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On the morning of July 2, Jia Yueting, founder and partner of FF and founder of LeEco Letv, issued an apology letter titled "work, start a business, restart life, with my apology, gratitude and commitment." 'After nearly a year of efforts, the personal bankruptcy reorganization procedure I filed in the United States has finally been completed, the reorganization plan has officially come into effect, and the creditor trust has also been officially established and put into operation, 'Mr. Jia said.' this is the only and best solution for creditors and FF.

Jia Yueting said that the personal bankruptcy restructuring has officially come into effect, and for all his creditors, they will share the future success of FF as shareholders of FF; at the same time, Jia Yueting will no longer own FF shares and will work with all partners of FF to make FF and return home to promote the Sino-US home strategy. For Leeco shareholders, they can also get the compensation of the established share from the creditor trust after meeting certain conditions.

As for the future of FF, Jia Yueting said that all partners work together to start a business, share risks, govern together, and exercise top-level control over FF, and finally realize their dream and mission. At the same time, FF's first model, FF 91, is only one foot away from delivery. FF's research and development, financing, BD and other businesses are also progressing smoothly, and vehicle software and operating systems are constantly being upgraded. At the beginning of 2019, the FF IPO plan formulated by FF is also in full swing, and the momentum of progress is good. FF is planning to quickly complete the IPO project in the near future.

Attachment: Jia Yueting's full text of "working and starting a Business, restarting my Life, with my apology, gratitude and commitment"

Dear creditors, investors, Leeco investors and all my friends who care about me,

On June 26, after nearly a year of efforts, the personal bankruptcy reorganization procedure I applied for in the United States was finally completed, the reorganization plan came into effect, and the creditor trust was officially established and put into operation.

For all my creditors, we will share the future success of FF as shareholders of FF; for Leeco investors, they can also get compensation from the creditor trust after meeting certain conditions; for FF, this means that the value of assets has been highly recognized, the biggest obstacles to equity financing and the promotion of Sino-US dual home strategy have been eliminated, and the development of FF has officially embarked on the fast track.

For me personally, it means a restart of life. With the implementation of the FF partnership and the entry into force of my personal bankruptcy reorganization plan, I no longer own the equity of FF and have completed the transformation from a pure entrepreneur to a part-time worker and a part-time entrepreneur, while working with all the partners of FF to make FF and return home to promote the Sino-US dual home strategy is still the core mission of my life.

At such a special time, I think it is time to communicate with you what I think and, more importantly, my heartfelt apology and gratitude, as well as my commitment to the future.

My apologies and gratitude

In the 20 years since I started my business, I have experienced too many ups and downs. Although the Internet ecological model that I have been evaluated by the outside world is undoubtedly successful and proved by many similar enterprises, it is an unavoidable fact that I am the first responsible person for the overnight collapse of Letv's system. I am fully aware that all parties concerned and your families have suffered great losses as a result, and I would like to express my sincerest apologies to you again.

I firmly believe that the past experiences of success and the lessons of failure will be valuable assets for FF to succeed, and I will never repeat the mistakes of the past. Over the years, I have tried to make FF with apology and guilt, including filing for personal bankruptcy restructuring in the United States for the purpose of protecting the interests of all creditors, because it is the only and best solution for creditors and FF.

Indeed, a friend advised me to give up FF, sell my shares and "hide" in the United States through bankruptcy liquidation, but he still doesn't know me well enough, and giving up and running away will never be an option in my life. I am well aware of the important task I shoulder, and I am well aware of the suffering that my personal mistakes have brought to creditors, investors, Leeco investors, users, employees and your families. I must give you an account and will never be a deserter.

Of course, I will not forget to thank the investors who have supported their previous ventures, especially Sunac and Evergrande to lend a helping hand at the critical moment. I would also like to thank Leeco shareholders for their trust and understanding for so many years. I would also like to thank the employees and your families who still persevered and left during the entrepreneurial process. What's more, I would like to thank the creditors for their trust and confidence in the technical leadership of FF products and the core values of FF, which is undoubtedly a great encouragement to me.

My changes and restarts

With the implementation of the FF partnership a year ago and the entry into force of my personal bankruptcy restructuring a few days ago, I put all my remaining personal equity into a third-party managed creditor trust, and since then I have ceased to be the holder of FF equity. I have become a migrant worker with an entrepreneurial mentality and an entrepreneur who works as a part-time entrepreneur.

I am particularly pleased that my creditors are highly committed to the partnership system, which is one of the core reasons for the success of my personal bankruptcy restructuring. A year ago, I led the change in the top-level governance structure of FF and launched the partnership system. I gave most of my personal equity to the partner team and the employee option pool, with the team holding more than 50 per cent, after a cumulative investment of nearly $2 billion in FF, which is unique among companies of its kind in the world. FF will be the FF of all partners and employees, as well as the FF of investors and creditors and shareholders. Your support and all-out efforts will be the source of FF's success.

Over the past six years, FF has realized product and technological innovation, business model innovation, user ecological innovation and governance architecture innovation, and launched the first transformative new species-ultra-luxury intelligent Internet model FF 91, which is only one foot away from delivery, and the shared intelligent travel ecology is just around the corner.

In particular, the partnership mechanism has been implemented for more than a year, which has laid a solid foundation for the innovation and reform of FF governance structure, attracted a number of elite talents to join, and has been highly recognized by investors. The global partner of FF is "League of Legends" of FF, which is composed of more than 20 core members of FF, who share a common vision and values, from different professional disciplines such as artificial intelligence, Internet, IT and automobile. among them, there are not only elites from the traditional automotive industry, but also leaders from the IT and Internet industries, as well as veterans who have been with me for more than a decade, who are the spark of FF's future success.

All partners jointly start their own business, co-own, share, share risks, co-govern, and exercise top-level control over FF, and finally realize their common dream and mission. As the only company in the global automotive industry and American technology industry that adopts the partnership governance structure, the partnership mechanism has laid a unique competitive advantage and successful foundation for FF in corporate culture, governance structure and talent system.

On June 10th, the partnership system completed a historic milestone, and for the first time, a new partner and member of the Partnership Committee (PEC) was formally elected through full democratic election. So far, FF has a total of 28 partners worldwide, and the partnership system has officially entered the second stage.

My promises and expectations

Life restart means opportunities, pressures and challenges, and I have to go all out to fulfill my promises to Leeco shareholders, creditors, investors and all FF employees.

Although in the past three years, I have not actually controlled and managed Leeco. I can only look at the current situation of Leeco and feel distraught. But I have never forgotten the Leeco investors, and I sympathize with the losses and disappointments they have suffered. As the founder of Leeco, I cannot absolve myself of the blame for the current situation of Leeco, so after getting the approval of my personal creditor committee, I have reserved no more than 10% in the creditor trust, which is mainly used for the contingent compensation of Leeco shareholders, which can be implemented after the completion of the relevant legal procedures. I will also arrange a special team to coordinate the compensation of Leeco shareholders.

I know very well that the success of FF is the best return to creditors, shareholders, investors and all employees. At present, not only the partnership system, but also the research and development, financing, BD and other businesses of FF are progressing smoothly, and the vehicle software and operating system are constantly upgraded. after the launch of B2B business, it has successfully reached a cooperation agreement with two important American companies on intelligent driving platform, and a major cooperation between the company and China is also expected to be reached in the near future. At the same time, the FF IPO plan we formulated at the beginning of 2019 is also in full swing, and the current momentum of progress is good. We are planning to quickly complete the IPO project in the short term, so as to lay a solid foundation for the future development of FF and make FF achieve greater success.

Although the transformation of identity has been completed, I will continue to work with all partners as founder, partner and CPUO (Chief Product and User Ecosystem Officer) of FF to deliver on the promise we made into FF, which I believe is the common expectation of creditors, investors and all FF employees.

Thank you again for your understanding, support and trust, so that I can have the opportunity to restart my life, fulfill my promises, and let me "embark" on my way home.

Jia Yueting

July 2, 2020

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