X0202 4 2006-11-30 0000310569 ANHEUSER-BUSCH COMPANIES, INC. BUD 0001168683 SHELTON GENERAL HENRY HUGH 331 HOLLY LANE NEWPORT NC 28570 1 0 0 0 Phantom Stock Units 2006-11-30 4 A 0 42 47.06 A Common Stock 42 939 D This security converts to Common Stock on a 1-for-1 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. Laura H. Reeves, Attorney-in-Fact for (General U.S. Army (Retired)) Henry Hugh Shelton 2006-12-04