Great Wall Motor : FIRST ANNOUNCEMENT TO CREDITORS OF THE COMPANY IN RELATION TO REPURCHASE AND CANCELLATION OF PARTIAL RESTRICTED SHARES

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長 城 汽 車 股 份 有 限 公 司

GREAT WALL MOTOR COMPANY LIMITED*

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2333)

FIRST ANNOUNCEMENT TO CREDITORS OF THE COMPANY IN RELATION TO REPURCHASE AND CANCELLATION OF PARTIAL RESTRICTED SHARES

This announcement is made pursuant to the disclosure requirements under Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Pursuant to the resolutions considered and approved by Great Wall Motor Company Limited (the "Company") at the general meeting convened on 15 April 2020, including the Resolution on the 2020 Restricted Share and Share Option Incentive Scheme (the First Amended Draft) of Great Wall Motor Company Limited and its Summary and the Resolution on the Proposed Authorisation at a General Meeting to the Board and its Authorised Persons to Deal with Matters Relating to the 2020 Restricted Share and Share Option Incentive Scheme of the Company at Their Full Discretion, the Company convened the sixteenth meeting of the seventh session of the Board on 31 March 2021, at which the Resolution on the Repurchase and Cancellation of Partial Restricted Shares under the First Grant and Cancellation of Partial Share Options under the First Grant of the 2020 Restricted Share and Share Option Incentive Scheme of the Company were considered and approved. According to the abovementioned resolutions, due to the resignation, job rotation or demotion of certain participants, or fail of certain participants in the annual personal performance appraisal, pursuant to the relevant provisions of the Management Measures for Long-term Incentive Mechanism of Great Wall Motor Company Limited and the 2020 Restricted Share and Share Option Incentive Scheme of Great Wall Motor Company Limited (the "2020 Share Incentive Scheme"), the Company proposed to repurchase and cancel part of restricted shares and share options under the 2020 Share Incentive Scheme. The aggregate restricted shares under the first grant proposed to be repurchased is 73,900 shares. Since the Company's profit distribution for 2019 and the first three quarters of 2020 has been completed, the repurchase price of the restricted shares under the First Grant proposed to be repurchased has been adjusted to RMB3.84 per share, plus the bank deposit interest for the same period calculated based on the benchmark deposit interest rate as issued by the People's Bank of China for the same period in accordance with the terms of the 2020 Share Incentive Scheme. The number of partial share options under the first grant proposed to be canceled (which has been granted but not yet exercised) is 1,008,383 options.

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The Company will adjust the repurchase price accordingly where necessary in accordance with the Share Incentive Scheme upon the implementation of the restricted shares repurchase. The relevant matters are explained as follows:

Upon execution of the aforesaid repurchase by the Board, the Company will cancel the repurchased Shares, which will lead to a reduction in the registered capital of the Company. Accordingly, the Company publishes this announcement in compliance with the Company Law of the People's Republic of China, the Articles of Association of Great Wall Motor Company Limited and other relevant regulations.

All creditors of the Company may submit a claim for creditor's rights against the Company since the publication of this announcement. Creditors may require the Company to repay debts or to provide guarantee by producing valid documents of creditor's rights, evidence and identity documents within 45 days after receiving the notice from the Company; any creditor's rights which are not claimed within the specified periods according to the above method shall be deemed as a waiver of such claim, and such creditor's rights shall be settled by the Company in accordance with the agreed time and method.

Method of claiming creditor's rights:

To claim the aforesaid rights against the Company, creditors should produce originals and photocopies of contract, agreement and other evidence which stand as the proof of the debtor-creditor relationship with the Company for claiming creditor's rights. A creditor who is a legal person shall produce original and photocopy of the duplicate corporate business license, as well as the original and photocopy of the identity document of its legal representative; in case of claiming through proxy, original of the power of attorney authorized by its legal representative as well as original and photocopy of the valid identity document of the proxy shall be further produced. A creditor who is a natural person shall produce original and photocopy of his/her valid identity document; in case of claiming through proxy, original of the power of attorney as well as original and photocopy of the valid identity document of the proxy shall be further produced.

1. Creditors claiming by mail should dispatch their documents of creditor's rights to the following address (date of claim will be determined by date of postal chop):

Postal address:	No. 2266 Chaoyang Road South, Baoding, Hebei Province, the PRC
For the attention of:	Ms. Jiang Li, Great Wall Motor Company Limited
Postal code:	071000
Special reminder:	Please mark "Claim for Creditor's Rights" on the cover of the mail

2. Creditors claiming by fax should fax their documents of creditor's rights to the following fax number (date of claim will be determined by date of successfully sending the fax):

Fax number:	86-312-2197812
Special reminder:	Please mark "Claim for Creditor's Rights" on the cover of the fax
Contact telephone	86-312-2197812
number:
Contact person:	Ms. Jiang Li

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This announcement is available on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the website of the Company (www.gwm.com.cn).

By order of the Board

Great Wall Motor Company Limited

Xu Hui

Company Secretary

Baoding, Hebei Province, the PRC, 31 March 2021

As at the date of this announcement, members of the Board comprise:

Executive Directors: Mr. Wei Jian Jun, Ms. Wang Feng Ying and Ms. Yang Zhi Juan.

Non-executive Director: Mr. He Ping.

Independent Non-executive Directors: Ms. Yue Ying, Mr. Li Wan Jun and Mr. Ng Chi Kit.

• For identification purposes only

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