The board of directors of CAR Inc. announced that Mr. Jun XU ("Mr. Xu") and Ms. Shengping YU ("Ms. Yu") have been appointed as non-executive directors of the Company with effect from 2 March 2021. Mr. Xu, aged 37, is a Director at MBK Partners, an affiliate of Indigo Glamour Company Limited. Mr. Xu has over 10 years of experience in the private equity and investment banking industries. Prior to joining MBK Partners, Mr. Xu was a Vice President at Ally Bridge Group in Hong Kong from 2015 to 2017. Ms. Yu, aged 36, is a Director at MBK Partners. Ms. Yu has over 10 years of experience in the private equity and investment banking industries. Prior to joining MBK Partners, from 2010 to 2011, Ms. Yu was a Senior Associate in the investment banking division of Morgan Stanley in Hong Kong. in connection with the resignation of Ms. Xiaogeng LI ("Ms. Li") from her offices as a non-executive director, a member of the audit and compliance committee (the "Audit and Compliance Committee") and a member of the remuneration committee (the "Remuneration Committee") of the Company, with effect from 1 August 2020; and (ii) the announcement of the Company dated 2 March 2021, in connection with the resignation of Mr. Linan ZHU ("Mr. Zhu") from his offices as a non-executive director and a member of the nomination committee (the "Nomination Committee ") of the Company and Mr. Leping YAN ("Mr. Yan") from his offices as a non-executive director and a member of the Audit and Compliance Committee of the Company with effect from 2 March 2021. The Board announced that with effect from 2 March 2021, (i) Mr. Xuan YAN, a non-executive director of the Company, has been appointed as a member of the Nomination Committee; (ii) Mr. Xu, a non-executive director of the Company, has been appointed as a member of the Audit and Compliance Committee; and (iii) Mr. Hongfei YU ("Mr. Yu"), a non-executive director of the Company, has been appointed as a member of the Remuneration Committee.