Ms. Christina Boyd reports

TENET REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS

Tenet Fintech Group Inc. has released its financial results and operating highlights for the three-month period ended March 31, 2023. Similar to the fourth quarter of 2022, the first quarter of 2023 was a difficult one in China from an economic standpoint. Tenet generated $9.49-million in revenue in first quarter and had a net loss of $8.7-million as small- and medium-sized enterprises in China were still struggling to recover following the sporadic government-imposed COVID-19 lockdowns as was stated by the company's Chinese operations' chief executive officer and director of finance.

The company continues to streamline operations in line with its previous press releases in May, 2023.

Q1 financial highlights:

• Total revenue of $9.49-million;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of ($5.87-million);
• Net loss of ($8.7-million).

First quarter financial and operating results summary

Although the company has struggled to regain the momentum in revenue growth it had seen in prior quarters, there remains a continued commitment to geographic and industrial vertical expansion of its Chinese operations. The company has also taken the opportunity to work on customer retention and synergy.

The company continues to build an ecosystem where it is servicing and gathering data on thousands of SMEs in China operating in various industrial sectors, including retail and wholesale trade, manufacturing, energy, construction, and distribution. The company now has the capability to track metrics such as sales and inventory levels in near real time on business hub SME members in China and has been able to show variations across time series, positioning the company to potentially become a reliable reference of economic activity throughout the country. This will be examined as the company explores data monetization opportunities.

The largest source of revenue in China is still the supply chain services, which realized revenues of $6.46-million in the quarter.

The company's Canadian operations continued to focus on the recently launched business hub in Canada and continues to seek an increase in membership. The company continues to expect to begin showcasing the value of the data it has been collecting and will collect from SMEs in the future as it continues to explore opportunities for data monetization.

The company's business plan and outlook will continue to focus on the growth of its operations in China and Canada; however, the company plans to take a hybrid approach to growth that reflects these two businesses.

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

About Tenet Fintech Group Inc.

Tenet is the parent company of a group of innovative financial technology companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytic services to businesses and financial institutions through the Cubeler business hub, a global ecosystem where analytics are used to create opportunities and facilitate business-to-business transactions among its members.

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