Anheuser-Busch Reaffirms Positive Outlook, Continuation Of Dependable Earnings Growth.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 7, 2001

Anheuser-Busch Companies, Inc. (NYSE:BUD) continues to generate dependable earnings growth despite a more difficult business environment, company management told analysts and investors at a presentation in New York today.

"Anheuser-Busch has now recorded twelve consecutive quarters of double-digit earnings per share growth," reported W. Randolph Baker, Vice President and Chief Financial Officer. "We remain confident of our ability to achieve our double-digit earnings per share growth objective," Baker added, highlighting the company's positive outlook for future profit growth.

The dependable earnings performance of the company is supported by many factors including the favorable domestic beer pricing environment, the strength of the Anheuser-Busch beer brand portfolio, the superior sales execution of the company's wholesaler system, and on-going productivity improvement initiatives at the company's breweries.

In his presentation, Baker indicated that results of the first stage of the company's price actions for 2002, which were implemented at the beginning of October, continue to be encouraging. At the same time, sales volume also improved. After declining in September, sales-to-retailers increased 1.6% in October after adjusting for the extra selling day this October compared to last year. The company continues to plan to implement the second phase of its pricing plan in the first quarter of 2002.

In his remarks, Baker reaffirmed the company's 12% target for earnings per share growth in 2001 and reiterated the company's initial earnings per share growth target of 10% for 2002, with continued improvements expected in return on capital.

"Our company has continued to demonstrate its ability to deliver dependable double-digit earnings per share growth this year, despite a more difficult economic environment, and we continue to have a favorable outlook for future growth," Baker concluded.

Other Matters

As previously announced, Anheuser-Busch Companies, Inc. New York Investor Presentation is being broadcast live over the Internet today beginning at 8:00 a.m. Eastern Time. A replay of the webcast will be available on the company's website for approximately one week. For details visit the company's 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.

SOURCE: Anheuser-Busch Companies, Inc.