Mr. Adrian Montgomery reports

ENTHUSIAST GAMING UNVEILS $10 MILLION COST REDUCTION PROGRAM

Enthusiast Gaming Holdings Inc. has undertaken a series of strategic and operational actions designed to enhance the company's business model in the areas most critical to its future success, renewing its commitment to the growth and development of its highly engaged gaming communities and focusing the business on drivers of high-margin revenue growth and sustainable profitability.

These actions, taken after a comprehensive organizational review initiated at the beginning of the year, are expected to generate $10-million in annual run-rate savings and will be completed largely by the end of Q1 2024. Cost-saving initiatives and operational efficiencies include efficiencies in ad tech, the consolidation of offices, the insourcing of production and content resources, head count reductions and other areas. Enthusiast Gaming's immediate priority is to enhance organizational effectiveness and community engagement.

"The changes that we have initiated will further enable Enthusiast Gaming to operate with a more sustainable organizational design, leveraging our valuable owned and operated communities, where we will continue to deliver the best experiences for our members and stakeholders and, with that, the strongest financial performance," commented Adrian Montgomery, chairman and interim chief executive officer of Enthusiast Gaming. "We remain focused on execution and building a platform of sustainable profitability. While reducing the size of our team is an extremely difficult decision for any company, we are incredibly grateful to all of our employees for the roles they have played in building Enthusiast Gaming to where it is today."

The company will share further details about its strategic restructuring during its earnings call for its fourth quarter 2023 results.

Fourth quarter and full-year 2023 earnings and conference call

Enthusiast Gaming will release financial and operating results for its fourth quarter ended Dec. 31, 2023, after the market closes on Monday, April 1, 2024. A conference call and audio webcast will also be held at 5 p.m. ET that same day to discuss the results and answer any questions.

Live conference call:   1-855-239-1101 (toll-free) or 1-412-317-5231

Conference ID:  10187154

An archived recording of the webcast will be available on the investor relations page of the Enthusiast Gaming website.

About Enthusiast Gaming Holdings Inc.

Enthusiast Gaming is a leading gaming media and entertainment company, building the largest platform for video game enthusiasts and e-sports fans to connect and compete worldwide. Combining the elements of its five core pillars (creators, content, communities, games and experiences), Enthusiast Gaming provides a unique opportunity for marketers to create integrated brand solutions to connect with coveted Gen Z and millennial audiences. Through its proprietary mix of digital media, content and gaming assets, Enthusiast Gaming continues to grow its network of communities, reflecting the scale and diversity of gaming enthusiasts today.

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