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SouthAfricanBrewerie (SAB)

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Wednesday 11 July, 2001

SouthAfricanBrewerie

Convertible Bond Issue

South African Breweries PLC
11 July 2001

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
CANADA OR JAPAN





                         South African Breweries plc

                      Results of Convertible Bond Issue



SAB Finance (Cayman Islands) Limited (the 'Issuer') US$ 500 million 4.25%
Guaranteed Convertible Bonds due 2006 (the 'Bonds') guaranteed by South
African Breweries plc ('SAB') and by South African Breweries International
(Finance) B.V. and convertible into exchangeable redeemable preference shares
in the Issuer which will be immediately exchanged for ordinary shares in SAB,
which, at SAB's discretion, may be either existing SAB shares held within
Safari Limited or new SAB shares.



SAB Finance (Cayman Islands) Limited is pleased to announce that the coupon
has been fixed at 4.25% payable semi-annually. The initial exchange price has
been set at 615 pence, which represents a premium of 20.6% over the closing
price of the ordinary shares of SAB on 10 July 2001.



The Issuer has granted JPMorgan, on behalf of the Managers, an option ,
exercisable upon notice to the Issuer, by not later than three days prior to
closing, i.e. up to 7 August 2001, to purchase additional Bonds up to US$ 100
million.



In connection with this issue JPMorgan may over-allot or effect transactions,
which stabilise or maintain the market price of the Bonds and/or the ordinary
shares of SAB at a level which might not otherwise prevail. Such stabilising,
if commenced, may be discontinued at any time.



JPMorgan is the Sole Bookrunner and Lead Manager for the offering. Cazenove is
the Joint Lead Manager. Hawkpoint Partners are Financial Advisers to SAB
regarding the offering.



This press release does not constitute an offer of the Bonds to any person, or
an invitation by or on behalf of SAB or SAB Finance (Cayman Islands) Limited
to any person to subscribe for or purchase any of the Bonds. The Bonds, the
preference shares and the ordinary shares to be issued in exchange for the
preference shares upon conversion of the Bonds, have not been and will not be
registered under the United States Securities Act of 1933. The Bonds may not
be offered or sold in the United States or to, or for the account or benefit
of, U.S. persons (as such term is defined in Regulation S under the U.S.
Securities Act of 1933) unless they are registered or exempt from
registration. There will be no public offer of Bonds in the United States.



-ENDS





For more information, please contact:



South African Breweries plc:
Malcolm Wyman
Chief Financial Officer                +44 20 7659 0100

Nick Chaloner
Director of Communications             +44 20 7659 0119/+44 7880 502 755


JPMorgan:
Tim Elliott                            +44 20 7325 4996
Ian Hannam                             +44 20 7742 8205