Huuuge Inc.

Legal Proceedings Report • Mar 13, 2023

Exposure to Silicon Valley Bank and cash balance of the Group

Huuuge, Inc. (the Issuer) is aware of the closure of Silicon Valley Bank("SVB") and appointment of the Federal Deposit Insurance Corporation("FDIC") as receiver.

Of the Issuer's approximately $237 million of cash and securitiesbalance as of March 10, 2023, approximately 10% was held at SVB. Theremainder of the Issuer's balance of cash and cash equivalents is heldacross several large reputable financial institutions in accordance withthe Issuer's internal investment rules.

Out of approximately $24.2 million held at SVB, $14.2 million were heldin operating accounts and money market accounts and $10.0 million wereheld in money market funds.

The recovery of the funds will be subject to the FDIC process and theIssuer is unable to determine the exact timing and the extent to whichthe assets held at SVB can be recovered.

The Issuer affirms its expectation that its cash, cash equivalents, andshort-term investments held outside of SVB will be sufficient to operatethe Company's business and meet its cash requirements for theforeseeable future.

To the Issuer's best knowledge at the date of this Report, otheroperations of the Issuer are not materially affected by the situation ofSVB.

Legal basis: Article 17 (1) of the MAR