Exhibit 10.20


    
      

    


    Exhibit
      10.20

    


    


    


    SUMMARY
      OF COMPENSATION OF EXECUTIVE OFFICERS

    


    


    


    Anheuser-Busch
      Companies, Inc. (the “Company”) does not have employment agreements with any of
      its executive officers. The following is a description of executive officer
      compensation.

    


    On
      November 21, 2006, the Compensation Committee (the “Committee”) of the Board of
      Directors of the Company approved the annual base salaries effective January
      1,
      2007, of the Company’s executive officers after review of performance and
      competitive market data. The following table sets forth the 2007 base salary
      of
      the Company’s Named Executive Officers (which officers were determined by
      reference to the Proxy Statement for the Company’s 2007 Annual Meeting of
      Stockholders, dated March 12, 2007).

    


    
      	
               

                                        
                Name and Position

            	 	
              2007
                Annual 

              Base
                Salary

            	 
	
              August
                A. Busch IV

              President
                and Chief Executive Officer

            	 	
              $

            	
              1,225,000

            	 
	 	 	 	 	 
	
              W.
                Randolph Baker

              Vice
                President and Chief Financial Officer

            	 	
              $

            	
              645,750

            	 
	 	 	 	 	 
	
              Mark
                T. Bobak

              Group
                Vice President and Chief Legal Officer

            	 	
              $

            	
              634,608

            	 
	 	 	 	 	 
	
              Douglas
                J. Muhleman

              Group
                Vice President, Brewing, Operations and Technology

              Anheuser-Busch,
                Incorporated

            	 	
              $

            	
              603,488

            	 
	 	 	 	 	 
	
              Michael
                J. Owens

              Vice
                President - Marketing

              Anheuser-Busch,
                Incorporated

            	 	
              $

            	
              540,000

            	 


    

    


     

    Information
      regarding 2006 bonus payments is contained in the Company’s Form 8-K filed with
      the Securities and Exchange Commission on February 14, 2007. Information
      regarding 2007 bonuses is contained in the Company’s Form 8-K filed with the
      Securities and Exchange Commission on February 28, 2007.


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    


    Also
      on
      November 21, 2006, the Committee approved grants of ten year incentive and
      non-qualified stock option awards to approximately 3,000 officers and management
      employees of the Company and its subsidiaries and affiliates eligible to receive
      such awards under the Company’s 1998 Incentive Stock Plan including the Named
      Executive Officers for 2006. In addition, the Committee approved
      performance-vesting restricted stock awards to Executive Officers of the Company
      including the Named Executive Officers for 2006 and service-vesting restricted
      stock awards to approximately 2,800 officers and management employees of the
      Company and its subsidiaries and affiliates eligible to receive such awards
      under the 1998 Incentive Stock Plan. All such awards of restricted stock were
      effective January 1, 2007. The 1998 Incentive Stock Plan, as amended, is
      attached as Appendix C to the Proxy Statement for the Company’s 2005 Annual
      Meeting of Stockholders, dated March 10, 2005.

    


    Information
      concerning the stock option awards to the Company’s Named Executive Officers is
      contained in Form 8-K dated November 21, 2006, and filed by the Company with
      the
      Securities & Exchange Commission on November 27, 2006. Performance-vesting
      restricted stock awards made to the Company’s Named Executive Officers are set
      forth below:

    


    


    
      	
               

                                       
                Name and Position

            	 	
              Restricted
                Stock

              Awards

            	 
	
              August
                A. Busch IV 

              President
                and Chief Executive Officer 

            	 	 	
              45,149

            	 
	 	 	 	 	 
	
              W.
                Randolph Baker

              Vice
                President and Chief Financial Officer

            	 	 	
              10,798

            	 
	 	 	 	 	 
	
              Mark
                T. Bobak

              Group
                Vice President and Chief Legal Officer

            	 	 	
              10,714

            	 
	 	 	 	 	 
	
              Douglas
                J. Muhleman

              Group
                Vice President, Brewing, Operations and Technology

              Anheuser-Busch,
                Incorporated

            	 	 	
              7,929

            	 
	 	 	 	 	 
	
              Michael
                J. Owens

              Vice
                President - Marketing

              Anheuser-Busch,
                Incorporated

            	 	 	
              6,898

            	 


    

    


    The
      Company will provide additional information regarding compensation awarded
      to
      Named Executive Officers in respect of and during the year ended December 31,
      2006, in the Proxy Statement for the Company’s 2007 Annual Meeting of
      Stockholders dated March 12, 2007, which will be filed with the Securities
      and
      Exchange Commission on March 12, 2007.