Qilu Expressway : COMPLETION OF THE ACQUISITION OF TARGET EXPRESSWAYS TOLL COLLECTION RIGHTS

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Qilu Expressway Company Limited

齊魯高速公路股份有限公司

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1576)

COMPLETION OF THE ACQUISITION OF

TARGET EXPRESSWAYS TOLL COLLECTION RIGHTS

Reference is made to the announcements of Qilu Expressway Company Limited (the "Company") dated 2 June 2020 and 11 August 2020 and the circular of the Company dated 26 June 2020 (the "Circular") in relation to, among other things, the acquisition of the toll collection rights of the Deshang Expressway (Liaocheng - Fan County section) and the Shennan Expressway. Unless otherwise indicated, the capitalised terms used in this announcement shall have the same meaning as those defined in the Circular.

The Board is pleased to announce that the Company had received the Decision of Non-Prohibition

on Anti-Monopoly Review on Concentration of Operators (Anti-Monopoly Review Decision [2020] No.338) (經營者集中反壟斷審查不予禁止決定書（反壟斷審查決定[2020]338號）) issued by the Bureau of the State Administration of Market Regulation (國家市場監督管理總局) (the "Bureau")

that the Bureau decided not to prohibit the Acquisition after review and allowed Acquisition to be implemented henceforth, and the transactions under the Transfer Agreement were completed as at the date of this announcement. Upon Completion, all assets, liabilities, businesses, contracts (other than the Excluded Contracts) and related rights and obligations within the scope of the Transfer Interest were entitled to and borne by the Company from the Benchmark Date. Further, as an inalienable part of the Transfer Interest, a total of 41 properties used for management, maintenance and emergency response along the Target Expressways were transferred to the Company as at the date of this announcement. The legal titles of the abovementioned properties are to be borne by the Company thereafter during the Transfer Terms.

As at the date of this announcement, the Consideration had been paid to Qilu Transportation in accordance with the terms of the Transfer Agreement, subject to certain possible post-completion adjustments as set out in the section headed "Letter from the Board - The Acquisition - Transfer Agreement - Possible Consideration adjustments" in the Circular. The Board confirms that no such adjustments to the Consideration have been made as at the date of this announcement.

By Order of the Board

Qilu Expressway Company Limited

Li Gang

Chairman

Shandong, the PRC

14 September 2020

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As at the date of this announcement, the executive Directors are Mr. Li Gang, Mr. Peng Hui and Mr. Liu Qiang; the non-executive Directors are Mr. Chen Dalong, Mr. Wang Shaochen, Mr. Zhou Cenyu, Mr. Su Xiaodong, Ms. Kong Xia, Mr. Yuan Ruizheng and Mr. Tang Haolai; and the independent non-executive Directors are Mr. Cheng Xuezhan, Mr. Li Hua, Mr. Wang Lingfang, Mr. He Jiale and Mr. Han Ping.

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