Dear Haru Invest Members,

We know that many of you are wondering about the progress of the current situation made so far, and we would like to use this opportunity to provide you with updates. Some of them may not be too different from the previous announcement. Nevertheless, we would like to remind you of key updates.


1. Investigation into B&S holdings
The investigative authorities have launched an investigation into B&S holdings, and the investigation is in progress. Haru Invest, including myself, has yet to be informed of the progress of the investigation. However, we are fully cooperating with the authorities by preparing information helpful to the investigation. We believe that the investigation will take some time. In the meantime, we will keep you updated once we receive any information available on the progress of the investigation.


2. Recovery of assets
We are continuously focusing on recovering assets under management apart from B&S holdings. For those assets entrusted to external asset managing partners, we aim to minimize the loss as much as possible, and we believe we can recover those assets in a few weeks.


3. Sale of company’s assets
We are drawing a list of any potential salable company’s assets. Since we aim to minimize the loss of value when selling the company’s assets, we believe this may take some time. To this end, we are considering the sale of the company’s assets in phases.


4. Distribution of assets to our users
We are currently organizing a database to identify the credits and debts of our users clearly. Once we can confirm the amount of losses and finalize the asset distribution plan, we plan to distribute the assets in phases in time for the recovery of the assets. Unfortunately, it is very difficult to say when we can start the distribution with the limited information we have right now on the exact amount of losses. Still, we will keep you informed of any updates and timing of the distribution once we make enough progress to execute the above actions.


5. Regular communication plan
From now on, we will provide you with weekly updates. However, since the investigation is in progress, it is difficult for us to get relevant information promptly. Therefore, we may not be able to provide you with sufficient updates for the upcoming weeks. Nevertheless, we will continue to provide weekly updates even if there are no major updates on the current situation.


6. Others
We are receiving lots of email inquiries about any possible disadvantages of not taking collective action. Many of our users have asked us if they will be at a disadvantage if they don’t belong to a communication group with a ‘Representative’ or a class-action lawsuit group. As we have said earlier, your legal rights will be equally protected as others, even if you don’t belong to a class-action lawsuit group. We tried to communicate with a ‘Representative’ group because we wanted to make communication with our users more efficient, given that we now only have limited resources to continue our operation. To this end, we would like to reiterate once again that we are not trying to benefit any particular group. If there are any topics that others might be interested to know more about from our conversation with a ‘Representative’ group, we will share them with you via announcement. For the time being, we want to make it clear that we want to assure all our members and representatives that we are sharing fact-based information equally with everyone.


Last but not least, we would like to express our sincerest regret for causing immense inconvenience to our investors. Haru Invest and I are fully aware of the gravity of the situation we are all in, and we will make the utmost effort to improve the situation.


Haru Invest
CEO Hugo Lee

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