Exhibit 10.20


    
      

    


    Exhibit
      10.20

    


    SUMMARY
      OF COMPENSATION OF NON-EMPLOYEE DIRECTORS OF

    ANHEUSER-BUSCH
      COMPANIES, INC.

    


    Each
      non-employee director of Anheuser-Busch Companies, Inc. (the “Company”) is
      entitled to:

    


    
      	 	
              1.

            	
              An
                annual retainer of $60,000, which such director may elect to receive
                in
                stock, cash or a combination of stock and cash under the Anheuser-Busch
                Companies, Inc. Non-Employee Director Elective Stock Acquisition
                Plan
                amended and restated as of March 1,
                2000;

            


    

    


    
      	 	
              2.

            	
              A
                fee of $2,000 per meeting for each meeting of the Board or any committee
                of the Board or other scheduled meeting of the directors of the Company
                at
                which less than a quorum is present;


            


    

    


    
      	 	
              3.

            	
              An
                annual fee of $60,000 less any board service fees that the director
                is
                paid by an affiliate company for service as a representative of the
                Company’s Board of Directors on the Board of an affiliated
                company;

            


    

    


    
      	 	
              4.

            	
              An
                annual fee of $10,000 for serving as the chair of the Compensation,
                Conflict of Interest, Corporate Governance, Finance, and Pension
                Committees of the Board; and

            


    

    


    
      	 	
              5.

            	
              An
                annual fee of $15,000 for serving as the chair of the Audit Committee
                of
                the Board.

            


    

    


    Under
      the
      Anheuser-Busch Companies, Inc. Deferred Compensation Plan for Non-Employee
      Directors, amended and restated as of March 1, 2000, each such director may
      elect to defer payment of part or all of their directors’ fees.

    


    The
      Company pays for the travel and accommodation expenses of such director (and
      spouse when requested by the Company) to attend meetings or corporate functions;
      the Company will also pay the taxes related to such payments. Such travel is
      by
      Company aircraft if available. As part of their continuing education, such
      directors are encouraged to visit Company facilities and the Company pays their
      expenses related to such visits. The Company reimburses such directors for
      their
      expenses incurred in attending director education courses. The Company provides
      each such director group term life insurance coverage of $50,000.

    


    Under
      the
      Anheuser-Busch Companies, Inc. Stock Plan for Non-Employee Directors as amended
      and restated, each such director receives an annual grant of options to purchase
      5,000 shares of the Company’s common stock (or 5,000 stock appreciation rights
      if a director is unable to own the Company’s common stock due to possible
      conflicts with state alcoholic beverage control laws).

    


    Subject
      to stockholder approval (at the Company’s Annual Meeting of Stockholders to be
      held April 26, 2006) of the 2006 Restricted Stock Plan for Non-Employee
      Directors, each such director will receive an annual award of 500 shares of
      Restricted Stock (or 500 shares of Restricted Stock units if a director is
      unable to own the Company’s common stock due to possible conflicts with state
      alcoholic beverage control laws).

    


    The
      directors are eligible to participate in the Anheuser-Busch Foundation Matching
      Gift Program. The maximum gift total for a participant in this Program is
      $10,000 in any calendar year.