Tsingtao Brewery : ANNOUNCEMENT AMENDMENTS TO THE ARTICLES OF ASSOCIATION

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TSINGTAO BREWERY COMPANY LIMITED

(a Sino-foreign joint stock limited company established in the People's Republic of China)

(Stock Code: 168)

ANNOUNCEMENT

AMENDMENTS TO THE ARTICLES OF ASSOCIATION

Reference is made to the announcement of Tsingtao Brewery Company Limited (the "Company") dated 27 July 2020 in relation to the completion of the registration of part of Restricted A Shares under the first grant of Restricted A Share Incentive Plan of the Company.

The board of directors of the Company (the "Board") hereby announces that, on 29 July 2020, the Board has approved the resolutions in relation to the change in registered capital, amendments to the articles of association of the Company (the "Articles of Association") and application for change of industrial and commercial registration in the 2020 ninth extraordinary meeting of the ninth session of the Board. In view of the completion of the registration of part of Restricted A Shares under the first grant of Restricted A Share Incentive Plan of the Company and collection of the Certificate of Registration of Changes in Securities issued by China Securities Depository and Clearing Co., Ltd. Shanghai Branch, the share capital of the Company changed from 1,350,982,795 shares to 1,364,182,795 shares and the registered capital changed from RMB1,350,982,795 to RMB1,364,182,795.

Pursuant to the resolutions regarding the authorization to the Board to deal with all matters necessary in connection with the grant of Restricted A Shares passed respectively at the 2019 Annual General Meeting, 2020 First A Share Class Meeting and 2020 First H Share Class Meeting of the Company held on 8 June 2020, the Board has been authorized to deal with all matters necessary in connection with the grant of Restricted A Shares, including but not limited to amendments to the Articles of Association and registration for changes in the registered capital of the Company in relation to the grant of Restricted A Shares.

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The amendments to the Articles of Association are set out below:

Existing Articles	Articles after amendments
Article 21 After the establishment, the Company	Article 21 After the establishment, the Company
issued ordinary shares of which 317,600,000	issued ordinary shares of which 317,600,000
shares are overseas listed foreign invested	shares are overseas listed foreign invested
shares, comprising 29.96% of the total ordinary	shares, comprising 29.96% of the total ordinary
shares of the Company authorized to issue, and	shares of the Company authorized to issue, and
200,000,000 shares as domestic invested shares	200,000,000 shares as domestic invested shares
listed in the PRC, representing 18.87% of the	listed in the PRC, representing 18.87% of the
total ordinary shares of the Company authorized	total ordinary shares of the Company authorized
to issue.	to issue.
The current share capital structure of the	The current share capital structure of the
Company is: 1,350,982,795 ordinary shares, of	Company is: 1,364,182,795ordinary shares, of
which 695,913,617 shares were held by holders	which 709,113,617 shares (including 13,200,000
of domestic listed shares, 655,069,178 were held	shares subject to selling restrictions and
by holders of overseas listed foreign invested	695,913,617 tradable A shares not subject to
shares.	selling restrictions)were held by holders of
	domestic listed shares, 655,069,178 were held
	by holders of overseas listed foreign invested
	shares.
Article 24 The registered capital of the Company	Article 24 The registered capital of the Company
is RMB1,350,982,795.	is RMB1,364,182,795.

Save for the above amendments to the Articles of Association, other articles of the Articles of Association remain unchanged.

As confirmed by the legal advisers of the Company as to the laws of China, the Board has obtained the proper authorization from the 2019 Annual General Meeting, 2020 First A Share Class Meeting and 2020 First H Share Class Meeting of the Company held on 8 June 2020 to amend the Articles of Association as disclosed in this announcement and no general meeting is required to pass any resolution in this respect.

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The whole text of the Articles of Association after amendments will be published on the websites of the Stock Exchange of Hong Kong Limited HKEXnews (www.hkexnews.hk), the Shanghai Stock Exchange (www.sse.com.cn) and the Company (www.tsingtao.com.cn).

By order of the Board

Tsingtao Brewery Company Limited

ZHANG Rui Xiang

Company Secretary

Qingdao, the PRC

29 July 2020

Directors of the Company as at the date of this announcement are:

Executive Directors:	Mr. HUANG Ke Xing (Chairman), Mr. YU Zhu Ming and Mr. WANG
	Rui Yong
Non-executive Director:	Mr. SHI Kun
Independent Non-executive	Mr. YU Zeng Biao, Mr. XIAO Geng, Mr. SHENG Lei Ming and
Directors:	Mr. JIANG Xing Lu

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