EX-99.4 10 exh99p4.txt Exhibit 99.4 [PricewaterhouseCoopers Logo] ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION MARCH 31, 2003 AND 2002 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN CONTENTS MARCH 31, 2003 AND 2002 ----------------------------------------------------------------------------------------------------------------
PAGE(S) REPORT OF INDEPENDENT AUDITORS.................................................................................1 FINANCIAL STATEMENTS Statement of Net Assets Available for Benefits.................................................................2 Statement of Changes in Net Assets Available for Benefits......................................................3 Notes to Financial Statements...............................................................................4-11 ADDITIONAL INFORMATION* Appendix A: Anheuser-Busch Companies, Inc. Defined Contribution Master Trust Statement of Net Assets Available for Benefits with Fund Information..........................................................12-13 Appendix B: Anheuser-Busch Companies, Inc. Defined Contribution Master Trust Statement of Changes in Net Assets Available for Benefits with Fund Information..........................................................14-15 * Schedules required by 29 CFR 2520.103-10 of Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
REPORT OF INDEPENDENT AUDITORS To the Participants and Administrator of the Anheuser-Busch Deferred Income Stock Purchase and Savings Plan In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (the "Plan") at March 31, 2003 and 2002, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. /s/ PricewaterhouseCoopers LLP July 18, 2003 1 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS MARCH 31, 2003 AND 2002 -------------------------------------------------------------------------------------------------
2003 2002 ASSETS Contributions receivable Participants $ - $ 2,099,229 Employer - 1,221,707 ----------------- ----------------- - 3,320,936 Interest in Master Trust* 1,792,817,857 2,107,023,048 ----------------- ----------------- Total assets 1,792,817,857 2,110,343,984 ----------------- ----------------- LIABILITIES Due to broker for securities purchased 1,828,970 1,827,958 Interest payable - 2,726,625 Notes payable 23,150,000 66,100,000 ----------------- ----------------- Total liabilities 24,978,970 70,654,583 ----------------- ----------------- Net assets available for benefits $ 1,767,838,887 $ 2,039,689,401 ================= ================= * Represents more than 5 percent of net assets available for benefits. The accompanying notes are an integral part of these financial statements.
2 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS MARCH 31, 2003 AND 2002 -----------------------------------------------------------------------------------------------
2003 2002 ADDITIONS TO NET ASSETS ATTRIBUTED TO Contributions Participants $ 56,747,914 $ 52,485,599 Employer 4,754,128 8,339,816 Rollovers 2,737,419 2,998,943 ----------------- ----------------- Total contributions 64,239,461 63,824,358 Investment income Net realized and unrealized (depreciation)/ appreciation in fair value of investments (215,813,440) 241,293,365 Interest 3,292,820 4,160,101 Dividends 24,022,402 23,681,373 ----------------- ----------------- Total additions (124,258,757) 332,959,197 ----------------- ----------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Distributions to participants 144,356,506 82,124,025 Interest expense 3,724,875 5,453,250 Administrative expenses 16,107 19,639 ----------------- ----------------- Total deductions 148,097,488 87,596,914 ----------------- ----------------- Net (decrease) increase (272,356,245) 245,362,283 Net transfers in (out) 505,731 (27,163,612) NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 2,039,689,401 1,821,490,730 ----------------- ----------------- End of year $ 1,767,838,887 $ 2,039,689,401 ================= ================= The accompanying notes are an integral part of these financial statements.
3 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ 1. PLAN DESCRIPTION The following description of the Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (the "Plan") is provided for general informational purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions. GENERAL The Plan was established as a result of an amendment to the Anheuser-Busch Employee Stock Purchase and Savings Plan (the "Original Plan"). The Original Plan was established by Anheuser-Busch, Inc., effective April 1, 1976. The Original Plan was divided into the following two separate plans effective January 1, 1985: the Deferred Income Stock Purchase and Savings Plan and the Employee Stock Purchase and Savings Plan. The Plan is a continuation of the Original Plan except that certain additional features were added, including provisions for Before-Tax Contributions pursuant to Section 401(k) of the Internal Revenue Code. Additionally, eligibility was limited to employees not covered by a collective bargaining agreement. Effective July 1, 1994, the Plan was divided into two separate plans, one of which is a continuation of the Plan as amended, and the other of which is the Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (For Certain Hourly Employees of the Earthgrains Company). The Plan is a defined contribution plan covering all eligible employees of Anheuser-Busch Companies, Inc. (the "Company") and certain subsidiaries of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). PLAN ADMINISTRATION The Plan's named fiduciaries are the Company, as Sponsor and Plan Administrator, and Mellon Bank, N.A. as the Trustee. As Sponsor, the Company has the right to amend the Plan, designate the Plan's named fiduciaries and exercise all fiduciary functions necessary for the operation of the Plan except those which are assigned to another named fiduciary by the Plan or the related trust agreement. The Company has appointed an Administrative Committee to exercise the authority and responsibility for the general administration of the Plan. The Trustee has the exclusive authority and discretion to invest, manage and hold the assets of the trust in accordance with the provisions of the Plan and the separate trust agreement. The Plan was amended effective June 1, 1989, to add provisions to make the Plan a stock bonus plan and to permit the leveraged acquisition of Company stock by the Plan. As such, the Plan is subject to the requirements of an employee stock ownership plan ("ESOP") under Section 4975(e)(7) of the Internal Revenue Code ("IRC"). The Trustee was specifically empowered to enter into loans, on behalf of the Plan, and guaranteed by the Company, to acquire Company stock or to repay a prior ESOP loan. Effective April 1, 1994, the Plan was amended to incorporate various changes to the Plan, including changes in participants' contribution limits, changes in company matching contributions, the addition of the Managed Balanced Fund and Indexed Balanced Fund investment options, and decreasing the vesting period from three years to two years. 4 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ Effective April 1, 2000, the Plan was amended to incorporate various changes to the Plan, including the addition of the Small/Mid Cap Stock Index Fund and International Stock Index Fund, the renaming of the Equity Index Fund to the Large Cap Stock Index Fund, and the acceptance of rollover contributions into the Plan. During 2002, the Plan was amended to incorporate various changes to the Plan, including, among other things, the election by participants, who meet certain requirements, to either receive dividends on the allocated shares of Company stock in cash or to direct the dividends to be reinvested in Company stock within the Plan. ELIGIBILITY Each employee of a participating employer (other than employees covered by a collective bargaining agreement) of the Company is eligible to participate in the Plan after completing one year of service, during which the employee worked 1,000 hours. Participation by eligible employees is voluntary. CONTRIBUTIONS A participant may make matched and unmatched contributions. Both matched and unmatched contributions may be before-tax or after-tax. A participant may contribute from 1 percent to 6 percent of their base compensation through payroll deductions for Before-Tax Matched Contributions and After-Tax Matched Contributions. The sum of these matched contributions may not be less than 1 percent nor more than 6 percent of the participant's base compensation. In addition, a participant may contribute from 1 percent to 10 percent of their base compensation through payroll deductions for Before-Tax Unmatched Contributions and After-Tax Unmatched Contributions; however, the unmatched contribution rates may not exceed 10 percent of the participant's base compensation and are subject to other limitations as set forth in the Plan agreement. In addition, the sum of Before-Tax Matched and Unmatched Contributions must not exceed 16 percent of a participant's base compensation, subject to certain limitations of the Internal Revenue Code. The participant's employer then contributes a matching amount, determined annually, based on the relationship of the Company's net income to its payroll expense for the year most recently ended. However, in no event may the participating employer's matching contribution be less than 33-1/3 percent nor more than 100 percent of the aggregate participant contributions. The Company may, however, contribute an amount in excess of the matching contribution to enable the Plan to meet its debt service payments. The Company may also be required to make a supplemental contribution in accordance with the Plan document. Supplemental contributions are made by transferring shares of Anheuser-Busch Common Stock from the ESOP and allocating the shares to participants who have account balances as of the end of the Plan year, or by a cash payment from the Company, and are required to be made within 180 days of the Plan's year end. For the year ended March 31, 2003, 394,847 shares with a value of $18,545,972 were transferred from the ESOP to participant accounts on April 2, 2003 for the required supplemental contribution. For the year ended March 31, 2002, 334,770 shares with a value of $17,458,255 were transferred from the ESOP to participant accounts on April 3, 2002 for the required supplemental contribution. 5 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ Participant contributions received by the Plan are invested in one or more investment funds as directed by the participant. At least one-half of each participant's both Before-Tax and After-Tax Matched Contributions shall be invested in the Company Stock Fund for certain periods of time. The participant may direct the remaining one-half of each type of matched contribution and all of the unmatched contributions in increments of 1 percent into any fund established under the Plan. Earnings are reinvested in the fund to which they relate. All employer contributions are invested in the Company Stock Fund. FORFEITED ACCOUNTS Forfeitures result from a participant's withdrawal, retirement or termination before the participant is 100 percent vested in employer matching contributions. Forfeited nonvested amounts are used to reduce future employer contributions. Forfeitures for the years ended March 31, 2003 and 2002 were $36,446 and $48,065, respectively. VESTING Participants are immediately vested in their voluntary contributions and rollover contributions, plus related earnings. Company contributions for participants actively employed by the Company on or prior to March 31, 1991 vest immediately. For participants subsequently employed, Company contributions vest after two years of service. Company contributions also vest upon termination of employment by reason of death, permanent disability, entry into military service, layoff exceeding twelve months, upon termination of employment for any reason, including retirement, after reaching age 60, or in the event of a "change in control" of the Company as defined by the Plan. PAYMENT OF BENEFITS The Plan permits in-service withdrawals as defined in the Plan document, subject to certain restrictions. Distributions for terminations are comprised of the participant's personal contribution portion and the vested Company contribution portion of their account. Distributions for whole numbers of shares held in the Company stock fund are payable in Company shares while the value of fractional shares and all interests in the other funds are payable in cash. Alternatively, the participant may elect to have nonshare investments transferred to the Company Stock Fund and distributed thereafter in shares with fractional shares distributed in cash. In-service distributions are payable at the election of the participant in Company shares or in cash. PARTICIPANT LOANS A participant may borrow from Before-Tax and/or After-Tax vested account balances, subject to certain conditions. The minimum loan amount is $1,000; the maximum amount is the lesser of $50,000 less the highest outstanding loan balance under the Plan during the one-year period ending on the day before the loan is made, or 50 percent of the vested account balance. The interest rate for the life of the loan is set quarterly at prime plus one percentage point as of the end of the preceding quarter. The term of a loan for the purchase of a principal residence may be up to 10 years; the term of a loan for any other reason may not exceed 5 years. 6 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ PLAN TERMINATION The Company intends to continue the Plan indefinitely. However, the Company may at anytime and for any reason, subject to the provisions of ERISA, suspend or terminate the Plan provided that such action does not adversely affect the rights of any participant under the Plan. Such termination would result in the immediate and full vesting of each participant's account balance. The Trustee would then retain the assets until otherwise distributable under the Plan. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The accompanying financial statements have been prepared using the accrual method of accounting, except that benefits are recorded when paid. USE OF ESTIMATES The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein and disclosure of contingent liabilities. Actual results could differ from those estimates. INVESTMENTS The Anheuser-Busch Companies, Inc. Defined Contribution Master Trust ("Master Trust") has been established for each of the investment funds for the investment of the Plan's assets and the assets of other stock purchase and savings plans sponsored by the Company. Investments in common stock, U.S. government securities, and corporate debt instruments are stated at fair value based on quoted market prices. Investments in interest bearing cash, insurance contracts, interests in common/collective trusts, and interests in registered investment companies are stated at fair value as determined by the Trustee. Participant loans are valued at cost which approximates fair value. Purchases and sales of securities and related realized gains or losses, are recorded on the trade date. Interest income is recorded on the accrual basis and dividend income is recorded on the ex-dividend date. In accordance with the policy of stating investments at fair value the Plan presents, in the statement of changes in net assets available for benefits, the net appreciation or depreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments. 7 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ ALLOCATION OF ASSETS Units of participation in the Master Trust are allocated to participating plans based on the relationship of individual plan contributions to the market value of the Master Trust. Earned income, realized and unrealized gains and losses, and administrative expenses are retained in the Master Trust and are allocated to participating plans by the Trustee, based on units of participation on the transaction date. RISKS AND UNCERTAINTIES The Plan's investment fund options provide participants with a variety of investment alternatives with differing levels of risk and income potential. Investment securities are exposed to various risks, such as significant world events, interest rate, credit and overall market volatility risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the Statement of Net Assets Available for Benefits. ADMINISTRATIVE EXPENSES Under the Master Trust agreement with the Trustee, the Company may pay all expenses incurred in the administration of the Master Trust, including trustee fees, but is not obligated to do so. Trustee expenses not paid by the Company are paid by the Master Trust and proportionately allocated to the participating plans. All other expenses are paid by the Plan. CHANGE IN PRESENTATION During the Plan year ended March 31, 2003, the Plan changed its presentation of dividends, which were previously included in the Net transfers in (out) line of the Statement of Changes in Net Assets Available for Benefits. For comparability purposes, prior year information has been recast to conform to the 2003 presentation. 3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST Effective September 1, 1995 the Company and the Trustee entered into a new master trust agreement. In accordance with the agreement, the Plan exchanged its investments in: the Anheuser-Busch Companies, Inc. Common Stock Fund, the Anheuser-Busch Companies, Inc. Short Term Fixed Income Master Trust, the Anheuser-Busch Companies, Inc. Medium Term Fixed Income Master Trust, the Anheuser-Busch Companies, Inc. Capital Equity Index Fund Master Trust, the Anheuser-Busch Companies, Inc. Managed Balanced Fund Master Trust, and the Anheuser-Busch Companies, Inc. Indexed Balanced Fund Master Trust for units of participation in the Anheuser-Busch Companies, Inc. Defined Contribution Master Trust. Effective March 26, 1996 the Earthgrains Company Stock Fund was added to the Anheuser-Busch Companies, Inc. Defined Contribution Master Trust. The Earthgrains Company Stock Fund was liquidated on August 10, 2001 as a result of Earthgrains Company being purchased by Sara Lee, Corporation. Effective December 1, 2000 the Small/Mid Cap Stock Index Fund and the International Stock Index Fund were added to the Anheuser-Busch Companies, Inc. Defined Contribution Master Trust. The assets of the Master Trust are held by Mellon Bank, N.A. 8 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ At March 31, 2003 and 2002, the Plan's interest in the assets of the Master Trust was approximately 57 percent and 56 percent, respectively of total Master Trust assets. The following table presents the fair value of investments for the Master Trust:
MARCH 31, 2003 2002 INVESTMENTS AT FAIR VALUE Anheuser-Busch common stock* $ 2,698,494,101 $ 3,211,757,063 Short-term fixed income 50,732,590 46,050,681 Medium-term fixed income 90,961,788 71,806,352 Equity index 138,274,688 215,527,035 Managed balanced 17,622,301 22,561,692 Index balanced 18,116,182 23,930,968 Small/Mid cap 19,399,255 24,017,018 International stock 5,192,457 6,718,955 Participant loans 101,894,030 96,345,528 ----------------- ----------------- $ 3,140,687,392 $ 3,718,715,292 ================= ================= * Represents more than 5 percent of net assets available for benefits.
Investment income for the Master Trust is as follows:
YEAR ENDED MARCH 31, 2003 2002 NET (DEPRECIATION) APPRECIATION IN FAIR VALUE OF INVESTMENTS Anheuser-Busch common stock $ (354,857,127) $ 257,753,705 Short-term fixed income 64,442 54,015 Medium-term fixed income 8,614,638 2,486,570 Equity index (50,198,611) (2,732,925) Managed balanced (2,416,962) 800,358 Index balanced (2,872,262) 649,969 Small/Mid cap (5,963,511) 1,385,927 International stock (2,874,086) (242,676) Earthgrains Company common stock - 16,838,853 ---------------- --------------- (410,503,479) 276,993,796 ---------------- --------------- Interest 8,548,810 13,893,816 Dividends 85,151,587 80,469,213 ---------------- --------------- Net (decrease) increase in net assets during year $ (316,803,082) $ 371,356,825 ================ ===============
9 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ Further financial information for the Anheuser-Busch Companies, Inc. Defined Contribution Master Trust as of and for the years ended March 31, 2003 and 2002 are included as Appendix A and B. 4. INCOME TAX STATUS The Plan received a favorable determination letter from the Internal Revenue Service dated November 29, 2001, indicating that the Plan qualifies under the applicable provisions of Section 401 of the IRC, and is therefore exempt from federal income taxes. The Plan has since been amended, however, the Plan administrator believes that the Plan has continued to be designed and operated in compliance with the applicable requirements of the IRC. 5. NOTES PAYABLE In June 1989, the Plan issued $250 million in guaranteed 8.32 percent ESOP notes (Notes) to a group of insurance companies and other financial institutions. In September 1993, the interest rate was reduced to 8.25 percent per annum retroactive to January 1, 1993. Interest is payable on March 31 and September 30 of each year. Principal is payable in annual installments until maturity on March 31, 2004. The Notes are guaranteed by Anheuser-Busch Companies, Inc. Proceeds of the Notes were used to purchase 45,325,784 shares of Company stock, the unallocated portion of which is pledged as collateral for the Notes. The shares are maintained in the Company Stock Fund and are released and allocated to Plan participants based on calculations specified in the Plan document as contributions are made to the Plan. During the years ended March 31, 2003 and 2002, 1,387,834 and 1,415,956 shares were released to participants, respectively. At March 31, 2003 and 2002 the Company Stock Fund held 1,343,674 and 2,731,508 unallocated shares, respectively, at market values of $62,628,645 and $142,584,718, respectively. Principal maturities for the year ending March 31, 2004 is $23,150,000. 6. RECONCILIATION OF FINANCIAL STATEMENTS TO 5500 The following is a reconciliation of net assets available for benefits per the financial statements at March 31, 2003 and 2002 to the Plan's Form 5500:
2003 2002 Net assets available for benefits per the financial statements $ 1,767,838,887 $ 2,039,689,401 Amounts allocated to withdrawing participants (24,264,544) (27,292,975) ----------------- ----------------- Net assets available for benefits per the Form 5500 $ 1,743,574,343 $ 2,012,396,426 ================= =================
10 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS MARCH 31, 2003 AND 2002 ------------------------------------------------------------------------------ The following is a reconciliation of benefits paid to participants per the financial statements for the year ended March 31, 2003 to the Plan's Form 5500: Benefits paid to participants per the financial statements $ 144,356,506 Add: Amounts allocated to withdrawing participants at March 31, 2003 24,264,544 Deduct: Amounts allocated to withdrawing participants as of March 31, 2002 (27,292,975) --------------- Benefits paid to participants per Form 5500 $ 141,328,075 =============== Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to March 31, 2003, but not yet paid as of that date. 7. PARTY-IN-INTEREST TRANSACTIONS During the years ended March 31, 2003 and 2002, transactions with the Company included aggregate common stock purchases totaling $58,757,332 and $53,122,573, respectively, and aggregate common stock sales totaling $8,360,267 and $13,252,959, respectively. These transactions are allowable party-in-interest transactions under Section 408(e) and 408(b)(8) of ERISA and the regulations promulgated thereunder. During the years ended March 31, 2003 and 2002, the Plan purchased and sold investments in the Employee Benefit Temporary Investment Fund of Mellon Bank N.A., the Plan trustee. Transactions with the Fund included aggregate investment purchases totaling $77,613,487 and $76,009,398, respectively and aggregate investment sales totaling $100,090,669 and $77,371,810, respectively. These transactions are allowable party-in-interest transactions under Section 408(e) and 408(b)(8) of ERISA and the regulations promulgated thereunder. 11 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION MARCH 31, 2003 APPENDIX A ----------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED INDEX COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED BALANCED STOCK FUND FUND FUND FUND FUND FUND ASSETS Investments, at fair value Anheuser-Busch Companies, Inc. Common Stock* $2,662,756,783 $ - $ - $ - $ - $ - Interest bearing cash 35,737,318 4,196,943 778 2 - 51 U.S. government securities - 4,747,179 90,961,010 - - - Corporate debt instruments - 29,513,810 - - - - Interest in common/ collective trusts* - 12,101,614 - 138,274,686 - 16,405,318 Interest in registered investment companies - - - - 17,622,301 1,710,813 Loans to participants - - - - - - Other investments - 173,044 - - - - ---------------- ------------- ------------- -------------- ------------- ------------- Total investments 2,698,494,101 50,732,590 90,961,788 138,274,688 17,622,301 18,116,182 ---------------- ------------- ------------- -------------- ------------- ------------- Total assets 2,698,494,101 50,732,590 90,961,788 138,274,688 17,622,301 18,116,182 ---------------- ------------- ------------- -------------- ------------- ------------- LIABILITIES Due to broker for securities purchased - 3,137,170 - - - - Notes payable 46,300,000 - - - - - ---------------- ------------- ------------- -------------- ------------- ------------- Total liabilities 46,300,000 3,137,170 - - - - ---------------- ------------- ------------- -------------- ------------- ------------- Net assets available for benefits $2,652,194,101 $47,595,420 $90,961,788 $138,274,688 $17,622,301 $18,116,182 ================ ============= ============= ============== ============= ============= SMALL/MID INTERNATIONAL PARTICIPANT CAP STOCK LOAN FUND FUND FUND TOTAL ASSETS Investments, at fair value Anheuser-Busch Companies, Inc. Common Stock* $ - $ - $ - $2,662,756,783 Interest bearing cash 1 2 - 39,935,095 U.S. government securities - - - 95,708,189 Corporate debt instruments - - - 29,513,810 Interest in common/ collective trusts* 19,399,254 - - 186,180,872 Interest in registered investment companies - 5,192,455 24,525,569 Loans to participants - - 101,894,030 101,894,030 Other investments - - - 173,044 ------------- ------------ -------------- ---------------- Total investments 19,399,255 5,192,457 101,894,030 3,140,687,392 ------------- ------------ -------------- ---------------- Total assets 19,399,255 5,192,457 101,894,030 3,140,687,392 ------------- ------------ -------------- ---------------- LIABILITIES Due to broker for securities purchased - - - 3,137,170 Notes payable - - - 46,300,000 ------------- ------------ -------------- ---------------- Total liabilities - - - 49,437,170 ------------- ------------ -------------- ---------------- Net assets available for benefits $19,399,255 $5,192,457 $101,894,030 $3,091,250,222 ============= ============ ============== ================ * Represents more than 5% of net assets available for benefits.
12 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION MARCH 31, 2002 APPENDIX A -----------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED INDEX COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED BALANCED STOCK FUND FUND FUND FUND FUND FUND ASSETS Investments, at fair value Anheuser-Busch Companies, Inc. Common Stock* $3,131,769,304 $ - $ - $ - $ - $ - Interest bearing cash 79,987,759 11,468,769 - - - - U.S. government securities - 3,774,804 71,806,352 - - - Corporate debt instruments - 29,629,196 - - - - Interest in common/ collective trusts - - - - - 21,495,474 Interest in registered investment companies - - - - 22,561,692 2,435,494 Loans to participants - - - - - - Earthgrains Company, Inc. common stock - - - - - - Other investments* - 1,177,912 - 215,527,035 - - ---------------- ------------- ------------- -------------- ------------- ------------- Total investments 3,211,757,063 46,050,681 71,806,352 215,527,035 22,561,692 23,930,968 ---------------- ------------- ------------- -------------- ------------- ------------- Total assets 3,211,757,063 46,050,681 71,806,352 215,527,035 22,561,692 23,930,968 ---------------- ------------- ------------- -------------- ------------- ------------- LIABILITIES Due to broker for securities purchased - 2,635,397 142,203 483,078 - 68,435 Interest payable 5,453,250 - - - - - Notes payable 132,200,000 - - - - - ---------------- ------------- ------------- -------------- ------------- ------------- Total liabilities 137,653,250 2,635,397 142,203 483,078 - 68,435 ---------------- ------------- ------------- -------------- ------------- ------------- Net assets available for benefits $3,074,103,813 $43,415,284 $71,664,149 $215,043,957 $22,561,692 $23,862,533 ================ ============= ============= ============== ============= ============= SMALL/MID INTERNATIONAL PARTICIPANT EARTHGRAINS CAP STOCK LOAN COMPANY FUND FUND FUND STOCK FUND TOTAL ASSETS Investments, at fair value Anheuser-Busch Companies, Inc. Common Stock* $ - $ - $ - $ - $3,131,769,304 Interest bearing cash - - - - 91,456,528 U.S. government securities - - - - 75,581,156 Corporate debt instruments - - - - 29,629,196 Interest in common/ collective trusts 24,017,018 - - - 45,512,492 Interest in registered investment companies - 6,718,955 - - 31,716,141 Loans to participants - - 96,345,528 - 96,345,528 Earthgrains Company, Inc. common stock - - - - - Other investments* - - - - 216,704,947 ------------- ------------ ------------- ----------- ---------------- Total investments 24,017,018 6,718,955 96,345,528 - 3,718,715,292 ------------- ------------ ------------- ----------- ---------------- Total assets 24,017,018 6,718,955 96,345,528 - 3,718,715,292 ------------- ------------ ------------- ----------- ---------------- LIABILITIES Due to broker for securities purchased 61,948 22,363 - - 3,413,424 Interest payable - - - - 5,453,250 Notes payable - - - - 132,200,000 ------------- ------------ ------------- ----------- ---------------- Total liabilities 61,948 22,363 - - 141,066,674 ------------- ------------ ------------- ----------- ---------------- Net assets available for benefits $23,955,070 $6,696,592 $96,345,528 $ - $3,577,648,618 ============= ============ ============= =========== ================ * Represents more than 5% of net assets available for benefits.
13 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED MARCH 31, 2003 APPENDIX B ---------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED STOCK FUND FUND FUND FUND FUND ADDITIONS TO NET ASSETS ATTRIBUTED TO Contributions Participants $ 75,579,704 $ 1,710,183 $ 3,871,549 $ 11,232,461 $ 1,335,165 Employer 10,451,571 - - - - Rollovers (159) 3,715,474 - - - ---------------- ------------- ------------- -------------- ------------- Total contributions 86,031,116 5,425,657 3,871,549 11,232,461 1,335,165 INVESTMENT INCOME Interest 903,409 871,445 (13) - (3) Dividends 85,151,587 - - - - Net realized and unrealized (depreciation)/ appreciation in fair value of investments (354,857,127) 64,442 8,614,638 (50,198,611) (2,416,962) ---------------- ------------- ------------- -------------- ------------- Total additions (182,771,015) 6,361,544 12,486,174 (38,966,150) (1,081,800) ---------------- ------------- ------------- -------------- ------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Distributions to participants 229,876,832 11,084,329 7,535,282 12,699,733 1,442,146 Interest expense 7,449,750 - - - - Administrative expenses 69,420 - - - - ---------------- ------------- ------------- -------------- ------------- Total deductions 237,396,002 11,084,329 7,535,282 12,699,733 1,442,146 Net transfers (out) in (1,742,695) 8,902,921 14,346,747 (25,103,386) (2,415,445) ---------------- ------------- ------------- -------------- ------------- Net (decrease) increase (421,909,712) 4,180,136 19,297,639 (76,769,269) (4,939,391) NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 3,074,103,813 43,415,284 71,664,149 215,043,957 22,561,692 ---------------- ------------- ------------- -------------- ------------- End of year $2,652,194,101 $47,595,420 $90,961,788 $138,274,688 $17,622,301 ================ ============= ============= ============== ============= INDEX SMALL/MID INTERNATIONAL PARTICIPANT BALANCED CAP STOCK LOAN FUND FUND FUND FUND TOTAL ADDITIONS TO NET ASSETS ATTRIBUTED TO Contributions Participants $ 1,657,386 $ 1,690,837 $ 605,742 $ - $ 97,683,027 Employer - - - - 10,451,571 Rollovers - - - - 3,715,315 ------------- ------------- ------------- -------------- ---------------- Total contributions 1,657,386 1,690,837 605,742 - 111,849,913 INVESTMENT INCOME Interest 51 - 1 6,773,920 8,548,810 Dividends - - - - 85,151,587 Net realized and unrealized (depreciation)/ appreciation in fair value of investments (2,872,262) (5,963,511) (2,874,086) - (410,503,479) ------------- ------------- ------------- -------------- ---------------- Total additions (1,214,825) (4,272,674) (2,268,343) 6,773,920 (204,953,169) ------------- ------------- ------------- -------------- ---------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Distributions to participants 1,496,496 1,588,499 420,542 1,185,883 267,329,742 Interest expense - - - - 7,449,750 Administrative expenses - - - - 69,420 ------------- ------------- ------------- -------------- ---------------- Total deductions 1,496,496 1,588,499 420,542 1,185,883 274,848,912 Net transfers (out) in (3,035,030) 1,305,358 1,184,750 (39,535) (6,596,315) ------------- ------------- ------------- -------------- ---------------- Net (decrease) increase (5,746,351) (4,555,815) (1,504,135) 5,548,502 (486,398,396) NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 23,862,533 23,955,070 6,696,592 96,345,528 3,577,648,618 ------------- ------------- ------------- -------------- ---------------- End of year $18,116,182 $19,399,255 $ 5,192,457 $101,894,030 $3,091,250,222 ============= ============= ============= ============== ================
14 ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED MARCH 31, 2002 APPENDIX B -----------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED INDEX COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED BALANCED STOCK FUND FUND FUND FUND FUND FUND ADDITIONS TO NET ASSETS ATTRIBUTED TO Contributions Participants $ 67,280,795 $ 1,171,738 $ 2,470,907 $ 13,361,951 $ 1,315,308 $ 1,464,603 Employer 20,224,754 - - - - - Rollovers - 3,483,034 - - - - ---------------- ------------- ------------- -------------- ------------- ------------- Total contributions 87,505,549 4,654,772 2,470,907 13,361,951 1,315,308 1,464,603 INVESTMENT INCOME Interest 1,723,511 1,233,264 - 3,044,591 - 8 Dividends 80,414,719 - - - - - Net realized and unrealized appreciation/(depreciation) in fair value of investments 257,753,705 54,015 2,486,570 (2,732,925) 800,358 649,969 ---------------- ------------- ------------- -------------- ------------- ------------- Total additions 427,397,484 5,942,051 4,957,477 13,673,617 2,115,666 2,114,580 ---------------- ------------- ------------- -------------- ------------- ------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Distributions to participants 163,635,382 7,604,049 4,312,576 13,173,008 1,087,587 1,593,147 Interest expense 10,906,500 - - - - - Administrative expenses 66,193 - - - - - ---------------- ------------- ------------- -------------- ------------- ------------- Total deductions 174,608,075 7,604,049 4,312,576 13,173,008 1,087,587 1,593,147 Net transfers in (out) 49,237,659 13,843,716 24,693,503 (7,507,551) 1,074,921 2,221,083 ---------------- ------------- ------------- -------------- ------------- ------------- Net increase (decrease) 302,027,068 12,181,718 25,338,404 (7,006,942) 2,103,000 2,742,516 NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 2,772,076,745 31,233,566 46,325,745 222,050,899 20,458,692 21,120,017 ---------------- ------------- ------------- -------------- ------------- ------------- End of year $3,074,103,813 $43,415,284 $71,664,149 $215,043,957 $22,561,692 $23,862,533 ================ ============= ============= ============== ============= ============= SMALL/MID INTERNATIONAL PARTICIPANT EARTHGRAINS CAP STOCK LOAN COMPANY FUND FUND FUND STOCK FUND TOTAL ADDITIONS TO NET ASSETS ATTRIBUTED TO Contributions Participants $ 1,062,102 $ 404,928 $ - $ - $ 88,532,332 Employer - - - - 20,224,754 Rollovers - - - - 3,483,034 ------------- ------------ ------------- -------------- ---------------- Total contributions 1,062,102 404,928 - - 112,240,120 INVESTMENT INCOME Interest - - 7,881,209 11,233 13,893,816 Dividends - - - 54,494 80,469,213 Net realized and unrealized appreciation/(depreciation) in fair value of investments 1,385,927 (242,676) - 16,838,853 276,993,796 ------------- ------------ ------------- -------------- ---------------- Total additions 2,448,029 162,252 7,881,209 16,904,580 483,596,945 ------------- ------------ ------------- -------------- ---------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Distributions to participants 651,566 280,125 1,906,150 991,197 195,234,787 Interest expense - - - - 10,906,500 Administrative expenses - - - - 66,193 ------------- ------------ ------------- -------------- ---------------- Total deductions 651,566 280,125 1,906,150 991,197 206,207,480 Net transfers in (out) 15,055,063 3,167,370 (1,052,306) (35,999,260) 64,734,198 ------------- ------------ ------------- -------------- ---------------- Net increase (decrease) 16,851,526 3,049,497 4,922,753 (20,085,877) 342,123,663 NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 7,103,544 3,647,095 91,422,775 20,085,877 3,235,524,955 ------------- ------------ ------------- -------------- ---------------- End of year $23,955,070 $6,696,592 $96,345,528 $ - $3,577,648,618 ============= ============ ============= ============== ================
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