Restructuring Process Q: What is the purpose of the restructuring process? A:

Question

Restructuring Process Q: What is the purpose of the restructuring process? A:

Joint Voluntary Liquidators (“JVLs”) have been appointed over Invictus SPC’s sole management shareholder, New World Holdings (“NWH”). The JVLs are undertaking a restructuring of NWH’s underlying corporate structure, which includes Invictus SPC.

As part of this process, Invictus SPC will be closing ISG and IBA. It is likely that NWH will seek to dispose of its management shares in Invictus SPC to a third party to allow the continuation of C20 and C10, or, alternatively, a third party may acquire C20 and/or C10 from Invictus SPC.

Q: What does the restructuring process mean for me?

A: The restructuring process will oversee the closure of IBA and ISG. This is likely to take the form of Invictus SPC compulsorily redeeming eligible investors and returning assets to them, net of costs, in due course.

In addition, the restructuring process will also facilitate the continuance of C20 and C10 which Invictus SPC anticipate will continue under new management.

Q: How long will the restructuring process take?

A: Whilst it is difficult to provide any certainty at this stage, Invictus SPC and NWH’s JVLs are working diligently to find an optimal solution in the near term to allow operations to efficiently return to normal, to the extent this is possible. Invictus SPC is conscious that investors will be focused on the progress being made in this regard and will provide periodic updates to investors.

Q: Why have I not been receiving responses to queries from staff?

A: Following the recent market downturn, there has been a large reduction of personnel available to assist the day‐to‐day operations of Invictus SPC. Given the engagement of restructuring professionals to Invictus SPC and NWH, communications are required to be coordinated in consultation with those professionals and the intended approach was outlined in the update circulated to investors recently.