Share’s name: Jiangling Motors Share’s code: 000550 No.: 2012-016 Jiangling B 200550 Jiangling Motors Corporation, Ltd. 2012 First Quarter Report §1 Important Note 1.1 The Board of Directors and its members, the Supervisory Board and its members, and the senior executives are jointly and severally liable for the truthfulness, accuracy and completeness of the information disclosed in the report and confirm that the information disclosed herein does not contain false statements, misrepresentations or major omissions. 1.2 The Directors, Supervisors, and Senior Management undertake and have no objection to the truthfulness, accuracy and completeness of the contents of the First Quarter Report. 1.3 All the Directors were present at the Board meeting. 1.4 The financial statements in this Quarterly Report are not audited. 1.5 Chairman Wang Xigao, President Yuan-Ching Chen, CFO Michael Joseph Brielmaier and Chief of Finance Department, Ding Ni, confirm that the financial statements in this Quarterly Report are truthful and complete. 1.6 All financial data in this Quarterly Report are prepared under International Financial Reporting Standards (“IFRS”) unless otherwise specified. 1 §2 Brief Introduction 2.1 Main accounting data and financial indicators Unit: RMB’000 At the end of At the end of the Change (%) reporting period previous year Total assets 12,732,286 11,819,855 7.72 Shareholder’s equity Attributable to the Equity 7,787,247 7,311,768 6.50 Holders of the Company Share Capital 863,214 863,214 0 Net Assets Per Share Attributable to the Equity 9.02 8.47 6.50 Holders of the Company (RMB) Reporting period Same period Change (%) last year Revenue 4,493,960 4,727,348 -4.94 Profit Attributable to the Equity 475,479 545,327 -12.81 Holders of the Company (RMB) Net cash generated from 746,616 123,474 504.67 operating activities Net cash per share generated 0.86 0.14 504.67 from operating activities (RMB) Basic earnings per share (RMB) 0.55 0.63 -12.81 Diluted earnings per share 0.55 0.63 -12.81 (RMB) Down 2.22 Weighted Average Return on 6.30 8.52 percentage Net Asset Ratio (%) points 2 2.2 Total number of shareholders and top ten shareholders holding unlimited tradable shares at the end of reporting period Total shareholders at the JMC had 23,253 shareholders, including 17,137 A-share end of reporting period holders and 6,116 B-share holders, as of March 31, 2012. Top ten shareholders holding unlimited tradable shares Name Shares as of Type of share March 31, 2012 Jiangling Motor Holding Co., Ltd. 354,176,000 A share Ford Motor Company 258,964,200 B share Huaan Tactical Select Securities Investment 19,989,434 A share Fund Shanghai Automotive Co., Ltd. 13,019,610 A share National Social Security Fund- Portfolio 102 11,234,091 A share Bosera Thematic Sector Equity Securities 9,500,000 A share Investment Fund Dragon Billion China Master Fund 8,969,196 B share Rongtong New Blue-chip Securities 7,082,010 A share Investment Fund Jpmblsa Re Ftif Templeton China Fund Gti 5,035,263 B share 5497 Invesco Funds Sicav 4,712,709 B share §3 Major Events 3.1 Causes and explanations of major changes of financial indicators compared with those of previous reporting period □√Applicable □Not Applicable In the first quarter of 2012, JMC sold 52,692 vehicles, including 16,097 JMC-brand trucks, 22,241 JMC-brand pickups and SUVs, and 14,354 Ford-brand commercial vehicles. Total retail sales volume was down 5.0% from the same period last year. Revenue and net profit in the reporting period were RMB 4,494 million and RMB 475 million, down 4.94% and 12.81% respectively from the same period last year. In the first quarter of 2012, JMC’s gross profit margin was 24%, up 1 percentage point from the same period last year. This profit margin increase is primarily explained by continuous cost control and lower raw material costs. Distribution costs during the reporting period increased by RMB 93 million, or 52% from the same period last year, primarily reflecting increased of marketing spending. Finance income during the reporting period increased by RMB 19 million, or 56% from the same period last year, primarily reflecting fixed bank deposit increase, climbing interest rate and investment management improvement. 3 3.2 Analysis of major events, their impacts and resolutions 3.2.1 Abnormal audit report □Applicable □√Not Applicable 3.2.2 Funds provided for the controlling shareholder and its related parties, or outside guarantee in breach of the laws and regulations □Applicable □√Not Applicable 3.2.3 Signature and implementation of major contract regarding routine operation activities □Applicable □√Not Applicable 3.2.4 Others □Applicable □√Not Applicable 3.3 Implementation of commitments made by the Company, shareholders or actual controlling parties □Applicable □√Not Applicable 3.4 Warning and explanations as to the situation that accumulated net profit during the period from year beginning to the end of next reporting period may be negative or, compared with the same period last year, may have a substantial change □Applicable □√Not Applicable 3.5 Explanations on other major events 3.5.1 Securities investments □Applicable □√Not Applicable 3.5.2 External research and media interview to the Company in the reporting period Date Place Communication Object Information discussed Method and sources offered January In the Oral Three analysts from JMC Operating highlights 13, 2012 Company Communication Orient Securities Company Limited, China International Fund Management Co., Ltd., E Fund Management Co., Ltd. January In the Oral An analyst from JMC Operating highlights 18, 2012 Company Communication Founder Securities Company Limited February In the Oral Three analysts from JMC Operating highlights 9, 2012 Company Communication Ping An Insurance (Group) Company of China, Ltd., New China Asset Management 4 Co., Ltd. February In the Oral Two analysts from New JMC Operating highlights 15, 2012 Company Communication Thinking Investment Management Co., Ltd., Guoyuan Consulting Service Company February In the Oral Four analysts from JMC Operating highlights 17, 2012 Company Communication Zhonghai Fund Management Co., Ltd., SWS MU Fund Management Co., Ltd., Golden Eagle Asset Management Co., Ltd. March 30, In the Oral Two analysts from JMC Operating highlights 2012 Company Communication China Asset Management Co., Ltd., Huachuang Securities Company Limited 3.6 Securities derivates investment □Applicable □√Not Applicable 3.6.1 Balance of securities derivates at the end of reporting period □Applicable □√Not Applicable Board of Directors Jiangling Motors Corporation, Ltd. April 25, 2012 5 Appendix Jiangling Motors Corporation, Ltd. Consolidated Balance Sheet March 31, 2012 (Prepared under International Financial Reporting Standards) (All amounts in RMB thousands unless otherwise stated) 31 March 2012* 31 December 2011 RMB’000 RMB’000 ASSETS Non-current assets Property, plant and equipment 3,428,283 3,271,690 Lease prepayment 269,716 271,347 Intangible assets 18,693 21,954 Investments in associate 19,428 17,851 Deferred income tax assets 223,740 250,182 3,959,860 3,833,024 Current assets Inventories 1,261,217 1,140,253 Trade and other receivables 1,626,201 1,461,601 Cash and cash equivalents 5,885,008 5,384,977 8,772,426 7,986,831 Total assets 12,732,286 11,819,855 EQUITY Capital and reserves attributable to the Company’s equity holders Share capital 863,214 863,214 Share premium 816,609 816,609 Other reserves 457,650 457,650 Retained earnings 5,649,774 5,174,295 7,787,247 7,311,768 Non-controlling interests 118,418 115,352 Total equity 7,905,665 7,427,120 LIABILITIES Non-current liabilities Borrowings 6,183 6,189 Retirement benefit obligations 48,693 52,198 Warranty provisions 156,830 140,855 211,706 199,242 Current liabilities Financial liabilities held for trading 2,511 6,696 Trade and other payables 4,557,546 4,167,795 Current income tax liabilities 43,732 7,875 Borrowings 412 413 Retirement benefits obligations 10,714 10,714 4,614,915 4,193,493 Total liabilities 4,826,621 4,392,735 Total equity and liabilities 12,732,286 11,819,855 *: Unaudited financial indexes 6 Jiangling Motors Corporation, Ltd. Consolidated Income Statement 2012 First quarter (Prepared under International Financial Reporting Standards) (All amounts in RMB thousands unless otherwise stated) 2012 first quarter* 2011 first quarter* RMB’000 RMB’000 Revenue 4,493,960 4,727,348 Sales tax (145,268) (133,447) Cost of sales (3,409,213) (3,627,938) Gross profit 939,479 965,963 Distribution costs (272,955) (180,109) Administrative expenses (170,450) (160,563) Other income 15,513 1,810 Operating profit 511,587 627,101 Finance income 54,346 35,141 Finance costs (240) (371) Finance income -net 54,106 34,770 Share of profit of associates 1,577 1,288 Profit before income tax 567,270 663,159 Income tax expense (88,725) (102,757) Profit for the period 478,545 560,402 Profit attributable to: Equity holders of the Company 475,479 545,327 Non-controlling interests 3,066 15,075 478,545 560,402 Other comprehensive income - - Total comprehensive income for the period 478,545 560,402 Total comprehensive income attributable to: Equity holders of the Company 475,479 545,327 Non-controlling interests 3,066 15,075 478,545 560,402 Earnings per share for profit attributable to the equity holders of the Company (expressed in RMB per share) - Basic and diluted 0.55 0.63 *: Unaudited financial indexes 7 Jiangling Motors Corporation, Ltd. Consolidated cash flow statement 2012 First Quarter (Prepared under International Financial Reporting Standards) (All amounts in RMB thousands unless otherwise stated) 2012 first quarter* 2011 first quarter* RMB’000 RMB’000 Cash flows from operating activities Cash generated from operations 764,711 220,151 Interest paid (220) (368) Income tax paid (17,875) (96,309) Net cash generated from operating activities 746,616 123,474 Cash flows from investing activities Purchase of held-to-maturity investments - (214,968) Purchase of property, plant and equipment(“PPE”) (299,837) (172,844) Other cash paid relating to investing activities (328) - Proceeds from disposal of PPE 350 37 Proceed from repayment of held-to-maturity investments - 215,216 Interest received 52,867 21,863 Other cash received from investing activities 508 - Net cash used in investing activities (246,440) (150,696) Cash flows from financing activities Repayments of borrowings - (24,455) Dividends paid to the Company’s shareholders - (276) Other cash paid relating to financing activities (145) (114) Net cash used in financing activities (145) (24,845) Net increase/(decrease) in cash and cash equivalents 500,031 (52,067) Cash and cash equivalents at beginning of year 5,384,977 5,813,162 Effects of exchange rate changes - - Cash and cash equivalents at end of period 5,885,008 5,761,095 *: Unaudited financial indexes 8