Anheuser-Busch Achieves Record U.S. Beer Volume In 2003.

Business Editors

ST. LOUIS--(BUSINESS WIRE)--Jan. 7, 2004

Anheuser-Busch, Inc. (NYSE:BUD), the U.S. beer subsidiary of Anheuser-Busch Companies, Inc., achieved record U.S. beer sales volume in 2003, it was announced today by Anheuser-Busch, Inc. President August A. Busch IV.

"We are pleased to report that our domestic beer shipments to wholesalers grew to an all-time high of 102.6 million barrels in 2003 -- increasing 800 thousand barrels or 0.8 percent over 2002," said Busch. "This record achievement, led by the success of the new Michelob ULTRA low carbohydrate brand and increased Bud Light sales volume, reflects the hard work and dedication by all of our employees and wholesaler partners across the country."

Wholesaler sales-to-retailers grew 0.9 percent for the full year. Sales-to-retailers accelerated in the second half of the year, increasing 1.3 percent in the third quarter and 1.7 percent in the fourth quarter. Fourth quarter beer shipments by Anheuser-Busch to wholesalers grew 0.5 percent.

Anheuser-Busch Companies, Inc. will announce worldwide beer volume and consolidated earnings results for the fourth quarter and full year 2003 on February 4, 2004. The company continues to expect 12 to 13 percent earnings per share growth for 2003, consistent with results through the first nine months of the year and has set an initial earnings per share growth target of 12 percent for 2004. "We are confident that having the highest quality and freshest beers in the industry, combined with effective marketing, solid sales execution and a favorable pricing environment, will result in another very good year for Anheuser-Busch in 2004," Busch said.

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. 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.