Reference is made to the announcement of the company dated 23 March 2021 in respect of the Notes Issue. The Board of CAR Inc. announced that, on 26 March 2021, the company entered into the Purchase Agreement with China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities plc as Initial Purchasers and China CITIC Bank International Limited as Co-Manager in connection with the issue of the Notes. The following is a summary of certain provisions of the Notes and the Indenture. This summary is not complete and is qualified in its entirety by reference to provisions of the documents relating to the Notes. Subject to certain conditions to completion, the Company will issue the Notes in the aggregate principal amount of USD 250 million, which will mature on 31 March 2024, unless earlier redeemed pursuant to the terms thereof. The offering price of the Notes will be 99.366% of the principal amount of the Notes. The Notes will bear interest from and including 31 March 2021 at the rate of 9.75% per annum, payable semi-annually in arrears on 31 March and 30 September of each year, commencing on 30 September 2021. The estimated net proceeds of the Notes Issue, after deduction of expenses, will amount to approximately USD 244.9 million, which the company intends to use for repayment of existing indebtedness and general corporate purposes.