ANHEUSER BUSCH COMPANIES INC.
ONE BUSCH PLACE
ST LOUIS, MO 63118
(314) 577 - 2000
www.anheuser-busch.com

UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
21-Nov-00 INITIATED   at Strong Buy   Deutsche Bc Alex. Br
15-Nov-00 DOWNGRADE   Accumulate  Maintain Position AG Edwards
15-Nov-00 DOWNGRADE   Buy  Hold CSFB
15-Nov-00 DOWNGRADE   Buy  Outperform Salomon Smith Barney
8-Aug-00 INITIATED   at Buy   Banc of America Sec
7-July-00 INITIATED   at Buy   ING Barings
11-May-00 INITIATED   at Strong Buy   Warburg Dillon Read
27-Apr-00 DOWNGRADE   Buy  Accumulate AG Edwards
27-Apr-00 DOWNGRADE   Strong Buy  Outperform Morgan Stanley Dean Witter
29-Feb-00 UPGRADE   Outperform  Strong Buy Morgan Stanley Dean Witter
22-Feb-00 UPGRADE   Maintain Position  Buy AG Edwards
26-Jan-00 INITIATED   at Buy   Deutsche Bc Alex. Br
17-Nov-99 UPGRADE   Market Perform  Buy DLJ
1-July-99 UPGRADE   Outperform  Outperform Signif. Schroder & Co
13-Apr-99 DOWNGRADE   NT Buy  NT Accumulate Merrill Lynch
26-Feb-99 UPGRADE   Outperform  Buy Salomon Smith Barney
22-Feb-99 UPGRADE   Market Perform  Buy JP Morgan
4-Feb-99 UPGRADE   Perform In Line  Outperform Schroder & Co