The Board of Great Wall Pan Asia Holdings Limited has approved and adopted a dividend policy for the company on 15 March 2019 that, in recommending or declaring dividends, the company shall maintain adequate cash reserves for meeting its working capital requirements and future growth as well as its shareholding value. Under the Dividend Policy, the company does not have any pre-determined dividend payout ratio. When considering declaration or recommendation of dividends, the Board shall take into account the following factors of the Group: actual and expected financial performance; retained earnings and distributable reserves; working capital requirements, capital expenditure requirements and future expansion plans; liquidity position; shareholders' interests; general economic conditions and business cycle of the Group's businesses; any restrictions on payment of dividends; and other internal or external factors that may have an impact on the business or financial performance and position of the Group and other factors that the Board may consider relevant. The Board has the sole discretion to recommend or not to recommend any final dividends to the shareholders for approval; and to declare or not to declare any other dividends to the shareholders of the Company, including but not limited to interim and/or special dividends, subject to the Bye- Laws of the Company and all applicable rules and regulations and the factors as stated in the Dividend Policy. The Board will continually review the Dividend Policy and reserves the right in its sole and absolute discretion to update, amend and/or modify the Dividend Policy at any time, and the Dividend Policy shall not constitute a legally binding commitment by the Company that dividends will be paid in any particular amount for any given period.

The board of the company announced the resignation of Mr. Ou Peng as an Executive Director, the Chairman of the Board, Chief Executive Officer and the Chairman of the Nomination Committee of the company, in each case, with effect from 15 March 2019. The board of the company announced that Mr. Chen Zenan has been appointed as a non-executive Director, the Chairman of the Board, the Chairman of the Nomination Committee and a member of the Audit Committee of the company, in each case, with effect from 15 March 2019. since February 2015, Chen Zenan has served as the chief operating officer of GWAMCC and he has served as a director and chairman of the board of directors of Great Wall International since January 2018. The board of the company also hereby announces that Mr. Huang Hu, a non-executive director of the company, has been re-designated as an executive Director and appointed as the Chief Executive Officer and ceased to be a member of the Audit Committee of the company, in each case, with effect from 15 March 2019. Since January 2014, Mr. Huang has served as supervisor and chief supervisor of Great Wall Financing Assurance Co. Ltd., while also holding the positions of supervisor and vice chairman of the supervisory committee of Great Wall Xinsheng Trust Co. Ltd. Since May 2015, he has served as director of Great Wall Guofu Real Estate Co. Ltd. Since June 2015, he has served as director of Great Wall International.