Director/PDMR Shareholding

Notification of transactions of directors, persons discharging managerial responsibilities or connected persons in accordance with DTR 3.1

The independent trustee of the SABMiller plc Employees' Benefit Trust (EBT) notified SABMiller plc (the Company) on 1 June 2015 that it had on 29 May 2015 released ordinary shares in the Company to persons discharging managerial responsibility (PDMRs), as summarised in the table below. 

The shares released to Mr Clark follow the conclusion of the five year vesting period and subsequent testing of the performance condition for value share awards made to Mr Clark in 2010 under the SABMiller plc Executive Share Award Plan 2008. The award was only capable of vesting if the Company's Total Shareholder Return (TSR) exceeded the median TSR of a comparator group over a five year performance period. No shares vest for median performance but for every £10 million of additional shareholder value created in excess of the median (being the % outperformance of the median multiplied by SABMiller's market capitalisation at the start of the performance period) a fixed number of shares will vest. The award was subject to automatic testing against the performance condition at the conclusion of the vesting period. In accordance with the terms of the award, the number of shares released was calculated by reference to the Company's TSR performance against its comparator group for the period from 1 April 2010 to 31 March 2015. For this period, SABMiller's TSR was 120.721%, compared with 84.669% for the median of the comparator group. This represents an out-performance of the median by 36.052%, meaning that an additional £10,003 million of shareholder value in excess of the median was created over this period.

The release of deferred shares follows the conclusion of the deferral period for deferred shares associated with value share awards made in 2010 under the SABMiller plc Executive Share Award Plan 2008 which had been crystallised before the conclusion of the five year vesting period. As these shares are no longer at risk of forfeiture, they have automatically been released.

Participants were entitled to receive a notional dividend on their deferred shares, calculated by reference to dividends actually paid by the Company during the deferral period, to be satisfied in the form of additional shares, subject to taxation, once the deferred shares were free from forfeiture risk and finally released to the participants.

*Director

The price per share sold on 29 May 2015 was £35.74.

Name of contact and telephone number for queries

Bill Warner: 01483 264268

Name of duly authorised officer of issuer responsible for making notification

Stephen Shapiro, Group Company Secretary

1 June 2015