<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>12
<FILENAME>exh99p6.txt
<TEXT>
<PAGE>
Exhibit 99.6
[PricewaterhouseCoopers Logo]
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS
SUBSIDIARIES)
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
MARCH 31, 2003 AND 2002
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
<TABLE>
CONTENTS
MARCH 31, 2003 AND 2002
---------------------------------------------------------------------------------------------------------------
<CAPTION>
PAGE (S)
<S> <C>
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
<FN>
* Schedules required by 29 CFR 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under ERISA have
been omitted because they are not applicable.
</TABLE>
<PAGE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For Certain Hourly
Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
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 (For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries) (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
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2003 AND 2002
-------------------------------------------------------------------------------------------------
<CAPTION>
2003 2002
<S> <C> <C>
ASSETS
Contributions receivable
Participants $ - $ 148,292
Employer 1,565,371 1,525,833
-------------- --------------
1,565,371 1,674,125
Interest in Master Trust* 71,047,781 73,500,762
-------------- --------------
Total assets 72,613,152 75,174,887
-------------- --------------
LIABILITIES
Due to broker for securities purchased 69,018 53,164
-------------- --------------
Total liabilities 69,018 53,164
-------------- --------------
Net assets available for benefits $ 72,544,134 $ 75,121,723
============== ==============
<FN>
* Represents more than 5 percent of net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
</TABLE>
2
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------------------------------------------
<CAPTION>
2003 2002
<S> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO
Contributions
Participants $ 4,141,522 $ 3,778,617
Employer 4,742,918 3,699,261
Rollovers 42,124 -
-------------- --------------
Total contributions 8,926,564 7,477,878
Investment income
Net realized and unrealized (depreciation)/appreciation
in fair value of investments (7,849,828) 8,855,354
Interest 440,883 361,468
Dividends 968,299 838,578
-------------- --------------
Total additions 2,485,918 17,533,278
-------------- --------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
Distributions to participants 4,586,228 4,583,569
-------------- --------------
Net (decrease) increase (2,100,310) 12,949,709
Net transfers out (477,279) (849,263)
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 75,121,723 63,021,277
-------------- --------------
End of year $ 72,544,134 $ 75,121,723
============== ==============
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
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 (For Certain Hourly Employees of
Anheuser-Busch Companies, Inc. and its Subsidiaries) (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 Deferred Income Stock Purchase and Savings Plan for
salaried employees, which was effective April 1, 1992. The Plan is
a defined contribution plan covering substantially all hourly
employees (other than those covered by a collective bargaining
agreement) of the Company's following subsidiaries: Busch
Entertainment Corporation, Busch Properties of Florida, Inc., Sea
World of California, Inc., Sea World of Florida, Inc. and Sea World
of Texas, Inc. 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 Anheuser-Busch Companies, Inc.
(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.
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 vesting period from three years
to two years.
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.
4
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------
ELIGIBILITY
Each hourly employee (other than employees covered by a collective
bargaining agreement) of the above subsidiaries is eligible to
participate in the Plan after completing one year of service, in
which 1,000 hours of service are completed. 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 also be required to make a supplemental
contribution as determined by the Administrative Committee in
accordance with the Plan document. Supplemental contributions are
payable 180 days of the Plan's year end and are allocated to
participants who have account balances as of the end of the Plan
year. For the years ended March 31, 2003 and 2002, a supplemental
contribution of $1,565,371 and $1,525,833 was required,
respectively.
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 $14,870 and $7,218,
respectively.
5
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------
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 is set
quarterly at prime plus one percentage point at 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.
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.
6
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------
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, which is
determined 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.
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
7
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------
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.
At both March 31, 2003 and 2002, the Plan's interest in the net
assets of the Master Trust assets.
8
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------
The following table presents the fair value of investments for the
Master Trust:
<TABLE>
<CAPTION>
MARCH 31,
2003 2002
<S> <C> <C>
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
================= =================
<FN>
* Represents more than 5 percent of net assets available for
benefits.
</TABLE>
Investment income for the Master Trust is as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
2003 2002
<S> <C> <C>
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
================ ===============
</TABLE>
9
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
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. 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:
<TABLE>
<CAPTION>
2003 2002
<S> <C> <C>
Net assets available for benefits per the
financial statements $ 72,544,134 $ 75,121,723
Amounts allocated to withdrawing participants (473,051) (285,732)
-------------- --------------
Net assets available for benefits per the Form 5500 $ 72,071,083 $ 74,835,991
============== ==============
</TABLE>
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:
<TABLE>
<S> <C>
Benefits paid to participants per the
financial statements $ 4,586,228
Add: Amounts allocated to withdrawing
participants at March 31, 2003 473,051
Deduct: Amounts allocated to withdrawing
participant as of March 31, 2002 (285,732)
-------------
Benefits paid to participants per Form 5500 $ 4,773,547
=============
</TABLE>
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.
10
<PAGE>
<PAGE>
ANHEUSER-BUSCH DEFERRED INCOME
STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC.
AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002
------------------------------------------------------------------------------
6. PARTY-IN-INTEREST TRANSACTIONS
During the years ended March 31, 2003 and 2002, transactions with
the Company included aggregate common stock purchases totaling
$2,026,115 and $1,897,235, respectively and aggregate common stock
sales totaling $288,285 and $473,320, 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 $1,745,511
and $1,741,124, respectively and aggregate investment sales
totaling $1,698,177 and $1,687,824, respectively. These
transactions are allowable party-in-interest transactions under
Sections 408(e) and 408(b)(8) of ERISA and the regulations
promulgated thereunder.
11
<PAGE>
<PAGE>
<TABLE>
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
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
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
================ ============= ============= ============== ============= =============
<CAPTION>
SMALL/MID INTERNATIONAL PARTICIPANT
CAP STOCK LOAN
FUND FUND FUND TOTAL
<S> <C> <C> <C> <C>
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
============= ============ ============== ================
<FN>
* Represents more than 5% of net assets available for benefits.
</TABLE>
12
<PAGE>
<PAGE>
<TABLE>
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
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
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
================ ============= ============= ============== ============= =============
<CAPTION>
SMALL/MID INTERNATIONAL PARTICIPANT EARTHGRAINS
CAP STOCK LOAN COMPANY
FUND FUND FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C>
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
============= ============ ============= =========== ================
<FN>
* Represents more than 5% of net assets available for benefits.
</TABLE>
13
<PAGE>
<PAGE>
<TABLE>
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
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
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
================ ============= ============= ============== =============
<CAPTION>
INDEX SMALL/MID INTERNATIONAL PARTICIPANT
BALANCED CAP STOCK LOAN
FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
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
============= ============= ============= ============== ================
</TABLE>
14
<PAGE>
<PAGE>
<TABLE>
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
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO
Contributions
Participants $ 67,280,795 $ 1,171,738 $ 2,470,907 $ 13,361,951 $ 1,315,308
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
INVESTMENT INCOME
Interest 1,723,511 1,233,264 - 3,044,591 -
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
---------------- ------------- ------------- -------------- -------------
Total additions 427,397,484 5,942,051 4,957,477 13,673,617 2,115,666
---------------- ------------- ------------- -------------- -------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
Distributions to participants 163,635,382 7,604,049 4,312,576 13,173,008 1,087,587
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
Net transfers in (out) 49,237,659 13,843,716 24,693,503 (7,507,551) 1,074,921
---------------- ------------- ------------- -------------- -------------
Net increase (decrease) 302,027,068 12,181,718 25,338,404 (7,006,942) 2,103,000
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 2,772,076,745 31,233,566 46,325,745 222,050,899 20,458,692
---------------- ------------- ------------- -------------- -------------
End of year $3,074,103,813 $43,415,284 $71,664,149 $215,043,957 $22,561,692
================ ============= ============= ============== =============
<CAPTION>
INDEX SMALL/MID INTERNATIONAL PARTICIPANT EARTHGRAINS
BALANCED CAP STOCK LOAN COMPANY
FUND FUND FUND FUND STOCK FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO
Contributions
Participants $ 1,464,603 $ 1,062,102 $ 404,928 $ - $ - $ 88,532,332
Employer - - - - - 20,224,754
Rollovers - - - - - 3,483,034
------------- ------------- ------------ ------------- -------------- ----------------
Total contributions 1,464,603 1,062,102 404,928 - - 112,240,120
INVESTMENT INCOME
Interest 8 - - 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 649,969 1,385,927 (242,676) - 16,838,853 276,993,796
------------- ------------- ------------ ------------- -------------- ----------------
Total additions 2,114,580 2,448,029 162,252 7,881,209 16,904,580 483,596,945
------------- ------------- ------------ ------------- -------------- ----------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
Distributions to participants 1,593,147 651,566 280,125 1,906,150 991,197 195,234,787
Interest expense - - - - - 10,906,500
Administrative expenses - - - - - 66,193
------------- ------------- ------------ ------------- -------------- ----------------
Total deductions 1,593,147 651,566 280,125 1,906,150 991,197 206,207,480
Net transfers in (out) 2,221,083 15,055,063 3,167,370 (1,052,306) (35,999,260) 64,734,198
------------- ------------- ------------ ------------- -------------- ----------------
Net increase (decrease) 2,742,516 16,851,526 3,049,497 4,922,753 (20,085,877) 342,123,663
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 21,120,017 7,103,544 3,647,095 91,422,775 20,085,877 3,235,524,955
------------- ------------- ------------ ------------- -------------- ----------------
End of year $23,862,533 $23,955,070 $6,696,592 $96,345,528 $ - $3,577,648,618
============= ============= ============ ============= ============== ================
</TABLE>
15
</TEXT>
</DOCUMENT>