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Thursday 09 August, 2001

SAB Finance (CI) Ltd

Convertible Bond Issue

SAB Finance(Cayman Islands) Limited
9 August 2001


SAB Finance (Cayman Islands) Ltd

9 August 2001

Immediate Release

                       SAB Finance (Cayman Islands) Ltd

                            Convertible Bond Issue

SAB Finance (Cayman Islands) Limited (the 'Issuer') US$500,000,000 4.25 per
cent. 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 4.25 per cent. exchangeable redeemable
preference shares of the Issuer which will be either exchanged immediately
upon issuance for, or redeemed and the proceeds applied to subscribe for or
purchase, ordinary shares in SAB

SAB Finance (Cayman Islands) Limited is pleased to announce that the offering
circular dated 7 August 2001 in relation to the issue (the 'Offering
Circular') has been filed with the Registrar of Companies in England and Wales
as required by Section 149 of the Financial Services Act 1986.

Application has been made to the Financial Services Authority in its capacity
as competent authority for the purposes of the Financial Services Act 1986
(the 'UK Listing Authority') for the Bonds to be admitted to the official list
of the UK Listing Authority and for the Bonds to be admitted to trading on the
London Stock Exchange's market for listed securities. In addition, the Bonds
are expected to be eligible for trading by qualified institutional buyers in
The Portal Market TM of the Nasdaq Stock Market. It is expected that closing
will take place on or about 10 August 2001 and that the Bonds will be admitted
to the official list of the UK Listing Authority and to trading on the London
Stock Exchange's market for listed securities on or about 13 August 2001.

The Issuer has granted JPMorgan, on behalf of the Managers, an option
exercisable on one occasion at any time up to and including the date 30 days
after the Closing Date to subscribe, or procure subscribers for, up to a
further US$100,000,000 in aggregate principal amount of Bonds.

In connection with this issue, JPMorgan may effect transactions up to and
including 7 September 2001 which stabilise or maintain the market price of the
Bonds and/or the ordinary shares in SAB at a level which might not otherwise
prevail. Such stabilisation, if commenced, may be discontinued at any time.

The CUSIP number for the Rule 144A Bonds is 783866 AA4. The ISIN for the Rule
144A Bonds is US783866AA44 and not as stated in the Offering Circular. The
common code for the Regulation S Bonds is 013269840 and the ISIN for the
Regulation S Bonds is XS0132698407.

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

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


Tim Elliott                    +44 20 7325 4996