The board of directors of CAR Inc. announced that Mr. Hongfei Yu and Mr. Xuan Yan have been appointed as non-executive directors of the Company with effect from 15 December 2020. Mr. Yu, is a Partner and Co-head of Greater China at MBK Partners, an affiliate of Indigo Glamour Company Limited, which in turn is a substantial shareholder of the Company. Mr. Yu has over 18 years of experience in the private equity and investment banking industries. Prior to joining MBK Partners, from 2006 to 2010, Mr. Yu was a Vice President in the investment banking division of Morgan Stanley in Hong Kong. From 2005 to 2006, he worked as an Associate in the investment banking division of HSBC in Hong Kong. From 2003 to 2005, he worked as a Business Development Manager in Alcoa China in Beijing. From 2002 to 2003, he worked as an Associate in ICEA Finance Holdings Limited in Beijing. Mr. Yan, is an Operating Partner of MBK Partners. Mr. Yan has more than two decades of business leadership, corporate governance, legal and government relations experience in both China and the U.S. Concurrently, he is the Chief Executive Officer of Wendu Education Group. Prior to joining MBK Partners, he was a Vice President at Microsoft Corporation. He currently serves on the board of directors of Las Vegas Sands Corporation, and was a member of the boards of directors of Alibaba Health Information Technology Limited and Shanghai Shenhua Holdings Co. Ltd. Before Microsoft, he was a public policy partner with the global law firm of Squire Patton Boggs.