----

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

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |
|                                                                                        |   | 2014  | 2013 1 | 2012 1 |
|                                                                                   | Notes | US$m | US$m | US$m |
|                                                                                        |   |   |   |   |
| Revenue                                                                                     | 2 |  22,311  |  23,213  |  21,760  |
| Net operating expenses                                                                      | 3 |  (18,069) |  (19,021) |  (16,757) |
|                                                                                        |   |   |   |   |
| Operating profit                                                                            | 2 |  4,242  |  4,192  |  5,003  |
| Operating profit before exceptional items                                                   | 2 |  4,439  |  4,392  |  3,977  |
| Exceptional items                                                                           | 4 |  (197) |  (200) |  1,026  |
|                                                                                        |   |   |   |   |
| Net finance costs                                                                           | 5 |  (645) |  (726) |  (554) |
| Finance costs                                                                               | 5a |  (1,055) |  (1,186) |  (860) |
| Finance income                                                                              | 5b |  410  |  460  |  306  |
|                                                                                        |   |   |   |   |
| Share of post-tax results of associates and joint ventures                                  | 2 |  1,226  |  1,213  |  1,134  |
|                                                                                        |   |   |   |   |
| Profit before taxation                                                                      |   |  4,823  |  4,679  |  5,583  |
| Taxation                                                                                    | 7 |  (1,173) |  (1,192) |  (1,121) |
| Profit for the year                                                                         | 27a |  3,650  |  3,487  |  4,462  |
|                                                                                        |   |   |   |   |
| Profit attributable to non-controlling interests                                            |   |  269  |  237  |  256  |
| Profit attributable to owners of the parent                                                 | 26a |  3,381  |  3,250  |  4,206  |
|                                                                                        |   |  3,650  |  3,487  |  4,462  |
|                                                                                        |   |   |   |   |
|                                                                                        |   |   |   |   |
| Basic earnings per share (US cents)                                                         | 8 | 211.8  | 204.3  |  265.7  |
| Diluted earnings per share (US cents)                                                       | 8 | 209.1  | 202.0  |  262.9  |
|                                                                                        |   |   |   |   |
| 1 As restated (see note 28).                                                                |   |   |   |   |
|                                                                                        |   |   |   |   |
| The notes on pages 7 to 81 are an integral part of these consolidated financial statements. |   |   |   |   |
|                                                                                        |   |   |   |   |
| The results for the years ended 31 March 2014 and 31 March 2012 are unaudited.              |   |   |   |   |

----

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

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |
|                                                                                           |   | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                      | Notes | US$m |  | US$m |  | US$m |  |
|                                                                                           |   |   |  |   |  |   |  |
| Profit for the year                                                                            |   | 3,650 |  | 3,487 |  | 4,462 |  |
| Other comprehensive loss:                                                                      |   |   |   |   |
| Items that will not be reclassified to profit or loss                                          |   |   |   |   |
| Net remeasurements on defined benefit plans                                                    | 31 | 22 |  | (19 | ) | (7 | ) |
|                                                                                           |   |   |   |   |
| Tax on items that will not be reclassified                                                     | 7 | (13 | ) | 19 |  | 66 |  |
|                                                                                           |   |   |   |   |
| Share of associates' and joint ventures' other comprehensive income/(loss)                     |   | 23 |  | (26 | ) | (162 | ) |
| Total items that will not be reclassified to profit or loss                                    |   | 32 |  | (26 | ) | (103 | ) |
|                                                                                           |   |   |   |   |
| Items that may be reclassified subsequently to profit or loss                                  |   |   |   |   |
| Currency translation differences on foreign currency net investments:                          |   | (2,288 | ) | (700 | ) | 136 |  |
| - (Decrease)/increase in foreign currency translation reserve during the year                  |   | (2,290 | ) | (700 | ) | 153 |  |
| - Recycling of foreign currency translation reserve on disposals                               |   | 2 |  |  -   |  | (17 | ) |
|                                                                                           |   |   |   |   |
| Available for sale investments:                                                                | 26b |   |   |   |
| - Fair value losses arising during the year                                                    |   |  -   |  | (1 | ) |  -   |  |
|                                                                                           |   |   |   |   |
| Net investment hedges:                                                                         | 26b |   |   |   |
| - Fair value gains/(losses) arising during the year                                            |   | 102 |  | 63 |  | (1 | ) |
|                                                                                           |   |   |   |   |
| Cash flow hedges:                                                                              | 26b | 34 |  | (5 | ) | 6 |  |
| - Fair value gains/(losses) arising during the year                                            |   | 33 |  | (8 | ) |  -   |  |
| - Fair value (gains)/losses transferred to inventory                                           |   | (1 | ) | 8 |  | 2 |  |
| - Fair value losses/(gains) transferred to profit or loss                                      |   | 2 |  | (5 | ) | 4 |  |
|                                                                                           |   |   |   |   |
| Tax on items that may be reclassified subsequently to profit or loss                           | 7 | 1 |  | 6 |  | 30 |  |
|                                                                                           |   |   |   |   |
| Share of associates' and joint ventures' other comprehensive income/(loss):                    |   | 122 |  | (13 | ) | (76 | ) |
| - Share of associates' and joint ventures' other comprehensive income/(loss) during the year   |   | 131 |  | (13 | ) | (76 | ) |
| - Share of associates' and joint ventures' recycling of available for sale reserve on disposal |   | (9 | ) |  -   |  |  -   |  |
|                                                                                           |   |   |   |   |
| Total items that may be reclassified subsequently to profit or loss                            |   | (2,029 | ) | (650 | ) | 95 |  |
|                                                                                           |   |   |   |   |
| Other comprehensive loss for the year, net of tax                                              |   | (1,997 | ) | (676 | ) | (8 | ) |
| Total comprehensive income for the year                                                        |   | 1,653 |  | 2,811 |  | 4,454 |  |
|                                                                                           |   |   |   |   |
| Attributable to:                                                                               |   |   |   |   |
| Non-controlling interests                                                                      |   | 248 |  | 233 |  | 255 |  |
| Owners of the parent                                                                           |   | 1,405 |  | 2,578 |  | 4,199 |  |
| Total comprehensive income for the year                                                        |   | 1,653 |  | 2,811 |  | 4,454 |  |
|                                                                                           |   |   |   |   |
| 1 As restated (see note 28).                                                                   |   |   |   |   |
|                                                                                           |   |   |   |   |
| The notes on pages 7 to 81 are an integral part of these consolidated financial statements.    |
|                                                                                           |   |   |   |   |
| The results for the years ended 31 March 2014 and 31 March 2012 are unaudited.                 |   |   |   |   |

----

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

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |
|                                                                                           |   | 2014  |  | 2013  |  |
|                                                                                           | Notes | US$m |  | US$m |  |
| Assets                                                                                         |   |   |   |
| Non-current assets                                                                             |   |   |   |
| Goodwill                                                                                       | 10 | 18,497 |  | 19,862 |  |
| Intangible assets                                                                              | 11 | 8,532 |  | 9,635 |  |
| Property, plant and equipment                                                                  | 12 | 9,065 |  | 9,059 |  |
| Investments in joint ventures                                                                  | 13 | 5,581 |  | 5,547 |  |
| Investments in associates                                                                      | 14 | 5,787 |  | 5,416 |  |
| Available for sale investments                                                                 |   | 22 |  | 22 |  |
| Derivative financial instruments                                                               | 22 | 628 |  | 732 |  |
| Trade and other receivables                                                                    | 16 | 139 |  | 144 |  |
| Deferred tax assets                                                                            | 19 | 115 |  | 71 |  |
| Loan participation deposit                                                                     | 17 | - |  | 100 |  |
|                                                                                           |   | 48,366 |  | 50,588 |  |
|                                                                                           |   |   |   |
| Current assets                                                                                 |   |   |   |
| Inventories                                                                                    | 15 | 1,168 |  | 1,175 |  |
| Trade and other receivables                                                                    | 16 | 1,821 |  | 2,067 |  |
| Current tax assets                                                                             |   | 174 |  | 159 |  |
| Derivative financial instruments                                                               | 22 | 141 |  | 111 |  |
| Cash and cash equivalents                                                                      | 17 | 2,081 |  | 2,171 |  |
|                                                                                           |   | 5,385 |  | 5,683 |  |
| Assets of disposal group classified as held for sale                                           |   | - |  | 23 |  |
|                                                                                           |   | 5,385 |  | 5,706 |  |
| Total assets                                                                                   |   | 53,751 |  | 56,294 |  |
|                                                                                           |   |   |   |
| Liabilities                                                                                    |   |   |   |
| Current liabilities                                                                            |   |   |   |
| Derivative financial instruments                                                               | 22 | (78 | ) | (34 | ) |
| Borrowings                                                                                     | 20 | (4,519 | ) | (2,469 | ) |
| Trade and other payables                                                                       | 18 | (3,847 | ) | (4,004 | ) |
| Current tax liabilities                                                                        |   | (1,106 | ) | (1,460 | ) |
| Provisions                                                                                     | 24 | (450 | ) | (558 | ) |
|                                                                                           |   | (10,000 | ) | (8,525 | ) |
| Liabilities of disposal group classified as held for sale                                      |   | - |  | (1 | ) |
|                                                                                           |   | (10,000 | ) | (8,526 | ) |
|                                                                                           |   |   |   |
| Non-current liabilities                                                                        |   |   |   |
| Derivative financial instruments                                                               | 22 | (37 | ) | (52 | ) |
| Borrowings                                                                                     | 20 | (12,528 | ) | (16,079 | ) |
| Trade and other payables                                                                       | 18 | (25 | ) | (132 | ) |
| Deferred tax liabilities                                                                       | 19 | (3,246 | ) | (3,507 | ) |
| Provisions                                                                                     | 24 | (433 | ) | (538 | ) |
|                                                                                           |   | (16,269 | ) | (20,308 | ) |
| Total liabilities                                                                              |   | (26,269 | ) | (28,834 | ) |
| Net assets                                                                                     |   | 27,482 |  | 27,460 |  |
|                                                                                           |   |   |   |
| Equity                                                                                         |   |   |   |
| Share capital                                                                                  | 25 | 167 |  | 167 |  |
| Share premium                                                                                  |   | 6,648 |  | 6,581 |  |
| Merger relief reserve                                                                          |   | 4,321 |  | 4,586 |  |
| Other reserves                                                                                 | 26b | (702 | ) | 1,328 |  |
| Retained earnings                                                                              | 26a | 15,885 |  | 13,710 |  |
| Total shareholders' equity                                                                     |   | 26,319 |  | 26,372 |  |
| Non-controlling interests                                                                      |   | 1,163 |  | 1,088 |  |
| Total equity                                                                                   |   | 27,482 |  | 27,460 |  |
|                                                                                           |   |   |   |
| The notes on pages 7 to 81 are an integral part of these consolidated financial statements.    |
|                                                                                           |   |   |   |
| The financial statements were authorised for issue by the board of directors on 4 August 2014. |   |
|                                                                                           |   |   |   |
| The balances as at 31 March 2014 are unaudited.                                                |   |   |   |

----

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

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |
|                                                                                        |   | 2014  |  | 2013  |  | 2012  |  |
|                                                                                        | Notes | US$m |  | US$m |  | US$m |  |
| Cash flows from operating activities                                                        |   |   |  |   |  |   |  |
| Cash generated from operations                                                              | 27a | 5,770 |  | 5,554 |  | 5,237 |  |
| Interest received                                                                           |   | 365 |  | 468 |  | 516 |  |
| Interest paid                                                                               |   | (1,108 | ) | (1,238 | ) | (923 | ) |
| Tax paid                                                                                    |   | (1,596 | ) | (683 | ) | (893 | ) |
| Net cash generated from operating activities                                                | 27b | 3,431 |  | 4,101 |  | 3,937 |  |
|                                                                                        |   |   |   |   |
| Cash flows from investing activities                                                        |   |   |   |   |
| Purchase of property, plant and equipment                                                   |   | (1,401 | ) | (1,335 | ) | (1,473 | ) |
| Proceeds from sale of property, plant and equipment                                         |   | 70 |  | 30 |  | 116 |  |
| Purchase of intangible assets                                                               |   | (84 | ) | (144 | ) | (166 | ) |
| Proceeds from sale of intangible assets                                                     |   | - |  | 4 |  | - |  |
| Purchase of available for sale investments                                                  |   | (1 | ) | - |  | (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)                                 |   | 88 |  | 57 |  | (23 | ) |
| Acquisition of businesses (net of cash acquired)                                            |   | (39 | ) | (6 | ) | (10,951 | ) |
| Investments in joint ventures                                                               |   | (188 | ) | (272 | ) | (288 | ) |
| Investments in associates                                                                   |   | (199 | ) | (23 | ) | (52 | ) |
| Repayment of investments by associates                                                      |   | - |  | - |  | 14 |  |
| Dividends received from joint ventures                                                      | 13 | 903 |  | 886 |  | 896 |  |
| Dividends received from associates                                                          | 14 | 224 |  | 113 |  | 120 |  |
| Dividends received from other investments                                                   |   | 1 |  | 1 |  | 1 |  |
| Net cash used in investing activities                                                       |   | (626 | ) | (663 | ) | (11,600 | ) |
|                                                                                        |   |   |   |   |
| Cash flows from financing activities                                                        |   |   |   |   |
| Proceeds from the issue of shares                                                           |   | 88 |  | 102 |  | 96 |  |
| Proceeds from the issue of shares in subsidiaries to non-controlling interests              |   | 20 |  | 36 |  | 107 |  |
| Purchase of own shares for share trusts                                                     | 26a | (79 | ) | (53 | ) | (52 | ) |
| Purchase of shares from non-controlling interests                                           |   | (5 | ) | - |  | (27 | ) |
| Proceeds from borrowings                                                                    |   | 2,585 |  | 2,318 |  | 19,000 |  |
| Repayment of borrowings                                                                     |   | (3,829 | ) | (2,878 | ) | (10,139 | ) |
| Proceeds from associate in relation to loan participation deposit                           | 17 | - |  | 100 |  | - |  |
| Capital element of finance lease payments                                                   |   | (9 | ) | (6 | ) | (5 | ) |
| Net cash receipts/(payments) on derivative financial instruments                            |   | 228 |  | (5 | ) | (52 | ) |
| Dividends paid to shareholders of the parent                                                | 9 | (1,640 | ) | (1,517 | ) | (1,324 | ) |
| Dividends paid to non-controlling interests                                                 |   | (194 | ) | (131 | ) | (109 | ) |
| Net cash (used in)/generated from financing activities                                      |   | (2,835 | ) | (2,034 | ) | 7,495 |  |
|                                                                                        |   |   |   |   |
| Net cash (outflow)/inflow from operating, investing and financing activities                |   | (30 | ) | 1,404 |  | (168 | ) |
| Effects of exchange rate changes                                                            |   | (61 | ) | (51 | ) | (39 | ) |
| Net (decrease)/increase in cash and cash equivalents                                        |   | (91 | ) | 1,353 |  | (207 | ) |
| Cash and cash equivalents at 1 April                                                        |   | 1,959 |  | 606 |  | 813 |  |
| Cash and cash equivalents at 31 March                                                       | 27c | 1,868 |  | 1,959 |  | 606 |  |
|                                                                                        |   |   |   |   |
| The notes on pages 7 to 81 are an integral part of these consolidated financial statements. |
|                                                                                        |   |   |   |   |
| The cash flows for the years ended 31 March 2014 and 31 March 2012 are unaudited.           |   |   |   |   |

----

|                                             |
|---------------------------------------------|
|                                             |  |
| 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 year1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | - |  | - |  | - |  | - |  | 4,206 |  | 4,206 |  | 256 |  | 4,462 |  |
| Other comprehensive income/(loss)1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | - |  | - |  | - |  | 97 |  | (104 | ) | (7 | ) | (1 | ) | (8 | ) |
| 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 year1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | - |  | - |  | - |  | - |  | 3,250 |  | 3,250 |  | 237 |  | 3,487 |  |
| Other comprehensive loss1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | - |  | - |  | - |  | (650 | ) | (22 | ) | (672 | ) | (4 | ) | (676 | ) |
| 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 |  |
| Total comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | - |  | - |  | - |  | (2,030 | ) | 3,435 |  | 1,405 |  | 248 |  | 1,653 |  |
| Profit for the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | - |  | - |  | - |  | - |  | 3,381 |  | 3,381 |  | 269 |  | 3,650 |  |
| Other comprehensive (loss)/income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | - |  | - |  | - |  | (2,030 | ) | 54 |  | (1,976 | ) | (21 | ) | (1,997 | ) |
| Dividends paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 9 | - |  | - |  | - |  | - |  | (1,640 | ) | (1,640 | ) | (193 | ) | (1,833 | ) |
| Issue of SABMiller plc ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | - |  | 67 |  | - |  | - |  | 21 |  | 88 |  | - |  | 88 |  |
| Proceeds from the issue of shares in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|     subsidiaries to non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | - |  | - |  | - |  | - |  | - |  | - |  | 20 |  | 20 |  |
| Payment for purchase of own shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | - |  | - |  | - |  |
|     for share trusts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 26a | - |  | - |  | - |  | - |  | (79 | ) | (79 | ) | - |  | (79 | ) |
| Buyout of non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 26a | - |  | - |  | - |  | - |  | (5 | ) | (5 | ) | - |  | (5 | ) |
| Utilisation of merger relief reserve                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 26a | - |  | - |  | (265 | ) | - |  | 265 |  | - |  | - |  | - |  |
| Credit entry relating to share-based payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 26a | - |  | - |  | - |  | - |  | 178 |  | 178 |  | - |  | 178 |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 167 |  | 6,648 |  | 4,321 |  | (702 | ) | 15,885 |  | 26,319 |  | 1,163 |  | 27,482 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| The notes on pages 7 to 81 are an integral part of these consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| The changes in equity for the years ended 31 March 2014 and 31 March 2012 are unaudited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Merger relief reserve                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| At 1 April 2013 the merger relief reserve comprised 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. In the year ended 31 March 2014 the group transferred US$265 million of the reserve relating to the Polish business to retained earnings upon realisation of qualifying consideration. |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |
|                                                                    |                                    |
| 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 |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 19, ‘Employee benefits’. The adoption of this revised standard retrospectively from 1 April 2013 has resulted in the interest charge on retirement benefit liabilities and the expected return on plan assets being replaced by a net interest charge on net defined benefit liabilities based on high quality corporate bond rates. This net charge is included within operating costs. Further details of these adjustments are provided in note 28. |

|         |                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 1, ‘Financial statement presentation’. The adoption of this amendment has resulted in changes to the presentation of certain items within other comprehensive income in the consolidated statement of comprehensive income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | IFRS 10, ‘Consolidated Financial Statements’, IFRS 11, ‘Joint Arrangements’ and IFRS 12, ‘Disclosure of Interests in Other Entities’ with effect from 1 April 2013, along with the revised versions of IAS 27, ‘Separate Financial Statements’ and IAS 28, ‘Associates’. The adoption of these standards has had no impact on the total comprehensive income or net assets of the group. Further details of the impact of adopting these standards are provided in notes 13 and 28. The requirements of IFRS 12 have increased certain disclosures in respect of the group’s joint arrangements and associates. These are included in notes 13 and 14. |

|         |                                                                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IFRS 7, ‘Financial instruments: Disclosures’, on asset and liability offsetting introduced new disclosure requirements to facilitate comparison between entities that prepare IFRS financial statements to those that prepare financial statements in accordance with US GAAP. The additional disclosures are included in note 23. |

|         |                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | IFRS 13, ‘Fair value measurement’. This new standard provides a single source of fair value measurement and disclosure requirements. It does not require restatement of historical information. The additional disclosures required by this standard are included in note 21. |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Annual improvements to IFRS 2009-11. The application of the annual improvements has had no material impact on the consolidated results of operations or financial position of the group. |

|         |                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 36, ‘Impairment of assets’, on recoverable amount disclosures. This amendment clarified the disclosure requirements in relation to impairment testing of goodwill. There has been no material impact on 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 32, ‘Offsetting financial instruments asset and liability’, is effective from 1 January 2014. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 39, ‘Financial instruments: recognition and measurement’, on novation of derivatives and hedge accounting, is effective from 1 January 2014. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | IFRIC 21, ‘Levies’, is effective from 1 January 2014. |

----

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

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

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 19, ‘Employee benefits’ on defined benefit plans, is effective from 1 July 2014. |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IAS 16, ‘Property, plant and equipment’, and IAS 38, ‘Intangible assets’, on depreciation and amortisation, is effective from 1 January 2016. |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendments to IAS 16, 'Property, plant and equipment', and IAS 41, 'Agriculture', on bearer plants, is effective from 1 January 2016. |

|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Amendment to IFRS 11, ‘Joint arrangements’, on accounting for acquisitions of interests in joint operations, is effective from 1 January 2016. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Annual improvements to IFRS 2012, are effective from 1 July 2014. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Annual improvements to IFRS 2013, are effective from 1 July 2014. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | IFRS 9, ‘Financial Instruments’, is effective from 1 January 2018. |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | IFRS 15, ‘Revenue from contracts with customers’, is effective from 1 January 2017. |

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

|     |                    |
|-----|--------------------|
| (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 |

----

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

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

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

|      |            |
|------|------------|
| (ii) | Associates |

|       |                    |
|-------|--------------------|
| (iii) | Joint arrangements |

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

|     |                        |
|-----|------------------------|
| (v) | Reduction in interests |

----

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

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

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

|                          |
|--------------------------|
|                          |  |  |  |
|                     | Year ended 31 March 2014 | Year ended 31 March 2013 | Year ended 31 March 2012 |
| Average rate             |   |   |   |
| Australian dollar (AUD)  | 1.07 |         0.97 | 0.95 |
| Colombian peso (COP)     | 1,920 |        1,796 | 1,831 |
| Czech koruna (CZK)       | 19.68 |        19.65 | 17.65 |
| Euro (€)           | 0.75 |         0.78 | 0.72 |
| Peruvian nuevo sol (PEN) | 2.77 |         2.61 | 2.73 |
| Polish zloty (PLN)       | 3.15 |         3.26 | 2.99 |
| South African rand (ZAR) | 10.13 |         8.51 | 7.48 |
| Turkish lira (TRY)       | 1.98 | 1.80 | 1.73 |
|                     |   |   |   |
| Closing rate             |   |   |   |
| Australian dollar (AUD)  | 1.08 |         0.96 | 0.97 |
| Colombian peso (COP)     | 1,965 |        1,832 | 1,792 |
| Czech koruna (CZK)       | 19.90 |        20.07 | 18.52 |
| Euro (€)           | 0.73 |         0.78 | 0.75 |
| Peruvian nuevo sol (PEN) | 2.81 |         2.59 | 2.67 |
| Polish zloty (PLN)       | 3.03 |         3.26 | 3.13 |
| South African rand (ZAR) | 10.53 |         9.24 | 7.67 |
| Turkish lira (TRY)       | 2.14 | 1.81 | 1.78 |

|      |                           |
|------|---------------------------|
| (ii) | Transactions and balances |

|       |                                                      |
|-------|------------------------------------------------------|
| (iii) | Overseas subsidiaries, associates and joint ventures |

|      |                             |
|------|-----------------------------|
| (iv) | Hyperinflationary economies |

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

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

----

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

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

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

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

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

|    |                   |
|----|-------------------|
| 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 |

----

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

|    |                               |
|----|-------------------------------|
| h) | Intangible assets (continued) |

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

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

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

|     |                                      |
|-----|--------------------------------------|
| (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 one 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 |

----

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

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

|     |                                   |
|-----|-----------------------------------|
| (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. |

|    |                                            |
|----|--------------------------------------------|
| 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 |

----

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

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

|    |                                                                   |
|----|-------------------------------------------------------------------|
| a. | Derivative financial assets and financial liabilities (continued) |

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

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

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

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

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

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

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

|    |            |
|----|------------|
| m) | Impairment |

----

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

|    |                        |
|----|------------------------|
| m) | Impairment (continued) |

|    |                                                       |
|----|-------------------------------------------------------|
| n) | Non-current assets (or disposal groups) held for sale |

|    |            |
|----|------------|
| o) | Provisions |

|    |               |
|----|---------------|
| p) | Share capital |

|    |                                                                                 |
|----|---------------------------------------------------------------------------------|
| q) | Investments in own shares (treasury and shares held by employee benefit trusts) |

|    |                     |
|----|---------------------|
| r) | Revenue recognition |

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

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

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

----

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

|    |                                 |
|----|---------------------------------|
| r) | Revenue recognition (continued) |

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

|    |                  |
|----|------------------|
| s) | Operating leases |

|    |                   |
|----|-------------------|
| t) | Exceptional items |

|    |          |
|----|----------|
| u) | Taxation |

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

|    |                   |
|----|-------------------|
| w) | Employee benefits |

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

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

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

----

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

|    |                               |
|----|-------------------------------|
| w) | Employee benefits (continued) |

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

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

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

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

|    |                                                     |
|----|-----------------------------------------------------|
| x) | Derivative financial instruments - hedge accounting |

----

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

|    |                                                                 |
|----|-----------------------------------------------------------------|
| x) | Derivative financial instruments - hedge accounting (continued) |

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

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

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

|    |                       |
|----|-----------------------|
| y) | Deposits by customers |

|    |                    |
|----|--------------------|
| z) | Earnings per share |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
|                                                       |                                    |
| 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 NPR 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.  The non-GAAP measures used were revised in the year.  Consequently the comparative period disclosures have been revised accordingly.                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Income statement                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | Group NPR |  | EBITA |  |   | Group NPR |  |   | EBITA |  |   | Group NPR |  | EBITA |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 2014  |  | 2014  |  |   | 2013  |  |   | 2013 1 |  |    | 2012  |  | 2012 1 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |    | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 5,745 |  | 2,192 |  |   | 5,802 |  |   | 2,112 |  |   | 5,315 |  | 1,865 |  |
| Europe                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 4,574 |  | 703 |  |   | 4,300 |  |   | 784 |  |   | 4,235 |  | 836 |  |
| North America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 4,665 |  | 804 |  |   | 4,656 |  |   | 747 |  |   | 4,544 |  | 745 |  |
| Africa                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 3,424 |  | 939 |  |   | 3,290 |  |   | 838 |  |   | 3,087 |  | 743 |  |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 3,944 |  | 845 |  |   | 4,005 |  |   | 854 |  |   | 2,600 |  | 319 |  |
| South Africa:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 4,367 |  | 1,138 |  |   | 4,879 |  |   | 1,253 |  |   | 5,168 |  | 1,295 |  |
| - Beverages                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 3,997 |  | 1,015 |  |   | 4,475 |  |   | 1,119 |  |   | 4,747 |  | 1,160 |  |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 370 |  | 123 |  |   | 404 |  |   | 134 |  |   | 421 |  | 135 |  |
| Corporate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | - |  | (161 | ) |   | - |  |   | (202 | ) |   | - |  | (190 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 26,719 |  | 6,460 |  |   | 26,932 |  |   | 6,386 |  |   | 24,949 |  | 5,613 |  |
| Amortisation of intangible assets (excluding computer software) -   group and share of associates' and joint ventures'                                                                                                                                                                                                                                                                                                                                                             | (436 | ) |   |   |   | (483 | ) |   |   | (264 | ) |
| Exceptional items in operating profit - group and share of   associates' and joint ventures'                                                                                                                                                                                                                                                                                                                                                                                       | (202 | ) |   |   |   | (205 | ) |   |   | 1,015 |  |
| Net finance costs - group and share of associates' and   joint ventures' (excluding exceptional items)                                                                                                                                                                                                                                                                                                                                                                             | (741 | ) |   |   |   | (770 | ) |   |   | (563 | ) |
| Share of associates' and joint ventures' taxation                                                                                                                                                                                                                                                                                                                                                                                                                                            | (162 | ) |   |   |   | (164 | ) |   |   | (170 | ) |
| Share of associates' and joint ventures' non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                           | (96 | ) |   |   |   | (85 | ) |   |   | (48 | ) |
| Profit before taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 4,823 |  |   |   |   | 4,679 |  |   |   | 5,583 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Group revenue and group NPR (including the group's share of 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 |  |   | Group revenue |  |   | Excise duties and other similar taxes |  |   | Share of associates' and joint ventures' excise duties and other similar taxes |  | Group NPR |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 2014  |  | 2014  |  |   | 2014  |  |   | 2014  |  |   | 2014  |  | 2014  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 7,812 |  | - |  |   | 7,812 |  |   | (2,067 | ) |   | - |  | 5,745 |  |
| Europe                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 4,319 |  | 1,726 |  |   | 6,045 |  |   | (1,009 | ) |   | (462 | ) | 4,574 |  |
| North America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 143 |  | 5,199 |  |   | 5,342 |  |   | (4 | ) |   | (673 | ) | 4,665 |  |
| Africa                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 2,405 |  | 1,653 |  |   | 4,058 |  |   | (437 | ) |   | (197 | ) | 3,424 |  |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 3,285 |  | 2,166 |  |   | 5,451 |  |   | (1,235 | ) |   | (272 | ) | 3,944 |  |
| South Africa:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 4,347 |  | 1,029 |  |   | 5,376 |  |   | (855 | ) |   | (154 | ) | 4,367 |  |
| - Beverages                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 4,347 |  | 604 |  |   | 4,951 |  |   | (855 | ) |   | (99 | ) | 3,997 |  |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | - |  | 425 |  |   | 425 |  |   | - |  |   | (55 | ) | 370 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 22,311 |  | 11,773 |  |   | 34,084 |  |   | (5,607 | ) |   | (1,758 | ) | 26,719 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | Revenue |  | Share of associates' and joint ventures' revenue |  |   | Group revenue |  |   | Excise duties and other similar taxes |  |   | Share of associates' and joint ventures' excise duties and other similar taxes |  | Group NPR |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | 2013  |  | 2013  |  |   | 2013  |  |   | 2013  |  |   | 2013  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                       |   |   | 7,821 |  | - |  |   | 7,821 |  |   | (2,019 | ) |   | - |  | 5,802 |  |
| Europe                                                                                                                                                                                                                                                                                                                                                              |   |   | 4,292 |  | 1,475 |  |   | 5,767 |  |   | (995 | ) |   | (472 | ) | 4,300 |  |
| North America                                                                                                                                                                                                                                                                                                                                                       |   |   | 141 |  | 5,214 |  |   | 5,355 |  |   | (4 | ) |   | (695 | ) | 4,656 |  |
| Africa                                                                                                                                                                                                                                                                                                                                                              |   |   | 2,267 |  | 1,586 |  |   | 3,853 |  |   | (420 | ) |   | (143 | ) | 3,290 |  |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                        |   |   | 3,797 |  | 1,888 |  |   | 5,685 |  |   | (1,440 | ) |   | (240 | ) | 4,005 |  |
| South Africa:                                                                                                                                                                                                                                                                                                                                                       |   |   | 4,895 |  | 1,111 |  |   | 6,006 |  |   | (950 | ) |   | (177 | ) | 4,879 |  |
| - Beverages                                                                                                                                                                                                                                                                                                                                                         |   |   | 4,895 |  | 645 |  |   | 5,540 |  |   | (950 | ) |   | (115 | ) | 4,475 |  |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                 |   | - |  | 466 |  |   | 466 |  |   | - |  |   | (62 | ) | 404 |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | 23,213 |  | 11,274 |  |   | 34,487 |  |   | (5,828 | ) |   | (1,727 | ) | 26,932 |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | 2012  |  | 2012  |  |   | 2012  |  |   | 2012  |  |   | 2012  |  | 2012  |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                       |   |   | 7,148 |  | 10 |  |   | 7,158 |  |   | (1,843 | ) |   | - |  | 5,315 |  |
| Europe                                                                                                                                                                                                                                                                                                                                                              |   |   | 5,347 |  | 135 |  |   | 5,482 |  |   | (1,204 | ) |   | (43 | ) | 4,235 |  |
| North America                                                                                                                                                                                                                                                                                                                                                       |   |   | 134 |  | 5,116 |  |   | 5,250 |  |   | (3 | ) |   | (703 | ) | 4,544 |  |
| Africa                                                                                                                                                                                                                                                                                                                                                              |   |   | 2,299 |  | 1,387 |  |   | 3,686 |  |   | (421 | ) |   | (178 | ) | 3,087 |  |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                        |   |   | 1,682 |  | 1,828 |  |   | 3,510 |  |   | (690 | ) |   | (220 | ) | 2,600 |  |
| South Africa:                                                                                                                                                                                                                                                                                                                                                       |   |   | 5,150 |  | 1,152 |  |   | 6,302 |  |   | (963 | ) |   | (171 | ) | 5,168 |  |
| - Beverages                                                                                                                                                                                                                                                                                                                                                         |   |   | 5,150 |  | 665 |  |   | 5,815 |  |   | (963 | ) |   | (105 | ) | 4,747 |  |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                 |   | - |  | 487 |  |   | 487 |  |   | - |  |   | (66 | ) | 421 |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                |   |   | 21,760 |  | 9,628 |  |   | 31,388 |  |   | (5,124 | ) |   | (1,315 | ) | 24,949 |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Operating profit and EBITA (segment result)                                                                                                                                                                                                                                                                                                                         |
| The following table provides a reconciliation of operating profit to operating profit before exceptional items, and to EBITA. EBITA comprises operating profit before exceptional items, and amortisation of intangible assets (excluding computer software) and includes the group's share of associates' and joint ventures' operating profit on a similar basis. |
|                                                                                                                                                                                                                                                                                                                                                                |   | Operating   profit |  | Exceptional items |  | Operating profit before exceptional items |  |   | Share of associates' and joint ventures' operating profit before exceptional items |  |   | Amortisation of intangible assets (excluding computer software) |  |   | Share of associates' and joint ventures' amortisation of intangible assets (excluding computer software) |  | EBITA |  |
|                                                                                                                                                                                                                                                                                                                                                                |   | 2014  |  | 2014  |  | 2014  |  |   | 2014  |  |   | 2014  |  |   | 2014  |  | 2014  |  |
|                                                                                                                                                                                                                                                                                                                                                                |   | US$m |  | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                                                                                                                                       |   | 2,116 |  | (47 | ) | 2,069 |  |   | - |  |   | 123 |  |   | - |  | 2,192 |  |
| Europe                                                                                                                                                                                                                                                                                                                                                              |   | 565 |  | 11 |  | 576 |  |   | 79 |  |   | 20 |  |   | 28 |  | 703 |  |
| North America                                                                                                                                                                                                                                                                                                                                                       |   | 9 |  | - |  | 9 |  |   | 753 |  |   | - |  |   | 42 |  | 804 |  |
| Africa                                                                                                                                                                                                                                                                                                                                                              |   | 560 |  | (25 | ) | 535 |  |   | 398 |  |   | 6 |  |   | - |  | 939 |  |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                        |   | 365 |  | 103 |  | 468 |  |   | 165 |  |   | 212 |  |   | - |  | 845 |  |
| South Africa:                                                                                                                                                                                                                                                                                                                                                       |   | 910 |  | 33 |  | 943 |  |   | 190 |  |   | - |  |   | 5 |  | 1,138 |  |
| - Beverages                                                                                                                                                                                                                                                                                                                                                         |   | 910 |  | 33 |  | 943 |  |   | 72 |  |   | - |  |   | - |  | 1,015 |  |
| - Hotels and Gaming                                                                                                                                                                                                                                                                                                                                                 | - |  | - |  | - |  |   | 118 |  |   | - |  |   | 5 |  | 123 |  |
| Corporate                                                                                                                                                                                                                                                                                                                                                           |   | (283 | ) | 122 |  | (161 | ) |   | - |  |   | - |  |   | - |  | (161 | ) |
|                                                                                                                                                                                                                                                                                                                                                                |   | 4,242 |  | 197 |  | 4,439 |  |   | 1,585 |  |   | 361 |  |   | 75 |  | 6,460 |  |
|                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   | Operating   profit |  | Exceptional items |  | Operating profit before exceptional items |  |   | Share of associates' and joint ventures' operating profit before exceptional items |  |   | Amortisation of intangible assets (excluding computer software) |  |   | Share of associates' and joint ventures' amortisation of intangible assets (excluding computer software) |  | EBITA |  |
|                                                                                                                                                                                      |   | 2013 1 |  | 2013  |  | 2013 1 |  |    | 2013 1 |  |    | 2013  |  |   | 2013  |  | 2013 1 |  |
|                                                                                                                                                                                 |    | US$m |  | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                             |   | 1,920 |  | 63 |  | 1,983 |  |   | - |  |   | 129 |  |   | - |  | 2,112 |  |
| Europe                                                                                                                                                                                    |   | 588 |  | 64 |  | 652 |  |   | 76 |  |   | 21 |  |   | 35 |  | 784 |  |
| North America                                                                                                                                                                             |   | 7 |  | - |  | 7 |  |   | 697 |  |   | - |  |   | 43 |  | 747 |  |
| Africa                                                                                                                                                                                    |   | 518 |  | (79 | ) | 439 |  |   | 392 |  |   | 7 |  |   | - |  | 838 |  |
| Asia Pacific                                                                                                                                                                              |   | 357 |  | 104 |  | 461 |  |   | 156 |  |   | 237 |  |   | - |  | 854 |  |
| South Africa:                                                                                                                                                                             |   | 1,030 |  | 22 |  | 1,052 |  |   | 190 |  |   | - |  |   | 11 |  | 1,253 |  |
| - Beverages                                                                                                                                                                               |   | 1,030 |  | 22 |  | 1,052 |  |   | 67 |  |   | - |  |   | - |  | 1,119 |  |
| - Hotels and Gaming                                                                                                                                                                       | - |  | - |  | - |  |   | 123 |  |   | - |  |   | 11 |  | 134 |  |
| Corporate                                                                                                                                                                                 |   | (228 | ) | 26 |  | (202 | ) |   | - |  |   | - |  |   | - |  | (202 | ) |
|                                                                                                                                                                                      |   | 4,192 |  | 200 |  | 4,392 |  |   | 1,511 |  |   | 394 |  |   | 89 |  | 6,386 |  |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   | 2012 1 |  | 2012  |  | 2012 1 |  |    | 2012 1 |  |    | 2012  |  |   | 2012  |  | 2012 1 |  |
|                                                                                                                                                                                 |    | US$m |  | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                             |   | 1,617 |  | 119 |  | 1,736 |  |   | - |  |   | 129 |  |   | - |  | 1,865 |  |
| Europe                                                                                                                                                                                    |   | 1,939 |  | (1,135 | ) | 804 |  |   | 11 |  |   | 21 |  |   | - |  | 836 |  |
| North America                                                                                                                                                                             |   | - |  | - |  | - |  |   | 700 |  |   | - |  |   | 45 |  | 745 |  |
| Africa                                                                                                                                                                                    |   | 584 |  | (162 | ) | 422 |  |   | 318 |  |   | 3 |  |   | - |  | 743 |  |
| Asia Pacific                                                                                                                                                                              |   | 52 |  | 70 |  | 122 |  |   | 132 |  |   | 65 |  |   | - |  | 319 |  |
| South Africa:                                                                                                                                                                             |   | 1,042 |  | 41 |  | 1,083 |  |   | 211 |  |   | - |  |   | 1 |  | 1,295 |  |
| - Beverages                                                                                                                                                                               |   | 1,042 |  | 41 |  | 1,083 |  |   | 77 |  |   | - |  |   | - |  | 1,160 |  |
| - Hotels and Gaming                                                                                                                                                                       | - |  | - |  | - |  |   | 134 |  |   | - |  |   | 1 |  | 135 |  |
| Corporate                                                                                                                                                                                 |   | (231 | ) | 41 |  | (190 | ) |   | - |  |   | - |  |   | - |  | (190 | ) |
|                                                                                                                                                                                      |   | 5,003 |  | (1,026 | ) | 3,977 |  |   | 1,372 |  |   | 218 |  |   | 46 |  | 5,613 |  |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| 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. |
|                                                                                                                                                                                      |   |   |   |   |   |   |   | 2014  |  |   | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                                                 |    |    |    |    |    |    |    | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |  |   |   |  |   |  |
| Share of associates' and joint ventures' operating profit (before exceptional items)                                                                                                      |   |   |   | 1,585 |  |   | 1,511 |  | 1,372 |  |
| Share of associates' and joint ventures' exceptional items in operating profit                                                                                                            |   |   |   | (5 | ) |   | (5 | ) | 11 |  |
| Share of associates' and joint ventures' net finance costs                                                                                                                                |   |   |   | (96 | ) |   | (44 | ) | (31 | ) |
| Share of associates' and joint ventures' taxation                                                                                                                                         |   |   |   | (162 | ) |   | (164 | ) | (170 | ) |
| Share of associates' and joint ventures' non-controlling interests                                                                                                                        |   |   |   | (96 | ) |   | (85 | ) | (48 | ) |
| Share of post-tax results of associates and joint ventures                                                                                                                                |   |   |   | 1,226 |  |   | 1,213 |  | 1,134 |  |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                           |   |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                                                       |   |   |   |   |   |   |   |   |   |   |   |
| EBITA is reconciled to EBITDA as follows.                    |
|                                                         | EBITA |  | Depreciation |  | Share of associates' and joint ventures' depreciation |  | EBITDA |  |   | EBITA |  |   | Depreciation |  |   | Share of associates' and joint ventures' depreciation |  | EBITDA |  |
|                                                         | 2014  |  | 2014  |  | 2014  |  | 2014  |  |   | 2013 1 |  |    | 2013  |  |   | 2013  |  | 2013 1 |  |
|                                                    | US$m |  | US$m |  | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                | 2,192 |  | 328 |  | - |  | 2,520 |  |   | 2,112 |  |   | 337 |  |   | - |  | 2,449 |  |
| Europe                                                       | 703 |  | 222 |  | 92 |  | 1,017 |  |   | 784 |  |   | 205 |  |   | 70 |  | 1,059 |  |
| North America                                                | 804 |  | - |  | 141 |  | 945 |  |   | 747 |  |   | - |  |   | 137 |  | 884 |  |
| Africa                                                       | 939 |  | 116 |  | 107 |  | 1,162 |  |   | 838 |  |   | 98 |  |   | 103 |  | 1,039 |  |
| Asia Pacific                                                 | 845 |  | 72 |  | 132 |  | 1,049 |  |   | 854 |  |   | 79 |  |   | 108 |  | 1,041 |  |
| South Africa:                                                | 1,138 |  | 151 |  | 32 |  | 1,321 |  |   | 1,253 |  |   | 172 |  |   | 36 |  | 1,461 |  |
| - Beverages                                                  | 1,015 |  | 151 |  | 8 |  | 1,174 |  |   | 1,119 |  |   | 172 |  |   | 8 |  | 1,299 |  |
| - Hotels and Gaming                                          | 123 |  | - |  | 24 |  | 147 |  |   | 134 |  |   | - |  |   | 28 |  | 162 |  |
| Corporate                                                    | (161 | ) | 31 |  | - |  | (130 | ) |   | (202 | ) |   | 28 |  |   | - |  | (174 | ) |
|                                                         | 6,460 |  | 920 |  | 504 |  | 7,884 |  |   | 6,386 |  |   | 919 |  |   | 454 |  | 7,759 |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |  |   |  |   |  |   |  |   | EBITA |  |   | Depreciation |  |   | Share of associates' and joint ventures' depreciation |  | EBITDA |  |
|                                                         |   |   |   |   |   | 2012 1 |  |    | 2012  |  |   | 2012  |  | 2012 1 |  |
|                                                    |    |  |    |  |    |  |    |  |    | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                |   |   |   |   |   | 1,865 |  |   | 318 |  |   | - |  | 2,183 |  |
| Europe                                                       |   |   |   |   |   | 836 |  |   | 272 |  |   | 5 |  | 1,113 |  |
| North America                                                |   |   |   |   |   | 745 |  |   | - |  |   | 142 |  | 887 |  |
| Africa                                                       |   |   |   |   |   | 743 |  |   | 125 |  |   | 76 |  | 944 |  |
| Asia Pacific                                                 |   |   |   |   |   | 319 |  |   | 53 |  |   | 88 |  | 460 |  |
| South Africa:                                                |   |   |   |   |   | 1,295 |  |   | 168 |  |   | 42 |  | 1,505 |  |
| - Beverages                                                  |   |   |   |   |   | 1,160 |  |   | 168 |  |   | 10 |  | 1,338 |  |
| - Hotels and Gaming                                          |   |   |   |   | 135 |  |   | - |  |   | 32 |  | 167 |  |
| Corporate                                                    |   |   |   |   |   | (190 | ) |   | 23 |  |   | - |  | (167 | ) |
|                                                         |   |   |   |   |   | 5,613 |  |   | 959 |  |   | 353 |  | 6,925 |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                 |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Adjusted EBITDA                                              |   |  |   |  |   |  |   |  |   |   |  |   |   |  |   |   |  |   |  |
| Adjusted EBITDA comprised the following.                     |
|                                                         |   |   |   |   |   |   |  |   | 2014  |  |   | 2013 1 |  | 2012 1 |  |
|                                                    |    |  |    |  |    |  |    |  |    |    |  |    | US$m |  |   | US$m |  | US$m |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Subsidiaries' EBITDA                                         |   |   |   | 5,720 |  |   | 5,705 |  | 5,154 |  |
| - Operating profit before exceptional items                  |   |   |   | 4,439 |  |   | 4,392 |  | 3,977 |  |
| - Depreciation (including amortisation of computer software) |   |   |   | 920 |  |   | 919 |  | 959 |  |
| - Amortisation (excluding computer software)                 |   |   |   | 361 |  |   | 394 |  | 218 |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Group's share of MillerCoors' EBITDA                         |   |   |   | 936 |  |   | 877 |  | 887 |  |
| - Operating profit before exceptional items                  |   |   |   | 753 |  |   | 697 |  | 700 |  |
| - Depreciation (including amortisation of computer software) |   |   |   | 141 |  |   | 137 |  | 142 |  |
| - Amortisation (excluding computer software)                 |   |   |   | 42 |  |   | 43 |  | 45 |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   | 6,656 |  |   | 6,582 |  | 6,041 |  |
| 1 As restated (see note 28).                                 |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Other segmental information                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   | Capital expenditure excluding investment activity¹ |  | Investment activity² |  |   | Total |  |   | Capital expenditure excluding investment activity¹ |  |   | Investment activity² |  | Total |  |
|                                                                                                                                                                                                                                            |   |   | 2014  |  | 2014  |  |   | 2014  |  |   | 2013  |  |   | 2013  |  | 2013  |  |
|                                                                                                                                                                                                                                            |   |   | US$m |  | US$m |  |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                   |   |   | 413 |  | (88 | ) |   | 325 |  |   | 528 |  |   | - |  | 528 |  |
| Europe                                                                                                                                                                                                                                          |   |   | 252 |  | - |  |   | 252 |  |   | 216 |  |   | - |  | 216 |  |
| North America                                                                                                                                                                                                                                   |   |   | 1 |  | 188 |  |   | 189 |  |   | - |  |   | 272 |  | 272 |  |
| Africa                                                                                                                                                                                                                                          |   |   | 416 |  | 42 |  |   | 458 |  |   | 391 |  |   | 29 |  | 420 |  |
| Asia Pacific                                                                                                                                                                                                                                    |   |   | 96 |  | 201 |  |   | 297 |  |   | 88 |  |   | (78 | ) | 10 |  |
| South Africa: Beverages                                                                                                                                                                                                                         |   | 247 |  | - |  |   | 247 |  |   | 228 |  |   | - |  | 228 |  |
| Corporate                                                                                                                                                                                                                                       |   |   | 60 |  | 1 |  |   | 61 |  |   | 28 |  |   | (5 | ) | 23 |  |
|                                                                                                                                                                                                                                            |   |   | 1,485 |  | 344 |  |   | 1,829 |  |   | 1,479 |  |   | 218 |  | 1,697 |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |  |   |  |   |   |  |   | Capital expenditure excluding investment activity¹ |  |   | Investment activity² |  | Total |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 2012  |  |   | 2012  |  | 2012  |  |
|                                                                                                                                                                                                                                            |   |   |   |  |   |  |   |   |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Latin America                                                                                                                                                                                                                                   |   |   |   |   |   |   |   | 522 |  |   | (34 | ) | 488 |  |
| Europe                                                                                                                                                                                                                                          |   |   |   |   |   |   |   | 324 |  |   | 17 |  | 341 |  |
| North America                                                                                                                                                                                                                                   |   |   |   |   |   |   |   | - |  |   | 288 |  | 288 |  |
| Africa                                                                                                                                                                                                                                          |   |   |   |   |   |   |   | 398 |  |   | (82 | ) | 316 |  |
| Asia Pacific                                                                                                                                                                                                                                    |   |   |   |   |   |   |   | 69 |  |   | 10,931 |  | 11,000 |  |
| South Africa: Beverages                                                                                                                                                                                                                         |   |   |   |   |   |   | 284 |  |   | - |  | 284 |  |
| Corporate                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 42 |  |   | 1 |  | 43 |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 1,639 |  |   | 11,121 |  | 12,760 |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| ¹ Capital expenditure includes additions of intangible assets (excluding goodwill) and property, plant and equipment.                                                                                                                      |
| ² Investment 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. |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| 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.              |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 2014  |  |   | 2013  |  | 2012  |  |
| Revenue                                                                                                                                                                                                                                         |   |   |   |  |   |  |   |   |  |   | US$m |  |   | US$m |  | US$m |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
| UK                                                                                                                                                                                                                                              |   |   |   |   |   |   |   | 394 |  |   | 378 |  | 359 |  |
| Australia                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 2,680 |  |   | 3,064 |  | 1,025 |  |
| Colombia                                                                                                                                                                                                                                        |   |   |   |   |   |   |   | 3,681 |  |   | 3,742 |  | 3,481 |  |
| South Africa                                                                                                                                                                                                                                    |   |   |   |   |   |   |   | 4,347 |  |   | 4,896 |  | 5,150 |  |
| USA                                                                                                                                                                                                                                             |   |   |   |   |   |   |   | 129 |  |   | 129 |  | 124 |  |
| Rest of world                                                                                                                                                                                                                                   |   |   |   |   |   |   |   | 11,080 |  |   | 11,004 |  | 11,621 |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 22,311 |  |   | 23,213 |  | 21,760 |  |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2.  Segmental analysis (continued)                                                                                   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   | 2014  |  | 2013  |  |
| Non-current assets                                                                                                   |   |   |   |   |   |   |   | US$m |  | US$m |  |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |  |   |  |
| UK                                                                                                                   |   |   |   |   |   |   |   |   |   | 333  |  | 388  |  |
| Australia                                                                                                            |   |   |   |   |   |   |   |   |   | 12,500  |  | 14,351  |  |
| Colombia                                                                                                             |   |   |   |   |   |   |   |   |   | 7,781  |  | 8,465  |  |
| South Africa                                                                                                         |   |   |   |   |   |   |   |   |   | 2,237  |  | 2,368  |  |
| USA                                                                                                                  |   |   |   |   |   |   |   |   |   | 5,839  |  | 5,804  |  |
| Rest of world                                                                                                        |   |   |   |   |   |   |   |   |   | 18,933  |  | 18,409  |  |
|                                                                                                                 |   |   |   |   |   |   |   |   |   | 47,623  |  | 49,785  |  |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Non-current assets by location exclude amounts relating to derivative financial instruments and deferred tax assets. |

|                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |
| 3.  Net operating expenses                                                                                                                                                                                                          |   |   |   |   |
|                                                                                                                                                                                                                                | 2014  |  | 2013 1 |  | 2012 1 |  |    |
|                                                                                                                                                                                                                           | US$m |  | US$m |  | US$m |  |   |
|                                                                                                                                                                                                                                |   |  |   |  |   |  |   |
| Cost of inventories recognised as an expense                                                                                                                                                                                        | 4,711 |  | 5,043 |  | 5,049 |  |   |
| -  Changes in inventories of finished goods and work in progress                                                                                                                                                                    | (15 | ) | 93 |  | 18 |  |   |
| -  Raw materials and consumables used                                                                                                                                                                                               | 4,726 |  | 4,950 |  | 5,031 |  |   |
| Excise duties and other similar taxes                                                                                                                                                                                               | 5,607 |  | 5,828 |  | 5,124 |  |   |
| Employee costs (see note 6a)                                                                                                                                                                                                        | 2,491 |  | 2,704 |  | 2,512 |  |   |
| Depreciation of property, plant and equipment                                                                                                                                                                                       | 854 |  | 867 |  | 909 |  |   |
| -  Containers                                                                                                                                                                                                                       | 233 |  | 226 |  | 237 |  |   |
| -  Other                                                                                                                                                                                                                            | 621 |  | 641 |  | 672 |  |   |
| Net profit on disposal of businesses                                                                                                                                                                                                | (72 | ) | (79 | ) | (1,242 | ) |   |
| Profit on disposal of investment in associate                                                                                                                                                                                       | - |  | - |  | (103 | ) |   |
| Loss/(gain) on dilution of investment in associate                                                                                                                                                                                  | 18 |  | (4 | ) | - |  |   |
| Gain on remeasurement of existing interest in joint venture on acquisition                                                                                                                                                          | - |  | - |  | (66 | ) |   |
| (Profit)/loss on disposal of property, plant and equipment                                                                                                                                                                          | (17 | ) | 13 |  | (15 | ) |   |
| Amortisation of intangible assets                                                                                                                                                                                                   | 427 |  | 450 |  | 273 |  |   |
| -  Intangible assets (excluding computer software)                                                                                                                                                                                  | 361 |  | 394 |  | 218 |  |   |
| -  Computer software                                                                                                                                                                                                                | 66 |  | 56 |  | 55 |  |   |
| Other expenses                                                                                                                                                                                                                      | 4,431 |  | 4,561 |  | 4,829 |  |   |
| -  Selling, marketing and distribution costs                                                                                                                                                                                        | 2,468 |  | 2,582 |  | 2,562 |  |   |
| -  Repairs and maintenance expenditure on property, plant and equipment                                                                                                                                                             | 324 |  | 333 |  | 325 |  |   |
| -  Impairment of goodwill                                                                                                                                                                                                           | - |  | 11 |  | - |  |   |
| -  Impairment of intangible assets                                                                                                                                                                                                  | 8 |  | - |  | - |  |   |
| -  Impairment of property, plant and equipment                                                                                                                                                                                      | 52 |  | 39 |  | - |  |   |
| -  Impairment of trade and other receivables                                                                                                                                                                                        | 30 |  | 23 |  | 25 |  |   |
| -  Operating lease rentals - land and buildings                                                                                                                                                                                     | 81 |  | 64 |  | 60 |  |   |
| -  Operating lease rentals - plant, vehicles and systems                                                                                                                                                                            | 86 |  | 95 |  | 84 |  |   |
| -  Research and development expenditure                                                                                                                                                                                             | 4 |  | 4 |  | 7 |  |   |
| -  Acquisition-related costs                                                                                                                                                                                                        | - |  | - |  | 109 |  |   |
| -  Other operating expenses                                                                                                                                                                                                         | 1,378 |  | 1,410 |  | 1,657 |  |   |
| Total net operating expenses by nature                                                                                                                                                                                              | 18,450 |  | 19,383 |  | 17,270 |  |   |
|                                                                                                                                                                                                                                |   |   |   |   |
| Other income                                                                                                                                                                                                                        | (381 | ) | (362 | ) | (513 | ) |   |
| -  Revenue received from royalties                                                                                                                                                                                                  | (51 | ) | (55 | ) | (43 | ) |   |
| -  Dividends received from investments                                                                                                                                                                                              | (1 | ) | (1 | ) | (1 | ) |   |
| -  Other operating income                                                                                                                                                                                                           | (329 | ) | (306 | ) | (469 | ) |   |
|                                                                                                                                                                                                                                |   |   |   |   |
| Net operating expenses                                                                                                                                                                                                              | 18,069 |  | 19,021 |  | 16,757 |  |   |
|                                                                                                                                                                                                                                |   |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                                                                        |   |   |   |   |
|                                                                                                                                                                                                                                |   |   |   |   |
| 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$32 million (2013: 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. |   |   |   |
|                                                                                                              | 2014  |  | 2013  |  | 2012  |  |   |
|                                                                                                              | US$m |  | US$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                                                           | 3 |  | 2 |  | 3 |  |   |
| Fees payable to company's auditor and its associates for other services:                                          |   |   |   |   |
|    The audit of the company's subsidiaries                                                         | 7 |  | 9 |  | 8 |  |   |
| Total audit fees payable to the company's auditor                                                                 | 10 |  | 11 |  | 11 |  |   |
| Audit-related assurance services                                                                                  | - |  | 1 |  | 2 |  |   |
| Taxation compliance services                                                                                      | 1 |  | 1 |  | 1 |  |   |
| Taxation advisory services                                                                                        | 2 |  | 1 |  | 6 |  |   |
| Services relating to corporate finance transactions                                                               | - |  | - |  | 3 |  |   |
| Other non-audit services                                                                                          |   |   |   |   |
|    Services relating to information technology1                                                    | - |  | 1 |  | 4 |  |   |
|    Other                                                                                           | 1 |  | 1 |  | 2 |  |   |
| Total fees payable to the company's auditor                                                                       | 14 |  | 16 |  | 29 |  |   |
|                                                                                                              |   |   |   |   |
| Other audit firms                                                                                                 |   |   |   |   |
| Fees payable to other auditor firms for:                                                                          |   |   |   |   |
|    The audit of the company's subsidiaries                                                         | 1 |  | 1 |  | 1 |  |   |
|    Taxation advisory services                                                                      | 6 |  | 3 |  | 2 |  |   |
|    Services relating to corporate finance transactions                                             | - |  | - |  | 1 |  |   |
|    Internal audit services                                                                         | 4 |  | 1 |  | 1 |  |   |
|    Other non-audit services                                                                        |   |   |   |   |
|       Services relating to information technology1                                  | 2 |  | 12 |  | 8 |  |   |
|       Other1                                                                        | 35 |  | 12 |  | 7 |  |   |
| Total fees payable to other audit firms                                                                           | 48 |  | 29 |  | 20 |  |   |
|                                                                                                              |
| 1 Consulting services principally relating to the capability programmes.                                          |   |   |   |   |

----

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

|                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |
| 4.  Exceptional items                                                                                                                 |   |   |   |
|                                                                                                                                  | 2014  |  | 2013  |  | 2012  |  |
|                                                                                                                                  | US$m |  | US$m |  | US$m |  |
|                                                                                                                                  |   |   |   |
| Exceptional items included in operating profit:                                                                                       |   |   |   |
| Net profit on disposal of businesses                                                                                                  | 72 |  | 79 |  | 1,248 |  |
| Capability programme costs                                                                                                            | (133 | ) | (141 | ) | (235 | ) |
| Integration and restructuring costs                                                                                                   | (103 | ) | (91 | ) | (60 | ) |
| Broad-Based Black Economic Empowerment related charges                                                                                | (33 | ) | (17 | ) | (29 | ) |
| Impairments                                                                                                                           | - |  | (30 | ) | - |  |
| 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                                                                       | (197 | ) | (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:                                                                           |   |   |   |
| Capability programme costs                                                                                                            | (5 | ) | - |  | - |  |
| Impairments                                                                                                                           | - |  | (5 | ) | (35 | ) |
| Profits on transactions in associates                                                                                                 | - |  | - |  | 46 |  |
| Share of associates' and joint ventures' exceptional (losses)/gains                                                                   | (5 | ) | (5 | ) | 11 |  |
| Non-controlling interests' share of associates' and joint ventures' exceptional losses                                                | - |  | 2 |  | - |  |
| Group's share of associates' and joint ventures' exceptional (losses)/gains                                                           | (5 | ) | (3 | ) | 11 |  |
|                                                                                                                                  |   |   |   |
| Net taxation credits relating to subsidiaries' and the group's share of associates' and joint   ventures' exceptional items | 27 |  | 20 |  | 24 |  |

----

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

----

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

|                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                      |  |  |  |  |  |  |
| 5.  Net finance costs                                                                                                                                                |   |   |   |
|                                                                                                                                                                 | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                            | US$m |  | US$m |  | US$m |  |
| a. Finance costs                                                                                                                                                     |   |  |   |  |   |  |
| Interest payable on bank loans and overdrafts                                                                                                                        | 110 |  | 183 |  | 170 |  |
| Interest payable on derivatives                                                                                                                                      | 222 |  | 255 |  | 156 |  |
| Interest payable on corporate bonds                                                                                                                                  | 647 |  | 677 |  | 463 |  |
| Interest element of finance lease payments                                                                                                                           | 3 |  | 1 |  | 1 |  |
| Net fair value losses on financial instruments                                                                                                                       | 34 |  | - |  | - |  |
| Net exchange losses2                                                                                                                                                 | - |  | 23 |  | 10 |  |
| Net exceptional interest payable and similar charges3                                                                                                                | - |  | - |  | 22 |  |
| Other finance charges                                                                                                                                                | 39 |  | 47 |  | 38 |  |
| Total finance costs                                                                                                                                                  | 1,055 |  | 1,186 |  | 860 |  |
|                                                                                                                                                                 |   |   |   |
| b. Finance income                                                                                                                                                    |   |   |   |
| Interest receivable                                                                                                                                                  | 24 |  | 39 |  | 55 |  |
| Interest receivable on derivatives                                                                                                                                   | 338 |  | 355 |  | 226 |  |
| Net fair value gains on financial instruments4                                                                                                                       | - |  | 62 |  | 25 |  |
| Net exchange gains                                                                                                                                                   | 36 |  | - |  | - |  |
| Other finance income                                                                                                                                                 | 12 |  | 4 |  | - |  |
| Total finance income                                                                                                                                                 | 410 |  | 460 |  | 306 |  |
|                                                                                                                                                                 |   |   |   |
| Net finance costs                                                                                                                                                    | 645 |  | 726 |  | 554 |  |
|                                                                                                                                                                 |   |   |   |
| 1 As restated (see note 28).                                                                                                                                    |   |   |   |
| 2 Net gains of US$nil (2013: US$2 million, 2012: US$3 million) were excluded from the determination of adjusted earnings per share.                                  |
| 3 Net losses of US$nil (2013: US$nil, 2012: US$22 million) were excluded from the determination of adjusted earnings per share.                                 |
| 4 Net gains of US$nil (2013: net gains of US$10 million, 2012: net losses of US$1 million) were excluded from the determination of adjusted earnings per share. |
|                                                                                                                                                                 |   |   |   |
| Adjusted net finance costs were US$645 million (2013: US$738 million, 2012: US$534 million, restated).                                                               |   |   |   |
|                                                                                                                                                                 |   |   |   |
| Refer to note 21 - Financial risk factors for interest rate risk information.                                                                                        |   |   |   |

|                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                               |  |  |  |  |  |  |
| 6.  Employee and key management compensation costs                                                                                                                            |   |   |   |
|                                                                                                                                                                          |   |   |   |
| a. Employee costs                                                                                                                                                             |   |   |   |
|                                                                                                                                                                          | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                                     | US$m |  | US$m |  | US$m |  |
|                                                                                                                                                                          |   |  |   |   |  |
| Wages and salaries                                                                                                                                                            | 2,063 |  | 2,163 |  | 2,046 |  |
| Share-based payments                                                                                                                                                          | 154 |  | 201 |  | 161 |  |
| Social security costs                                                                                                                                                         | 160 |  | 215 |  | 193 |  |
| Pension costs                                                                                                                                                                 | 117 |  | 130 |  | 114 |  |
| Post-retirement benefits other than pensions                                                                                                                                  | 7 |  | 11 |  | 13 |  |
|                                                                                                                                                                          | 2,501 |  | 2,720 |  | 2,527 |  |
|                                                                                                                                                                          |   |  |   |  |   |  |
| 1 As restated (see note 28).                                                                                                                                             |   |  |   |  |   |  |
|                                                                                                                                                                          |   |  |   |  |   |  |
| Of the employee costs shown above, US$10 million (2013: US$ 16 million, 2012: US$15 million) has been capitalised within intangible assets and property, plant and equipment. |
|                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                          |   |   |   |

----

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

|                                                                                                                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |
| 6.  Employee and key management compensation costs (continued)                                                                                                                                                                                                      |   |  |   |   |
|                                                                                                                                                                                                                                                                |   |  |   |   |
| 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.                                                                              |
|                                                                                                                                                                                                                                                                | 2014  |  | 2013  |  | 2012  |  |
|                                                                                                                                                                                                                                                                | Number |  | Number |  | Number |  |
| Latin America                                                                                                                                                                                                                                                       | 29,296 |  | 29,882 |  | 26,933 |  |
| Europe                                                                                                                                                                                                                                                              | 10,174 |  | 10,489 |  | 14,095 |  |
| North America                                                                                                                                                                                                                                                       | 97 |  | 82 |  | 76 |  |
| Africa                                                                                                                                                                                                                                                              | 13,236 |  | 12,652 |  | 13,596 |  |
| Asia Pacific                                                                                                                                                                                                                                                        | 5,113 |  | 5,128 |  | 3,804 |  |
| South Africa                                                                                                                                                                                                                                                        | 11,167 |  | 11,438 |  | 11,939 |  |
| Corporate                                                                                                                                                                                                                                                           | 864 |  | 815 |  | 701 |  |
|                                                                                                                                                                                                                                                                | 69,947 |  | 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 2014 there were 25 (2013: 26, 2012: 27) key management.                                                                                        |
|                                                                                                                                                                                                                                                                | 2014  |  | 2013  |  | 2012  |  |
|                                                                                                                                                                                                                                                                | US$m |  | US$m |  | US$m |  |
| Salaries and short-term employee benefits                                                                                                                                                                                                                           | 30 |  | 34 |  | 32 |  |
| Post-employment benefits                                                                                                                                                                                                                                            | 2 |  | 2 |  | 2 |  |
| Share-based payments                                                                                                                                                                                                                                                | 63 |  | 61 |  | 36 |  |
|                                                                                                                                                                                                                                                                | 95 |  | 97 |  | 70 |  |
|                                                                                                                                                                                                                                                                |   |   |   |
| d. Directors                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                | 2014  |  | 2013  |  | 2012  |  |
|                                                                                                                                                                                                                                                                | US$m |  | US$m |  | US$m |  |
| Aggregate emoluments  £6,287,359 (2013: £6,689,562, 2012: £6,087,153)                                                                                                                                                                                | 10 |  | 11 |  | 10 |  |
| Aggregate gains made on the exercise of share options or release of share awards1                                                                                                                                                                                   | 15 |  | 12 |  | 15 |  |
| Notional contributions to unfunded retirement benefits scheme £626,955 (2013: £767,000, 2012: £562,679)                                                                                                                                              | 1 |  | 1 |  | 1 |  |
|                                                                                                                                                                                                                                                                | 26 |  | 24 |  | 26 |  |
|                                                                                                                                                                                                                                                                |   |   |   |
| 1 Excludes gains made on share options exercised and share awards released posthumously.                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                |   |   |   |
| At 31 March 2014 one director (2013: two, 2012: one) had retirement benefits accruing under money purchase pension schemes. Company contributions to money purchase pension schemes during the year amounted to £50,000 (2013: £11,364, 2012: £nil). |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |
| 7. Taxation                                                                             |   |   |   |
|                                                                                    | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                               | US$m |  | US$m |  | US$m |  |
|                                                                                    |   |  |   |  |   |  |
| Current taxation                                                                        | 1,096 |  | 1,118 |  | 957 |  |
| - Charge for the year                                                                   | 1,086 |  | 1,131 |  | 986 |  |
| - Adjustments in respect of prior years                                                 | 10 |  | (13 | ) | (29 | ) |
| Withholding taxes and other remittance taxes                                            | 188 |  | 170 |  | 137 |  |
| Total current taxation                                                                  | 1,284 |  | 1,288 |  | 1,094 |  |
|                                                                                    |   |   |   |
| Deferred taxation                                                                       | (111 | ) | (96 | ) | 27 |  |
| - (Credit)/charge for the year                                                          | (75 | ) | (37 | ) | 55 |  |
| - Adjustments in respect of prior years                                                 | (36 | ) | 5 |  | (3 | ) |
| - Rate change                                                                           | - |  | (64 | ) | (25 | ) |
|                                                                                    |   |   |   |
| Taxation expense                                                                        | 1,173 |  | 1,192 |  | 1,121 |  |
|                                                                                    |   |   |   |
| Tax charge/(credit) relating to components of other comprehensive income is as follows: |   |   |   |
| Deferred tax charge/(credit) on net remeasurements of defined benefit plans             | 13 |  | (19 | ) | (66 | ) |
| Deferred tax credit on financial instruments                                            | (1 | ) | (6 | ) | (30 | ) |
|                                                                                    | 12 |  | (25 | ) | (96 | ) |
|                                                                                    |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |  |  |  |  |
| 7. Taxation (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | US$m |  | US$m |  | US$m |  |
| Total current tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 1,284 |  | 1,288 |  | 1,094 |  |
| Total deferred tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (99 | ) | (121 | ) | (69 | ) |
| Total taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,185 |  | 1,167 |  | 1,025 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
| Effective tax rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 26.0 |  | 27.0 |  | 27.5 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
| UK taxation included in the above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Current taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | - |  | - |  | - |  |
| Withholding taxes and other remittance taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 102 |  | 133 |  | 39 |  |
| Total current taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 102 |  | 133 |  | 39 |  |
| Deferred taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | - |  | 24 |  | (24 | ) |
| UK taxation expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 102 |  | 157 |  | 15 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
| The effective tax rate is calculated by expressing tax before tax on exceptional items and on amortisation of intangible assets (excluding computer 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$123 million (2013: 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.                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Tax rate reconciliation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | US$m |  | US$m |  | US$m |  |
| Profit before taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 4,823 |  | 4,679 |  | 5,583 |  |
| Less: Share of post-tax results of associates and joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (1,226 | ) | (1,213 | ) | (1,134 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 3,597 |  | 3,466 |  | 4,449 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
| Tax charge at standard UK rate of 23% (2013: 24%, 2012: 26%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 827 |  | 832 |  | 1,157 |  |
| Exempt income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (189 | ) | (242 | ) | (413 | ) |
| Other incentive allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (28 | ) | (20 | ) | (63 | ) |
| Expenses not deductible for tax purposes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 24 |  | 157 |  | 47 |  |
| Deferred tax asset not recognised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 89 |  | 51 |  | 30 |  |
| Initial recognition of deferred taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (87 | ) | (28 | ) | (10 | ) |
| Tax impact of MillerCoors joint venture                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 178 |  | 171 |  | 174 |  |
| Withholding taxes and other remittance taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 188 |  | 170 |  | 137 |  |
| Other taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 26 |  | 35 |  | 28 |  |
| Adjustments in respect of foreign tax rates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 160 |  | 124 |  | 90 |  |
| Adjustments in respect of prior periods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (26 | ) | (8 | ) | (32 | ) |
| Deferred taxation rate change                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | - |  | (64 | ) | (25 | ) |
| Deferred taxation on unremitted earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 11 |  | 14 |  | 1 |  |
| Total taxation expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1,173 |  | 1,192 |  | 1,121 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |  |   |  |   |  |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |  |   |  |   |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |
| 8.  Earnings per share              |   |   |   |
|                                | 2014  |  | 2013 1 |  | 2012 1 |  |
|                           | US cents |  | US cents |  | US cents |  |
|                                |   |  |   |   |  |
| Basic earnings per share            |  211.8  |  |  204.3  |  |  265.7  |  |
| Diluted earnings per share          |  209.1  |  |  202.0  |  |  262.9  |  |
| Headline earnings per share         |  211.6  |  |  203.0  |  |  179.0  |  |
| Adjusted basic earnings per share   |  242.0  |  |  237.2  |  |  213.9  |  |
| Adjusted diluted earnings per share |  239.0  |  |  234.5  |  |  211.6  |  |
|                                |   |   |   |
| 1 As restated (see note 28).   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |  |  |  |
| 8.  Earnings per share (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| The weighted average number of shares was:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2014  |  | 2013  |  | 2012  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Millions of shares |  | Millions of shares |  | Millions of shares |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |  |   |  |   |  |
| Ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1,671  |  | 1,667  |  | 1,661  |  |
| Treasury shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (67) |  | (72) |  | (72) |  |
| EBT ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (7) |  | (5) |  | (6) |  |
| Basic shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1,597  |  | 1,590  |  | 1,583  |  |
| Dilutive ordinary shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 20  |  | 19  |  | 17  |  |
| Diluted shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 1,617  |  | 1,609  |  | 1,600  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| The calculation of diluted earnings per share excludes 6,044,130 (2013: 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, and 19,755,628 (2013: 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. These share incentives could potentially dilute earnings per share in the future.                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Subsequent to 31 March 2014 and before the date of signing these financial statements, 9,408,998 share incentives were granted, and 4,972,947 share incentives were exercised or released.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| 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 2/2013 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. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | US$m |  | US$m |  | US$m |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |  |   |   |  |
| Profit for the year attributable to owners of the parent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 3,381 |  | 3,250 |  | 4,206 |  |
| Headline adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Impairment of goodwill                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | - |  | 11 |  | - |  |
| Impairment of intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 8 |  | - |  | - |  |
| Impairment of property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 52 |  | 39 |  | - |  |
| Loss/(profit) on disposal of property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | - |  | 13 |  | (15 | ) |
| Net profit on disposal of businesses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (72 | ) | (79 | ) | (1,242 | ) |
| Profit on disposal of investment in associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |  | - |  | (103 | ) |
| Loss/(gain) on dilution of investments in associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 20 |  | (4 | ) | - |  |
| Gain on remeasurement of existing interest in joint venture on acquisition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | - |  | - |  | (66 | ) |
| Tax effects of these items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (11 | ) | (14 | ) | 12 |  |
| Non-controlling interests' share of the above items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1 |  | (3 | ) | 40 |  |
| Share of associates' and joint ventures' headline adjustments, net of tax and non-controlling  interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | - |  | 15 |  | - |  |
| Headline earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 3,379 |  | 3,228 |  | 2,832 |  |
| Capability programme costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 133 |  | 141 |  | 235 |  |
| Broad-Based Black Economic Empowerment scheme charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 13 |  | 17 |  | 29 |  |
| Integration and restructuring costs (excluding impairment)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 43 |  | 71 |  | 60 |  |
| Net gain on fair value movements on capital items2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | - |  | (12 | ) | (2 | ) |
| Amortisation of intangible assets (excluding computer software)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 361 |  | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (133 | ) | (137 | ) | (101 | ) |
| Non-controlling interests' share of the above items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (4 | ) | (8 | ) | (7 | ) |
| Share of associates' and joint ventures' other adjustments, net of tax and non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 73 |  | 78 |  | 32 |  |
| Adjusted earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 3,865 |  | 3,772 |  | 3,385 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |  |   |  |   |  |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |  |   |  |   |  |
| 2 This does not include all fair value movements but includes those in relation to capital items for which hedge accounting cannot be applied.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |
| 9.  Dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2014  | 2013  | 2012  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | US$m | US$m | US$m |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |
| 2013 Final dividend paid: 77.0 US cents (2012: 69.5 US cents, 2011: 61.5 US cents) per ordinary share                                                                                                                                                                                                                                                                                                                                                                                       |  1,236  |  1,125  |  973  |
| 2014 Interim dividend paid: 25.0 US cents (2013: 24.0 US cents, 2012: 21.5 US cents) per ordinary share                                                                                                                                                                                                                                                                                                                                                                                     |  404  |  392  |  351  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  1,640  |  1,517  |  1,324  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| In addition, the directors proposed and the shareholders have approved a final dividend of 80 US cents per share in respect of the financial year ended 31 March 2014 which will absorb an estimated US$1,280 million of shareholders’ funds. The dividend will be paid on 15 August 2014 to shareholders registered on the London and Johannesburg registers as at 8 August 2014. The total dividend per share for the year is 105 US cents (2013: 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).                                                                                                                                                                                                                                                                                                                   |

|                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |
| 10.  Goodwill                                                                                                                                                                                                                                                                                                                       |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   | US$m |  |
| Cost                                                                                                                                                                                                                                                                                                                                |   |   |   |
| At 1 April 2012                                                                                                                                                                                                                                                                                                                     |   |   | 20,496 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                |   |   | (301 | ) |
| Acquisitions - through business combinations                                                                                                                                                                                                                                                                                        |   |   | 3 |  |
| Transfers to disposal group classified as held for sale                                                                                                                                                                                                                                                                             |   |   | (13 | ) |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                    |   |   | 20,185 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                |   |   | (1,349 | ) |
| Acquisitions - through business combinations (provisional) (see note 29)                                                                                                                                                                                                                                                            |   |   | 7 |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                    |   |   | 18,843 |  |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Accumulated impairment                                                                                                                                                                                                                                                                                                              |   |   |   |
| At 1 April 2012                                                                                                                                                                                                                                                                                                                     |   |   | 325 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                |   |   | (13 | ) |
| Impairment                                                                                                                                                                                                                                                                                                                          |   |   | 11 |  |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                    |   |   | 323 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                |   |   | 23 |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                    |   |   | 346 |  |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Net book amount                                                                                                                                                                                                                                                                                                                     |   |   |   |
| At 1 April 2012                                                                                                                                                                                                                                                                                                                     |   |   | 20,171 |  |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                    |   |   | 19,862 |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                    |   |   | 18,497 |  |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
| 2014                                                                                                                                                                                                                                                                                                                           |   |   |   |
| Provisional goodwill arose on the acquisition of the trade and assets of a wine and spirits business in Africa. The residual value of the net assets acquired has been recognised as goodwill of US$7 million in the financial statements. The fair value exercise in respect of this business combination has yet to be completed. |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
| 2013                                                                                                                                                                                                                                                                                                                           |   |   |   |
| 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 is now complete.                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                                                                                                                                                                |   |   |   |

----

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

|                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                |  |  |  |  |  |
| 10.  Goodwill (continued)                                                                                                                      |   |   |   |
|                                                                                                                                           |   |   |   |
| Goodwill is monitored principally on an individual country basis and the net book value is allocated by cash generating unit (CGU) as follows. |
|                                                                                                                                           |   | 2014  |  | 2013  |  |
|                                                                                                                                           |   | US$m |  | US$m |  |
| CGUs:                                                                                                                                          |   |   |   |
| Latin America:                                                                                                                                 |   |   |   |
| - Central America                                                                                                                              |   | 795 |  | 803 |  |
| - Colombia                                                                                                                                     |   | 4,392 |  | 4,706 |  |
| - Peru                                                                                                                                         |   | 1,658 |  | 1,796 |  |
| - Other Latin America                                                                                                                          |   | 211 |  | 224 |  |
| Europe:                                                                                                                                        |   |   |   |
| - Czech Republic                                                                                                                               |   | 909 |  | 901 |  |
| - Netherlands                                                                                                                                  |   | 106 |  | 100 |  |
| - Italy                                                                                                                                        |   | 445 |  | 414 |  |
| - Poland                                                                                                                                       |   | 1,258 |  | 1,168 |  |
| - Other Europe                                                                                                                                 |   | 80 |  | 75 |  |
| North America                                                                                                                                  |   | 256 |  | 256 |  |
| Africa                                                                                                                                         |   | 247 |  | 250 |  |
| Asia Pacific:                                                                                                                                  |   |   |   |
| - Australia                                                                                                                                    |   | 7,397 |  | 8,319 |  |
| - India                                                                                                                                        |   | 291 |  | 335 |  |
| - Other Asia Pacific                                                                                                                           |   | 1 |  | 1 |  |
| South Africa                                                                                                                                   |   | 451 |  | 514 |  |
|                                                                                                                                           |   | 18,497 |  | 19,862 |  |

|                                                                                                                                                                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                       | Expected volume CAGRs2015 - 2019 | Post-taxdiscount rates | Long-term growth rates |
|                                                                                                                                                                                                                                                                                                                                                                                                       | % | % | % |
| Latin America                                                                                                                                                                                                                                                                                                                                                                                              | 1.8-4.0 | 7.6-14.0 | 2.0-5.8 |
| Europe                                                                                                                                                                                                                                                                                                                                                                                                     | 1.1-4.3 | 6.8-10.5 | 2.0-2.5 |
| North America                                                                                                                                                                                                                                                                                                                                                                                              | 5.6  | 6.8  | 2.0 |
| Africa                                                                                                                                                                                                                                                                                                                                                                                                     | 7.8-9.4 | 13.6-14.4 | 6.5-8.0 |
| Asia Pacific                                                                                                                                                                                                                                                                                                                                                                                               | 2.1-6.3 | 7.4-12.5 | 2.8-6.5 |
| South Africa                                                                                                                                                                                                                                                                                                                                                                                               | 3.2  | 11.2  | 5.0 |
|                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |
| 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 net producer revenue growth to reduce to a level where EBITA growth over the short term is limited to the long-term growth rate of 2.8%; or long-term growth in nominal terms to fall below 1.8%; or the discount rate to rise to 8.2% or higher. |

----

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

|                                                                                                                                                                                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                   |  |  |  |
| 10. Goodwill (continued)                                                                                                                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                                                                                                                                              |   |   |   |
| Impairment reviews results                                                                                                                                                                                                                                                                        |   |   |   |
| As a result of the annual impairment reviews, no impairment losses have been recognised in the year.                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                              |   |   |   |
| In 2013 a US$30 million impairment loss was recognised in respect of SABMiller Vietnam Company Limited in Asia Pacific, which was principally due to a deterioration in trading. The impairment loss was 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.                    |

|                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            |  |  |  |  |  |  |  |  |
| 11.  Intangible assets                                                                                                                     |   |   |   |   |
|                                                                                                                                       | Brands |  | Computer software |  | Other |  | Total |  |
|                                                                                                                                       | US$m |  | US$m |  | US$m |  | US$m |  |
| Cost                                                                                                                                       |   |   |   |   |
| At 1 April 2012                                                                                                                            | 9,974 |  | 646 |  | 655 |  | 11,275 |  |
| Exchange adjustments                                                                                                                       | (11 | ) | (36 | ) | 2 |  | (45 | ) |
| Additions - separately acquired                                                                                                            | - |  | 149 |  | - |  | 149 |  |
| Acquisitions - through business combinations                                                                                               | 2 |  | - |  | - |  | 2 |  |
| Transfers to disposal group classified as held for sale                                                                                    | (9 | ) | - |  | - |  | (9 | ) |
| Disposals                                                                                                                                  | (4 | ) | (7 | ) | - |  | (11 | ) |
| At 31 March 2013                                                                                                                           | 9,952 |  | 752 |  | 657 |  | 11,361 |  |
| Exchange adjustments                                                                                                                       | (789 | ) | (14 | ) | (65 | ) | (868 | ) |
| Additions - separately acquired                                                                                                            | - |  | 84 |  | - |  | 84 |  |
| Acquisitions - through business combinations (see note 29)                                                                                 | 22 |  | - |  | - |  | 22 |  |
| Transfers                                                                                                                                  | 3 |  | - |  | (3 | ) | - |  |
| Disposals                                                                                                                                  | - |  | (11 | ) | (32 | ) | (43 | ) |
| At 31 March 2014                                                                                                                           | 9,188 |  | 811 |  | 557 |  | 10,556 |  |
|                                                                                                                                       |   |   |   |   |
| Accumulated amortisation and impairment                                                                                                    |   |   |   |   |
| At 1 April 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                                                                                    | (7 | ) | - |  | - |  | (7 | ) |
| Disposals                                                                                                                                  | - |  | (6 | ) | - |  | (6 | ) |
| At 31 March 2013                                                                                                                           | 1,307 |  | 319 |  | 100 |  | 1,726 |  |
| Exchange adjustments                                                                                                                       | (83 | ) | (5 | ) | (7 | ) | (95 | ) |
| Amortisation                                                                                                                               | 312 |  | 66 |  | 49 |  | 427 |  |
| Disposals                                                                                                                                  | - |  | (10 | ) | (32 | ) | (42 | ) |
| Impairment                                                                                                                                 | 8 |  | - |  | - |  | 8 |  |
| At 31 March 2014                                                                                                                           | 1,544 |  | 370 |  | 110 |  | 2,024 |  |
|                                                                                                                                       |   |   |   |   |
| Net book amount                                                                                                                            |   |   |   |   |
| At 1 April 2012                                                                                                                            | 8,986 |  | 359 |  | 613 |  | 9,958 |  |
| At 31 March 2013                                                                                                                           | 8,645 |  | 433 |  | 557 |  | 9,635 |  |
| At 31 March 2014                                                                                                                           | 7,644 |  | 441 |  | 447 |  | 8,532 |  |
|                                                                                                                                       |   |   |   |   |
| During 2014 impairment charges in respect of intangible assets totalling US$8 million (2013: US$nil) were recognised, all in Asia Pacific. |
|                                                                                                                                       |   |   |   |   |
| At 31 March significant individual brands included within the carrying value of intangible assets are as follows.                          |
|                                                                                                                                       |   |  | 2014US$m |  | 2013US$m |  | Amortisation period remaining (years) |  |
| Brand carrying value                                                                                                                       |   |  |   |  |   |  |   |  |
| Carlton (Australia)                                                                                                                        |   | 1,853  |  | 2,139  |  | 38  |  |
| Águila (Colombia)                                                                                                                     |   | 1,335  |  | 1,478  |  | 31  |  |
| Victoria Bitter (Australia)                                                                                                                |   | 935  |  | 1,080  |  | 38  |  |
| Cristal (Peru)                                                                                                                             |   | 578  |  | 646  |  | 31  |  |
| Grolsch (Netherlands)                                                                                                                      |   | 439  |  | 421  |  | 34  |  |

----

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

|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |
| 12.  Property, plant and equipment                                                                                                   |   |   |   |   |   |
|                                                                                                                                 | Assets in course of construction |  | Land and buildings |  | Plant, vehicles and systems |  | Returnable containers |  | Total |  |
|                                                                                                                                 | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| Cost                                                                                                                                 |   |   |   |   |   |
| At 1 April 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                                                                                         | - |  | 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                                                                              | - |  | (2 | ) | (10 | ) | - |  | (12 | ) |
| Disposals                                                                                                                            | (11 | ) | (18 | ) | (313 | ) | (138 | ) | (480 | ) |
| At 31 March 2013                                                                                                                     | 542 |  | 3,723 |  | 8,282 |  | 2,093 |  | 14,640 |  |
| Exchange adjustments                                                                                                                 | (33 | ) | (157 | ) | (474 | ) | (113 | ) | (777 | ) |
| Additions                                                                                                                            | 716 |  | 23 |  | 346 |  | 364 |  | 1,449 |  |
| Acquisitions - through business combinations (see note 29)                                                                           | - |  | 8 |  | 4 |  | - |  | 12 |  |
| Breakages and shrinkage                                                                                                              | - |  | - |  | - |  | (216 | ) | (216 | ) |
| Transfers                                                                                                                            | (618 | ) | 93 |  | 423 |  | 102 |  | - |  |
| Transfers (to)/from other assets                                                                                                     | - |  | - |  | (8 | ) | 1 |  | (7 | ) |
| Disposals                                                                                                                            | (1 | ) | (25 | ) | (179 | ) | (180 | ) | (385 | ) |
| At 31 March 2014                                                                                                                     | 606 |  | 3,665 |  | 8,394 |  | 2,051 |  | 14,716 |  |
|                                                                                                                                 |   |   |   |   |   |
| Accumulated depreciation and impairment                                                                                              |   |   |   |   |   |
| At 1 April 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                                                                              | - |  | (1 | ) | (6 | ) | - |  | (7 | ) |
| Disposals                                                                                                                            | - |  | (8 | ) | (293 | ) | (99 | ) | (400 | ) |
| At 31 March 2013                                                                                                                     | - |  | 702 |  | 3,802 |  | 1,077 |  | 5,581 |  |
| Exchange adjustments                                                                                                                 | - |  | (43 | ) | (273 | ) | (53 | ) | (369 | ) |
| Provided during the year                                                                                                             | - |  | 77 |  | 544 |  | 233 |  | 854 |  |
| Breakages and shrinkage                                                                                                              | - |  | - |  | - |  | (136 | ) | (136 | ) |
| Impairment                                                                                                                           | - |  | 2 |  | 50 |  | - |  | 52 |  |
| Transfers                                                                                                                            | - |  | 1 |  | (50 | ) | 49 |  | - |  |
| Transfers to other assets                                                                                                            | - |  | - |  | (1 | ) | - |  | (1 | ) |
| Disposals                                                                                                                            | - |  | (16 | ) | (156 | ) | (158 | ) | (330 | ) |
| At 31 March 2014                                                                                                                     | - |  | 723 |  | 3,916 |  | 1,012 |  | 5,651 |  |
|                                                                                                                                 |   |   |   |   |   |
| Net book amount                                                                                                                      |   |   |   |   |   |
| At 1 April 2012                                                                                                                      | 584 |  | 3,093 |  | 4,474 |  | 1,011 |  | 9,162 |  |
| At 31 March 2013                                                                                                                     | 542 |  | 3,021 |  | 4,480 |  | 1,016 |  | 9,059 |  |
| At 31 March 2014                                                                                                                     | 606 |  | 2,942 |  | 4,478 |  | 1,039 |  | 9,065 |  |
|                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |
| As a result of annual impairment reviews, no impairment losses have been recognised in the year (2013: US$19 million) (see note 10). |
|                                                                                                                                 |   |   |   |   |   |
| Included in land and buildings is freehold land with a cost of US$695 million (2013: US$725 million) which is not depreciated.       |
|                                                                                                                                 |   |   |   |   |   |
| Included in plant, vehicles and systems are the following amounts relating to assets held under finance leases.                      |
|                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                 |   |  |   |   | 2014  |  | 2013  |  |
|                                                                                                                                 |   |  |   |   | US$m |  | US$m |  |
| Net book amount                                                                                                                      |   |  |   |   | 61  |  | 40  |  |
|                                                                                                                                 |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
|                                                       |                                    |
| 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.                                                      |
|                                                                                                                                                    |   |   |   |   |   |
|                                                                                                                                                    |   |  |   |   | 2014  |  | 2013  |  |
|                                                                                                                                                    |   |  |   |   | US$m |  | US$m |  |
| At 1 April                                                                                                                                              |   |  |   |   | 45 |  | 53 |  |
| Exchange adjustments                                                                                                                                    |   |   |   | (4 | ) | (4 | ) |
| Amortised during the year                                                                                                                               |   |   |   | (4 | ) | (4 | ) |
| At 31 March                                                                                                                                             |   |   |   | 37 |  | 45 |  |
|                                                                                                                                                    |   |   |   |   |   |
| No borrowings costs were capitalised during the year (2013: none).                                                                                      |   |   |   |   |   |
|                                                                                                                                                    |   |   |   |   |   |
| Borrowings are secured by various of the group's property, plant and equipment with an aggregate net book value of US$87 million (2013: US$21 million). |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |
| 13.  Investments in joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| A list of the group's significant investments in joint ventures, including the name, country of incorporation and effective ownership interest is given in note 34 to the consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |  | US$m |  |
| At 1 April 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 5,520 |  |
| Investments in joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 272 |  |
| Share of results retained1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 686 |  |
| Share of other comprehensive loss1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | (45 | ) |
| Dividends received                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (886 | ) |
| As at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 5,547 |  |
| Investments in joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 188 |  |
| Share of results retained                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 737 |  |
| Share of other comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 12 |  |
| Dividends received                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (903 | ) |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 5,581 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| Summarised financial information for the group's interest in joint ventures, on a 100% basis after adjustments to comply with the group's accounting policies, is shown below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Summarised balance sheet                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | MillerCoors |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2014 |  | 2013 1 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | US$m |  | US$m |  |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 15 |  | 16 |  |
| Other current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 980 |  | 1,011 |  |
| Total current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 995 |  | 1,027 |  |
| Non-current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 4,972 |  | 4,961 |  |
| Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 5,967 |  | 5,988 |  |
| Financial liabilities (excluding trade payables)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (46 | ) | (29 | ) |
| Other current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (888 | ) | (842 | ) |
| Total current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (934 | ) | (871 | ) |
| Financial liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (38 | ) | (65 | ) |
| Other non-current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (1,278 | ) | (1,382 | ) |
| Total liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (2,250 | ) | (2,318 | ) |
| Non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (41 | ) | (53 | ) |
| Net assets attributable to owners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 3,676 |  | 3,617 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| 1 The MillerCoors summarised balance sheet includes adjustments made on the adoption of IFRS 10, 'Consolidated financial statements'. Adopting this standard has resulted in two investments of MillerCoors that were previously classified as joint ventures being recognised as subsidiaries. The investments were previously equity accounted and are now fully consolidated. The change in accounting policy has had no impact on net assets attributable to owners or total comprehensive income, but has resulted in an increase to total assets of US$44 million, and reduction in total liabilities of US$9 million, and an offsetting increase in non-controlling interests of US$53 million at 31 March 2013. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |

----

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

|                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                               |  |  |  |  |
| 13.  Investments in joint ventures (continued)                                                                                                |   |   |
|                                                                                                                                          |   |   |
| Summarised statement of comprehensive income                                                                                                  | MillerCoors |   |
|                                                                                                                                          | 2014 |  | 2013 1 |  |
|                                                                                                                                     | US$m |  | US$m |  |
| Revenue                                                                                                                                       | 8,963 |  | 8,989 |  |
| Depreciation and amortisation                                                                                                                 | (316 | ) | (309 | ) |
| Interest expense                                                                                                                              | (2 | ) | (2 | ) |
| Profit before taxation                                                                                                                        | 1,277 |  | 1,189 |  |
| Taxation expense                                                                                                                              | (5 | ) | (5 | ) |
| Profit for the year                                                                                                                           | 1,272 |  | 1,184 |  |
| Other comprehensive income/(loss)                                                                                                             | 20 |  | (77 | ) |
| Total comprehensive income                                                                                                                    | 1,292 |  | 1,107 |  |
|                                                                                                                                          |   |  |   |
| 1 As restated (see note 28).                                                                                                             |   |  |   |
|                                                                                                                                          |   |  |   |
| Reconciliation of summarised financial information                                                                                            |   |   |
| A reconciliation of the summarised financial information to the carrying amount of the group's interests in its joint ventures is as follows. |
|                                                                                                                                          | MillerCoors |   |
|                                                                                                                                          | 2014 |  | 2013 1 |  |
|                                                                                                                                     | US$m |  | US$m |  |
| Opening net assets attributable to owners                                                                                                     | 3,617 |  | 3,591 |  |
| Total comprehensive income                                                                                                                    | 1,292 |  | 1,107 |  |
| Dividends paid                                                                                                                                | (1,557 | ) | (1,528 | ) |
| Funding to joint venture                                                                                                                      | 324 |  | 468 |  |
| Other movements in reserves                                                                                                                   | - |  | (21 | ) |
| Closing net assets attributable to owners                                                                                                     | 3,676 |  | 3,617 |  |
| Interest in joint venture (%)                                                                                                                 | 58 |  | 58 |  |
| Interest in joint venture (US$m)                                                                                                              | 2,132 |  | 2,098 |  |
| Goodwill                                                                                                                                      | 3,449 |  | 3,449 |  |
| Carrying value of investments in joint venture                                                                                                | 5,581 |  | 5,547 |  |
|                                                                                                                                          |   |   |
| 1 As restated (see note 28).                                                                                                             |   |  |   |

|                                                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 14.  Investments in associates                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| A list of the group’s significant investments in associates, including the name, country of incorporation and effective ownership interest is given in note 34 to the consolidated financial statements.               |
|                                                                                                                                                                                                                         |   |  |   |  |   |   |  |   |  |   |   |  |   |  |   |   |  | US$m |  |
| At 1 April 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  |  |
| Exchange adjustments                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   | (264) |  |
| Investments in associates                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   | 231  |  |
| Share of results retained                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   | 489  |  |
| Share of gains recognised in other comprehensive income                                                                                                                                                                      |   |   |   |   |   |   | 133  |  |
| Share of movements in other reserves                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   | 6  |  |
| Dividends receivable                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   | (224) |  |
| At 31 March 2014                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   | 5,787  |  |
|                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| 2014                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| There have been no acquisitions or disposals of associates in the year. The increase in investments in associates primarily relates to increased investment in our Chinese associate to partly fund the Kingway acquisition. |
|                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 USA LLC is now wholly owned by MillerCoors LLC.                                         |
|                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 14.  Investments in associates (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| The analysis of associate undertakings between listed and unlisted investments is shown below.                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | US$m |  | US$m |  |
| Listed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |  2,306  |  |  2,580  |  |
| Unlisted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |  3,481  |  |  2,836  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |  5,787  |  |  5,416  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| As at 31 March the market value of listed investments included above is:                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |
| - Anadolu Efes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |  1,580  |  |  2,318  |  |
| - Distell Group Ltd                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |  716  |  |  704  |  |
| - Delta Corporation Ltd                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |  354  |  |  351  |  |
| - Tsogo Sun Holdings Ltd                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |  1,046  |  |  1,166  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Further details on the market value of listed investments in associates is given in note 21 to the consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Summarised financial information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Summarised financial information for associates, which, in the opinion of the directors, are material to the group on a 100% basis after adjustments to comply with the group's accounting policies, is as follows.                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Castel1 |   |    | Anadolu Efes |   |   | CR Snow |   |   | Tsogo Sun |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |
| Summarised balance sheet                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | US$m |  | US$m |  |   | US$m |  | US$m |  |   | US$m |  | US$m |  |   | US$m |  | US$m |  |
| Total current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 4,478 |  | 3,909 |  |   | 2,083 |  | 1,986 |  |   | 2,103 |  | 1,925 |  |   | 220 |  | 169 |  |
| Non-current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 3,489 |  | 3,197 |  |   | 8,735 |  | 7,620 |  |   | 4,817 |  | 3,821 |  |   | 1,668 |  | 1,685 |  |
| Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 7,967 |  | 7,106 |  |   | 10,818 |  | 9,606 |  |   | 6,920 |  | 5,746 |  |   | 1,888 |  | 1,854 |  |
| Total current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (1,402 | ) | (1,493 | ) |   | (1,505 | ) | (1,247 | ) |   | (2,517 | ) | (2,435 | ) |   | (122 | ) | (306 | ) |
| Total non-current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (570 | ) | (523 | ) |   | (2,902 | ) | (2,301 | ) |   | (1,118 | ) | (733 | ) |   | (788 | ) | (534 | ) |
| Total liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (1,972 | ) | (2,016 | ) |   | (4,407 | ) | (3,548 | ) |   | (3,635 | ) | (3,168 | ) |   | (910 | ) | (840 | ) |
| Non-controlling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (783 | ) | (685 | ) |   | (1,840 | ) | (619 | ) |   | (18 | ) | (39 | ) |   | (34 | ) | (58 | ) |
| Net assets attributable to owners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 5,212 |  | 4,405 |  |   | 4,571 |  | 5,439 |  |   | 3,267 |  | 2,539 |  |   | 944 |  | 956 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Summarised statement of comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 6,162 |  | 5,944 |  |   | 6,682 |  | 5,854 |  |   | 4,420 |  | 3,736 |  |   | 1,073 |  | 1,175 |  |
| Profit/(loss) for the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 959 |  | 934 |  |   | (139 | ) | 187 |  |   | 254 |  | 215 |  |   | 178 |  | 174 |  |
| Other comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (31 | ) | (15 | ) |   | 258 |  | 14 |  |   | 74 |  | 10 |  |   | 18 |  | 6 |  |
| Total comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 928 |  | 919 |  |   | 119 |  | 201 |  |   | 328 |  | 225 |  |   | 196 |  | 180 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Reconciliation of summarised financial information                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| A reconciliation of the summarised financial information to the carrying amount of the group's interests in its associates is as follows.                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Castel1 |   |    | Anadolu Efes |   |   | CR Snow |   |   | Tsogo Sun |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | US$m |  | US$m |  |   | US$m |  | US$m |  |   | US$m |  | US$m |  |   | US$m |  | US$m |  |
| Opening net assets attributable to owners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 4,405 |  | 3,764 |  |   | 5,439 |  | 5,454 |  |   | 2,539 |  | 2,314 |  |   | 956 |  | 1,041 |  |
| Total comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 928 |  | 919 |  |   | 119 |  | 201 |  |   | 328 |  | 225 |  |   | 196 |  | 180 |  |
| Dividends paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (461 | ) | (128 | ) |   | (140 | ) | (123 | ) |   | - |  | - |  |   | (87 | ) | (83 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 340 |  | (150 | ) |   | (842 | ) | (78 | ) |   | - |  | - |  |   | (121 | ) | (182 | ) |
| Funding to associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |  | - |  |   | - |  | - |  |   | 400 |  | - |  |   | - |  | - |  |
| Other movements in reserves                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | - |  | - |  |   | (5 | ) | (15 | ) |   | - |  | - |  |   | - |  | - |  |
| Closing net assets attributable to owners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 5,212 |  | 4,405 |  |   | 4,571 |  | 5,439 |  |   | 3,267 |  | 2,539 |  |   | 944 |  | 956 |  |
| Interest in associates (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 20-40  |  | 20-40  |  |   | 24 |  | 24 |  |   | 49 |  | 49 |  |   | 40 |  | 40 |  |
| Interest in associates (US$m)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1,223 |  | 1,019 |  |   | 1,097 |  | 1,305 |  |   | 1,601 |  | 1,244 |  |   | 375 |  | 380 |  |
| Goodwill                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 352 |  | 300 |  |   | 469 |  | 556 |  |   | - |  | - |  |   | - |  | - |  |
| Carrying value of investments in associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,575 |  | 1,319 |  |   | 1,566 |  | 1,861 |  |   | 1,601 |  | 1,244 |  |   | 375 |  | 380 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 BIH Brasseries Internationales Holding Ltd, Société des Brasseries et Glacières Internationales SA, Algerienne de Bavaroise Spa, BIH Brasseries Internationales Holding (Angola) Ltd, Marocaine d'Investissements et de Services SA, Skikda Bottling Company SARL, Société de Boissons de I'Ouest Algerien SARL, and Société des Nouvelles Brasseries together make up Castel's African beverage operations. Details of individual ownership percentages are included in note 34. |

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

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 14.  Investments in associates (continued)                                                            |   |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Individually immaterial associates                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Summarised financial information for individually immaterial associates, in aggregate, is as follows. |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |  |   |  |   | 2014  |  | 2013  |  |
| Summarised statement of comprehensive income                                                          |   |   |  |   |  |   | US$m |  | US$m |  |
| Aggregate carrying amount of individually immaterial associates                                       |   |   |  |   |  |   | 670  |  | 612  |  |
| Aggregate amounts of the group's share of:                                                            |   |   |  |   |  |   |   |  |   |  |
| Profit for the year                                                                                   |   |   |  |   |  |   | 127  |  | 112  |  |
| Other comprehensive income                                                                            |   |   |  |   |  |   | 33  |  | 2  |  |
| Total comprehensive income                                                                            |   |   |  |   |  |   | 160  |  | 114  |  |

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |
| 15.  Inventories                                                                                                      |   |   |   |
|                                                                                                                  |   | 2014  |   | 2013  |
|                                                                                                                  |   | US$m |   | US$m |
| Raw materials and consumables                                                                                         |  669  |   |  691  |
| Work in progress                                                                                                      |  121  |   |  123  |
| Finished goods and goods for resale                                                                                   |  378  |   |  361  |
|                                                                                                                  |   |  1,168  |   |  1,175  |
|                                                                                                                  |   |   |   |   |
| The following amount of inventories are expected to be utilised after 12 months.                                      | 2014  |   | 2013  |
|                                                                                                                  |   | US$m |   | US$m |
| Raw materials and consumables                                                                                         |  46  |   |  48  |
|                                                                                                                  |   |   |   |   |
| There were no borrowings secured on the inventories of the group (2013: US$nil).                                      |   |   |   |
|                                                                                                                  |   |   |   |   |
| An impairment charge of US$25 million was recognised in respect of inventories during the year (2013: US$15 million). |

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 16. Trade and other receivables                                                                                   |   |   |   |   |   |   |   |
|                                                                                                              |   |   |  |   |  |   |  |   |   | 2014  |  | 2013  |  |
|                                                                                                              |   |   |  |   |  |   |  |   |   | US$m |  | US$m |  |
| Trade receivables                                                                                                 |   |   |   |   |   | 1,504 |  | 1,740 |  |
| Less: provision for impairment                                                                                    |   |   |   |   |   | (144 | ) | (140 | ) |
| Trade receivables - net                                                                                           |   |   |   |   |   | 1,360 |  | 1,600 |  |
| Other receivables                                                                                                 |   |   |   |   |   | 357 |  | 392 |  |
| Less: provision for impairment                                                                                    |   |   |   |   |   | (12 | ) | (12 | ) |
| Other receivables - net                                                                                           |   |   |   |   |   | 345 |  | 380 |  |
| Amounts owed by associates                                                                                        |   |   |   |   |   | 42 |  | 68 |  |
| Amounts owed by joint ventures - trade                                                                            |   |   |   |   |   | 5 |  | 5 |  |
| Prepayments and accrued income                                                                                    |   |   |   |   |   | 208 |  | 158 |  |
| Total trade and other receivables                                                                                 |   |   |   |   |   | 1,960 |  | 2,211 |  |
|                                                                                                              |   |   |   |   |   |   |   |   |
| Analysed as:                                                                                                      |   |   |   |   |   |   |   |
| Current                                                                                                           |   |   |   |   |   |   |   |
| Trade receivables - net                                                                                           |   |   |   |   |   | 1,345 |  | 1,584 |  |
| Other receivables - net                                                                                           |   |   |   |   |   | 250 |  | 274 |  |
| Amounts owed by associates                                                                                        |   |   |   |   |   | 32 |  | 59 |  |
| Amounts owed by joint ventures - trade                                                                            |   |   |   |   |   | 5 |  | 5 |  |
| Prepayments and accrued income                                                                                    |   |   |   |   |   | 189 |  | 145 |  |
|                                                                                                              |   |   |   |   |   | 1,821 |  | 2,067 |  |
|                                                                                                              |   |   |   |   |   |   |   |   |
| Non-current                                                                                                       |   |   |   |   |   |   |   |
| Trade receivables - net                                                                                           |   |   |   |   |   | 15 |  | 16 |  |
| Other receivables - net                                                                                           |   |   |   |   |   | 95 |  | 106 |  |
| Amounts owed by associates                                                                                        |   |   |   |   |   | 10 |  | 9 |  |
| Prepayments and accrued income                                                                                    |   |   |   |   |   | 19 |  | 13 |  |
|                                                                                                              |   |   |   |   |   | 139 |  | 144 |  |
|                                                                                                              |   |   |   |   |   |   |   |   |
| The net carrying values of trade and other receivables are considered a close approximation of their fair values. |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 16. Trade and other receivables (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| At 31 March 2014 trade and other receivables of US$450 million (2013: US$466 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 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  |   |  |   |  |   |  |   |   |  |   |  |
| Trade receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1,022 |  | 149 |  | 54 |  | 23 |  |   | 31 |  | 57 |  |
| Other receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 231 |  | 52 |  | 11 |  | 6 |  |   | 16 |  | 26 |  |
| Amounts owed by associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 17 |  | 4 |  | 6 |  | - |  |   | - |  | 15 |  |
| Amounts owed by joint ventures - trade                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 5 |  | - |  | - |  | - |  |   | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| 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 |  | - |  | - |  | - |  |   | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| The group holds collateral as security for past due trade receivables to the value of US$10 million (2013: US$17 million). Collateral held primarily includes bank guarantees and charges over assets.                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |  |   |  |
| At 31 March 2014 trade receivables of US$168 million (2013: US$167 million) were determined to be specifically impaired and provided for.                    The amount of the provision at 31 March 2014 was US$144 million (2013: 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 (2013: US$1 million). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| At 31 March 2014 other receivables of US$15 million (2013: US$16 million) were determined to be specifically impaired and provided for.The amount of the provision at 31 March 2014 was US$12 million (2013: US$12 million) and reflects loans to customers which are considered to be experiencing difficult economic situations. It was assessed that a portion of these receivables is expected to be recovered. The group held collateral as security against specifically impaired other receivables at 31 March 2014 of US$nil (2013: US$1 million).                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| The carrying amounts of trade and other receivables are denominated in the following currencies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   | US$m |  | US$m |  |
| Australian dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   | 176 |  | 260 |  |
| British Pound                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   | 73 |  | 81 |  |
| Colombian peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   | 135 |  | 167 |  |
| Czech koruna                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | 78 |  | 91 |  |
| Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 225 |  | 246 |  |
| Indian rupee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | 141 |  | 136 |  |
| Polish zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | 185 |  | 211 |  |
| SA rand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   | 295 |  | 340 |  |
| US dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   | 204 |  | 238 |  |
| Other currencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   | 448 |  | 441 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 1,960 |  | 2,211 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Movements on the provisions for impairment of trade receivables and other receivables are as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | Trade receivables |   |   | Other receivables |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | 2014  |  | 2013  |  |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | US$m |  | US$m |  |   | US$m |  | US$m |  |
| At 1 April                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (140 | ) | (140 | ) |   | (12 | ) | (12 | ) |
| Provision for receivables impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (24 | ) | (23 | ) |   | (6 | ) | - |  |
| Receivables written off during the year as uncollectible                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 18 |  | 12 |  |   | 5 |  | - |  |
| Disposals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | - |  | 4 |  |   | - |  | - |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2 |  | 7 |  |   | 1 |  | - |  |
| At 31 March                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (144 | ) | (140 | ) |   | (12 | ) | (12 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| The creation of provisions for impaired receivables is included in net operating expenses in the income statement (see note 3).                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |
| 17.  Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2014  |  |   | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | US$m |  |   | US$m |  |
| Short-term deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,589 |  |   | 1,684 |  |
| Cash at bank and in hand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 492 |  |   | 487 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2,081 |  |   | 2,171 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Cash and short-term deposits of US$117 million (2013: US$146 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. As normal dividends are generally able to be paid, these restrictions are not expected to have a material impact on the group's ability to meet its ongoing obligations.                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| 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. Refer to note 23 for further details on amounts offset in 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 paid US$100 million to the group to cover the group's exposure in respect of the loan participation deposit. This 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 were unable to be offset. During the year ended 31 March 2014 there was a non-cash settlement of the loan participation deposit and the payable to associate. |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
| 18.  Trade and other payables           |   |   |   |
|                                    | 2014  |  |   | 2013  |  |
|                                    | US$m |  |   | US$m |  |
| Trade payables                          | 1,333 |  |   | 1,236 |  |
| Accruals                                | 731 |  |   | 873 |  |
| Deferred income                         | 9 |  |   | 9 |  |
| Containers in the hands of customers    | 453 |  |   | 504 |  |
| Amounts owed to associates              | 39 |  |   | 150 |  |
| Amounts owed to joint ventures - trade  | 16 |  |   | 14 |  |
| Deferred consideration for acquisitions | 9 |  |   | 10 |  |
| Excise duty payable                     | 358 |  |   | 363 |  |
| VAT and other taxes payable             | 216 |  |   | 239 |  |
| Other payables                          | 708 |  |   | 738 |  |
| Total trade and other payables          | 3,872 |  |   | 4,136 |  |
|                                    |   |   |   |
| Analysed as:                            |   |   |   |
| Current                                 |   |   |   |
| Trade payables                          | 1,333 |  |   | 1,236 |  |
| Accruals                                | 731 |  |   | 873 |  |
| Deferred income                         | 6 |  |   | 5 |  |
| Containers in the hands of customers    | 453 |  |   | 504 |  |
| Amounts owed to associates - trade      | 39 |  |   | 50 |  |
| Amounts owed to joint ventures - trade  | 16 |  |   | 14 |  |
| Deferred consideration for acquisitions | 5 |  |   | 4 |  |
| Excise duty payable                     | 358 |  |   | 363 |  |
| VAT and other taxes payable             | 216 |  |   | 239 |  |
| Other payables                          | 690 |  |   | 716 |  |
|                                    | 3,847 |  |   | 4,004 |  |
|                                    |   |   |   |
| Non-current                             |   |   |   |
| Deferred income                         | 3 |  |   | 4 |  |
| Amounts owed to associates              | - |  |   | 100 |  |
| Deferred consideration for acquisitions | 4 |  |   | 6 |  |
| Other payables                          | 18 |  |   | 22 |  |
|                                    | 25 |  |   | 132 |  |

----

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

|                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 19.  Deferred taxation                                                                                                                      |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |
| The movement on the net deferred tax liability is shown below.                                                                              |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |  |   | 2014  |  | 2013 1 |  |
|                                                                                                                                   |    |    |    |    |    |  |    | US$m |  | US$m |  |
| At 1 April                                                                                                                                  |   |   |   |   |   | 3,436 |  | 3,602 |  |
| Exchange adjustments                                                                                                                        | (219 | ) | (45 | ) |
| Acquisitions - through business combinations (see note 29)                                                                                  | - |  | 1 |  |
| Transfers to disposal group classified as held for sale                                                                                     | - |  | (1 | ) |
| Rate change                                                                                                                                 | - |  | (64 | ) |
| Transfers from current tax                                                                                                                  | 13 |  | - |  |
| Credited to the income statement                                                                                                            | (111 | ) | (32 | ) |
| Deferred tax on items (credited)/charged to other comprehensive loss:                                                                       |   |   |
| - Financial instruments                                                                                                                     | (1 | ) | (6 | ) |
| - Remeasurements of defined benefit plans                                                                                                   | 13 |  | (19 | ) |
| At 31 March                                                                                                                                 | 3,131 |  | 3,436 |  |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
| 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 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   statement1                                                                                     | 104 |  | 22 |  | (125 | ) | (2 | ) | 35 |  | (85 | ) | (51 | ) |
| Deferred tax on items charged/(credited) to other comprehensive loss:                                                                       |   |   |   |   |   |   |   |
| - Financial instruments                                                                                                                     | - |  | - |  | - |  | 1 |  | (7 | ) | - |  | (6 | ) |
| - Remeasurements of defined benefit plans1                                                                                                  | - |  | (6 | ) | - |  | - |  | (13 | ) | - |  | (19 | ) |
| At 31 March 2013                                                                                                                            | 685 |  | 2 |  | 2,695 |  | (47 | ) | 702 |  | (530 | ) | 3,507 |  |
| Exchange adjustments                                                                                                                        | (41 | ) | - |  | (231 | ) | (1 | ) | - |  | 54 |  | (219 | ) |
| Transfers from current tax                                                                                                                  | - |  | - |  | - |  | - |  | - |  | 16 |  | 16 |  |
| Transfers (from)/to deferred tax assets                                                                                                     | (4 | ) | - |  | 2 |  | - |  | - |  | (1 | ) | (3 | ) |
| Charged/(credited) to the income   statement                                                                                      | 84 |  | 2 |  | (86 | ) | - |  | (62 | ) | (5 | ) | (67 | ) |
| Deferred tax on items (credited)/charged  to other comprehensive loss:                                                            |   |   |   |   |   |   |   |
| - Financial instruments                                                                                                                     | - |  | - |  | - |  | - |  | (1 | ) | - |  | (1 | ) |
| - Remeasurements of defined benefit plans                                                                                                   | - |  | 8 |  | - |  | - |  | 5 |  | - |  | 13 |  |
| At 31 March 2014                                                                                                                            | 724 |  | 12 |  | 2,380 |  | (48 | ) | 644 |  | (466 | ) | 3,246 |  |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 19.  Deferred taxation (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |  | Fixed asset allowances |  | Provisions and accruals |  | Other timing differences |  | Total |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |  | US$m |  | US$m |  | US$m |  | US$m |  |
| Deferred tax assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| At 1 April 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 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 1 |  | (1 | ) | - |  | - |  |
| Transfers from current tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | - |  | - |  | 3 |  | 3 |  |
| Transfers (to)/from deferred tax liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (4 | ) | 2 |  | (1 | ) | (3 | ) |
| Credited to the income statement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2 |  | - |  | 42 |  | 44 |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | (16 | ) | 35 |  | 96 |  | 115 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| 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 because of timing differences in Europe, Africa, Asia Pacific, and Latin America. 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$3,174 million (2013: US$3,449 million) are expected to fall due after more than one year and deferred tax assets of US$112 million (2013: US$52 million) are expected to be recovered after more than one year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | US$m |  | US$m |  |
| Unrecognised deferred tax assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |  |   |  |
| Deferred tax assets have not been recognised in respect of the following items:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |
| Tax losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   | 355  |  | 345  |  |
| Tax credits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   | 1,532  |  | 1,318  |  |
| Depreciation in excess of capital allowances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   | 19  |  | 16  |  |
| Share-based payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   | 28  |  | 29  |  |
| Other deductible temporary differences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   | 120  |  | 60  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 2,054  |  | 1,768  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| 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 20%. 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 it is probable that future profits will arise. US$1,180 million (2013: US$968 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$14 million (2013: US$16 million) has been recognised in the year. A deferred tax liability of US$97 million (2013: US$80 million) has been recognised in respect of unremitted profits of associates where a dividend policy is not in place. Unremitted earnings of subsidiaries, associates and joint ventures operating in lower tax jurisdictions do not result in a deferred tax liability where the reporting entity is able to control the timing of the reversal of temporary differences and it is probable that the temporary differences 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) |

|                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 20.  Borrowings                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |  | 2014  |  | 2013  |  |
| Current                                                                                                                                                                                                |   |   |   |   |   |   |   |   |  | US$m |  | US$m |  |
| Secured                                                                                                                                                                                                |   |   |   |   |   |   |   |   |  |   |  |   |  |
| Overdrafts                                                                                                                                                                                             |   |   |   |   |   |   |   |   | 32  |  | 9  |  |
| Obligations under finance leases                                                                                                                                                                       |   |   |   |   |   |   |   | 8  |  | 8  |  |
| Other secured loans                                                                                                                                                                                    |   |   |   |   |   |   |   |   | 2  |  | 5  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   | 42  |  | 22  |  |
| Unsecured                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |  |   |  |
| Overdrafts                                                                                                                                                                                             |   |   |   |   |   |   |   |   | 181  |  | 203  |  |
| Unsecured bonds                                                                                                                                                                                        |   |   |   |   |   |   |   |   | 3,402  |  | 1,881  |  |
| Other unsecured loans                                                                                                                                                                                  |   |   |   |   |   |   |   |   | 894  |  | 363  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   | 4,477  |  | 2,447  |  |
| Total current borrowings                                                                                                                                                                               |   |   |   |   |   |   |   |   | 4,519  |  | 2,469  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| The fair value of current borrowings is US$4,636 million (2013: US$2,485 million).                                                                                                                     |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |  | 2014  |  | 2013  |  |
| Non-current                                                                                                                                                                                            |   |   |   |   |   |   |   |   |  | US$m |  | US$m |  |
| Secured                                                                                                                                                                                                |   |   |
| Obligations under finance leases                                                                                                                                                                       | 43  |  | 27  |  |
| Other secured loans                                                                                                                                                                                    | 2  |  | 4  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   | 45  |  | 31  |  |
| Unsecured                                                                                                                                                                                              |   |   |
| Unsecured bonds                                                                                                                                                                                        | 12,036  |  | 14,451  |  |
| Unsecured loans                                                                                                                                                                                        | 447  |  | 1,597  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   | 12,483  |  | 16,048  |  |
| Total non-current borrowings                                                                                                                                                                           | 12,528  |  | 16,079  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Total current and non-current borrowings                                                                                                                                                               | 17,047  |  | 18,548  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Analysed as:                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Overdrafts                                                                                                                                                                                             |   |   |   |   |   |   |   |   | 213  |  | 212  |  |
| Bank loans                                                                                                                                                                                             |   |   |   |   |   |   |   |   | 1,345  |  | 1,969  |  |
| Bonds                                                                                                                                                                                                  |   |   |   |   |   |   |   |   | 15,438  |  | 16,332  |  |
| Obligations under finance leases                                                                                                                                                                       |   |   |   |   |   |   |   | 51  |  | 35  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   | 17,047  |  | 18,548  |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| 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.                                                                               |
|                                                                                                                                                                                                   | Bank loans |  | Bonds |  | Finance leases |  | Net derivative financial assets¹ |  | 2014Total |  | Bank loans |  | Bonds |  | Finance leases |  | Net derivative financial assets¹ |  | 2013Total |  |
|                                                                                                                                                                                                   | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| Amounts falling due:                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Between one and two years                                                                                                                                                                              | 220 |  | 738 |  | 7 |  | (123 | ) | 842 |  | 792 |  | 3,381 |  | 7 |  | (54 | ) | 4,126 |  |
| Between two and three years                                                                                                                                                                            | 107 |  | 3,268 |  | 8 |  | (258 | ) | 3,125 |  | 168 |  | 798 |  | 8 |  | (61 | ) | 913 |  |
| Between three and four years                                                                                                                                                                           | 75 |  | 96 |  | 8 |  | (1 | ) | 178 |  | 638 |  | 3,316 |  | 3 |  | (241 | ) | 3,716 |  |
| Between four and five years                                                                                                                                                                            | 45 |  | 1,871 |  | 4 |  | (33 | ) | 1,887 |  | 3 |  | 108 |  | 4 |  | (6 | ) | 109 |  |
| In five years or more                                                                                                                                                                                  | 2 |  | 6,063 |  | 16 |  | (181 | ) | 5,900 |  | - |  | 6,848 |  | 5 |  | (322 | ) | 6,531 |  |
|                                                                                                                                                                                                   | 449 |  | 12,036 |  | 43 |  | (596 | ) | 11,932 |  | 1,601 |  | 14,451 |  | 27 |  | (684 | ) | 15,395 |  |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| 1 Net financing-related derivative financial instruments only (note 22). In 2013 as restated for the change in definition of net debt.                                                            |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| The fair value of non-current borrowings is US$13,231 million (2013: US$16,679 million). Further details on the fair value of borrowings is given in note 21 to the consolidated financial statements. |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 20.  Borrowings (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| On 13 August 2013 SABMiller Holdings Inc issued US$750 million, 2.2% Notes due August 2018 and US$350 million, Floating Rate Notes due August 2018, each guaranteed by SABMiller plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| The US$750 million Notes and US$350 million Notes are redeemable in whole but not in part at the option of the issuer upon the occurrence of certain changes in taxation at their principal amount with the accrued and unpaid interest to the date of redemption. The US$750 million Notes are redeemable in whole or in part at any time at the option of the issuer at a redemption price equal to the make-whole amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| On 28 March 2013 SABSA Holdings Ltd issued ZAR1,000 million, 7.125% Notes due March 2018. The notes were issued under the ZAR6,000 million Domestic Medium Term Note Programme established on 13 December 2012 and guaranteed by SABMiller plc. On 6 December 2012 SABMiller Holdings Inc issued €1,000 million, 1.875% Notes due January 2020. The notes were issued under the US$3,000 million Euro Medium Term Note Programme established on 12 October 2012 and guaranteed by SABMiller plc. The ZAR1,000 million Notes and the €1,000 million Notes are redeemable in whole but not in part at the option of the issuer upon the occurrence of certain changes in taxation at their principal amount with accrued and unpaid interest to the date of redemption. The €1,000 Notes are redeemable in whole or in part at any time at the option of the issuer at a redemption price equal to the make-whole amount. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Maturity of obligations under finance leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Obligations under finance leases are as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |  | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |  | US$m |  | US$m |  |
| The minimum lease payments under finance leases fall due as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
| Within one year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   | 11 |  | 9 |  |
| Between one and five years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   | 36 |  | 24 |  |
| In five years or more                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   | 17 |  | 10 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   | 64 |  | 43 |  |
| Future finance charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   | (13 | ) | (8 | ) |
| Present value of finance lease liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 51 |  | 35 |  |

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

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | Australian dollars |  | Euro |  | Latin American currencies |  | Other European currencies |  | SA rand |  | US dollars |  | Other |  | Total |  |
|                                                                             | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| Financial assets                                                                 |   |   |   |   |   |   |   |   |
| Trade and other receivables                                                      | 4 |  | 17 |  | - |  | 101 |  | 142 |  | 21 |  | 36 |  | 321 |  |
| Derivative financial instruments¹                                           | 333 |  | 1,313 |  | - |  | 1,146 |  | 285 |  | 1,245 |  | 8 |  | 4,330 |  |
| Cash and cash equivalents                                                        | - |  | 176 |  | 57 |  | 78 |  | 5 |  | 35 |  | 10 |  | 361 |  |
| Intra-group assets                                                               | - |  | 1,617 |  | - |  | 613 |  | 93 |  | 416 |  | 1 |  | 2,740 |  |
|                                                                             | 337 |  | 3,123 |  | 57 |  | 1,938 |  | 525 |  | 1,717 |  | 55 |  | 7,752 |  |
| Financial liabilities                                                            |   |   |   |   |   |   |   |   |
| Trade and other payables                                                         | (1 | ) | (154 | ) | - |  | (256 | ) | (45 | ) | (210 | ) | (21 | ) | (687 | ) |
| Derivative financial instruments¹                                           | (1,276 | ) | (1,600 | ) | (584 | ) | (3,977 | ) | (905 | ) | (23 | ) | (6 | ) | (8,371 | ) |
| Borrowings                                                                       | - |  | (2,779 | ) | (54 | ) | - |  | - |  | (1,487 | ) | - |  | (4,320 | ) |
| Intra-group liabilities                                                          | (47 | ) | (181 | ) | (160 | ) | (97 | ) | (72 | ) | (207 | ) | (1 | ) | (765 | ) |
|                                                                             | (1,324 | ) | (4,714 | ) | (798 | ) | (4,330 | ) | (1,022 | ) | (1,927 | ) | (28 | ) | (14,143 | ) |
| At 31 March 2014                                                                 | (987 | ) | (1,591 | ) | (741 | ) | (2,392 | ) | (497 | ) | (210 | ) | 27 |  | (6,391 | ) |
|                                                                             |   |   |   |   |   |   |   |   |
| Potential impact on profit for the year - gain/(loss)                            |   |   |   |   |   |
| 20% increase in functional currency                                              | 5 |  | 25 |  | (9 | ) | 43 |  | (19 | ) | 73 |  | (5 | ) | 113 |  |
| 20% decrease in functional currency                                              | (5 | ) | (30 | ) | 11 |  | (52 | ) | 23 |  | (88 | ) | 5 |  | (136 | ) |
|                                                                             |   |   |   |   |   |   |   |   |
| Potential impact on other comprehensive income - gain/(loss)                     |   |   |   |   |   |
| 20% increase in functional currency                                              | 160 |  | 240 |  | 133 |  | 355 |  | 101 |  | (38 | ) | - |  | 951 |  |
| 20% decrease in functional currency                                              | (192 | ) | (289 | ) | (159 | ) | (427 | ) | (122 | ) | 46 |  | - |  | (1,143 | ) |
|                                                                             |   |   |   |   |   |   |   |   |
| ¹ These represent the notional amounts of derivative financial instruments. |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |

----

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

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 21. Financial risk factors (continued)                                           |   |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             | Australian dollars |  | Euro |  | Latin American currencies |  | Other European currencies |  | SA rand |  | US dollars |  | Other |  | Total |  |
|                                                                             | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| Financial assets                                                                 |   |   |   |   |   |   |   |   |
| Trade and other receivables                                                      | 3 |  | 36 |  | 165 |  | 134 |  | 135 |  | 21 |  | 21 |  | 515 |  |
| Derivative financial instruments¹                                           | - |  | 1,034 |  | - |  | 352 |  | 61 |  | 2,023 |  | - |  | 3,470 |  |
| Cash and cash equivalents                                                        | - |  | 8 |  | 9 |  | 16 |  | 2 |  | 25 |  | 2 |  | 62 |  |
| Intra-group assets                                                               | 115 |  | 1,062 |  | - |  | 802 |  | 8 |  | 190 |  | 2 |  | 2,179 |  |
|                                                                             | 118 |  | 2,140 |  | 174 |  | 1,304 |  | 206 |  | 2,259 |  | 25 |  | 6,226 |  |
| Financial liabilities                                                            |   |   |   |   |   |   |   |   |
| Trade and other payables                                                         | (19 | ) | (143 | ) | (215 | ) | (415 | ) | (47 | ) | (260 | ) | (5 | ) | (1,104 | ) |
| Derivative financial instruments¹                                           | (1,331 | ) | (431 | ) | (428 | ) | (1,023 | ) | (565 | ) | (58 | ) | - |  | (3,836 | ) |
| Borrowings                                                                       | (521 | ) | (2,557 | ) | (58 | ) | (9 | ) | - |  | (1,533 | ) | (113 | ) | (4,791 | ) |
| Intra-group liabilities                                                          | (400 | ) | (103 | ) | - |  | (114 | ) | (41 | ) | (45 | ) | (1 | ) | (704 | ) |
|                                                                             | (2,271 | ) | (3,234 | ) | (701 | ) | (1,561 | ) | (653 | ) | (1,896 | ) | (119 | ) | (10,435 | ) |
| At 31 March 2013                                                                 | (2,153 | ) | (1,094 | ) | (527 | ) | (257 | ) | (447 | ) | 363 |  | (94 | ) | (4,209 | ) |
|                                                                             |   |   |   |   |   |   |   |   |
| Potential impact on profit for the year - gain/(loss)                            |   |   |   |   |   |
| 20% increase in functional currency                                              | 50 |  | - |  | 7 |  | (70 | ) | (9 | ) | 11 |  | 16 |  | 5 |  |
| 20% decrease in functional currency                                              | (60 | ) | - |  | (8 | ) | 84 |  | 11 |  | (14 | ) | (19 | ) | (6 | ) |
|                                                                             |   |   |   |   |   |   |   |   |
| Potential impact on other comprehensive income - gain/(loss)                     |   |   |   |   |   |
| 20% increase in functional currency                                              | 309 |  | 182 |  | 81 |  | 114 |  | 84 |  | (72 | ) | - |  | 698 |  |
| 20% decrease in functional currency                                              | (370 | ) | (219 | ) | (97 | ) | (136 | ) | (100 | ) | 86 |  | - |  | (836 | ) |
|                                                                             |   |   |   |   |   |   |   |   |
| ¹ These represent the notional amounts of derivative financial instruments. |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |
| 21. Financial risk factors (continued)                                                                                                                                                                                                                                                                                                                   |   |   |
|                                                                                                                                                                                                                                                                                                                                                     |   |   |
| The cash flow interest rate risk sensitivities on variable debt and interest rate swaps are shown in the table below. This analysis assumes all other variables, in particular foreign currency rates, remain constant. The analysis was performed on the same basis for 2013, based on reasonably possible changes in interest rates.                   |
|                                                                                                                                                                                                                                                                                                                                                     | 2014 |  | 2013 1 |  |
|                                                                                                                                                                                                                                                                                                                                                     | US$m |  | US$m |  |
| Net debt                                                                                                                                                                                                                                                                                                                                                 | 14,303 |  | 15,600 |  |
| Less: fixed rate debt2                                                                                                                                                                                                                                                                                                                                   | (11,824 | ) | (14,050 | ) |
| Variable rate debt                                                                                                                                                                                                                                                                                                                                       | 2,479 |  | 1,550 |  |
| Adjust for:                                                                                                                                                                                                                                                                                                                                              |   |   |
| Financial derivatives                                                                                                                                                                                                                                                                                                                                    | 4,712 |  | 5,515 |  |
| Net variable rate debt exposure                                                                                                                                                                                                                                                                                                                          | 7,191 |  | 7,065 |  |
|                                                                                                                                                                                                                                                                                                                                                     |   |   |
| +/- 100 bps change                                                                                                                                                                                                                                                                                                                                       |   |   |
| Potential impact on profit for the year                                                                                                                                                                                                                                                                                                                  | 72 |  | 71 |  |
|                                                                                                                                                                                                                                                                                                                                                     |   |   |
| +/- 100 bps change                                                                                                                                                                                                                                                                                                                                       |   |   |
| Potential impact on other comprehensive income                                                                                                                                                                                                                                                                                                           | - |  | 8 |  |
|                                                                                                                                                                                                                                                                                                                                                     |   |   |
| ¹ As restated (see note 28).                                                                                                                                                                                                                                                                                                                        |
| 2 Includes non-current fixed rate borrowings, accrued interest, fair value adjustments on borrowings designated as fair value hedges and the carrying value of financing-related derivative financial instruments. Current fixed rate borrowings are assumed to be exposed to interest rate risk owing to maturity in the following financial year. |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              |   |   | 2014 |  |   |   |   | 2013 |  |
|                              | Total borrowings |  | Effect of derivatives |  | Totalexposure |  |   | Total borrowings |  | Effect of derivatives |  | Totalexposure |  |
|                              | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  |
| Fixed rate interest               | 11,824 |  | (4,712 | ) | 7,112 |  |   | 14,050 |  | (5,515 | ) | 8,535 |  |
| Floating rate interest            | 5,223 |  | 4,712 |  | 9,935 |  |   | 4,498 |  | 5,515 |  | 10,013 |  |
| Total interest-bearing borrowings | 17,047 |  | - |  | 17,047 |  |   | 18,548 |  | - |  | 18,548 |  |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
|                                                       |                                    |
| 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. |
|                                                                                                                                                             | 2014 |  | 2013 |  |
|                                                                                                                                                             | US$m |  | US$m |  |
| Amounts expiring:                                                                                                                                                |   |   |
| Within one year                                                                                                                                                  | 214 |  | 281 |  |
| Between one and two years                                                                                                                                        | 41 |  | 17 |  |
| Between two and five years                                                                                                                                       | 3,019 |  | 554 |  |
| In five years or more                                                                                                                                            | - |  | 2,500 |  |
|                                                                                                                                                             | 3,274 |  | 3,352 |  |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |  |
| 21. Financial risk factors (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| The table below analyses the group's financial liabilities 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. 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. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Less than 1 year |  | Between 1 and 2 years |  | Between 2 and 5 years |  | Over5 years |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | US$m |  | US$m |  | US$m |  | US$m |  |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (4,898 | ) | (1,149 | ) | (5,558 | ) | (6,568 | ) |
| Net settled derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (28 | ) | - |  | (14 | ) | (29 | ) |
| Gross settled derivative financial instruments - inflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2,926 |  | 64 |  | - |  | - |  |
| Gross settled derivative financial instruments - outflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (2,990 | ) | (69 | ) | - |  | - |  |
| Trade and other payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (3,265 | ) | (23 | ) | - |  | - |  |
| Financial guarantee contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (208 | ) | - |  | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (3,466 | ) | (4,468 | ) | (5,881 | ) | (9,407 | ) |
| Net settled derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (11 | ) | (13 | ) | (13 | ) | - |  |
| Gross settled derivative financial instruments - inflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1,338 |  | 43 |  | - |  | - |  |
| Gross settled derivative financial instruments - outflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (1,367 | ) | (44 | ) | - |  | - |  |
| Trade and other payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (3,391 | ) | (119 | ) | - |  | - |  |
| Financial guarantee contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (234 | ) | - |  | - |  | - |  |

|                                                                                                                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |  |
| Fair value estimation                                                                                                                                                                                                                                                                               |   |   |   |   |   |
| The following tables present the group's financial assets and liabilities that are measured at fair value on a recurring basis and the fair values of other assets and liabilities that are not measured at fair value, but the fair value is required to be disclosed in the financial statements. |
|                                                                                                                                                                                                                                                                                                |   | Level 1 | Level 2 |  | Level 3 |  | Total |  |
| Recurring fair value measurements                                                                                                                                                                                                                                                                   |   | US$m | US$m |  | US$m |  | US$m |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                    |   |   |   |  |   |  |   |  |
| Assets                                                                                                                                                                                                                                                                                              |   |   |   |  |   |  |   |  |
| Derivative financial instruments                                                                                                                                                                                                                                                                    |   | - | 769 |  | - |  | 769 |  |
| Available for sale investments                                                                                                                                                                                                                                                                      |   | - | 10 |  | 12 |  | 22 |  |
| Total assets                                                                                                                                                                                                                                                                                        |   | - | 779 |  | 12 |  | 791 |  |
|                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Derivative financial instruments                                                                                                                                                                                                                                                                    |   | - | (115 | ) | - |  | (115 | ) |
| Total liabilities                                                                                                                                                                                                                                                                                   |   | - | (115 | ) | - |  | (115 | ) |

----

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

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |
| 21. Financial risk factors (continued)                     |   |   |   |   |   |
|                                                       |   |   |   |   |   |
|                                                       |   | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |
| Recurring fair value measurements                          |   | 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 | ) |
|                                                       |   |   |   |   |   |
|                                                       | Carrying amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |
| Assets and liabilities for which fair values are disclosed | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| At 31 March 2014                                           |   |   |  |   |  |   |  |   |  |
| Assets                                                     |   |   |  |   |  |   |  |   |  |
| Investments in listed associates                           |   |   |   |   |   |
| - Anadolu Efes                                             | 1,566 |  | 1,580 |  | - |  | - |  | 1,580 |  |
| - Distell Group                                            | 224 |  | 716 |  | - |  | - |  | 716 |  |
| - Delta Corporation                                        | 141 |  | 354 |  | - |  | - |  | 354 |  |
| - Tsogo Sun Holdings                                       | 375 |  | 1,046 |  | - |  | - |  | 1,046 |  |
| Total assets                                               | 2,306 |  | 3,696 |  | - |  | - |  | 3,696 |  |
|                                                       |   |   |   |   |   |
| Liabilities                                                |   |   |   |   |   |
| Borrowings                                                 | (17,047 | ) | (15,344 | ) | (2,456 | ) | (67 | ) | (17,867 | ) |
| Total liabilities                                          | (17,047 | ) | (15,344 | ) | (2,456 | ) | (67 | ) | (17,867 | ) |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 22. Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Current derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                          | 2014  |   |   | 2013  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | Notional value |  | Assets |  | Liabilities |  |   | Notional value |  | Assets |  | Liabilities |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  |
| Fair value hedges                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |  |   |  |   |  |   |   |   |  |   |  |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 1,588 |  | 32 |  | - |  |   | - |  | - |  | - |  |
| Cash flow hedges                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                |   | 1,450 |  | 21 |  | (8 | ) |   | 1,228 |  | 1 |  | (12 | ) |
| Commodity contracts                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 105 |  | - |  | (12 | ) |   | 55 |  | - |  | (4 | ) |
| Net investment hedges                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 2,396 |  | 27 |  | (35 | ) |   | - |  | - |  | - |  |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 335 |  | 43 |  | - |  |   | - |  | - |  | - |  |
| Held for trading                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Embedded derivatives                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | - |  | - |  | - |  |   | 1 |  | 1 |  | - |  |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 96 |  | - |  | (1 | ) |   | 940 |  | 25 |  | (4 | ) |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                |   | 1,985 |  | 14 |  | (20 | ) |   | 1,709 |  | 37 |  | (14 | ) |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 7 |  | 4 |  | (2 | ) |   | 203 |  | 47 |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 7,962 |  | 141 |  | (78 | ) |   | 4,136 |  | 111 |  | (34 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Financing-related current derivative financial instruments amount to a net asset of US$67 million (2013: US$93 million).                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Non-current derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                      | 2014  |   |   | 2013  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | Notional value |  | Assets |  | Liabilities |  |   | Notional value |  | Assets |  | Liabilities |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  |
| Fair value hedges                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 3,826 |  | 217 |  | (28 | ) |   | 5,404 |  | 428 |  | (13 | ) |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 1,000 |  | 35 |  | - |  |   | 1,300 |  | 78 |  | - |  |
| Cash flow hedges                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                |   | 109 |  | - |  | (1 | ) |   | - |  | - |  | - |  |
| Commodity contracts                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 38 |  | - |  | (4 | ) |   | 34 |  | - |  | (2 | ) |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | - |  | - |  | - |  |   | 611 |  | - |  | (10 | ) |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 1,111 |  | 204 |  | - |  |   | 1,250 |  | 59 |  | - |  |
| Net investment hedges                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                |   | 18 |  | - |  | (1 | ) |   | 2,334 |  | 36 |  | (16 | ) |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 631 |  | 102 |  | (2 | ) |   | 999 |  | 81 |  | - |  |
| Held for trading                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 600 |  | 37 |  | (1 | ) |   | 300 |  | - |  | (11 | ) |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                                                                                |   | - |  | - |  | - |  |   | 116 |  | 5 |  | - |  |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 246 |  | 33 |  | - |  |   | 203 |  | 45 |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 7,579 |  | 628 |  | (37 | ) |   | 12,551 |  | 732 |  | (52 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Financing-related non-current derivative financial instruments amount to a net asset of US$596 million (2013: US$684 million, restated).                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Derivatives designated as hedging instruments                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| (i) Fair value hedges                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| The group has entered into several interest rate swaps and cross currency swaps to pay floating and receive fixed interest which have been designated as fair value hedges to hedge exposure to changes in the fair value of its US dollar and euro fixed rate borrowings. Borrowings are designated as the hedged item as part of the fair value hedge. The borrowings and the interest rate swaps have the same critical terms. |
| As at 31 March 2014 the carrying value of the hedged borrowings was US$7,214 million (2013: US$7,202 million).                                                                                                                                                                                                                                                                                                                    |

----

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

|                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 22. Derivative financial instruments (continued)                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| (ii) Cash flow hedges                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| The group has entered into forward exchange contracts designated as cash flow hedges to manage short-term foreign currency exposures to expected net operating costs including future trade imports and exports.                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| The group has entered into commodity contracts designated as cash flow hedges to manage the future price of commodities. As at 31 March 2014 the notional amount of forward contracts for the purchase price of corn was US$20 million (2013: US$13 million), of aluminium was US$122 million (2013: US$75 million) and of sugar was US$1 million (2013: US$1 million). |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| The group has entered into cross currency swaps designated as cash flow hedges to manage foreign currency exposures on interest payments.                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| 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 |  | Over 5 years |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                      |   | 12 |  | 9 |  | 11 |  |   | (2 | ) | - |  | - |  |
| Commodity contracts                                                                                                                                                                                                                                                                                                                                                     |   |   | (16 | ) | (20 | ) | (13 | ) |   | (6 | ) | (1 | ) | - |  |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                    |   |   | 204 |  | 118 |  | (16 | ) |   | 98 |  | 34 |  | 2 |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   | 200 |  | 107 |  | (18 | ) |   | 90 |  | 33 |  | 2 |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                                      |   | (11 | ) | (11 | ) | (11 | ) |   | - |  | - |  | - |  |
| Commodity contracts                                                                                                                                                                                                                                                                                                                                                     |   |   | (6 | ) | (8 | ) | (4 | ) |   | (3 | ) | (1 | ) | - |  |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                                    |   |   | 59 |  | (66 | ) | (20 | ) |   | 29 |  | (19 | ) | (56 | ) |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                                     |   |   | (10 | ) | (10 | ) | (4 | ) |   | (6 | ) | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   | 32 |  | (95 | ) | (39 | ) |   | 20 |  | (20 | ) | (56 | ) |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| (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.                                  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |
| Analysis of notional amounts on derivative financial instruments designated as net investment hedges is as follows. Notional amounts have been translated to US dollars at the closing rate at 31 March.                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |  |   |  |   |   |  | US$m |  | US$m |  |
| Forward foreign currency contracts:                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |  |   |  |
| Australian dollar                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 695 |  | 1,042 |  |
| Colombian peso                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   | 180 |  | 243 |  |
| Czech koruna                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 336 |  | 278 |  |
| Peruvian nuevo sol                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   | 403 |  | 185 |  |
| Polish zloty                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 114 |  | 187 |  |
| South African rand                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   | 686 |  | 399 |  |
| Cross currency swaps:                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| Australian dollar                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   | 258 |  | 289 |  |
| Czech koruna                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 382 |  | 379 |  |
| Polish zloty                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   | 193 |  | 179 |  |
| South African rand                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   | 133 |  | 152 |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   | 3,380 |  | 3,333 |  |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| Held for trading derivative financial instruments                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| (i) Interest rate swaps                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| The group has entered into interest rate swaps to manage exposures to fluctuations in interest rates arising from the group's borrowings. The derivatives are fair valued based on discounted future cash flows with gains and losses taken to the income statement.                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 22. Derivative financial instruments (continued)                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| (ii) 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 and to manage foreign currency exposures on intercompany loan balances. The derivatives are fair valued based on discounted future cash flows with gains and losses taken to the income statement. |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| (iii) 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.                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| Fair value (loss)/gain on financial instruments recognised in the income statement                                                                                                                                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   | 2014  |  | 2013 |  |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |  |   |  |   |  |   |   | US$m |  | US$m |  |
| Derivative financial instruments:                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   | (9 | ) | 8 |  |
| Interest rate swaps designated as fair value hedges                                                                                                                                                                                                                                                                                                           |   |   |   | (43 | ) | (7 | ) |
| Forward foreign currency contracts                                                                                                                                                                                                                                                                                                                            |   |   |   | (3 | ) | 17 |  |
| Fair value loss on forward foreign currency contracts transferred from other comprehensive loss                                                                                                                                                                                                                                                               |   |   | (2 | ) | (5 | ) |
| Forward foreign currency contracts designated as fair value hedges                                                                                                                                                                                                                                                                                            |   |   |   | - |  | 3 |  |
| Cross currency swaps                                                                                                                                                                                                                                                                                                                                          |   |   |   | (27 | ) | 19 |  |
| Cross currency swaps designated as fair value hedges                                                                                                                                                                                                                                                                                                          |   |   |   | (1 | ) | - |  |
| Embedded derivatives                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   | 1 |  | - |  |
| Other fair value gains                                                                                                                                                                                                                                                                                                                                        |   |   |   | 15 |  | 18 |  |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   | (69 | ) | 53 |  |
| Other financial instruments:                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Non-current borrowings designated as the hedged item in a fair value hedge                                                                                                                                                                                                                                                                                    |   |   |   | 43 |  | 7 |  |
| Total fair value (loss)/gain on financial instruments recognised in the income statement                                                                                                                                                                                                                                                                      |   |   | (26 | ) | 60 |  |
|                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| Fair value gains or losses on borrowings and derivative financial instruments held to hedge interest rate risk on borrowings were recognised as part of net finance costs. Fair value gains or losses on all other derivative financial instruments are recognised in operating profit.                                                                       |

|                                                                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 23. Other financial instrument disclosures                                                                                                                                                                                    |   |   |   |   |   |   |
|                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| 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 2014                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Assets                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Available for sale investments                                                                                                                                                                                                | - |  | - |  | 22 |  | - |  | - |  | 22 |  |   | 22 |  | - |  |
| Derivative financial instruments                                                                                                                                                                                              | 769 |  | - |  | - |  | - |  | - |  | 769 |  |   | 628 |  | 141 |  |
| Trade and other receivables                                                                                                                                                                                                   | - |  | 1,608 |  | - |  | - |  | 352 |  | 1,960 |  |   | 139 |  | 1,821 |  |
| Cash and cash equivalents                                                                                                                                                                                                     | - |  | 2,081 |  | - |  | - |  | - |  | 2,081 |  |   | - |  | 2,081 |  |
|                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments                                                                                                                                                                                              | (115 | ) | - |  | - |  | - |  | - |  | (115 | ) |   | (37 | ) | (78 | ) |
| Borrowings                                                                                                                                                                                                                    | - |  | - |  | - |  | (17,047 | ) | - |  | (17,047 | ) |   | (12,528 | ) | (4,519 | ) |
| Trade and other payables                                                                                                                                                                                                      | - |  | - |  | - |  | (3,289 | ) | (583 | ) | (3,872 | ) |   | (25 | ) | (3,847 | ) |

----

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

|                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 23. Other financial instrument disclosures (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 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 | ) |
|                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Offsetting financial assets and financial liabilities                                                                                                                    |   |   |   |   |
| The following table provides details of financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements, or similar agreements. |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   | Gross amounts of financial assets |  | Gross amounts of financial liabilities |  | Net amounts recognised in the balance sheet |  |   | Related amounts of financial instruments not set off in the balance sheet |  | Net amount |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | 769 |  | - |  | 769 |  |   | (106 | ) | 663 |  |
| Trade and other receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   | 1,640 |  | (32 | ) | 1,608 |  |   | - |  | 1,608 |  |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | 2,090 |  | (9 | ) | 2,081 |  |   | - |  | 2,081 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   | 41 |  | (17,088 | ) | (17,047 | ) |   | - |  | (17,047 | ) |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | - |  | (115 | ) | (115 | ) |   | 106 |  | (9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| At 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | 843 |  | - |  | 843 |  |   | (77 | ) | 766 |  |
| Trade and other receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   | 1,948 |  | (32 | ) | 1,916 |  |   | - |  | 1,916 |  |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | 2,324 |  | (153 | ) | 2,171 |  |   | - |  | 2,171 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |
| Borrowings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   | 185 |  | (18,733 | ) | (18,548 | ) |   | - |  | (18,548 | ) |
| Derivative financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | - |  | (86 | ) | (86 | ) |   | 77 |  | (9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each party to the agreement will have the option to settle the amounts on a net basis in the event of default of the other party. A default event includes failure by a party to make a payment when due; failure by a party to perform any other obligation required by the agreement if such failure is not remedied within the periods defined in each contract; or bankruptcy. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
| The group holds other receivables and borrowings balances with the same financial counterparties. Where these arrangements meet the set-off rules under IFRS, the balances have been reported net on the balance sheet.                                                                                                                                                                                                                                                                                       |

----

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

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 24.  Provisions                                                                          |   |   |   |   |   |   |   |   |
|                                                                                     | Demerged |  | Post- |  |   |  |   |  |   |  |   |  |   |   |
|                                                                                     | entities and |  | retirement |  | Taxation-related |  |   |  | Payroll- |  | Onerous |  |   |  |   |  |
|                                                                                     | litigation |  | benefits |  | Restructuring |  | related |  | contracts |  | Other |  | Total |  |
|                                                                                     | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| At 1 April 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 year1                                                          | 1 |  | 32 |  | 21 |  | 19 |  | 14 |  | 2 |  | 18 |  | 107 |  |
| - Amounts reversed                                                                       | - |  | - |  | (25 | ) | (5 | ) | - |  | - |  | (1 | ) | (31 | ) |
| Utilised in the year                                                                     | (4 | ) | (43 | ) | (7 | ) | (110 | ) | (13 | ) | (56 | ) | (19 | ) | (252 | ) |
| Remeasurements of defined benefit plans1  recorded in other comprehensive loss | - |  | 19 |  | - |  | - |  | - |  | - |  | - |  | 19 |  |
| 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 |  |
| Exchange adjustments                                                                     | (5 | ) | (20 | ) | (8 | ) | (10 | ) | (6 | ) | (17 | ) | (2 | ) | (68 | ) |
| Charged/(credited) to the income statement                                               |   |   |   |   |   |   |   |   |
| - Additional provision in year                                                           | 24 |  | 18 |  | 12 |  | 37 |  | 9 |  | - |  | 7 |  | 107 |  |
| - Amounts reversed                                                                       | (11 | ) | - |  | (32 | ) | (28 | ) | - |  | (2 | ) | (5 | ) | (78 | ) |
| Utilised in the year                                                                     | (20 | ) | (31 | ) | (5 | ) | (31 | ) | (26 | ) | (32 | ) | (7 | ) | (152 | ) |
| Remeasurements of defined benefit plans   recorded in other comprehensive loss | - |  | (22 | ) | - |  | - |  | - |  | - |  | - |  | (22 | ) |
| Transfer between categories                                                              | - |  | - |  | 1 |  | - |  | - |  | - |  | (1 | ) | - |  |
| At 31 March 2014                                                                         | 113 |  | 246 |  | 216 |  | 82 |  | 55 |  | 109 |  | 62 |  | 883 |  |
|                                                                                     |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |   |   |   |   | 2014  |  | 2013  |  |
| Analysed as:                                                                             |   |   |   |   |   |   | US$m |  | US$m |  |
| Current                                                                                  |   |   |   |   |   |   | 450 |  | 558 |  |
| Non-current                                                                              |   |   |   |   |   |   | 433 |  | 538 |  |
|                                                                                     |   |   |   |   |   |   | 883 |  | 1,096 |  |
|                                                                                     |   |   |   |   |   |   |   |   |
| 1 As restated (see note 28).                                                        |   |   |   |   |   |   |   |   |

----

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

|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |
| 25.  Share capital                                                                           |   |   |   |
|                                                                                         | 2014  | 2013  | 2012  |
|                                                                                         | US$m | US$m | US$m |
| Group and company                                                                            |   |   |   |
| Called up, allotted and fully paid share capital                                             |   |   |   |
| 1,672,647,930 ordinary shares of 10 US cents each (2013: 1,669,731,799, 2012: 1,664,323,483) |  167  |  167  |  166  |
| 50,000 deferred shares of £1.00 each (2013, 2012: 50,000)                               | - | - | - |
|                                                                                         |  167  |  167  |  166  |
|                                                                                         |   |   |   |
|                                                                                         |   |   |   |
|                                                                                         | Ordinary shares of 10 US cents each | Deferred shares of £1 each | Nominal valueUS$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  |
| Issue of shares - share incentive plans                                                      |  2,916,131  | - | - |
| At 31 March 2014                                                                             |  1,672,647,930  |  50,000  |  167  |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   | 2014 |  | 2013 |  | 2012 |  |
| Scheme                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   | Number |  | Number |  | Number |  |
| GBP share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   | 16,035,174 |  | 17,809,920 |  | 16,622,334 |  |
| ZAR share options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   | 10,108,718 |  | 12,939,245 |  | 13,024,503 |  |
| GBP stock appreciation rights (SARs)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   | 5,170,646 |  | 1,955,529 |  | 2,820,144 |  |
| ZAR stock appreciation rights (SARs)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   | 1,178,200 |  | - |  | - |  |
| GBP performance share awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   | 6,802,427 |  | 7,505,723 |  | 6,880,114 |  |
| GBP value share awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   | 11,297,444 |  | 11,721,564 |  | 6,877,784 |  |
| GBP cash-settled awards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | - |  | - |  | 335,940 |  |
| Total share incentives outstanding1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   | 50,592,609 |  | 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 2014 ranged from £0 to £33.30 and ZAR96.25 to ZAR527.49 (2013: £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 |  | - |  |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   | 496,498 |  | 33.10 |  | 6.65 |  |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   | (308,467 | ) | 23.00 |  | - |  |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   | (1,962,777 | ) | 13.76 |  | - |  |
| Outstanding at 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   | 16,035,174 |  | 19.36 |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
| 25. Share capital (continued)                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
| 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 |  | - |  |
| Granted                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | 644,300 |  | 511.07 |  | 133.13 |  |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                      |   |   |   | (615,083 | ) | 332.30 |  | - |  |
| Exercised                                                                                                                                                                                                                                                                                                                                                                   |   |   |   | (2,859,744 | ) | 186.52 |  | - |  |
| Outstanding at 31 March 2014                                                                                                                                                                                                                                                                                                                                                |   |   |   | 10,108,718 |  | 277.52 |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
| 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 |  | - |  |
| Granted                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | 3,807,632 |  | 33.29 |  | 6.67 |  |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                      |   |   |   | (154,963 | ) | 27.69 |  | - |  |
| Exercised                                                                                                                                                                                                                                                                                                                                                                   |   |   |   | (437,552 | ) | 8.70 |  | - |  |
| Outstanding at 31 March 2014                                                                                                                                                                                                                                                                                                                                                |   |   |   | 5,170,646 |  | 27.25 |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
| ZAR SARs                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |
| ZAR SARs include stock appreciation rights granted under the South African Stock Appreciation Rights Sub-Plan 2008.                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | Number |  | Weighted average exercise price |  | Weighted average fair value at grant date |  |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | of SARs |  | ZAR |  | ZAR |  |
| Outstanding at 1 April 2013                                                                                                                                                                                                                                                                                                                                                 |   |   |   | - |  | - |  | - |  |
| Granted                                                                                                                                                                                                                                                                                                                                                                     |   |   |   | 1,209,900 |  | 527.49 |  | 140.05 |  |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                      |   |   |   | (31,700 | ) | 527.49 |  | - |  |
| Outstanding at 31 March 2014                                                                                                                                                                                                                                                                                                                                                |   |   |   | 1,178,200 |  | 527.49 |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |
| 25. Share capital (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| 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 |  | - |  | - |  |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   | 2,102,870 |  | - |  | 30.86 |  |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   | (483,188 | ) | - |  | - |  |
| Released to participants                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   | (2,322,978 | ) | - |  | - |  |
| Outstanding at 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   | 6,802,427 |  | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| GBP value share awards                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |
| The 3,606,720 (2013:4,843,780, 2012: 4,034,340) value share awards during the year ended 31 March 2014 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 |  | Theoretical maximum |  | Weighted average exercise price  |  | Weighted average fair value at grant date |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | value) |  | shares at cap |  | GBP |  | 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 |  | - |  | - |  |
| Granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 680 |  | 3,606,720 |  | - |  | 11.84 |  |
| Lapsed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | (220 | ) | (3,109,297 | ) | - |  | - |  |
| Released to participants                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | (1,012 | ) | (921,543 | ) | - |  | - |  |
| Outstanding at 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 2,848 |  | 11,297,444 |  | - |  | - |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| Of the 921,543 shares released, 384,684 shares are deferred and remain subject to forfeiture and 344,516 shares were subsequently converted to nil-cost options and remained outstanding at 31 March 2014 for the benefit of Graham Mackay's estate.                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
|                                                       |                                    |
| 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 and 31 March 2014                                             |   |   |   | - |  | - |  | - |  |
|                                                                                       |   |   |   |   |   |   |
| 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 |  | Number |  | Weighted average remaining contractual life in years |  |
| Range of exercise prices                                                                   | 2014 |  | 2014 |  | 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                                                                          | 2,900 |  | 0.1 |  | 356,310 |  | 1.1 |  | 401,993 |  | 2.1 |  |
| £8 - £9                                                                          | 407,721 |  | 1.1 |  | 452,944 |  | 2.1 |  | 622,494 |  | 3.1 |  |
| £9 - £10                                                                         | 72,500 |  | 4.6 |  | 78,275 |  | 5.6 |  | 78,275 |  | 6.6 |  |
| £10 - £11                                                                        | 734,900 |  | 2.5 |  | 942,994 |  | 3.4 |  | 1,097,744 |  | 4.4 |  |
| £11 - £12                                                                        | 958,936 |  | 3.1 |  | 1,117,686 |  | 4.1 |  | 1,456,403 |  | 5.1 |  |
| £12 - £13                                                                        | 2,857,346 |  | 4.8 |  | 3,311,385 |  | 5.7 |  | 4,781,927 |  | 6.8 |  |
| £17- £18                                                                         | 3,500 |  | 5.6 |  | 17,200 |  | 6.6 |  | 28,700 |  | 7.6 |  |
| £19 - £20                                                                        | 2,472,347 |  | 6.2 |  | 3,072,050 |  | 7.2 |  | 3,603,984 |  | 8.2 |  |
| £20 - £21                                                                        | 23,200 |  | 6.7 |  | 46,950 |  | 7.7 |  | 66,950 |  | 8.7 |  |
| £22 - £23                                                                        | 3,647,746 |  | 7.2 |  | 3,872,096 |  | 8.2 |  | 4,185,596 |  | 9.2 |  |
| £23 - £24                                                                        | 4,276,980 |  | 8.2 |  | 4,443,930 |  | 9.2 |  | - |  | - |  |
| £25 - £26                                                                        | 13,400 |  | 7.9 |  | 20,000 |  | 8.7 |  | 20,000 |  | 9.7 |  |
| £28 - £29                                                                        | 69,100 |  | 8.7 |  | 69,100 |  | 9.7 |  | - |  | - |  |
| £31 - £32                                                                        | 3,804 |  | 9.7 |  | - |  | - |  | - |  | - |  |
| £33 - £34                                                                        | 490,794 |  | 9.2 |  | - |  | - |  | - |  | - |  |
|                                                                                       | 16,035,174 |  | 6.3 |  | 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                                                                                 | 196,300 |  | 0.9 |  | 363,507 |  | 2.0 |  | 519,607 |  | 3.0 |  |
| R110 - R120                                                                                | - |  | - |  | - |  | - |  | 40,000 |  | 3.4 |  |
| R120 - R130                                                                                | 365,513 |  | 2.0 |  | 527,300 |  | 2.9 |  | 757,940 |  | 3.9 |  |
| R140 - R150                                                                                | 617,800 |  | 4.3 |  | 931,600 |  | 5.3 |  | 1,292,300 |  | 6.3 |  |
| R150 - R160                                                                                | 328,200 |  | 4.9 |  | 426,100 |  | 6.0 |  | 629,600 |  | 7.0 |  |
| R160 - R170                                                                                | 235,650 |  | 3.1 |  | 362,150 |  | 4.1 |  | 461,100 |  | 5.1 |  |
| R180 - R190                                                                                | 721,700 |  | 3.9 |  | 1,041,100 |  | 4.9 |  | 1,377,700 |  | 5.9 |  |
| R210 - R220                                                                                | 979,300 |  | 5.8 |  | 1,665,750 |  | 6.8 |  | 2,455,350 |  | 7.8 |  |
| R220 - R230                                                                                | 1,043,900 |  | 6.7 |  | 1,985,700 |  | 7.7 |  | 2,140,000 |  | 8.7 |  |
| R250 - R260                                                                                | 485,000 |  | 7.2 |  | 519,600 |  | 8.2 |  | 542,400 |  | 9.2 |  |
| R290 - R300                                                                                | 1,936,235 |  | 7.7 |  | 2,155,793 |  | 8.7 |  | 2,327,674 |  | 9.7 |  |
| R310 - R320                                                                                | 583,700 |  | 8.2 |  | 625,850 |  | 9.2 |  | - |  | - |  |
| R400 - R410                                                                                | 2,006,120 |  | 8.7 |  | 2,236,895 |  | 9.7 |  | - |  | - |  |
| R510 - R520                                                                                | 609,300 |  | 9.2 |  | - |  | - |  | - |  | - |  |
|                                                                                       | 10,108,718 |  | 6.7 |  | 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 |  | Number |  | Weighted average remaining contractual life in years |  |
| Range of exercise prices                                                                                                                                    | 2014 |  | 2014 |  | 2013 |  | 2013 |  | 2012 |  | 2012 |  |
| GBP SARs                                                                                                                                                    |   |   |   |   |   |   |
| £4 - £5                                                                                                                                           | - |  | - |  | - |  | - |  | 219,168 |  | 1.1 |  |
| £6 - £7                                                                                                                                           | 12,334 |  | 0.1 |  | 243,734 |  | 1.1 |  | 344,018 |  | 2.1 |  |
| £8 - £9                                                                                                                                           | 250,768 |  | 1.1 |  | 299,010 |  | 2.1 |  | 460,085 |  | 3.1 |  |
| £9 - £10                                                                                                                                          | 2,275 |  | 4.6 |  | 2,275 |  | 5.6 |  | 9,100 |  | 6.6 |  |
| £10 - £11                                                                                                                                         | 306,359 |  | 2.1 |  | 384,784 |  | 3.1 |  | 522,934 |  | 4.1 |  |
| £11 - £12                                                                                                                                         | 426,451 |  | 3.1 |  | 485,283 |  | 4.1 |  | 651,500 |  | 5.1 |  |
| £12 - £13                                                                                                                                         | 306,627 |  | 4.3 |  | 355,943 |  | 5.3 |  | 481,839 |  | 6.3 |  |
| £13 - £14                                                                                                                                         | 8,700 |  | 3.6 |  | 12,400 |  | 4.6 |  | 16,700 |  | 5.6 |  |
| £19 - £20                                                                                                                                         | 44,500 |  | 6.2 |  | 49,900 |  | 7.2 |  | 49,900 |  | 8.2 |  |
| £22 - £23                                                                                                                                         | 61,600 |  | 7.2 |  | 61,600 |  | 8.2 |  | 64,900 |  | 9.2 |  |
| £23 - £24                                                                                                                                         | 58,100 |  | 8.2 |  | 60,600 |  | 8.2 |  | - |  | - |  |
| £31 - £32                                                                                                                                         | 31,496 |  | 9.7 |  | - |  | - |  | - |  | - |  |
| £33 - £34                                                                                                                                         | 3,661,436 |  | 9.2 |  | - |  | - |  | - |  | - |  |
|                                                                                                                                                        | 5,170,646 |  | 7.5 |  | 1,955,529 |  | 3.8 |  | 2,820,144 |  | 4.3 |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| ZAR SARs                                                                                                                                                    |   |   |   |   |   |   |
| R520 - R530                                                                                                                                                 | 1,178,200 |  | 9.7 |  | - |  | - |  | - |  | - |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| GBP performance share awards                                                                                                                                |   |   |   |   |   |   |
| £0                                                                                                                                                     | 6,802,427 |  | 1.3 |  | 7,505,723 |  | 1.5 |  | 6,880,114 |  | 1.1 |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| GBP value share awards                                                                                                                                      |   |   |   |   |   |   |
| £0                                                                                                                                                     | 11,297,444 |  | 3.1 |  | 11,721,564 |  | 2.6 |  | 6,877,784 |  | 3.0 |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| GBP cash-settled awards                                                                                                                                     |   |   |   |   |   |   |
| £0                                                                                                                                                     | - |  | - |  | - |  | - |  | 335,940 |  | 1.0 |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| Total share incentives outstanding                                                                                                                          | 50,592,609 |  | 5.2 |  | 51,931,981 |  | 5.1 |  | 46,560,819 |  | 5.4 |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| Exercisable share incentives                                                                                                                                |   |   |   |   |   |   |
| The following table summarises information about exercisable share incentives outstanding at 31 March.                                                      |
|                                                                                                                                                        | Number |  | Weighted average exercise price |  | Number |  | Weighted averageexercise price |  | Number |  | Weighted averageexercise price |  |
|                                                                                                                                                        | 2014 |  | 2014 |  | 2013 |  | 2013 |  | 2012 |  | 2012 |  |
| GBP share options                                                                                                                                           | 7,860,114 |  | 14.90 |  | 5,792,390 |  | 11.27 |  | 5,103,986 |  | 10.46 |  |
| ZAR share options                                                                                                                                           | 4,582,263 |  | 185.88 |  | 4,915,057 |  | 164.84 |  | 5,004,479 |  | 140.97 |  |
| GBP SARs                                                                                                                                                    | 1,369,214 |  | 11.39 |  | 1,783,429 |  | 10.35 |  | 2,705,344 |  | 9.80 |  |
|                                                                                                                                                        |   |   |   |   |   |   |
| Share incentives exercised or released                                                                                                                      |   |   |   |   |   |   |
| The weighted average market price of the group's shares at the date of exercise or release for share incentives exercised or released during the year were: |
|                                                                                                                                                        | Number |  | Weighted average market price |  | Number |  | Weightedaverage marketprice |  | Number |  | Weightedaverage marketprice |  |
|                                                                                                                                                        | 2014 |  | 2014 |  | 2013 |  | 2013 |  | 2012 |  | 2012 |  |
| Share incentives designated in GBP                                                                                                                          | 5,644,850 |  | 31.53 |  | 6,709,778 |  | 26.81 |  | 5,410,802 |  | 23.01 |  |
| Share incentives designated in ZAR                                                                                                                          | 2,859,744 |  | 512.29 |  | 2,541,422 |  | 385.70 |  | 3,080,100 |  | 278.19 |  |
| Total share incentives exercised or released   during the year                                                                                    | 8,504,594 |  |   | 9,251,200 |  |   | 8,490,902 |  |   |

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

|                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                     |  |  |  |
| The following weighted average assumptions were used in these option pricing models during the year.                                                                                                |
|                                                                                                                                                                                                | 2014  | 2013  | 2012  |
| Share price¹                                                                                                                                                                                   |   |   |   |
| -  South African share option scheme (ZAR)                                                                                                                                                          |  512.06  |  379.21  |  280.49  |
| -  All other schemes (£)                                                                                                                                                                       |  33.09  |  23.76  |  22.33  |
| Exercise price¹                                                                                                                                                                                |   |   |   |
| -  South African share option scheme (ZAR)                                                                                                                                                          |  521.78  |  381.88  |  283.07  |
| -  All other schemes (£)                                                                                                                                                                       |  14.32  |  8.71  |  9.35  |
| Expected volatility (all schemes)² (%)                                                                                                                                                         |  25.3  |  26.1  |  23.1  |
| Dividend yield (all schemes) (%)                                                                                                                                                                    |  2.3  |  2.4  |  2.3  |
| Annual forfeiture rate                                                                                                                                                                              |   |   |   |
| -  South African share option scheme (%)                                                                                                                                                            |  5.0  |  5.0  |  5.0  |
| -  All other schemes (%)                                                                                                                                                                            |  3.0  |  3.0  |  3.0  |
| Risk-free interest rate                                                                                                                                                                             |   |   |   |
| -  South African share option scheme (%)                                                                                                                                                            |  6.9  |  7.3  |  7.9  |
| -  All other schemes (%)                                                                                                                                                                            |  0.8  |  1.0  |  2.3  |
|                                                                                                                                                                                                |   |   |   |
| ¹ The calculation is based on the weighted fair value of issues made during the year.                                                                                                          |
| ² Expected volatility is calculated by assessing the historical share price data in the United Kingdom and South Africa from seven years prior to the grant date (2013, 2012: since May 2002). |

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

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |
| 26. Retained earnings and other reserves                                    |   |   |   |
|                                                                        |   |   |   |
| a. Retained earnings                                                        |   |   |   |
|                                                                        | Treasury and EBT shares |  | Retained earnings1 |  | Total |  |
|                                                                        | US$m |  | US$m |  | US$m |  |
| At 1 April 2011                                                             | (657 | ) | 9,648 |  | 8,991 |  |
| Profit for the year                                                         | - |  | 4,206 |  | 4,206 |  |
| Other comprehensive loss                                                    | - |  | (104 | ) | (104 | ) |
| Remeasurements of defined benefit plans taken to other comprehensive loss   | - |  | (7 | ) | (7 | ) |
| Share of associates' and joint ventures' other comprehensive loss           | - |  | (163 | ) | (163 | ) |
| Deferred tax credit on items taken to other comprehensive loss              | - |  | 66 |  | 66 |  |
| 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                                                         | - |  | 3,250 |  | 3,250 |  |
| Other comprehensive loss                                                    | - |  | (22 | ) | (22 | ) |
| Remeasurements of defined benefit plans taken to other comprehensive loss   | - |  | (19 | ) | (19 | ) |
| Share of associates' and joint ventures' other comprehensive loss           | - |  | (22 | ) | (22 | ) |
| Deferred tax credit on items taken to other comprehensive loss              | - |  | 19 |  | 19 |  |
| 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 |  |
| Profit for the year                                                         | - |  | 3,381 |  | 3,381 |  |
| Other comprehensive income                                                  | - |  | 54 |  | 54 |  |
| Remeasurements of defined benefit plans taken to other comprehensive income | - |  | 22 |  | 22 |  |
| Share of associates' and joint ventures' other comprehensive income         | - |  | 45 |  | 45 |  |
| Deferred tax charge on items taken to other comprehensive income            | - |  | (13 | ) | (13 | ) |
| Dividends paid                                                              | - |  | (1,640 | ) | (1,640 | ) |
| Utilisation of merger relieve reserve                                       | - |  | 265 |  | 265 |  |
| Buyout of non-controlling interests                                         | - |  | (5 | ) | (5 | ) |
| Payment for purchase of own shares for share trusts                         | (79 | ) | - |  | (79 | ) |
| Utilisation of treasury and EBT shares                                      | 63 |  | (42 | ) | 21 |  |
| Credit entry relating to share-based payments                               | - |  | 178 |  | 178 |  |
| At 31 March 2014                                                            | (659 | ) | 16,544 |  | 15,885 |  |
|                                                                        |   |   |   |
| 1 As restated (see note 28).                                           |   |   |   |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |
|                                                       |                                    |
| SABMiller plc                                              |
| Notes to the consolidated financial statements (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 |  |
| Currency translation differences                                                                                                                                                                                                        | (2,267 | ) | - |  | - |  | - |  | (2,267 | ) |
| Net investment hedges                                                                                                                                                                                                                   | - |  | - |  | 102 |  | - |  | 102 |  |
| Cash flow hedges                                                                                                                                                                                                                        | - |  | 34 |  | - |  | - |  | 34 |  |
| Deferred tax on items taken to other comprehensive income                                                                                                                                                                               | - |  | 1 |  | - |  | - |  | 1 |  |
| Share of associates' and joint ventures' other comprehensive income/(loss)                                                                                                                                                              | 104 |  | 2 |  | - |  | (6 | ) | 100 |  |
| At 31 March 2014                                                                                                                                                                                                                        | (539 | ) | 11 |  | (176 | ) | 2 |  | (702 | ) |
|                                                                                                                                                                                                                                    |   |   |   |   |   |
| 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. |

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

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |
| 27a.  Reconciliation of profit for the year to net cash generated from operations |   |   |   |
|                                                                              | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                         | US$m |  | US$m |  | US$m |  |
| Profit for the year                                                               | 3,650 |  | 3,487 |  | 4,462 |  |
| Taxation                                                                          | 1,173 |  | 1,192 |  | 1,121 |  |
| Share of post-tax results of associates and joint ventures                        | (1,226 | ) | (1,213 | ) | (1,134 | ) |
| Net finance costs                                                                 | 645 |  | 726 |  | 554 |  |
| Operating profit                                                                  | 4,242 |  | 4,192 |  | 5,003 |  |
| Depreciation:                                                                     |   |   |   |
| - Property, plant and equipment                                                   | 621 |  | 641 |  | 672 |  |
| - Containers                                                                      | 233 |  | 226 |  | 237 |  |
| Container breakages, shrinkages and write-offs                                    | 80 |  | 38 |  | 34 |  |
| Net profit on disposal of businesses                                              | (72 | ) | (79 | ) | (1,258 | ) |
| Gain on remeasurement of existing interest in joint venture on acquisition        | - |  | - |  | (66 | ) |
| Profit on disposal of investment in associate                                     | - |  | - |  | (103 | ) |
| Loss/(gain) on dilution of investment in associate                                | 18 |  | (4 | ) |  -  |  |
| (Profit)/loss on disposal of property, plant and equipment                        | (17 | ) | 13 |  | (15 | ) |
| Amortisation of intangible assets                                                 | 427 |  | 450 |  | 273 |  |
| Impairment of goodwill                                                            | - |  | 11 |  | - |  |
| Impairment of intangible assets                                                   | 8 |  | - |  | - |  |
| Impairment of property, plant and equipment                                       | 52 |  | 39 |  | - |  |
| Impairment of working capital balances                                            | 55 |  | 31 |  | 16 |  |
| Amortisation of advances to customers                                             | 40 |  | 45 |  | 24 |  |
| Unrealised net gain from fair value hedges                                        | - |  | - |  | (20 | ) |
| Dividends received from other investments                                         | (1 | ) | (1 | ) | (1 | ) |
| Charge with respect to share options                                              | 141 |  | 184 |  | 132 |  |
| Charge with respect to Broad-Based Black Economic Empowerment scheme              | 13 |  | 17 |  | 29 |  |
| Other non-cash movements                                                          | (163 | ) | (45 | ) | 22 |  |
| Net cash generated from operations before working capital movements               | 5,677 |  | 5,758 |  | 4,979 |  |
| Increase in inventories                                                           | (73 | ) | (14 | ) | (45 | ) |
| Decrease/(increase) in trade and other receivables                                | 128 |  | (107 | ) | (25 | ) |
| Increase in trade and other payables                                              | 113 |  | 82 |  | 374 |  |
| Decrease in provisions                                                            | (89 | ) | (177 | ) | (46 | ) |
| Increase in post-retirement benefit provisions                                    | 14 |  | 12 |  | - |  |
| Net cash generated from operations                                                | 5,770 |  | 5,554 |  | 5,237 |  |
|                                                                              |   |  |   |  |   |  |
| 1 As restated (see note 28).                                                 |   |  |   |  |   |  |

----

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

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |
| 27b.  Reconciliation of net cash generated from operating activities to free cash flow |   |   |   |
|                                                                                   | 2014  |  | 2013  |  | 2012  |  |
|                                                                                   | US$m |  | US$m |  | US$m |  |
| Net cash generated from operating activities                                           | 3,431 |  | 4,101 |  | 3,937 |  |
| Purchase of property, plant and equipment                                              | (1,401 | ) | (1,335 | ) | (1,473 | ) |
| Proceeds from sale of property, plant and equipment                                    | 70 |  | 30 |  | 116 |  |
| Purchase of intangible assets                                                          | (84 | ) | (144 | ) | (166 | ) |
| Proceeds from sale of intangible assets                                                | - |  | 4 |  | - |  |
| Investments in joint ventures                                                          | (188 | ) | (272 | ) | (288 | ) |
| Investments in associates                                                              | (199 | ) | (23 | ) | - |  |
| Repayment of investments by associates                                                 | - |  | - |  | 14 |  |
| Dividends received from joint ventures                                                 | 903 |  | 886 |  | 896 |  |
| Dividends received from associates                                                     | 224 |  | 113 |  | 120 |  |
| Dividends received from other investments                                              | 1 |  | 1 |  | 1 |  |
| Dividends paid to non-controlling interests                                            | (194 | ) | (131 | ) | (109 | ) |
| Free cash flow                                                                         | 2,563 |  | 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.                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   | 2014  |  | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   | US$m |  | US$m |  |
| Cash and cash equivalents (balance sheet)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2,081  |  | 2,171  |  |
| Overdrafts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (213) |  | (212) |  |
| Cash and cash equivalents (cash flow statement)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 1,868  |  | 1,959  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| The group has amended its net debt definition to include derivative financial instruments designated as net investment hedges as these hedges are considered to be inextricably linked to the underlying borrowings because they are used to mitigate the foreign currency exchange risk arising from the group’s foreign currency borrowings. The change in this definition has resulted in a reduction in net debt of US$101 million at 31 March 2013, and     US$45 million at 1 April 2012. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Net debt is analysed as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
| Cash and cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |  |   |  |   |   |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | equivalents |  |   |  |   | Derivative |  |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (excluding |  |   |  |   | financial |  | Finance |  | Gross |  | Net |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | overdrafts) |  | Overdrafts |  | Borrowings |  | instruments |  | leases |  | debt |  | debt |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  |
| At 1 April 20121                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 745 |  | (139 | ) | (19,067 | ) | 665 |  | (21 | ) | (18,562 | ) | (17,817 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (83 | ) | 32 |  | 131 |  | - |  | 1 |  | 164 |  | 81 |  |
| Cash flow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1,512 |  | (105 | ) | 560 |  | (5 | ) | 6 |  | 456 |  | 1,968 |  |
| Disposals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (3 | ) | - |  | - |  | - |  | - |  | - |  | (3 | ) |
| Other movements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |  | - |  | 75 |  | 117 |  | (21 | ) | 171 |  | 171 |  |
| At 31 March 20131                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2,171 |  | (212 | ) | (18,301 | ) | 777 |  | (35 | ) | (17,771 | ) | (15,600 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (65 | ) | 4 |  | 26 |  | (24 | ) | 3 |  | 9 |  | (56 | ) |
| Cash flow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (25 | ) | (5 | ) | 1,244 |  | (188 | ) | 9 |  | 1,060 |  | 1,035 |  |
| Other movements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | - |  | - |  | 248 |  | 98 |  | (28 | ) | 318 |  | 318 |  |
| At 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2,081 |  | (213 | ) | (16,783 | ) | 663 |  | (51 | ) | (16,384 | ) | (14,303 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |  |   |  |   |  |   |  |   |  |   |  |   |  |
| 1 As restated for the change in definition of net debt.                                                                                                                                                                                                                                                                                                                                                                                                                                          |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 28. Restatements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| The amendment to IAS 19, ‘Employee benefits’, was adopted retrospectively from 1 April 2013. The group has restated the consolidated financial statements accordingly. The quantitative impact of adopting this standard on the prior period consolidated financial statements is detailed in the tables below. No material adjustments to the balance sheets at 31 March 2013 and 31 March 2012 have been required as a result of the adoption of the amended standard.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| The group adopted IFRS 10, 'Consolidated financial statements' retrospectively from 1 April 2013. Adopting this standard has resulted in two investments that were previously classified as joint ventures being recognised as subsidiaries by MillerCoors. The investments were previously equity accounted and are now fully consolidated. The group has restated the consolidated financial statements accordingly. The change in accounting policy has had no impact on net assets attributable to owners or total comprehensive income, but has resulted in an increase in EBITA for the year ended 31 March 2013 of US$7 million (2012: US$7 million), an increase in EBITDA for the year ended 31 March 2013 of US$18 million (2012: US$18 million), an increase in the group's share of associates' and joint ventures' net finance costs for the year ended 31 March 2013 of US$nil (2012: US$1 million) and an offsetting increase in the group's share of associates' and joint ventures' non-controlling interests for the year ended 31 March 2013 of US$7 million (2012: US$6 million). |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| As part of the regular review of accounting practices and policies, fair value gains and losses on financial instruments, and exchange gains and losses have now been presented on a net basis within net finance costs. Comparatives have been restated for consistency. The quantitative impact of this change in presentation is detailed in the table below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Year ended31 March 2012 |  | IAS 19 adjustments |  | Finance costs reclassification |  | Year ended 31 March 2012as restated |  |   | Year ended31 March 2013 |  | IAS 19 adjustments |  | Finance costs reclassification |  | Year ended 31 March 2013as restated |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | US$m |  | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  | US$m |  |
| Consolidated income statement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Operating profit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 5,013 |  | (10 | ) | - |  | 5,003 |  |   | 4,203 |  | (11 | ) | - |  | 4,192 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Net finance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (562 | ) | 8 |  | - |  | (554 | ) |   | (735 | ) | 9 |  | - |  | (726 | ) |
| Finance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (1,093 | ) | 8 |  | 225 |  | (860 | ) |   | (1,417 | ) | 9 |  | 222 |  | (1,186 | ) |
| Finance income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 531 |  | - |  | (225 | ) | 306 |  |   | 682 |  | - |  | (222 | ) | 460 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Share of post-tax   results of   associates and  joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1,152 |  | (18 | ) | - |  | 1,134 |  |   | 1,244 |  | (31 | ) | - |  | 1,213 |  |
| Profit before   taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 5,603 |  | (20 | ) | - |  | 5,583 |  |   | 4,712 |  | (33 | ) | - |  | 4,679 |  |
| Taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (1,126 | ) | 5 |  | - |  | (1,121 | ) |   | (1,201 | ) | 9 |  | - |  | (1,192 | ) |
| Profit for the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 4,477 |  | (15 | ) | - |  | 4,462 |  |   | 3,511 |  | (24 | ) | - |  | 3,487 |  |

----

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

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 28. Restatements (continued)                                                              |
|                                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                                      |   |   | Year ended31 March 2012 |  | IAS 19 adjustments |  |   | Year ended31 March 2012as restated |  | Year ended31 March 2013 |  | IAS 19 adjustments |  | Year ended 31 March 2013as restated |  |
|                                                                                      |   |   | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  | US$m |  |
| Consolidated statement of comprehensive income                                            |
| Profit for the year                                                                       | 4,477 |  | (15 | ) |   | 4,462 |  | 3,511 |  | (24 | ) | 3,487 |  |
|                                                                                      |   |   |   |   |   |   |   |   |   |
| Items that will not be reclassified subsequently to profit or loss                        |
| Net remeasurements of defined benefit plans                                               | (9 | ) | 2 |  |   | (7 | ) | (21 | ) | 2 |  | (19 | ) |
| Tax on items that will not be reclassified                                                | 71 |  | (5 | ) |   | 66 |  | 28 |  | (9 | ) | 19 |  |
| Share of associates’ and joint ventures’ other   comprehensive loss | (180 | ) | 18 |  |   | (162 | ) | (57 | ) | 31 |  | (26 | ) |
| Total items that will not be reclassified   subsequently to profit or loss      | (118 | ) | 15 |  |   | (103 | ) | (50 | ) | 24 |  | (26 | ) |
|                                                                                      |   |   |   |  |   |  |   |   |  |   |  |   |  |   |  |
| Total items that may be subsequently reclassified   to profit or loss           | 95 |  | - |  |   | 95 |  | (650 | ) | - |  | (650 | ) |
|                                                                                      |   |   |   |  |   |  |   |   |  |   |  |   |  |   |  |
| Other comprehensive loss for the period,   net of tax                           | (23 | ) | 15 |  |   | (8 | ) | (700 | ) | 24 |  | (676 | ) |
| Total comprehensive income for the year                                                   | 4,454 |  | - |  |   | 4,454 |  | 2,811 |  | - |  | 2,811 |  |

|                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |
| 29.  Acquisitions and disposals                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| In December 2013 the group acquired the trade and assets of a wine and spirits business in Africa for consideration of US$42 million, of which US$3 million is deferred. The business combination has been accounted for using the acquisition method. The residual value over the net assets acquired has been recognised as goodwill of US$7 million in the financial statements. |
|                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| Non-controlling interests                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
| The following non-controlling interests were acquired for cash consideration of US$5 million, generating additional equity of US$5 million.                                                                                                                                                                                                                                         |
| Company                                                                                                                                                                                                                                                                                                                                                                             | % acquired | Effective %holding afteracquisition of non-controllinginterest | Form of consideration | Country |
| SABMiller Brands Korea                                                                                                                                                                                                                                                                                                                                                              |  24  |  75  | Cash | South Korea |
|                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |
| Disposals                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
| In May 2013 a net profit of US$47 million, after associated costs, was realised on the disposal of the non-core milk and juice business in Panama, in Latin America.                                                                                                                                                                                                                |

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |
| 30.  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. |   |   |   |
|                                                                                          | 2014  |  |   | 2013  |  |
|                                                                                          | US$m |  |   | US$m |  |
| Land and buildings                                                                            |   |   |   |
| Within one year                                                                               | 67 |  |   | 65 |  |
| Later than one year and less than five years                                                  | 147 |  |   | 152 |  |
| After five years                                                                              | 30 |  |   | 33 |  |
|                                                                                          | 244 |  |   | 250 |  |
|                                                                                          |   |   |   |
| Plant, vehicles and systems                                                                   |   |   |   |
| Within one year                                                                               | 58 |  |   | 54 |  |
| Later than one year and less than five years                                                  | 124 |  |   | 129 |  |
| After five years                                                                              | 16 |  |   | 91 |  |
|                                                                                          | 198 |  |   | 274 |  |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |  |
| 30.  Commitments, contingencies and guarantees (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| b. Other commitments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2014  |  |   | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | US$m |  |   | US$m |  |
| Capital commitments not provided in the financial information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |
| Contracts placed for future expenditure for property, plant and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 271 |  |   | 239 |  |
| Contracts placed for future expenditure for intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 16 |  |   | 3 |  |
| Share of capital commitments of joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 55 |  |   | 48 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Other commitments not provided in the financial information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Contracts placed for future expenditure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 3,736 |  |   | 2,632 |  |
| Share of joint ventures' other commitments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 393 |  |   | 379 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Contracts placed for future expenditure in 2014 primarily relate to minimum purchase commitments for raw materials and packaging materials, which are principally due between 2014 and 2021. Additionally, as part of the business capability programme the group had 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. Following the conclusion of the business capability programme, no material commitments were held relating to the programme at 31 March 2014. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| The group’s share of joint ventures’ other commitments primarily relate to MillerCoors’ various long-term non-cancellable advertising and promotion commitments.                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| c. Contingent liabilities and guarantees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2014  |  |   | 2013  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | US$m |  |   | US$m |  |
| Guarantees to third parties¹                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 4 |  |   | 2 |  |
| Litigation²                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1 |  |   | 15 |  |
| Other contingent liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 3 |  |   | 2 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8 |  |   | 19 |  |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |  |  |  |  |  |
| 31.  Pensions and post-retirement benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| The group operates a number of pension schemes which 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 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 are as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2014  |  | 2013 1 |  | 2012 1 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | US$m |  | US$m |  | US$m |  |
| Defined contribution scheme costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 106 |  | 110 |  | 97 |  |
| Defined benefit pension plan costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 11 |  | 20 |  | 17 |  |
| Post-retirement medical and other benefit costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 7 |  | 11 |  | 13 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| 1 As restated (see note 28).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| The amounts recognised in the balance sheet are determined as follows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2014 |  | 2013 |  | 2012 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | US$m |  | US$m |  | US$m |  |
| Portion of defined benefit obligation that is partly or wholly funded                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (405 | ) | (379 | ) | (408 | ) |
| Fair value of plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 479 |  | 453 |  | 436 |  |
| Surplus of funded plans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 74 |  | 74 |  | 28 |  |
| Impact of asset ceiling                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (78 | ) | (87 | ) | (40 | ) |
| Deficit of funded plans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (4 | ) | (13 | ) | (12 | ) |
| Portion of defined benefit obligation that is unfunded                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (155 | ) | (193 | ) | (185 | ) |
| Medical and other post-retirement benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (87 | ) | (95 | ) | (112 | ) |
| Provisions for defined benefit plans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (246 | ) | (301 | ) | (309 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| Accruals for defined contribution plans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (4 | ) | (7 | ) | (3 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |
| The group operates various defined contribution and defined benefit schemes. Details of the main defined benefit schemes are provided below.Latin America pension plansThe group operates a number of pension plans throughout Latin America. Details of the major plan are provided below.The Colombian Labour Code Pension Plan is an unfunded plan of the defined benefit type and covers all salaried and hourly employees in Colombia who are not covered by social security or who have at least 10 years of service prior to 1 January 1967. The plan is financed entirely through company reserves and there are no external assets. The most recent actuarial valuation of the Colombian Labour Code Pension Plan was carried out by independent professionally qualified actuaries at 28 February 2014 using the projected unit credit method. All salaried employees are now covered by social security or private pension fund provisions. The principal economic assumptions used in the preparation of the pension valuations are shown below and take into consideration changes in the Colombian economy.Grolsch pension schemeThe Grolsch pension scheme, named Stichting Pensioenfonds van de Grolsche Bierbrouwerij, is a funded scheme of the defined benefit type, based on average salary with assets held in separately administered funds. The latest valuation of the Grolsch pension scheme was carried out at 31 March 2014 by an independent actuary using the projected unit credit method.Carlton & United Breweries pension schemeThe Carlton & United Breweries pension scheme, named AusBev Superannuation Fund, provides accumulation style and defined benefits to employees. The company funds the defined benefits, administration and insurance costs of the scheme as a benefit to employees who elect to be members of this scheme. The board of trustees is responsible for the governance of the scheme on behalf of the members. The latest actuarial valuation of the Carlton & United Breweries pension scheme was carried out at 30 June 2011 by an independent actuary using the projected unit credit method. The valuation update for the scheme was carried out at 31 March 2014 by an independent actuary. The defined benefits section is now closed to new members.South Africa pension schemesThe group operates a number of pension schemes throughout South Africa. Details of the major schemes are provided below.The ABI Pension Fund, Suncrush Pension Fund and Suncrush Retirement Fund are funded schemes of the defined benefit type based on average salary with assets held in separately administered funds. The governance of the schemes is the responsibility of the boards of trustees on behalf of the members, subject to the provisions of local legislation and the rules of each scheme.The ABI Pension Fund no longer has any active or pensioner members. There are surplus assets remaining in the scheme that will be distributed to former members in due course. |

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |
| 31. Pensions and post-retirement benefits (continued)South Africa pension schemes (continued)The Suncrush Pension Fund has pensioners where the pension liabilities have been outsourced to an insurance provider. The trustees have made a provision in the fund rules for the active members such that benefits will be paid to members on exit for their benefits valued as at 1 July 2005. No further benefits are being accrued for active members.The Suncrush Retirement Fund has no liabilities and is in the process of being closed down.RisksThe most significant risks the group is exposed to through its defined benefit pension plans and post-employment medical plans are as follows.Volatility of investment returnsThose schemes that hold assets are exposed to volatility in investment returns on those assets, which may be higher or lower than the assumed expected return on those assets. Asset mix is varied for each individual scheme to ensure investment volatility risk is appropriately managed.Salary, pension and healthcare cost inflation riskScheme liabilities for the defined benefit pension and post-retirement medical plans are calculated based on assumed rates of salary, pension and/or healthcare cost inflation. Increases in these inflation rates will lead to higher liabilities. Change in discount rateA decrease in corporate bond yields results in a decrease in the discount rate and therefore an increase in plan liabilities. This will be partially offset by an increase in value of plan assets where the scheme holds bonds.Mortality ratesThe majority of the group's obligations to provide benefits under both the defined benefit pension plans and medical and other post-retirement benefits are for the life of the member. Increases in life expectancy will result in increases in the scheme liabilities associated with the schemes. The group ensures mortality rate assumptions incorporated in the actuarial calculations of the present value of scheme liabilities are from reliable sources. |

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|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 2014                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount rate (%)                                                            |   |   |   |   |   |   |   | 6.9 |  | 3.4 |  |   | 4.5 |  |   | 9.9 |  | 6.4 |  |
| Salary inflation (%)                                                         |   |   |   |   |   |   |   | 3.0 |  | 2.0 |  |   | 3.4 |  |   | - |  | - |  |
| Pension inflation (%)                                                        |   |   |   |   |   |   |   | 3.0 |  | 0.7 |  |   | 3.7 |  |   | - |  | - |  |
| Healthcare cost inflation (%)                                                |   |   |   |   |   |   | - |  | - |  |   | - |  |   | 8.7 |  | 3.0 |  |
| Mortality rate assumptions                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  - Retirement age:                                                      |   |   | Males |   |   |   |   | 55 |  | 65 |  |   | 62 |  |   | 63 |  | 58 |  |
|                                                                         |   |   | Females |   |   |   |   | 51 |  | 65 |  |   | 60 |  |   | 63 |  | 54 |  |
| -  Life expectations on retirement age:                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retiring today:                                                              |   | Males |   |   |   |   | 26 |  | 21 |  |   | 19 |  |   | 16 |  | 25 |  |
|                                                                         |   |   | Females |   |   |   |   | 35 |  | 24 |  |   | 23 |  |   | 19 |  | 32 |  |
| Retiring in 20 years:                                                        |   | Males |   |   |   |   | 26 |  | 23 |  |   | 19 |  |   | 17 |  | 25 |  |
|                                                                         |   |   | Females |   |   |   |   | 35 |  | 25 |  |   | 23 |  |   | 20 |  | 32 |  |
| 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 |  |

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

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|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31. 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 |  |

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|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The movement in the defined benefit pension plan liabilities is as follows.  |
|                                                                         | Defined benefit pension plans |   |
|                                                                         | Latin America |  |   | Grolsch |   |   | Other |   |   | Total |   |
|                                                                         | Present value of scheme liabilities |  |   | Present value of scheme liabilities |  | Fair value of plan assets |  | Total |  |   | Present value of scheme liabilities |  | Fair value of plan assets |  | Total |  |   | Present value of scheme liabilities |  |   | Fair value of plan assets |  | Total |  |
|                                                                         | US$m |  |   | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| At 1 April 2011                                                              | (175 | ) |   | (305 | ) | 333 |  | 28 |  |   | (48 | ) | 52 |  | 4 |  |   | (528 | ) |   | 385 |  | (143 | ) |
| Benefits paid                                                                | 18 |  |   | 11 |  | (11 | ) | - |  |   | 15 |  | (14 | ) | 1 |  |   | 44 |  |   | (25 | ) | 19 |  |
| Contributions paid by plan   participants                          | - |  |   | (3 | ) | - |  | (3 | ) |   | - |  | - |  | - |  |   | (3 | ) |   | - |  | (3 | ) |
| Employer contributions                                                       | - |  |   | - |  | 9 |  | 9 |  |   | - |  | (5 | ) | (5 | ) |   | - |  |   | 4 |  | 4 |  |
| Current service cost                                                         | - |  |   | (4 | ) | - |  | (4 | ) |   | (2 | ) | - |  | (2 | ) |   | (6 | ) |   | - |  | (6 | ) |
| Interest (costs)/income1                                                     | (13 | ) |   | (15 | ) | 16 |  | 1 |  |   | (7 | ) | 8 |  | 1 |  |   | (35 | ) |   | 24 |  | (11 | ) |
| Remeasurements1:                                                             | (6 | ) |   | (21 | ) | 26 |  | 5 |  |   | (11 | ) | (3 | ) | (14 | ) |   | (38 | ) |   | 23 |  | (15 | ) |
| - Return on plan assets,   excluding amounts   included in interest   income | - |  |   | - |  | 26 |  | 26 |  |   | - |  | (3 | ) | (3 | ) |   | - |  |   | 23 |  | 23 |  |
| - Gain/(loss) from change   in demographic   assumptions                     | 2 |  |   | - |  | - |  | - |  |   | - |  | - |  | - |  |   | 2 |  |   | - |  | 2 |  |
| - Loss from change in   financial assumptions                                | (6 | ) |   | (28 | ) | - |  | (28 | ) |   | (3 | ) | - |  | (3 | ) |   | (37 | ) |   | - |  | (37 | ) |
| - Experience (losses)/gains                                                  | (2 | ) |   | 7 |  | - |  | 7 |  |   | (8 | ) | - |  | (8 | ) |   | (3 | ) |   | - |  | (3 | ) |
| Reversal of provision                                                        | 10 |  |   | - |  | - |  | - |  |   | - |  | - |  | - |  |   | 10 |  |   | - |  | 10 |  |
| Acquisitions                                                                 | - |  |   | - |  | - |  | - |  |   | (52 | ) | 51 |  | (1 | ) |   | (52 | ) |   | 51 |  | (1 | ) |
| Exchange adjustments                                                         | (6 | ) |   | 18 |  | (21 | ) | (3 | ) |   | 3 |  | (5 | ) | (2 | ) |   | 15 |  |   | (26 | ) | (11 | ) |
| At 31 March 2012                                                             | (172 | ) |   | (319 | ) | 352 |  | 33 |  |   | (102 | ) | 84 |  | (18 | ) |   | (593 | ) |   | 436 |  | (157 | ) |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see Note 28).                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31. Pensions and post-retirement benefits (continued)                                                                    |   |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                     | Defined benefit pension plans |   |
|                                                                                                                     | Latin America |  |   | Grolsch |   |   | Other |   |   | Total |   |
|                                                                                                                     | Present value of scheme liabilities |  |   | Present value of scheme liabilities |  | Fair value of plan assets |  | Total |  |   | Present value of scheme liabilities |  | Fair value of plan assets |  | Total |  |   | Present value of scheme liabilities |  |   | Fair value of plan assets |  | Total |  |
|                                                                                                                     | US$m |  |   | US$m |  | US$m |  | US$m |  |   | US$m |  | US$m |  | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| At 31 March 2012                                                                                                         | (172 | ) |   | (319 | ) | 352 |  | 33 |  |   | (102 | ) | 84 |  | (18 | ) |   | (593 | ) |   | 436 |  | (157 | ) |
| Benefits paid                                                                                                            | 17 |  |   | 11 |  | (11 | ) | - |  |   | 11 |  | (8 | ) | 3 |  |   | 39 |  |   | (19 | ) | 20 |  |
| Contributions paid by plan   participants                                                                      | - |  |   | (3 | ) | - |  | (3 | ) |   | - |  | - |  | - |  |   | (3 | ) |   | - |  | (3 | ) |
| Employer contributions                                                                                                   | - |  |   | - |  | 17 |  | 17 |  |   | - |  | 2 |  | 2 |  |   | - |  |   | 19 |  | 19 |  |
| Current service cost                                                                                                     | (1 | ) |   | (4 | ) | - |  | (4 | ) |   | (3 | ) | - |  | (3 | ) |   | (8 | ) |   | - |  | (8 | ) |
| Interest (costs)/income1                                                                                                 | (12 | ) |   | (14 | ) | 15 |  | 1 |  |   | (5 | ) | 5 |  | - |  |   | (31 | ) |   | 20 |  | (11 | ) |
| Remeasurements1:                                                                                                         | (17 | ) |   | 19 |  | 18 |  | 37 |  |   | (1 | ) | - |  | (1 | ) |   | 1 |  |   | 18 |  | 19 |  |
| - Return on plan assets   excluding amounts   included in interest   income | - |  |   | - |  | 18 |  | 18 |  |   | - |  | - |  | - |  |   | - |  |   | 18 |  | 18 |  |
| - Gain/(loss) from change   in demographic   assumptions                                   | 2 |  |   | (4 | ) | - |  | (4 | ) |   | - |  | - |  | - |  |   | (2 | ) |   | - |  | (2 | ) |
| - (Loss)/gain from change   in financial assumptions                                                      | (12 | ) |   | 16 |  | - |  | 16 |  |   | - |  | - |  | - |  |   | 4 |  |   | - |  | 4 |  |
| - Experience (losses)/gains                                                                                              | (7 | ) |   | 7 |  | - |  | 7 |  |   | (1 | ) | - |  | (1 | ) |   | (1 | ) |   | - |  | (1 | ) |
| Settlements and   curtailments                                                                                 | - |  |   | - |  | - |  | - |  |   | 3 |  | (3 | ) | - |  |   | 3 |  |   | (3 | ) | - |  |
| Exchange adjustments                                                                                                     | 4 |  |   | 12 |  | (14 | ) | (2 | ) |   | 4 |  | (4 | ) | - |  |   | 20 |  |   | (18 | ) | 2 |  |
| At 31 March 2013                                                                                                         | (181 | ) |   | (298 | ) | 377 |  | 79 |  |   | (93 | ) | 76 |  | (17 | ) |   | (572 | ) |   | 453 |  | (119 | ) |
| Benefits paid                                                                                                            | 16 |  |   | 11 |  | (11 | ) | - |  |   | 5 |  | (5 | ) | - |  |   | 32 |  |   | (16 | ) | 16 |  |
| Contributions paid by plan   participants                                                                      | - |  |   | (3 | ) | - |  | (3 | ) |   | - |  | - |  | - |  |   | (3 | ) |   | - |  | (3 | ) |
| Employer contributions                                                                                                   | - |  |   | - |  | 10 |  | 10 |  |   | - |  | 3 |  | 3 |  |   | - |  |   | 13 |  | 13 |  |
| Current service cost                                                                                                     | (1 | ) |   | (3 | ) | - |  | (3 | ) |   | (3 | ) | - |  | (3 | ) |   | (7 | ) |   | - |  | (7 | ) |
| Past service cost                                                                                                        | - |  |   | 6 |  | - |  | 6 |  |   | - |  | - |  | - |  |   | 6 |  |   | - |  | 6 |  |
| Interest (costs)/income                                                                                                  | (9 | ) |   | (12 | ) | 14 |  | 2 |  |   | (2 | ) | 3 |  | 1 |  |   | (23 | ) |   | 17 |  | (6 | ) |
| Remeasurements:                                                                                                          | 23 |  |   | (17 | ) | (10 | ) | (27 | ) |   | 5 |  | 2 |  | 7 |  |   | 11 |  |   | (8 | ) | 3 |  |
| - Return on plan assets   excluding amounts   included in interest   income | - |  |   | - |  | (10 | ) | (10 | ) |   | - |  | - |  | - |  |   | - |  |   | (10 | ) | (10 | ) |
| - Gain from change   in demographic   assumptions                                          | 8 |  |   | - |  | - |  | - |  |   | - |  | - |  | - |  |   | 8 |  |   | - |  | 8 |  |
| - Gain/(loss) from change   in financial assumptions                                                      | 11 |  |   | (20 | ) | - |  | (20 | ) |   | 2 |  | - |  | 2 |  |   | (7 | ) |   | - |  | (7 | ) |
| - Experience gains                                                                                                       | 4 |  |   | 3 |  | - |  | 3 |  |   | 3 |  | 2 |  | 5 |  |   | 10 |  |   | 2 |  | 12 |  |
| Exchange adjustments                                                                                                     | 11 |  |   | (22 | ) | 28 |  | 6 |  |   | 7 |  | (8 | ) | (1 | ) |   | (4 | ) |   | 20 |  | 16 |  |
| At 31 March 2014                                                                                                         | (141 | ) |   | (338 | ) | 408 |  | 70 |  |   | (81 | ) | 71 |  | (10 | ) |   | (560 | ) |   | 479 |  | (81 | ) |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 As restated (see Note 28).                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31. Pensions and post-retirement benefits (continued)      |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The fair value of assets in pension schemes is as follows. |
|                                                       |   |   |   |   |   |   |   |   | Defined benefit pension plans |   |
|                                                       |   |   |   |   |   |   |   |   | Latin America |  |   | Grolsch |  |   | Other |  | Total |  |
|                                                       |   |   |   |   |   |   |   |   | US$m |  |   | US$m |  |   | US$m |  | US$m |  |
| At 31 March 2014                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equities - quoted                                          |   |   |   |   |   |   |   |   | - |  |   | 137 |  |   | 18 |  | 155 |  |
| Bonds - quoted                                             |   |   |   |   |   |   |   |   | - |  |   | 251 |  |   | 22 |  | 273 |  |
| Cash and cash equivalents                                  |   |   |   |   |   |   |   | - |  |   | - |  |   | 26 |  | 26 |  |
| Property and other                                         |   |   |   |   |   |   |   |   | - |  |   | 20 |  |   | 5 |  | 25 |  |
| Total fair value of assets                                 |   |   |   |   |   |   |   |   | - |  |   | 408 |  |   | 71 |  | 479 |  |
| Present value of scheme liabilities                        |   |   |   |   |   |   |   | (141 | ) |   | (338 | ) |   | (81 | ) | (560 | ) |
| (Deficit)/surplus in the scheme                            |   |   |   |   |   |   |   | (141 | ) |   | 70 |  |   | (10 | ) | (81 | ) |
| Unrecognised pension asset due to limit                    | - |  |   | (70 | ) |   | (8 | ) | (78 | ) |
| Pension liability recognised                               |   |   |   |   |   |   |   | (141 | ) |   | - |  |   | (18 | ) | (159 | ) |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At 31 March 2013                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equities - quoted                                          |   |   |   |   |   |   |   |   | - |  |   | 126 |  |   | 20 |  | 146 |  |
| Bonds - quoted                                             |   |   |   |   |   |   |   |   | - |  |   | 235 |  |   | 21 |  | 256 |  |
| Cash and cash equivalents                                  |   |   |   |   |   |   |   |   | - |  |   | - |  |   | 31 |  | 31 |  |
| Property and other                                         |   |   |   |   |   |   |   |   | - |  |   | 16 |  |   | 4 |  | 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 - quoted                                          |   |   |   |   |   |   |   |   | - |  |   | 102 |  |   | 31 |  | 133 |  |
| Bonds - quoted                                             |   |   |   |   |   |   |   |   | - |  |   | 229 |  |   | 14 |  | 243 |  |
| Cash and cash equivalents                                  |   |   |   |   |   |   |   |   | - |  |   | - |  |   | 34 |  | 34 |  |
| Property and other                                         |   |   |   |   |   |   |   |   | - |  |   | 21 |  |   | 5 |  | 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 | ) |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31. Pensions and post-retirement benefits (continued)                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| In respect of defined benefit pension 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 movements in the asset ceiling are as follows.                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   | Defined benefit pension plans |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | Grolsch |  |   | Other |  | Total |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | US$m |  |   | US$m |  | US$m |  |
| Asset ceiling at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   | (28 | ) |   | (25 | ) | (53 | ) |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   | (1 | ) |   | - |  | (1 | ) |
| Change in the asset ceiling, excluding amounts included in interest costs                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   | (3 | ) |   | 11 |  | 8 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | (1 | ) |   | 7 |  | 6 |  |
| Asset ceiling at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   | (33 | ) |   | (7 | ) | (40 | ) |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   | (1 | ) |   | (1 | ) | (2 | ) |
| Change in the asset ceiling, excluding amounts included in interest costs                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   | (46 | ) |   | (1 | ) | (47 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | 1 |  |   | 1 |  | 2 |  |
| Asset ceiling at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   | (79 | ) |   | (8 | ) | (87 | ) |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   | (3 | ) |   | (1 | ) | (4 | ) |
| Change in the asset ceiling, excluding amounts included in interest costs                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   | 18 |  |   | (1 | ) | 17 |  |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | (6 | ) |   | 2 |  | (4 | ) |
| Asset ceiling at 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   | (70 | ) |   | (8 | ) | (78 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The movement in the post-employment medical benefit liabilities is as follows. The obligations are wholly unfunded.                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   | Medical and other post-retirement benefits |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   | South Africa |   |   | Other |  | Total |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | US$m |  |   | US$m |  | US$m |  |
| Present value of scheme liabilities at 1 April 2011                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   | (71 | ) |   | (43 | ) | (114 | ) |
| Benefits paid                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   | - |  |   | 4 |  | 4 |  |
| Contributions paid by plan participants                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 2 |  |   | - |  | 2 |  |
| Current service cost                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | (2 | ) |   | (1 | ) | (3 | ) |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   | (6 | ) |   | (4 | ) | (10 | ) |
| Remeasurements:                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   | 1 |  |   | (1 | ) | - |  |
| - Gain from change in demographic assumptions                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   | - |  |   | 5 |  | 5 |  |
| - Loss from change in financial assumptions                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   | - |  |   | (3 | ) | (3 | ) |
| - Experience gains/(losses)                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   | 1 |  |   | (3 | ) | (2 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | 10 |  |   | (1 | ) | 9 |  |
| Present value of scheme liabilities at 31 March 2012                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   | (66 | ) |   | (46 | ) | (112 | ) |
| Benefits paid                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   | - |  |   | 5 |  | 5 |  |
| Contributions paid by plan participants                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 2 |  |   | - |  | 2 |  |
| Current service cost                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | (1 | ) |   | (1 | ) | (2 | ) |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   | (6 | ) |   | (3 | ) | (9 | ) |
| Remeasurements:                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   | 14 |  |   | (5 | ) | 9 |  |
| - Gain from change in demographic assumptions                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   | 10 |  |   | 5 |  | 15 |  |
| - Loss from change in financial assumptions                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   | (2 | ) |   | (3 | ) | (5 | ) |
| - Experience gains/(losses)                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   | 6 |  |   | (7 | ) | (1 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | 10 |  |   | 2 |  | 12 |  |
| Present value of scheme liabilities at 31 March 2013                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   | (47 | ) |   | (48 | ) | (95 | ) |
| Benefits paid                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   | - |  |   | 3 |  | 3 |  |
| Contributions paid by plan participants                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 2 |  |   | - |  | 2 |  |
| Current service cost                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | (1 | ) |   | (1 | ) | (2 | ) |
| Interest costs                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   | (4 | ) |   | (1 | ) | (5 | ) |
| Remeasurements:                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   | (3 | ) |   | 5 |  | 2 |  |
| - Gain from change in demographic assumptions                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   | - |  |   | 2 |  | 2 |  |
| - (Loss)/gain from change in financial assumptions                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   | (1 | ) |   | 2 |  | 1 |  |
| - Experience (losses)/gains                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   | (2 | ) |   | 1 |  | (1 | ) |
| Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | 7 |  |   | 1 |  | 8 |  |
| Present value of scheme liabilities at 31 March 2014                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   | (46 | ) |   | (41 | ) | (87 | ) |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31. Pensions and post-retirement benefits (continued)                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The sensitivity of the pension plan and medical and other post-retirement medical benefit liabilities at 31 March 2014 to changes in the principal actuarial assumptions is as follows.                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   | Defined benefit pension plans |   |   | Medical and other post-retirement benefits |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   | Change in assumption |   | Increase | Decrease |  |   | Increase |  | Decrease |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   | US$m | US$m |  |   | US$m |  | US$m |  |
| Discount rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   | 1 | % | 63 |  |   | 80 |  |   | 7 |  | 8 |  |
| Salary growth rate                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   | 1 | % | 8 |  |   | 7 |  |   | - |  | - |  |
| Pension growth rate                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   | 1 | % | 74 |  |   | 43 |  |   | - |  | - |  |
| Life expectancy                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   | 1 year |  | 9 |  |   | 9 |  |   | 2 |  | 2 |  |
| Healthcare cost inflation                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   | 1 | % | - |  |   | - |  |   | 9 |  | 8 |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The above sensitivity analyses assume a change in a single assumption while all other assumptions are held constant. When calculating the sensitivities, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, consistent with the method used to calculate the defined benefit obligation recognised in the balance sheet.                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For funded defined benefit plans, the group is required to provide funding where the fair value of the assets of the scheme are not sufficient to meet the defined benefit obligations. The South Africa pension schemes no longer have any active members, therefore, funding will only be required in the event that the scheme becomes less than 100% funded. The remaining funded defined benefit plans are funded using recommendations provided by the scheme's actuaries. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contributions expected to be paid into the group's major defined benefit schemes during the year ending 31 March 2015 are US$25 million.                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The weighted average duration of the defined benefit obligation is 14 years.                                                                                                                                                                                                                                                                                                                                                                                                     |

|        |
|--------|
|        |  |  |  |  |  |  |  |
|   | 32.  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 in SABMiller plc. 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. During the year ended 31 March 2014 the group made donations of US$14 million (2013: US$nil, 2012: US$33 million) to the Fundación Mario Santo Domingo, pursuant to the contractual arrangements entered into at the time of the Bavaria transaction in 2005, under which it was agreed that the proceeds of the sale of surplus non-operating property assets owned by Bavaria SA and its subsidiaries would be donated to various charities, including the Fundación Mario Santo Domingo. At 31 March 2014 US$nil (2013 and 2012: US$nil) was owing to the SDG. |
|   |
|   |   |   |   |   |
|   | b. Associates and joint ventures |   |   |   |
|   | Details relating to transactions with associates and joint ventures are analysed below. |
|   |   | 2014  |  | 2013  |  | 2012  |  |
|   |   | US$m |  | US$m |  | US$m |  |
|   | Purchases from associates1 | (168 | ) | (227 | ) | (214 | ) |
|   | Purchases from joint ventures2 | (93 | ) | (97 | ) | (86 | ) |
|   | Sales to associates3 | 9 |  | 46 |  | 39 |  |
|   | Sales to joint ventures4 | 23 |  | 25 |  | 28 |  |
|   | Dividends receivable from associates5 | 224 |  | 113 |  | 150 |  |
|   | Dividends received from joint ventures6 | 903 |  | 886 |  | 896 |  |
|   | Royalties received from associates7 | 25 |  | 27 |  | 13 |  |
|   | Royalties received from joint ventures8 | 2 |  | 2 |  | 2 |  |
|   | Management fees, guarantee fees and other recoveries received from associates9 | 11 |  | 17 |  | 24 |  |
|   | Management fees paid to joint ventures10 | (2 | ) | (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 2012 also Empresa Cervajas De N'Gola SARL (ECN), and Société des Brasseries et Glacières Internationales SA and Brasseries Internationales Holding Ltd (Castel). |
|   | 4 The group made sales to MillerCoors and in 2012 also Pacific Beverages Pty Ltd. |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |
| 32.  Related party transactions (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |  |   |  |   |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |  |   |  |   |  |
| 5 The group had dividends receivable from Castel of US$97 million (2013: US$21 million, 2012: US$61 million), Coca-Cola Canners of US$5 million (2013: US$11 million, 2012: US$6 million), Distell of US$20 million (2013: US$21 million, 2012: US$22 million), Tsogo Sun of US$34 million (2013: US$33 million, 2012: US$41 million), Delta of US$17 million (2013: US$12 million, 2012: US$3 million),  International Trade and Supply Limited of US$18 million (2013: US$14 million, 2012: US$6 million), Grolsch (UK) Ltd US$1 million (2013: US$1 million, 2012: US$2 million), Anadolu Efes of US$32 million (2013: US$nil, 2012: US$nil) and Kenya Breweries Ltd of US$nil (2013: 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 2012 also Kenya Breweries Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 8 The group received royalties from MillerCoors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 9 The 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 2012 management fees were also received from ECN.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10 The group paid management fees to MillerCoors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 11 In 2013 the group sold its interest in Foster's USA LLC to MillerCoors for cash consideration.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |  | 2014  |  | 2013  |  |
| At 31 March                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |  | US$m |  | US$m |  |
| Amounts owed by associates - trade1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |  | 42 |  | 68 |  |
| Amounts owed by joint ventures2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |  | 5 |  | 5 |  |
| Amounts owed to associates3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |  | (39 | ) | (150 | ) |
| Amounts owed to joint ventures4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |  | (16 | ) | (14 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |
| 1 Amounts owed by AFP, Delta, BIH Angola and Anadolu Efes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |  |   |  |   |  |
| 2 Amounts owed by MillerCoors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |   |  |   |  |
| 3 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4 Amounts owed to MillerCoors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |   |  |   |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |  |   |  |   |  |
| Guarantees provided in respect of associates' bank facilities are detailed in note 21.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |
| 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 2014 there were 25 (2013: 26, 2012: 27) members of key management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Key management compensation is provided in note 6c.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |
| 34.  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 | 2014  | 2013  |
| Corporate                                                                          |   |   |   |   |
| SABMiller Holdings Ltd                                                             | United Kingdom | Holding company | 100% | 100% |
| SABMiller Africa & Asia BV1                                                    | Netherlands | Holding company | 100% | 100% |
| SABMiller Holdings SA 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 GmbH                                                         | Switzerland | Procurement | 100% | 100% |
| SABSA Holdings Ltd                                                                 | South Africa | Holding company | 100% | 100% |
| SABMiller America Holdings Ltd                                                     | United Kingdom | Holding company | 100% | - |
| SABMiller Australia Holdings Ltd                                                   | United Kingdom | Holding company | 100% | - |
| SABMiller SI Ltd                                                                   | United Kingdom | Holding company | 100% | - |
|                                                                               |   |   |   |   |

----

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

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |
| 34.  Principal subsidiaries, associates and joint ventures (continued) |   |   |
|                                                                   | Country of | Principal | Effective interest |
| Name                                                                   | incorporation | activity | 2014 | 2013 |
| Latin American operations                                              |   |   |   |
| Bavaria SA2                                                            | 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) SA2                                      | Ecuador | Brewing | 96% | 96% |
| Cervecería Nacional SA2                                           | Panama | Brewing | 97% | 98% |
| Cervecería San Juan SA2                                           | 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 SAA2         | 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 SA                                                 | Poland | Brewing | 100% | 100% |
| Miller Brands (UK) Ltd                                                 | United Kingdom | Sales and distribution | 100% | 100% |
| Pivovary Topvar as                                                     | Slovakia | Brewing | 100% | 100% |
| Plzeòský 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% |
|                                                                   |   |   |   |   |
| 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) Ltd3                                          | Botswana | Sorghum brewing | - | 31% |
| Cervejas de Moçambique SA2                                        | 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% | 38% |
| International Breweries plc2                                           | Nigeria | Brewing | 36% | 36% |
| Kgalagadi Breweries (Pty) Ltd3                                         | Botswana | Brewing/Soft drinks | 31% | 31% |
| Maluti Mountain Brewery (Pty) Ltd                                      | Lesotho | Brewing/Soft drinks | 24% | 24% |
| MUBEX                                                                  | Mauritius | Procurement | 100% | 100% |
| National Breweries plc2                                                | Zambia | Sorghum brewing | 43% | 43% |
| Nile Breweries Ltd                                                     | Uganda | Brewing | 62% | 62% |
| Pabod Breweries Ltd                                                    | Nigeria | Brewing | 41% | 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% |
|                                                                   |   |   |   |   |
|                                                                   |   |   |   |   |

----

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

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |
| 34.  Principal subsidiaries, associates and joint ventures (continued) |   |   |
|                                                                   | Country of | Principal | Effective interest |
| Name                                                                   | incorporation | activity | 2014 | 2013 |
| African operations (continued)                                         |   |   |   |   |
| Tanzania Breweries Ltd2                                                | Tanzania | Brewing | 36% | 36% |
| Voltic (GH) Ltd                                                        | Ghana | Soft drinks | 80% | 80% |
| Voltic Nigeria Ltd                                                     | Nigeria | Soft drinks | 50% | 50% |
| Zambian Breweries plc2                                                 | 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 Ltd                                    | India | Holding company | 100% | 100% |
| Foster's Group Pty Ltd                                                 | Australia | Holding company | 100% | 100% |
| Cascade Brewery Company Pty Ltd                                        | Australia | Brewing | 100% | 100% |
| CUB Pty Ltd                                                            | Australia | Brewing | 100% | 100% |
| FBG Treasury (Aust.) Pty Ltd                                           | Australia | Financing | 100% | 100% |
| 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 Ltd                                                    | 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) |

|                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                  |  |  |  |  |  |
| 34. 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 |   | Effective interest |
| Name                                                                                                                                                                                                                                                                                             | incorporation | relationship | Principal activity | 2014  | 2013  |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| European operations                                                                                                                                                                                                                                                                              |   |   |   |   |   |
| Anadolu Efes Biracılık ve Malt Sanayii AŞ1,2                                                                                                                                                                                                                                      | Turkey | Associate | Brewing/Soft drinks | 24% | 24% |
| Grolsch (UK) Ltd1                                                                                                                                                                                                                                                                                | United Kingdom | Associate | Brewing | 50% | 50% |
| International Trade and Supply Ltd2                                                                                                                                                                                                                                                              | 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% |
| Marocaine d'Investissements et de Services SA1,5                                                                                                                                                                                                                                                 | 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% |
| Delta Corporation Ltd1,6                                                                                                                                                                                                                                                                         | Zimbabwe | Associate | Brewing/Soft drinks | 25% | 25% |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| 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 | 27% | 29% |
|                                                                                                                                                                                                                                                                                             |   |   |   |   |   |
| Hotels and Gaming                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Tsogo Sun Holdings Ltd1                                                                                                                                                                                                                                                                          | South Africa | Associate | Holding company for Hotels and    Gaming operations | 40% | 40% |

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