Dear Haru Invest Members,

This is Hugo Lee, Haru Invest.

I would like to update you on this week’s progress, also focusing on responding to member inquiries as I did in earlier weeks.

Q) You stated last week in your announcement that you will cooperate with Korean investigative agencies, and I am curious if cooperation with the investigation agencies will affect the timeline for the allocation of member assets.

A) Haru Invest and I are actively working with Korean investigative agencies’ investigation requests in all cases in which we filed criminal complaints against B&S, as well as cases in which some of our members submitted criminal complaints against us. We are working diligently and faithfully to ensure that this process can be an opportunity not only to address issues raised by some of our members but also to convey to the authorities our efforts to minimize the damage to our members and my and Haru Invest’s commitment to asset recovery and distribution measures based on such efforts. Furthermore, we believe it will provide an opportunity for Korean investigative agencies to identify the illicit operations and assets of B&S.

In this regard, the investigative process is also likely to affect the timeline for the member asset distribution. In addition to these investigative procedures, as already announced, related procedures such as a court’s preservation orders are also ongoing, and these matters are also expected to be related to the asset distribution schedule.

In the immediate term, Haru Invest and I intend to complete the member DB matching work by recovering member assets, and then we will reassess the distribution schedule in accordance with the legal proceedings we are carrying out with investigating agencies and courts.

We will notify our members as soon as the legal proceedings are completed and the distribution schedule is clearly set.

The previously-announced office relocation and downsizing to save operational costs is likely to take place soon, and other asset recovery measures relating to B&S Holdings are being worked on constantly.

Finally, many people are questioning the entire degree of the damages caused by this matter, and I believe it is critical to clarify correctly and fully in the course of the investigations, especially since the authorities’ investigation is ongoing. Relevant information from the investigation findings is expected to be made public shortly, but first and foremost, Haru Invest and I—as a CEO who feels a great deal of responsibility for this matter—would like to offer our apologies once again.

This brings us to the end of this week’s announcement.

Thank you.

Hugo Lee, Haru Invest

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