Document:

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                         ANHEUSER-BUSCH COMPANIES, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
                    Amended and Restated as of March 1, 2001

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                                TABLE OF CONTENTS

 1.   Definitions                                                          1
 2.   Participation                                                        3
 3.   Benefit on or After Normal Retirement Date                           4
 4.   Benefit on Early Retirement                                          5
 5.   Pre-Retirement Death Benefit                                         5
 6.   Disability Benefit                                                   6
 7.   Forfeiture for Activity Contrary to the Company's Best Interests     6
 8.   Payment Methods                                                      7
 9.   Obligation to Pay Benefits Hereunder                                 8
 10.  Special Rule for Non-Deductible Amounts                              8
 11.  Change in Control                                                    8
 12.  Concerning Payment; Beneficiaries                                    9
 13.  Payees Presumed Competent                                           10
 14.  Facility of Payment                                                 10
 15.  Notice of Address; Lost Payees                                      11
 16.  Participating Employer                                              11
 17.  No Liability for Payee's Debts                                      11
 18.  Administration                                                      12
 19.  Negation of Employment Contract                                     12
 20.  Modification, Amendment, or Termination                             12
 21.  Set Off and Withholding                                             13
 22.  Claims Procedure                                                    13
 23.  Miscellaneous                                                       14

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                         ANHEUSER-BUSCH COMPANIES, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
                    Amended and Restated as of March 1, 2001

    ANHEUSER-BUSCH COMPANIES, INC., a Delaware corporation, established this
Supplemental Executive Retirement Plan, originally effective as of January 1,
1984.  The Plan has been amended from time to time and the Company hereby
amends and restates the Plan.  The provisions of this restated Plan shall
apply to eligible employees whose termination of employment with the Company
or any other Participating Employer occurs on or after March 1, 2001.  The
Plan is intended to be a nonqualified, unfunded plan to provide supplemental
retirement benefits to a select group of management and highly compensated
employees, as described in Section 201(2) of the Employee Retirement Income
Security Act of 1974 ("ERISA").

    1.   Definitions.  The capitalized terms used in this Plan shall have the
         -----------
meanings herein set out:

         (a)   "Accrued Benefit" means at any given time the benefit
calculated in accordance with the formula in Section 3, using the
Participant's Eligible Earnings and Credited Service as of the date the
calculation is being made.  The benefit so calculated shall be the benefit
that would commence under the basic method of payment on the Participant's
Normal Retirement Date.

         (b)   "Actuarial Equivalent" means a benefit or benefits, or a
payment or payments, which are of equal value at the date of determination to
the benefits for which they are to be substituted.  Equivalence of value is
determined from actuarial calculations based on actuarial assumptions as to
interest and mortality applied with respect to the particular form or forms
of payment under the Basic Plan, disregarding the interest and mortality
assumptions grandfathered as of December 31, 1999 with respect to single sum
and installment payments.

         (c)   "Basic Plan" means the Supplement for the Anheuser-Busch
Salaried Employees Pension Plan maintained as part of the Anheuser-Busch
Companies Pension Plan as now in effect or as hereafter amended.

         (d)   "Board" means the board of directors of the Company.

         (e)   "Committee" means the Committee designated to administer this
Plan, as described in Section 18.

         (f)   "Company" means Anheuser-Busch Companies, Inc., a Delaware
corporation, and any corporation(s) into which or with which it may be
liquidated, merged or consolidated.

         (g)   "Credited Service"  Except as provided herein, a Participant's
Credited Service under this Plan shall be the same as the Participant's
Credited Service under the Basic Plan for all purposes. This generally means
an individual's

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years and completed months of salaried employment with a Participating
Employer after attainment of age 21.   Credited Service shall not exceed 30
years.  Additional Credited Service granted under the Change in Control
provisions of the Anheuser-Busch Companies Pension Plan (Section 19.14)
shall not be Credited Service under this Plan.

         (h)   "Eligible Earnings" means, for any calendar year, the sum of
the employee's annual base salary as of January 1 of  such year plus the
bonus earned during the prior calendar year.  For purposes of computing
benefits under this Plan, the Eligible Earnings to be used shall be the
highest of the Eligible Earnings in the calendar year of termination or any
of the four preceding calendar years.  Eligible Earnings shall recognize any
compensation deferred under the Executive Deferred Compensation Plan and
treat such compensation as if it were not deferred.

         (i)   "Eligible Employee" means a salaried employee of a
Participating Employer who is an active participant currently accruing
benefits in the Basic Plan and who satisfies or in the past has satisfied one
or more of the following requirements:

               i)    He or she is a member of the Company's Strategy
Committee;

               ii)   He or she has a salary band of I or above, or the
equivalent thereof as determined by the Committee, and has, for the current
calendar year, Eligible Earnings of at least $140,000 (indexed as described
below) or such other amount as the Committee shall determine from time to
time; or

               iii)  He or she is an officer of the Company or Anheuser-
Busch, Inc., a Missouri corporation, excluding an assistant officer.

The $140,000 figure shall be indexed as of January 1 of each year commencing
January 1, 1994, in accordance with the Company's overall combined merit
budget increase applicable for such year.  (For 2001, the Eligible Earnings
requirement is $178,853.)

         (j)   "Excess Benefit Plan" means the Anheuser-Busch Companies, Inc.
Excess Benefit Plan, Amended and Restated as of March 1, 2000, and as
thereafter amended, or any other "excess plan" as described in Section 3(36)
of ERISA, maintained by a Participating Employer and as in effect from time
to time.

         (k)   "Normal Retirement Date" means the first day of the month
coincident with or next following the date on which the Participant attains
his or her sixty-fifth (65th) birthday.

         (l)   "Participant" means an Eligible Employee who is participating
in this Plan in accordance with Section 2.

         (m)   "Participating Employer" means the Company and any other
member of the controlled group of corporations of which the Company is a
member

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which is a Participating Employer in the Basic Plan and which has adopted
this Plan in the manner described in Section 16.

         (n)   "Plan" means this Anheuser-Busch Companies, Inc. Supplemental
Executive Retirement Plan, Amended and Restated as of March 1, 2001, and as
thereafter amended.

         (o)   "Primary Social Security Benefit" means, for retirements on or
after the Normal Retirement Date, the estimated primary insurance amount that
would commence immediately under the Federal Social Security Act in effect on
the retirement date assuming that the Participant's earnings for Social
Security purposes are equal to the benefit base as determined under Section
230 of the Federal Social Security Act from the date the Participant attained
age 21 until the Participant's retirement date.

    For purposes of determining the Accrued Benefit prior to a Participant's
Normal Retirement Date, the Primary Social Security Benefit means:

               (i)   An amount determined as described above assuming that
the Participant retires on his or her Normal Retirement Date and that the
Social Security Act and benefit base remain unchanged in the future,
multiplied by

               (ii)  The ratio of the Participant's Credited Service as of
the date of determination to the lesser of thirty (30) years or the
Participant's Credited Service had the Participant remained an active
Participant until his or her Normal Retirement Date.

         (p)   "Subsidiary" means any business entity in which the Company
has an equity interest of at least fifty percent.

Miscellaneous Rules of Construction.  Masculine pronouns include the
-----------------------------------
feminine, the singular includes the plural, and the plural includes the
singular, as the context or application demands.

    2.   Participation.  Each Eligible Employee shall commence participation
         -------------
in this Plan as of the first day of the month coincident with or next
following the date he or she first becomes an Eligible Employee.  An
individual who is an Eligible Employee solely under subparagraph (ii) of
Section 1(i) shall be deemed to have first satisfied the band and
compensation requirements of such provision on January 1 of the first
calendar year for which such requirements are satisfied. Except as provided
in Section 16, once an individual becomes a Participant, he or she shall
continue to participate until termination of employment with a Participating
Employer even if such individual no longer satisfies the band and
compensation requirements to remain an Eligible Employee.  Any Eligible
Employee on October 1, 1993 who was not a Participant in this Plan prior to
its restatement effective October 1, 1993 shall first participate as of
October 1, 1993.

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    3.   Benefit on or after Normal Retirement Date.
         ------------------------------------------

         (a)   A Participant who ceases to be employed by all members of the
Company's controlled group of corporations on or after his or her Normal
Retirement Date shall receive a monthly benefit, payable under the basic
method of payment described in Section 8, and commencing on the first day of
the month coinciding with or immediately following his or her last date of
employment, in an amount which is one-twelfth of the following:

               (i)   For Strategy Committee members, one and two-thirds
percent of Eligible Earnings times Credited Service; for all other
Participants, one and one-half percent of Eligible Earnings times Credited
Service (provided that once a Participant becomes a Strategy Committee
member, the Participant's benefit will be based on the higher formula for all
Credited Service even if the Participant ceases to be a Strategy Committee
member prior to retirement); less
                             ----

               (ii)   The Participant's annual retirement benefit payable at
Normal Retirement Date (or, if applicable, postponed retirement date) under
the Basic Plan, under the basic method of payment described in such plan;
less also
---------

               (iii) Any other benefits from any excess benefit plan or other
retirement plan or arrangement maintained or sponsored by the Company or any
Subsidiary, other than a qualified or nonqualified 401(k) plan or a voluntary
nonqualified deferred compensation plan.  The reduction under this paragraph
shall be the annual benefit under such other plan or plans, payable at Normal
Retirement Date (or, if applicable, postponed retirement date), expressed as
if payable under the basic method of payment described in such plan;
provided, however, that if such basic method is not a form of single life
annuity, then expressed as if payable solely for the lifetime of the
Participant on an Actuarial Equivalent basis; less also
                                              ---------

               (iv)  The Participant's annual Primary Social Security
Benefit.

         (b)   In no event shall a Participant's benefits calculated under
3(a) be less than the difference between (i) the benefit actually payable
under the Basic Plan, and (ii) the benefit that would have been payable under
the Basic Plan without regard to the limitation imposed by Section 401(a)(17)
of the Internal Revenue Code (both amounts to be determined under the basic
method of payment).  This minimum benefit shall be separately calculated with
respect to all Participants, including those whose benefits exceed this
minimum, and shall be treated as a separate obligation payable from a
separate plan solely for the purpose of determining which, if any, portion of
a Participant's benefits is subject to income tax in the state where the
Participant resided when the benefit was earned.

         (c)   A Participant's gross benefit calculated under 3(a)(i) hereof
shall never be lower than the amount that would have been calculated under
subparagraph (a)(i) if the Participant's retirement had occurred on any date
after the Participant's attainment of age 55 and five years of Credited
Service.

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         (d)   If a Participant retires after his or her Normal Retirement
Date, the Participant's gross benefit calculated under 3(a)(i) shall not be
less than the Actuarial Equivalent of the Participant's gross benefit under
3(a)(i) calculated as of the date the Participant attained Normal Retirement
Date.

    4.   Benefit on Early Retirement.  The following benefits are available
         ---------------------------
for Participants who retire prior to Normal Retirement Date:

         (a)   A Participant who ceases to be employed by all members of the
Company's controlled group of corporations prior to his or her Normal
Retirement Date but after reaching age 62 and completing 30 years of Credited
Service shall be entitled to receive a retirement benefit equal to his or her
Accrued Benefit, but commencing on the first day of the month coinciding with
or immediately following the Participant's last date of employment.

         (b)   A Participant who ceases to be employed by all members of the
Company's controlled group of corporations after reaching age 55 and who has
at least five years of Credited Service but who is not eligible to receive a
benefit under paragraph (a) above may, unless disapproved by the Company's
Chief Executive Officer (or, in the case of the Chief Executive Officer, the
Board of Directors), be granted a benefit equal to his or her Accrued Benefit
reduced in accordance with the reduction applicable to the Participant's
retirement benefits payable under the Basic Plan.  Such benefit shall
commence as of the first day of the month coincident with or next following
the Participant's last date of employment.

         (c)   There shall be no benefits payable from this Plan for a
Participant who ceases employment prior to the attainment of age 55, except
as provided in Sections 5, 6 and 11.

    5.   Pre-Retirement Death Benefit.
         ----------------------------

         (a)   If a Participant dies while employed by a Participating
Employer, and after otherwise satisfying the requirements of Sections 3, 4 or
6 to receive a retirement benefit, a death benefit may be paid.  The death
benefit, when combined with certain life insurance proceeds as described
below, is intended to place the Participant in approximately the same
position (after payment of income taxes) as he or she would have been in had
the Participant retired on the date of the Participant's death.

         The amount of the death benefit, if any, payable from this Plan
shall be computed as follows:

               (i)   the After-Tax single lump sum Actuarial Equivalent of
his or her Accrued Benefit under this Plan plus the After-Tax single lump sum
value of any benefits that would have been payable under any Excess Benefit
Plan if the Participant had retired (rather than died) on his or her date of
death, minus
       -----

                                     -5-

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               (ii)  the single lump sum proceeds of any life insurance
policy insuring the life of the Participant, whether group, individual, term,
universal or any other type, available through the Company or any Subsidiary,
regardless of whether the premiums therefor are paid by the Participant or
the Company.  For purposes hereof, each Participant shall be deemed to have
elected to participate in all such life insurance programs available through
the Company or any Subsidiary, whether or not such Participant actually so
participated on the date of his or her death.  Any insurance policy proceeds
directly attributable to supplemental contributions made by the Participant
with respect to any such policy shall not be taken into account for this
purpose.

               (iii) The amount so obtained shall then be grossed up for
income tax purposes by dividing such amount by one minus the tax rate
determined under paragraph (b).

         (b)   For purposes of this Section 5, the term "After-Tax" shall
mean the amount remaining after subtraction of approximate federal, state and
local income and employment taxes expected to be paid on the amount in
question.  The Company's Tax Controller, or other officer with similar
responsibilities, shall determine "After-Tax" amounts, in his or her
discretion, using such presumed tax rates as the Tax Controller shall deem
reasonable and appropriate under the circumstances of the individual
involved.

         (c)   Any amount payable under this Section 5 shall be paid in a
single lump sum to the Beneficiary determined in accordance with Section 12.

    6.   Disability Benefit.  A Participant whose employment terminates
         ------------------
because of disability prior to becoming eligible for benefits under Section 3
or 4 shall be entitled to the Actuarial Equivalent of his or her Accrued
Benefit.  Disability shall be established, as determined by the Committee, if
the Participant is unable for a period reasonably expected to exceed six
months to perform the duties of the position held prior to the incident or
the onset of the illness resulting in the disability.

    7.   Forfeiture for Activity Contrary to the Company's Best Interests.
         ----------------------------------------------------------------

         (a)   Notwithstanding any provision of this Plan to the contrary,
the right of a Participant and his or her beneficiary or beneficiaries to
receive a benefit hereunder is expressly conditioned upon the Participant
neither (i) having ceased to be employed by the Company or any Subsidiary
under circumstances or conditions inimical or contrary to the best interests
of the Company or any Subsidiary, nor (ii) thereafter engaging in any activity
which in the Committee's judgment is inimical or contrary to the best
interests of the Company or any Subsidiary.

         (b)   Should a Participating Employer propose to enforce the
foregoing, it shall give written notice to the Participant or other person(s)
otherwise entitled to payment, and may withhold payment pending final
resolution of the matter.  The Committee shall thereupon investigate the
alleged violation and shall consider, under such rules of procedure as the
Committee shall deem reasonable, such evidence and

                                     -6-

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testimony as the Participating Employer and the Participant or other person
or persons receiving or otherwise entitled to receive payment may wish to
submit in support or refutation of the alleged violation.  The decision of
the Committee shall be final and conclusive.  If the Committee concludes that
there has been a violation, the right of the Participant and all
beneficiaries to receive payment hereunder shall thereupon cease.  If the
Committee concludes that there has not been a violation, the amounts withheld
or suspended shall become payable as though no proceedings had been
instituted nor any payment withheld or suspended, without, however, any
interest for the period during which such amounts were withheld or suspended.

         (c)   The provisions of this Section authorizing the Participating
Employer to give notice of an alleged violation or possible violation of the
conditions of paragraph (a) shall not be interpreted as requiring the
Participating Employer to take such action in each and every instance of a
violation or suspected violation, and in determining whether an attempt to
enforce the forfeiture provisions of this Section shall be made, the
Participating Employer may consider the possible economic damage it might
suffer from the violation or suspected violation, the circumstances
surrounding the discontinuance of the employment of the Participant with the
Participating Employer and the quantum of proof which the Participating
Employer may have of a violation of the aforesaid conditions.

         (d)   The provisions of this Section shall in no way impair or
derogate the rights which a Participating Employer may otherwise have under
any employment contract with a Participant or at law or in equity, to prevent
the disclosure of confidential information or to recover damages for the
disclosure thereof or to prevent a Participant from engaging in competition
with a Participating Employer or to recover damages therefor.

         (e)   The Board (or the Executive Committee at any time the Board of
Directors is not in session) may revoke this Section at any time, whereupon
no Accrued Benefit at that time shall ever be subject to forfeiture or
revocation for any reason, including (but not limited to) any subsequent
amendment to this Plan which reinstates the provisions of this Section or
imposes similar conditions on a Participant's right to receive benefits
hereunder.

         (f)   If the provisions of this Section are invoked at any time
after payments have already been made, the Participating Employer shall have
the right to a refund of all monies theretofore paid.  If the Participating
Employer shall find it necessary to file suit to recover any amount
hereunder, it shall be entitled to recover its reasonable attorney's fees and
costs.

    8.   Payment Methods.  The basic method of payment for Participants
         ---------------
retiring on or after January 1, 1995 shall be monthly payments for life,
beginning on the first day of the month coincident or next following the
Participant's retirement date, with the last payment being for the month in
which the Participant's death occurs, but with 120 monthly payments
guaranteed.  Notwithstanding the foregoing, payment shall be made in a single
lump sum unless the Participant gives written notice to the Committee, at
least one year prior to the date of employment termination, that the

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Participant elects to receive benefits under either the basic method of
payment described above or one of the following optional methods which shall
be the Actuarial Equivalent of the basic method of payment:

         (a)   A two-thirds joint and survivor annuity with such contingent
annuitant as the Participant may designate.  If a Participant has selected
this method of payment and the contingent annuitant dies before payments
begin, the selection shall be revoked, but if the contingent annuitant dies
after payments begin, the selection of this method of payment shall not be
affected and no new contingent annuitant may be named; or

         (b)   Level installments payable annually over a five-year period.

         (c)   Level installments payable annually over a ten-year period.

A Participant may elect an optional method of payment under this Plan which
is different from the method of payment elected under either the Basic Plan
or the Excess Benefit Plan.

    9.   Obligation to Pay Benefits Hereunder.  No trust fund, escrow account
         ------------------------------------
or other segregation of assets shall be established or made by any
Participating Employer to guarantee, secure or assure the payment of any
benefit hereunder.  The obligation of each Participating Employer to pay
benefits pursuant to this Plan shall constitute only a general obligation of
the Participating Employer to the Participants and other payees hereunder in
accordance with the terms hereof.  Payment of benefits by a Participating
Employer hereunder shall be made only from the general funds of the
Participating Employer and no Participant or other potential payee of any
amount hereunder shall have any interest in any particular asset of any
Participating Employer by reason of the existence of this Plan, and the
amounts payable hereunder shall be subject in all respects to claims of
general creditors of the respective Participating Employers until actually
paid over to the person(s) entitled to receive the same.

    10.  Special Rule for Non-Deductible Amounts. Any amount otherwise
         ---------------------------------------
payable under the Plan in a calendar year for which the Company determines
that the amount would not be deductible by any Participating Employer under
section 162(m) of the Internal Revenue Code, shall not be paid until such
calendar year as the Company determines that the amount has ceased to be so
non-deductible.  In the case of any inconsistency between this Section 10 and
any other provision of the Plan, this Section 10 shall govern, except in the
case of Section 11 becoming applicable.

    11.  Change in Control.
         -----------------

         (a)   If a Change in Control (as defined in Section 11(b)) shall
occur, then, notwithstanding anything to the contrary herein, a Participant's
Accrued Benefit under the Plan as of the Change in Control Date shall be
fully vested and non-forfeitable.  Within 30 days after the Change in Control
Date, the Participant shall be paid, in a single lump-sum payment, the
Actuarial Equivalent of such Accrued

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Benefit as of the date of payment.  Notwithstanding the foregoing, if, on the
Change in Control date, a Participant otherwise satisfied the eligibility
requirements for early or normal retirement benefits under Sections 3 or 4,
such Participant's benefit shall be paid as if he or she actually retired on
the Change in Control Date.  The Chief Executive Officer shall be deemed to
have granted any necessary approvals.

         (b)   For purposes of this Plan, a "Change in Control" shall occur
automatically if and when an "Acceleration Date" occurs as defined in the
Company's 1998 Incentive Stock Plan or if and when an analogous change in
control event occurs as defined in any successor to such plan, and the Change
in Control Date shall be the Acceleration Date or analogous date as defined
therein.

         (c)   This Section 11 may be deleted or amended in any way pursuant
to Section 20 at any time prior to a Change in Control.  Notwithstanding
Section 20, following a Change in Control, the provisions of this Section 11
cannot, after the Change in Control Date, be amended in any manner without
the written consent of each individual who was a Participant immediately
prior to the Change in Control.

         (d)   Following a Change in Control, this Plan shall continue in
effect, notwithstanding that payment of benefits shall have been made under
Section 11(a), unless and until terminated by the Company.

         (e)   If a Change in Control occurs, Section 7 shall no longer apply
to any individual whose activities are not under investigation by the
Committee on the Change in Control Date.

         (f)   If by reason of this Section an excise or other special tax
("Excise Tax") is imposed on any payment under this Plan (a "Required
Payment"), the amount of each Required Payment shall be increased by an
amount which, after payment of income taxes, payroll taxes and Excise Tax
thereon, will equal such Excise Tax on the Required Payment.

    12.  Concerning Payment; Beneficiaries.
         ---------------------------------

         (a)   Except as otherwise provided in this Section, any amount
payable under this Plan as a result of or following the death of a
Participant shall be applied only for the benefit of the beneficiary or
beneficiaries designated by the Participant pursuant to this Section.  Each
Participant shall specifically designate, by name, on forms provided by the
Committee, the beneficiary(ies) to whom any such amounts shall be paid.  A
Participant may change or revoke a beneficiary designation without the
consent of the beneficiary(ies) at any time by filing a new beneficiary
designation form with the Committee.  The filing of a new form shall
automatically revoke any forms previously filed with the Committee.  A
beneficiary designation form not properly filed with the Committee prior to
the death of the Participant shall have no validity under the Plan.

         (b)   Except as provided in Section 8, any such designation shall be
contingent on the designated beneficiary surviving the Participant.  If a
designated

                                     -9-

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beneficiary survives the Participant but dies before receiving the entire
amount payable to the designated beneficiary hereunder, the amount which
would otherwise have been so paid shall be paid to the estate of the deceased
beneficiary unless a contrary direction was made by the Participant, in which
case such direction shall control.  More than one beneficiary, and
alternative or contingent beneficiaries, may be designated, in which case the
Participant shall specify the shares, terms and conditions upon which amounts
shall be paid to such multiple or alternative or contingent beneficiaries,
all of which must be satisfactory to the Committee.

         (c)   If no beneficiary designation is on file with the Committee at
the time of the Participant's death or no beneficiary designated by the
Participant survives the Participant, the Participant's estate shall be
deemed to be the beneficiary designated to receive any amounts then remaining
payable under this Plan.

         (d)   In determining any question concerning a Participant's
beneficiary, the latest designation filed with the Committee shall control
and intervening changes in circumstances shall be ignored; provided, if a
Participant's spouse is designated as beneficiary but thereafter is divorced
from the Participant, such designation shall become invalid as of the date of
divorce unless the Participant files a beneficiary designation form with the
Committee after the date of divorce confirming designation of such former
spouse as beneficiary.

         (e)   Any check issued on or before the date of a Participant's
death shall remain payable to the Participant, whether or not the check is
received by the Participant prior to death.  Any check issued after the date
of the Participant's death shall be the property of the Participant's
beneficiaries determined in accordance with this Section 12.

    13.  Payees Presumed Competent.  Every person receiving or claiming
         -------------------------
amounts payable under this Plan shall be conclusively presumed to be mentally
competent and of legal age until the Committee receives a written notice, in
form, manner and substance acceptable to it, that any such person is
incompetent or is a minor or that a guardian or other person legally vested
with the care of the person's  estate has been appointed.

    14.  Facility of Payment.  If any amount is payable hereunder to a minor
         -------------------
or other person under legal disability or otherwise incapable of managing his
or her own affairs, as determined by the Committee in its sole discretion,
payment thereof shall be made in one (or any combination) of the following
ways, as the Committee shall determine in its sole discretion:

               (i)   Directly to said minor or other person;

               (ii)  To a custodian for said minor or other person (whether
designated by the Company or any other person) under the Missouri Transfers
to Minors Law, the Missouri Personal Custodian Law or a similar law of any
other jurisdiction;

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<PAGE> 13

               (iii) To the conservator of the estate of said minor or other
person; or

               (iv)  To some relative or friend of such minor or other person
for the support, welfare or education of such minor or other person.

The Committee shall not be required to see to the application of any payment
so made, and payment to the person determined by the Committee shall fully
discharge the Plan and the Participating Employer from any further
accountability or responsibility with respect to the amount so paid.

    15.  Notice of Address; Lost Payees.  The address of every Participant or
         ------------------------------
other person entitled to any payment hereunder on file for purposes of the
Basic Plan shall be used for all purposes of this Plan.  If the Committee is
unable to locate any person, or the estate of such person, after a reasonable
attempt to locate such person has been made, within two years after an amount
becomes payable hereunder, the right and interest of such payee in and to the
amount payable shall terminate on the last day of such two-year period.

    16.  Participating Employer.  Any Participating Employer in the Basic
         ----------------------
Plan may become a Participating Employer in this Plan by submitting to the
Committee a resolution of its board of directors adopting the provisions of
this Plan.  The adoption of this Plan by a Participating Employer shall
constitute an automatic delegation by it to the Board of full authority to
amend or terminate the Plan and to the Committee to administer this Plan.
Benefits payable under this Plan for a Participant whose employment
terminates from a Participating Employer shall be solely the obligation of
that Participating Employer.  A Participating Employer may withdraw from the
Plan by action of its board of directors.  If such a withdrawal shall occur,
no benefit shall be payable under this Plan to any Participant who has not
otherwise satisfied the eligibility requirements of Sections 3, 4, 6 or 11,
as of the date of withdrawal. Notwithstanding the foregoing, any benefits in
pay status as of the date of withdrawal shall continue to be paid in full in
accordance with the terms hereof.

    17.  No Liability for Payee's Debts.  Amounts payable under this Plan
         ------------------------------
shall not be liable for or subject to the debts or liabilities of any payee,
and no amount payable hereunder shall at any time or in any manner be subject
to anticipation, alienation, sale, transfer, assignment, pledge or
encumbrance of any kind, whether to any Participating Employer or to any
other party whomsoever, and whether with or without consideration.  If any
payee shall attempt to, or shall anticipate, alienate, sell, transfer,
assign, pledge or otherwise encumber any amounts payable hereunder or any
part thereof, or if by reason of bankruptcy or other event, such amounts
would at any time be received or enjoyed by persons other than such payee,
except as otherwise permitted by this Plan, the Committee in its sole
discretion may terminate such person's interest in any such amounts and hold
or apply such amounts to or for the use of such person, his or her spouse,
children or other dependents, or any of them, as the Committee may determine.

                                     -11-

<PAGE>
<PAGE> 14

    18.  Administration.  This Plan shall be administered by a Committee
         --------------
composed of the Company's Chief Executive Officer, Chief Financial Officer
and Corporate Secretary.  The Committee shall administer the Plan in
accordance with its terms and shall have all powers necessary to carry out
the provisions of the Plan.  The Committee shall interpret the Plan; shall
determine all questions arising in the administration, interpretation, and
application of the Plan; and shall construe any ambiguity, supply any
omission, and reconcile any inconsistency in such manner and to such extent
as the Committee deems proper in its discretion.  Any interpretation or
construction placed upon any term or provision of the Plan by the Committee,
any decisions and determinations of the Committee arising under the Plan,
including without limiting the generality of the foregoing:  (i) the
eligibility of any individual to become or remain a Participant and a
Participant's status as such, and Eligible Earnings for any year; (ii) the
time, method and amounts of payments payable under the Plan; (iii) the rights
of Participants; and any other action or determination or decision whatsoever
taken or made by the Committee in good faith shall be final, conclusive, and
binding upon all persons concerned, including, but not limited to, the
Company, all Participating Employers and all Participants and beneficiaries.

    19.  Negation of Employment Contract.  This Plan does not create an
         -------------------------------
employment contract and nothing contained herein shall be deemed (a) to give
a Participant the right to be retained in the employ of any Participating
Employer; (b) to interfere with the right of any Participating Employer to
discharge a Participant at any time with or without cause; (c) to give any
Participating Employer the right to require a Participant to remain in its
employ; or (d) to interfere with the right of a Participant to terminate
employment voluntarily whenever the Participant chooses.

    20.  Modification, Amendment, or Termination.  Except as provided in
         ---------------------------------------
Section 11, the Company has the absolute right to modify or amend this Plan
in whole or in part, at any time and from time to time, effective as of any
specified prior, current or future date.  Such amendment shall be made in
accordance with applicable corporate procedures then in effect for similar
matters.  The Company also reserves the right to terminate this Plan, in
whole or in part, voluntarily as of any specified current or future date.
This Plan shall be automatically terminated upon a termination of the Basic
Plan, a dissolution of the Company (but not upon a merger, consolidation,
reorganization or recapitalization of the Company unless the surviving
corporation therein specifically terminates this Plan); upon the Company
being legally adjudicated a bankrupt; upon the appointment of a receiver or
trustee in bankruptcy with respect to the Company's assets and business if
such appointment is not set aside within 90 days thereafter; or upon the
making by the Company of an assignment for the benefit of creditors.  Upon
termination of this Plan, no additional employee shall become eligible to
participate herein, and no additional benefits shall be accrued hereunder.
Notwithstanding the termination of this Plan, no Participant affected thereby
shall be deprived of the right to receive his or her Accrued Benefit at the
time and in the manner provided by this Plan.

                                     -12-

<PAGE>
<PAGE> 15

    21.  Set Off and Withholding.
         -----------------------

         (a)  Notwithstanding Section 17, any amount then due and payable by
the Company or any Participating Employer to any Participant or the
beneficiary of any Participant under this Plan may be offset by any amounts
owed to the Company or any Subsidiary by the Participant and/or the
beneficiary for any reason and in any capacity whatsoever, as the Company may
determine in its sole and absolute discretion.

         (b)  There shall be deducted from any amount payable under this Plan
all taxes required to be withheld by any federal, state or local government.
Participants and their beneficiaries shall bear any and all federal, state,
local and other income taxes and other taxes imposed on amounts paid under
the Plan, whether or not withholding is required or carried out in accordance
with this provision.

    22.  Claims Procedures.
         -----------------

         (a)  The Committee shall make all decisions and determinations
respecting the right of any person to a payment under the Plan.

         (b)   The following procedure shall be followed with respect to
claims under the Plan:

               (i)   Any claimant who believes he or she is entitled to a
benefit under this Plan shall submit a claim for such benefit in writing to
the Committee.

               (ii)  Any decision by the Committee denying a claim in whole
or in part shall be stated in writing by the Committee and delivered or
mailed to the claimant within ninety (90) days after receipt of the claim by
the Committee unless special circumstances require an extension of time for
processing, but in any event within one hundred eighty (180) days after such
receipt.  If such an extension of time is taken, the Committee shall inform
the claimant of the delay in writing before the expiration of the initial
ninety (90) day period, including the reasons therefor and the date by which
the Committee expects to render a decision.  Any decision denying a claim
shall set forth the specific reasons for the denial with specific references
to Plan provisions on which the denial is based, a description of any
additional material or information necessary to perfect the claim and the
reasons therefor, and an explanation of the Plan's claim review procedure,
all written in a manner calculated to be understood by the claimant.  If the
Committee does not notify the claimant of denial of the claim or the need for
an extension of time within the initial ninety (90) day period, the claim
shall be deemed denied.

               (iii) If a claim is denied in whole or in part, the claimant
or his duly authorized representative may request a review by the Committee
of the decision upon written application to the Committee within sixty (60)
days after notification of the decision.  The claimant or his duly authorized
representative may review pertinent

                                     -13-

<PAGE>
<PAGE> 16

documents and submit issues and comments in writing.  The Committee shall
make its decision on review not later than sixty (60) days after receipt of
the request for review unless special circumstances require an extension of
time for processing, in which case its decision shall be rendered as soon as
possible, but not later than one hundred twenty (120) days after receipt of
the request for review.  If such an extension of time is taken, the Committee
shall inform the claimant of the delay in writing before the expiration of
the initial sixty (60) day period.  The decision on review shall be in
writing and shall include specific reasons for the decision, written in a
manner calculated to be understood by the claimant and specific references to
the pertinent plan provisions on which the decision is based.  If the
Committee does not notify the claimant of its decision on review within the
period herein provided for, the claim shall be deemed denied on review.

         (c)   The Committee may adopt such rules as it deems necessary,
desirable, or appropriate to carry out its duties under this Section 22.
Any action or determination or decision whatsoever taken or made by the
Committee under this Section 22 shall be final, conclusive, and binding upon
all persons concerned, including, but not limited to, the Company, all
Participating Employers and all Participants and beneficiaries.

         (d)   The procedure provided for in this Section 22 shall be the
sole, exclusive and mandatory procedure for resolving any dispute under this
Plan; provided, that if a Participant wishes to make a valid legal challenge
to the Committee's determination and he has entered into an agreement with
the Company to arbitrate disputes arising from his or her employment with the
Company, such legal challenge shall be resolved pursuant to the arbitration
procedures in that agreement and the Participant's burden of proof in any
arbitration shall be the same as if the dispute were tried in a court
proceeding.

         (e)   Notwithstanding the foregoing, upon a Change in Control as
defined in Section 11, Section (d) above shall not apply.

         (f)   In any arbitration or litigation to enforce rights and
obligations hereunder, except as required by law or separate contract between
the parties, the unsuccessful party shall pay the successful party an amount
equal to all reasonable out-of-pocket expenses (including reasonable legal
expenses and court costs) incurred by the successful party.

    23.  Miscellaneous.
         -------------

         (a)   In any instance in which the Committee believes such action to
be in the best interest of the party entitled to receive any payment under
this Plan, or to be in the best interests of any Participating Employer (such
as to eliminate small account balances or to avoid the administrative
inconvenience and expense which might be incurred if relatively small amounts
were to be paid to multiple recipients over lengthy periods of time), amounts
payable hereunder may be paid in a single lump-sum

                                     -14-

<PAGE>
<PAGE> 17

payment, the amount of which shall be the Actuarial Equivalent of the payment
in question.

         (b)   In the event of the death of a Participant or any beneficiary,
the Committee need not make any payment provided for by this Plan until it
shall have received proof satisfactory to it of such death and of the
identity, existence and location of the party thereafter entitled to receive
payments under this Plan.

         (c)   In making any payment or taking any action under this Plan,
the Participating Employers and the Committee shall be absolutely protected in
relying upon any finding or statement of facts believed to be true, and on
any written instrument believed to have been signed by the proper party.

         (d)   Subject to the applicable provisions of the Employee
Retirement Income Security Act of 1974 which provide to the contrary, this
Plan shall be administered, construed, and enforced according to the laws of
the State of Missouri (other than choice of law), and in courts situated in
that state.

    IN WITNESS WHEREOF, ANHEUSER-BUSCH COMPANIES, INC. has caused this
Amended and Restated Plan to be executed by its officers thereunto duly
authorized, this 15th day of March, 2001, effective as of March 1, 2001.

                                    ANHEUSER-BUSCH COMPANIES, INC.

                                    By   /s/ W. Randolph Baker
                                         -----------------------------
                                         W. Randolph Baker
                                         Chief Financial Officer

                                     -15-<PAGE> 1
                                ANHEUSER-BUSCH
                     EXECUTIVE DEFERRED COMPENSATION PLAN
                 (AMENDED AND RESTATED AS OF JANUARY 1, 2001)

                                   Preamble
                                   --------

Anheuser-Busch Companies, Inc. (the "Company") adopted the Anheuser-Busch
Executive Deferred Compensation Plan (the "Plan") for the purpose of
providing deferred compensation to a select group of management and highly
compensated employees, effective as of January 1, 1994.  The Company reserved
to itself the right to amend the Plan.  The Plan has been amended from time
to time.  The Company deems it necessary and desirable to amend and restate
the Plan in its entirety as hereinafter set forth, effective January 1, 2001.

I.    DEFINITIONS

      Account:  The separate record of the interest of each Participant in
      -------
this Plan which the Company maintains in accordance with Section IV.  A
Participant's Account shall include such subaccounts as may be required to
account separately for amounts subject to the Participant's various elections
respecting deferral and hypothetical investment under the Plan, and the term
"Account" shall include subaccount where the context so requires.

      Base Salary:  The substantially equal amounts owed by a Participating
      -----------
Employer to an Employee on a regular periodic basis in exchange for services
rendered during a Year, regardless of when paid.

      Bonus:  Any amount awarded by a Participating Employer to an Employee
      -----
for a Year under a bonus plan, regardless of when awarded or paid.

      Company:  Anheuser-Busch Companies, Inc.
      -------

      Deferral Amounts:  The amounts a Participant defers under this Plan
      ----------------
from time to time.

      Effective Date:  The original Effective Date was January 1, 1994.  The
      --------------
Effective Date of this amendment and restatement of the Plan is January 1,
2001.

      Eligible Compensation:  As to any Year, a Participant's Base Salary
      ---------------------
and Bonus for such Year.  No payments under the Company's Supplemental
Life Insurance Program or any like program, taxable or non-taxable fringe
benefits, stock-related compensation, international service premiums or
other cash or in-kind compensation shall be taken into account as Eligible
Compensation.

                                      1

<PAGE> 2

      Eligible Employee:  With respect to any Year, an Employee who satisfies
      -----------------
the requirements for participation in the Plan for the Year, as determined
pursuant to Section II.

      Employee:  A salaried common-law employee of a Participating Employer
      --------
as determined from time to time.  In no event shall any individual be
classified as an Employee while he or she is in any of the following
categories:

             (a)   Independent contractors, including non-employee directors
                   of the Company and its subsidiaries.

             (b)   Leased employees.

             (c)   Non-resident aliens.

             (d)   Collective bargaining unit members.

      Measurement Fund:  Any of the measurement funds provided for under the
      ----------------
Plan from time to time.  As of January 1, 2001, the Measurement Funds include
the Fixed Income Fund described in Section VI, the Vanguard Institutional
Index Fund (designed to mirror approximately the return of the Standard and
Poors' S&P 500 Index), the Vanguard Total Stock Market Index Fund
(Institutional Shares) (designed to mirror approximately the return of the
Wilshire 5000 Index) and a Money Market Rate Fund, which shall provide a
yield equal to the Company's current monthly average commercial paper cost
for each calendar month.

      Participant:  With respect to any Year, an Eligible Employee who elects
      -----------
to defer a portion of his or her Eligible Compensation for the Year or an
Eligible Employee or former Eligible Employee who so elected with respect
to an earlier Year and has an Account during the Year.

      Participating Employer:  The Company and any other business entity in
      ----------------------
which the Company has an equity interest of at least  fifty percent (50%),
and which maintains this Plan pursuant to Section X, as determined from time
to time.

      Plan:  Anheuser-Busch Executive Deferred Compensation Plan, the Plan
      ----
set forth herein, as duly amended from time to time.

      Related Employer:  Each Participating Employer and each other legal
      ----------------
entity as to which the Company has at least fifty percent (50%) of the voting
power.

      Year:  Each calendar year commencing on or after January 1, 1994.
      ----

                                      2

<PAGE> 3

II.   ELIGIBILITY

      An Employee shall be an Eligible Employee for a Year only if the sum of
the Employee's annual rate of Base Salary as of October 1 of the immediately
preceding calendar year and the Employee's Bonus for the second preceding
calendar year exceeds $250,000, as adjusted for each Year after 1994 in
accordance with the Company's budgeted internal merit increase factor for
that Year (hereinafter "$250,000 As Adjusted").

III.  DEFERRAL ELECTIONS

      3.01   Types of Election; Time of Election.  Each Participant for a
             -----------------------------------
             Year shall make the following elections in writing on a form
             provided by the Company and delivered to the Company not later
             than the Company may direct.

             (a)   If the Participant is an Eligible Employee for the Year,
                   the portion of the Participant's Eligible Compensation for
                   the Year that shall be deferred; however:

                   (i)   The maximum portion of each installment of a
                         Participant's Base Salary subject to deferral
                         election hereunder shall be equal to a pro rata
                                                                --------
                         share of the portion of the Participant's Base
                         Salary in excess of $250,000 As Adjusted.  If by
                         reason of Sec. 3.04, an installment is insufficient
                         to support any deferral, no make-up deferral shall
                         be made from any future Base Salary installment.

                   (ii)  If a Participant's annual Base Salary rate is
                         changed during a Year, the amounts deferred prior
                         to the date of change shall not be changed.  The
                         maximum portion of each installment that can be
                         deferred after the change shall be determined by:
                         (i) adding (a) the Participant's actual Base Salary
                                     -
                         for the portion of the Year before the effective
                         date of the change, and (b) the Participant's Base
                                                  -
                         Salary rate per pay period on the effective date of
                         the change multiplied by the number of pay periods
                         remaining in the Year on the effective date of the
                         change; (ii) subtracting from this sum (a) $250,000
                                                                 -
                         As Adjusted, and (b) the total amount deferred
                                           -
                         during the Year before the effective date of the
                         change; and (iii) dividing the remainder by the
                         number of pay periods remaining in the Year as
                         of the effective date of the change.

                   (iii) The maximum portion of a Participant's Bonus subject
                         to deferral election hereunder shall be equal to
                         the amount by which the Participant's Eligible
                         Compensation exceeds the

                                      3

<PAGE> 4

                         sum of the portion of the Participant's Base Salary
                         deferred hereunder plus $250,000 As Adjusted.

                   (iv)  If any portion of a Participant's total compensation
                         from all Participating Employers for a Year would
                         not be deductible for the Year by any Participating
                         Employer under section 162(m) of the Internal
                         Revenue Code, the Participant may elect to defer an
                         indefinite amount equal to such non-deductible
                         portion of the Participant's compensation, and the
                         Company may adopt such special rules and procedures
                         as it deems appropriate to carry out such election.

             (b)   The period of deferral for amounts deferred during the
                   Year, which may be a definite period of five (5), ten
                   (10), fifteen (15) or twenty (20) Years including the Year
                   of deferral, or an indefinite period ending on termination
                   of the Participant's employment with all Related
                   Employers, subject to extension provided for in Secs.
                   3.01(d), 3.01(e) and 3.02 or acceleration as provided for
                   in Secs. 7.01(b), 7.05, 7.06 and 7.07.

             (c)   Whether  payment of the Participant's Deferral Amounts for
                   the Year and any income, gain or loss thereon shall be
                   made in a single sum, in five (5) installments, or in ten
                   (10) installments (subject to acceleration as provided for
                   in Secs. 7.02(c), 7.05, 7.06 and 7.07), or in a series of
                   substantially equal periodic payments (not less frequent
                   than annually) for a period of 10 years, as provided for
                   in 4 U.S.C. Sec. 114.

             (d)   Whether payment of the Participant's Deferral Amounts for
                   the Year and any income, gain or loss thereon that become
                   due on account of termination of the Participant's
                   employment with all Related Employers shall begin as of
                   the first day of the calendar month following the
                   termination or the January 1 following the termination.

             (e)   Except as provided for in this Sec. 3.01(e), all elections
                   pursuant to this Sec. 3.01 shall be irrevocable.
                   Notwithstanding anything, a Participant may elect (i) a
                   longer deferral period permitted under Sec. 3.01(b),
                   including without limitation the period ending on
                   termination of employment, (ii) a longer period for
                   payment of installments permitted under Sec. 3.01(c) for
                   amounts previously deferred under the Plan or (iii) the
                   later commencement date permitted in Sec. 3.01(d);
                   provided that such an election shall be of no force or
                   effect unless the Participant provides the Company with
                   written notice of the change at least one year prior to
                   the date payment would begin in the absence of such an
                   election or termination of the Participant's employment
                   with all Related Employers, whichever occurs first.

                                      4

<PAGE> 5

      3.02.  Special Rule for Non-deductible Amounts.  Any amount otherwise
             ---------------------------------------
payable under the Plan in a Year for which the Company determines that the
amount would not be deductible by any Participating Employer under section
162(m) of the Internal Revenue Code shall not be paid until such Year as the
Company determines that the amount has ceased to be non-deductible by any
Participating Employer under section 162(m) of the Internal Revenue Code. In
the case of any inconsistency between this Sec. 3.02 and any other provision
of the Plan, this Sec. 3.02 shall govern, except in the case of Sec. 7.06.

      3.03.  Termination of Deferrals on Termination of Employment.  If a
             -----------------------------------------------------
Participant's employment with all Participating Employers is terminated
before the end of a Year as to which the Participant elected to defer a
portion of Eligible Compensation under the Plan:

             (a)   Except for deferrals described in Sec. 3.01(a)(iv), all
                   such deferrals shall cease upon such termination of
                   employment, whether or not the Participant receives any
                   amounts otherwise classified as Eligible Compensation
                   after such termination, and

             (b)   No portion of the Participant's Eligible Compensation
                   previously deferred during the Year shall be refunded to
                   the Participant, even though the Participant's total
                   Eligible Compensation for the Year may be less than
                   $250,000 As Adjusted.

      3.04.  Miscellaneous Limitations on Deferral.  Notwithstanding Sec.
             -------------------------------------
3.01, a Participant's deferral election for a Year shall be of no force or
effect to the extent that it requires deferral of: (i) any amounts the
Participant elects to contribute under the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan on either a before-tax or after-tax basis and
the Anheuser-Busch 401(k) Restoration Plan; (ii) any amounts the Participant
elects or is required to contribute under the Group Insurance Plan for
Certain Employees of Anheuser-Busch Companies, Inc., the Anheuser-Busch
Dependent Care Assistance Plan, the Anheuser-Busch Salaried Long-Term
Disability Plan, any cafeteria plan designed to comply with section 125 of
the Internal Revenue Code or any other welfare benefit plan maintained by any
Participating Employer; (iii) any payroll taxes, income taxes or any other
taxes required to be withheld from the Participant's compensation which is
subject to such taxes during the Year, including but not limited to FICA
taxes and federal, state and local income taxes required to be withheld on
the Participant's wages for the Year; and (iv) any amounts payable to a court
or other individual or entity by court order.

IV.   ACCOUNTS

      4.01.  Maintenance of Accounts.  The Company will maintain an Account
             -----------------------
for the benefit of each Participant.

                                      5

<PAGE> 6

      4.02.  Crediting Deferral Amounts.  Each Participant's Account shall be
             --------------------------
credited with his or her Deferral Amounts at the time they would have been
paid to the Participant but for his or her deferral election pursuant to Sec.
3.01(a).

      4.03.  Crediting or Debiting Investment Returns.  The Company shall
             ----------------------------------------
credit or debit, as the case may be, each Participant's Account to reflect
the return on hypothetical investments as provided in Sec. 5.02.

      4.04.  Debiting Payments.  Each Participant's Account shall be debited
             -----------------
by the amount of each payment pursuant to Section VII with respect to the
Participant at the time of such payment.

V.    HYPOTHETICAL INVESTMENTS

      5.01.  Election of Hypothetical Investments.
             ------------------------------------

             (a)   Prior to becoming a Participant, each Eligible Employee
                   must select one or more Measurement Funds in which he or
                   she wishes hypothetically to invest (including Rate/Term
                   combinations under the Fixed Income Fund, if applicable).

             (b)   A Participant may change his or her combination of
                   Measurement Funds as of the first day of any calendar
                   month, by notice in form prescribed by the Company, at
                   such time before the effective date of the change as the
                   Company may require, subject to the limitations of
                   Sec. 6.01(g), if applicable.

             (c)   A Participant's right to change his or her combination of
                   Measurement Funds shall continue until the entire amount
                   of his or her Account is distributed pursuant to Section
                   VII. If a Participant dies before distribution of the
                   Participant's entire Account is complete, the
                   Participant's beneficiary shall have the right to make the
                   elections reserved to the Participant in Sec. 5.01(b) from
                   the date the Company receives written notice of the
                   Participant's death through the date of final
                   distribution; provided: (i) if a deceased Participant has
                   two or more beneficiaries, the beneficiaries shall
                   thereafter have the right to make such elections with
                   respect to the shares of the Participant's Account to
                   which they are respectively entitled as of the date the
                   Company receives written notice of the Participant's
                   death; and (ii) if a beneficiary is a minor or otherwise
                   legally incompetent, a parent or legal guardian of the
                   beneficiary, as the case may be, shall exercise such right
                   on behalf of the beneficiary.

                                      6

<PAGE> 7

      5.02.  Crediting Returns.  The Company shall, at such times and in such
             -----------------
manner as it in its sole discretion determines to be appropriate, credit or
debit each Participant's Account, as the case may be, with the appropriate
amount of income, gain or loss, as if such Account had been invested in the
combination of Measurement Funds the Participant has selected in accordance
with Section 5.01.

      5.03.  If Payment Is Delayed.
             ---------------------

             (a)   In the event payment of an amount due a Participant occurs
                   thirty (30) or fewer days after its due date, no income,
                   gain or loss shall accrue during the period between the
                   due date and the date of payment.

             (b)   In the event payment of any amount due a Participant
                   occurs more than thirty (30) days after its due date,
                   interest shall accrue during the period between the due
                   date and the date of payment at an annual rate equal to
                   the prime rate published by the Wall Street Journal,
                   Midwest Edition, as of the due date.

      5.04.  If Payment Is Accelerated.  If payment of an amount due a
             -------------------------
Participant is accelerated for any reason, no interest shall accrue with
respect to the accelerated amount after the date scheduled for accelerated
payment, notwithstanding that the Participant may previously have elected a
longer term or a later payment date, except as provided for in Sec. 5.03(b).

VI.   FIXED INCOME FUND

      6.01.  Operation of the Fixed Income Fund.   The Fixed Income Fund
             ----------------------------------
shall be operated as follows:

             (a)   Before the beginning of each Year, the Company shall offer
                   one or more combinations of interest rates (hereinafter
                   "Rates") and time periods (hereinafter "Terms") which
                   shall be available during the Year with respect to current
                   Deferral Amounts, prior Deferral Amounts as to which the
                   previous Terms expired on December 31 of the prior Year,
                   and existing Account balances in other Measurement Funds
                   from time to time during the Year.

             (b)   The Rates and Terms for each Year shall be determined by
                   the Chief Financial Officer of the Company and shall
                   correspond generally to the borrowing rates and terms that
                   are expected to be available to the Company for the Year
                   on the basis of market rates in effect prior to
                   announcement to Eligible Employees of the Rates and Terms
                   for the Year.

                                      7

<PAGE> 8

             (c)   All Terms shall commence on a January 1 and expire on
                   a December 31.  For example, if a Participant elects a
                   combination of a 3-Year Term and a 3% Rate for all amounts
                   deferred by the Participant for 2001, the 3% Rate shall
                   apply to all amounts deferred for 2001 from the date of
                   deferral through December 31, 2003.

             (d)   The Terms elected by a Participant need not be limited to
                   the deferral period for the amount subject to the Term
                   elected.  For example, a Participant may elect a 10-Year
                   Term for an amount the Participant has elected to be
                   distributed after 5 Years.

             (e)   A Participant may make separate elections regarding the
                   Rate/Term combinations for the Participant's current
                   Deferral Amounts, existing Account balances in other
                   Measurement Funds and amounts attributable to prior
                   Deferral Amounts and interest accrued thereon as to which
                   the previous Terms expired on December 31 of the prior
                   Year.

             (f)   Notwithstanding anything, a Participant may elect that all
                   or any portion of his or her Account in existence as of
                   December 31, 2000 be transferred to another Measurement
                   Fund or another Rate/Term combination available under the
                   Fixed Income Fund as of January 1, 2001, whether or not
                   the Term that applies to any portion of the Participant's
                   Account would otherwise have expired on December 31, 2000.

             (g)   A Participant may elect transfer of his or her current
                   Deferral Amounts or any portion of his or her existing
                   Account then hypothetically invested in other Measurement
                   Funds into the Fixed Income Fund after the first day of a
                   Year.  However, except as provided in Sec. 6.01(f), any
                   amounts that a Participant elects to transfer into the
                   Fixed Income Fund during a Year shall remain in the Fixed
                   Income Fund until expiration of the Term elected by the
                   Participant with respect to such amounts, and interest
                   shall begin to accrue on any such amounts as of the
                   effective date of the Participant's election or the date
                   they would have been paid to the Participant if the
                   Participant had not elected deferral thereof, whichever
                   is later.

      6.02.  Accrual of Interest on Installment Payments. If any amount in
             -------------------------------------------
the Fixed Income Fund is paid in installments pursuant to a Participant's
election in accordance with Sec. 3.01(c) or (e), interest shall accrue on any
balance thereof remaining to be paid in installments from time to time in
accordance with the Participant or beneficiary's elections from time to time
as provided for in Sec. 5.01 until payment is complete; provided, in the
absence of an election by a Participant or beneficiary in accordance with the

                                      8

<PAGE> 9

foregoing, the Participant or beneficiary shall be deemed to have elected the
Rate in effect for the longest time period available as of the due date of
the election.

VII.  PAYMENTS TO PARTICIPANTS

      7.01.  Time Payment Begins.
             -------------------

             (a)   Subject to the remaining provisions of this Section VII,
                   payment of the portion of a Participant's Account
                   attributable to amounts deferred for a Year shall begin
                   as of January 1 of the Year following expiration of the
                   deferral period the Participant elected therefor in
                   accordance with Sec. 3.01(b) or (e).

             (b)   Notwithstanding Sec. 7.01(a), payment of a Participant's
                   Account shall begin not later than the first day of the
                   calendar month following termination of the Participant's
                   employment with all Related Employers on account of
                   retirement, death or any reason or the January 1 following
                   the termination, as elected by the Participant pursuant to
                   Sec. 3.01(d) or (e).

      7.02.  Form of Payment.
             ---------------

             (a)   If a Participant elects payment of any amount in a single
                   sum pursuant to Sec. 3.01(c), such single sum amount shall
                   be due and payable as of the date determined pursuant to
                   Sec. 7.01.

             (b)   If a Participant elects payment of any amount in five (5)
                   or ten (10)  installments pursuant to Sec. 3.01(c) or (e),
                   the initial installment shall be paid as of the first day
                   of the calendar month following termination of the
                   Participant's employment with all Related Employers or as
                   of the January 1 following the termination, as elected by
                   the Participant pursuant to Sec. 3.01(d) or (e), and the
                   remaining four (4) or nine (9) installments shall be paid
                   as of January 1 of the next four (4) or nine (9) calendar
                   years.

             (c)   If a Participant elects payment of any amount in a series
                   of substantially equal period payments (not less frequent
                   than annually) for a period of 10 years, as provided for
                   in 4 U.S.C. Sec. 114, the Company shall modify the
                   installment method provided for in Secs. 7.02(b) and 7.04
                   to the extent required to satisfy the requirements of
                   4 U.S.C. Sec. 114.

             (d)   Notwithstanding Secs. 7.02(b) and (c): (i) if a
                   Participant's employment with all Related Employers
                   terminates before age fifty-five (55) for any reason other
                   than the Participant's death or disability, or (ii) if a

                                      9

<PAGE> 10

                   Participant's termination of employment with all Related
                   Employers occurs before the end of the Participant's first
                   Year of deferral under the Plan, the Company may determine
                   that payment of the  Participant's entire Account under
                   the Plan shall be paid in a single sum, notwithstanding
                   any election by the Participant to the contrary.

      7.03.  Set Off and Withholding.
             -----------------------

             (a)   Any amount then due and payable by the Company to any
                   Participant or the successor to any Participant under
                   this Plan may be offset by any amounts owed to any Related
                   Employer by the Participant and/or the successor for any
                   reason and in any capacity whatsoever, as the Company may
                   determine in its sole and absolute discretion.

             (b)   There shall be deducted from any amount payable under this
                   Plan all taxes required to be withheld by any federal,
                   state or local government.  Participants and their
                   beneficiaries shall bear any and all federal, state, local
                   and other income taxes and other taxes imposed on amounts
                   paid under the Plan, whether or not withholding is
                   required or carried out in accordance with this provision.

      7.04.  Determination of Installment Amounts.  If payment of any portion
             ------------------------------------
of a Participant's Account occurs in installments, the amount of each
installment shall be equal to the amount thereof remaining unpaid as of the
December 31 preceding payment, divided by the number of installments then
remaining to be paid.  For example, with respect to an Account that is
payable in five (5) installments, to determine the amount of the first
installment, divide the total amount of the Account as of the preceding
December 31 by five (5); to determine the amount of the second installment,
divide the amount of the Account remaining to be paid as of the preceding
December 31 by four (4), and so on.  Notwithstanding the foregoing, the
company shall modify the installment method provided for in this Sec. 7.04
to the extent required by Sec. 7.02(c).

      7.05.  Acceleration of Payment for Unforeseeable Emergency.
             ---------------------------------------------------

             (a)   The Company may determine that payment of any portion
                   of a Participant's Account under the Plan shall be
                   accelerated on application of the Participant or
                   beneficiary on account of and subject to reasonable
                   proof of unforeseeable emergency as provided for in this
                   Sec. 7.05.

             (b)   For purposes of this Sec. 7.05, an unforeseeable emergency
                   is a severe financial hardship to the Participant or
                   beneficiary resulting from a sudden and unexpected illness
                   or accident of the Participant or beneficiary or of a
                   dependent (as defined in section 152(a) of the

                                      10

<PAGE> 11

                   Internal Revenue Code) of the Participant or beneficiary,
                   loss of the Participant's or beneficiary's property due to
                   casualty, or other similar extraordinary and unforeseeable
                   circumstances arising as a result of events beyond the
                   control of the Participant or beneficiary.  The
                   circumstances that will constitute an unforeseeable
                   emergency will depend upon the facts of each case, but, in
                   any case, payment may not be made to the extent that such
                   hardship is or may be relieved--

                   (i)   Through reimbursement or compensation by insurance
                         or otherwise,

                   (ii)  By liquidation of the Participant's or beneficiary's
                         assets, to the extent the liquidation of such assets
                         would not itself cause severe financial hardship, or

                   (iii) By cessation of deferrals under this Plan or by
                         cessation of elective deferrals if and when possible
                         under any other deferred compensation plan for which
                         the Participant or beneficiary is eligible; provided
                         that a Participant shall not be permitted to cease
                         deferrals under this plan as of any date other than
                         a January 1.

      Examples of what are not considered to be unforeseeable emergencies
      include the need to send a Participant's or beneficiary's child to
      college or the desire to purchase a home.

             (c)   Withdrawal of amounts because of an unforeseeable
                   emergency shall be permitted only to the extent reasonably
                   needed to satisfy the emergency need.

             (d)   All determinations under this Sec. 7.05 shall be made
                   by an Administrative Committee appointed pursuant to
                   Sec. 8.01(c).

             (e)   Notwithstanding any other provision of this Sec. 7.05,
                   authorization of distribution on account of hardship under
                   the Anheuser-Busch Deferred Income Stock Purchase and
                   Savings Plan shall automatically terminate any deferral
                   election of the Participant then in force with respect to
                   Eligible Compensation and further deferrals under this
                   Plan shall not be permitted for a period of twelve
                   (12) months.

      7.06.  Change in Control.
             -----------------

             (a)   If a Change in Control (as defined in Sec. 7.06(b)) shall
                   occur, then, notwithstanding anything to the contrary
                   herein, the entire amount

                                      11

<PAGE> 12

                   of a Participant's Account under the Plan as of the Change
                   in Control Date shall be paid in a single sum within
                   30 days after the Change in Control Date.

             (b)   For purposes of this Plan, a "Change in Control" shall
                   occur automatically if and when an "Acceleration Date"
                   occurs as defined in the Company's 1998 Incentive Stock
                   Plan or if and when an analogous change in control event
                   occurs as defined in any successor to such plan, and the
                   Change in Control Date shall be the Acceleration Date or
                   analogous date as defined therein.

             (c)   This Sec. 7.06 may be deleted or amended in any way
                   pursuant to Section IX at any time prior to a Change in
                   Control. Notwithstanding Section IX, following a Change in
                   Control, the provisions of this Sec. 7.06 cannot, after
                   the Change in Control Date, be amended in any manner
                   without the written consent of each individual who was a
                   Participant immediately prior to the Change in Control.

             (d)   Following a Change in Control, this Plan may continue in
                   effect, notwithstanding that payment of benefits shall
                   have been made under Sec. 7.06(a).

             (e)   If by reason of this Sec. 7.06 an excise or other special
                   tax ("Excise Tax") is imposed on any payment under the
                   Plan (a "Required Payment"), the amount of each Required
                   Payment shall be increased by an amount which, after
                   payment of income taxes, payroll taxes and Excise Tax
                   thereon, will equal such Excise Tax on the Required
                   Payment.

      7.07.  General Right to Accelerate Payment.  Notwithstanding Secs. 7.01
             -----------------------------------
and 7.02, the Company by its proper officers in its sole discretion may
direct current payment of all Participants' Accounts under the Plan.

      7.08.  Payments After Death.
             --------------------

             (a)   Except as otherwise provided in this Sec. 7.08, any amount
                   payable under this Plan as a result of or following the
                   death of a Participant shall be applied only for the
                   benefit of the beneficiary or beneficiaries designated by
                   the Participant pursuant to this Sec. 7.08.  Each
                   Participant shall specifically designate, by name, on
                   forms provided by the Company, the beneficiary(ies) to
                   whom any such amounts shall be paid.  A Participant may
                   change or revoke a beneficiary designation without the
                   consent of the beneficiary(ies) at any time by filing a
                   new beneficiary designation form with the Company.  The
                   filing of a new form shall automatically revoke any

                                      12

<PAGE> 13

                   forms previously filed with the Company.  A beneficiary
                   designation form not properly filed with the Company prior
                   to the death of the Participant shall have no validity
                   under the Plan.

             (b)   Any such designation shall be contingent on the designated
                   beneficiary surviving the Participant.  If a designated
                   beneficiary survives the Participant but dies before
                   receiving the entire amount payable to the designated
                   beneficiary hereunder, the amount which would otherwise
                   have been so paid shall be paid to the estate of the
                   deceased beneficiary unless a contrary direction was made
                   by the Participant, in which case such direction shall
                   control. More than one beneficiary, and alternative or
                   contingent beneficiaries, may be designated, in which case
                   the Participant shall specify the shares, terms and
                   conditions upon which amounts shall be paid to such
                   multiple or alternative or contingent beneficiaries, all
                   of which must be satisfactory to the Company.

             (c)   If no beneficiary designation is on file with the Company
                   at the time of the Participant's death or no beneficiary
                   designated by the Participant survives the Participant,
                   the Participant's estate shall be deemed to be the
                   beneficiary designated to receive any portion of the
                   Participant's  Account then remaining payable under this
                   Plan.

             (d)   In determining any question concerning a Participant's
                   beneficiary, the latest designation filed with the Company
                   shall control and intervening changes in circumstances
                   shall be ignored; provided, if a Participant's spouse is
                   designated as beneficiary but thereafter is divorced from
                   the Participant, such designation shall become invalid as
                   of the date of divorce unless the Participant files a
                   beneficiary designation form with the Company after the
                   date of divorce confirming designation of such former
                   spouse as beneficiary.

             (e)   Any check issued on or before the date of a Participant's
                   death shall remain payable to the Participant, whether or
                   not the check is received by the Participant prior to
                   death. Any check issued after the date of the
                   Participant's death shall be the property of the
                   Participant's beneficiaries determined in accordance with
                   this Sec. 7.08.

             (f)   A Participant's election of payment in installments shall
                   not be altered by reason of the Participant's death.

      7.09.  All Payments to be Made by the Company.  All payments due any
             --------------------------------------
Participant or beneficiary under this Plan shall be the sole responsibility
of the Company.

                                      13

<PAGE> 14

VIII. ADMINISTRATION

      8.01.  Administrative Duties of the Company.
             ------------------------------------

             (a)   The Company shall have sole responsibility for the
                   administration of the Plan.

             (b)   The Company shall administer the Plan in accordance with
                   its terms and shall have all powers necessary to carry out
                   the provisions of the Plan.  The Company shall interpret
                   the Plan; shall determine all questions arising in the
                   administration, interpretation, and application of the
                   Plan; and shall construe any ambiguity, supply any
                   omission, and reconcile any inconsistency in such manner
                   and to such extent as the Company deems proper.  Any
                   interpretation or construction placed upon any term or
                   provision of the Plan by the Company, any decisions and
                   determinations of the Company arising under the Plan,
                   including without limiting the generality of the
                   foregoing:  (i) the eligibility of  any individual to
                   become or remain a Participant and a Participant's status
                   as such, and Eligible Compensation for any Year; (ii) the
                   time, method and amounts of payments payable under the
                   Plan; (iii) the rights of Participants; and any other
                   action or determination or decision whatsoever taken or
                   made by the Company in good faith shall be final,
                   conclusive, and binding upon all persons concerned,
                   including, but not limited to, the Company, all
                   Participating Employers and all Participants and
                   beneficiaries.

             (c)   The Chief Financial Officer of the Company shall appoint
                   one or more Employees to carry out the Company's duties
                   hereunder.

             (d)   The Company may employ accountants, counsel, specialists
                   and other persons necessary to help carry out its duties
                   and responsibilities under the Plan.  The Company or any
                   appointee shall be entitled to rely conclusively upon any
                   opinions or reports which shall be furnished to it or him
                   by such accountants, counsel, specialists, and other
                   persons.

             (e)   No Employee shall participate in determining his or her
                   own entitlement under the Plan.

      8.02.  Claims Procedures.
             -----------------

             (a)   The Company  shall make all decisions and determinations
                   respecting the right of any person to a payment under
                   the Plan.

                                      14

<PAGE> 15

             (b)   The following procedure shall be followed with respect to
                   claims under the Plan:

                   (i)   Any claimant who believes he or she is entitled to
                         a benefit under this Plan shall submit a claim for
                         such benefit in writing to the Company.

                   (ii)  Any decision by the Company denying a claim in whole
                         or in part shall be stated in writing by the Company
                         and delivered or mailed to the claimant within
                         ninety (90) days after receipt of the claim by the
                         Company unless special circumstances require an
                         extension of time for processing, but in any event
                         within one hundred eighty (180) days after such
                         receipt.  If such an extension of time is taken, the
                         Company shall inform the claimant of the delay in
                         writing before the expiration of the initial ninety
                         (90) day period, including the reasons therefor and
                         the date by which the Company expects to render a
                         decision.  Any decision denying a claim shall set
                         forth the specific reasons for the denial with
                         specific references to Plan provisions on which the
                         denial is based, a description of any additional
                         material or information necessary to perfect the
                         claim and the reasons therefor, and an explanation
                         of the Plan's claim review procedure as provided for
                         in Sec. 8.02(b)(iii), all written in a manner
                         calculated to be understood by the claimant.  If the
                         Company does not notify the claimant of denial of
                         the claim or the need for an extension of time
                         within the initial ninety (90) day period, the claim
                         shall be deemed denied.

                   (iii) If a claim is denied in whole or in part, the
                         claimant or his or her duly authorized
                         representative may request a review by the Company
                         of the decision upon written application to the
                         Company within sixty (60) days after notification of
                         the decision.  The claimant or his or her duly
                         authorized representative may review pertinent
                         documents and submit issues and comments in writing.
                         The Company shall make its decision on review not
                         later than sixty (60) days after receipt of the
                         request for review unless special circumstances
                         require an extension of time for processing, in
                         which case its decision shall be rendered as soon as
                         possible, but not later than one hundred twenty
                         (120) days after receipt of the request for review.
                         If such an extension of time is taken, the Company
                         shall inform the claimant of the delay in writing
                         before the expiration of the initial sixty (60) day
                         period.  The decision on review shall be in writing
                         and shall include specific reasons for the decision,
                         written in

                                      15

<PAGE> 16

                         a manner calculated to be understood by the claimant
                         and specific references to the pertinent plan
                         provisions on which the decision is based.  If the
                         Company does not notify the claimant of its decision
                         on review within the period herein provided for, the
                         claim shall be deemed denied on review.

             (c)   The Company may adopt such rules as it deems necessary,
                   desirable, or appropriate to carry out its duties under
                   this Sec. 8.02.   All rules, decisions and determinations
                   of the Company under this Sec. 8.02 shall be uniformly and
                   consistently applied.  Any action or determination or
                   decision whatsoever taken or made by the Company under
                   this Sec. 8.02 in good faith shall be final, conclusive,
                   and binding upon all persons concerned, including, but not
                   limited to, the Company, all Participating Employers and
                   all Participants and beneficiaries.

             (d)   The procedure provided for in this Sec. 8.02 shall be the
                   sole, exclusive and mandatory procedure for resolving any
                   dispute under this Plan; provided that if a Participant
                   wishes to make a legal challenge to the Company's
                   determination and he or she has entered into an agreement
                   with the Company to arbitrate disputes arising from his or
                   her employment with the Company, such legal challenge
                   shall be resolved pursuant to the arbitration procedures
                   in that agreement and the Participant's burden of proof in
                   any arbitration shall be the same as if the dispute were
                   tried in a court proceeding.

             (e)   Notwithstanding the foregoing, upon a Change in Control as
                   defined in Sec. 7.06, Sec. 8.02(d) shall not apply.

      8.03.  Books and Records.
             -----------------

             (a)   The Company shall keep such books, records, and other data
                   as it deems necessary for proper administration of the
                   Plan, including but not limited to records of each
                   Participant's Eligible Compensation, elections, Account,
                   amounts payable to each Participant from time to time, and
                   amounts paid to each Participant or beneficiary from time
                   to time.

             (b)   The records of the Company shall be conclusive on all
                   persons unless proved incorrect to the satisfaction of
                   the Company.

             (c)   The Company shall comply with all reporting and disclosure
                   requirements of the law and shall maintain all records
                   required by law.

                                      16

<PAGE> 17

      8.04.  Notices.
             -------

             (a)   Any notice from the Company to any Participant shall
                   be in writing and shall be given by delivery to the
                   Participant, or by mailing to the last known residence
                   address of the Participant.  Any notice from a Participant
                   to the Company shall be in writing and shall be given by
                   delivery to the Pension Department of the Company at the
                   Company's headquarters, except as otherwise designated by
                   the Company.  Notices shall be effective on the date of
                   actual delivery.

             (b)   Each Participant shall furnish all information, including
                   post office address and each change of post office
                   address, proofs, receipts and releases, as may be required
                   by the Company.

             (c)   Any communication, statement or notice addressed to any
                   individual at the last post office address filed with the
                   Company shall be binding for all purposes of the Plan, and
                   the Company shall not be obligated to search for or
                   ascertain the whereabouts of any such individual.

             (d)   Except for Participants' deferral and investment elections
                   under the Plan, any notice required by the Plan may be
                   waived by the Company or any Participant.

IX.   AMENDMENT AND TERMINATION

      The Chief Financial Officer of the Company shall have authority to
amend or terminate the Plan on behalf of the Company in his sole discretion
at any time, except as follows:

             (a)   Amendments that provide for substantial increases in
                   benefits shall require approval by the Compensation
                   Committee of the Board of Directors of the Company.

             (b)   No amendment shall reduce the amount accrued for the
                   benefit of a Participant immediately prior to the
                   effective date of the amendment.

             (c)   No amendment shall reduce any Rate elected by a
                   Participant before expiration of the Term provided
                   therefor when the election was made unless the amount
                   governed by the Rate and Term is distributed to the
                   Participant in connection with termination of the Plan or
                   otherwise pursuant to the Plan.

                                      17

<PAGE> 18

X.    PARTICIPATING EMPLOYERS OTHER THAN THE COMPANY

      10.01. Adoption.  A Participating Employer other than the Company shall
             --------
adopt this Plan by written instrument executed by its proper officers,
subject to the written approval of the Company.  Adoption of the Plan by a
Participating Employer shall constitute automatic delegation of all rights
and duties it might otherwise reserve to itself under the Plan to the
Company, including full authority to amend or terminate the Plan.

      10.02. Withdrawal.  A Participating Employer shall automatically
             ----------
withdraw from the Plan if and when the Company ceases to have an equity
interest of at least fifty percent (50%) without the execution of any other
instrument.  A Participating Employer may voluntarily withdraw from the Plan
on not less than thirty (30) days' written notice from its proper officers.

      10.03. Succession.  In the event of dissolution, merger, consolidation,
             ----------
or spin-off involving a Participating Employer, the entity surviving the
transaction shall succeed to the rights and duties of the affected
Participating Employer without the execution of any other instrument.

XI.   MISCELLANEOUS

      11.01. Company's Obligations Unsecured.  It is the intention of the
             -------------------------------
Company and all Participants that the Plan shall be unfunded for tax purposes
and for purposes of Title I of the Employee Retirement Income Security Act of
1974, as amended from time to time.  Amounts payable to Participants under
this Plan shall be paid solely from the general assets of the Company as they
come due from time to time.  No Participant and no successor of any
Participant shall have any property interest whatsoever in any asset of the
Company on account of participation in this Plan.  Participants' rights under
this Plan shall be no greater than the right of an unsecured general creditor
of the Company.   Nothing in this Plan shall require the Company to invest
any amount in any asset or type of asset.

      11.02. No Alienation.  Except as required by law, amounts payable under
             -------------
this Plan shall not be subject in any manner to anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, charge, garnishment,
execution, or levy of any kind, either voluntary or involuntary; any attempt
to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or
otherwise dispose of any right to payment hereunder shall be void, and the
Company shall not in any manner be liable for, or subject to, the debts,
contracts, liabilities, engagements or torts of any Participant or other
person.

      11.03. No Waiver of Rights.  Except as provided for in Sec. 8.02, no
             -------------------
failure or delay by the Company or any Participant to exercise any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.

                                      18

<PAGE> 19

      11.04. Severability.  The invalidity of any particular clause,
             ------------
provision or covenant herein shall not invalidate all or any part of the
remainder of this Plan, but such remainder shall be and remain valid in all
respects as fully as the law will permit.

      11.05. Legal Expenses.  In any proceeding to enforce rights and
             --------------
obligations hereunder, the unsuccessful party shall pay the successful party
an amount equal to all reasonable out-of-pocket expenses (including
reasonable legal expenses and court costs) incurred by the successful party.

      11.06. Presumption of Competence.  Every person receiving or claiming
             -------------------------
amounts payable under this Plan shall be conclusively presumed to be mentally
competent and of legal age unless and until the Company receives proof
satisfactory to the Company that the person is incompetent or is a minor or
that a guardian or other person legally vested with the care of the person's
estate has been appointed.

      11.07. Facility of Payment.  If any amount is payable hereunder to a
             -------------------
minor or other person under legal disability or otherwise incapable of
managing his or her own affairs, as determined by the Company in its sole
discretion, payment thereof shall be made in one (or any combination) of the
following ways, as the Company shall determine in its sole discretion:

                   (i)   Directly to said minor or other person;

                   (ii)  To a custodian for said minor or other person
                         (whether designated by the Company or any other
                         person) under the Missouri Transfers to Minors Law,
                         the Missouri Personal Custodian Law or a similar law
                         of any other jurisdiction;

                   (iii) To the conservator of the estate of said minor or
                         other person; or

                   (iv)  To some relative or friend of such minor or other
                         person for the support, welfare or education of such
                         minor or other person.

The Company shall not be required to see to the application of any payment so
made, and payment to the person determined by the Company shall fully
discharge the Company from any further accountability or responsibility with
respect to the amount so paid.

      11.08. No Guarantee of Employment or Compensation.  No provision of
             ------------------------------------------
this Plan shall restrict any Related Employer from discharging a Participant
from employment or restrict any Participant from resigning from employment
with any Related Employer.  No provision of this Plan shall restrict any
Related Employer from increasing or decreasing the compensation of any
Employee.

                                      19

<PAGE> 20

      11.09. Plan Provisions Binding. The provisions of the Plan shall be
             -----------------------
binding upon the Company, all Participating Employers and all persons
entitled to benefits under the Plan and their respective successors, heirs
and legal representatives.

      11.10. Rules of Interpretation.  Words of gender shall include persons
             -----------------------
and entities of any gender, the plural shall include the singular, and the
singular shall include the plural.  Captions are intended to assist in
reference and shall not be interpreted as part of the Plan.

      11.11. Missouri Law Controls.  Subject to the applicable provisions of
             ---------------------
the Employee Retirement Income Security Act of 1974 which provide to the
contrary, this Plan shall be administered, construed, and enforced according
to the laws of the State of Missouri (other than choice of law) and in Courts
situated in that State. The Company and all Eligible Employees and former
Eligible Employees submit to the exclusive jurisdiction of the Circuit Court
for the County of St. Louis, State of Missouri ("County Court") residing in
St. Louis County for purposes of all legal proceedings (including, but not
limited to, actions to compel arbitration) arising out of or relating to this
Plan or the transactions contemplated hereby.  In the even that the County
Court is for any reason not available for purposes of any such legal
proceeding, then the Company and all Eligible Employees and former Eligible
Employees submit to the exclusive jurisdiction of the United States District
Court for the Eastern District of Missouri, Eastern Division (St. Louis).
The Company and all Eligible Employees and former Eligible Employees
irrevocably waive, to the fullest extent permitted by law, any objections
that they may now or hereafter have to the aforesaid venue, including without
limitation any claim that any such proceeding brought in either such court
has been brought in an inconvenient forum, provided however, this provision
shall not limit the ability of the Company or any Eligible Employee or form
Eligible Employee to enforce the other provisions of this section.

      11.12. Counterparts.  This Plan may be executed in two or more
             ------------
counterparts, any one of which shall constitute an original without reference
to the others.

      IN WITNESS WHEREOF, Anheuser-Busch Companies, Inc. executed this
amended and restated Plan this 21st day of December, 2000, effective as of
the 1st day of January, 2001.

                                    ANHEUSER-BUSCH COMPANIES, INC.

                                    By /s/ W. Randolph Baker
                                       ---------------------------
                                       W. Randolph Baker
                                       Chief Financial Officer

                                      20

<PAGE> 21

                                ANHEUSER-BUSCH
                     EXECUTIVE DEFERRED COMPENSATION PLAN

                  Amended and Restated as of January 1, 2001

<PAGE> 22

                              TABLE OF CONTENTS
                              -----------------

Preamble                                                                   1
--------

      I.  DEFINITIONS                                                      1
          Base Salary                                                      1
          Bonus                                                            1
          Company                                                          1
          Effective Date                                                   1
          Eligible Compensation                                            1
          Eligible Employee                                                2
          Employee                                                         2
          Measurement Fund                                                 2
          Participant                                                      2
          Participating Employer                                           2
          Plan                                                             2
          Related Employer                                                 2
          Year                                                             2

     II.  ELIGIBILITY                                                      3

    III.  DEFERRAL ELECTIONS                                               3
          3.01.   Types of Election; Time of Election                      3
          3.02.   Special Rule for Non-deductible Amounts                  5
          3.03.   Termination of Deferrals on Termination of Employment    5
          3.04.   Miscellaneous Limitations on Deferral                    5

     IV.  ACCOUNTS                                                         5
          4.01.   Maintenance of Accounts                                  5
          4.02.   Crediting Deferral Amounts                               6
          4.03.   Crediting or Debiting Investment Returns                 6
          4.04.   Debiting Payments                                        6

      V.  HYPOTHETICAL INVESTMENTS                                         6
          5.01.   Election of Hypothetical Investments                     6
          5.02.   Crediting Returns                                        7
          5.03.   If Payment is Delayed                                    7
          5.04.   If Payment is Accelerated                                7

                                      i

<PAGE> 23

     VI.  FIXED INCOME FUND                                                7
          6.01.   Operation of the Fixed Income Fund                       7
          6.02.   Accrual of Interest on Installment Payments              8

    VII.  PAYMENTS TO PARTICIPANTS                                         9
          7.01.   Time Payment Begins                                      9
          7.02.   Form of Payment                                          9
          7.03.   Set Off and Withholding                                 10
          7.04.   Determination of Installment Amounts                    10
          7.05.   Acceleration of Payment for Unforeseeable Emergency     10
          7.06.   Change in Control                                       11
          7.07.   General Right to Accelerate Payment                     12
          7.08.   Payment After Death                                     12
          7.09.   All Payments to be Made by the Company                  13

   VIII.  ADMINISTRATION                                                  14
          8.01.   Administrative Duties of the Company                    14
          8.02.   Claims Procedures                                       14
          8.03.   Books and Records                                       16
          8.04.   Notices                                                 17

     IX.  AMENDMENT AND TERMINATION                                       17

      X.  PARTICIPATING EMPLOYERS OTHER THAN THE COMPANY                  18
          10.01.  Adoption                                                18
          10.02.  Withdrawal                                              18
          10.03.  Succession                                              18

     XI.  MISCELLANEOUS                                                   18
          11.01.  Company's Obligations Unsecured                         18
          11.02.  No Alienation                                           18
          11.03.  No Waiver of Rights                                     18
          11.04.  Severability                                            19
          11.05.  Legal Expenses                                          19
          11.06.  Presumption of Competence                               19
          11.07.  Facility of Payment                                     19
          11.08.  No Guarantee of Employment or Compensation              19
          11.09.  Plan Provisions Binding                                 20
          11.10.  Rules of Interpretation                                 20
          11.11.  Missouri Law Controls                                   20
          11.12.  Counterparts                                            20

                                      ii

<PAGE> 24

                                     iii

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]