The board of directors Tsingtao Brewery Company Limited announced that, based on the financial information currently available and the preliminary assessment of the unaudited consolidated financial information of the Group, the net profit attributable to shareholders of the Company for the year ended 31 December 2016 is expected to decrease by approximately 39% as compared with the corresponding period of 2015, which is attributable to the supplemental income tax payment as described below and the decrease in operating profits of the Company due to stringent market conditions in 2016.