Announcement: August 20, 2023

Dear Haru Invest Members,

This is Hugo Lee. This week, many of our members have asked a variety of questions and raised numerous concerns. I apologize once more for causing so much anxiety and concern.

In this regard, I would like to respond to your questions and concerns and update the work progress.

[Members’ Questions]

Q1. You said in the last notice that you will deliver to the court the measures the members require during the rehabilitation questioning before the court; however, as I read from media coverage, the debtor, Haru Invest, is evading accountability, saying that it is an offshore corporation. Please provide a clear answer to this.

>> It is completely false that we are evading accountability. We have never forgotten, and will never forget, that our obligation resides in the fast and efficient recovery of our members’ assets and the assets’ complete distribution to our members. To note, however, as previously said, we believe that the rehabilitation procedure that some members have requested and are currently underway is ineffective in deciding the timing and method of asset distribution that the majority of our members need. As a result, I will continue to express my and Haru Invest’s views to the court based on the following opinions:

a. Currently, the corporation identified by some creditors to proceed with the rehabilitation procedure is neither a corporation that is actually engaged in business nor a corporation where members’ assets exist.

b. In order to inform the court clearly about this point, I plan to convey the essential factual confirmation first through the rehabilitation court’s procedure.

>> On the next questioning date, September 7th, I plan to provide more specific information concerning these facts and, if necessary, convey our views on the asset distribution strategy.

Q2. In your previous notification, you mentioned the difficulty in executing service operating costs or legal response costs. If this is the case, I would like to know if it can be interpreted to suggest that there are no assets to be returned to members.

>> No, that interpretation is incorrect. Assets for client distribution and assets for the company’s operations expenses are kept separate. Since June 13th, when the withdrawal service was suspended, the company’s business activities have been halted, and the company’s operations expenses have remained constrained, so the assets have been reported to be depleted, as I informed you. The assets that will be distributed to members must surely be managed separately; and, as I informed you previously, the recovery process is being carried out constantly through external management partners.

[Work Progress]

1. Asset recovery from B&S Holdings: We are making our best efforts to recover assets in collaboration with the investigating agency. Despite the fact that it is expected to take quite a long time, we will ceaselessly work with the investigating agency to ensure that our members’ assets are soundly safeguarded.

2. I would like to remind you that the previously-announced asset distribution plan (payment of recovered assets in phases) is still conceivable when the explanation to the court for the rehabilitation procedure is provided and subsequent progress is finished.

I apologize for not being able to respond to your inquiries in depth because the current situation is evolving due to a number of external factors simultaneously and because Haru Invest is currently engaged in the investigations by the government. This may generate some unanticipated confusion and misunderstandings; still, if you have any questions, please contact me via the official e-mail, and I will do my best to answer them.

Because I understand your great hardships, I want to reiterate that Haru Invest and I will do our best till the end.

Thank you.

Hugo Lee, Haru Invest

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