GCL New Energy Holdings Limited, the Subsidiary Guarantors listed on Schedule I thereto and The Bank of New York Mellon, London Branch, as Trustee, entered into in connection with the Company's issuance of 10.00% Senior Notes Due 2024 (the "Notes"), the Company will use USD 10,786,719, being the Remaining Proceeds (as defined in the Indenture) from the Significant Asset Sale Offer (as defined in the Indenture) completed on March 23, 2023, to redeem an equivalent amount of Notes on March 31, 2023 (the "Redemption Date") at a redemption price equal to 100.00% of the outstanding principal amount thereof, plus accrued and unpaid interest to (but not including), the Redemption Date (the "Redemption Price"). As of the date hereof, the outstanding principal amount of the Notes is USD 209,693,397, being USD 248,090,017 outstanding principal amount at face value of the Notes applying the pool factor as a result of the redemption on January 25, 2022. The amount of accrued and unpaid interest with respect to the Notes to (but not including) the Redemption Date will be approximately USD 0.016667 on each USD 1 of principal amount of the Notes.

The Redemption Price for all outstanding Notes in the principal amount of USD 10,786,719 to be redeemed on the Redemption Date will be the aggregate amount of USD 10,966,501.2455, or approximately USD 1.016667 for each USD 1 of principal amount of the Notes. On the Redemption Date, the Redemption Price will become due and payable on each Note to be redeemed and, unless the Company defaults in the payment of the Redemption Price, interest on the Notes will cease to accrue from and including the Redemption Date. The Notes for redemption will be conducted in accordance with the partial redemption by applying a pool factor method of Euroclear and Clearstream.

Payment of the Redemption Price and surrender of the Notes for redemption will be made through the facilities of Euroclear and Clearstream. Payment of the Redemption Price (together with accrued and unpaid interest) of the Notes will be made on the Redemption Date and interest on the Redeemed Notes shall cease to accrue on and after the Redemption Date. Upon the redemption, the aggregate principal amount of the Notes outstanding is USD 198,906,678, and the aggregate principal amount of the Notes at face value outstanding remains unchanged at USD 248,090,017.