FIRST AMENDMENT TO THE
ANHEUSER-BUSCH COMPANIES, INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
AS AMENDED AND RESTATED OCTOBER 1, 1993
Pursuant to Section 22 of the Anheuser-Busch Companies, Inc. Supplemental Executive Retirement Plan (the
"Plan"), Anheuser-Busch Companies, Inc. (the "Company") reserved the right to amend the Plan from time to
time. The Company hereby amends the Plan as set forth below, effective as of December 14, 1994.
Section 5 shall be deleted and the following Section 5 shall be substituted therefor:
5. Pre-Retirement Death Benefit
(a) If a participant dies while employed by a Participating Employer, and after otherwise satisfying the
requirements of Sections 3, 4 or 6 to receive a retirement benefit, a death benefit may be paid. The death benefit,
when combined with certain life insurance proceeds as described below, is intended to place the Participant in
approximately the same position (after payment of income taxes) as he would have been in had he retired on the
date of his death.
The amount of the death benefit, if any, payable from this Plan shall be computed as follows:
(i) the After-Tax single lump sum Actuarial Equivalent of his Accrued Benefit under this Plan plus the After-Tax
single lump sum value of any benefits that would have been payable under any Excess Benefit Plan if the
Participant had retired (rather than died) on his date of death, minus
(ii) the single lump sum proceeds of any life insurance policy insuring the life of the Participant, whether group,
individual, term, universal or any other type, available through the Company or any Subsidiary, regardless of
whether the premiums therefor are paid by the Participant or the Company. For purposes hereof, each
Participant shall be deemed to have elected to participate in all such life insurance programs available through the
Company or any Subsidiary, whether or not such
Participant actually so participated on the date of his death. Any insurance policy proceeds directly attributa