X0303 4 2008-09-30 0000310569 ANHEUSER-BUSCH COMPANIES, INC. BUD 0001168683 SHELTON GENERAL HENRY HUGH 331 HOLLY LANE NEWPORT NC 28570 1 0 0 0 Phantom Stock Units 2008-09-30 4 A 0 7 65.125 A Common Stock 7 1191 D Phantom Stock Units 2008-09-30 4 I 0 100 65.125 D Common Stock 100 1091 D Deferred Stock Units 2008-09-30 4 A 0 14 65.125 A Common Stock 14 2440 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. 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. Deferred stock units acquired under shareholder approved 2008 Long-Term Equity Incentive Plan for Non-Employee Directors. Award vests one year following date of the award. Settlement of deferred stock units occurs upon death, disability or separation of service and will be made in shares of stock equal to the number of deferred stock units. Laura H. Reeves, Attorney-in-Fact for General U.S. Army (Retired) Henry Hugh Shelton 2008-10-02