57 | 60 | 117 |
| Exchange adjustments                                                                                                                        |   | - | (1) | (1) | (2) |
| Transfers (to)/from deferred tax liabilities                                                                                                |   | (11) | (20) | 6 | (25) |
| Charged to the income statement                                                                                                             |   | (4) | (2) | (13) | (19) |
| At 31 March 2013                                                                                                                            |   |   |   | (15) | 34 | 52 | 71 |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |  |
| 20.  Deferred taxation (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| The deferred tax asset arises due to timing differences in Europe, Africa, Asia Pacific, and Latin America and, in the prior year, also Corporate. Given both recent and forecast trading, the directors are of the opinion that the level of profits in the foreseeable future is more likely than not to be sufficient to recover these assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Deferred tax liabilities of US$3,449 million (2012: US$3,662 million) are expected to fall due after more than one year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Deferred tax assets of US$52 million (2012: US$71 million) are expected to be recovered after more than one year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   | US$m | US$m |
| Unrecognised deferred tax assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Deferred tax assets have not been recognised in respect of the following items:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| Tax losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   | 345 | 161 |
| Tax credits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   | 1,318 | 242 |
| Depreciation in excess of capital allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   | 16 | 13 |
| Share-based payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   | 29 | 25 |
| Other deductible temporary differences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   | 60 | 107 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   | 1,768 | 548 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Deferred tax assets in respect of tax losses are not recognised unless there is convincing evidence that there will be sufficient profits in future years to recover the assets. A significant part of the tax losses arise in the UK and the value has been calculated at the substantively enacted rate of 23%. It has been announced that the rate will to fall 20% commencing 1 April 2015. The impact of this reduction is not anticipated to have a material impact on the financial statements. The tax losses do not expire.                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Deferred tax assets in respect of tax credits arising which are carried forward for offset against future profits are not recognised unless there is absolute certainty that future profits will arise. US$968 million (2012: US$242 million) of such tax credits expire within 10 years.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Deferred tax is recognised on the unremitted earnings of overseas subsidiaries where there is an intention to distribute those reserves. A deferred tax liability of US$16 million (2012: US$37 million) has been recognised. A deferred tax liability of US$80 million (2012: US$51 million) has also been recognised in respect of unremitted profits of associates where a dividend policy is not in place. No deferred tax has been recognised on unremitted earnings of overseas subsidiaries where the group is able to control the timing of the reversal of these differences and it is not probable that they will not reverse in the foreseeable future. Similarly no tax is provided where there are plans to remit overseas earnings of subsidiaries but it is not expected that such distributions will give rise to a tax liability. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| As a result of UK legislation which largely exempts overseas dividends from tax, the temporary differences arising on unremitted profits are unlikely to lead to additional corporate taxes. However, remittance to the UK of those earnings may still result in a tax liability, principally as a result of withholding taxes levied by the overseas tax jurisdictions in which those subsidiaries operate.                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |
| 21.  Borrowings                                         |   |   |   |
|                                                    | 2013 |   | 2012 |
|                                                    | US$m |   | US$m |
| Current                                                 |   |   |   |
| Secured                                                 |   |   |   |
| Overdrafts                                              | 9 |   | 10 |
| Obligations under finance leases                        | 8 |   | 5 |
| Other secured loans                                     | 5 |   | 6 |
|                                                    | 22 |   | 21 |
| Unsecured                                               |   |   |   |
| US$1,100 million 5.5% Notes due 20131,2,3,4             | 1,111 |   | - |
| COP338,520 million IPC + 7.5% Ordinary Bonds due 20135  | 200 |   | - |
| US$550 million 5.7% Notes due 20141,2,4,6               | 570 |   | - |
| ZAR1,600 million 9.935% Notes due 20122,7               | - |   | 209 |
| COP370,000 million IPC + 8.18% Ordinary Bonds due 20125 | - |   | 220 |
| Other unsecured loans                                   | 363 |   | 484 |
| Overdrafts                                              | 203 |   | 128 |
|                                                    | 2,447 |   | 1,041 |
| Total current borrowings                                | 2,469 |   | 1,062 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
| 21.  Borrowings (continued)                                                |   |   |   |
|                                                                       | 2013 |   | 2012 |
|                                                                       | US$m |   | US$m |
| Non-current                                                                |   |   |   |
| Secured                                                                    |   |   |   |
| Obligations under finance leases                                           | 27 |   | 16 |
| Other secured loans                                                        | 4 |   | 12 |
|                                                                       | 31 |   | 28 |
|                                                                       |   |   |   |
| Unsecured                                                                  |   |   |   |
| ZAR1,000 million 7.125% Notes due 20181,2                                  | 108 |   | - |
| €1,000 million 1.875% Notes due 20202,3,4                            | 1,275 |   | - |
| US$1,000 million 1.85% Notes due 20152,4,5                                 | 1,004 |   | 1,000 |
| US$2,000 million 2.45% Notes due 20172,4,5                                 | 2,020 |   | 1,993 |
| US$2,500 million 3.75% Notes due 20222,4,5                                 | 2,506 |   | 2,483 |
| US$1,500 million 4.95% Notes due 20422,4,5                                 | 1,485 |   | 1,484 |
| US$1,100 million 5.5% Notes due 20132,4,6,7                                | - |   | 1,124 |
| €1,000 million 4.5% Notes due 20152,7,8                              | 1,317 |   | 1,367 |
| US$300 million 6.625% Notes due 20332,4,7,9                                | 440 |   | 416 |
| US$850 million 6.5% Notes due 20162,4,7,10                                 | 937 |   | 960 |
| US$550 million 5.7% Notes due 20142,4,7,11                                 | - |   | 588 |
| US$700 million 6.5% Notes due 20182,4,7,11                                 | 792 |   | 811 |
| PEN150 million 6.75% Notes due 20152,7,12                                  | 59 |   | 56 |
| US$300 million 4.875% Notes due 20142,4,13                                 | 312 |   | 335 |
| US$700 million 5.125% Notes due 20152,4,14                                 | 762 |   | 730 |
| US$300 million 7.875% Notes due 20162,15                                   | 364 |   | 383 |
| US$300 million 5.875% Notes due 20352,4,14                                 | 344 |   | 358 |
| COP640,000 million IPC + 7.3% Ordinary Bonds due 201416                    | 396 |   | 391 |
| COP561,800 million IPC + 6.52% Ordinary Bonds due 201516                   | 330 |   | 320 |
| COP338,520 million IPC + 7.5% Ordinary Bonds due 201316                    | - |   | 205 |
| US$521 million (2012: US$2,169 million) unsecured loan due December 201417 | 523 |   | 2,180 |
| US$624 million (2012: US$750 million) unsecured loan due September 201617  | 621 |   | 744 |
| Other unsecured loans                                                      | 453 |   | 208 |
|                                                                       | 16,048 |   | 18,136 |
| Total non-current borrowings                                               | 16,079 |   | 18,164 |
| Total current and non-current borrowings                                   | 18,548 |   | 19,226 |
|                                                                       |   |   |   |
| Analysed as:                                                               |   |   |   |
| Borrowings                                                                 | 18,301 |   | 19,067 |
| Obligations under finance leases                                           | 35 |   | 21 |
| Overdrafts                                                                 | 212 |   | 138 |
|                                                                       | 18,548 |   | 19,226 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |  |  |
| Undrawn borrowing facilities                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| The group had the following undrawn committed borrowing facilities available at 31 March in respect of which all conditions precedent had been met at that date.                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | US$m | US$m |
| Amounts expiring:                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Within one year                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   | 281 | 774 |
| Between one and two years                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   | 17 | 12 |
| Between two and five years                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   | 554 | 788 |
| In five years or more                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   | 2,500 | 2,236 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 3,352 | 3,810 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| In April 2011 the group entered into a five-year US$2,500 million committed syndicated revolving credit facility, with the option of two one-year extensions. In March 2013 the maturity of this facility was extended to April 2018. The contingent guarantee referred to in footnote 7 above extends to the obligations of SABMiller plc in respect of this facility. |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Maturity of obligations under finance leases                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| Obligations under finance leases are as follows.                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | US$m | US$m |
| The minimum lease payments under finance leases fall due as follows.                                                                                                                                                                                                                                                                                                    |   |   |
| Within one year                                                                                                                                                                                                                                                                                                                                                         | 9 | 6 |
| Between one and five years                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   | 24 | 17 |
| In five years or more                                                                                                                                                                                                                                                                                                                                                   | 10 | - |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 43 | 23 |
| Future finance charges                                                                                                                                                                                                                                                                                                                                                  | (8) | (2) |
| Present value of finance lease liabilities                                                                                                                                                                                                                                                                                                                              | 35 | 21 |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |  |  |  |  |  |  |  |  |
| 21. Borrowings (continued)                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Maturity of non-current financial liabilities                                                                            |
| The maturity profile of the carrying amount of the group's non-current financial liabilities at 31 March was as follows. |
|                                                                                                                     | Borrowings and overdrafts | Finance leases | Net derivative financial assets¹ | 2013Total | Borrowingsand overdrafts | Finance leases | Net derivative financialassets¹ | 2012Total |
|                                                                                                                     | (note 23) | (note 23) |
|                                                                                                                     | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Amounts falling due:                                                                                                     |   |   |   |   |   |   |   |   |
| Between one and two years                                                                                                | 4,173 | 7 | (45) | 4,135 | 1,964 | 2 | (8) | 1,958 |
| Between two and five years                                                                                               | 5,031 | 15 | (235) | 4,811 | 10,605 | 14 | (356) | 10,263 |
| In five years or more                                                                                                    | 6,848 | 5 | (303) | 6,550 | 5,579 | - | (254) | 5,325 |
|                                                                                                                     | 16,052 | 27 | (583) | 15,496 | 18,148 | 16 | (618) | 17,546 |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| ¹Net borrowings-related derivative financial instruments only.                                                      |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                 |  |  |  |  |  |  |  |  |
| 22. Financial risk factors (continued)                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| The tables below set out the group’s currency exposures from financial assets and liabilities held by group companies in currencies other than their functional currencies and resulting in exchange movements in the income statement and balance sheet. |
|                                                                                                                                                                                                                                                            | US dollars | SA rand | Australian dollars | Euro | Other European currencies | Latin American currencies | Other | Total |
|                                                                                                                                                                                                                                                            | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Financial assets                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| Trade and other receivables                                                                                                                                                                                                                                     | 21 | 135 | 3 | 36 | 134 | 165 | 21 | 515 |
| Derivative financial instruments¹                                                                                                                                                                                                                          | 2,023 | 61 | - | 1,034 | 352 | - | - | 3,470 |
| Cash and cash equivalents                                                                                                                                                                                                                                       | 25 | 2 | - | 8 | 16 | 9 | 2 | 62 |
| Intra-group assets                                                                                                                                                                                                                                              | 190 | 8 | 115 | 1,062 | 802 | - | 2 | 2,179 |
| At 31 March 2013                                                                                                                                                                                                                                                | 2,259 | 206 | 118 | 2,140 | 1,304 | 174 | 25 | 6,226 |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on earnings - (loss)/gain                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| 20% increase in functional currency                                                                                                                                                                                                                             | (305) | (26) | (20) | (200) | (160) | (29) | (4) | (744) |
| 20% decrease in functional currency                                                                                                                                                                                                                             | 365 | 31 | 24 | 240 | 192 | 35 | 5 | 892 |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on other comprehensive income - (loss)/gain                                                                                                                                                                                                    |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| 20% increase in functional currency                                                                                                                                                                                                                             | (72) | (8) | - | (157) | (57) | - | - | (294) |
| 20% decrease in functional currency                                                                                                                                                                                                                             | 86 | 10 | - | 188 | 69 | - | - | 353 |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Financial liabilities                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Trade and other payables                                                                                                                                                                                                                                        | (260) | (47) | (19) | (143) | (415) | (215) | (5) | (1,104) |
| Derivative financial instruments¹                                                                                                                                                                                                                          | (58) | (565) | (1,331) | (431) | (1,023) | (428) | - | (3,836) |
| Borrowings                                                                                                                                                                                                                                                      | (1,533) | - | (521) | (2,557) | (9) | (58) | (113) | (4,791) |
| Intra-group liabilities                                                                                                                                                                                                                                         | (45) | (41) | (400) | (103) | (114) | - | (1) | (704) |
| At 31 March 2013                                                                                                                                                                                                                                                | (1,896) | (653) | (2,271) | (3,234) | (1,561) | (701) | (119) | (10,435) |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on earnings - gain/(loss)                                                                                                                                                                                                                      |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| 20% increase in functional currency                                                                                                                                                                                                                             | 316 | 17 | 70 | 200 | 90 | 36 | 20 | 749 |
| 20% decrease in functional currency                                                                                                                                                                                                                             | (379) | (20) | (84) | (240) | (108) | (43) | (24) | (898) |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on other comprehensive income - gain/(loss)                                                                                                                                                                                                    |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| 20% increase in functional currency                                                                                                                                                                                                                             | - | 92 | 309 | 339 | 171 | 81 | - | 992 |
| 20% decrease in functional currency                                                                                                                                                                                                                             | - | (110) | (370) | (407) | (205) | (97) | - | (1,189) |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| ¹These represent the notional amounts of derivative financial instruments.                                                                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |
| 22. Financial risk factors (continued)                                          |
|                                                                            |   |   |   |   |   |   |   |   |
|                                                                            | US dollars | SA rand | Australian dollars | Euro | Other European currencies | Latin American currencies | Other | Total |
|                                                                            | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| Financial assets                                                                |   |   |   |   |   |   |   |   |
| Trade and other receivables                                                     | 25 | 130 | 4 | 46 | 155 | - | 61 | 421 |
| Derivative financial instruments¹                                          | 2,273 | 40 | - | 543 | 231 | - | 21 | 3,108 |
| Cash and cash equivalents                                                       | 50 | 7 | 1 | 22 | 5 | 2 | 21 | 108 |
| Intra-group assets                                                              | 278 | 63 | 17 | 1,080 | 323 | - | 3 | 1,764 |
| At 31 March 2012                                                                | 2,626 | 240 | 22 | 1,691 | 714 | 2 | 106 | 5,401 |
|                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on earnings - (loss)/gain                                      |   |   |   |   |   |   |
| 20% increase in functional currency                                             | (345) | (40) | (4) | (211) | (81) | - | (15) | (696) |
| 20% decrease in functional currency                                             | 414 | 47 | 4 | 254 | 97 | - | 19 | 835 |
|                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on other comprehensive income - (loss)/gain                    |   |   |   |   |   |
| 20% increase in functional currency                                             | (93) | (1) | - | (71) | (39) | - | (2) | (206) |
| 20% decrease in functional currency                                             | 111 | 1 | - | 85 | 46 | - | 2 | 245 |
|                                                                            |   |   |   |   |   |   |   |   |
| Financial liabilities                                                           |   |   |   |   |   |   |   |   |
| Trade and other payables                                                        | (160) | (54) | (18) | (159) | (384) | (19) | (21) | (815) |
| Derivative financial instruments¹                                          | (236) | (492) | (1,035) | (121) | (709) | (510) | - | (3,103) |
| Borrowings                                                                      | (1,692) | - | (2,069) | (1,381) | - | (56) | (62) | (5,260) |
| Intra-group liabilities                                                         | (8) | (79) | (278) | (159) | (189) | - | (2) | (715) |
| At 31 March 2012                                                                | (2,096) | (625) | (3,400) | (1,820) | (1,282) | (585) | (85) | (9,893) |
|                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on earnings - gain/(loss)                                      |   |   |   |   |   |   |
| 20% increase in functional currency                                             | 349 | 22 | 49 | 287 | 95 | 3 | 15 | 820 |
| 20% decrease in functional currency                                             | (419) | (27) | (59) | (344) | (115) | (4) | (16) | (984) |
|                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on other comprehensive income - gain/(loss)                    |   |   |   |   |   |
| 20% increase in functional currency                                             | - | 82 | 517 | 17 | 118 | 95 | - | 829 |
| 20% decrease in functional currency                                             | - | (98) | (621) | (20) | (142) | (113) | - | (994) |
| ¹These represent the notional amounts of derivative financial instruments. |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |
| 22. Financial risk factors (continued)                                                        |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| The cash flow interest rate risk sensitivities on variable debt and interest rate swaps were. |
|                                                                                          | US dollars | SA rand | Australian dollars | Euro | Other European currencies | Colombian peso | Other | Total |
|                                                                                          | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| At 31 March 2013                                                                              |   |   |   |   |   |   |   |   |
| Net debt¹                                                                                | 11,745 | 148 | 523 | 2,539 | (19) | 884 | 557 | 16,377 |
| Less: fixed rate debt                                                                         | (11,085) | (108) | - | (2,592) | - | - | (265) | (14,050) |
| Variable rate debt                                                                            | 660 | 40 | 523 | (53) | (19) | 884 | 292 | 2,327 |
| Adjust for:                                                                                   |   |   |   |   |   |   |   |   |
| Financial derivatives                                                                         | 2,662 | 152 | 1,017 | 934 | 558 | - | - | 5,323 |
| Net variable rate debt exposure                                                               | 3,322 | 192 | 1,540 | 881 | 539 | 884 | 292 | 7,650 |
|                                                                                          |   |   |   |   |   |   |   |   |
| +/- 100 bps change                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on earnings                                                                  | 34 | 2 | 16 | 9 | 5 | 9 | 3 | 78 |
|                                                                                          |   |   |   |   |   |   |   |   |
| +/- 100 bps change                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on other   comprehensive income                                    | - | - | 8 | - | - | - | - | 8 |
|                                                                                          |   |   |   |   |   |   |   |   |
| At 31 March 2012                                                                              |   |   |   |   |   |   |   |   |
| Net debt¹                                                                                | 13,141 | 192 | 2,226 | 1,359 | (34) | 1,148 | 450 | 18,482 |
| Less: fixed rate debt                                                                         | (12,665) | - | - | (1,367) | - | - | (282) | (14,314) |
| Variable rate debt                                                                            | 476 | 192 | 2,226 | (8) | (34) | 1,148 | 168 | 4,168 |
| Adjust for:                                                                                   |   |   |   |   |   |   |   |   |
| Financial derivatives                                                                         | 3,692 | 183 | 1,083 | 885 | 139 | - | - | 5,982 |
| Net variable rate debt exposure                                                               | 4,168 | 375 | 3,309 | 877 | 105 | 1,148 | 168 | 10,150 |
|                                                                                          |   |   |   |   |   |   |   |   |
| +/- 100 bps change                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on earnings                                                                  | 42 | 4 | 34 | 9 | 1 | 12 | 2 | 104 |
|                                                                                          |   |   |   |   |   |   |   |   |
| +/- 100 bps change                                                                            |   |   |   |   |   |   |   |   |
| Potential impact on other   comprehensive income                                    | - | - | 12 | - | - | - | - | 12 |
|                                                                                          |   |   |   |   |   |   |   |   |
| ¹Excluding net borrowings-related derivative instruments.                                |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                       |  |  |  |  |  |  |  |
| 22. Financial risk factors (continued)                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Interest rate profiles of financial liabilities                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| The following table sets out the contractual repricing included within the underlying borrowings (excluding net borrowings-related derivatives)exposed to either fixed interest rates or floating interest rates and revises this for the repricing effect of interest rate and cross currency swaps. |
|                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                  |   |   | 2013 |   |   |   | 2012 |
|                                                                                                                                                                                                                                                                                                  | Total borrowings | Effect of derivatives | Totalexposure |   | Total borrowings | Effect of derivatives | Totalexposure |
|                                                                                                                                                                                                                                                                                                  | US$m | US$m | US$m |   | US$m | US$m | US$m |
| Financial liabilities                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| Repricing due:                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
| Within one year                                                                                                                                                                                                                                                                                       | 4,823 | 5,515 | 10,338 |   | 5,138 | 5,981 | 11,119 |
| Between one and two years                                                                                                                                                                                                                                                                             | 1,375 | (946) | 429 |   | 1,712 | (900) | 812 |
| Between two and five years                                                                                                                                                                                                                                                                            | 5,508 | (2,816) | 2,692 |   | 6,824 | (3,874) | 2,950 |
| In five years or more                                                                                                                                                                                                                                                                                 | 6,842 | (1,753) | 5,089 |   | 5,552 | (1,207) | 4,345 |
| Total interest bearing                                                                                                                                                                                                                                                                                | 18,548 | - | 18,548 |   | 19,226 | - | 19,226 |
|                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Analysed as:                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Fixed rate interest                                                                                                                                                                                                                                                                                   | 14,050 | (5,515) | 8,535 |   | 14,314 | (5,981) | 8,333 |
| Floating rate interest                                                                                                                                                                                                                                                                                | 4,498 | 5,515 | 10,013 |   | 4,912 | 5,981 | 10,893 |
| Total interest bearing                                                                                                                                                                                                                                                                                | 18,548 | - | 18,548 |   | 19,226 | - | 19,226 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |  |  |  |
| The table below analyses the group’s derivative financial instruments which will be settled on a gross basis into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. The amounts disclosed for financial guarantee contracts represent the maximum possible cash outflows for guarantees provided in respect of associates' bank facilities, which would only be payable upon the occurrence of certain default events. Should such events occur, certain remedies are available that could mitigate the impact. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over5 years |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | US$m | US$m | US$m | US$m |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (3,466) | (4,468) | (5,881) | (9,407) |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (11) | (13) | (13) | - |
| Trade and other payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (3,391) | (119) | - | - |
| Financial guarantee contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (234) | - | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| At 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (1,803) | (2,904) | (11,763) | (8,361) |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (18) | 16 | (11) | (35) |
| Trade and other payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (3,489) | (95) | (7) | (4) |
| Financial guarantee contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (174) | - | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| The table below analyses the group's derivative financial instruments which will be settled on a gross basis into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual settlement date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Forward foreign currency swaps have been included for the first time in the table below for the year ended 31 March 2013, along with the comparative for the prior year.                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over5 years |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | US$m | US$m | US$m | US$m |
| Forward foreign currency swaps                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |
| Outflow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2,944) | (43) | - | - |
| Inflow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2,982 | 43 | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| Forward foreign exchange contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
| Outflow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (1,308) | (63) | - | - |
| Inflow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,306 | 63 | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| Outflow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (325) | (466) | (1,730) | (874) |
| Inflow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 332 | 451 | 1,816 | 864 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |
|                                   |   |   |   |   |   |
| 22. Financial risk factors (continued) |   |   |   |   |
|                                   |   |   |   |   |   |
|                                   |   | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over5 years |
| At 31 March 2012                       | US$m | US$m | US$m | US$m |
| Forward foreign currency swaps         |   |   |   |   |
| Outflow                                | (2,492) | (87) | - | - |
| Inflow                                 | 2,527 | 82 | - | - |
|                                   |   |   |   |   |   |
| Forward foreign exchange contracts     |   |   |   |   |
| Outflow                                | (399) | (12) | - | - |
| Inflow                                 | 401 | 12 | - | - |
|                                   |   |   |   |   |   |
| Cross currency swaps                   |   |   |   |   |
| Outflow                                | (278) | (346) | (1,686) | (866) |
| Inflow                                 | 216 | 331 | 1,637 | 877 |

|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |  |  |  |
| Fair value estimation                                                                                      |   |   |   |   |
| The following table presents the group's financial assets and liabilities that are measured at fair value. |
|                                                                                                       | Level 1 | Level 2 | Level 3 | Total |
|                                                                                                       | US$m | US$m | US$m | US$m |
| At 31 March 2013                                                                                           |   |   |   |   |
| Assets                                                                                                     |   |   |   |   |
| Derivative financial instruments                                                                           | - | 843 | - | 843 |
| Available for sale investments                                                                             | - | 10 | 12 | 22 |
| Total assets                                                                                               | - | 853 | 12 | 865 |
|                                                                                                       |   |   |   |   |
| Liabilities                                                                                                |   |   |   |   |
| Derivative financial instruments                                                                           | - | (86) | - | (86) |
| Total liabilities                                                                                          | - | (86) | - | (86) |
|                                                                                                       |   |   |   |   |
| At 31 March 2012                                                                                           |   |   |   |   |
| Assets                                                                                                     |   |   |   |   |
| Derivative financial instruments                                                                           | - | 756 | - | 756 |
| Available for sale investments                                                                             | 1 | 18 | 12 | 31 |
| Total assets                                                                                               | 1 | 774 | 12 | 787 |
|                                                                                                       |   |   |   |   |
| Liabilities                                                                                                |   |   |   |   |
| Derivative financial instruments                                                                           | - | (109) | - | (109) |
| Total liabilities                                                                                          | - | (109) | - | (109) |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |
| The following table presents the changes in level 3 instruments for the years ended 31 March. |
|                                                                                          | Available for sale investments |
|                                                                                          | 2013 |   | 2012 |
|                                                                                          | US$m |   | US$m |
| At 1 April                                                                                    | 12 |   | 15 |
| Exchange adjustments                                                                          | - |   | (1) |
| Disposals                                                                                     | - |   | (2) |
| At 31 March                                                                                   | 12 |   | 12 |

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |
| 23. Derivative financial instruments                                                                                 |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
| Current derivative financial instruments                                                                             |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   | 2013 |   | 2012 |
|                                                                                                                 |   | Assets | Liabilities |   | Assets | Liabilities |
|                                                                                                                 |   | US$m | US$m |   | US$m | US$m |
|                                                                                                                 |   |   |   |   |   |   |
| Embedded derivatives                                                                                                 | 1 | - |   | - | (1) |
| Interest rate swaps - on borrowings1                                                                                 | 25 | (4) |   | - | - |
| Forward foreign currency contracts - on operating items                                                              | 11 | (13) |   | 7 | (13) |
| Forward foreign currency contracts - on borrowings1                                                                  | 26 | (1) |   | 14 | (12) |
| Forward foreign currency contracts designated as cash flow hedges                                                    | 1 | (12) |   | 3 | (12) |
| Cross currency swaps - on borrowings1                                                                                | 47 | - |   | - | - |
| Commodity contracts designated as cash flow hedges                                                                   | - | (4) |   | - | (2) |
|                                                                                                                 |   | 111 | (34) |   | 24 | (40) |
|                                                                                                                 |   |   |   |   |   |   |
| 1Borrowings-related derivative financial instruments amounting to a net asset of US$93 million (2012: US$2 million). |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |
| 23. Derivative financial instruments (continued)                                                                        |   |   |   |   |   |
|                                                                                                                    |   |   |   |   |   |   |
| Non-current derivative financial instruments                                                                            |   |   |   |   |   |
|                                                                                                                    |   |   |   |   |   |   |
|                                                                                                                    |   | 2013 |   | 2012 |
|                                                                                                                    |   | Assets | Liabilities |   | Assets | Liabilities |
|                                                                                                                    |   | US$m | US$m |   | US$m | US$m |
|                                                                                                                    |   |   |   |   |   |   |
| Interest rate swaps designated as fair value hedges1                                                                    | 428 | (13) |   | 394 | (18) |
| Interest rate swaps designated as cash flow hedges1                                                                     | - | (10) |   | - | (4) |
| Interest rate swaps - on borrowings1                                                                                    | - | (11) |   | 55 | (9) |
| Forward foreign currency contracts - on borrowings1                                                                     | 5 | - |   | 5 | - |
| Forward foreign currency contracts - on operating items designated as net investment hedges                             | 32 | (14) |   | 42 | (21) |
| Forward foreign currency contracts - on borrowings designated as net investment hedges1                                 | 4 | (2) |   | - | (10) |
| Cross currency swaps - on borrowings1                                                                                   | 45 | - |   | 74 | - |
| Cross currency swaps designated as cash flow hedges1                                                                    | 59 | - |   | 18 | - |
| Cross currency swaps designated as fair value hedges1                                                                   | 78 | - |   | 113 | - |
| Cross currency swaps designated as net investment hedges                                                                | 81 | - |   | 31 | (7) |
| Commodity contracts designated as cash flow hedges                                                                      | - | (2) |   | - | - |
|                                                                                                                    |   | 732 | (52) |   | 732 | (69) |
|                                                                                                                    |   |   |   |   |   |   |
| 1Borrowings-related derivative financial instruments amounting to a net asset of US$583 million (2012: US$618 million). |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |
| The following table indicates the period in which the cash flows associated with derivatives that are cash flow hedges are expected to occur and impact the income statement.                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   | Carrying amount | Expected cash flows | Less than 1 year |   | Between 1 and 2 years | Between 2 and 5 years |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   | US$m | US$m | US$m |   | US$m | US$m |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (10) | (10) | (4) |   | (6) | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   | 1 | 1 | 1 |   | - | - |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (12) | (12) | (12) |   | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Commodity contracts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (6) | (8) | (4) |   | (3) | (1) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   | (27) | (29) | (19) |   | (9) | (1) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| At 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (4) | (4) | (1) | (2) | (1) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   | 3 | 4 | 4 | - | - |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (12) | (13) | (13) | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Commodity contracts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (2) | (2) | (2) | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   | (15) | (15) | (12) | (2) | (1) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| (iii) Hedges of net investments in foreign operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |
| The group has entered into several forward foreign currency contracts and cross currency swaps which it has designated as hedges of net investments in its foreign subsidiaries in South Africa, Australia, the Czech Republic, Poland, Colombia and Peru to hedge the group’s exposure to foreign exchange risk on these investments. Net gains relating to forward foreign currency contracts and cross currency swaps of US$63 million (2012: losses of US$1 million) have been recognised in other comprehensive income. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |
| Analysis of notional amounts on financial instruments designated as net investment hedges:                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   | m | m |
| Forward foreign currency contracts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| SA rand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 3,681 | 2,374 |
| Czech koruna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 5,575 | 6,825 |
| Peruvian nuevo sol                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   | 480 | 631 |
| Australian dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   | 1,000 | 1,000 |
| Polish zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 611 | 630 |
| Colombian peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   | 445,500 | 490,476 |
| Cross currency swaps:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| SA rand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 1,404 | 1,404 |
| Australian dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   | 277 | - |
| Polish zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 585 | 433 |
| Czech koruna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 7,600 | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |  |  |  |  |  |  |
| 23. Derivative financial instruments (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Standalone derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (i) Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| The group has entered into forward foreign currency contracts to manage short-term foreign currency exposures to expected future trade imports and exports. These derivatives are fair valued based on discounted future cash flows with gains and losses taken to the income statement. As at 31 March 2013 the notional amounts of these contracts were €32 million, US$61 million and ZAR28 million (2012: €91 million, US$150 million and ZAR37 million).                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| The group has entered into forward foreign currency contracts to manage foreign currency exposures on intercompany loan balances. These derivatives are fair valued based on discounted future cash flows with gains and losses taken to the income statement. As at 31 March 2013 the notional amounts of these contracts were US$108 million, €3 million, GBP31 million, Romanian lei (RON) 454 million, PLN863 million, CHF34 million, ZAR251 million, CZK6,340 million, AUD415 million and Hungarian forints (HUF) 14,500 million (2012: US$110 million, €60 million, GBP34 million, RON196 million, PLN189 million, CHF15 million, ZAR632 million, CZK1,425 million and AUD209 million). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| (ii) Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| The group has entered into cross currency swaps to manage foreign currency exposures on intercompany loan balances. These derivatives are fair valued based on discounted future cash flows with gains and losses taken to the income statement. As at 31 March 2013 the notional amounts of these contracts were €317 million (2012: €317 million).                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Fair value gain on financial instruments recognised in the income statement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 8 | (8) |
| Interest rate swaps designated as fair value hedges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (7) | 104 |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 12 | 76 |
| Forward foreign currency contracts designated as fair value hedges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 3 | 8 |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 19 | 27 |
| Cross currency swaps designated as net investment hedges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | - | (4) |
| Other fair value gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 18 | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   | 53 | 233 |
| Other financial instruments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Non-current borrowings designated as the hedged item in a fair value hedge                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 7 | (104) |
| Total fair value gain on financial instruments recognised in the income statement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 60 | 129 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Fair value gains or losses on borrowings, derivative financial instruments held to hedge interest rate risk on borrowings and derivative financial instruments acquired to hedge the risks of the Foster’s acquisition are recognised as part of net finance costs. Fair value gains or losses on all other derivative financial instruments are recognised in operating profit.                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Reconciliation of total financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| The table below reconciles the group’s accounting categorisation of financial assets and liabilities (based on initial recognition) to the classes of assets and liabilities as shown on the face of the balance sheet.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Fair value through income statement | Loans and receivables | Availablefor sale | Financial liabilities held at amortised cost | Not categorised as a financial instrument | Total |   | Non-current | Current |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | US$m | US$m | US$m | US$m | US$m | US$m |   | US$m | US$m |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| Available for sale investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | - | - | 22 | - | - | 22 |   | 22 | - |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 843 | - | - | - | - | 843 |   | 732 | 111 |
| Trade and other receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | - | 1,916 | - | - | 295 | 2,211 |   | 144 | 2,067 |
| Loan participation deposit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | - | 100 | - | - | - | 100 |   | 100 | - |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | - | 2,171 | - | - | - | 2,171 |   | - | 2,171 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (86) | - | - | - | - | (86) |   | (52) | (34) |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | - | - | - | (18,548) | - | (18,548) |   | (16,079) | (2,469) |
| Trade and other payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | - | - | - | (3,524) | (612) | (4,136) |   | (132) | (4,004) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |
| 23. Derivative financial instruments (continued) |   |   |   |   |   |   |
|                                             |   |   |   |   |   |   |   |   |   |   |
|                                             |   | Fair value through income statement | Loans and receivables | Availablefor sale | Financial liabilities held at amortised cost | Not categorised as a financial instrument | Total |   | Non-current | Current |
|                                             |   | US$m | US$m | US$m | US$m | US$m | US$m |   | US$m | US$m |
| At 31 March 2012                                 |   |   |   |   |   |   |   |   |   |
| Assets                                           |   |   |   |   |   |   |   |   |   |
| Available for sale investments                   | - | - | 31 | - | - | 31 |   | 30 | 1 |
| Derivative financial instruments                 | 756 | - | - | - | - | 756 |   | 732 | 24 |
| Trade and other receivables                      | - | 2,073 | - | - | 267 | 2,340 |   | 136 | 2,204 |
| Loan participation deposit                       | - | 100 | - | - | - | 100 |   | 100 | - |
| Cash and cash equivalents                        | - | 745 | - | - | - | 745 |   | - | 745 |
|                                             |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                      |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments                 | (109) | - | - | - | - | (109) |   | (69) | (40) |
| Borrowings                                       | - | - | - | (19,226) | - | (19,226) |   | (18,164) | (1,062) |
| Trade and other payables                         | - | - | - | (3,594) | (645) | (4,239) |   | (112) | (4,127) |
|                                             |   |   |   |   |   |   |   |   |   |   |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
| 24.  Provisions                                                     |   |   |   |   |   |   |   |   |
|                                                                | Demerged entities and litigation | Post-retirement benefits | Taxation-related | Restructuring | Payroll-related | Onerous contracts | Other | Total |
|                                                                | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| At 1 April 2011                                                     | 94 | 310 | 302 | 70 | 46 | 7 | 44 | 873 |
| Exchange adjustments                                                | (2) | (1) | (2) | 2 | - | 7 | 2 | 6 |
| Acquisitions - through business combinations                        | 34 | 1 | 37 | 160 | 29 | 211 | 26 | 498 |
| Disposals                                                           | (1) | - | - | (10) | (1) | - | (9) | (21) |
| Charged/(credited) to the income statement                          |   |   |   |   |   |   |   |   |
| - Additional provision in year                                      | 4 | 28 | 3 | 23 | 17 | 2 | 37 | 114 |
| - Unused amounts reversed                                           | - | (10) | (54) | (1) | (1) | - | - | (66) |
| Utilised in the year                                                | (7) | (28) | (26) | (31) | (14) | (13) | (20) | (139) |
| Actuarial losses recorded in other   comprehensive loss   | - | 9 | - | - | - | - | - | 9 |
| Transfers to disposal group classified as   held for sale | - | - | - | - | (1) | - | - | (1) |
| Transfer between categories                                         | 3 | - | 5 | 4 | (4) | - | (8) | - |
| At 31 March 2012                                                    | 125 | 309 | 265 | 217 | 71 | 214 | 72 | 1,273 |
| Exchange adjustments                                                | (4) | (16) | (3) | (1) | (3) | 1 | (1) | (27) |
| Charged/(credited) to the income statement                          |   |   |   |   |   |   |   |   |
| - Additional provision in year                                      | 1 | 30 | 21 | 19 | 14 | 2 | 18 | 105 |
| - Unused amounts reversed                                           | - | - | (25) | (5) | - | - | (1) | (31) |
| Utilised in the year                                                | (4) | (43) | (7) | (110) | (13) | (56) | (19) | (252) |
| Actuarial losses recorded in other   comprehensive loss   | - | 21 | - | - | - | - | - | 21 |
| Transfer from current tax liabilities                               | - | - | 7 | - | - | - | - | 7 |
| Transfer between categories                                         | 7 | - | (10) | (6) | 9 | (1) | 1 | - |
| At 31 March 2013                                                    | 125 | 301 | 248 | 114 | 78 | 160 | 70 | 1,096 |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   | 2013 | 2012 |
| Analysed as:                                                        |   |   |   |   |   |   | US$m | US$m |
| Current                                                             |   |   |   |   |   |   | 558 | 704 |
| Non-current                                                         |   |   |   |   |   |   | 538 | 569 |
|                                                                |   |   |   |   |   |   | 1,096 | 1,273 |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |
| 25.  Share capital                                                      |   |   |   |
|                                                                    |   | 2013 | 2012 |
|                                                                    |   | US$m | US$m |
| Group and company                                                       |   |   |   |
| Called up, allotted and fully paid share capital                        |   |   |   |
| 1,669,731,799 ordinary shares of 10 US cents each (2012: 1,664,323,483) |   | 167 | 166 |
| 50,000 deferred shares of £1.00 each (2012: 50,000)                |   | - | - |
|                                                                    |   | 167 | 166 |
|                                                                    |   |   |   |
|                                                                    | Ordinary |   |   |
|                                                                    | shares of | Deferred | Nominal |
|                                                                    | 10 US cents | shares of | value |
|                                                                    | each | £1 each | US$m |
| At 1 April 2011                                                         | 1,659,040,014 | 50,000 | 166 |
| Issue of shares - share incentive plans                                 | 5,283,469 | - | - |
| At 31 March 2012                                                        | 1,664,323,483 | 50,000 | 166 |
| Issue of shares - share incentive plans                                 | 5,408,316 | - | 1 |
| At 31 March 2013                                                        | 1,669,731,799 | 50,000 | 167 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|     |                                                                   |
|-----|-------------------------------------------------------------------|
| (i) | proposed by any person other than Altria, to wind-up the company; |

|      |                                                                                                                                         |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | proposed by any person other than Altria, to appoint an administrator or to approve any arrangement with the company’s creditors; |

|       |                                                                                               |
|-------|-----------------------------------------------------------------------------------------------|
| (iii) | proposed by the board, to sell all or substantially all of the undertaking of the company; or |

|      |                                                                                                                                                                                     |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iv) | proposed by any person other than Altria, to alter any of the class rights attaching to the convertible participating shares or to approve the creation of any new class of shares, |

|     |                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | a third party has made a takeover offer for the company and (if such offer becomes or is declared unconditional in all respects) it would result in the voting shareholding of the third party being more than 30% of the total voting shareholding; and |

|      |                                                                                                                                                                                                                                                                                                     |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | Altria has communicated to the company in writing its intention not itself to make an offer competing with such third party offer, provided that the conversion date shall be no earlier than the date on which the third party’s offer becomes or is declared unconditional in all respects. |

|     |                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | the number of ordinary shares held by Altria following such conversion shall be limited to one ordinary share more than the number of ordinary shares held by the third party; and |

|      |                                                                                                                                                                                                                                |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | such conversion shall at no time result in Altria’s voting shareholding being equal to or greater than the voting shareholding which would require Altria to make a mandatory offer in terms of rule 9 of the City Code. |

|     |                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | such number of convertible participating shares as would result in Altria’s voting shareholding being such percentage as would, in the event of Altria subsequently acquiring one additional ordinary share, require Altria to make a mandatory offer in terms of rule 9 of the City Code; and |

|      |                                                        |
|------|--------------------------------------------------------|
| (ii) | all of its remaining convertible participating shares. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |  |
| 25. Share capital (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| Share-based payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| The group operates various share incentive plans. The share incentives outstanding are summarised as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 2013 | 2012 |
| Scheme                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | Number | Number |
| GBP share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 17,809,920 | 16,622,334 |
| ZAR share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 12,939,245 | 13,024,503 |
| GBP stock appreciation rights (SARs)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 1,955,529 | 2,820,144 |
| GBP performance share awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 7,505,723 | 6,880,114 |
| GBP value share awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 11,721,564 | 6,877,784 |
| GBP cash settled awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | - | 335,940 |
| Total share incentives outstanding1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 51,931,981 | 46,560,819 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| 1Total share incentives outstanding exclude shares relating to the BBBEE scheme.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| The exercise prices of incentives outstanding at 31 March 2013 ranged from £0 to £28.28 and ZAR53.30 to ZAR401.06 (2012: £0 to £25.48 and ZAR53.30 to ZAR290.23). The movement in share awards outstanding is summarised in the following tables.                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| GBP share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| GBP share options include share options granted under the Executive Share Option Plan 2008, the Approved Executive Share Option Plan 2008, the Executive Share Option (No.2) Scheme, the Approved Executive Share Option Scheme and the International Employee Share Scheme. No further grants can be made under the now closed Executive Share Option (No.2) Scheme, the Approved Executive Share Option Scheme, or the International Employee Share Scheme; although outstanding grants may still be exercised until they reach their expiry date. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Number | Weighted average exercise price | Weighted average fair value at grant date |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | of options | GBP | GBP |
| Outstanding at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 15,088,057 | 13.46 | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 4,417,346 | 22.51 | 6.47 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (679,700) | 18.88 | - |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (2,203,369) | 11.44 | - |
| Outstanding at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 16,622,334 | 15.91 | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 4,637,730 | 24.01 | 5.85 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (583,250) | 20.28 | - |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (2,866,894) | 12.52 | - |
| Outstanding at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 17,809,920 | 18.42 | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| ZAR share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| Share options designated in ZAR include share options granted under the South African Executive Share Option Plan 2008 and the Mirror Executive Share Purchase Scheme (South Africa). No further grants can be made under the Mirror Executive Share Purchase Scheme (South Africa) although outstanding grants may still be exercised until they reach their expiry date.                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Number | Weighted average exercise price | Weighted average fair value at grant date |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | of options | ZAR | ZAR |
| Outstanding at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 13,686,079 | 169.64 | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2,943,373 | 283.07 | 105.43 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (524,849) | 218.17 | - |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (3,080,100) | 138.30 | - |
| Outstanding at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 13,024,503 | 200.73 | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2,912,565 | 381.88 | 134.46 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (456,401) | 263.02 | - |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (2,541,422) | 154.55 | - |
| Outstanding at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 12,939,245 | 248.38 | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |
| 25. Share capital (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
| GBP SARs                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| GBP SARs include stock appreciation rights granted under the Stock Appreciation Rights Plan 2008 and the International Employee Stock Appreciation Rights Scheme. No further grants can be made under the now closed International Employee Stock Appreciation Rights Scheme, although outstanding grants may still be exercised until they reach their expiry date.                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Number | Weighted average exercise price | Weighted average fair value at grant date |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | of SARs | GBP | GBP |
| Outstanding at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 3,575,370 | 9.72 | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 64,900 | 22.50 | 6.47 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (26,583) | 11.44 | - |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (793,543) | 8.85 | - |
| Outstanding at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2,820,144 | 10.25 | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 60,600 | 23.95 | 5.81 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (9,600) | 15.94 | - |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (915,615) | 8.66 | - |
| Outstanding at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 1,955,529 | 11.39 | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
| GBP performance share awards                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| GBP performance share awards include awards made under the Executive Share Award Plan 2008, the Performance Share Award Scheme and the International Performance Share Award Sub-Scheme. No further awards can be made under the Performance Share Award Scheme and the International Performance Share Award Sub-Scheme, although outstanding awards remain and will vest, subject to the achievement of their respective performance conditions on their vesting date. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Number | Weighted average exercise price | Weighted average fair value at grant date |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | of awards | GBP | GBP |
| Outstanding at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 7,364,124 | - | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2,208,640 | - | 20.46 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (278,760) | - | - |
| Released to participants                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (2,413,890) | - | - |
| Outstanding at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 6,880,114 | - | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 3,471,222 | - | 22.32 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (254,284) | - | - |
| Released to participants                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (2,591,329) | - | - |
| Outstanding at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 7,505,723 | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
| GBP value share awards                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| The 4,843,780 (2012: 4,034,340) value share awards during the year ended 31 March 2013 granted represent the theoretical maximum number of awards that could possibly vest in the future, although in practice it is extremely unlikely that this number of awards would be released.                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Number of value shares (per £10 million of additional value) | Theoretical maximum shares at cap | Weighted average exercise price GBP | Weighted average fair value at grant date GBP |
| Outstanding at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                                                              | 1,022 | 3,168,200 | - | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1,205 | 4,034,340 | - | 7.27 |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (97) | (324,756) | - | - |
| Outstanding at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2,130 | 6,877,784 | - | - |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1,270 | 4,843,780 | - | 7.02 |
| Outstanding at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                             | 3,400 | 11,721,564 | - | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |
| 25. Share capital (continued)                                                              |   |   |   |   |
|                                                                                       |   |   |   |   |
| GBP cash-settled awards                                                                    |   |   |   |   |
| GBP share incentives included under the Associated Companies' Cash Award Plan 2011.        |
|                                                                                       |   | Number | Weighted average exercise price | Weighted average fair value at grant date |
|                                                                                       |   | of awards | GBP | GBP |
| Outstanding at 1 April 2011                                                                |   | - | - | - |
| Granted                                                                                    |   | 335,940 | - | 20.35 |
| Outstanding at 31 March 2012                                                               |   | 335,940 | - | - |
| Released to participants                                                                   |   | (335,940) | - | - |
| Outstanding at 31 March 2013                                                               |   | - | - | - |
|                                                                                       |   |   |   |   |
| Outstanding share incentives                                                               |   |   |   |   |
| The following table summarises information about share incentives outstanding at 31 March. |
|                                                                                       | Number | Weighted average remaining contractual life in years | Number | Weighted average remaining contractual life in years |
| Range of exercise prices                                                                   | 2013 | 2013 | 2012 | 2012 |
|                                                                                       |   |   |   |   |
| GBP share options                                                                          |   |   |   |   |
| £4 - £5                                                                          | - | - | 204,850 | 1.0 |
| £5 - £6                                                                          | 9,000 | 0.6 | 73,418 | 1.6 |
| £6 - £7                                                                          | 356,310 | 1.1 | 401,993 | 2.1 |
| £8 - £9                                                                          | 452,944 | 2.1 | 622,494 | 3.1 |
| £9 - £10                                                                         | 78,275 | 5.6 | 78,275 | 6.6 |
| £10 - £11                                                                        | 942,994 | 3.4 | 1,097,744 | 4.4 |
| £11 - £12                                                                        | 1,117,686 | 4.1 | 1,456,403 | 5.1 |
| £12 - £13                                                                        | 3,311,385 | 5.7 | 4,781,927 | 6.8 |
| £17- £18                                                                         | 17,200 | 6.6 | 28,700 | 7.6 |
| £19 - £20                                                                        | 3,072,050 | 7.2 | 3,603,984 | 8.2 |
| £20 - £21                                                                        | 46,950 | 7.7 | 66,950 | 8.7 |
| £22 - £23                                                                        | 3,872,096 | 8.2 | 4,185,596 | 9.2 |
| £23 - £24                                                                        | 4,443,930 | 9.2 | - | - |
| £25 - £26                                                                        | 20,000 | 8.7 | 20,000 | 9.7 |
| £28 - £29                                                                        | 69,100 | 9.7 | - | - |
|                                                                                       | 17,809,920 | 7.0 | 16,622,334 | 7.1 |
|                                                                                       |   |   |   |   |
| ZAR share options                                                                          |   |   |   |   |
| R50 - R60                                                                                  | 7,500 | 0.1 | 172,932 | 1.1 |
| R60 - R70                                                                                  | 49,900 | 0.6 | 229,400 | 1.2 |
| R70 - R80                                                                                  | 40,500 | 1.1 | 68,500 | 2.1 |
| R80 - R90                                                                                  | - | - | 10,000 | 0.2 |
| R90 - R100                                                                                 | 363,507 | 2.0 | 519,607 | 3.0 |
| R110 - R120                                                                                | - | - | 40,000 | 3.4 |
| R120 - R130                                                                                | 527,300 | 2.9 | 757,940 | 3.9 |
| R140 - R150                                                                                | 931,600 | 5.3 | 1,292,300 | 6.3 |
| R150 - R160                                                                                | 426,100 | 6.0 | 629,600 | 7.0 |
| R160 - R170                                                                                | 362,150 | 4.1 | 461,100 | 5.1 |
| R180 - R190                                                                                | 1,041,100 | 4.9 | 1,377,700 | 5.9 |
| R210 - R220                                                                                | 1,665,750 | 6.8 | 2,455,350 | 7.8 |
| R220 - R230                                                                                | 1,985,700 | 7.7 | 2,140,000 | 8.7 |
| R250 - R260                                                                                | 519,600 | 8.2 | 542,400 | 9.2 |
| R290 - R300                                                                                | 2,155,793 | 8.7 | 2,327,674 | 9.7 |
| R310 - R320                                                                                | 625,850 | 9.2 | - | - |
| R400 - R410                                                                                | 2,236,895 | 9.7 | - | - |
|                                                                                       | 12,939,245 | 7.2 | 13,024,503 | 7.2 |
|                                                                                       |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                           |  |  |  |  |
| 25. Share capital (continued)                                                                                                                             |   |   |   |   |
|                                                                                                                                                      |   |   |   |   |
| Outstanding share incentives (continued)                                                                                                                  |   |   |   |   |
|                                                                                                                                                      | Number | Weighted average remaining contractual life in years | Number | Weighted average remaining contractual life in years |
| Range of exercise prices                                                                                                                                  | 2013 | 2013 | 2012 | 2012 |
| GBP SARs                                                                                                                                                  |   |   |   |   |
| £4 - £5                                                                                                                                         | - | - | 219,168 | 1.1 |
| £6 - £7                                                                                                                                         | 243,734 | 1.1 | 344,018 | 2.1 |
| £8 - £9                                                                                                                                         | 299,010 | 2.1 | 460,085 | 3.1 |
| £9 - £10                                                                                                                                        | 2,275 | 5.6 | 9,100 | 6.6 |
| £10 - £11                                                                                                                                       | 384,784 | 3.1 | 522,934 | 4.1 |
| £11 - £12                                                                                                                                       | 485,283 | 4.1 | 651,500 | 5.1 |
| £12 - £13                                                                                                                                       | 355,943 | 5.3 | 481,839 | 6.3 |
| £13 - £14                                                                                                                                       | 12,400 | 4.6 | 16,700 | 5.6 |
| £19 - £20                                                                                                                                       | 49,900 | 7.2 | 49,900 | 8.2 |
| £22 - £23                                                                                                                                       | 61,600 | 8.2 | 64,900 | 9.2 |
| £23 - £24                                                                                                                                       | 60,600 | 8.2 | - | - |
|                                                                                                                                                      | 1,955,529 | 3.8 | 2,820,144 | 4.3 |
|                                                                                                                                                      |   |   |   |   |
| GBP performance share awards                                                                                                                              |   |   |   |   |
| £0                                                                                                                                                   | 7,505,723 | 1.5 | 6,880,114 | 1.1 |
|                                                                                                                                                      |   |   |   |   |
| GBP value share awards                                                                                                                                    |   |   |   |   |
| £0                                                                                                                                                   | 11,721,564 | 2.6 | 6,877,784 | 3.0 |
|                                                                                                                                                      |   |   |   |   |
| GBP cash-settled awards                                                                                                                                   |   |   |   |   |
| £0                                                                                                                                                   | - | - | 335,940 | 1.0 |
|                                                                                                                                                      |   |   |   |   |
| Total share incentives outstanding                                                                                                                        | 51,931,981 | 5.1 | 46,560,819 | 5.4 |
|                                                                                                                                                      |   |   |   |   |
| Exerciseable share incentives                                                                                                                             |   |   |   |   |
| The following table summarises information about exerciseable share incentives outstanding at 31 March.                                                   |
|                                                                                                                                                      | Number | Weighted average exercise price | Number | Weighted averageexercise price |
|                                                                                                                                                      | 2013 | 2013 | 2012 | 2012 |
| GBP share options                                                                                                                                         | 5,792,390 | 11.27 | 5,103,986 | 10.46 |
| ZAR share options                                                                                                                                         | 4,915,057 | 164.84 | 5,004,479 | 140.97 |
| GBP SARs                                                                                                                                                  | 1,783,429 | 10.35 | 2,705,344 | 9.80 |
|                                                                                                                                                      |   |   |   |   |
| Share incentives exercised or vested                                                                                                                      |   |   |   |   |
| The weighted average market price of the group's shares at the date of exercise or vesting for share incentives exercised or vested during the year were: |
|                                                                                                                                                      | Number | Weighted average market price | Number | Weightedaverage marketprice |
|                                                                                                                                                      | 2013 | 2013 | 2012 | 2012 |
| Share incentives designated in GBP                                                                                                                        | 6,709,778 | 26.81 | 5,410,802 | 23.01 |
| Share incentives designated in ZAR                                                                                                                        | 2,541,422 | 385.70 | 3,080,100 | 278.19 |
| Total share incentives exercised or vested during the year                                                                                                | 9,251,200 |   | 8,490,902 |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                             |  |  |  |
| The following weighted average assumptions were used in these option pricing models during the year.                                        |
|                                                                                                                                        | 2013 |   | 2012 |
| Share price¹                                                                                                                           |   |   |   |
| -  South African share option scheme (ZAR)                                                                                                  | 379.21 |   | 280.49 |
| -  All other schemes (£)                                                                                                               | 23.76 |   | 22.33 |
| Exercise price¹                                                                                                                        |   |   |   |
| -  South African share option scheme (ZAR)                                                                                                  | 381.88 |   | 283.07 |
| -  All other schemes (£)                                                                                                               | 8.71 |   | 9.35 |
| Expected volatility (all schemes)² (%)                                                                                                 | 26.1 |   | 23.1 |
| Dividend yield (all schemes) (%)                                                                                                            | 2.4 |   | 2.3 |
| Annual forfeiture rate                                                                                                                      |   |   |   |
| -  South African share option scheme (%)                                                                                                    | 5.0 |   | 5.0 |
| -  All other schemes (%)                                                                                                                    | 3.0 |   | 3.0 |
| Risk-free interest rate                                                                                                                     |   |   |   |
| -  South African share option scheme (%)                                                                                                    | 7.3 |   | 7.9 |
| -  All other schemes (%)                                                                                                                    | 1.0 |   | 2.3 |
| ¹The calculation is based on the weighted fair value of issues made during the year.                                                   |
| ²Expected volatility is calculated by assessing the historical share price data in the United Kingdom and South Africa since May 2002. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
| 26. Retained earnings and other reserves                                   |   |   |   |
|                                                                       |   |   |   |
| a. Retained earnings                                                       |   |   |   |
|                                                                       | Treasury and EBT shares | Retained earnings | Total |
|                                                                       | US$m | US$m | US$m |
| At 1 April 2011                                                            | (657) | 9,648 | 8,991 |
| Profit for the year                                                        | - | 4,221 | 4,221 |
| Other comprehensive loss                                                   | - | (119) | (119) |
| Actuarial losses taken to other comprehensive loss                         | - | (9) | (9) |
| Share of associates' and joint ventures' other comprehensive loss          | - | (181) | (181) |
| Deferred tax credit on items taken to other comprehensive loss             | - | 71 | 71 |
| Dividends paid                                                             | - | (1,324) | (1,324) |
| Dilution of non-controlling interests as a result of business combinations | - | (5) | (5) |
| Payment for purchase of own shares for share trusts                        | (52) | - | (52) |
| Buyout of non-controlling interests                                        | - | (7) | (7) |
| Utilisation of EBT shares                                                  | 48 | (48) | - |
| Credit entry relating to share-based payments                              | - | 158 | 158 |
| At 31 March 2012                                                           | (661) | 12,524 | 11,863 |
| Profit for the year                                                        | - | 3,274 | 3,274 |
| Other comprehensive loss                                                   | - | (46) | (46) |
| Actuarial losses taken to other comprehensive loss                         | - | (21) | (21) |
| Share of associates' and joint ventures' other comprehensive loss          | - | (53) | (53) |
| Deferred tax credit on items taken to other comprehensive loss             | - | 28 | 28 |
| Dividends paid                                                             | - | (1,517) | (1,517) |
| Payment for purchase of own shares for share trusts                        | (53) | - | (53) |
| Utilisation of EBT shares                                                  | 71 | (71) | - |
| Credit entry relating to share-based payments                              | - | 189 | 189 |
| At 31 March 2013                                                           | (643) | 14,353 | 13,710 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                         |  |  |  |  |  |
| 26. Retained earnings and other reserves (continued)                                                                                                                                                                                    |   |   |   |   |   |
|                                                                                                                                                                                                                                    |   |   |   |   |   |
| b. Other reserves                                                                                                                                                                                                                       |   |   |   |   |   |
| The analysis of other reserves is as follows.                                                                                                                                                                                           |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Foreign |   | Net |   |   |
|                                                                                                                                                                                                                                    | currency | Cash flow | investment | Available |   |
|                                                                                                                                                                                                                                    | translation | hedging | hedging | for sale |   |
|                                                                                                                                                                                                                                    | reserve | reserve | reserve | reserve | Total |
|                                                                                                                                                                                                                                    | US$m | US$m | US$m | US$m | US$m |
| At 1 April 2011                                                                                                                                                                                                                         | 2,183 | 35 | (340) | 3 | 1,881 |
| Currency translation differences                                                                                                                                                                                                        | 137 | - | - | - | 137 |
| Net investment hedges                                                                                                                                                                                                                   | - | - | (1) | - | (1) |
| Cash flow hedges                                                                                                                                                                                                                        | - | 6 | - | - | 6 |
| Deferred tax on items taken to other comprehensive loss                                                                                                                                                                                 | - | 30 | - | - | 30 |
| Share of associates' and joint ventures' other comprehensive loss                                                                                                                                                                       | - | (75) | - | - | (75) |
| At 31 March 2012                                                                                                                                                                                                                        | 2,320 | (4) | (341) | 3 | 1,978 |
| Currency translation differences                                                                                                                                                                                                        | (696) | - | - | - | (696) |
| Net investment hedges                                                                                                                                                                                                                   | - | - | 63 | - | 63 |
| Cash flow hedges                                                                                                                                                                                                                        | - | (5) | - | - | (5) |
| Available for sale investments                                                                                                                                                                                                          | - | - | - | (1) | (1) |
| Deferred tax on items taken to other comprehensive loss                                                                                                                                                                                 | - | 6 | - | - | 6 |
| Share of associates' and joint ventures' other comprehensive (loss)/income                                                                                                                                                              | - | (23) | - | 6 | (17) |
| At 31 March 2013                                                                                                                                                                                                                        | 1,624 | (26) | (278) | 8 | 1,328 |
|                                                                                                                                                                                                                                    |   |   |   |   |   |
| Foreign currency translation reserve                                                                                                                                                                                                    |   |   |   |   |   |
| The foreign currency translation reserve comprises all translation exchange differences arising on the retranslation of opening net assets together with differences between income statements translated at average and closing rates. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |  |
| 27a.  Reconciliation of profit for the year to net cash generated from operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | US$m |   | US$m |
| Profit for the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 3,511 |   | 4,477 |
| Taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1,201 |   | 1,126 |
| Share of post-tax results of associates and joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (1,244) |   | (1,152) |
| Finance income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (682) |   | (531) |
| Finance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,417 |   | 1,093 |
| Operating profit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 4,203 |   | 5,013 |
| Depreciation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
| - Property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 641 |   | 672 |
| - Containers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 226 |   | 237 |
| Container breakages, shrinkages and write-offs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 38 |   | 34 |
| Profit on disposal of businesses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (79) |   | (1,258) |
| Gain on remeasurement of existing interest in joint venture on acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |   | (66) |
| Profit on disposal of investment in associate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | - |   | (103) |
| Gain on dilution of investment in associate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (4) |   | - |
| Loss/(profit) on disposal of property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 13 |   | (15) |
| Amortisation of intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 450 |   | 273 |
| Impairment of goodwill                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 11 |   | - |
| Impairment of property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 39 |   | - |
| Impairment of working capital balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 31 |   | 16 |
| Amortisation of advances to customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 45 |   | 24 |
| Unrealised net gain from fair value hedges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |   | (20) |
| Dividends received from other investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (1) |   | (1) |
| Charge with respect to share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 184 |   | 132 |
| Charge with respect to Broad-Based Black Economic Empowerment scheme                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 17 |   | 29 |
| Other non-cash movements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (56) |   | 12 |
| Net cash generated from operations before working capital movements (EBITDA)                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 5,758 |   | 4,979 |
| Increase in inventories                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (14) |   | (45) |
| Increase in trade and other receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (107) |   | (25) |
| Increase in trade and other payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 82 |   | 374 |
| Decrease in provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (177) |   | (46) |
| Increase in post-retirement benefit provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 12 |   | - |
| Net cash generated from operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 5,554 |   | 5,237 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| Profit for the year and cash generated from operations before working capital movements includes cash flows relating to exceptional items of US$191 million (2012: US$308 million), comprising US$140 million (2012: US$228 million) in respect of business capability programme costs, US$51 million (2012: US$50 million) in respect of integration and restructuring costs, US$nil (2012: US$72 million) in respect of transaction-related costs, partially offset by US$nil (2012: US$42 million) in respect of a litigation-related credit. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| The following table provides a reconciliation of EBITDA to adjusted EBITDA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | US$m |   | US$m |
| EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 5,758 |   | 4,979 |
| Cash exceptional items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 191 |   | 308 |
| Dividends received from MillerCoors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 886 |   | 896 |
| Adjusted EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 6,835 |   | 6,183 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |
| 27b.  Reconciliation of net cash generated from operating activities to free cash flow |   |   |   |
|                                                                                   | 2013 |   | 2012 |
|                                                                                   | US$m |   | US$m |
| Net cash generated from operating activities                                           | 4,101 |   | 3,937 |
| Purchase of property, plant and equipment                                              | (1,335) |   | (1,473) |
| Proceeds from sale of property, plant and equipment                                    | 30 |   | 116 |
| Purchase of intangible assets                                                          | (144) |   | (166) |
| Proceeds from sale of intangible assets                                                | 4 |   | - |
| Investments in joint ventures                                                          | (272) |   | (288) |
| Investments in associates                                                              | (23) |   | - |
| Repayment of investments by associates                                                 | - |   | 14 |
| Dividends received from joint ventures                                                 | 886 |   | 896 |
| Dividends received from associates                                                     | 113 |   | 120 |
| Dividends received from other investments                                              | 1 |   | 1 |
| Dividends paid to non-controlling interests                                            | (131) |   | (109) |
| Free cash flow                                                                         | 3,230 |   | 3,048 |

|                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                   |  |  |  |  |  |  |  |
| 27c.  Analysis of net debt                                                                                                        |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |
| Cash and cash equivalents on the balance sheet are reconciled to cash and cash equivalents on the cash flow statement as follows. |
|                                                                                                                              |   |   |   |   |   | 2013 | 2012 |
|                                                                                                                              |   |   |   |   |   | US$m | US$m |
| Cash and cash equivalents (balance sheet)                                                                                         | 2,171 | 745 |
| Overdrafts                                                                                                                        | (212) | (138) |
| Overdrafts of disposal group classified as held for sale                                                                          | - | (1) |
| Cash and cash equivalents (cash flow statement)                                                                                   | 1,959 | 606 |
|                                                                                                                              |   |   |   |   |   |   |   |
| Net debt is analysed as follows.                                                                                                  |   |   |   |   |   |   |   |
| Cash and cash                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                              | equivalents |   |   | Derivative |   | Total |   |
|                                                                                                                              | (excluding |   |   | financial | Finance | gross | Net |
|                                                                                                                              | overdrafts) | Overdrafts | Borrowings | instruments | leases | borrowings | debt |
|                                                                                                                              | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
| At 1 April 2011                                                                                                                   | 1,071 | (258) | (8,193) | 298 | (9) | (8,162) | (7,091) |
| Exchange adjustments                                                                                                              | 10 | (49) | (38) | 9 | - | (78) | (68) |
| Cash flow                                                                                                                         | (246) | 157 | (8,861) | (43) | 5 | (8,742) | (8,988) |
| Acquisitions - through business combinations                                                                                      | 12 | - | (1,844) | 259 | (2) | (1,587) | (1,575) |
| Disposals                                                                                                                         | (102) | 11 | 98 | - | - | 109 | 7 |
| Other movements                                                                                                                   | - | - | (229) | 97 | (15) | (147) | (147) |
| At 31 March 2012                                                                                                                  | 745 | (139) | (19,067) | 620 | (21) | (18,607) | (17,862) |
| Exchange adjustments                                                                                                              | (83) | 32 | 131 | - | 1 | 164 | 81 |
| Cash flow                                                                                                                         | 1,512 | (105) | 560 | 4 | 6 | 465 | 1,977 |
| Disposals                                                                                                                         | (3) | - | - | - | - | - | (3) |
| Other movements                                                                                                                   | - | - | 75 | 52 | (21) | 106 | 106 |
| At 31 March 2013                                                                                                                  | 2,171 | (212) | (18,301) | 676 | (35) | (17,872) | (15,701) |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                        |  |  |  |  |
| 28.  Acquisitions and disposals                                                                                                                                                                                                                                                                                                                        |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| The group completed the acquisition of a 60% interest in Darbrew Limited in Tanzania in March 2013 for total cash consideration of US$6 million. The business combination has been accounted for using the acquisition method.  The residual value over the net assets acquired is recognised as goodwill of US$3 million in the financial statements. |
|                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |
| Disposals                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |
| On 7 September 2012 the group completed the disposal of Foster’s interests in its Fijian beverage operations, Foster’s Group Pacific Limited, and on 28 September 2012 the group completed the disposal of Foster’s soft drink assets, both to Coca-Cola Amatil Limited (CCA). There was no gain or loss on disposal.                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |
| 29.  Commitments, contingencies and guarantees                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| a. Operating lease commitments                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| The minimum lease rentals to be paid under non-cancellable leases at 31 March are as follows.                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | US$m |   | US$m |
| Land and buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| Within one year                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 65 |   | 65 |
| Later than one year and less than five years                                                                                                                                                                                                                                                                                                                                                                                                                                | 152 |   | 171 |
| After five years                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 33 |   | 42 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 250 |   | 278 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| Plant, vehicles and systems                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Within one year                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 54 |   | 55 |
| Later than one year and less than five years                                                                                                                                                                                                                                                                                                                                                                                                                                | 129 |   | 126 |
| After five years                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 91 |   | 87 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 274 |   | 268 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| b. Other commitments                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | US$m |   | US$m |
| Capital commitments not provided in the financial information                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |
| Contracts placed for future expenditure for property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                   | 239 |   | 277 |
| Contracts placed for future expenditure for intangible assets                                                                                                                                                                                                                                                                                                                                                                                                               | 3 |   | 1 |
| Share of capital commitments of joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                              | 48 |   | 44 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| Other commitments not provided in the financial information                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Contracts placed for future expenditure                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2,632 |   | 3,164 |
| Share of joint ventures' other commitments                                                                                                                                                                                                                                                                                                                                                                                                                                  | 379 |   | 512 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| Contracts placed for future expenditure in 2013 primarily relate to minimum purchase commitments for raw materials and packaging materials, which are principally due between 2013 and 2019. Additionally, as part of the business capability programme the group has entered into contracts for the provision of IT, communications and consultancy services and in relation to which the group had commitments of US$120 million at 31 March 2013 (2012: US$193 million). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| The group’s share of joint ventures’ other commitments primarily relate to MillerCoors’ various long-term non-cancellable advertising and promotion commitments.                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |
| 29.  Commitments, contingencies and guarantees (continued)           |   |   |
|                                                                 |   |   |   |
| c. Contingent liabilities and guarantees                             |   |   |
|                                                                 |   |   |   |
|                                                                 | 2013 |   | 2012 |
|                                                                 | US$m |   | US$m |
| Guarantees to third parties provided in respect of trade loans¹ | 2 |   | 4 |
| Share of joint ventures' contingent liabilities                      | - |   | 4 |
| Litigation²                                                     | 15 |   | 23 |
| Other contingent liabilities                                         | 2 |   | 9 |
|                                                                 | 19 |   | 40 |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |  |  |
| 30.  Pensions and post-retirement benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| The group operates a number of pension schemes throughout the world. These schemes have been designed and are administered in accordance with local conditions and practices in the countries concerned and include both defined contribution and defined benefit schemes. The majority of the schemes are funded and the schemes’ assets are held independently of the group’s finances. The assets of the schemes do not include any of the group’s own financial instruments, nor any property occupied by or other assets used by the group. Pension and post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. Generally, the projected unit method is applied to measure the defined benefit scheme liabilities. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| The group also provides medical benefits, which are mainly unfunded, for retired employees and their dependants in South Africa, the Netherlands and Latin America.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| The total pension and post-retirement medical benefit costs recognised in the income statement, and related net liabilities on the balance sheet are as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | US$m |   | US$m |
| Defined contribution scheme costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 110 |   | 97 |
| Defined benefit pension plan costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 18 |   | 15 |
| Post-retirement medical and other benefit costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 11 |   | 13 |
| Accruals for defined contribution plans (balance sheet)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 7 |   | 3 |
| Provisions for defined benefit pension plans (balance sheet)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 206 |   | 197 |
| Provisions for other post-retirement benefits (balance sheet)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 95 |   | 112 |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Principal actuarial assumptions at 31 March (expressed as weighted averages) |
|                                                                         |   |   | Defined benefit pension plans |   | Medical and other post-retirement benefits |
|                                                                         |   |   | Latin America |  | Grolsch |  |   | Other |  |   | South Africa |  | Other |  |
| At 31 March 2013                                                             |   |   |   |   |   |   |   |   |   |
| Discount rate (%)                                                            |   |   | 5.0 |  | 3.8 |  |   | 4.6 |  |   | 8.8 |  | 4.9 |  |
| Salary inflation (%)                                                         |   |   | 2.5 |  | 2.0 |  |   | 3.9 |  |   | - |  | - |  |
| Pension inflation (%)                                                        |   |   | 2.5 |  | 0.7 |  |   | 3.2 |  |   | - |  | - |  |
| Healthcare cost inflation (%)                                                |   |   | - |  | - |  |   | - |  |   | 7.5 |  | 2.3 |  |
| Mortality rate assumptions                                                   |   |   |   |   |   |   |   |   |   |
| - Retirement age:                                                            |   | Males | 55 |  | 65 |  |   | 62 |  |   | 63 |  | 57 |  |
|                                                                         |   | Females | 50 |  | 65 |  |   | 61 |  |   | 63 |  | 53 |  |
| -  Life expectations on retirement age:                                      |   |   |   |   |   |   |   |   |   |
| Retiring today:                                                              | Males | 27 |  | 21 |  |   | 22 |  |   | 16 |  | 25 |  |
|                                                                         |   | Females | 36 |  | 24 |  |   | 23 |  |   | 20 |  | 32 |  |
| Retiring in 20 years:                                                        | Males | 27 |  | 23 |  |   | 22 |  |   | 16 |  | 25 |  |
|                                                                         |   | Females | 36 |  | 25 |  |   | 23 |  |   | 20 |  | 32 |  |
|                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30. Pensions and post-retirement benefits (continued)                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   | Defined benefit pension plans |   | Medical and other post-retirement benefits |
|                                                                                                              |   |   | Latin America |  | Grolsch |  |   | Other |  |   | South Africa |  | Other |  |
| At 31 March 2012                                                                                                  |   |   |   |   |   |   |   |   |   |
| Discount rate (%)                                                                                                 |   |   | 7.5 |  | 4.8 |  |   | 6.0 |  |   | 9.3 |  | 7.0 |  |
| Salary inflation (%)                                                                                              |   |   | 3.5 |  | 2.0 |  |   | 3.8 |  |   | - |  | - |  |
| Pension inflation (%)                                                                                             |   |   | 3.5 |  | 2.0 |  |   | 3.2 |  |   | - |  | - |  |
| Healthcare cost inflation (%)                                                                                     |   |   | - |  | - |  |   | - |  |   | 7.8 |  | 3.0 |  |
| Mortality rate assumptions                                                                                        |   |   |   |   |   |   |   |   |   |
| - Retirement age:                                                                                                 |   | Males | 55 |  | 65 |  |   | 66 |  |   | 63 |  | 57 |  |
|                                                                                                              |   | Females | 50 |  | 65 |  |   | 61 |  |   | 63 |  | 53 |  |
| -  Life expectations on retirement age:                                                                           |   |   |   |   |   |   |   |   |   |
| Retiring today:                                                                                                   | Males | 27 |  | 21 |  |   | 22 |  |   | 16 |  | 24 |  |
|                                                                                                              |   | Females | 36 |  | 24 |  |   | 23 |  |   | 20 |  | 31 |  |
| Retiring in 20 years:                                                                                             | Males | 27 |  | 23 |  |   | 22 |  |   | 16 |  | 24 |  |
|                                                                                                              |   | Females | 36 |  | 25 |  |   | 23 |  |   | 20 |  | 32 |  |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
| The present value of defined benefit pension plan and post-employment medical benefit liabilities are as follows. |   |   |   |
|                                                                                                              | Defined benefit pension plans |   |   | Medical and other post-retirement benefits |   |
|                                                                                                              | Latin America | Grolsch | Other |  | Total |  |   | South Africa |  |   | Other |  | Total |  |
|                                                                                                              | US$m | US$m | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| Present value of scheme liabilities at 1 April 2011                                                               | 175 | 305 | 48 |  | 528 |  |   | 71 |  |   | 43 |  | 114 |  |
| - Portion of defined benefit obligation that is unfunded                                                          | 175 | - | 13 |  | 188 |  |   | 71 |  |   | 43 |  | 114 |  |
| - Portion of defined benefit obligation that is partly or wholly    funded                                        | - | 305 | 35 |  | 340 |  |   | - |  |   | - |  | - |  |
| Benefits paid                                                                                                     | (18) | (11) | (15) |  | (44) |  |   | - |  |   | (4) |  | (4) |  |
| Contributions paid by plan participants                                                                           | - | 3 | - |  | 3 |  |   | (2) |  |   | - |  | (2) |  |
| Current service cost                                                                                              | - | 4 | 2 |  | 6 |  |   | 2 |  |   | 1 |  | 3 |  |
| Interest costs                                                                                                    | 13 | 15 | 5 |  | 33 |  |   | 6 |  |   | 4 |  | 10 |  |
| Actuarial losses/(gains)                                                                                          | 6 | 21 | 13 |  | 40 |  |   | (1) |  |   | 1 |  | - |  |
| Reversal of unused provision                                                                                      | (10) | - | - |  | (10) |  |   | - |  |   | - |  | - |  |
| Acquisitions                                                                                                      | - | - | 52 |  | 52 |  |   | - |  |   | - |  | - |  |
| Exchange adjustments                                                                                              | 6 | (18) | (3) |  | (15) |  |   | (10) |  |   | 1 |  | (9) |  |
| Present value of scheme liabilities at 31 March 2012                                                              | 172 | 319 | 102 |  | 593 |  |   | 66 |  |   | 46 |  | 112 |  |
| - Portion of defined benefit obligation that is unfunded                                                          | 172 | - | 13 |  | 185 |  |   | 66 |  |   | 46 |  | 112 |  |
| - Portion of defined benefit obligation that is partly or wholly    funded                                        | - | 319 | 89 |  | 408 |  |   | - |  |   | - |  | - |  |
| Benefits paid                                                                                                     | (17) | (11) | (9) |  | (37) |  |   | - |  |   | (5) |  | (5) |  |
| Contributions paid by plan participants                                                                           | - | 3 | - |  | 3 |  |   | (2) |  |   | - |  | (2) |  |
| Current service cost                                                                                              | 1 | 4 | 3 |  | 8 |  |   | 1 |  |   | 1 |  | 2 |  |
| Interest costs                                                                                                    | 12 | 14 | 4 |  | 30 |  |   | 6 |  |   | 3 |  | 9 |  |
| Actuarial losses/(gains)                                                                                          | 17 | (19) | 2 |  | - |  |   | (14) |  |   | 5 |  | (9) |  |
| Settlements and curtailments                                                                                      | - | - | (3) |  | (3) |  |   | - |  |   | - |  | - |  |
| Exchange adjustments                                                                                              | (4) | (12) | (6) |  | (22) |  |   | (10) |  |   | (2) |  | (12) |  |
| Present value of scheme liabilities at 31 March 2013                                                              | 181 | 298 | 93 |  | 572 |  |   | 47 |  |   | 48 |  | 95 |  |
| - Portion of defined benefit obligation that is unfunded                                                          | 181 | - | 12 |  | 193 |  |   | 47 |  |   | 48 |  | 95 |  |
| - Portion of defined benefit obligation that is partly or wholly    funded                                        | - | 298 | 81 |  | 379 |  |   | - |  |   | - |  | - |  |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30. Pensions and post-retirement benefits (continued)                                                                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| The fair value reconciliations of opening plan assets to closing plan assets, on an aggregated basis, are as follows.                                                                 |
|                                                                                                                                                                                  |   |   |   |   |   | Defined benefit pension plans |   |
|                                                                                                                                                                                  |   |   |   |   |   | Grolsch |  |   | Other |  | Total |  |
|                                                                                                                                                                                  |   |   |   |   |   | US$m |  |   | US$m |  | US$m |  |
| Plan assets at 1 April 2011                                                                                                                                                           |   |   |   |   |   | 333 |  |   | 52 |  | 385 |  |
| Expected return on plan assets                                                                                                                                                        |   |   |   |   |   | 16 |  |   | 8 |  | 24 |  |
| Benefits paid                                                                                                                                                                         |   |   |   |   |   | (11) |  |   | (14) |  | (25) |  |
| Employer contributions/(employer assets recognised)                                                                                                                                   |   |   |   |   |   | 9 |  |   | (5) |  | 4 |  |
| Actuarial gains/(losses)                                                                                                                                                              |   |   |   |   |   | 26 |  |   | (3) |  | 23 |  |
| Acquisitions                                                                                                                                                                          |   |   |   |   |   | - |  |   | 51 |  | 51 |  |
| Exchange adjustments                                                                                                                                                                  |   |   |   |   |   | (21) |  |   | (5) |  | (26) |  |
| Plan assets at 31 March 2012                                                                                                                                                          |   |   |   |   |   | 352 |  |   | 84 |  | 436 |  |
| Expected return on plan assets                                                                                                                                                        |   |   |   |   |   | 15 |  |   | 5 |  | 20 |  |
| Benefits paid                                                                                                                                                                         |   |   |   |   |   | (11) |  |   | (8) |  | (19) |  |
| Employer contributions                                                                                                                                                                |   |   |   | 17 |  |   | 2 |  | 19 |  |
| Actuarial gains                                                                                                                                                                       |   |   |   |   |   | 18 |  |   | - |  | 18 |  |
| Settlements                                                                                                                                                                           |   |   |   |   |   | - |  |   | (3) |  | (3) |  |
| Exchange adjustments                                                                                                                                                                  |   |   |   |   |   | (14) |  |   | (4) |  | (18) |  |
| Plan assets at 31 March 2013                                                                                                                                                          |   |   |   |   |   | 377 |  |   | 76 |  | 453 |  |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| The fair value of assets in pension schemes and the expected rates of return were.                                                                                                    |
|                                                                                                                                                                                  | Latin America | Grolsch |   |   | Other |   | Total |  |
|                                                                                                                                                                                  | US$m | Long-termrate of return% | US$m |  | Long-termrate of return% |  |   | US$m |  |   | Long-termrate of return% |  | US$m |  |
| At 31 March 2013                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Equities                                                                                                                                                                              | - | - | 126 |  | 7.0 |  |   | 20 |  |   | 8.0 |  | 146 |  |
| Bonds                                                                                                                                                                                 | - | - | 235 |  | 3.0 |  |   | 21 |  |   | 8.0 |  | 256 |  |
| Cash                                                                                                                                                                                  | - | - | - |  | - |  |   | 31 |  |   | 7.0 |  | 31 |  |
| Property and other                                                                                                                                                                    | - | - | 16 |  | 7.0 |  |   | 4 |  |   | 9.0 |  | 20 |  |
| Total fair value of assets                                                                                                                                                            | - |   | 377 |  |   |   | 76 |  |   |   | 453 |  |
| Present value of scheme liabilities                                                                                                                                                   | (181) |   | (298) |  |   |   | (93) |  |   |   | (572) |  |
| (Deficit)/surplus in the scheme                                                                                                                                                       | (181) |   | 79 |  |   |   | (17) |  |   |   | (119) |  |
| Unrecognised pension asset due to limit                                                                                                                                               | - |   | (79) |  |   |   | (8) |  |   |   | (87) |  |
| Pension liability recognised                                                                                                                                                          | (181) |   | - |  |   |   | (25) |  |   |   | (206) |  |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| At 31 March 2012                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Equities                                                                                                                                                                              | - | - | 102 |  | 7.0 |  |   | 31 |  |   | 1.0 |  | 133 |  |
| Bonds                                                                                                                                                                                 | - | - | 229 |  | 4.0 |  |   | 14 |  |   | 9.0 |  | 243 |  |
| Cash                                                                                                                                                                                  | - | - | - |  | - |  |   | 34 |  |   | 6.0 |  | 34 |  |
| Property and other                                                                                                                                                                    | - | - | 21 |  | 7.0 |  |   | 5 |  |   | 9.0 |  | 26 |  |
| Total fair value of assets                                                                                                                                                            | - |   | 352 |  |   |   | 84 |  |   |   | 436 |  |
| Present value of scheme liabilities                                                                                                                                                   | (172) |   | (319) |  |   |   | (102) |  |   |   | (593) |  |
| (Deficit)/surplus in the scheme                                                                                                                                                       | (172) |   | 33 |  |   |   | (18) |  |   |   | (157) |  |
| Unrecognised pension asset due to limit                                                                                                                                               | - |   | (33) |  |   |   | (7) |  |   |   | (40) |  |
| Pension liability recognised                                                                                                                                                          | (172) |   | - |  |   |   | (25) |  |   |   | (197) |  |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| The expected returns on plan assets is determined by considering the expected returns available on each major asset class and the asset mix underlying the current investment policy. |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30. Pensions and post-retirement benefits (continued)                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| The amounts recognised in the balance sheet are as follows.                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Defined benefit pension plans |   |   | Medical andother post-retirement benefits |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Latin America | Grolsch | Other |  | Total |  |   | South Africa |  |   | Other |  | Total |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | US$m | US$m | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Present value of scheme liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                      | (181) | (298) | (93) |  | (572) |  |   | (47) |  |   | (48) |  | (95) |  |
| Fair value of plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                                | - | 377 | 76 |  | 453 |  |   | - |  |   | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (181) | 79 | (17) |  | (119) |  |   | (47) |  |   | (48) |  | (95) |  |
| Unrecognised assets due to limit                                                                                                                                                                                                                                                                                                                                                                                                                                         | - | (79) | (8) |  | (87) |  |   | - |  |   | - |  | - |  |
| Net liability recognised on balance sheet                                                                                                                                                                                                                                                                                                                                                                                                                                | (181) | - | (25) |  | (206) |  |   | (47) |  |   | (48) |  | (95) |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| At 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Present value of scheme liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                      | (172) | (319) | (102) |  | (593) |  |   | (66) |  |   | (46) |  | (112) |  |
| Fair value of plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                                | - | 352 | 84 |  | 436 |  |   | - |  |   | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (172) | 33 | (18) |  | (157) |  |   | (66) |  |   | (46) |  | (112) |  |
| Unrecognised assets due to limit                                                                                                                                                                                                                                                                                                                                                                                                                                         | - | (33) | (7) |  | (40) |  |   | - |  |   | - |  | - |  |
| Net liability recognised on balance sheet                                                                                                                                                                                                                                                                                                                                                                                                                                | (172) | - | (25) |  | (197) |  |   | (66) |  |   | (46) |  | (112) |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| In respect of defined benefit pensions plans in South Africa, which are included in ‘Other’, the pension asset recognised is limited to the extent that the employer is able to recover a surplus either through reduced contributions in the future or through refunds from the scheme. Pension fund assets have been set equal to nil as the surplus apportionment exercise required in terms of the South African legislation has not yet been completed. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| The pension asset recognised in respect of Grolsch is limited to the extent that the employer is able to recover a surplus either through reduced contributions in the future or through refunds from the scheme. The limit has been set equal to nil due to the terms of the pension agreement with the pension fund.                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| The amounts recognised in net operating expenses in the income statement are as follows.                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Defined benefit pension plans |   |   | Medical andother post-retirement benefits |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Latin America | Grolsch | Other |  | Total |  |   | South Africa |  |   | Other |  | Total |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | US$m | US$m | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Current service cost                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (1) | (4) | (3) |  | (8) |  |   | (1) |  |   | (1) |  | (2) |  |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (12) | (14) | (4) |  | (30) |  |   | (6) |  |   | (3) |  | (9) |  |
| Expected return on plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                           | - | 15 | 5 |  | 20 |  |   | - |  |   | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (13) | (3) | (2) |  | (18) |  |   | (7) |  |   | (4) |  | (11) |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| At 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Current service cost                                                                                                                                                                                                                                                                                                                                                                                                                                                     | - | (4) | (2) |  | (6) |  |   | (2) |  |   | (1) |  | (3) |  |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (13) | (15) | (5) |  | (33) |  |   | (6) |  |   | (4) |  | (10) |  |
| Expected return on plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                           | - | 16 | 8 |  | 24 |  |   | - |  |   | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (13) | (3) | 1 |  | (15) |  |   | (8) |  |   | (5) |  | (13) |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30. Pensions and post-retirement benefits (continued)                                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| The amounts recognised in the statement of comprehensive income are as follows.                                                                                   |
|                                                                                                                                                              | Defined benefit pension plans |   |   | Medical and other post-retirement benefits |   |
|                                                                                                                                                              | Latin America | Grolsch | Other |  | Total |  |   | South Africa |  |   | Other |  | Total |  |
|                                                                                                                                                              | US$m | US$m | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| At 31 March 2013                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Actual return on plan assets                                                                                                                                      | - | 33 | 5 |  | 38 |  |   | - |  |   | - |  | - |  |
| Less: expected return on plan assets                                                                                                                              | - | (15) | (5) |  | (20) |  |   | - |  |   | - |  | - |  |
| Experience gains arising on                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| - scheme assets                                                                                                                                                   | - | 18 | - |  | 18 |  |   | - |  |   | - |  | - |  |
| - scheme liabilities                                                                                                                                              | - | 19 | 1 |  | 20 |  |   | - |  |   | - |  | - |  |
| Changes in actuarial assumptions                                                                                                                                  | (17) | - | (1) |  | (18) |  |   | 14 |  |   | (5) |  | 9 |  |
| Unrecognised gains due to limit                                                                                                                                   | - | (49) | (1) |  | (50) |  |   | - |  |   | - |  | - |  |
|                                                                                                                                                              | (17) | (12) | (1) |  | (30) |  |   | 14 |  |   | (5) |  | 9 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| At 31 March 2012                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Actual return on plan assets                                                                                                                                      | - | 42 | 5 |  | 47 |  |   | - |  |   | - |  | - |  |
| Less: expected return on plan assets                                                                                                                              | - | (16) | (8) |  | (24) |  |   | - |  |   | - |  | - |  |
| Experience gains/(losses) arising on                                                                                                                              |   |   |   |   |   |   |   |   |   |
| - scheme assets                                                                                                                                                   | - | 26 | (3) |  | 23 |  |   | - |  |   | - |  | - |  |
| - scheme liabilities                                                                                                                                              | - | (21) | (10) |  | (31) |  |   | 1 |  |   | - |  | 1 |  |
| Changes in actuarial assumptions                                                                                                                                  | (6) | - | (3) |  | (9) |  |   | - |  |   | (1) |  | (1) |  |
| Unrecognised (gains)/losses due to limit                                                                                                                          | - | (6) | 14 |  | 8 |  |   | - |  |   | - |  | - |  |
|                                                                                                                                                              | (6) | (1) | (2) |  | (9) |  |   | 1 |  |   | (1) |  | - |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| The cumulative amounts recognised in other comprehensive income are as follows.                                                                                   |
|                                                                                                                                                              |   |   |   |   |   |   |   | 2013 |  | 2012 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   | US$m |  | US$m |  |
| Cumulative actuarial losses recognised at beginning of year                                                                                                       |   |   |   |   |   |   | (212) |  | (203) |  |
| Net actuarial losses recognised in the year                                                                                                                       |   |   |   |   |   |   |   | (21) |  | (9) |  |
| Cumulative actuarial losses recognised at end of year                                                                                                             |   |   |   |   |   |   |   | (233) |  | (212) |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| History of actuarial gains and losses                                                                                                                             |   |   | 2013 |  | 2012 |  |   | 2011 |  |   | 2010 |  | 2009 |  |
|                                                                                                                                                              |   |   | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| Experience gains/(losses) of plan assets                                                                                                                          |   |   | 18 |  | 23 |  |   | 14 |  |   | 33 |  | (77) |  |
| Percentage of plan assets                                                                                                                                         |   |   | 4 | % | 5 | % |   | 4 | % |   | 10 | % | 26 | % |
| Experience gains/(losses) of scheme liabilities                                                                                                                   |   |   | 20 |  | (30) |  |   | 16 |  |   | (44) |  | 28 |  |
| Percentage of scheme liabilities                                                                                                                                  |   |   | 3 | % | 4 | % |   | 2 | % |   | 7 | % | 6 | % |
| Fair value of plan assets                                                                                                                                         |   |   | 453 |  | 436 |  |   | 385 |  |   | 344 |  | 299 |  |
| Present value of scheme liabilities                                                                                                                               |   |   | (667) |  | (705) |  |   | (642) |  |   | (612) |  | (499) |  |
| Deficit in the schemes                                                                                                                                            |   |   | (214) |  | (269) |  |   | (257) |  |   | (268) |  | (200) |  |
| Unrecognised assets due to limit                                                                                                                                  |   |   | (87) |  | (40) |  |   | (53) |  |   | (22) |  | (17) |  |
| Net liability recognised in balance sheet                                                                                                                         |   |   | (301) |  | (309) |  |   | (310) |  |   | (290) |  | (217) |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Contributions expected to be paid into the group's major defined benefit schemes during the annual period after 31 March 2013 are US$25 million.                  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| A 1% increase and a 1% decrease in the assumed healthcare cost of inflation will have the following effect on the group's major post-employment medical benefits. |
|                                                                                                                                                              |   |   |   |   |   |   |   | 2013 |
|                                                                                                                                                              |   |   |   |   |   |   |   | Increase |  | Decrease |  |
|                                                                                                                                                              |   |   |   |   |   |   |   | US$m |  | US$m |  |
| Current service costs                                                                                                                                             |   |   |   |   |   |   |   | - |  | - |  |
| Interest costs                                                                                                                                                    |   |   |   |   |   |   |   | 1 |  | (1) |  |
| Accumulated post-employment medical benefit costs                                                                                                                 |   |   |   |   |   |   |   | 9 |  | (7) |  |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|        |
|--------|
|        |  |  |  |  |
|   | 31.  Related party transactions |   |   |   |
|   |   |   |   |   |
|   | a. Parties with significant influence over the group: Altria Group, Inc. (Altria) and the Santo Domingo Group (SDG) |
|   | Altria is considered to be a related party of the group by virtue of its 26.8% equity shareholding. There were no transactions with Altria during the year. |
|   |   |   |   |   |
|   | SDG is considered to be a related party of the group by virtue of its 14.0% equity shareholding in SABMiller plc. There were no transactions with SDG during the year. During the year ended 31 March 2012 the group made donations of US$33 million to the Fundación Mario Santo Domingo, pursuant to the contractual arrangements entered into at the time of the Bavaria transaction in 2005, under which it was agreed that the proceeds of the sale of surplus non-operating property assets owned by Bavaria SA and its subsidiaries would be donated to various charities, including the Fundación Mario Santo Domingo. No donations were made to the  Fundación Mario Santo Domingo during the year ended 31 March 2013. At 31 March 2013 US$nil (2012: US$nil) was owing to the SDG. |
|   |
|   |   |   |   |   |
|   | b. Associates and joint ventures |   |   |   |
|   | Details relating to transactions with associates and joint ventures are analysed below. |
|   |   | 2013 |   | 2012 |
|   |   | US$m |   | US$m |
|   | Purchases from associates1 | (227) |   | (214) |
|   | Purchases from joint ventures2 | (97) |   | (86) |
|   | Sales to associates3 | 46 |   | 39 |
|   | Sales to joint ventures4 | 25 |   | 28 |
|   | Dividends receivable from associates5 | 113 |   | 150 |
|   | Dividends received from joint ventures6 | 886 |   | 896 |
|   | Royalties received from associates7 | 27 |   | 13 |
|   | Royalties received from joint ventures8 | 2 |   | 2 |
|   | Management fees, guarantee fees and other recoveries received from associates9 | 17 |   | 24 |
|   | Management fees paid to joint ventures10 | (2) |   | (1) |
|   | Sale of associate to joint venture11 | 21 |   | - |
|   |   |   |   |   |
|   | 1 The group purchased canned Coca-Cola products for resale from Coca-Cola Canners of Southern Africa (Pty) Limited (Coca-Cola Canners); inventory from Distell Group Ltd (Distell) and Associated Fruit Processors (Pty) Ltd (AFP); and accommodation from Tsogo Sun Holdings Ltd (Tsogo Sun), all in South Africa. |
|   | 2 The group purchased lager from MillerCoors LLC (MillerCoors). |
|   | 3 The group made sales of lager to Tsogo Sun, Delta Corporation Ltd (Delta), Anadolu Efes Biracılık ve Malt Sanayii AŞ (Anadolu Efes), and Distell, and in the prior year also Empresa Cervajas De N'Gola SARL (ECN), and Société des Brasseries et Glacières Internationales and Brasseries Internationales Holding Ltd (Castel). |
|   | 4 The group made sales to MillerCoors and in the prior year also Pacific Beverages Pty Ltd. |
|   | 5 The group had dividends receivable from Castel of US$21 million (2012: US$61 million), Coca-Cola Canners US$11 million (2012: US$6 million), Distell US$21 million (2012: US$22 million), Tsogo Sun US$33 million (2012: US$41 million), Delta US$12 million (2012: US$3 million),  International Trade and Supply Limited US$14 million (2012: US$6 million), Grolsch (UK) Ltd US$1 million (2012: US$2 million) and Kenya Breweries Ltd US$nil (2012: US$9 million). |
|   | 6 The group received dividends from MillerCoors. |
|   | 7 The group received royalties from Delta and Anadolu Efes, and in the prior year also Kenya Breweries Ltd. |
|   | 8The group received royalties from MillerCoors. |
|   | 9The group received management fees from Delta, guarantee fees from Delta and BIH Brasseries Internationales Holding (Angola) Ltd (BIH Angola), and other recoveries from AFP. In the prior year management fees were also received from ECN. |
|   | 10The group paid management fees to MillerCoors. |
|   | 11The group sold its interest in Foster's USA LLC to MillerCoors for cash consideration. |
|   |   |   |   |   |
|   |   | 2013 |   | 2012 |
|   | At 31 March | US$m |   | US$m |
|   | Amounts owed by associates - trade1 | 68 |   | 145 |
|   | Amounts owed by associates - loans² | - |   | 60 |
|   | Amounts owed by joint ventures³ | 5 |   | 6 |
|   | Amounts owed to associates4 | (150) |   | (42) |
|   | Amounts owed to joint ventures5 | (14) |   | (17) |
|   |   |   |   |   |
|   | 1 Amounts owed by AFP, Delta, BIH Angola and Anadolu Efes. |   |   |   |
|   | 2 Amounts owed by BIH Angola in the prior year. |   |   |   |
|   | 3 Amounts owed by MillerCoors. |   |   |   |
|   | 4 Amounts owed to Coca-Cola Canners, Castel and Tsogo Sun. At 31 March 2013 this balance included US$100 million received in compensation for the loan participation deposit relating to the Angolan businesses managed by Castel (see note 17). |
|   | 5 Amounts owed to MillerCoors. |   |   |   |
|   |   |   |   |   |
|   | Guarantees provided in respect of associates' bank facilities are detailed in note 22. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                             |  |  |  |
| 31.  Related party transactions (continued)                                                                                                                                                 |   |   |   |
|                                                                                                                                                                                        |   |   |   |
| c. Transactions with key management                                                                                                                                                         |   |   |   |
| The group has a related party relationship with the directors of the group and members of the excom as key management. At 31 March 2013 there were 26 (2012: 27) members of key management. |
| Key management compensation is provided in note 6c.                                                                                                                                         |   |   |   |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |
| 33.  Principal subsidiaries, associates and joint ventures                         |   |   |
|                                                                               |   |   |   |   |
| The principal subsidiary undertakings of the group as at 31 March were as follows. |
|                                                                               | Country of | Principal | Effective interest |   |
| Name                                                                               | incorporation | activity | 2013 |  | 2012 |  |
| Corporate                                                                          |   |   |   |   |
| SABMiller Holdings Ltd                                                             | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller Africa and Asia BV1                                                      | Netherlands | Holding company | 100 | % | 100 | % |
| SABMiller Holdings SA Ltd                                                          | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller Holdings SH Ltd                                                          | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller International BV                                                         | Netherlands | Trademark owner | 100 | % | 100 | % |
| SABMiller SAF Limited                                                              | United Kingdom | Holding company/Financing | 100 | % | 100 | % |
| SABMiller Southern Investments Ltd                                                 | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller Procurement GmbH2                                                        | Switzerland | Procurement | 100 | % | 100 | % |
| SABSA Holdings Ltd                                                                 | South Africa | Holding company | 100 | % | 100 | % |
|                                                                               |   |   |   |   |
| Latin American operations                                                          |   |   |   |
| Bavaria SA3                                                                        | Colombia | Brewing/Soft drinks | 99 | % | 99 | % |
| Cervecería Argentina SA Isenbeck                                              | Argentina | Brewing | 100 | % | 100 | % |
| Cervecería del Valle SA                                                       | Colombia | Brewing | 99 | % | 99 | % |
| Cervecería Hondureña, SA de CV                                           | Honduras | Brewing/Soft drinks | 99 | % | 99 | % |
| Cervecería Nacional (CN) SA3                                                  | Ecuador | Brewing | 96 | % | 96 | % |
| Cervecería Nacional SA3                                                       | Panama | Brewing | 98 | % | 97 | % |
| Cervecería San Juan SA3                                                       | Peru | Brewing/Soft drinks | 92 | % | 92 | % |
| Cervecería Unión SA                                                      | Colombia | Brewing | 98 | % | 98 | % |
| Industrias La Constancia, SA de CV                                                 | El Salvador | Brewing/Soft drinks | 100 | % | 100 | % |
| Unión de Cervecerías Peruanas Backus y Johnston SAA3                     | Peru | Brewing | 94 | % | 94 | % |
|                                                                               |   |   |   |   |
| European operations                                                                |   |   |   |   |
| SABMiller Europe BV1                                                               | Netherlands | Holding company | 100 | % | 100 | % |
| SABMiller Holdings Europe Ltd                                                      | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller Netherlands Cooperatieve WA                                              | Netherlands | Holding company | 100 | % | 100 | % |
| Birra Peroni Srl                                                                   | Italy | Brewing | 100 | % | 100 | % |
| Compañia Cervecera de Canarias SA                                             | Spain | Brewing | 51 | % | 51 | % |
| Dreher Sörgyárak Zrt                                                     | Hungary | Brewing | 100 | % | 100 | % |
| Grolsche Bierbrouwerij Nederland BV                                                | Netherlands | Brewing | 100 | % | 100 | % |
| Kompania Piwowarska SA4                                                            | Poland | Brewing | 100 | % | 100 | % |
| Miller Brands (UK) Ltd                                                             | United Kingdom | Sales and distribution | 100 | % | 100 | % |
| Pivovary Topvar as                                                                 | Slovakia | Brewing | 100 | % | 100 | % |
| Plzeňský Prazdroj as                                                     | Czech Republic | Brewing | 100 | % | 100 | % |
| Ursus Breweries SA                                                                 | Romania | Brewing | 99 | % | 99 | % |
|                                                                               |   |   |   |   |
| North American operations                                                          |   |   |   |   |
| SABMiller Holdings Inc                                                             | USA | Holding company/Financing | 100 | % | 100 | % |
| Miller Brewing Company                                                             | USA | Holding company | 100 | % | 100 | % |
|                                                                               |   |   |   |   |
|                                                                               |   |   |   |   |
|                                                                               |   |   |   |   |
|                                                                               |   |   |   |   |
|                                                                               |   |   |   |   |
|                                                                               |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |
| 33.  Principal subsidiaries, associates and joint ventures (continued) |   |   |
|                                                                   |   |   |   |   |
|                                                                   | Country of | Principal | Effective interest |   |
| Name                                                                   | incorporation | activity | 2013 |  | 2012 |  |
| African operations                                                     |   |   |   |   |
| SABMiller Africa BV                                                    | Netherlands | Holding company | 62 | % | 62 | % |
| SABMiller Botswana BV                                             | Netherlands | Holding company | 62 | % | 62 | % |
| SABMiller (A&A) Ltd                                                | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller Investments Ltd                                              | Mauritius | Holding company | 80 | % | 80 | % |
| SABMiller Investments II BV                                            | Netherlands | Holding company | 80 | % | 80 | % |
| SABMiller Nigeria Holdings BV                                          | Netherlands | Holding company | 50 | % | 50 | % |
| SABMiller Zimbabwe BV                                                  | Netherlands | Holding company | 62 | % | 62 | % |
| Accra Brewery Ltd                                                      | Ghana | Brewing | 60 | % | 60 | % |
| Ambo Mineral Water Share Company                                       | Ethiopia | Soft drinks | 40 | % | 40 | % |
| Botswana Breweries (Pty) Ltd                                           | Botswana | Sorghum brewing | 31 | % | 31 | % |
| Cervejas de Moçambique SARL3                                      | Mozambique | Brewing | 49 | % | 49 | % |
| Chibuku Products Ltd                                                   | Malawi | Sorghum brewing | 31 | % | 31 | % |
| Crown Beverages Ltd                                                    | Kenya | Soft drinks | 80 | % | 80 | % |
| Heinrich's Syndicate Ltd                                               | Zambia | Soft drinks | 62 | % | 62 | % |
| Intafact Beverages Ltd                                                 | Nigeria | Brewing | 38 | % | 41 | % |
| International Breweries plc3                                           | Nigeria | Brewing | 36 | % | 33 | % |
| Kgalagadi Breweries (Pty) Ltd                                          | Botswana | Brewing/Soft drinks | 31 | % | 31 | % |
| Maluti Mountain Brewery (Pty) Ltd                                      | Lesotho | Brewing/Soft drinks | 24 | % | 24 | % |
| MUBEX                                                                  | Mauritius | Procurement | 100 | % | 100 | % |
| National Breweries plc3                                                | Zambia | Sorghum brewing | 43 | % | 43 | % |
| Nile Breweries Ltd                                                     | Uganda | Brewing | 62 | % | 62 | % |
| Pabod Breweries Ltd                                                    | Nigeria | Brewing | 38 | % | 38 | % |
| Rwenzori Bottling Company Ltd                                          | Uganda | Soft drinks | 80 | % | 80 | % |
| Southern Sudan Beverages Ltd                                           | South Sudan | Brewing | 80 | % | 80 | % |
| Swaziland Beverages Ltd                                                | Swaziland | Brewing | 37 | % | 37 | % |
| Tanzania Breweries Ltd3                                                | Tanzania | Brewing | 36 | % | 36 | % |
| Voltic (GH) Ltd                                                        | Ghana | Soft drinks | 80 | % | 80 | % |
| Voltic Nigeria Ltd                                                     | Nigeria | Soft drinks | 50 | % | 50 | % |
| Zambian Breweries plc3                                                 | Zambia | Brewing/Soft drinks | 54 | % | 54 | % |
|                                                                   |   |   |   |   |
| Asia Pacific operations                                                |   |   |   |   |
| SABMiller Asia BV                                            | Netherlands | Holding company | 100 | % | 100 | % |
| SABMiller Asia Ltd                                                     | Hong Kong | Holding company | 100 | % | 100 | % |
| SABMiller (A&A 2) Ltd                                              | United Kingdom | Holding company | 100 | % | 100 | % |
| SABMiller Beverage Investments Pty Ltd                                 | Australia | Holding company | 100 | % | 100 | % |
| SKOL Beer Manufacturing Company Ltd5                                   | India | Holding company | 100 | % | 100 | % |
| Foster's Group Pty Ltd                                                 | Australia | Holding company | 100 | % | 100 | % |
| Bulmer Australia Pty Ltd                                               | Australia | Brewing | 100 | % | 100 | % |
| Cascade Brewery Company Pty Ltd                                        | Australia | Brewing | 100 | % | 100 | % |
| CUB Pty Ltd6                                                           | Australia | Brewing | 100 | % | 100 | % |
| FBG Treasury (Aust.) Pty Ltd                                           | Australia | Financing | 100 | % | 100 | % |
| Foster's Group Pacific Ltd3,7                                          | Fiji | Brewing | - |  | 89 | % |
| Pacific Beverages Pty Ltd                                              | Australia | Brewing | 100 | % | 100 | % |
| Queensland Breweries Pty Ltd                                           | Australia | Brewing | 100 | % | 100 | % |
| SABMiller Breweries Private Ltd                                        | India | Brewing | 100 | % | 100 | % |
| SABMiller Vietnam Company Ltd                                          | Vietnam | Brewing | 100 | % | 100 | % |
| SABMiller India Ltd8                                                   | India | Brewing | 99 | % | 99 | % |
|                                                                   |   |   |   |   |
| South African operations                                               |   |   |   |   |
| The South African Breweries (Pty) Ltd                                  | South Africa | Brewing/Soft drinks/Holding company | 100 | % | 100 | % |
| The South African Breweries Hop Farms (Pty) Ltd                        | South Africa | Hop farming | 100 | % | 100 | % |
| The South African Breweries Maltings (Pty) Ltd                         | South Africa | Maltsters | 100 | % | 100 | % |
| Appletiser South Africa (Pty) Ltd                                      | South Africa | Fruit juices | 100 | % | 100 | % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| SABMiller plc                                              |  |
| Notes to the consolidated financial statements (continued) |
|                                                       |

|                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |  |
| 33. Principal subsidiaries, associates and joint ventures (continued)                                                                                                                                                                                                                            |   |   |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Associates and joint ventures                                                                                                                                                                                                                                                                    |   |   |   |   |   |
| The principal associates and joint ventures of the group as at 31 March are as set out below. Where the group's interest in an associate or a joint venture is held by a subsidiary undertaking which is not wholly owned by the group, the subsidiary undertaking is indicated in a note below. |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                             | Country of | Nature of relationship |   | Effective interest |   |
| Name                                                                                                                                                                                                                                                                                             | incorporation | Principal activity | 2013 |  | 2012 |  |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| European operations                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Anadolu Efes Biracılık ve Malt Sanayii AŞ1,2                                                                                                                                                                                                                                      | Turkey | Associate | Brewing/Soft drinks | 24 | % | 24 | % |
| Grolsch (UK) Ltd                                                                                                                                                                                                                                                                                 | United Kingdom | Associate | Brewing | 50 | % | 50 | % |
| International Trade and Supply Limited2                                                                                                                                                                                                                                                          | British Virgin Islands | Associate | Sales and distribution | 40 | % | 40 | % |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| North American operations                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| MillerCoors LLC2,3                                                                                                                                                                                                                                                                               | USA | Joint venture | Brewing | 58 | % | 58 | % |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| African operations                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| BIH Brasseries Internationales Holding Ltd2                                                                                                                                                                                                                                                      | Gibraltar | Associate | Holding company for subsidiaries    principally located in Africa | 20 | % | 20 | % |
| Société des Brasseries et Glacières Internationales SA2                                                                                                                                                                                                                           | France | Associate | Holding company for subsidiaries    principally located in Africa | 20 | % | 20 | % |
| Algerienne de Bavaroise Spa2,4                                                                                                                                                                                                                                                                   | Algeria | Associate | Brewing | 40 | % | 40 | % |
| BIH Brasseries Internationales Holding (Angola) Ltd2                                                                                                                                                                                                                                             | Gibraltar | Associate | Brewing/Soft drinks | 27 | % | 27 | % |
| Delta Corporation Ltd1,5                                                                                                                                                                                                                                                                         | Zimbabwe | Associate | Brewing/Soft drinks | 25 | % | 25 | % |
| Marocaine d'Investissements et de Services SA1,6                                                                                                                                                                                                                                                 | Morocco | Associate | Brewing | 40 | % | 40 | % |
| Skikda Bottling Company SARL2,4                                                                                                                                                                                                                                                                  | Algeria | Associate | Soft drinks | 40 | % | 40 | % |
| Société de Boissons de I'Ouest Algerien SARL2,4                                                                                                                                                                                                                                        | Algeria | Associate | Soft drinks | 40 | % | 40 | % |
| Société des Nouvelles Brasseries2,4                                                                                                                                                                                                                                                    | Algeria | Associate | Brewing | 40 | % | 40 | % |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Asia Pacific operations                                                                                                                                                                                                                                                                          |   |   |   |   |   |
| China Resources Snow Breweries Ltd2                                                                                                                                                                                                                                                              | British Virgin Islands | Associate | Holding company for brewing subsidiaries located in China | 49 | % | 49 | % |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| South African operations                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Coca-Cola Canners of Southern Africa (Pty) Ltd2                                                                                                                                                                                                                                                  | South Africa | Associate | Canning of beverages | 32 | % | 32 | % |
| Distell Group Ltd1,7                                                                                                                                                                                                                                                                             | South Africa | Associate | Wines and spirits | 29 | % | 29 | % |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Hotels and Gaming                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Tsogo Sun Holdings Ltd1                                                                                                                                                                                                                                                                          | South Africa | Associate | Holding company for Hotels and    Gaming operations | 40 | % | 40 | % |

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