Exhibit 12

Anheuser-Busch Companies, Inc. and Subsidiaries

Consolidated 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):

	Nine Months Ended September 30		Year Ended December 31
	2007	2006	2006	2005	2004	2003	2002
Earnings
Consolidated pretax income	$2,264.6	$2,172.1	$2,276.9	$2,057.4	$2,812.1	$2,643.9	$2,473.2
Dividends received from equity   investees	413.3	247.0	247.0	210.1	179.0	169.2	46.7
Net interest capitalized	9.0	7.7	10.8	8.3	7.7	3.3	10.8
Fixed charges	394.0	377.6	498.5	502.3	471.1	442.6	406.8
Adjusted earnings	$3,080.9	$2,804.4	$3,033.2	$2,778.1	$3,469.9	$3,259.0	$2,937.5
Fixed Charges
Interest expense	$359.0	$341.6	$451.3	$454.5	$426.9	$401.5	$368.7
Interest portion of rent expense 1/	30.8	32.0	41.9	42.5	38.9	36.3	34.1
Amortization of deferred debt    issuance costs	4.2	4.0	5.3	5.3	5.3	4.8	4.0
Total fixed charges	$394.0	$377.6	$498.5	$502.3	$471.1	$442.6	$406.8
Ratio	7.8X	7.4X	6.1X	5.5X	7.4X	7.4X	7.2X

1/           The interest portion of rent expense is calculated as one-third of total rents paid.