Tiger'sTroveTrek| Evergrande Automobile: Evergrande Automobile: Received a letter from the local administrative department requesting the cancellation of the investment cooperation agreement and the refund of 1.9 billion yuan in rewards and subsidies

Evergrande Motor Stock Exchange announced that the companyTiger'sTroveTrekEvergrande New Energy Vehicle Investment Holding Group Co., Ltd.("Evergrande Automobile Holdings" and other subsidiaries of the Company, collectively referred to as the "Relevant Subsidiaries"), a subsidiary of the Company, recently received letters issued by relevant local administrative departments. Relevant subsidiaries have signed a series of investment cooperation agreements with relevant local administrative departments since April 29, 2019. As the Company failed to perform its contractual obligations in accordance with the relevant terms of the relevant agreements, the relevant local administrative departments, in accordance with the provisions of the Civil Code of the People's Republic of China and other Chinese laws and regulations, plan to require the relevant subsidiaries to: cancel the relevant agreements; and return the various awards and subsidies issued to the relevant local administrative departments totaling approximately RMB 1.9 billion, and the relevant subsidiaries shall bear joint and several liability. Currently, relevant subsidiaries plan to send letters to relevant local administrative departments for coordination. Trading in the company's shares will continue to be suspended until further notice.