United Laboratories International : U.S.$130,000,000 CONVERTIBLE BONDS DUE 2021 ADJUSTMENT TO CONVERSION PRICE OF THE BONDS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities and neither this announcement nor anything herein forms the basis for any contract or commitment whatsoever. Neither this announcement nor any copy hereof may be taken into or distributed in the United States.

The information contained in this announcement is not for distribution, directly or indirectly, in or into the United States. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Shares and the Bonds mentioned herein have not been, and will not be, registered under the Securities Act, and may not be offered or sold in the United States except pursuant to registration or an exemption from the registration requirements of the Securities Act. No public offering of the Shares or the Bonds will be made in the United States.

The United Laboratories International Holdings Limited

聯邦制藥國際控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3933)

U.S.$130,000,000 CONVERTIBLE BONDS DUE 2021

ADJUSTMENT TO CONVERSION PRICE OF THE BONDS

Reference is made to the announcements of the Company dated 21 November 2016, 5 December 2016, 13 December 2016, 31 October 2019 and 19 November 2019 (the "Announcements"). Unless otherwise defined, all capital terms used in this announcement shall have the same meaning as defined in the Announcements.

In accordance with Condition 6(C) of the Terms and Conditions, the Conversion Price has been adjusted to HK$4.65 per Share (the "3rd Adjusted Conversion Price") with effect from 9 July 2020. The 3rd Adjusted Conversion Price is based on the final dividend distribution for the financial year ended 31 December 2019.

In the event that the outstanding Bonds are fully converted at the 3rd Adjusted Conversion Price, an aggregate of 18,181,434 Shares will be issued by the Company, representing approximately 1.00% of the issued share capital of the Company and approximately 0.99% of the enlarged issued share capital of the Company.

By Order of the Board

The United Laboratories International Holdings Limited

Leung Wing Hon

Company Secretary

Hong Kong, 24 July 2020

As at the date of this announcement, the Board comprises Mr. Tsoi Hoi Shan, Mr. Leung Wing Hon, Ms. Choy Siu Chit, Mr. Fang Yu Ping, Ms. Zou Xian Hong and Ms. Zhu Su Yan as executive directors; and Mr. Chong Peng Oon, Prof. Song Ming and Ms. Fu Xiao Nan as independent non-executive directors.