Qingling Motors : RESIGNATION AND APPOINTMENT OF DEPUTY GENERAL MANAGERS AND CHIEF FINANCIAL OFFICER

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(a Sino-foreign joint venture joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1122)

RESIGNATION AND APPOINTMENT OF DEPUTY

GENERAL MANAGERS AND CHIEF FINANCIAL OFFICER

The Board hereby announces that the following matters shall take effect from 25 February 2020:

1. Mr. XU Song and Mr. LI Xiaodong ceased to serve as the deputy general managers of the Company;
2. Mr. LIU Jie and Mr. HU Xudong have been appointed as the deputy general managers of the Company;
3. Mr. ZOU Guanghua has resigned as the chief financial officer of the Company; and
4. Mr. LEI Bin has been appointed as the chief financial officer of the Company.

RESIGNATION AND APPOINTMENT OF DEPUTY GENERAL MANAGERS

The board (the "Board") of directors (the "Directors") of Qingling Motors Co. Ltd (the "Company") announces that Mr. XU Song and Mr. LI Xiaodong ceased to serve as the deputy general managers of the Company, both with effect from 25 February 2020. They shall continue to serve as executive Directors.

The Board also announces that Mr. LIU Jie ("Mr. LIU") and Mr. HU Xudong ("Mr. HU") have been appointed as the deputy general managers of the Company, both with effect from 25 February 2020.

RESIGNATION AND APPOINTMENT OF CHIEF FINANCIAL OFFICER

The Board also announces that Mr. ZOU Guanghua ("Mr. ZOU") has resigned as the chief financial officer of the Company, with effect from 25 February 2020. Mr. ZOU has confirmed that he has no claims against the Company whatsoever whether in respect of remuneration or compensation for loss of office. He has further confirmed that he had no disagreement with the Board and there is no other matter with respect to his resignation which needs to be brought to the attention of the shareholders of the Company.

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The Board also announces that Mr. LEI Bin, the current company secretary of the Company responsible for the PRC affairs, has been appointed as the chief financial officer of the Company, with effect from 25 February 2020.

LEI Bin ( 雷 斌), aged 45, graduated from Hunan University specializing in finance management and Chongqing Normal University majoring in accounting. He joined Qingling Motors (Group) Company Limited ("Qingling Group"), the controlling shareholder of the Company, in 1997 and held various positions, including the dispatcher of the production management department of Qingling Group and the Company and the positions responsible for planning in the engine manufacture department of the Company and for price administration in the comprehensive planning department of Qingling Group and the Company. From 2005 to February 2020, Mr. LEI served as the head and deputy head of the comprehensive planning department of Qingling Group and the Company, head of the finance department of Qingling Group and the principal of Chongqing Qingling Casting Company Limited, a subsidiary of Qingling Group. He served as a supervisor representing the staff and workers of the Company. Mr. LEI currently serves as the deputy chief accountant of Qingling Group and the company secretary of the Company responsible for the PRC affairs.

The Board would like to express its gratitude to Mr. ZOU for his valuable contributions to the Company during the tenure of his service rendered in his roles of the Company, and appreciates Mr. LIU, Mr. HU and Mr. LEI for their acceptance of the new appointment.

By Order of the Board

QINGLING MOTORS CO. LTD

LEI Bin

Company Secretary

Chongqing, the PRC, 25 February 2020

As at the date of this announcement, the Board comprises 11 Directors, of which Mr. LUO Yuguang, Mr. HAYASHI Shuichi, Mr. MAEGAKI Keiichiro, Mr. ADACHI Katsumi, Mr. LI Juxing, Mr. XU Song and Mr. LI Xiaodong are executive Directors and Mr. LONG Tao, Mr. SONG Xiaojiang, Mr. LIU Tianni and Mr. LIU Erh Fei are independent non-executive Directors.

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