Mr. Mayco Quiroz reports

TENET SETTLES U.S. CLASS ACTION LAWSUIT

Tenet Fintech Group Inc. has settled a presumed class-action lawsuit brought against the company and two of its executives on Nov. 19, 2021, in the United States District Court for the Eastern District of New York, originally captioned "Bram Van Boxtel v. Tenet Fintech Group Inc., et al.," now captioned "Alejandro Handal and Donald Dominique v. Tenet Fintech Group Inc., et al." Please see the company's management discussion and analysis for the period ended Sept. 30, 2023, under "legal proceedings" for further information regarding the lawsuit.

The terms of the settlement, which are set out in a binding memorandum of understanding signed on April 8, 2024, do not include any admission of liability or wrongdoing on the part of the company or any defendant. In exchange for a full and final release of the company and each defendant from the plaintiffs, the company has agreed to pay the aggregate amount of $1.2-million (U.S.), to be paid in five instalments throughout the balance of 2024 with the last such instalment by Dec. 31, 2024. The company has agreed to settle the lawsuit to avoid further costly litigation.

The company believes the settlement to be the best available option for the company to allow it to move forward without the further expense and distraction of costly litigation in the United States while it focuses on its growth/development. This would include resuming the closing of additional tranches of the company's pending private placement financing, which had been temporarily paused while the settlement negotiations were being finalized. The settlement is subject to a number of conditions, including the approval of the United States District Court for the Eastern District of New York. If the conditions are not met, the parties will return to their respective litigation positions prior to the settlement.

About Tenet Fintech Group Inc.

Tenet Fintech Group is the parent company of a group of innovative financial technology and artificial intelligence (AI) 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 AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions, either through or leveraging data gathered by the Cubeler business hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B (business-to-business) transactions among its members.

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