Dear Haru Invest Members,


This is Haru Invest, Hugo Lee.

As many of you have asked about the part, “rehabilitation procedure through the court,” mentioned in the announcement last week, I would like to explain the facts to the extent that our understanding permits as follows:


1. Thus far, certain Members have petitioned the court for an order to commence rehabilitation procedures, and the court has rendered a preservative disposition and a comprehensive injunction order against Haru Invest Korea Co., Ltd. Preservative disposition is to order the debtor not to repay until a decision to begin rehabilitation procedures is made, and a comprehensive injunction order is to prevent creditors, etc. from compulsorily executing the debtor’s assets until a decision to commence rehabilitation procedures is made, as we understand. We have an interrogation date scheduled for this month in relation to the aforementioned rehabilitation procedure case, etc., and we intend to actively present our opinions on the rehabilitation procedures to the court.


2. We are currently doing everything we can to collect the assets from B&S Holdings through civil and criminal legal means; however, we expect that this will take some time to retrieve the assets. So we want to summarize our opinions on the most efficient, rapid and equitable asset distribution for our Members, including the plan to collect and distribute other assets first, and then give the summary to the rehabilitation court too.


3. We believe that individual Member’s rights should always be actively exercised, which must be respected at all times. And we believe that—regardless of whether Members exercise their rights or not—all Haru Invest Members must properly and swiftly receive the distribution of assets. My heart was heavy after last week’s announcement since I felt that I had caused further concerns to many Members. I apologize once more for generating concerns, and I and Haru Invest will continue to work hard to produce fair results for all Members.


This concludes this announcement.


Thank you.


Haru Invest, Hugo Lee

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