09:09     TSINGTAO BREW<00168>-Announcement & Resumption of Trading(2)        

    . CSRC granting the necessary waiver(s) to Parent and Anheuser-Busch      
    as parties acting in concert from the obligation to make a mandatory      
    offer under the PRC Administrative Measures if CSRC determines that       
    an application for such waiver(s) is necessary pursuant to the PRC        
    Administrative Measures;                                                  
                                                                              
    . the issue of a legal opinion by Tsingtao's PRC legal counsel in         
    favour of Anheuser-Busch;                                                 
                                                                              
    . the appointment of Anheuser-Busch's designees to three Board            
    committees, namely, strategy and investment committee, audit and          
    finance committee, and human resources and corporate governance           
    committee; and                                                            
                                                                              
    . the restructuring of all loans between Tsingtao and its subsidiaries    
    to the satisfaction of Anheuser-Busch.                                    
                                                                              
    If these conditions are not fulfilled on or before 1 June 2003 (or        
    such later date as may be agreed between the parties) the Strategic       
    Investment Agreement will terminate and cease to have effect. Further     
    announcements will be made by Tsingtao as soon as practicable after       
    fulfilment of all of the above conditions, and after each of Tranche      
    I and Tranche II Closing and Tranche III Closing. Please refer to the     
    Circular for details of the conditions precedent to Tranche I and         
    Tranche II Closing and the additional conditions precedent to Tranche     
    III Closing.                                                              
                                                                              
    Subject to the closings of each of the 3 tranches of the Convertible      
    Bonds, immediately upon each of Tranche I Conversion, Tranche II          
    Conversion and Tranche III Conversion, the interest of Anheuser-Busch     
    in Tsingtao will increase from its current level of 45,000,000 H          
    Shares (representing 4.5% of the existing entire issued capital of        
    Tsingtao or 13.0% of the existing entire H Share capital of Tsingtao)     
    to 105,000,000 H Shares (representing approximately 9.9% of the then      
    enlarged issued capital of Tsingtao or approximately 25.8% of the         
    enlarged H Share capital of Tsingtao), 239,000,000 H Shares               
    (representing approximately 20.0% of the then enlarged issued capital     
    of Tsingtao or approximately 44.2% of the enlarged H Share capital of     
    Tsingtao) and 353,219,178 H Shares (representing approximately 27.0%      
    of the then enlarged issued capital of Tsingtao or approximately          
    53.9% of the enlarged H Share capital of Tsingtao subject to the          
    Voting Trust Agreement) respectively.                                     
                                                                              
    91,575,342 H Shares (representing approximately 7.0% of the entire        
    issued share capital of Tsingtao which will form part of                  
    Anheuser-Busch's then 27.0% shareholding in the entire issued share       
    capital of Tsingtao after Tranche III Conversion) will be subject to      
    the Voting Trust Agreement after Tranche III Conversion whereby           
    Anheuser-Busch will enjoy the economic benefits of such H Shares and      
    Parent can exercise the respective voting rights at its sole              
    discretion. Please refer to the Circular for details of the changes       
    in the shareholding structure of Tsingtao as a result of each             
    conversion of the Convertible Bonds.                                      
                                                                              
    Resumption of Trading                                                     
    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.                                        
                                                                              
    By Order of the Board                                                     
    Tsingtao Brewery Company Limited                                          
    Yuan Lu                                                                   
    Company Secretary                                                         
                                                                              
    Qingdao, 23 January 2003                                                  
                                                                              
    The Directors jointly and severally accept full responsibility for        
    the accuracy of the information contained in this announcement and        
    confirm, having made all reasonable inquiries that, to the best of        
    their knowledge, the opinions expressed in this announcement have         
    been arrived at after due and careful consideration and there are no      
    other facts not contained in this announcement, the omission of which     
    would make any statement in this announcement misleading.