The board of directors of CAR Inc. notified by Mr. Wilson Wei LI of his resignation as the chief financial officer and the chief operating officer of the Company. Li resigned from his position as the CFO and COO with effect from September 1, 2018 to pursue other career opportunities. Upon the said resignation becoming effective, Mr. Li will also cease to act as an executive vice president of the Company.

The board will appoint Mr. Guangyu CAO as a vice president, who will be the acting CFO to replace Mr. Li commencing September 1, 2018. Mr. Cao will serve as the CFO until the new CFO commences his service. The Board will appoint Mr. Guangyu CAO as a vice president, who will be the acting CFO to replace Mr. Li commencing September 1, 2018.

Mr. Cao will serve as the CFO until the new CFO commences his service. Cao served as the vice-president and financial controller of the Company from September 2007 to April 2016, and as the senior vice president of UCAR Inc. from April 2016 to August 2018. Mr. Cao worked in different roles in the finance field from 2000 to 2007 in various companies.