GCL New Energy Holdings Limited dated March 29, 2023 in connection with partial redemption of the Company's 10.00% Senior Notes Due 2024 (the Notes) pursuant to Sections 4.13(f) and (g) of the Indenture, following the completion of Significant Asset Sale Offer on March 23, 2023. Capitalized terms used but not defined herein shall have the same meanings as defined in the Launch Notice. The Company is pleased to notify that it has on March 31, 2023 (the Redemption Date) completed the redemption of Notes in the principal amount of USD 10,786,719 (the Redeemed Notes) at the Redemption Price.

The payment of Redemption Price has been made on a pro rata basis to the Holders on the Redemption Date, and the interest on the Redeemed Notes shall cease to accrue on and after the Redemption Date. The Redeemed Notes has been cancelled accordingly. Immediately upon the completion of this partial redemption and cancellation of the Redeemed Notes, the aggregate outstanding principal amount of the Notes is USD 198,906,678, and the aggregate outstanding principal amount of the Notes at face value of USD 248,090,017.