Anheuser-Busch Achieves Record U.S. Beer Volume In 2002; U.S. Beer Sales Exceed 100 Million Barrels.

Business Editors

ST. LOUIS--(BUSINESS WIRE)--Jan. 8, 2003

Anheuser-Busch, Inc., the U.S. beer subsidiary of Anheuser-Busch Companies, Inc. (NYSE:BUD), achieved record U.S. beer sales volume in 2002, it was announced today by Anheuser-Busch, Inc., President, August A. Busch IV.

"We are extremely pleased to report that our domestic beer shipments to wholesalers grew to an all-time high of 101.8 million barrels in 2002 --- increasing 2.1 million barrels or 2.1 percent over 2001," said Busch. "For the first time, total domestic shipments exceeded the 100 million barrel milestone. This record achievement, led by the Bud family and the successful introductions of Michelob Ultra and Bacardi Silver, reflects the hard work and dedication by all of our employees and wholesaler partners across the country," Busch noted.

Wholesaler sales-to-retailers grew 1.6 percent for the full year and declined 0.3 percent in the fourth quarter. Sales-to-retailers volume in the fourth quarter 2002 reflected a difficult comparison to fourth quarter 2001 sales that were up 5 percent due to unseasonably warm weather and the resumption of consumer activity after the September 11 tragedy. Fourth quarter 2002 sales-to-retailers represented a 2.3 percent compound annual growth rate from fourth quarter 2000.

Fourth quarter beer shipments by Anheuser-Busch to wholesalers grew 2.3 percent, and wholesaler inventories at year-end were essentially the same as last year.

Anheuser-Busch Companies, Inc. will announce worldwide beer volume and consolidated earnings results for the fourth quarter and full year 2002 on February 5, 2003. Consistent with statements in the third quarter earnings release, the company continues to expect 14 percent earnings per share growth for 2002 and 18.5 percent earnings per share growth for the fourth quarter. The company has set an initial earnings per share growth target of 12 percent for 2003. "Each year provides new challenges," concluded Busch. "But we are confident that having the highest quality and freshest beers in the industry, combined with exceptional marketing, solid sales execution and a favorable pricing environment, will result in another excellent year for Anheuser-Busch in 2003."

This release contains forward-looking statements regarding the company's expectations concerning its future operations, earnings and prospects. On the date the statements are made, the statements represent the company's expectations, but the company's expectations concerning its future operations, earnings and prospects may change. The company disclaims any obligation to update any of these statements. If the company determines to update any forward-looking statement, it will do so publicly. No private statements by the company or its personnel should be interpreted as updating forward-looking statements. The company's expectations involve significant risks and uncertainties, and are based upon many assumptions that the company believes to be reasonable, but such assumptions may ultimately prove to be inaccurate or incomplete, in whole or in part. Accordingly, there can be no assurances that the company's expectations and the forward-looking statements will be correct. Further information on factors that could affect the company's future operations, earnings and prospects is included in the company's Forms 10-Q and 10-K.