AHB Anheuser-Busch

    Anheuser-Busch Highlights Improved Results and Outlook             

NEW YORK, Nov. 28 -- Anheuser-Busch's (NYSE: BUD) sales and earnings(1) results
rebounded during the first nine months of the year compared to 2005 and the
company's earnings outlook remains positive, company management told investors
and analysts at a presentation in New York today.

"While volume growth for Anheuser-Busch and the industry has slowed in the
second half of this year, improving revenue per barrel(2) and cost of goods
sold results have contributed to an acceleration in domestic beer profit
growth," W. Randolph Baker, vice president and chief financial officer of
Anheuser-Busch Companies, told investors.

Implementation of the company's 2007 pricing plan is underway, with the
majority of price increases scheduled to take place early next year. The
company expects revenue per barrel growth to be somewhat greater in 2007 than
in 2006, while cost of goods sold per barrel is expected to be up less than in
2006, due in part to lower energy costs.

"Enhancing volume growth will continue to be a major focus next year and we
have a number of marketing initiatives, supported by increased marketing
spending, to grow our trademark brands and increase our participation in the
high-end segment," Baker told the investors.

Baker provided highlights of the domestic beer company's marketing and media
plans, as well as the series of actions the company has taken to broaden and
enhance its portfolio to offer more variety to consumers and more high-margin,
high-growth products to its wholesalers.

Baker also discussed Anheuser-Busch's international beer segment, which is an
increasingly important contributor to the company's earnings growth. Particular
attention was given to the company's 50 percent ownership of Grupo Modelo.
Modelo provides Anheuser-Busch a substantial earnings participation in not only
the growth of the Mexican beer business, but also the rapid growth of the U.S.
import market, where Modelo's Corona brand is the leading import. The
profitability of Modelo's export business to the United States will be
significantly enhanced by Modelo's new 10-year joint venture with Constellation
and will therefore have a positive impact on Anheuser-Busch's earnings
beginning next year.

Anheuser-Busch also is building an important leadership position in China, the
largest and fastest growing beer market in the world. "With our wholly-owned
Budweiser and Harbin operations, plus our strategic partnership with Tsingtao,
Anheuser-Busch is very well positioned to capitalize on the substantial
long-term growth opportunities in the Chinese beer market," Baker observed.

Baker reaffirmed all of the guidance for key performance drivers for the full
year 2006 that was given at the company's third quarter earnings
teleconference, with the exception of international beer operations profits
(which excludes equity income), which are now expected to be down somewhat for
the year due to unfavorable revenue mix in the United Kingdom. Baker also
reiterated the company's long-term earnings per share growth target in the 7 to
10 percent range.

Other Matters
As previously announced, Anheuser-Busch's annual regional investor presentation
is being broadcast live over the Internet today beginning at 8 a.m. EST. A
replay of the webcast will be available on the company's Web site. For details,
visit the company's site on the Internet at
http://www.anheuser-busch.com .

Notes

1. Reconciliation of Comparative First Nine Months Earnings Per Share
Results

First Nine Months
2006
Reported                                $2.28
Texas Income Tax Legislation Benefit    (0.01)
Excluding One-Time Item                 $2.27

2005
As Reported                             $2.09
FAS 123R Impact                         (0.05)
    Including FAS 123R                   2.04
Gain on Sale of Spanish Theme Park      (.024)
Chile Income Tax Settlement Benefit     (.009)
Ohio Income Tax Legislation Benefit     (.009)
Litigation Settlement                    .118
Excluding One-Time Items                $2.12

Percentage Change - 2006 vs. 2005
Including FAS 123R                       11.8%
Excluding One-Time Items                  7.1%

2. Domestic revenue per barrel is calculated as net sales generated by
the company's domestic beer operations on barrels of beer sold,
determined on a U.S. GAAP basis, divided by the volume of beer
shipped to U.S. wholesalers.

This release contains forward-looking statements regarding the company's
expectations concerning its future operations, earnings and prospects. On the
date the forward-looking 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's expectations
involve risks and uncertainties (both favorable and unfavorable) and are based
on 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. Important factors that
could cause actual results to differ (favorably or unfavorably) from the
expectations stated in this release include, among others, changes in the
pricing environment for the company's products; changes in U.S. demand for malt
beverage products, including changes in U.S. demand for other alcohol
beverages; changes in consumer preference for the company's malt beverage
products; changes in the cost of marketing the company's malt beverage
products; regulatory or legislative changes, including changes in beer excise
taxes at either the federal or state level and changes in income taxes; changes
in the litigation to which the company is a party; changes in raw materials
prices; changes in packaging materials costs; changes in energy costs; changes
in the financial condition of the company's suppliers; changes in interest
rates; changes in foreign currency exchange rates; unusual weather conditions
that could impact beer consumption in the U.S.; changes in attendance and
consumer spending patterns for the company's theme park operations; changes in
demand for aluminum beverage containers; changes in the company's international
beer business or in the beer business of the company's international equity
partners; changes in the economies of the countries in which the company's
international beer business or its international equity partners operate;
changes in the company's credit rating resulting from future acquisitions or
divestitures; and the effect of stock market conditions on the company's share
repurchase program. Anheuser-Busch disclaims any obligation to update or revise
any of these forward-looking statements. Additional risk factors concerning the
company can be found in the company's most recent Form 10-K.

SOURCE Anheuser-Busch Companies
    -0- 11/28/2006
/CONTACT: Maureen Roth of Anheuser-Busch Companies, +1-314-765-6195 /
/Web site: http://www.anheuser-busch.com /

(BUD)



END

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