X0201 42003-12-31 0000310569 ANHEUSER BUSCH COMPANIES INC BUD 0001185347 EDISON BERNARD A 220 NORTH FOURTH STREET THIRD FLOOR, SUITE A ST. LOUIS MO 63102-1905 1001Advisory DirectorPhantom Stock Units2003-12-314A018152.575ACommon Stock18143624DPhantom Stock Units2004-01-054I0115552.575DCommon Stock115542469DThis security converts to common stock on a one-for-one basis.Phantom Stock Units acquired pursuant to the Anheuser-Busch Companies Inc. Deferred Compensation Plan for Non-Employee Directors. Payable in cash triggered by the earliest of the following: (1) the date specified by the reporting person, payable in either a lump sum or equal quarterly installments over a period not to exceed ten (10) years as selected by the reporting person; (2) death, payable in a lump sum; or (3) a Change of Control, payable in a lump sum.Transaction reported represents cash settlement of reporting person's phantom stock unit account under the Anheuser-Busch Companies, Inc. Deferred Compensation Plan for Non-Employee Directors.Laura H. Reeves, Attorney-in-Fact for Bernard A. Edison2004-01-05