1. 14
ANHEUSER-BUSCH COMPANIES, INC. 2007 ANNUAL REPORT
I N T E R N AT I O N A L B E E R
O P E R AT I O N S
Budweiser and other Anheuser-Busch brands are sold in key beer markets
worldwide through Anheuser-Busch International, Inc., the company’s
international beer subsidiary. In 2007, international sales volume including
equity volume was 57 million barrels, a 5.2 percent increase over 2006.
Net income for the international segment has grown an average of 20 percent
per year since 1999 and was up 13.4 percent for 2007. Anheuser-Busch has
a presence in a number of important international markets.
MEXICO
ABOVE: Anheuser-Busch
sells Budweiser and other Mexico is a market with both solid volume growth and good profitability. The company’s 50 percent
brands in leading beer
equity investment in Mexico’s leading brewer, Grupo Modelo, represents the majority of Anheuser-Busch’s
markets around the world.
international profits. Modelo’s flagship brand, Corona, is the fifth best-selling beer in the world, and the
In addition to its wholly
owned Budweiser and company maintains a 56 percent share of the Mexico beer market. Modelo is the exclusive importer of
Harbin operations and
Budweiser and Bud Light, with Bud Light being the No.1 brand in Mexico’s rapidly growing import
its alliances with Tsingtao
segment. Sales of Budweiser and Bud Light were up 27 percent in 2007.
and Grupo Modelo, the
company has licensed
brewing and distribution
In addition to Modelo’s strong contribution to Anheuser-Busch’s earnings growth, Modelo’s cash dividend
agreements with some of
to the company was $403 million in 2007, an increase of more than $160 million. The market value of
the world’s leading brewers.
Anheuser-Busch’s investment in Modelo is now worth approximately $10 billion, compared with the original
$1.6 billion investment.
CHINA
Anheuser-Busch has a strong foundation in China, the largest and fastest-growing beer market in the world,
having successfully operated in the country for more than 12 years. Through its wholly owned Budweiser and
Harbin operations, plus a 27 percent equity stake in Tsingtao, Anheuser-Busch is well-positioned to capitalize
on the long-term growth opportunity in China. Budweiser is the No.1 super-premium brand in China, and as
part of the company’s growth strategy, the company is expanding it into 100 new markets by 2010, allowing
the brand to reach an incremental 250 million new consumers.

2. 9.9 %
+
Net Sales
5.2%
+
Volume
12.8 %
+
Equity Income

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ANHEUSER-BUSCH COMPANIES, INC. 2007 ANNUAL REPORT
2 0 07 H I G H L I G H T S F R O M
AROUND THE WORLD
CHINA Anheuser-Busch began importing Corona in China.
On July 7, Budweiser launched a monthlong, nationwide
bike riding tour in China
to celebrate the one-year
countdown to the Beijing
2008 Olympic Games.
INDIA Anheuser-Busch
partnered with Crown
Beers International, Ltd.
to brew and distribute
Budweiser and local brands
in southern India. Budweiser
production began in May in
a new brewery.
CANADA Bud Light volume grew nearly 30 percent in 2007 with
support from innovative marketing programs and sponsorships
such as the National Hockey League, Toronto Blue Jays and
Wakestock — Canada’s largest action sports festival.
PANAMÁ Anheuser-Busch and Cervecería Barú Panamá,
owned by Heineken International, signed a license agreement
to brew and distribute Budweiser in Panamá. It is the first time
in Budweiser’s 130-year history the brand will be brewed in
Central America.
COLOMBIA Anheuser-Busch and Heineken
International de Colombia S.A. signed an
agreement in February for Heineken to import,
distribute and market Budweiser.
UNITED KINGDOM In mid-March,
Anheuser-Busch began importing Estrella
Damm Barcelona, the flagship beer brand
of Grupo Damm, to the United Kingdom.
RUSSIA Anheuser-Busch continues to
expand distribution for Bud throughout
the top-10 markets in Russia, including
Moscow and St. Petersburg.
ARGENTINA Budweiser grew at a
double-digit rate for the fifth straight
year in Argentina.

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ANHEUSER-BUSCH COMPANIES, INC. 2007 ANNUAL REPORT

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ANHEUSER-BUSCH COMPANIES, INC. 2007 ANNUAL REPORT
To support this growth, in April 2007 Anheuser-Busch announced it would build in Foshan, China, its first
international greenfield brewery. It is scheduled for completion in late 2008.
The Beijing 2008 Olympic Games is an important event for China and with Budweiser as its official
international beer sponsor, provides an excellent vehicle for reinforcing Budweiser’s super-premium global
beer image.
Anheuser-Busch’s ownership of China’s oldest brewer, The Harbin Brewery Group, Ltd., which was acquired
by the company in 2004, has enabled the company to compete in the fast-growing Chinese premium segment
with a well-known brand. Since purchasing Harbin, Anheuser-Busch has expanded the Harbin premium
brands to more than 70 new markets outside northeast China, the company’s traditional stronghold.
Anheuser-Busch also has an important strategic alliance with Tsingtao Brewery Co., Ltd., one of China’s
oldest and largest brewers. Tsingtao beer is the No. 1 brand in the domestic premium segment and the
No. 2 brand in the super-premium segment behind Budweiser. The premium and super-premium segments
are the fastest-growing segments in the Chinese beer industry. Tsingtao had an excellent year, with increased
volume and profits.
INDIA
In India, Anheuser-Busch and Crown Beers International, Ltd., formed a joint venture to brew, market and
distribute Budweiser and other brands in India. The joint venture includes a new state-of-the-art brewery
in the southern city of Hyderabad that was completed in March 2007. In June, the first locally produced
Budweiser became available in southern and western India, just after the introduction of Armstrong, the joint
venture’s new premium strong beer. India, with its strong economy, large population and a growing middle
class, offers good long-term potential for Anheuser-Busch.
UNITED KINGDOM
While business in Asia saw significant growth, in the United Kingdom Anheuser-Busch faced diffi-
cult industry conditions in 2007. Several factors — including excise tax increases and new bans on
smoking in pubs and restaurants, combined with unfavorable weather — affected volume, which
was down 9.6 percent for the year. The company is taking measures to reduce its cost structure
while introducing fresh marketing to capitalize on Budweiser’s strong image in the country.
CANADA
In Canada, Anheuser-Busch has a very successful partnership with Labatt Brewing Company,
Ltd. Anheuser-Busch and Labatt first partnered in 1980 and today have a licensed brewing,
distribution and joint marketing agreement. Budweiser is the No.1 beer in Canada, and
Bud Light is the country’s fastest-growing beer and seventh best-selling beer brand, with
Bud Light volume growing 30 percent in 2007.
The company continues to build its business and pursue growth internationally.
Anheuser-Busch is well-positioned to sustain growth in its overseas operations.
Anheuser-Busch International
sells Budweiser in more than
80 countries.

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ANHEUSER-BUSCH COMPANIES, INC. 2007 ANNUAL REPORT
Budweiser is brewed locally in
12 countries
outside the United States under
the direct supervision of
Anheuser-Busch brewmasters.