CAR : PROPOSED ISSUE OF U.S. DOLLAR-DENOMINATED SENIOR NOTES

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement and the listing document referred herein are for informational purposes only as required by the Listing Rules and is not an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Neither this announcement nor anything herein (including the listing document) forms the basis for any contract or commitment whatsoever. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. No public offering of securities is to be made by the Company in the United States.

For the avoidance of doubt, the publication of this announcement and the listing document referred to herein shall not be deemed to be an offer of securities made pursuant to a prospectus issued by or on behalf of the issuer for the purposes of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong nor shall it constitute an advertisement, invitation or document containing an invitation to the public to enter into or offer to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities for the purposes of the Securities and Futures Ordinance (Cap. 571) of Hong Kong.

CAR Inc.

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 0699)

PROPOSED ISSUE OF U.S. DOLLAR-DENOMINATED SENIOR NOTES

The Company proposes to conduct an international offering of U.S. dollar-denominated senior notes to professional investors only and outside the United States in accordance with Regulation S under the U.S. Securities Act.

The pricing of the proposed Notes, including the aggregate principal amount, the issue price for the Notes and interest rates, will be determined through a book building exercise conducted by China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities plc as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners. China CITIC Bank International Limited will be the Co-Manager for the Proposed Notes Issue. Upon finalizing the terms of the Notes, China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities plc and the Company, among others, will enter into the Purchase Agreement.

As no binding agreement in relation to the Proposed Notes Issue has been entered into as at the date of this announcement, the Proposed Notes Issue may or may not materialize. Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company.

A further announcement in respect of the Proposed Notes Issue will be made by the Company should the Purchase Agreement be signed.

THE PROPOSED NOTES ISSUE

Introduction

The Company proposes to conduct an international offering of U.S. dollar-denominated senior notes to professional investors only and outside the United States in accordance with Regulation S under the U.S. Securities Act.

The pricing of the proposed Notes, including the aggregate principal amount, the issue price for the Notes and interest rates, will be determined through a book building exercise conducted by China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities plc as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners. China CITIC Bank International Limited will be the Co-Manager for the Proposed Notes Issue. The completion of the Proposed Notes Issue is subject to market conditions and investor interest. Upon finalizing the terms of the Notes, China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities plc and the Company, among others, will enter into the Purchase Agreement, pursuant to which China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities plc will be the initial purchasers of the Notes. The Company will make further announcement in respect of the Proposed Notes Issue upon the execution of the Purchase Agreement.

Proposed Use of Proceeds for the Proposed Notes Issue

The Company intends to use the proceeds of the Notes for repayment of existing indebtedness and general corporate purposes.

Listing

An application will be made by the Company for the listing of the Notes on the Stock Exchange. Admission of the Notes to the Stock Exchange is not to be taken as an indication of the merits of the Company, its subsidiaries, or the Notes.

GENERAL

As disclosed in the joint announcement dated 4 March 2021 issued by Indigo Glamour Company Limited (the "Offeror") and the Company in relation to close of offers and results of the offers, an application for withdrawal of listing of the Shares will be made. For the avoidance of doubt, the Board would like to emphasize that the delisting application will relate only to the Shares and will not relate to the Notes proposed to be issued.

As no binding agreement in relation to the Proposed Notes Issue has been entered into as at the date of this announcement, the Proposed Notes Issue may or may not materialize.

Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company.

A further announcement in respect of the Proposed Notes Issue will be made by the Company should the Purchase Agreement be signed.

DEFINITIONS

In this announcement, the following expressions shall have the meanings set out below unless the context requires otherwise:

"U.S. dollar"

United States dollars, the lawful currency of the United States of America; and

"U.S. Securities Act"

the United States Securities Act of 1933, as amended.

By Order of the Board

CAR Inc.

Yifan Song Executive DirectorHong Kong, 23 March 2021

As at the date of this announcement, the Board of Directors comprises Ms. Yifan Song as Executive Director; Mr. Hongfei Yu, Mr. Xuan Yan, Mr. Stephen Le Ee Boon, Mr. Jun Xu and Ms. Shengping Yu as Non-executive Directors; and Mr. Sam Hanhui Sun, Mr. Wei Ding and Mr.

Li Zhang as Independent Non-executive Directors.