South African Beers (SAB) Corporate Code of Conduct

CORPORATE CODE OF CONDUCT

Act in a fashion that will earn the Group the reputation of being:

* beyond reproach in the quality of its products and services
* open and frank in all dealings and disclosures
* jealous of its standing as regards integrity and credibility
* consistent in honouring its legal and moral obligations
* aware of the need to foster loyalty and enduring relationships
* non-sectional and non-political
* socially and environmentally responsible.

With regard to its human resources, the Group reinforces the principles of enlightened and humane employment practices, in particular, by:

* eliminating discrimination
* promoting training and development skills
* recognising employees' inalienable right to organise and negotiate their conditions of employment.

OPERATING MANAGEMENT APPROACH

Endeavour to take the lead in its various fields of activities by:

* seeking to be farsighted, innovative, entrepreneurial and competitive
* striving for a consistently high level of productivity with performance matching risk and return
* maintaining a soundly based Group of prudently and independently financed businesses
* decentralising to the maximum and, in the process, developing the separate and individual identities of Group companies and their managements.

In response to its obligations as the controlling shareholder of all Group companies, the Holding Company retains absolute authority over certain functions:

* agreeing the primary objectives of Group companies
* agreeing the policies for investment and financing
* establishing the basic code of conduct and related constraints
* approving key operating standards.