Mr. Johnson Joseph reports

TENET REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS

Tenet Fintech Group Inc. has released its financial results and operating highlights for the three-month period ended March 31, 2024. Tenet reported revenue of $765,635, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of ($3,100,250) and a net loss of $5,414,117 for the quarter.

First quarter 2024 financial highlights:

• Total revenue of $765,635;
• Adjusted EBITDA of ($3.10-million);
• Net loss of ($5.41-million).

First quarter financial and operating results summary

The transition of the company's revenue model in China from transaction fees generated through its platforms to an eventual data-driven subscription fee-based model was a major contributor to the significant drop in the company's revenue during the first quarter of 2024 compared with the $9,493,804 generated by the company for the same period in 2023. Several other factors also contributed to the revenue decline, including the lingering effects of the wrestle for the control of the company in 2023, which created great concerns about the company's future for the company's investors, clients, partners and suppliers, as well new government regulations in China introduced in December, 2023, forcing all of the country's banks to phase out the use of virtual bank accounts. Virtual bank accounts had become an integral part of transactions conducted and facilitated by the company's business hub in China ever since the company's January, 2021, agreement with China UnionPay subsidiary Rongbang Technology Ltd. After consultation with its banking partners, the company decided that it would proceed with the termination of the use of virtual bank accounts on all its platforms in early 2024 and spent part of the quarter to adapt its business hub and GoldRiver platforms to the new regulations. The company expects to resume regular activity on the platforms some time in the second quarter of 2024.

The development of the networking and advertising modules of the company's Cubeler business hub continued in Canada during the quarter, while the company formally committed to the establishment of a new data science subsidiary in China, through which the Chinese version of the company's ie-Pulse product offering will be commercialized after its launch in Canada planned for the third quarter of 2024.

Full details of the company's first quarter 2024 financial results can be found in the unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three-month periods ended March 31, 2024, and 2023, which are available under the company's profile at SEDAR+.

Q1 2024 results and 2024 outlook questions and answers

Tenet chief executive officer Johnson Joseph will answer questions from shareholders related to the company's first quarter 2024 results and the outlook for 2024 in a Q&A interview. Shareholders are encouraged to read the company's MD&A prior to sending their questions related to these subjects to the company by 9 p.m. EDT on June 4, 2024, to investors@tenetfintech.com or cathy@chfir.com. The interview will be posted on the company's website by 5 p.m. EDT on June 7, 2024.

About Tenet Fintech Group Inc.

Tenet is the parent company of a group of innovative financial technology and artificial intelligence companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and artificial-intelligence-based products and services to businesses, capital market professionals, government agencies and financial institutions through leveraging data gathered by the Cubeler business hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate business-to-business transactions among its members.

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