Anheuser-Busch Executives Tell Investors Consistently Strong Results Expected To Continue.

Business Editors

ST. LOUIS--(BUSINESS WIRE)--May 14, 2003

Raise 2003 EPS Growth Target to the 12 to 13 Percent Range;

State Initial 2004 EPS Growth Objective of 12 Percent

Anheuser-Busch (NYSE:BUD) has delivered strong and dependable growth in earnings per share and return on capital for the last four years, and the outlook for continued strong growth is very favorable, the top executives of the company told a gathering of analysts and investors today. In the presentations, management raised the company's target for earnings per share growth in 2003 to the 12 to 13 percent range, reflecting higher expectations for revenue per barrel, and stated an initial 2004 EPS growth objective of 12 percent.

"The company has realized 18 consecutive quarters of solid double- digit EPS growth and return on capital has increased substantially for four straight years," reported Patrick Stokes, president and chief executive officer of Anheuser-Busch Cos. "Importantly, Anheuser-Busch is uniquely well positioned for continued success. The United States is by far the largest beer profit pool in the world. Industry fundamentals remain very attractive, and our domestic beer company has roughly a 50 percent market share and continues to enhance its substantial competitive advantages."

"The pricing environment in the U.S. beer industry remains very favorable. Beer drinkers continue to trade up, and market activity has become much more focused on building brand equity," reported August Busch IV, president of Anheuser-Busch, Inc. "Innovative sales and marketing programs, coupled with the industry's strongest, most exclusive wholesaler system, have enabled our company to compete very effectively and achieve strong profit growth in this environment. In addition to our marketing programs, innovation at Anheuser-Busch extends to the production area as well, where we have established a brewery of the future initiative designed to increase asset utilization from our existing state-of-the-art equipment, resulting in further improvement in free cash flow and return on capital employed."

Anheuser-Busch's international growth strategy has also achieved impressive results, contributing 20 percent or more to the company's earnings per share growth rate in recent years. The strategies of Anheuser-Busch's successful packaging and entertainment businesses, which complement the company's beer operations and contribute more than $300 million in operating profits annually, were also discussed at the meeting.

"Anheuser-Busch has delivered strong, dependable growth in earnings per share, profit margins, operating cash flow, and return on capital for four straight years and we are off to a good start again this year," concluded W. Randolph Baker, vice president and chief financial officer. "Our consistently strong performance is based on our company's substantial competitive advantages in a stable industry with favorable volume and pricing fundamentals. As we look to the future, we remain confident in our ability to consistently achieve our double-digit earnings per share growth target over the long-term with continued improvements in return on capital."

Other Matters

As previously announced, Anheuser-Busch Companies' 2003 BUD Investor Conference is being broadcast live over the Internet today beginning at 9:30 a.m. Eastern time. A replay of the webcast will be available on the company's Web site. For details, visit the company's Web site on the Internet at www.anheuser-busch.com.

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.