Graham Speaks

Dear Client: Times continue to be tough, said SABMiller chief Graham Mackay to investors at the CAGNY Conference yesterday. But he maintains that SABMiller's unique decentralized structure, embedded demographic growth, and high proportion of local number one beer brands make the brewer an attractive choice for investors. "We believe our geographic footprint is the most balanced, giving both value and profit growth..... We put local brands at the hear of our business.....With over 200 brands, we are very well placed."