Exhibit 99

[ANHEUSER BUSCH LOGO]



                                           For more information, contact
                                           Carlos Ramirez, 314.577.9629

FOR IMMEDIATE RELEASE

                  ANHEUSER-BUSCH EXECUTIVES TELL INVESTORS
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                     BEER VOLUME TRENDS ARE REBOUNDING
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           Company Reaffirms EPS growth targets of 12 to 13 Percent for 2003
and 12 Percent for 2004

         NEW YORK (November 5, 2003) - Anheuser-Busch is recording its fifth
straight year of solid, dependable earnings per share and return on capital
growth. Despite the difficult industry volume environment this year due to
unfavorable weather and other short-term factors, Anheuser-Busch's market
share, revenue per barrel and earnings performances have been excellent. In
addition, beer volume growth trends are rebounding, executives told a
gathering of investors at the Morgan Stanley Consumer Conference today.

         "From a market share perspective, 2003 has been very good for
Anheuser-Busch. We have gained 1.2 share points year-to-date, reaching 50
percent market share for the first time in our company's history," August A.
Busch IV, president of Anheuser-Busch, Inc. told the investors. "A key point
to remember is that this market share performance was achieved while
enhancing our brand mix through the very successful introduction of our
super-premium Michelob ULTRA brand and growing our revenue per barrel by 3.3
percent. Beer drinkers continue to trade up in their brand choices and the
environment for modest beer price increases continues to be very favorable,"
reported Busch.

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Morgan Stanley Consumer Conference
Page Two

         "Beer industry volume softness this year can be directly attributed
to a number of short-term factors," Busch continued. "Going forward, we have
no reason to believe that industry beer consumption has changed in any
fundamental way. With more normal weather and improving economic conditions,
industry volume growth should return to more normal levels."

         Busch reported that some signs of a recovery are already apparent
in the Company's sales-to-retailer results. "Second half sales-to-retailers
to-date are now up over 2%, compared to up 0.3% in the first half," added
Busch. "This enhanced level of growth in the second half of the year gives
us a year-to-date increase in sales-to-retailers of over one percent and is
an indication that volume trends are returning to more normal levels."

         W. Randolph Baker, vice president and chief financial officer,
reported on Anheuser-Busch's international strategy and positive growth
outlook, and the Company's overall financial performance. "Anheuser-Busch
has achieved 20 consecutive quarters of solid double-digit EPS growth,"
reported Baker. "In addition, the Company's return on capital has increased
410 basis points since 1998 and is on track for another 100-basis point gain
this year."

         "Our performance in 2003, with excellent growth in both market
share and revenue per barrel, despite the weakness in industry sales,
clearly demonstrates the strength of our competitive advantages," observed
Baker. "These competitive strengths and the acceleration in beer volume
trends in the second half of the year, position us well to extend our strong
earnings growth and return on capital improvement in 2004 and beyond."

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Morgan Stanley Consumer Conference
Page Three

          "We continue to target earnings per share growth of 12 to 13
percent for 2003, consistent with year-to-date results, and 12 percent for
2004," added Baker. "We remain confident in our ability to consistently
achieve double-digit EPS growth over the long term, along with continued
improvements in return on capital employed," concluded Baker.

Other Matters
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         As previously announced, Anheuser-Busch Companies' presentation at
the Morgan Stanley Consumer Conference is being broadcast live over the
Internet today beginning at 3:10 p.m. Eastern time. A replay of the webcast
will be available on the company's Web site for approximately one week. For
details, visit the company's Web site on the Internet at
www.anheuser-busch.com.

<FN>
1/   Return on capital employed is computed as 12 months of net income
     before after-tax net interest (interest expense less interest
     capitalized) divided by average net investment. Net investment is
     defined as total assets less non-debt current liabilities. For 2002,
     after-tax net interest expense was $218 million, based on pretax net
     interest expense of $351 million. For 1998, after-tax net interest
     expense was $170 million, based on pretax net interest expense of $266
     million.

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         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. 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.

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