Pursuant to the terms of the indenture dated as of 31 March 2021 (as amended, modified or supplemented from time to time, the "Indenture"), among the CAR Inc., the subsidiary guarantors named in Schedule I thereto and Citicorp International Limited, as trustee (the "Trustee"), CAR Inc. announced that it has informed the Trustee and holders of the 2024 Notes that all the outstanding 2024 Notes will be redeemed in full on 27 September 2023 (the "Redemption Date") at a redemption price equal to 103.65625% of the principal amount thereof, plus the accrued and unpaid interest to, but not including, the Redemption Date. As of the date of this announcement, the principal amount of the 2024 Notes outstanding is USD 155,036,000. The Company will use its internal funds to satisfy the payment of the redemption of the 2024 Notes.

Upon redemption on the Redemption Date, all the redeemed 2024 Notes will be canceled.