SUMMARY OF COMPENSATION OF EXECUTIVE OFFICERS
Anheuser-Busch Companies, Inc. (the "Company") does not have employment agreements with any of its
executive officers. The following is a description of executive officer compensation.
On November 24, 2004, the Compensation Committee (the "Committee") of the Board of Directors of the
Company approved the annual base salaries effective January 1, 2005, of the Company's executive officers after
review of performance and competitive market data. The following table sets forth the annual base salary of the
Company's Named Executive Officers (which officers were determined by reference to the Proxy Statement for
the Company's 2005 Annual Meeting of Stockholders, dated March 10, 2005) for 2004:
Information regarding 2004 bonus payments is contained in the Company's Form 8-K filed with the Securities
and Exchange Commission on February 7, 2005. Information regarding 2005 bonuses is contained in the
Company's Form 8-K filed with the Securities and Exchange Commission on February 24, 2005.
Also on November 24, 2004, the Committee approved grants of ten year incentive and non-qualified stock
option awards to approximately 2,800 officers and management employees of the Company and its subsidiaries
and affiliates eligible to receive such awards under the Company's 1998 Incentive Stock Plan including the
Named Executive Officers for 2004. The 1998 Incentive Stock Plan, as amended, is attached as Appendix C to
the Proxy Statement for the Company's 2005 Annual Meeting of Stockholders, dated March 10, 2005.
The Company has provided additional information regarding compensation awarded to Named Executive
NAME AND POSITION 2005 BASE SALARY
Patrick T. Stokes
President and Chief Executive Officer $ 1,526,745
August A. Busch III
Chairman of the Board $ 600,000
August A. Busch IV
Vice President and Group Executive