diff --git a/src/compiler/codegen/events.js b/src/compiler/codegen/events.js
index 4b0776115a0..0a7ca394450 100644
--- a/src/compiler/codegen/events.js
+++ b/src/compiler/codegen/events.js
@@ -130,12 +130,11 @@ function genHandler (handler: ASTElementHandler | Array<ASTElementHandler>): str
         }
       } else if (key === 'exact') {
         const modifiers: ASTModifiers = (handler.modifiers: any)
-        genModifierCode += genGuard(
-          ['ctrl', 'shift', 'alt', 'meta']
+        const condition = ['ctrl', 'shift', 'alt', 'meta']
             .filter(keyModifier => !modifiers[keyModifier])
             .map(keyModifier => `$event.${keyModifier}Key`)
             .join('||')
-        )
+        if (condition) genModifierCode += genGuard(condition)
       } else {
         keys.push(key)
       }
diff --git a/test/unit/modules/compiler/codegen.spec.js b/test/unit/modules/compiler/codegen.spec.js
index d7faa204944..4add1d06ecb 100644
--- a/test/unit/modules/compiler/codegen.spec.js
+++ b/test/unit/modules/compiler/codegen.spec.js
@@ -430,6 +430,14 @@ describe('codegen', () => {
     )
   })
 
+  // GitHub Issues #12319
+  it('generate events with ctrl shift alt meta exact modifiers are applied together', () => {
+    assertCodegen(
+      '<button @keydown.ctrl.shift.alt.meta.exact="onClick">Click</button>',
+      `with(this){return _c('button',{on:{"keydown":function($event){if(!$event.ctrlKey)return null;if(!$event.shiftKey)return null;if(!$event.altKey)return null;if(!$event.metaKey)return null;return onClick.apply(null, arguments)}}},[_v("Click")])}`
+    )
+  })
+
   it('generate events with mouse event modifiers', () => {
     assertCodegen(
       '<input @click.ctrl="onClick">',