<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>15
<FILENAME>ex12.txt
<TEXT>
<PAGE>
EXHIBIT 12
ANHEUSER-BUSCH COMPANIES, INC.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the Company's ratio of earnings to fixed
charges, on a consolidated basis for the periods indicated ($ in millions):
<TABLE>
<CAPTION>
2004 2003 2002 2001 2000
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<S> <C> <C> <C> <C> <C>
Earnings
--------
Consolidated pretax income $2,999.4 $2,824.3 $2,623.6 $2,377.6 $2,179.9
Dividends received from equity
investees 179.0 169.2 46.7 25.8 23.9
Net interest capitalized 7.7 3.3 10.8 1.0 (5.6)
Fixed charges 471.1 442.6 406.8 402.8 385.1
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Adjusted earnings $3,657.2 $3,439.4 $3,087.9 $2,807.2 $2,583.3
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Fixed Charges
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Interest expense $426.9 $401.5 $368.7 $361.2 $348.2
Interest portion of rent expense(1/) 38.9 36.3 34.1 37.9 33.2
Amortization of deferred debt issuance
costs 5.3 4.8 4.0 3.7 3.7
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Total fixed charges $471.1 $442.6 $406.8 $402.8 $385.1
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Ratio of Earnings to Fixed Charges 7.8X 7.8X 7.6X 7.0X 6.7X
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<FN>
(1/) Calculated as one-third of total rents paid.
</TABLE>
</TEXT>
</DOCUMENT>