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SABMiller PLC - Investor & Analyst Seminar

RNS Number:3756D
27 September 2004

                                 SABMiller plc

       Institutional Investor and Analyst Seminar - Miller Brewing Company

Milwaukee, 27 September 2004.  SABMiller plc, one of the world's largest
brewers, is today holding a seminar for institutional investors and analysts at
Miller Brewing Company ('Miller') in Milwaukee, Wisconsin.  SABMiller will
update the financial community on Miller's three-year turnaround program which
is on schedule at the halfway point.

Norman Adami, President and Chief Executive Officer of Miller, will deliver his
perspective on the opportunities and challenges in the US beer market landscape
and define Miller's strategy to become an 'able challenger' in the industry. He
expresses confidence in Miller's ability to continue to make progress in the
market on the basis of rigorous planning and disciplined execution.

Bob Mikulay, Executive Vice President, Marketing, will review the recreation of
Miller's trademark architecture, Miller Lite's growth drivers and marketing
plans for Miller Genuine Draft.  Mr. Mikulay also outlines upcoming initiatives
to exploit Miller's brands in the economy and super-premium segments, and its
innovation agenda.

Barry Smith, Senior Vice President, Market Development and Strategy, will review
the geographic diversity of America's beer market and Miller's new approach to
identifying high priority actions in its local market planning.  Mr. Smith also
describes Miller's pricing and promotion philosophy as a rational, increasingly
sophisticated approach to be applied locally to drive value for the company.

Doug Brodman, Senior Vice President, Sales and Distribution, will illustrate
Miller's rigorous new local market execution model.  A restructured sales force,
with 40% of staff in new roles, specialized teams targeting key channels and
consumer groups, and more collaborative distributor relationships, are being
combined to deliver improved sales performance.

Virgis Colbert, Executive Vice President, World Wide Operations, will highlight
Miller's quality and productivity performance.  Mr. Colbert underscores the
further efficiency improvements the company is pursuing as it benchmarks against
SABMiller's global brewery network, and describes Miller's drive towards World
Class Manufacturing ('WCM') into the future.  On the basis of new investments in
equipment, systems and training, Miller intends to further upgrade its
manufacturing processes, supply chain and procurement practices, thereby
enhancing its cost structure for the long term.

Denise Smith, Senior Vice President, Human Resources, will describe Miller's
transformational change process, introducing an intensive performance management
system, realigning the organization to strategic imperatives, and developing the
skills and talent in the business.  Miller's senior and middle management, of
which over 20% are new in their roles, are driving sustainable change and a
dynamic culture conducive to the company's turnaround program.

Gavin Hattersley, Senior Vice President, Finance, will summarize Miller's
financial profile, its recent volume growth and outlook.  Mr. Hattersley
describes the company's intention to create value through disciplined pricing
and sales mix management, as well as by reducing costs with a sharp focus on
procurement, overhead, marketing and healthcare expenses.  The company will,
however, increase its reinvestment both in its current turnaround and in
generating long-term growth.  Rising investment in brand-building, WCM and
systems will both slow near-term margin growth and result in an increase in
capital expenditure.

Norman Adami concludes by summing up SABMiller's medium-term financial outlook
for its US business.  Miller will seek modest sales volume growth in its total
domestic brand portfolio and improving revenue per barrel driven by both pricing
and sales mix.  Incremental cost savings will be partially reinvested to sustain
growth for the long run, and operating margins are expected to rise into double
digits over the medium term.

The full seminar presentation slide set, video interviews with Miller's senior
management team and a local market video case study will be available at and


Notes to editors:

SABMiller plc is one of the world's largest brewers, with 2003/04 lager volumes
in excess of 137 million hectolitres.  It has a brewing presence in over 40
countries across four continents and a portfolio of strong brands and leading
market shares in many of the countries in which it has brewing operations.
Outside the USA, SABMiller plc is one of the largest bottlers of Coca-Cola
products in the world.

In the year ended 31 March 2004, the group generated US$1,391 million pre-tax
profit from a turnover of US$12,645 million.  SABMiller plc is listed on the
London and Johannesburg stock exchanges.

For further information:

SABMiller plc

Sue Clark                      Director of Corporate Affairs           Mob: +44 7850 285471

Gary Leibowitz                 Vice President, Investor Relations      Mob: +44 7717 428540

Nigel Fairbrass                Head of Corporate Communications        Mob: +44 7799 894265

This press release does not constitute an offer to sell or issue or the
solicitation of an offer to buy or acquire ordinary shares in the capital of
SABMiller plc (the 'Company') in any jurisdiction or an inducement to enter into
investment activity.

This press release includes 'forward-looking statements'.  These statements
contain the words 'anticipate', 'believe', 'intend', 'estimate', 'expect' and
words of similar meaning.  All statements other than statements of historical
facts included in this press release, including, without limitation, those
regarding the Company's financial position, business strategy, plans and
objectives of management for future operations (including development plans and
objectives relating to the Company's products and services) are forward-looking
statements.  Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements of the Company to be materially different from
future results, performance or achievements expressed or implied by such
forward-looking statements.  Such forward-looking statements are based on
numerous assumptions regarding the Company's present and future business
strategies and the environment in which the Company will operate in the future.
These forward-looking statements speak only as at the date of this press
release.  The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with regard thereto
or any change in events, conditions or circumstances on which any such statement
is based.

                      This information is provided by RNS
            The company news service from the London Stock Exchange


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