Indigo Glamour Company limited made a voluntary conditional offer to acquire remaining 79.1% stake in CAR Inc. (SEHK:699) from Grand Union Investment Fund, L.P., Legend Holdings Corporation (SEHK:3396), Legion Elite Limited and others for HKD 6.7 billion on November 13, 2020. Indigo Glamour Company limited will acquire common stock for HKD 4 per share and HKD 3.55 for cancellation of each Pre-IPO Tranche A Option, HKD 2.651 for cancellation of such Pre-IPO Tranche B Option, HKD 2.651 for cancellation of each Pre-IPO Tranche C Option, HKD 0.001 for cancellation of each Post-IPO Options. As of March 2, 2021, Legend Holdings has received cash consideration of HKD 2.25 billion in respect to 563.6 million shares and Legend Holdings Corporation and Legion Elite has ceased their holdings in CAR. The Offeror intends to finance the cash consideration required for the Offers with equity commitments from one or more funds managed by MBK Partners. If the Offeror, within four months of the posting of the Composite Document, has received valid acceptances in respect of not less than 90% of the Offer Shares and not less than 90% of the Disinterested Shares, the Offeror will privatize the Company by exercising its right to compulsorily acquire those Offer Shares not already acquired by the Offeror under the Share Offer. The Option Offer will be conditional upon the Share Offer becoming unconditional. The making of the Offers is subject to the satisfaction of the following Pre-Conditions: the Offeror having received unconditional PRC antitrust approval necessary for the consummation of the Offers; valid acceptances of the Offer having been received in respect of such number of Shares which would result in the Offeror holding more than 50% of the voting rights; the Shares remaining listed and traded on the Stock Exchange up to the Offer Closing Date. As of February 18, 2021, the offer has become unconditional. On March 4, 2021, Indigo Glamour Company received valid acceptances of approximately 73.2% of issues share capital and valid acceptances in respect of 110.399 million options under option offer.

Grand Union Investment Fund, L.P. and Legend Holdings Corporation delivered to the Offeror the Irrevocable Undertaking, under which the Undertaking Shareholders have agreed to accept, or procure the acceptance of, the Share Offer in respect of all of the IU Shares representing approximately 26.55% stake. An Independent Board Committee has been established for the purpose of making a recommendation to the Qualifying Shareholders and Option holders as to whether the Offers are fair and reasonable and as to acceptance. The Independent Board Committee comprises all the non-executive Directors, namely Linan ZHU and Leping YAN, and all three independent non-executive Directors, namely Sam Hanhui SUN, Wei DING and Li ZHANG, none of whom has any direct or indirect interest in the Offers. As of January 4, 2021, the Pre-Conditions remains to be fulfilled. As of January 25, 2021, the Pre-Conditions had been satisfied. On March 4, 2021, Indigo Glamour Company will compulsorily acquire those Offer Shares not already acquired by the Offeror under the Share Offer. On June 2, 2021, the compulsory acquisition is expected to close by July 5, 2021. Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities (Asia Pacific) Limited acted as financial advisors for Indigo Glamour Company limited. Halcyon Capital Limited acted as financial advisor and provided fairness opinion to Independent Board Committee of CAR Inc. Kay Ian Ng of Sullivan & Cromwell (Hong Kong) LLP acted as legal advisor to Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities (Asia Pacific) Limited. David Lamb and Wynne Lau of Conyers Dill & Pearman, Hong Kong Office acted as legal advisor with respect to Cayman Islands law to CAR Inc and Indigo. Jenny Yin of Davis Polk & Wardwell acted as legal advisor to CAR Inc. Henry Ong & Qi Zhang of Weil, Gotshal & Manges acted as legal advisor to Indigo.