4

SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
OMB APPROVAL

OMB Number: 3235-0287 Expires: January 31, 2005
Estimated average burden
hours per response. . . . . 0.5

1. Name and Address of Reporting Person^* Muhleman, Douglas     J. (Last)                      (First)                      (Middle) One Busch Place
(Street) St. Louis, MO     63118-1852 (City)                      (State)                      (Zip)
2. Issuer Name and Ticker
    or Trading Symbol
Anheuser-Busch Companies, Inc.   (BUD) 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    (Month/Year)
    November 22, 2002
5. If Amendment,
    Date of Original
    (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
                        Director                           10% Owner                         Officer                X          Other
Officer/Other Description           Member of Strategy Committee (Executive Officer) 7. Individual or Joint/Group
    Filing (Check Applicable Line)
X   Individual Filing       Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	3. Transaction     Code     and     Voluntary     Code     (Instr. 8) Code  |  V	4. Securities Acquired (A) or Disposed (D) Of     (Instr. 3, 4, and 5)         Amount      |         A/D         |         Price	5. Amount of     Securities     Beneficially     Owned at     End ofMonth     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
COMMON STOCK ($1 par value)	11/22/2002	M |	6,912.0000   |           A           |   $14.4007		D
COMMON STOCK ($1 par value)	11/22/2002	F |	1,950.0000   |           D           |   $51.0600		D
COMMON STOCK ($1 par value)	11/22/2002	M |	11,732.0000   |           A           |   $12.0185		D
COMMON STOCK ($1 par value)	11/22/2002	S |	11,732.0000   |           D           |   $51.3000	25,117.0000	D (1)
COMMON STOCK ($1 par value)				8,586.0000 (2)	I (1)	401(k) plan
COMMON STOCK ($1 par value)				715.0000	I (1)	By daughter
COMMON STOCK ($1 par value)				715.0000	I (1)	By son

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(over)
SEC 1474 (3-99)

Muhleman, Douglas J. - November 22, 2002

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Month     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Employee Stock Option (Right to Buy)	$14.4007	11/22/2002	M |	(D) 6,912	(3) | 12/15/2002	Common Stock - 6,912		0	D
Employee Stock Option (Right to Buy)	$12.0185	11/22/2002	M |	(D) 11,732	(3) | 12/14/2003	Common Stock - 11,732		0	D

Explanation of Responses : Table II does not include reporting person's interest in phantom shares of Anheuser-Busch Companies, Inc. resulting from participation in the Anheuser-Busch 401(k) restoration plan.

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. /s/ Douglas J. Muhleman
________________________________            11-26-2002    
** Signature of Reporting Person                         Date



Page 2
SEC 1474 (3-99)

Muhleman, Douglas J. - November 22, 2002

Form 4 (continued)

FOOTNOTE Descriptions for Anheuser-Busch Companies, Inc. (BUD)

Form 4 - November 22, 2002

Douglas J. Muhleman
One Busch Place

St. Louis, MO 63118-1852

Explanation of responses:

(1)   In connection with the Rights Agreement adopted by the Company, Preferred Stock Purchase Rights were distributed to shareholders and are deemed to be attached to the shares of Common Stock of the Company listed on this Form. One-quarter of a Preferred Stock Purchase Right is attached to each share of common stock. If and when the Rights become exercisable, the holder of each Right initially would be entitled to purchase one one-hundredth of a share of Series Junior B Participating Preferred Stock at a purchase price of $195 (both the number of fractional shares and the purchase price are subject to adjustment).
(2)   Based on latest plan statement as of October 1, 2002.
(3)   The options became exercisable over a three year period, commencing one year following the date of grant.

Page 3

EX-24

EX-24

POWER OF ATTORNEY

     Know all by these presents, that the undersigned hereby
constitutes and appoints each of JoBeth G. Brown and Laura H.
Reeves and their successors in office and their designees,
signing singly, the undersigned's true and lawful attorney-in-
fact to:

     (1)  execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director of Anheuser-
Busch Companies, Inc. (the "Company"), Forms 3, 4, and 5 in
accordance with Section 16(a) of the Securities Exchange Act of
1934 and the rules thereunder;

     (2)  do and perform any and all acts for and on behalf of
the undersigned which may be necessary or desirable to complete
and execute any such Form 3, 4, or 5, complete and execute any
amendment or amendments thereto, and timely file such form with
the United States Securities and Exchange Commission and any
stock exchange or similar authority; and

     (3)  take any other action of any type whatsoever in
connection with the foregoing which, in the opinion of such
attorney-in-fact, may be of benefit to, in the best interest of,
or legally required by in terms of compliance with the securities
laws, the undersigned, it being understood that the documents
executed by such attorney-in-fact on behalf of the undersigned
pursuant to this Power of Attorney shall be in such form and
shall contain such terms and conditions as such attorney-in-fact
may approve in such attorney-in-fact's discretion.


Page 2

The undersigned hereby grants to each such attorney-in-fact full
power and authority to do and perform any and every act and thing
whatsoever requisite, necessary, or proper to be done in the
exercise of any of the rights and powers herein granted, as fully
to all intents and purposes as the undersigned might or could do
if personally present, with full power of substitution or
revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.

The Power of Attorney shall remain in full force and effect until
the undersigned is no longer required to file Forms 3,4, and 5
with respect to the undersigned's holdings of and transactions in
securities issued by the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the foregoing
attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed as of this 19th day of August, 2002.

/s/Douglas J. Muhleman
- -----------------------------------------------
			Signature

Douglas J. Muhleman
- -----------------------------------------------
			Print Name