09:08     TSINGTAO BREW<00168>-Announcement & Resumption of Trading(1)        

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
    TSINGTAO BREWERY COMPANY LIMITED                                          
    (a Sino-foreign joint stock limited company established in the            
    People's Republic of China)                                               
                                                                              
    Results of extraordinary general meetings regarding the Strategic         
    Investment Agreement                                                      
                                                                              
    between Tsingtao and Anheuser-Busch                                       
    by way of subscription by Anheuser-Busch of                               
    mandatorily convertible Convertible Bonds to be issued by                 
    Tsingtao,                                                                 
                                                                              
    the related Whitewash Waiver and Connected Transaction                    
    and                                                                       
    Resumption of Trading                                                     
                                                                              
    The Directors are pleased to announce that in the EGM, the H              
    Shares EGM and the A Shares EGM held today, all the resolutions as        
    contained in the notices of the EGM, the H Shares EGM and the A           
    Shares EGM respectively have been passed including, among others, the     
    ordinary resolutions for the approval of the Strategic Investment         
    Agreement and the Whitewash Waiver, and the special resolutions for       
    approval of various transactions contemplated under the Strategic         
    Investment Agreement.                                                     
                                                                              
    Each of the resolutions was passed by way of a poll.                      
                                                                              
    Trading of H Shares was suspended on the Stock Exchange at the            
    request of Tsingtao from 9:30 a.m. on 23 January 2003 pending the         
    publication of this announcement. Application has been made for           
    trading of H Shares to resume from 9:30 a.m. on 24 January 2003.          
    Trading of A Shares on the Stock Exchange of Shanghai was also            
    suspended at the request of Tsingtao from 9:30 a.m. on 23 January         
    2003. Application has been made for trading of A Shares to resume         
    from 9:30 a.m. on 24 January 2003.                                        
                                                                              
    Reference is made to Tsingtao's circular dated 9 December 2002 (the       
    `Circular') in relation to the Strategic Investment Agreement. Unless     
    otherwise stated, terms used in this announcement will have the same      
    meanings as those defined in the Circular.                                
                                                                              
    Results of the EGM, the H Shares EGM and the A Shares EGM                 
    In the EGM, the H Shares EGM and the A Shares EGM held today, all         
    the resolutions as contained in the respective notices of the EGM,        
    the H Shares EGM and the A Shares EGM as set out in the Circular have     
    been passed unanimously.                                                  
                                                                              
    In particular, the Independent Shareholders have, by way of ordinary      
    resolutions, approved the Strategic Investment Agreement (including       
    the entering into the Voting Trust Agreement) and the Whitewash           
    Waiver unanimously. Each of the resolutions in the EGM, the H Shares      
    EGM and the A Shares EGM was passed by way of a poll. The PRC legal       
    adviser to Tsingtao confirmed that the EGM, the H Shares EGM and the      
    A Shares EGM were duly convened, conducted and concluded.                 
                                                                              
    The Whitewash Waiver has been granted by the Executive subject to         
    the Independent Shareholders approving the Strategic Investment           
    Agreement and the Whitewash Waiver by way of a poll. Accordingly, all     
    the conditions requiring the Shareholders' approvals and the granting     
    of the Whitewash Waiver prior to each of Tranche I and Tranche II         
    Closing and Tranche III Closing have been satisfied.                      
                                                                              
    Shareholding Structure of Tsingtao                                        
    Each of Tranche I and Tranche II Closing and Tranche III Closing is       
    subject to other outstanding conditions precedent including the           
    following:-                                                               
                                                                              
    . the Stock Exchange approving the issue of the Convertible Bonds and     
    granting any necessary waivers from strict compliance with the public     
    float requirement and any other requirements of the Listing Rules in      
    relation to the Strategic Investment Agreement;                           
                                                                              
    . the Listing Committee of the Stock Exchange granting the listing of     
    and permission to deal in all of the H Shares to be issued pursuant       
    to the Convertible Bonds;                                                 
                                                                              
    . the obtaining of approvals from all relevant PRC governmental           
    authorities and other relevant third parties for the Strategic            
    Investment Agreement and the transactions contemplated therein,           
    including the subscription, issue and conversion of the Convertible       
    Bonds;