prnewswire.shtml

AUDIO PROVIDED BY: DIAGEO

We are confident the company will successfully restore its
volume and market share growth momentum, and we are forecasting earnings per
share growth in the low single digit percent range for 2005(2), excluding the
one-time gains .S. the first quarter 2004.4 million
pretax gain ($.65, a decrease of 3 percent, compared
to the first quarter 2004.6 $(292.2% 4. Important
factors that could cause actual results to differ (favorably or unfavorably)
from the expectations stated in this release include , among others, changes in
the pricing environment for the company's products; changes in U.1 0.6) 55.7)
Basic Earnings
Per Share $.9)
Diluted Earnings
Per Share $.02) (3. + Elims.
2005
Gross Sales $3,213 . These groups previously
comprised the Other segment.2
Plant and equipment, net 8,947.3 $138.

Sites that concern themselves mainly with and serve the brewing industry; supplies and equipment, wholesalers and trade associations, for example.

lueders flavours

NEW YORK ,

THIS IS A MULTIVU SPECIAL REPORT

NUTRITIONAL LABELING-ON EVERYTHING WE EAT AND DRINK-IS REQUIRED BY LAW. "The domestic beer industry and Anheuser-Busch experienced volume
declines and higher commodity cost pressures.5 Up 130.7 Up 5.
Worldwide Anheuser-Busch beer sales volume for the first quarter 2005 rose
6.A.5%
Equity Income $106 $89 Up $17 Up 19.2%
Net Income $513 $550 Dn $37 Dn 6. the first quarter 2004, driven
primarily by a 29 percent increase in international beer segment net
sales due to the Harbin acquisition, higher entertainment segment sales
and increased commodity-based sales from packaging operations.

Notes

1.9 $.66 $.0 $12.8 35.6 (6.8 205.9 1,727.2
Treasury stock, at cost (15,122.3
Decrease in long-term debt (22.

clippings flavours

Tel: +972-4-846-2401
E-mail: oyehudai@frutarom.com / Kenny@gk-biz.com

9 Up 2.8 27. the first quarter 2004, to 24.

International beer pretax income was down 5 percent primarily due to
lower volume in China, partially offset by the inclusion of Harbin
results.5) (18.

Anheuser-Busch Companies, Inc .4) (526.8) (3.9 83.2
Net Income $512.7 -- 208.9
Net Income $534.9 103.1 22.3
Total inventories 760.5 1,191.5)
Accumulated non-owner changes in equity (945.4) --
Other, net 53.2 593.1) (200.

bottling hops

1 Dn 0. 2004
2005 2004 $ %
Gross Sales $4,085 $4,003 Up $82 Up 2.
In the first quarter 2004, the company recognized in other income a
$19.5 percent(2).4 (12.)
2005 2004 $ %
Gross Sales $4,085 .8) (101.7
Income Before
Income Taxes $781.9 193.7) $753.4

Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable $1,112.6) (578.2 43.

flavours malt

com/broadcast/22029/consumer.7 percent for the first
quarter 2005 vs.4 million barrels.
Excluding Harbin, international beer volume decreased 1.3 $(237. On the
date the forward-looking statements are made, the statements represent the
company's expectations , but the company's expectations concerning its future
operations, earnings and prospects may change .S.0 $82.2) (2,073.1) (582.0 $78.7) (4.3 154.3
Other current assets 209.6 8,278.

dme beer

BUT DID YOU KNOW PRODUCT INFORMATION LIKE THIS DOESN'T EXIST ON PACKAGING
FOR MOST BEER, WINE AND SPIRITS?

IN A RECENT POLL , 76% OF CONSUMERS SAY THE NUTRITIONAL LABELING ON
PACKAGED FOOD HELPS THEM DECIDE WHICH PRODUCTS TO BUY.KNOWYOURDRINK. Domestic market share is based on estimated U. This growth reflects the company 's
implementation of price increases on over two-thirds of its domestic
volume in two phases in October 2004 and February 2005, partially
offset by tactical pricing actions and unfavorable product mix from
lower Bacardi Silver and Michelob ULTRA sales volumes.65
Gain on Sale of
Spanish Theme Park (15. Domestic revenue per barrel is calculated as net sales generated by
the company's domestic beer operations on barrels of beer sold,
determined on a U.6 (8.3
Depreciation and
Amortization $236.9 175.3
Equity Income -- $105.0
Net Sales:
- Intersegment $0.4
Investments in affiliated companies 3,234.7
Total current liabilities 2,143.4 1,076.

formulated dme

Until now, few ice cream producers
have investigated the benefits of including plant extracts in their products,
a trend which the beverage and dairy industries are already taking full
advantage of.
For further information, visit our website: http://www . LOUIS, Anheuser-Busch Cos.7 percent. Department of Commerce.6 percent.7%
Diluted Earnings per Share $. the first quarter
2004, primarily reflecting lower profits in domestic beer , higher
interest expense and lower one-time gains, partially offset by improved
entertainment segment results due primarily to the Easter holiday in
the first quarter 2005 .

Other Matters
Anheuser-Busch will conduct a conference call with investors to discuss
first-quarter earnings results at 3 p.63

2004
Reported $753.2) $537.9 $(37.7
Weighted Average Shares:
Basic 779.7 248.1 (128.9
Other assets 1,130.3
Retained earnings 15,729.3) (199.

additives hops

Exciting products for well-being , combining excellent taste
with a variety of functionalities, offer the manufacturer innumerable
opportunities for novel products.
Ori Yehudai, President and CEO, said, "Frutarom's unique capabilities for
providing integrative products have been strengthened by the acquisition of
IFF 's European Food Systems."
Frutarom is a global company with significant production and development
centers on three continents that markets its products to over 3,500 customers
in more than 100 countries worldwide.

GUY SMITH, EXECUTIVE VICE PRESIDENT WITH DIAGEO NORTH AMERICA.4 1. Bud family sales-to-retailers
increased in the first quarter 2005, driven by solid Bud Light growth and the
national introduction in late February of Budweiser Select.2 percent, compared to first quarter 2004 market
share of 51. Worldwide beer
volume is comprised of domestic volume plus international volume.

FIRST QUARTER 2005 FINANCIAL RESULTS
Key operating results for the first quarter 2005 vs. 2004 are summarized
below:

($ in millions, except per share)
First Quarter 2005 vs. Earnings per share continue to
benefit from the company's ongoing share repurchase program. For details visit the
company's site on the Internet at http://www.018)
Deferred Income Tax Benefit
Due to Mexican Income
Tax Rate Reduction -- (. Accordingly, there can be no assurances that the company's
expectations and the forward-looking statements will be correct.9
Net Sales 3,563.2 -- --
Interest Income 2.0 1.67 $(.3 810.9
Net Income $484.1 521.7 -- 210.1 82.6 $3,477. Segment results for 2004 have been
updated to conform to the 2005 reporting convention.4 152.9
Accrued interest 117.1 125.9
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 236.0) (231.4

brewpubs brewpub

2% to US$ 196.0
percent in the first quarter vs .0%

A discussion of financial highlights for the first quarter 2005 follows:

-- Net sales increased 2.

Entertainment segment pretax results improved 42 percent due to
increased attendance, admissions pricing and in-park spending,
partially offset by higher park operating expenses.9) (./(Unfav.1 $4,003.6 (109.0) (109.8 224 .4)
Cash provided by operating activities 536.3 500.

malt clippings

We can now offer our customers in the food
industry unique, innovative, added-value, pre-integrated products that
combine natural flavours and natural functional ingredients with food
systems.8 million with net profit
increasing significantly by 91., Inc.4 Dn 0.5%

Domestic beer sales-to -wholesalers decreased 2.65 $.3 percent primarily due to
lower beer sales volume partially offset by higher revenue per barrel.015 per share) from the sale of commodity
hedges. The company will
broadcast the conference call live via the Internet.anheuser-busch.1
Excise Taxes (521.3) (14.9
Equity Income, Net
of Tax 105.9 17.8) $ --
- External $2,770.0) (157.3 1,425.2 $16,173.8 $549.0) (414.

barrel beverages

Low calorie ice creams and ice creams containing probiotics, are
just two examples of added value products. This solution combines natural fruits, natural flavor extracts and
natural functional ingredients that enhance and support well-being.knowyourdrink.0 Up 1.6 percent , to 28.
Diluted earnings per share were $.02)
Excluding One-Time
Gain $628.0%
Excluding One-Time Gains 8.77

Gain on Sale of Spanish
Theme Park (.2 5.6 (34.4) (188.2 158.1
Inventories:
Raw materials and supplies 409.9
Total current assets 2,044.8
Accrued salaries , wages and benefits 249.2
Other current liabilities 230 .2
Other long-term liabilities 1,070.0)
Proceeds from sale of business 48.

brewpubs faram

Manufacturers can choose natural product building
blocks for other functionalities to get convenient and unique tailor-made
solutions that are easy to apply.

"We agree with consumers that they should know how much alcohol is in
their favorite beer -- or, for example, how many calories are in a glass of
wine or an ounce and a half of vodka. 2004
2005 2004 Barrels %
Domestic 24.

-- Income before income taxes decreased 14. wholesalers. demand for
other alcohol beverages; changes in consumer preference for the company's malt
beverage products; changes in the cost of marketing the company's malt
beverage products; regulatory or legislative changes, including changes in
beer excise taxes at either the federal or state level and changes in income
taxes; changes in the litigation to which the company is a party; changes in
raw materials prices; changes in packaging materials costs; changes in
interest rates; changes in foreign currency exchange rates; unusual weather
conditions that could impact beer consumption in the U.3) (21.3 753.2 18.5) $4,085.5 357 .4 119.5) $4,003.3 80.2 $16,173.6 454.4

Anheuser -Busch Companies, Inc.9)

Cash flow from financing activities:
Increase in long-term debt 278.0)
Net decrease in cash during the period (75 .8) (52.1
Cash, end of period $152.

insights formulated

The functional ingredient segment is currently growing at an
annual rate of 8-10% in both developing and developed countries , mainly in
the beverage and dairy sectors.6% to US$ 15.

Anheuser-Busch Cos. Reports First Quarter 2005 Financial Results

5 percent(1).S.5 million
barrels related to Harbin Brewery Group (acquired in the third quarter 2004).5 percent vs. The company completed its acquisition of Harbin and began
consolidating Harbin results in the third quarter 2004.9) $493.024) --
Commodity Hedge Gain -- (. GAAP basis, divided by the volume of beer
shipped from the company's breweries to U.

This release contains forward-looking statements regarding the company's
expectations concerning its future operations, earnings and prospects .4 821.5
Other Income, Net 19.3 $199.1 (118.6 -- (209.8 $3,563 .0
Income Before
Income Taxes $862.8 (11.0
Finished goods 250.9) (85.6
Increase in working capital (115.

beverages beer

Frutarom Launches New and Innovative Functional Ice Cream Product Range

The company 's estimated domestic market share (excluding exports) for the
first quarter 2005 was 51.
International beer volume in the first quarter 2005 includes 2.8 percent. 2004,
primarily reflecting the benefit of Grupo Modelo volume growth and a
lower Mexican income tax rate.9 $(240.1) (.5
Cost of Sales (2,227.4 (89.9 88.0 19.9)
Diluted 785.3 566.6 22.9 36.1 1,180.2
Debt 8,585.
Consolidated Statement of Cash Flows (Unaudited)
(In Millions)

Three Months Ended March 31,
2005 2004
Cash flow from operating activities:
Net Income $512.

brewpub sebastiaan

Combined with our
knowledge of the food industry's needs and our ability to provide integrated
tailor-made solutions, this ability positions us as a partner who can assist
food manufacturers in meeting their customers' needs for tasty and healthy
food. Frutarom 's products are intended
largely for the food, beverage, flavor, fragrance and pharmaceutical
industries .com

Investor relations Contacts
Ehud Helft / Kenny Green
GK International
Tel: +1-866-704-6710 (US), +44-871-474-1218 (UK)
E-mail: Ehud@gk-biz.

Call to Action: Labeling on Alcohol Beverages

Voluntary and consistent labeling must
be approved by the government -- and we need consumers to speak out by going
to http://www.4 25.8%
Worldwide A-B Brands 28.8 Up 6.3 4.
International equity partner brands volume, representing the company's
share of its foreign equity partners' volume reported on a one-month lag,
decreased 1.6 percent for the first quarter of 2005 vs. Total brands volume increased 5.1%
Net Sales $3,564 $3,477 Up $87 Up 2.

Packaging segment pretax profits were down 3 percent primarily due to
higher materials cost for glass manufacturing operations.

-- Net income decreased 6. Reconciliation of First Quarter Earnings Per Share

Income
Before Provision
Income for Income Net Earnings
Taxes Taxes Income Per Share
2005
Reported $644.4) $512.1 $(285.7% 3.015)
Gain on Sale of CCU -- (.9)
Interest Capitalized 5.4) (292.1
Net Sales:
- Intersegment $0.3 21.2 696.1 $1,194.2 2,668.4
Cash used for financing activities (383.

constructing bottling

COM

I'M SUSAN KELLEHER. Consolidated net
sales increased 2. Excluding one-time gains in both 2005 and 2004,
first quarter earnings per share decreased 4.7 Dn 2.6%
Int'l Equity Partner Brands 4. Wholesaler sales-to-retailers were down 1. beer
industry shipment volume using information provided by the Beer Institute and
the U.7 percent compared to first quarter 2004. Reconciliation of Projected Full Year 2005 Earnings Per Share Growth

Earnings Per Share
2005 2004 Increase
Projected / Reported $2.S.4)
Marketing,
Distribution and
Administrative
Expenses (604 .4 205.8 311.8 8,847.1 291.8
Undistributed earnings of affiliated companies (105.4)
Gain on sale of business (15.9)
Cash used for investing activities (229.

insights marketer

Today, with Frutarom's assistance, ice cream
manufacturers can now join their brethren in these industries and provide the
public with the functional products that it increasingly demands.frutarom. 83% BELIEVE THAT
ALCOHOL BEVERAGE LABELS SHOULD TELL YOU HOW MUCH ALCOHOL IS IN A SERVING. 2004 on a comparable selling day basis due to
generally weak industry volume conditions and the comparison with the strong
performance of Michelob ULTRA last year. first quarter 2004.5 percent for the first quarter
2005.

-- Equity income increased $17 million in the first quarter 2005 vs. The
company repurchased nearly 10 million shares in the quarter.9 $.5%

2.012)

Excluding One-Time Items $2.S. The company's expectations
involve risks and uncertainties (both favorable and unfavorable) and are based
on many assumptions that the company believes to be reasonable, but such
assumptions may ultimately prove to be inaccurate or incomplete, in whole or
in part.7 3,477.1) (29.3)
Income Before Income
Taxes 644.02) (2.3 39.0) $644.6
Equity Income -- $88.0 203.6
Deferred income taxes 1,698.2 15,407 .

brewpub enzymes

One of the main trends driving the ice cream industry, as it prepares to
launch new products for the coming summer, is functional ice cream to enhance
well-being.com

Company Contact
Ori Yehudai, President + CEO
Frutarom Ltd.com to tell regulators they want this kind of
information on all alcoholic beverage packages.1 31.
Domestic revenue per barrel (3) grew 1.6 percent in the first quarter
2005 vs.78 - $2.S.; changes in
attendance and consumer spending patterns for the company's theme park
operations; changes in demand for aluminum beverage containers; changes in the
company's international beer business or in the beer business of the company's
international equity partners; changes in the company's credit rating
resulting from future acquisitions or divestitures; and the effect of stock
market conditions on the company 's share repurchase program. 2004
Ended March 31, Fav.

0) 4.6 0.0 86.
Business Segments
First Quarter Ended March 31
(In Millions)

Domestic Int'l Corporate
Beer Beer Packaging Entertain.9 -- -- -- $105.8

2004
Gross Sales $3,262.9

Note: Beginning in 2005, the company began including its transportation
business in the Domestic Beer segment and its real estate
development group within Corporate.8) (178.6)
Issuance of shares under stock plans 35.

lueders iri

Functional Ice Cream Industry Drive for Summer 2005

HAIFA, Israel, Frutarom (LSE: FRUTq )
(TASE: FRUT) today announced the launch of a new product: the Functional Ice
Cream Product Range .8 million.4 Up 1.S.

Domestic beer segment sales decreased 1.024 per share) from the sale of its 13 percent equity
interest in Port Aventura, a theme park near Barcelona, Spain. Earnings per share excluding the 2005 gain
on the sale of the Spanish theme park and the 2004 gain on commodity
hedges decreased 4.8 $.67
Commodity Hedge Gain (19.1 2.7) (13.8 $549.5 175.1 (4.3 $228.1 405.0
Work in progress 100.1
Commitments and contingencies -- --
Total Liabilities and Shareholders Equity $16,537 .3 64.3
Operating cash flow before change in working
capital 651.3) (199.

insights constructing

ST. Wholesaler
inventories at the end of the first quarter were about one-and-one-half days
higher than at the end of the first quarter last year , representing a
reduction of approximately one day versus the two-and-one-half day
differential at the end of 2004.
International volume, consisting of Anheuser-Busch brands produced
overseas by company-owned breweries and under license and contract-brewing
agreements, plus exports from the company's U.5%
Income Before Income Taxes $644 $754 Dn $110 Dn 14. CDT today .5) 7.9) (7.7)
Operating Income 732.8)
Interest Expense (114.5)
Provision for Income
Taxes (237.1) (6.2)

Anheuser-Busch Companies, Inc.1 90.8 (6.1) $549.7 1,818.5
Total Assets $16,537.0
Postretirement benefits 439.3)
Acquisition of treasury stock (483.1 191.

formulated hops

Examples
include ice cream with Aloe Vera to support inner beauty, or with green tea
to support stress relief. Frutarom achieved record results in 2004 in its fifth consecutive
year of growth: in 2004 sales grew 41.5 percent in the first quarter and reported earnings per
share decreased 3 .
"Anheuser-Busch had a challenging first quarter in its domestic beer
business," said Patrick Stokes, president and chief executive officer of the
company.8 million barrels, vs.66

Decrease
Reported 6.1) $512.1 -- (210.
Consolidated Balance Sheet (Unaudited)
(In Millions)

March 31, December 31,
2005 2004
Assets
Current Assets:
Cash $152.1
Accounts receivable 923.1) (14,638.0
Deferred income taxes (30.1) 39.

microbrewery faram

Functional food is the fastest growing segment of the
food industry.
Frutarom has announced the launch of a new and innovative, all-in-one
product range offering ice cream manufacturers a unique pre-integrated
solution."
Yehudai continued, "Frutarom today is uniquely positioned as the only
specialty food ingredient producer that can offer functional ingredients to
support and enhance well-being, backed by clinical studies with GMP Swiss
quality standards, along with flavours and food systems.
(NYSE: BUD) reported first quarter sales and earnings results today at its
annual meeting of shareholders held in Williamsburg, Va. The company has a number of
initiatives in place to enhance beer volume growth, including introduction of
new products , led by Budweiser Select, increased investments in domestic
marketing, stepped up on premise sales initiatives, new packaging and tactical
price promotions. This
pretax gain is included in other income for consolidated reporting, and
classified as a corporate item for business segment reporting purposes.4) (3.76 - $2.
Comparative Consolidated Statement of Earnings (Unaudited)
(In Millions, Except Per Share)

First Quarter Change 2005 vs.8 $224.4 22.4 154.9 and $984.3
Shareholders Equity:
Common stock 1,464.0
Capital in excess of par value 1,473.9)
Total Shareholders Equity 2,599.8)
Dividends paid to shareholders (190.7)
Cash , beginning of period 228.

malt beverages

DIAGEO -- THE WORLD'S LARGEST PREMIUM BEVERAGE PRODUCER IS PROPOSING A
SERVING FACTS LABEL TO HELP CONSUMERS MAKE INFORMED CHOICES ABOUT ALCOHOL
BEVERAGES.

ADDITIONAL RESOURCES: Audio version and more available at
http://www."

BEER SALES RESULTS
The company's reported beer volume is summarized in the following table:

Beer Volume (millions of barrels )
First Quarter 2005 vs. breweries to markets around
the world, increased 131 percent for the first quarter.
(CCU) in late 2004. Excluding CCU volume , equity partners' volume increased
6.67 Dn $.02 Dn 3.5 percent vs.m.6) $549.015)
Excluding One-Time
Gain $734.86 $2.5 27. Consol.

8) (104.

Anheuser-Busch Companies, Inc.4
Accrued taxes 434.5 1,969.2

Cash flow from investing activities:
Capital expenditures (277.

beverages bottling

"

TO LEARN MORE VISIT HTTP: //WWW.7%
International 4. 2004, due to the sale
by the company of its ownership stake in Compania Cervecerias Unidas S.

During the first quarter 2005, the company recognized a $15. For business segment reporting purposes, the commodity hedge
gain is reported as a corporate item.com .8 $.84 $2.S. Anheuser-Busch
disclaims any obligation to update any of these forward-looking statements.68 $(.65 $.6 (31.9 820.3 1,463 .5) (988.5 792.3 --
Acquisitions -- (32.

faram beer

0 percent.1 Dn 1.6%
Total Brands 33.5 million pretax gain ($.73 +1% to +4%

3. demand for
malt beverage products, including as a result of changes in U.7 2.3) (153.0) (10.1) (12.0)

Increase/(Decrease)
Amount %
Capital Expenditures $277.8 5.3) (3 .3) $ --
- External $2,734.9 -- -- -- $88.2 690.1 3,150.4
Intangible assets, including goodwill of
$973.1 1,165.8 204.