# EDGAR Filing Document

**Accession Number:** 0001558924
**File Stem:** 0001062993-23-001048
**Filing Date:** 2023-1
**Character Count:** 2365232
**Document Hash:** a49df001adaadd60e3f251143f89402a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-23-001048.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001062993-23-001048

**CONFORMED SUBMISSION TYPE**: 40FR12B/A

**PUBLIC DOCUMENT COUNT**: 176

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tenet Fintech Group Inc.
- **CENTRAL INDEX KEY:** 0001558924
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40780
- **FILM NUMBER:** 23535757

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SHERBROOKE WEST
- **STREET 2:** SUITE 265
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 1B9
- **BUSINESS PHONE:** 514 340-7775

**MAIL ADDRESS:**
- **STREET 1:** 550 SHERBROOKE WEST
- **STREET 2:** SUITE 265
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 1B9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PEAK FINTECH GROUP INC.
- **DATE OF NAME CHANGE:** 20210517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Peak Positioning Technologies Inc.
- **DATE OF NAME CHANGE:** 20120925

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 40-F/A**

**(Amendment No. 5)** 

☒ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

☐ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended________________

Commission File Number_______________

<u>**TENET FINTECH GROUP INC./ GROUPE TENET FINTECH INC.**</u><br> (Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <u>**Canada**</u> | &nbsp;&nbsp; <u>**7372**</u> | &nbsp;&nbsp; <u>**N/A**</u> |
| &nbsp;&nbsp; (Province or other jurisdiction of incorporation or organization) | &nbsp;&nbsp; (Primary Standard Industrial Classification Code Number (if applicable)) | &nbsp;&nbsp; (I.R.S. Employer Identification Number) |

---

**401 Bay Street, Suite 2702**

**Toronto, Ontario, Canada M5H 2Y4**

<u>**(514) 340-7775**</u>

(Address and telephone number of Registrant's principal executive offices)

**CT Corporation System**

**28 Liberty Street, New York, New York 10005**

<u>**(212) 894-8940**</u>

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

*Copies to:*

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| | |
|:---|:---|
| &nbsp;&nbsp; **Johnson Joseph** | &nbsp;&nbsp; **Nikolaos D. Galanopoulos** |
| &nbsp;&nbsp; **Tenet Fintech Group Inc.** | &nbsp;&nbsp; **Galanopoulos & Company** |
| &nbsp;&nbsp; **401 Bay Street, Suite 2702**  | &nbsp;&nbsp; **HSBC Building, 885 West Georgia Street** |
| &nbsp;&nbsp; **Toronto, Ontario, Canada M5H 2Y4** | &nbsp;&nbsp; **Suite 1480, Box 1078**  |
| &nbsp;&nbsp; **Canada** | &nbsp;&nbsp; **Vancouver, British Columbia, V6C 3E8** |
| &nbsp;&nbsp; <u>**(514) 340-7775 ext. 501**</u> | &nbsp;&nbsp; **Canada** |
|  | &nbsp;&nbsp; <u>**(604) 895-7477**</u> |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>**Title of each class**</u>  | <u>**Trading Symbol(s)**</u> | <u>**Name of each exchange on which registered**</u> |
| **Common Shares** | **TNT** | **The Nasdaq Stock Market LLC** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act: <u>None</u>**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: <u>None</u>**

i

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**For annual reports, indicate by check mark the information filed with this Form:**

**☐ Annual information form ☐ Audited annual financial statements**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: <u>N/A</u>.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☐ No ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

Yes ☐ No ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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&nbsp;&nbsp; **SUMMARY**<br> *The following summary highlights, and should be read in conjunction with, the more detailed information contained elsewhere in this registration statement, and the documents filed as exhibits hereto. You should carefully read the entire document, including our financial statements and related notes and other exhibits, to understand our business, and the common shares which are being registered hereby. You should pay special attention to the "Risk Factors" sections below. Unless the context otherwise requires, the terms "Registrant", "Tenet", the "Company", "we", "us" or "our" and similar references in this prospectus refer to Tenet Fintech Group Inc.*<br> **Our Company**<br> Tenet is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence companies. Tenet's subsidiaries provide various analytics and AI-based services to financial institutions and businesses through the Business Hub™, an ecosystem where data analysis and artificial intelligence are used to facilitate transactions among its members.<br>**Variable interest entities in China**<br> We either wholly own or own a majority equity interest in, and have control over, the voting shares of each of our Chinese operating subsidiaries. Based on the definition and characteristics of what the U.S. Financial Accounting Standards Board (the "FASB") considers to be a "variable interest entity" (or "VIE"), we believe that neither we nor any of our subsidiaries is a VIE. See "*Supplemental Statements"* - *"3. Tenet is not a VIE and additional disclosure regarding Chinese Subsidiaries"*.<br> **Holding Company Structure of Tenet Fintech Group Inc. and Dependence on our Chinese Subsidiaries**<br> We are a holding company incorporated under the laws of Canada. Other than Cubeler Inc. and Tenoris3 Inc., which are incorporated under the *Canada Business Corporations Act* (the "CBCA") and based in Montreal, Canada, all of our operating subsidiaries are located in the People's Republic of China ("PRC" or "China"). Our Chinese operating subsidiaries are held under Asia Synergy Ltd., a Hong Kong based holding company ("Asia Synergy"), which we wholly own. Therefore, investors should be aware that as we are a holding company that is currently dependent on the operations of our subsidiaries in China, we are subject to unique risks, including legal and operational risks, that could cause the value of our common shares to decline. Chinese laws and regulations governing our current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of our Chinese subsidiaries, or a significant depreciation in the value of our common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, we and our Chinese subsidiaries to our knowledge have not been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have we or any of them received any inquiry, notice or sanction from the Chinese government.<br>There are currently no laws or regulations in China that prohibit companies whose entity interests are within China from listing on overseas stock exchanges. However, because the aforementioned statements and regulatory actions are newly-published, official guidance and implementation rules relating to these statements and actions have not been issued. It is highly uncertain what the potential impact such modified or new laws and regulations, and all other recent statements and regulatory actions by China's government, such as those related to the use of VIEs and data security or anti-monopoly concerns, will have on our ability to conduct our business in China, accept foreign investments in our Chinese subsidiaries and maintain a listing on a U.S. exchange. These and other legal and operational risks disclosed below could result in a material change in our Chinese operations and cause the value of such securities to significantly decline or be worthless. See "*Risk Factor"* - "*The Cyberspace Administration of China (the "CAC") may deem us to be a critical infrastructure operator, resulting in disruptions to our operations"*.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actions by Chinese Authorities Regarding the Issuance of Securities**<br> As we are a Canadian company incorporated under the CBCA with the Ontario Securities Commission ("OSC") as our principal securities regulator, the Chinese government does not have authority over our securities offerings and consequently is not able to prevent us from offering or continuing to offer securities to investors. However, it is possible for the Chinese government to take, or attempt to take, other adverse action against our Chinese subsidiaries, which could affect our decision to continue to offer securities to investors. See "*Risk Factor"* - "*The Chinese government exerts substantial influence over the manner in which we must conduct our business activities and may intervene in, or influence, our operations at any time, which could result in a material change in our operations and diminish the value of our common shares."*.<br> **Regulatory Permissions** <br> In the opinion of the MHP Law Firm, our PRC legal counsel, based on the Chinese laws and regulations currently in effect, to operate our business as currently conducted in China, each of our subsidiaries in China is required to obtain a business license from local authorities. Each of our Chinese subsidiaries has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition and results of operations. See *"Supplemental Statements"* - "*Regulatory Permissions*" - for a more detailed discussion of regulatory permissions.<br> Other than in respect of business licenses discussed above and our subsidiary Asia Synergy Financial Capital Ltd. ("ASFC"), we and our PRC legal counsel are not aware of any permissions that any of our Chinese subsidiaries are required to obtain from Chinese authorities to operate or for those subsidiaries to issue securities. If applicable laws, regulations, or interpretations change, and we or our subsidiaries are required to obtain approvals in the future, there is no certainty that we would be able to obtain such approvals which could materially and adversely affect our business, financial condition, results of operations and our share price. If we or our subsidiaries do not receive or maintain any required approvals, or if we or our subsidiaries inadvertently conclude that such approvals are not required, we could be subject to fines, penalties, legal proceedings or other actions that could have a material adverse effect on our business, financial condition, results of operations and our share price. See also "*Risk Factors"* - "*Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business."*.<br> **Summary of Risk Factors**<br> **1.** **Currency conversion, repatriation of profits and going concern risks associated with the location of our subsidiaries in China.**<br>Chinese governmental control of currency conversion may limit our ability to use our revenues effectively and the ability of our Chinese subsidiaries to obtain financing. We are subject to currency exchange rate risk that may adversely affect our results of operations. Our Chinese subsidiaries are subject to restrictions on repatriation of profits to us through dividends or other payments, which may have a material adverse effect on our ability to conduct our business. Our ability to repatriate funds from our Chinese operating subsidiaries could affect our ability to continue as a going concern. <br> \*Chinese government restrictions surrounding the transfer of funds outside of the country could restrict our ability to have timely access to profits or cash flows generated by our subsidiaries to meet our financial obligations outside of China and could threaten our ability to continue as a going concern.<br>We currently operate as a going concern and must generate cash flow to satisfy our financial obligations. \*Our ability to continue as a going concern depends upon achieving profitable operations and upon obtaining additional financing, which we cannot guarantee or predict.<br>Our business may be materially and adversely affected if any of our Chinese subsidiaries declare bankruptcy or become subject to a dissolution or liquidation proceeding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A more detailed discussion of the above risk factors starts in Item 1.*<br> **2.** **Additional risk factors related to the location of substantially all of our operations in China.**<br>China's economic, political, and social conditions, as well as government policies, could affect our business, financial condition, and results of operations. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*We are a holding company that is dependent on the operations of subsidiaries in China.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Most of our businesses, assets and operations are located in China.<br>Our operations in foreign jurisdictions depend on corporate laws that differ from Canadian laws. Our operations in foreign jurisdictions expose us to possible diplomatic relations risks. Our operations in foreign jurisdictions expose us to possible bribery and corruption schemes. If the chops of our Chinese subsidiaries are not kept safely, are stolen, or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised. Uncertainties regarding the growth and sustained profitability of e-commerce in China could adversely affect our net revenues and business prospects and the trading price of our common shares. It is now illegal to engage in digital asset transactions in China, which may adversely affect us. Increases in labor costs in China may adversely affect our business and our profitability. <br> *A more detailed discussion of the above risk factors starts in Item 2 below.*<br>**3.** **Risk factors related to the Chinese regulatory environment within which our Chinese subsidiaries operate.**<br>Anti-monopoly and unfair competition claims or regulatory actions against us may result in our being subject to fines, constraints on our business and damage to our reputation. Regulation and censorship of information distribution over the internet in China may adversely affect our business, and we may be liable for information displayed on, retrieved from, or linked to our website. The China Securities Regulatory Commission (the "CSRC") and other Chinese government agencies may exert more oversight and control over foreign investment in China-based issuers, which could cause the value of our securities to decline significantly or become worthless. The Cyberspace Administration of China (the "CAC") may deem us to be a critical infrastructure operator, resulting in disruptions to our operations. We may be liable in China for improper use or appropriation of personal information of our customers and for potential non-compliance with data security laws. Failure to make adequate contributions to various mandatory social security plans as required by Chinese regulations may subject us to penalties. We are subject to Chinese Labor Contract Law, violations of which could materially and adversely affect us. There are significant uncertainties under the Chinese Enterprise Income Tax Law (the "EIT Law") relating to the withholding tax liabilities of our Chinese subsidiaries, and dividends payable by our Chinese subsidiaries to our offshore subsidiaries may not qualify to enjoy certain treaty benefits. Dividends we pay to our non-Chinese shareholders and gains on the sale of our common shares by our non-Chinese shareholders may be subject to Chinese enterprise income tax liabilities or individual income tax liabilities. The Chinese government exerts substantial influence over the manner in which we must conduct our business activities and may intervene in, or influence, our operations at any time, which could result in a material change in our operations and diminish the value of our common shares. <br> \* The Chinese government may intervene in or influence our operations at any time, or may exert more control over foreign investment in China-based issuers, which could result in a material change in our operations and the value of our securities.<br> \* Any actions by the Chinese government to exert more oversight and control over foreign investment in China-based issuers could significantly cause the value of our securities to significantly decline or be worthless.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese laws and regulations governing our business operations are sometimes vague and uncertain, and any changes in such laws and regulations may impair our ability to operate profitably. \* There are significant risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws.<br> \*Rules and regulations in China can change quickly with little advance notice.<br>We operate in some industrial sectors that require specific licenses and specially trained personnel. Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business. It may be difficult for overseas regulators to conduct investigations or collect evidence within China. You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in China against us or our management based on foreign laws. <br> *A more detailed discussion of the above risk factors starts in Item 3 below.*<br>**4.** **Risk factors related to lack of U.S. Public Company Accounting Oversight Board ("PCAOB") access to China and additional scrutiny by the U.S. Securities and Exchange Commission ("SEC" or "Commission").**<br>U.S. Congress, the SEC, and PCAOB have all called for additional and more stringent criteria to be applied to companies operating in China, potentially adding uncertainties to our business operations, share price, and reputation. \* The Holding Foreign Companies Accountable Act (the "HFCA Act") and related regulations may affect the Company if the SEC identifies the Company as a Commission-Identified Issuer for three consecutive years after which the SEC would impose a trading prohibition on the Company.<br> Any such trading prohibition would remain in effect until such time as the Company certifies that it has retained or will retain a registered public accounting firm that the PCAOB has determined it is able to inspect or investigate.<br> \* Trading in our securities may be prohibited by the SEC under the HFCA Act if the PCAOB determines that it cannot inspect or investigate our auditor, and as a result any U.S. stock exchange on which our securities may be listed at that time may determine to delist our securities, which could cause a significant decline in the value of our securities or cause them to become worthless.<br> \* Grant Thornton China ("GT China"), the Chinese affiliate of our auditor, Raymond Chabot Grant Thornton LLP ("GT Canada"), is subject to the determinations announced by the PCAOB on December 16, 2021 under the HFCA Act. GT China is listed on the Appendix A to the PCAOB report as being subject to the determination by the PCAOB that it is unable to inspect or investigate completely the registered public accounting firm headquartered in mainland China of the PRC because of a position taken by one or more authorities in mainland China.<br>In the future, our auditor, like other independent registered public accounting firms operating in China, may not be permitted to be subject to inspection by PCAOB, and consequently investors may be deprived of the benefits of such inspection. Certain of our officers and directors reside in China. <br> *A more detailed discussion of the above risk factors starts in Item 4 below.*<br> **Our Recent Change of Name and Head Office Relocation**<br>Effective November 1, 2021, we changed our name from Peak Fintech Group Inc. to Tenet Fintech Group Inc. The reason for the change of name was that our former name - Peak Fintech Group - could potentially lead to confusion concerning our Company with another Canadian entity sharing a similar name, albeit in a different industry. The name change should help to avoid potential future misunderstanding with respect to our former name.<br>

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&nbsp;&nbsp; Effective November 1, 2021, we also moved our registered and head office from the Province of Quebec to the Province of Ontario. The main reason for the move is that Toronto, Ontario is the largest technology talent market in Canada. It is part of our business plan to launch Canadian operations in the near term, and moving our offices to Toronto allows us access to a greater technology industry talent pool which may facilitate our business development initiatives in Canada.<br> As the Company is federally incorporated under the CBCA the relocation entails no change to our governing corporate law and Company by-laws which remain governed by the Canadian federal CBCA. However, with respect to our operations in Ontario, as a result of moving, we will have to comply with Ontario provincial laws and regulations rather than with Quebec provincial laws and regulations. We do not expect the application of Ontario provincial laws to our operations to have a negative impact on us.<br> **Cash Management Policies and Transfer of funds from our Chinese Operating Subsidiaries**<br> We have cash management policies in place in Canada and China. These policies include forecasting the short-term and long-term cash position of the organization, incorporating safety buffers compensating for forecast errors or unforeseen circumstances, and making reliable projections on future funding requirements. These policies also include efforts to consolidate cash to have better cash control and cash position visibility. Finally, the policies promote an efficient collection of cash inflows and outflows, meaning effective payment terms and collection procedures.<br> We have also developed strategies to repatriate profit and excess funds from our Chinese subsidiaries to our Canadian parent company. First, we have a process through which management fees and royalty fees could be paid to the parent company. In the case of management fees, the parent company invoices the Chinese subsidiaries for services rendered in support of those companies and based on a services agreement between the respective entities. Each subsidiary would file the applicable services agreement with the Chinese tax authorities, apply for DTAs (for double taxation relief) complete withholding filings, and effectuate bank payments.<br> A similar process could be followed with respect to the payment of royalty fees. However, the reason for the payments in that case would be in connection with the licensing of rights and technology (including the Cubeler technology) by the Canadian parent company to our Chinese subsidiaries rather than for the provisioning of management services.<br> In addition, we have a process for the repatriation of profits from Chinese subsidiaries in the form of dividends. Under existing Chinese law, our Canadian parent company is entitled to receive dividends under certain circumstances and provided certain procedural requirements are met, including complying with the annual Chinese audit and tax requirements and placing 10% of after-tax profits into a mandatory surplus fund until it reaches 50% of the subsidiary's registered capital.<br> In order to test our ability to transfer funds from our Chinese subsidiaries through to Asia Synergy and ultimately to Tenet, we initiated two management fee payments totalling US$300,000 from certain of our Chinese subsidiaries during the 2021 fiscal year. During the first six months of 2022, fee payments totalling US$278,000 were performed in the same manner from our Chinese subsidiaries to Canada. So far, payments regarding dividends or royalties have not been tested.<br> There were no other inter-company transfers of assets, including cash, among the Company and its subsidiaries. We have not made any other transfers, paid any dividends or made any distributions from earnings to our shareholders as at the date of this Registration Statement, and the Chinese government has not impeded us from doing so. Although this test of management fees payments from China to Canada was successful, there can be no assurance that we will be able to continue to do so again in the future or that the existing regulations allowing us to do so will not change. Any interruption in our ability to repatriate profits to Canada or to invest in our Chinese subsidiaries will have a severe negative effect on our operations and the value of our common stock.<br> *See also "Risk Factor" - "Our Chinese subsidiaries are subject to restrictions on repatriation of profits to us through dividends or other payments, which may have a material adverse effect on our ability to conduct our business*".<br>

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&nbsp;&nbsp;The Chinese government imposes control on the convertibility of its currency, the Renminbi, into foreign currencies and, in certain cases, the remittance of currency out of China. We receive a majority of our revenues in Renminbi, which currently is not a freely convertible currency. Restrictions that the Chinese government imposes on currency conversion may limit our ability to use revenues generated in Renminbi to fund our expenditures denominated in other currencies, including the U.S. dollar, or our business activities outside China. Under China's existing foreign exchange regulations, Renminbi may be freely converted into foreign currency for payments relating to current account transactions, which include, among other things, dividend payments and payments for the import of goods and services, by complying with certain procedural requirements. To date, our Chinese subsidiaries have been able to pay a management fee in foreign currencies to Tenet without prior approval from China's State Administration of Foreign Exchange ("SAFE"), by complying with such procedural requirements. Our Chinese subsidiaries may also retain foreign currency in their respective bank accounts for use in payment of international current account transactions. We cannot assure you, however, that the Chinese government will not take measures in the future to restrict access to foreign currencies for current account transactions.<br>Conversion of Renminbi into or from foreign currencies such as the Canadian dollar for payments relating to capital account transactions, including investments and loans, generally requires the approval of SAFE and other relevant Chinese governmental authorities. Such restrictions on the convertibility of the Renminbi for capital account transactions could affect the ability of our Chinese subsidiaries to make investments overseas or to obtain foreign currency through debt or equity financing, including by means of loans or capital contributions from us. If we fail to receive any such required approvals, our ability to use our revenues and to capitalize our operations in China may be impeded, which could adversely affect our liquidity and our ability to fund and expand our business.<br>See *also* "*Risk Factor" - "Chinese governmental control of currency conversion may limit our ability to use our revenues effectively and the ability of our Chinese subsidiaries to obtain financing"*.

**EXPLANATORY NOTE - INTRODUCTORY INFORMATION**

Tenet is a Canadian issuer eligible to file its registration statement under Section 12 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") on Form 40-F pursuant to the multi-jurisdictional disclosure system with Canada. The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3. The Company is filing this Form 40-F registration statement with the SEC to register its class of common shares under Section 12(b) of the Exchange Act.

**Previous Form 40-F**

On September 2, 2021, we filed a Form 40-F to register our common shares under Section 12(b) of the Exchange Act. On September 7, 2021, by letter to the SEC, we requested acceleration of the effectiveness of our registration statement to September 8, 2021, or as soon thereafter as practicable. As is typical, we understood that Nasdaq would begin trading our common stock concurrently with the effectiveness of our registration statement at the SEC; we did not request that Nasdaq begin trading our common shares at any time before the registration statement would take effect. Nasdaq's correspondence to the SEC of September 8, 2021 certified that our common stock was approved for listing and registration and joined our request for acceleration of the effective date of the September 2, 2021 registration statement. Nasdaq confirmed approval of our common stock for listing upon official notice of issuance. Our common shares began trading on the Nasdaq Capital Market on September 9, 2021. On September 28, 2021, Nasdaq informed us that it had been advised that the SEC's Division of Corporate Finance had not yet accelerated the effective date of our Form 40-F registration statement and that Nasdaq was thus withdrawing its erroneous certification of approval, which had resulted in the initiation of trading of our common shares trading on the Nasdaq Capital Market on September 9, 2021. We announced on September 28, 2021 that we had voluntarily withdrawn the Form 40-F filed with the SEC while we were working to comply with a request by the SEC for additional disclosure on the basis that we have most of our operations in China.

We filed a new Registration Statement on Form 40-F on October 26, 2021 (the "October 26 Form 40-F") and filed Amendment No. 1 for the sole purpose of filing additional exhibits. Amendment No. 2 to the October 26 Form 40-F reflected the new location of our head office and registered office in Toronto, Ontario and the change of our name from Peak Fintech Group Inc./ Groupe Peak Fintech Inc. to Tenet Fintech Group Inc./ Groupe Tenet Fintech Inc., both effective November 1, 2021, as well as other updates to our disclosure. Amendment No. 3 to the October 26 Form 40-F provided further updates to our disclosure and additional exhibits. Amendment No. 4 to the October 26 Form 40-F provided supplemental updates our disclosure and included additional exhibits. This Amendment No. 5 to the October 26 Form 40-F provides further updates to our disclosure and additional exhibits.

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**FORWARD-LOOKING STATEMENTS**

The Exhibits incorporated by reference into this registration statement contain forward-looking statements within the meaning of applicable securities laws that reflect management's expectations with respect to future events, the Company's financial performance and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of the words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would", and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated or implied in such forward-looking statements, including, without limitation, those described in the Company's revised Annual Information Form for the financial year ended December 31, 2021 filed as Exhibit 99.344 to this registration statement. No assurance can be given that these expectations will prove to be correct and such forward-looking statements in the Exhibits incorporated by reference into this registration statement should not be unduly relied upon. The Registrant's forward-looking statements contained in the Exhibits incorporated by reference into this registration statement are made as of the respective dates set forth in such Exhibits. Such forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made. In preparing this registration statement, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred prior to the date hereof. Nor does the Registrant assume any obligation to update such forward-looking statements in the future. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

Although the Registrant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully and investors should not place undue reliance on the Registrant's forward-looking information as actual results may vary.

Forward-looking information reflects the Registrant's current views with respect to expectations, beliefs, assumptions, estimates and forecasts about the Registrant's business and the industry and markets in which the Registrant operates. Forward-looking information is not a guarantee of future performance and involves risks, uncertainties and assumptions, which are difficult to predict. Assumptions underlying the Registrant's expectations regarding forward-looking statements or information contained in this Registration Statement include, among others, the Registrant's ability to comply with applicable governmental regulations and standards, the Registrant's success in implementing its strategies and achieving its business objectives, the Registrant's ability to raise sufficient funds from equity or other financings in the future to support its operations, and general business and economic conditions. The foregoing list of assumptions is not exhaustive.

Some of the important risks and uncertainties that could affect forward-looking statements are described in this Registration Statement. Should one or more of these risks and uncertainties materialize, or should underlying factors or assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements.

**RISK FACTORS** 

**1. CURRENCY CONVERSION, REPATRIATION OF PROFITS AND GOING CONCERN RISKS ASSOCIATED WITH THE LOCATION OF OUR SUBSIDIARIES IN CHINA.**

***Chinese governmental control of currency conversion may limit our ability to use our revenues effectively and the ability of our Chinese subsidiaries to obtain financing.***

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The Chinese government imposes control on the convertibility of its currency, the Renminbi, into foreign currencies and, in certain cases, the remittance of currency out of the People's Republic of China ("China" or the "PRC"). We receive a majority of our revenues in Renminbi, which currently is not a freely convertible currency. Restrictions that the Chinese government imposes on currency conversion may limit our ability to use revenues generated in Renminbi to fund our expenditures denominated in foreign currencies or our business activities outside China. Under China's existing foreign exchange regulations, Renminbi may be freely converted into foreign currency for payments relating to current account transactions, which include, among other things, dividend payments and payments for the import of goods and services, by complying with certain procedural requirements. To date, our Chinese subsidiaries have been able to pay a management fee in foreign currencies to Tenet without prior approval from SAFE, by complying with such procedural requirements. Our Chinese subsidiaries may also retain foreign currency in their respective bank accounts for use in payment of international current account transactions. We cannot assure you, however, that the Chinese government will not, at its discretion, take measures in the future to restrict access to foreign currencies for current account transactions.

Conversion of Renminbi into or from foreign currencies such as the Canadian dollar for payments relating to capital account transactions, including investments and loans, generally requires the approval of SAFE and other relevant Chinese governmental authorities. Restrictions on the convertibility of the Renminbi for capital account transactions could affect the ability of our Chinese subsidiaries to make investments overseas or to obtain foreign currency through debt or equity financing, including by means of loans or capital contributions from us. If we fail to receive any such required approvals, our ability to use our revenues and to capitalize our PRC operations may be impeded, which could adversely affect our liquidity and our ability to fund and expand our business.

***We are subject to currency exchange rate risk that may adversely affect our results of operations.***

Currency fluctuations may affect the costs associated with our operations in China. Because the majority of our operations are currently conducted in China, fluctuations in the Renminbi relative to the Canadian dollar may have an adverse effect on our net earnings. It is difficult to predict how market forces or PRC or Canadian government policy may impact the exchange rate between the Renminbi and the Canadian dollar in the future.

Limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited, and we may not be able to adequately hedge our exposure, or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into the Canadian dollar or other foreign currency.

***Our Chinese subsidiaries are subject to restrictions on repatriation of profits to us through dividends or other payments, which may have a material adverse effect on our ability to conduct our business.***

We are a company incorporated under the laws of Canada. With three exceptions, all of our subsidiaries are located in mainland China. One of our subsidiaries, Asia Synergy, is a holding company incorporated in Hong Kong, while the two others, Cubeler Inc. and Tenoris3 Inc., are operating companies located in Montreal, Canada. We may need dividends and other distributions on equity from our Chinese subsidiaries to satisfy our liquidity requirements in Canada and elsewhere. Current Chinese regulations permit our Chinese subsidiaries to pay dividends to us only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, our Chinese subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. Each of our Chinese subsidiaries may also be required to allocate a portion of their respective after-tax profits based on Chinese accounting standards to employee welfare and bonus funds at such subsidiary's discretion. These reserves are not distributable as cash dividends. These limitations on the ability of our Chinese subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments, or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

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In order to test our ability to transfer funds from our Chinese subsidiaries through to Asia Synergy and ultimately to Tenet, we initiated two management fee payments totalling US$300,000 from our Chinese subsidiaries (Asia Synergy Data Solution Ltd. and Asia Synergy Credit Solutions Ltd.) during the 2021 fiscal year. The funds representing these management fees were successfully transferred to a bank account we maintained in Montreal, Canada. The transfer of these funds did not attract tax consequences in China or in Canada other than in respect of income which we received and an expense to the noted Chinese subsidiaries. Although this test of payments from China to Canada was successful, there can be no assurance that we will be able to continue to do so again in the future or that the existing regulations allowing us to do so will not change. In the coming fiscal year, we intend to transfer earnings (additional funds) from China to Canada in the same manner on the basis of payments for management fees for services to be performed. No other assets, including cash, were transferred within the organization. We have not made any transfers, paid any dividends or made any distributions from earnings to our shareholders as at the date of this Registration Statement, and PRC has not impeded us from doing so.

Both repatriation of profits through dividends and through payment of management fees involves reporting requirements to PRC authorities. Although we are not aware of any required approval from PRC authorities for the transfer of funds to a foreign parent for amounts under US$50,000, the reports that our Chinese subsidiary submitted and referenced below are subject to review of, and may be challenged by, PRC authorities. As noted below, for amounts over US$50,000, we are required to submit a report to the PRC tax bureau prior to transfer. 

Our Chinese subsidiaries have not paid any dividends to us, their parent company. In respect of the payment of dividends that we may decide to have any of our Chinese subsidiaries pay us as a foreign-incorporated parent company, the Chinese subsidiary must take the following steps: (i) ensure that it has successfully undergone its annual statutory audit and tax compliance process whereby the corporate income tax filing of each Chinese subsidiary in mainland China is submitted to the local municipal tax bureau in the location where the subsidiary is incorporated, (ii) ensure that its board of directors has a profit distribution resolution in place, (iii) make a corporate income tax filing with the local tax bureau in the municipality where the Chinese subsidiary was incorporated (iv) apply for deferred tax asset benefits (if applicable) reducing the withholding tax based on providing proof of beneficial ownership, and (v) file with local tax bureau where the amount transferred is over US$50,000. Upon completion of the aforementioned steps and upon the bank's completion of its own due diligence regarding authenticity of the transfer and compliance with any guidelines and requirements of the State Administration of Foreign Exchange, the bank will transfer the dividends to the foreign parent company.

In respect of payment of management fees by a Chinese subsidiary to a foreign-incorporated parent company, the Chinese subsidiary must take the following steps: (i) register the management contract between the Chinese and foreign company with Chinese Tax authorities in the tax bureau that has jurisdiction in the area covered by the incorporation address of the Chinese subsidiary within 30 days of execution, (ii) make a VAT withholding and corporate income tax withholding filing of between 15% and 50% and specifying in the filing the offshore services that it received in the subject management service agreement in the local tax bureau in the municipality where the Chinese subsidiary was incorporated, (iii) apply for deferred tax asset benefits (if applicable) reducing the withholding tax based on providing proof of beneficial ownership, and (iv) file with local tax bureau where the amount transferred is over US$50,000. Upon completion of the aforementioned steps by the Chinese subsidiary and upon the bank's completion of its own due diligence regarding the authenticity of the transfer and compliance with any guidelines and requirements of the State Administration of Foreign Exchange, the bank will transfer the management fees to the foreign parent company.

Chinese regulations surrounding the repatriation of profits to foreign companies can be complex and at times arbitrary. Any interruption in our ability to repatriate profits to Canada or to invest in our Chinese subsidiaries will have a severe negative effect on our operations and the value of our common stock. In the event that we are unable to repatriate profits from China to Canada or to invest in our Chinese subsidiaries, we will limit our investments from Canada to China and put greater emphasis on the expansion of our operations outside of China. Any such limitations could adversely affect our profitability and the value of our common shares, however.

***Our ability to repatriate funds from our Chinese operating subsidiaries could affect our ability to continue as a going concern.***

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While we generated a profit for the first time in our history in the second quarter of 2021, substantial doubt remains as to our ability to continue as a going concern. Moreover, even if we achieve sustained profitability, Chinese government restrictions surrounding the transfer of funds outside of the country, as discussed above, could restrict our ability to have timely access to profits or cash flows generated by our subsidiaries to meet our financial obligations outside of China and could threaten our ability to continue as a going concern.

***We currently operate as a going concern and must generate cash flow to satisfy our financial obligations.***

We have prepared our financial statements in accordance with IFRS on a going concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. There are conditions and events, however, that cast significant doubt on the validity of this presumption. Our ability to continue as a going concern depends upon achieving profitable operations and upon obtaining additional financing, which we cannot guarantee or predict at this time. Moreover, our auditors, GT Canada, have stated that there is significant doubt as to our ability to continue as a going concern. Our ability to generate sufficient cash flow from operations to make scheduled payments to contractors, service providers and merchants will depend on our future financial performance, which will be affected by a range of economic, competitive, regulatory, legislative and business factors, many of which are outside of our control. If we do not generate sufficient cash flow from operations to satisfy our contractual obligations, we may have to undertake alternative financing plans. Our inability to generate sufficient cash flow from operations or undertake alternative financing plans would have an adverse effect on our business, financial condition and results or operations, as well as our ability to satisfy our contractual obligations. Any failure to meet our financial obligations could result in termination of key contracts, which could impact the ability to provide products and services.

***Our business may be materially and adversely affected if any of our Chinese subsidiaries declare bankruptcy or become subject to a dissolution or liquidation proceedings.***

The Chinese Enterprise Bankruptcy Law provides that an enterprise may be liquidated if the enterprise fails to settle its debts as and when they fall due and if the enterprise's assets are, or are demonstrably, insufficient to clear such debts. Our Chinese subsidiaries hold certain assets that are important to our business operations. If any of our Chinese subsidiaries undergo a voluntary or involuntary liquidation proceeding, unrelated third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

**2. ADDITIONAL RISK FACTORS RELATED TO THE LOCATION OF SUBSTANTIALLY ALL OF OUR OPERATIONS IN CHINA.**

***China's economic, political, and social conditions, as well as government policies, could affect our business, financial condition, and results of operations.***

We are a holding company that is dependent on the operations of subsidiaries in China. Most of our businesses, assets and operations are located in China. Accordingly, our financial condition, results of operations and business prospects are, to a significant degree, subject to the economic, political and legal developments that transpire in China. China's economy differs from the economies of most developed countries in many respects, including, among other things, government involvement, level of economic development, economic growth rate, control of foreign exchange and allocation of resources.

China's economy is a planned economy, and a substantial portion of productive assets in China remain owned or controlled by the Chinese government. The government also exercises significant control over China's economic growth by allocating resources, setting monetary policy and providing preferential treatment to particular industries or companies. Although the government has implemented economic reform measures to introduce market forces and establish sound corporate governance in business enterprises, the application of such economic reform measures may vary from industry to industry, or across different regions of the country. As a result, we may not benefit from, and may be adversely affected by, such measures.

***Our operations in foreign jurisdictions depend on corporate laws that differ from Canadian laws.***

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We have significant operations in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada and other industrialized nations, such as the United States. Chinese law requires that each of our subsidiaries have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the pertinent entity. The legal representative is the person authorized to represent the company in all legal matters between the government and the company and to sign legally binding contracts on behalf of the company. Unlike Canadian law, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese law makes no liability distinction between the legal representative and the company. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the company and must bear any fine, punishment or consequences resulting from the offence.

Given the responsibilities and risks associated with the position of legal representative, we may have difficulty in the future to find individuals willing to act as our subsidiaries' legal representatives. Consequently, there can be no assurances that we will always have legal representatives for our subsidiaries. Moreover, since every company must have a legal representative under Chinese law, the lack of a legal representative may force us to suspend temporarily or permanently some or all of our operations in China, which would adversely affect our operations, revenue and profits.

***Our operations in foreign jurisdictions expose us to possible diplomatic relations risks.***

As a Canadian entity operating in China, we are also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against companies with ties to Canada. If that happens, then our customers may decide not to buy our services, and partners may decide to cut ties with us, any of which would negatively impact our operations, revenue and profits.

***Our operations in foreign jurisdictions expose us to possible bribery and corruption schemes.***

Certain individuals in China may perceive us as a potential bribery target. As such we may be approached by local individuals in China, whether businessmen, government officials or others, to offer us certain favors that would advance our business interests in exchange for cash or other forms of compensation, or threaten to hinder our progress unless compensated in cash or by other means, all of which could violate Chinese laws as well as Canadian and U.S. law. Although we have never engaged, and will never knowingly engage, in such transactions and will report any such offers or threats to the appropriate local authorities, there can be no assurances that we will succeed in preventing individuals looking to engage in such transactions from adversely impacting our operations.

***If the chops of our Chinese subsidiaries are not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised.***

In China, a company chop or seal serves as the legal representation of the company towards third parties even when unaccompanied by a signature. Each legally registered company in China is required to maintain a company chop, which must be registered with the local public security bureau. In addition to this mandatory company chop, companies may have several other chops which can be used for specific purposes. The chops of our Chinese subsidiaries are generally held securely by personnel designated or approved by us in accordance with our internal control procedures. To the extent those chops are not kept safe, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised and those corporate entities may be bound to abide by the terms of any documents so chopped, even if they were chopped by an individual who lacked the requisite power and authority to do so. If any of our authorized personnel obtains, misuses or misappropriates our chops for any reason, we could experience disruptions in our operations. We may also have to take corporate or legal action, which could require significant time and resources to resolve while distracting management from our operations. Any of the foregoing could adversely affect our business and results of operations.

***Uncertainties regarding the growth and sustained profitability of e-commerce in China could adversely affect our net revenues and business prospects and the trading price of our common shares.***

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The continued growth in our revenue and profit substantially depends upon the widespread acceptance and use of the internet as a medium for commerce by businesses in China and elsewhere. In particular, rapid growth in the use of and interest in the internet and other online services is still a relatively recent phenomenon in China, and we cannot assure you that this acceptance and use will continue to develop or that a sufficiently broad base of customers will adopt, and continue to use, the internet as a medium of commerce in China. A decline in the popularity of purchasing on the internet in general, or any failure by us to adapt our platform and improve the experience of our customers in response to trends and consumer requirements, will adversely affect our revenues and business prospects. Moreover, concerns about fraud, privacy, lack of trust and other problems may discourage businesses from adopting the internet as a medium of commerce. In addition, if a well-publicized breach of internet security or privacy were to occur, general internet usage could decline, which could reduce the use of our services and impede our growth. As a result, growth in our customer base depends on attracting customers who have historically used traditional channels of commerce to conduct the types of transactions facilitated by our platform. For our company to be successful, these customers must accept and adopt new ways of conducting business and exchanging information.

***It is now illegal to engage in digital asset transactions in China, which may adversely affect us.***

In 2013, financial regulators in China, including the People's Bank of China (the "PBOC") banned banks and payment companies from providing bitcoin related services. In 2017, the PBOC, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission issued "Announcement on Preventing Token Fundraising Risks", prohibiting all organizations and individuals from engaging in initial coin offering transactions. On May 21, 2021, the Financial Stability and Development Committee of the State Council in China called for the need to resolutely control financial risks and crack down on bitcoin mining and trading activities. On June 21, 2021, the PBOC was reported to have held interviews with certain financial institutions in China, and stressed that banks and other financial institutions in China shall strictly implement the "Guarding Against Bitcoin Risks" and the "Announcement on Preventing Token Fundraising Risks" and other regulatory requirements, diligently fulfill their customer identification obligations, and shall not provide account opening, registration, trading, clearing, settlement and other services related to blockchain and cryptocurrency business. On September 24, 2021, all digital asset transactions were banned in China. Ten Chinese government agencies, including the central bank and banking, securities and foreign exchange regulators, reportedly have vowed to work together to root out "illegal" cryptocurrency activity with the PBOC reportedly stating that it was illegal to facilitate cryptocurrency trading and that it planned to severely punish anyone doing so, including those working for overseas platforms from within China.

While we are not engaged in digital asset transactions, the crackdown on such transactions may result in volatility in the fintech sector and may result in increased scrutiny of any financial platforms or financial transactions, which could have a material adverse effect on our business, prospects or operations.

***Increases in labor costs in China may adversely affect our business and our profitability.***

China's economy has experienced increases in labor costs in recent years. China's overall economy and the average wage in China are expected to continue to grow. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless we are able to pass on these increased labor costs to our customers by increasing prices for our products or services, our profitability and results of operations may be materially and adversely affected.

**3. RISK FACTORS RELATED TO THE CHINESE REGULATORY ENVIRONMENT WITHIN WHICH OUR CHINESE SUBSIDIARIES OPERATE.**

***Anti-monopoly and unfair competition claims or regulatory actions against us may result in our being subject to fines, constraints on our business and damage to our reputation.***

China has recently enhanced its enforcement of anti-monopoly laws and regulations. In December 2020, the Chinese government announced that strengthening anti-monopoly measures and preventing the disorderly expansion of capital will become one of its focuses in 2021 and onward, and the government aims to improve digital regulations and legal standards for the identification of platform enterprise monopolies, for the gathering, usage and management of data, and for the protection of consumer rights. As a result, the Chinese anti-monopoly enforcement agencies have in recent years strengthened enforcement under the Chinese anti-monopoly law, including conducting investigations and levying significant fines, with respect to concentration of undertakings, cartel activity, monopoly agreements as well as abusive behavior by companies with market dominance. As a result of the Chinese government's focus on anti-monopoly and anticipated enhanced regulation of platform enterprises, our business practice and expansion strategy may be subject to heightened regulatory scrutiny. Although we do not consider ourselves to fit the definition of a "monopoly" under applicable Chinese anti-monopoly law, in order to comply with existing laws and regulations and new laws and regulations that may be enacted in the future, we may need to devote significant resources and efforts, including restructuring affected businesses and adjusting investment activities, which may materially and adversely affect our business, growth prospects, reputation and the trading prices of our common shares.

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***Regulation and censorship of information distribution over the internet in China may adversely affect our business, and we may be liable for information displayed on, retrieved from or linked to our website.***

China has recently enacted laws and regulations governing internet access and the distribution of products, services, news, information, audio-video programs and other content through the internet. The Chinese government has prohibited the distribution of information through the internet that it deems to be in violation of Chinese laws and regulations. If any of the content on our online platform were deemed to violate any content restrictions by the Chinese government, we would not be able to continue to display such content and could become subject to penalties, including confiscation of income, fines, suspension of business and revocation of required licenses, which could materially and adversely affect our business, financial condition and results of operations. We may also be subject to potential liability for any unlawful actions or for content we distribute that is deemed inappropriate. It may be difficult to determine the type of content that may result in liability to us, and if we are found to be liable, we may be prevented from operating our website in China.

***The China Securities Regulatory Commission (the "CSRC") and other Chinese government agencies may exert more oversight and control over foreign investment in China-based issuers, which could cause the value of our securities to decline significantly or become worthless.***

Although we are incorporated and based in Canada, with operations in China, Chinese authorities may consider us to be a China-based company. In 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to prevent illegal activities in the securities market and to promote the high-quality development of their capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of Chinese securities laws. Since this document is relatively new, uncertainties still exist in relation to how soon legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential that any impact such modified or new laws and regulations will have on our future business operations.

Therefore, the CSRC and other Chinese government agencies may exert more oversight and control over foreign investment in China-based issuers or perceived China-based issuers, especially those in the technology field such as us. Any such action by the CSRC or other Chinese government agencies could cause the value of such securities to significantly decline or be worthless. Additional compliance procedures may be required in connection with our business operations, and, if required, we cannot predict whether we will be able to obtain the approval of any compliance requirements. As a result, we face uncertainty about future actions by the Chinese government that could cause the value of our common shares to significantly decline.

***The Cyberspace Administration of China (the "CAC") may deem us to be a critical infrastructure operator, resulting in disruptions to our operations.***

The Cybersecurity Law, which came into force in China in 2017, and the Cybersecurity Review Measures (or the "Review Measures"), which were promulgated in China in 2020, provide that personal information and important data collected and generated by a critical information infrastructure operator in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases internet products and services that affect or may affect national security, it should be subject to cybersecurity review by the CAC. In addition, a cybersecurity review is required where critical information infrastructure operators ("CIIOs") purchase network-related products and services, which products and services affect or may affect national security. The Review Measures further require that CIIOs and data processing operators that possess personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the PRC before listing in a foreign country.

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On July 10, 2021, the CAC published the Circular on Seeking Comments on Cybersecurity Review Measures (Revised Draft for Comments) (the "Review Measures Draft"), which provides that, in addition to CIIOs that intend to purchase Internet products and services, data processing operators engaging in data processing activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. The Chinese Regulations on the Protection of the Security of Critical Information Infrastructure took effect on September 1, 2021. These regulations supplement and specify the provisions on the security of critical information infrastructure as stated in the Cybersecurity Review Measures. Due to the lack of further interpretations, the exact scope of what constitute a CIIO remains unclear. Further, the Chinese government authorities may have wide discretion in the interpretation and enforcement of these laws. On November 14, 2021, the CAC published the Draft Regulations on the Network Data Security Administration (Draft for Comments) (the "Security Administration Draft"), which provides that data processing operators engaging in data processing activities that affect or may affect national security must be subject to network data security review by the relevant Cyberspace Administration of the PRC. The deadline for public comments on the Security Administration Draft is December 13, 2021.

Following a number of visits from government officials during the fiscal years 2019, 2020 and 2021 to better understand our operations and to inspect our infrastructure, including the data we collect and how we protect it, we have not received any form of notice from any authorities identifying us as a CIIO or requiring us to go through cybersecurity review by the CAC. We believe that our operations and Nasdaq listing will not be affected and that we will not be subject to cybersecurity review by the CAC, given that (i) following the aforementioned PRC government inspections we have thus far not been advised by the PRC government that the data we store has a bearing on national security, (ii) our customers are enterprises in different provinces in China, and (iii) we do not have customers that are individuals. As a result, we possess personal data of fewer than one million individuals in our business operations at this time and do not anticipate that we will be collecting over one million individuals' personal information in the near future, which we understand might otherwise subject us to the draft Measures for Cybersecurity Review. We cannot assure you that Chinese regulatory agencies, including the CAC, would take the same view as we do in the future, and there is no assurance that we can fully or timely comply with such laws should they be deemed applicable to our operations.

Our listing on Nasdaq may increase the chance of CAC oversight of us. There have been recent examples of companies with Chinese operations, such as Didi Chuxing, with or seeking a U.S. stock exchange listing experiencing interventions from Chinese regulatory authorities. The recent increase in scrutiny of Chinese companies with or seeking a U.S. stock exchange listing may signal the potential for increased CAC oversight of us upon listing on Nasdaq.

As a result of any such increased CAC oversight, we may be required to suspend new user registration in China or experience other disruptions to our operations should we be subject to a cybersecurity review by the CAC. We currently depend on the continued expansion of our user base to drive our revenue growth. Any disruption in our ability to expand our user base could lead to significantly less revenue than what we were forecasting, which could materially negatively impact the value of our common shares. Any cybersecurity review could also result in negative publicity and a diversion of our managerial and financial resources, and could have a material adverse effect on our business operations, financial condition, or our ability to accept foreign investments, or list on a U.S. or other foreign exchange.

The Chinese regulatory requirements with respect to cybersecurity and data privacy are constantly evolving and can be subject to varying interpretations, and significant changes, resulting in uncertainties about the scope of our responsibilities in that regard. Failure to comply with these cybersecurity and data privacy requirements in a timely manner, or at all, may subject us to government enforcement actions and investigations, fines, penalties, suspension or disruption of our operations, among other things.

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***We may be liable in China for improper use or appropriation of personal information of our customers and for potential non-compliance with data security laws.***

Our business involves collecting and retaining certain internal and customer data. We also maintain information about various aspects of our operations as well as regarding our employees. The integrity and protection of our customer, employee and company data is critical to our business. Our customers and employees expect that we will adequately protect their personal information. We are required by applicable laws to keep strictly confidential the personal information that we collect and to take adequate security measures to safeguard such information. Certain of those laws include the following:

* Chinese Criminal Law, as amended by its Amendment 7 and Amendment 9, which prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained in performing duties or providing services or obtaining such information through theft or other illegal ways.

* The Chinese Cyber Security Law became effective in 2017. Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only collect users' personal information necessary to provide their services and shall comply with provisions regarding the protection of personal information.

* The Chinese Data Security Law, which took effect in September 2021, imposes data security and privacy obligations on entities and individuals carrying out data activities and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used. If Chinese regulators find us to be non-compliant with the Chinese Data Security Law during a cybersecurity review of our business, we could be subject to fines, penalties, legal proceedings or actions against us that could have a material adverse effect on our business, financial condition or results of operations.

* The Personal Information Protection Law took effect in November 2021. The Personal Information Protection Law provides a comprehensive set of data privacy and protection requirements that apply to the processing of personal information and expands data protection compliance obligations to cover the processing of personal information of persons by organizations and individuals in China, and the processing of personal information of persons in China outside of China if such processing is for purposes of providing products and services to, or analyzing and evaluating the behavior of, persons in China. The Personal Information Protection Law also provides that critical information infrastructure operators and personal information processing entities who process personal information meeting a volume threshold to be set by Chinese cyberspace regulators are also required to store in China personal information generated or collected in China, and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal information. Lastly, the Personal Information Protection Law contains proposals for significant fines for serious violations of up to RMB 50 million or 5% of annual revenues from the prior year and may also be ordered to suspend any related activity by competent authorities. We have access to certain information of our customers in providing services and may be required to further adjust our business practice to comply with new regulatory requirements.

The Personal Information Protection Law provides legal basis for privacy and personal information infringement claims under the Chinese civil laws. As the first systematic and comprehensive law specifically for the protection of personal information in China, the Personal Information Protection Law provides, among other things, that (i) an individual's consent shall be obtained to use sensitive personal information, such as biometric characteristics and individual location tracking, (ii) personal information operators using sensitive personal information shall notify individuals of the necessity of such use and impact on the individual's rights, and (iii) where personal information operators reject an individual's request to exercise his or her rights, the individual may file a lawsuit with a People's Court. If Chinese authorities find us to be non-compliant with the Personal Information Protection Law, we could be subject to fines, penalties, legal proceedings or actions against us that could have a material adverse effect on our business, financial condition or our ability to accept foreign investments, or list on a U.S. or other foreign exchange.

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Compliance with the above noted laws on data security and personal information laws could significantly increase the cost to us of providing our service offerings, require significant changes to our operations or even prevent us from providing certain service offerings in jurisdictions in which we currently operate or in which we may operate in the future. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection and information security, it is possible that our practices or service offerings could fail to meet all of the requirements imposed on us by these laws.

As uncertainties remain regarding the interpretation and implementation of these laws and regulations, we cannot assure you that we will comply with such regulations in all respects, and we may be ordered to rectify or terminate any actions that are deemed illegal by regulatory authorities. If Chinese regulators find us to be non-compliant with these and other similar laws, we could be subject to fines, penalties, legal proceedings or actions against us that could have a material adverse effect on our business, financial condition or results of operations.

***Failure to make adequate contributions to various mandatory social security plans as required by Chinese regulations may subject us to penalties.***

Under the Chinese Social Insurance Law and the Administrative Measures on Housing fund, we are required to participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of our employees up to a maximum amount specified by the local government from time to time at locations where we operate our businesses. The requirement of employee benefit plans has not been implemented consistently by the local governments in China given the different levels of economic development in different locations. If the local governments deem our contribution to be not sufficient, we may be subject to late contribution fees or fines in relation to any underpaid employee benefits, our financial condition and results of operations may be adversely affected.

As the interpretation of implementation of labor-related laws and regulations are still involving, we cannot assure you that our practice in this regard will not be violate any labor-related laws and regulations regarding including those relating to the obligations to make social insurance payments and contribute to the housing funds and other welfare-oriented payments. If we are deemed to have violated relevant labor laws and regulations, we could be required to provide additional compensation to our employees and be subject to penalties, and our business, financial condition and results of operations will be adversely affected.

***We are subject to Chinese Labor Contract Law, violations of which could materially and adversely affect us.***

Pursuant to the Chinese Labor Contract Law, employers are subject to stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees' probation, and unilaterally terminating labor contracts. In the event that we decide to terminate some of our employees or otherwise change our employment or labor practices, the Chinese Labor Contract Law and its implementation rules may limit our ability to effect those changes in a desirable or cost-effective manner, which could adversely affect our business and results of operations.

As the interpretation and implementation of labor-related laws and regulations are still evolving, we cannot assure you that our employment practices do not and will not violate labor-related laws and regulations in China, which may subject us to labor disputes or government investigations and potentially penalties. If we are deemed to have violated relevant labor laws and regulations, we could be required to provide additional compensation to our employees and our business, financial condition and results of operations could be materially and adversely affected.

***There are significant uncertainties under the Chinese Enterprise Income Tax Law (the "EIT Law") relating to the withholding tax liabilities of our Chinese subsidiaries, and dividends payable by our Chinese subsidiaries to our offshore subsidiaries may not qualify for certain treaty benefits.***

Under the Chinese EIT Law and its implementation rules, the profits of a foreign invested enterprise generated through operations, which are distributed to its immediate holding company outside China, will be subject to a withholding tax rate of 10%. Pursuant to the Arrangement between the Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income (or the "Double Tax Avoidance Arrangement"), a withholding tax rate of 10% may be lowered to 5% if the Chinese enterprise is at least 25% held by a Hong Kong enterprise for at least 12 consecutive months prior to distribution of the dividends and is determined by the relevant Chinese tax authority to have satisfied other conditions and requirements under the Double Tax Avoidance Arrangement and other applicable Chinese laws.

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However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, or the "SAT Circular 81," which became effective in 2009, if the relevant Chinese tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such Chinese tax authorities may adjust the preferential tax treatment. According to Circular on Several Issues regarding the "Beneficial Owner" in Tax Treaties, which became effective in 2018, when determining an applicant's status as the "beneficial owner" regarding tax treatments in connection with dividends, interests, or royalties in the tax treaties, several factors will be taken into account. Such factors include whether the business operated by the applicant constitutes actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax, grant tax exemption on relevant incomes, or levy tax at an extremely low rate. This circular further requires any applicant who intends to be proved of being the "beneficial owner" to file relevant documents with the relevant tax authorities.

We own majority stakes in our Chinese subsidiaries through our Hong Kong subsidiary. However, we cannot assure you that our determination regarding our qualification to enjoy the preferential tax treatment will not be challenged by the relevant Chinese tax authority, or we will be able to complete the necessary filings with the relevant Chinese tax authority and enjoy the preferential withholding tax rate of 5% under the Double Tax Avoidance Arrangement with respect to dividends to be paid by our Chinese subsidiaries to our Hong Kong subsidiary, in which case we would be subject to the higher withdrawing tax rate of 10% on dividends received.

***Dividends we pay to our non-Chinese shareholders and gains on the sale of our common shares by our non-Chinese shareholders may be subject to Chinese enterprise income tax liabilities or individual income tax liabilities.***

Under the Law of the People's Republic of China on Individual Income Tax (the "IIT Law"), individual income tax is payable on Chinese-source dividend income. The implementation regulations of the IIT Law provide that income from dividends derived from companies, enterprises and other economic organizations in China as well as income realized from transfer of properties in China is considered derived from sources inside China, regardless of whether the place of payment was inside China. Therefore, if we are treated as a Chinese tax resident enterprise for purposes of the IIT Law, any dividends we pay to our non-Chinese individual shareholders as well as any gains realized by our non-Chinese individual shareholders or our non-Chinese individual note holders from the transfer of our common shares or our convertible notes may be regarded as Chinese-sourced income and, consequently, may be subject to Chinese tax at a rate of up to 20% (which in the case of dividends will be withheld at source).

Such Chinese taxes may be reduced by an applicable tax treaty, but it is unclear whether in practice our non-Chinese noteholders and shareholders would be able to obtain the benefits of any tax treaties between their country of tax residence and the Chinese in the event that we are treated as a Chinese resident enterprise.

The investment returns of our non-Chinese investors may be materially and adversely affected if any dividends we pay, or any gains realized on a transfer of our common shares, are subject to Chinese tax.

***The Chinese government exerts substantial influence over the manner in which we must conduct our business activities and may intervene in, or influence, our operations at any time, which could result in a material change in our operations and diminish the value of our common shares.***

Although we are incorporated and based in Canada, our Chinese subsidiaries must abide by Chinese rules and regulations. Consequently, the Chinese government could intervene in and influence our operations at any time, or may exert more control over foreign investment in China-based companies and issuers, which could result in a material adverse change in our operations and the value of our securities. The Chinese government exercises substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be impeded by Chinese laws and regulations, including those relating to securities regulation, data protection, cybersecurity, mergers and acquisitions and other matters. The central or local governments in China may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure compliance with their regulations or interpretations of laws.

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Government actions in the future could significantly affect economic conditions in China or particular regions and could require us to change our operating activities or divest ourselves of any interests we hold in Chinese assets. Our business also may be subject to government and regulatory interference in the provinces in which we operate with similar effect. We may incur increased costs to comply with existing and newly adopted laws and regulations or penalties for any failure to comply. Our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to us or our industry.

Recent statements by the Chinese government indicate an intent to exert more oversight and control over securities offerings conducted outside China and over foreign investment in China-based issuers. Any such action by the Chinese government could cause the value of our securities to significantly decline or even become worthless. As we are a Canadian company incorporated under the CBCA with the OSC as our principal securities regulator, the Chinese government does not have authority over our securities offerings and consequently is not able to prevent us from offering or continuing to offer securities to investors. However, it is possible for the Chinese government to take, or attempt to take, other adverse action against our Chinese subsidiaries, which could affect our decision to continue to offer securities to investors.

***Chinese laws and regulations governing our business operations are sometimes vague and uncertain, and any changes in such laws and regulations may impair our ability to operate profitably.***

There are significant risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws. Rules and regulations in China can change quickly with little advance notice.

There are substantial uncertainties regarding the interpretation and application of Chinese laws and regulations including, but not limited to, the laws and regulations governing our business and the enforcement and performance of our arrangements with customers. The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new Chinese laws or regulations may have on our business.

The Chinese legal system is a civil law system based on written statutes. Unlike the common-law system in effect in countries such as Canada and the United States, prior court decisions under the civil law system may be cited for reference but have limited precedential value. Since these laws and regulations are relatively new, and the Chinese legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform, and the enforcement of these laws, regulations and rules involves uncertainties.

In 1979, the Chinese government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation over the past four decades has significantly enhanced the protections afforded to various forms of foreign investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and regulations involve uncertainties. Since Chinese administrative and court authorities have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous legal actions or threats in attempts to extract payments or benefits from us.

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Furthermore, the Chinese legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all and may have retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention.

***Chinese laws and regulations regarding treatment of foreign owned enterprises may restrict our ability to operate in China.***

In 2019, the Chinese government enacted the 2019 PRC Foreign Investment Law (the "Foreign Investment Law") which came into effect on January 1, 2020. The Foreign Investment Law specifies that foreign investments shall be conducted in line with the "negative list" and obtain relevant approval to be issued by or approved to be issued by the Chinese government from time to time. A foreign invested enterprise would not be allowed to make investments in prohibited industries in the "negative list", or would be made to satisfy certain conditions stipulated in the "negative list" for investment in the restricted industries. We own 51% of the equity of our Majority Owned Subsidiaries other than ASTH of which we own 80% of the equity (see page 26 below). The current 2021 "negative list" became effective on January 1, 2022. We are not, and neither are any of our subsidiaries, including our Majority Owned Subsidiaries, subject to the foreign investment restrictions set forth in the current 2021 "negative list". We and our subsidiaries, including our Majority Owned Subsidiaries, have not been subject to any past restrictions on foreign investment with the exception of ASFC (as discussed on page 26 below). It is uncertain whether the industry in which our subsidiaries, including our Majority Owned Subsidiaries, operate will be subject to the foreign investment restrictions or prohibitions set forth in any "negative list" to be issued in the future. There are also uncertainties as to how the Foreign Investment Law would be further interpreted and implemented. We cannot assure you that future interpretation and implementation of the Foreign Investment Law will not materially impact the viability of our current corporate structure, corporate governance, and business operations in any aspect.

***We operate in some industrial sectors that require specific licenses and specially trained personnel.***

Our operating subsidiaries provide services to businesses operating in various industrial sectors, including some sectors, such as the energy sector, where specific licenses are required to operate and/or provide services to businesses in those sectors. The subsidiaries operating in those sectors must also maintain a minimum number of employees specifically trained to operate in those sectors, who maintain current knowledge of the sectors and remain in compliance with prescribed professional development legislation through annual workshops, training sessions and examinations. Although all of our subsidiaries operating in such sectors have met those requirements, there can be no assurance that they will continue to do so in the future. Failure to comply with those requirements could prevent us from servicing those industrial sectors, which would have a negative adverse effect on our revenue and profits.

***Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business.***

Our business is subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing compliance with laws, such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, consumer protection laws, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. In certain jurisdictions, these regulatory requirements may be more stringent than in China. These laws and regulations impose added costs on our business. Noncompliance could subject us to significant investigations, enforcement actions and sanctions. If any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant diversion of our management's attention and resources and an increase in related expenses. Enforcement actions and sanctions therefore could materially harm our business, results of operations, and financial condition.

Any reviews by regulatory agencies or legislatures may result in substantial regulatory fines, changes to our business practices, and other penalties, which could negatively affect our business and results of operations. Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause us to change our business practices. Further, our expansion into a variety of new fields also could raise a number of new regulatory issues. These factors could negatively affect our business and results of operations in material ways.

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Moreover, we are exposed to the risk of misconduct, errors and failure to function by parties that we collaborate with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability and penalties in relation to noncompliance with applicable laws and regulations, which could harm our reputation and business.

***It may be difficult for overseas regulators to conduct investigations or collect evidence within China.***

Shareholder claims or regulatory investigation that are common in Canada or the United States generally are difficult to pursue as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations or litigations initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the securities regulatory authorities in Canada or the Unities States may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore, according to Article 177 of the Chinese Securities Law, no overseas securities regulator is allowed to directly conduct investigation or evidence collection or other similar activities within the Chinese territory. No entity or individual may provide documents or information related to securities business activities to overseas entities without prior consent of the competent Chinese securities regulatory authority. While detailed interpretation of or implementation rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to conduct investigation or evidence collection activities directly within China may further increase the difficulties shareholders face in protecting their interests.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in China against us or our management based on foreign laws.***

We are a Canadian company and conduct substantially all of our operations in China, and substantially all of our assets are located in China. Certain of our officers and directors reside in China. As a result, according to the opinion of our PRC legal counsel, MHP Law Firm, it may be difficult or impossible for an investor to effect service of process upon us or those persons inside mainland China. Our PRC legal counsel opines further that it may also be difficult or impossible for an investor to enforce judgments against us and our officers and directors (i) obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws or any state, or (ii) obtained in Canadian courts based on the civil liability provisions of Canadian securities laws. In addition, according to our PRC legal counsel, there is uncertainty as to whether the courts of China would allow parties to bring an original action to enforce liabilities against us, as a foreign private issuer according to U.S. securities laws, or any other person predicated upon the civil liability provisions of the securities laws of the United States or any state.

Finally, our PRC legal counsel has provided an opinion regarding the following matters in this risk factor where an investor is unable to bring (i) a U.S. claim or collect on a U.S. judgment or (ii) to bring a Canadian claim or collect on a Canadian judgment in a Chinese court.

If an investor is unable to bring (i) a U.S. claim or collect on a U.S. judgment or (ii) a Canadian claim on a Canadian judgment, they may have to rely on legal claims and remedies available in China or other overseas jurisdictions where we maintain assets. The claims and remedies available in these jurisdictions are often significantly different from those available in the United States and Canada and are difficult to pursue. The recognition and enforcement of foreign judgments are provided for under the Chinese Civil Procedures Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with the United States or Canada that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the Chinese Civil Procedures Law, the Chinese courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of Chinese laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a Chinese court would enforce a judgment rendered by a court in the United States or Canada.

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**4. RISK FACTORS RELATED TO LACK OF U.S. PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD ("PCAOB") ACCESS TO CHINA AND ADDITIONAL SCRUTINY BY THE U.S. SECURITIES and EXCHANGE COMMISSION ("SEC").**

***U.S. Congress, the SEC, and PCAOB have all called for additional and more stringent criteria to be applied to companies operating in China, potentially adding uncertainties to our business operations, share price, and reputation.***

U.S. listed public companies that have substantially all of their operations in China have been the subject of concern by investors, financial commentators and regulatory agencies, such as the SEC. Much of the concern has resulted from Chinese government control over private businesses, as well as financial and accounting irregularities, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud.

In 2018, the SEC and the PCAOB issued a joint statement highlighting continued challenges U.S. regulators faced in their oversight of financial statement audits of U.S.-listed public companies with significant operations in China. In 2020, the SEC and PCAOB released a joint statement highlighting the risks associated with investing in companies based in, or having substantial operations in, emerging markets including China, reiterating past SEC and PCAOB statements on matters including the difficulty associated with inspecting accounting firms and audit work papers in China, higher risks of fraud in emerging markets and the difficulty of bringing and enforcing SEC, U.S. Department of Justice and other U.S. regulatory actions, including in instances of fraud, in emerging markets generally.

In 2020, the Holding Foreign Companies Accountable Act (the "HFCA Act") became law, requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. Under the HFCA Act, if the PCAOB is unable to inspect a company's auditors for three consecutive years, the company's securities are prohibited from being listed or traded on a U.S. national securities exchange.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted into law, would amend the HFCA Act and decrease the number of consecutive non-inspection years required for triggering the delisting and trading prohibitions of the HFCA Act from three years to two years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate (Commission-Identified Issuers).

Based on the application of the HFCA Act and related regulations, we may be at risk of the SEC identifying us as a Commission-Identified Issuer for three consecutive years (reduced to two years upon the Accelerating Holding Companies Accountable Act coming into effect), after which the SEC would impose a trading prohibition on our securities. Any such trading prohibition would remain in effect until such time as we certified we have retained or will retain a registered public accounting firm that the PCAOB has determined it is able to inspect or investigate. Therefore, the SEC has the power to prohibit trading in our securities under the HFCA Act if the PCAOB determines that it cannot inspect or investigate our auditor, and as a result any U.S. stock exchange on which our securities were listed would need to delist our securities, causing a significant decline in their value and possibly causing them to become worthless. If we were classified as a Commission-Identified Issuer, we would take whatever steps were available to us under applicable U.S. law to dispute such classification.

On December 16, 2021, pursuant to the HFCA Act, the PCAOB issued its report notifying the Commission of its determination that it is unable to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong. (See *Supplemental Statements - 1. PCAOB does not have access to auditors in China* on page 23.) GT China, the Chinese affiliate of our auditor, GT Canada, is subject to the determinations announced by the PCAOB on December 16, 2021. GT China is listed on the Appendix A to the PCAOB report as being subject to the determination by the PCAOB that it is unable to inspect or investigate completely the registered public accounting firm headquartered in mainland China of the PRC because of a position taken by one or more authorities in mainland China (the "Mainland China Determination"). The Chinese affiliates of other internationally recognized professional accounting firms such as Ernst & Young LLP, PricewaterhouseCoopers LLP, Deloitte, and KPMG are also subject to the Mainland China Determination.

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On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of PRC ("SOP"), a measure that represents the initial step for creating access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S. law. Pursuant to the SOP, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. However, uncertainties still exist as to whether the applicable parties, including governmental agencies, will fully comply with the framework. Depending on the implementation of the SOP, if the PCAOB continues to be prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting firms in China, then China-based companies will be delisted pursuant to the HFCA Act despite the SOP. Therefore, there is no assurance that the SOP could give relief to China-based companies against the delisting risk from the application of the HFCA Act or AHFCA Act.

Future developments in respect of increased U.S. regulatory access to audit information are uncertain, as the legislative developments are subject to the legislative process, and the regulatory developments are subject to the rule-making process and other administrative procedures.

The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President's Working Group on Financial Markets (the "PWG") issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the HFCA Act. For example, if a company was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted would end on January 1, 2022.

It is unclear when the SEC will complete its rulemaking and when such rules will become effective and what, if any, additional PWG recommendations will be adopted. The SEC has also announced amendments to various annual report forms to accommodate the certification and disclosure requirements of the HFCA Act. There could be additional regulatory or legislative requirements or guidance that could impact us if our auditor is not subject to PCAOB inspection.

As a result of these and other regulatory measures, the publicly traded stock of many U.S.-listed Chinese companies has sharply decreased in value and, in some cases, has become worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect these regulatory measures will have on us, our business and our share price. If we become the subject of any such regulatory or enforcement measures, we will have to expend significant resources to respond. This situation may be costly and time consuming and distract our management from our business. Our business operations could be severely affected, and you could sustain a significant decline in the value of our common shares could result.

***In the future, our auditor, like other independent registered public accounting firms operating in China, may not be permitted to be subject to inspection by the PCAOB, and consequently investors may be deprived of the benefits of such inspection.***

Our independent registered public accounting firm, GT Canada, issued an independent auditor's report, dated April 30, 2021, on the financial statements included in our Revised Annual Information Form filed with the Canadian Securities Administrators, dated May 6, 2021. Our independent registered public accounting firm's audit documentation related to their audit reports included in our annual information form is located in China, and audit procedures take place within China's borders. As auditors of companies that are traded publicly in the United States and a firm registered with the PCAOB, our auditor is required by the laws of the United States to undergo regular inspections by the PCAOB. While the audit reports incorporated into this registration statement are prepared by our auditors, GT Canada, a Canadian accounting firm which is subject to PCAOB inspection, there can be no assurance that GT Canada always will be able to comply with all relevant requirements under the HFCA Act in the future.

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With respect to future audits of our financial statements, the PCAOB may not be able to conduct its required inspection of our auditors and their work papers where either are located in China. Trading in our securities may be prohibited under the HFCA Act if the PCAOB determines that it cannot inspect or fully investigate our auditor, and as a result a U.S. stock exchange may determine to delist our securities, which could cause a significant decline in the value of the securities or cause them to become worthless.

Inspections of certain other firms that the PCAOB has conducted outside of China have identified deficiencies in those firms' audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality. With respect to future audits of our financial statements, where the PCAOB is unable to inspect our auditor's audit work related to our operations in China, and where such documentation of the audit work is located in China, our investors may be deprived of the benefits of the PCAOB's oversight of auditors that are located in China through such inspections.

The inability of the PCAOB to conduct inspections of our auditor's work papers in China would make it more difficult to evaluate the effectiveness of any of our auditor's audit procedures or quality control procedures that may be located in China as compared to auditors outside of China that are subject to PCAOB inspections. As such, investors might lose confidence in our reported financial information and procedures and the quality of our financial statements. Moreover, trading in our securities might become prohibited under the HFCA if the PCAOB were to determine that it cannot inspect or fully investigate our auditor, and as a result of any such finding a national exchange might determine to delist our securities.

 **SUPPLEMENTAL STATEMENTS**

***1.** **The PCAOB does not have access to auditors in China including our auditor's Chinese affiliate***

GT Canada is a PCAOB-registered Canadian accounting firm and a member of Grant Thornton International Ltd. which has offices in over 140 countries including the United States, China ("GT China") and Hong Kong. As the Company currently operates through a series of subsidiaries in China, those subsidiaries' financial statements are consolidated and then audited by GT China. Although GT Canada and GT China are both members of Grant Thornton International Ltd., they are separate legal entities and accounting firms. The consolidated financial statements of the subsidiaries along with the financial statements of our Hong Kong holding subsidiary are consolidated with our Canadian financial statements, which are audited and signed by GT Canada.

GT China is subject to the determinations announced by the PCAOB on December 16, 2021 which includes the conclusion by the PCAOB that its ability to execute its statutory mandates as to inspections and investigations of registered firms headquartered in mainland China is impaired with respect to all three factors in PCAOB Rule 6100(b) namely (i) the PCAOB's ability to select potential violations to be investigated; (ii) the PCAOB's timely access to, and the ability to retain and use, any document or information (including through conducting interviews and testimony) in the possession, custody or control of the firm(s) or any associated persons thereof that the PCAOB considers relevant to an investigation, and (iii) the PCAOB's ability to conduct investigations in a manner consistent with the provisions of the HFCA Act and the rules of the PCAOB, as interpreted and applied by the PCAOB.

GT China has informed us that they have not received an inspection request from the PCAOB as of the date of this registration statement. Additionally, GT China has informed us that as of the date of this registration statement, they have not received any formal notification from the Chinese authorities as to how China will respond to the HFCA Act requirements. The failure of Chinese authorities to comply with PCAOB inspection requests in China could trigger all of the risks detailed in the above risk factors regarding PCAOB inspection*.* See *"Risk Factors"* on page 21 regarding *"U.S. Congress, the SEC, and PCAOB have all called for additional and more stringent criteria to be applied to companies operating in China, potentially adding uncertainties to our business operations, share price, and reputation."*

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On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of China. The terms of the protocol would grant the PCAOB complete access to the audit work papers and other information so that it may inspect and investigate PCAOB-registered accounting firms headquartered in China and Hong Kong. According to the PCAOB, its December 2021 determinations under the HFCA Act remain in effect. The PCAOB is required to reassess these determinations by the end of 2022. Under the PCAOB's rules, a reassessment of a determination under the HFCA Act may result in the PCAOB reaffirming, modifying or vacating the determination.

***2.** **Provisional and Conclusive Lists of Issuers Identified under the HFCA Act***

Under the HFCA Act, the Commission is required to identify public companies that have retained a registered public accounting firm to issue an audit report where the firm has a branch or office that: (1) is located in a foreign jurisdiction, and (2) the PCAOB has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

Under the HFCA Act, the PCAOB has the responsibility for determining that it is unable to inspect or investigate completely a registered public accounting firm or a branch or office of such a firm because of a position taken by an authority in a foreign jurisdiction. The Commission's role at this stage of the process is solely to identify issuers that have used such PCAOB-identified public accounting firms to audit their financial statements. See also *"Risk Factors"* on page 21 regarding *"U.S. Congress, the SEC, and PCAOB have all called for additional and more stringent criteria to be applied to companies operating in China, potentially adding uncertainties to our business operations, share price, and reputation."*

The Commission has implemented a system whereby it has created a provisional list of issuers identified under the HFCA Act and a conclusive list of issuers identified under the HFCA Act which it publishes on its website at <u>https://www.sec.gov/hfcaa</u>. Commission-Identified Issuers are first added to a provisional list of issuers following which they have 15 business days to contact the Commission to dispute being provisionally identified. Unless issuers successfully dispute their inclusion on the provisional list, they are added to the conclusive list of issuers.

As of the date of this registration statement, we are not included on either the provisional list or conclusive list of Commission-Identified Issuers published by the Commission.

Under the HFCA, the Commission would first able to determine whether we should be included on the provisional list on the date that we have an effective annual report on Form 40-F. In order for this to occur, we would have to have our Registration Statement declared effective by the Commission and be required to file our first annual report on Form 40-F. An annual report on Form 40-F is coordinated with the filing of an issuer's annual audited financial statements and management discussion and analysis. In our case, for as long as we remain a venture issuer under Canadian securities laws, our annual audited financial statements and management discussion and analysis are due on or before 120 days after our December 31<sup>st</sup> fiscal year end.

We are adapting our business for markets outside of China and expect to launch our Business Hub™ in Canada before the end of 2022. If the Commission adds us to the provisional list after we have an effective annual report on Form 40-F, we will take all available steps under the HFCA Act to dispute our inclusion on the provisional list.

We may be at risk of being identified as a Commission-Identified Issuer. If the Commission determines that we are a Commission-Identified Issuer and we are not successful in disputing such determination, and we are listed on the conclusive list for three consecutive years (two years if the Accelerating Holding Companies Accountable Act comes into effect), the SEC would impose a trading prohibition on our securities. Any such trading prohibition would remain in effect until such time as we certified we have retained or will retain a registered public accounting firm that the PCAOB has determined it is able to inspect or investigate. Therefore, the SEC has the power to prohibit trading in our securities under the HFCA Act if the PCAOB determines that it cannot inspect or investigate our auditor, and as a result any U.S. stock exchange on which our securities were listed would need to delist our securities, potentially causing a significant decline in their value and possibly causing them to become worthless.

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***3.** **Tenet is not a VIE and additional disclosure regarding Chinese Subsidiaries.***

The term VIE as used by the FASB in its Accounting Standards Codification ("ASC") 810-10 generally refers to an entity in which a public company has a variable interest that is not based on having the majority of voting rights.

According to ASC 810-10, an investee is identified as a VIE when "its equity investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the entity's equity investment at risk lack any one of the following three characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity's economic performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the obligation to absorb the expected losses of the entity, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the right to receive the expected residual returns of the entity."

VIEs are primarily entities that lack sufficient equity to finance their activities without financial support from others and/or whose equity holders, as a group, lack one or more of the following characteristics: ability to make decisions, obligation to absorb expected losses and right to receive expected residual returns.

A public company is generally deemed to have a controlling financial Interest in a VIE when it (i) has the power to direct the VIE's activities that most significantly impact the VIE's economic performance, and (ii) has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As the VIE's primary beneficiary, the public company is required to consolidate the VIE and include the VIE's assets, liabilities, and results of operations in its consolidated financial statements.

A variable interest that a public company has in another entity may manifest itself outside of ownership or equity investment and could be a contractual or other monetary interest that changes with such entity's fair value. A variable interest may result explicitly from an agreement or instrument or implicitly from a relationship or arrangement. Examples of variable interests include operating leases, service contracts, debt instruments and guarantees. For example, a public company may provide decision-making services to another entity.

As we own a majority equity interest in, and have control over, the voting shares of each of our Chinese operating subsidiaries, based on the definition and characteristics of what the FASB considers to be a VIE, we believe that neither we nor any of our subsidiaries is a VIE.

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We own our subsidiaries as follows, with our percentage of voting securities indicated for each subsidiary:

![](form40fr12baxu006.jpg)

With the exceptions of Cubeler Inc. and Tenoris3 Inc. which were incorporated in Canada under the CBCA and Asia Synergy Ltd. which was incorporated in Hong Kong, all subsidiaries are formed under the laws of China.

We own less than 100% of the following subsidiaries: ASFC, Asia Synergy Supply Chain Ltd. (ASSC), Wechain Technology Service Co., Ltd., Shanghai Xinhuizhi Supply Chain Management Co., Ltd. (ASAC), Kailifeng New Energy Technology Co., Ltd., and Jiangsu Supairui IOT Technology Co., Ltd. (ASTH) (collectively the "Majority Owned Subsidiaries"). With respect to each of the Majority Owned Subsidiaries other than ASTH, we own 51% of the equity while the remaining 49% of the equity is owned by a strategic Chinese partner. In the case of ASFC, there was a restriction on foreign ownership of financial services companies in China at the time of its incorporation. With respect to ASTH, we own 80% of the equity while the remaining 20% of the equity is owned by a strategic Chinese partner. Regardless of the foreign ownership restrictions applicable to our establishment of ASFC, we primarily decided to establish and maintain 51% equity for each of the Majority Owned Subsidiaries, including ASFC, and 80% equity for ASTH in order to limit our investment expenditures while benefiting from our Chinese partner's infrastructure, expertise, and relationships in the industry required to initiate operations and attract clients to our "Business Hub". The Business Hub is an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem.

Additionally, in the case of ASFC, another primary objective was to demonstrate to banks and other financial institutions that they could safely and efficiently make loans and extend credit to small and medium size enterprises using our Business Hub. In establishing ASFC, we did not intend to enter the business of lending. We simply used ASFC as a manner of attracting banking and financial institutions as clients that would thereafter use our technology services offered in the Business Hub. As ASFC has now served its marketing purpose, we intend to dispose of our interest in that company.

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***Regulatory Permissions***

According to the opinion of our PRC legal counsel, to operate our general business activities currently conducted in China, each of our PRC subsidiaries is required to obtain a business license from local authorities. Each of our PRC subsidiaries has obtained a valid business license, and no application for any such license has been denied or revoked. In order to receive a business license, each of our subsidiaries provided the specific details of the activities to be conducted by such subsidiary in its respective business license application. The PRC government granted the business license to allow each subsidiary to perform its intended activities. According to the opinion of our PRC legal counsel, if any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

Other than in respect of business licenses and ASFC (as discussed in the immediately preceding section), we are advised by our PRC counsel that there are no permissions that any of our PRC subsidiaries is required to obtain from Chinese authorities, including the CSRC and the CAC or any other entity, to operate or for those subsidiaries to issue securities to Asia Synergy or for Asia Synergy to issue securities to us. We and our subsidiaries have not applied for permission nor received any notice of any required permissions regarding the issuance of securities to us in connection with the establishment of our subsidiaries in the PRC. We have not applied for nor received any notice from the CSRC or any other entity in the PRC of any permissions required to approve of our operations in the PRC. Neither we nor our subsidiaries have been denied any permission sought in the PRC. According to the opinion of our PRC legal counsel, if applicable laws, regulations, or interpretations change and we or our subsidiaries are required to obtain approvals in the future, there is no certainty that we would be able to obtain such approvals which could negatively affect ability to operate our business, which could materially and adversely affect our business, financial condition, results of operations. Finally, according to the opinion of our PRC legal counsel, if we or our subsidiaries do not receive or maintain any required approvals, or if we or our subsidiaries inadvertently conclude that such approvals are not required we could be subject to fines, penalties, legal proceedings or actions against us that could have a material adverse effect on our business, financial condition, results of operations. A material adverse effect on our business, financial condition, results of operations could result in a material adverse effect on our share price. See also "*Risk Factors"* on page 19 regarding "*Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business."*

We have not received any inquiry, notice, warning or sanction in relation to the listing of our common shares on Nasdaq from the CSRC, the CAC or any other Chinese authority with jurisdiction over our operations. See "*Risk Factors"* - on page 13 regarding "*The China Securities Regulatory Commission (the "CSRC") and other Chinese government agencies may exert more oversight and control over foreign investment in China-based issuers, which could cause the value of our securities to decline significantly or become worthless*." and page 13 regarding "*The Cyberspace Administration of China (the "CAC") may deem us to be a critical infrastructure operator, resulting in disruptions to our operations."* 

***4.** **Digital Currency***

We have recently adapted our platforms to be able to support China's digital yuan, which is a centralized, cash-like digital currency. However, we do not operate a digital or cryptocurrency platform. Unlike cryptocurrencies such as Bitcoin, China's digital yuan is legal tender, is backed by yuan deposits, is centralized and not anonymous. It is managed by China's Central Bank, and we understand that it will eventually have to be used by everyone doing business in the country. The platform adaptations merely allow members of our Business Hub ecosystem to use it to transact on the platform just like the traditional (non-digital) yuan.

We have no plans for conducting digital asset transactions in the United States or to adapt our Business Hub platform to allow for our customers to conduct digital currency transactions.

***5.** **Lending Platform Statement***

Our primary business is to use data, analytics and AI technology to bring together businesses and financial institutions to conduct business with each other, for which we charge service fees. We facilitate lending and credit transactions between businesses and lending financial institutions, only one of which is our own subsidiary. We initially created the lending subsidiary ASFC, which has very limited lending capacity, only to serve as an example to other lenders of our analytics and AI capabilities. That subsidiary accounts for less than 2% of our revenue, and we intend to eventually sell this subsidiary. The vast majority of our revenue comes from service fees related to our technology.

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***6.** **Going Concern***

The level of revenue which we currently generate is not presently sufficient to meet our working capital requirements, and our auditors, GT Canada, have stated that there is significant doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends upon our ability to raise additional financing. Although we have been successful in the past in doing so, there is no assurance that we will manage to obtain additional financing in the future. Also, we incurred a net loss for the financial year ended December 31, 2021, we had an accumulated deficit at December 31, 2021, and we had not yet generated positive cash flows from operations on a regular basis. Until we generate positive cash flow, we will continue to assess our working capital needs and undertake whatever initiatives we deem necessary to ensure that we continue to be in a position to meet our financial obligations. These material uncertainties cast significant doubt regarding our ability to continue as a going concern. Refer to *"Risk Factors - Our ability to repatriate funds from our Chinese operating subsidiaries could affect our ability to continue as a going concern"* and *"Risk Factors - Going Concern and Requirement to Generate Cash Flow for Financial Obligations"* above.

***7.** **Enforcement of Civil Liabilities***

We are a Canadian company and conduct substantially all of our operations in China, and substantially all of our assets are located in China. Certain of our officers and directors reside in China. As a result, according to the opinion of our PRC legal counsel, MHP Law Firm, it may be difficult or impossible for an investor to effect service of process upon us or those persons inside mainland China. Our PRC legal counsel opines further that it may also be difficult or impossible for an investor to enforce judgments against us and our officers and directors (i) obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws or any state or (ii) obtained in Canadian courts based on the civil liability provisions of the Canadian securities laws. In addition, according to our PRC legal counsel, there is uncertainty as to whether the courts of China would allow parties to bring an original action to enforce liabilities against us, as a foreign private issuer according to U.S. securities laws, or any other person predicated upon the civil liability provisions of the securities laws of the United States or any state.

We have appointed CT Corporation System as our agent to receive service of process in any action against us in any U.S. federal or state court. The address of our agent is 28 Liberty Street, New York, New York 10005.

Our PRC legal counsel, MHP Law Firm, has provided an opinion regarding the following matters where an investor is unable to (i) bring a U.S. claim or collect on a U.S. judgment or (ii) bring a Canadian claim or collect on a Canadian judgment in a Chinese court.

If an investor is unable to (i) bring a U.S. claim or collect on a U.S. judgment or (ii) bring a Canadian claim or collect on a Canadian judgment, they may have to rely on legal claims and remedies available in China or other overseas jurisdictions where we maintain assets. The claims and remedies available in these jurisdictions are often significantly different from those available in the United States and Canada and difficult to pursue. The recognition and enforcement of foreign judgments are provided for under the Chinese Civil Procedures Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with the United States or Canada that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the Chinese Civil Procedures Law, the Chinese courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of Chinese laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a Chinese court would enforce a judgment rendered by a court in the United States or Canada.

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***8.** **Miscellaneous Additional Disclosure***

*AMF Request for Documents and Potential Compliance Issues*

On July 21, 2022, the Company announced that it received a Request for Documents/Information (the "Request Letter") from the Autorité des marchés financiers (the "AMF"), Quebec's securities regulator, which included a confidentiality order of the AMF prohibiting the disclosure of the Request Letter or any related information. At the request of the Company, the confidentiality order was partially lifted to allow the Company to issue its July 21, 2022 news release in which it disclosed the receipt of the Request Letter from the AMF. As noted in our July 21, 2022 news release, since the receipt of the Request Letter, the Company has been cooperating with the AMF in all respects and has provided the AMF with all documents and information requested. As a result of the confidentiality order, we are prohibited from disclosing anything other than the issuance of the Request Letter and are not able to provide any information regarding any further developments related to the AMF's review or regarding its current status. As a result of the confidentiality order, we have not disclosed the substantive nature of the Request Letter in our filings in Canada. Without being able to disclose anything further, we note that the Request Letter was a request for documents and information.

In the course of collecting information to respond to the Request Letter, the Company identified potential compliance issues relating to certain past correspondence between the Company's Chief Executive Officer (the "CEO") and certain former advisors to the Company. The Board of Directors of the Company (the "Board") created an ad hoc committee (the "Special Committee") comprised of independent members of the Board and outside legal counsel was mandated to carry out an internal review into securities-related matters (the "Review").

Based on the findings of the Review and on the recommendation of the Special Committee, the Board adopted enhanced compliance measures proposed by the Special Committee which measures include enhanced Board oversight over executive communications and interactions with financial and capital markets advisors and regular reporting by the CEO to the Board regarding same. The new measures are in addition to important governance initiatives the Company had already recently implemented and which were in effect as of the date of this Registration Statement, including: (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, and (iii) the adoption of new and revised governance policies, including a strengthened code of ethics. The Company has been cooperating with the AMF in all respects and has provided the AMF with all documents and information requested.

*AMF Investigation*

The Company understands on the basis of publicly accessible Court materials that there is an ongoing investigation by the AMF targeting an alleged stock market manipulation scheme involving the shares of the Company. The scheme allegedly involves the Company's CEO, certain Company advisors and a small group of investors made up of individuals and related companies between April 1, 2020 to November 22, 2021 (the "AMF Investigation"). A summary and a detailed description of the AMF Investigation, including of the AMF beliefs as to the role played by the Company's CEO in the alleged scheme, is included in an affidavit from an AMF investigator dated August 3, 2022.

Based on the summary of the AMF Investigation found in the AMF investigator's affidavit, the investigator appears to believe that:

* The alleged scheme involving the shares of the Company would have begun on or about April 1, 2020 when the Company's CEO engaged an advisor to the Company in connection with a private placement. This role would have allowed that advisor, another individual and the investors related to them to receive, directly or indirectly, a sufficient number of shares of be able to influence its share price and trading volume.

* The Company's CEO and these two individuals would then have set up a marketing plan to coordinate promotional activities aimed at influencing the price and trading volume of the Company's shares. These activities would have included the publication of numerous press releases, promotion on social media, the hiring of stock market promoters, the communication of privileged information and organized transactions. The Company would have failed to adequately communicate to the market the role of promoters and advisers in the execution of the marketing plan intended to influence the price and trading volume of the Company's shares.

* These two individuals, directly or indirectly, would then have taken advantage of the interest and the rise in the share price to sell their shares of the Company in a coordinated and opportunistic fashion in parallel to the promotion of the Company's shares.

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In light of the above, the AMF investigator indicated in his affidavit that he had reasonable grounds to believe that (i) the two aforementioned individuals participated in influencing or attempted to influence the price or market value of the Company's securities through unfair, abusive or fraudulent practices, and (ii) they also, directly or indirectly, participated in a series of transactions in the Company's securities when they knew, or reasonably should have known, that the series of transactions was intended to create or contribute to creating a misleading appearance of trading activity in a security, or an artificial price for a security, in breach of sections 195.2 and 199.1 (1) of the *Quebec Securities Act* respectively.

The beliefs of the AMF investigator as set out in his affidavit have not been proven in court at this time, and, to the Company's knowledge, the AMF Investigation is ongoing. At this time, the AMF has not commenced legal enforcement or other proceedings against the Company or the Company's CEO, nor laid any charges against them in connection with the AMF Investigation. The AMF may in the future commence legal enforcement or other proceedings against the Company and/or the Company's CEO, or lay charges against them in connection with such Investigation, the outcome of which could have a material adverse effect on the Company's share price, as well as on the business, results of operations and financial condition of the Company.

*Legal Proceedings*

A class action lawsuit has been brought against the Company and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case was brought on behalf of Company shareholders who traded securities of the Company between September 2, 2021, and October 13, 2021, on the NASDAQ. The amended complaint alleges, among other things, that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by making false and misleading statements regarding (i) the Company's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) the Company's acquisitions of Huayan the Heartbeat insurance platform, and Cubeler, (iii) the Company's listing on Nasdaq, (iv) the Company's Form 40-F submission to the SEC, and (v) in connection with statements published about the Company by Grizzly Reports. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022.

The substantive nature of the allegations as set out above is disclosed and discussed under "Legal Proceedings" in all of the Company's management discussions and analyses filed on SEDAR on and after May 2, 2022, in the Company's annual information form filed on SEDAR on June 16, 2022, and its revised annual information form filed on June 17, 2022. The class action lawsuit was also summarized in the Company's Preliminary Short Form Prospectus dated September 27, 2022 and in the Company's Amended and Restated Preliminary Short Form Prospectus dated December 22, 2022, both of which documents incorporate the management discussions and analyses and revised annual information form referred to in this paragraph. The documents referenced in this paragraph are listed in the Exhibit Index below.

The Company has retained external counsel and is defending itself vigorously against all claims. The Company filed a motion to have the case dismissed on August 8, 2022. The plaintiff's opposition to the motion to dismiss was filed on September 23, 2022. A reply brief for the Company's motion to dismiss was filed on Monday, October 24, 2022. The Company is currently waiting for confirmation on whether the judge will hear oral argument or decide the motion to dismiss on the papers without argument.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by Canada and the United States, to prepare this Registration Statement on Form 40-F in accordance with Canadian disclosure requirements, which are different from those of the United States.

The Registrant prepares its consolidated financial statements, which are filed with this Registration Statement on Form 40-F, in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, and they may be subject to Canadian auditing and auditor independence standards. Such financial statements may not be comparable to financial statements prepared in accordance with United States generally accepted accounting principles.

**PRINCIPAL DOCUMENTS** 

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through 99.388 inclusive, as set forth in the Exhibit Index attached hereto. The documents filed or incorporated by reference as Exhibits contain all information material to an investment decision that the Registrant, since January 1, 2020: (i) made or was required to make public pursuant to the law of any Canadian jurisdiction; (ii) filed or was required to file with the Canadian Securities Exchange (the "CSE") and which was made public by the CSE; or (iii) distributed or was required to distribute to its security holders.

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In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consents of its auditors as Exhibits 99.271 and Exhibit 99.386, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Company may have tax consequences under the laws of the United States and Canada that are not described in this registration statement on Form 40-F.

**DESCRIPTION OF OUR COMMON SHARES**

The disclosure containing a description of the securities to be registered is included under the heading "Description of Capital Structure" beginning on page 25 of the Registrant's revised Annual Information Form, attached hereto as Exhibit 99.180.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any "off-balance sheet arrangements" (as that term is defined in paragraph 11(ii) of General Instruction B to Form 40-F).

**DISCLOSURE OF CONTRACTUAL OBLIGATIONS**

The following table lists, as of December 31, 2020, information with respect to the Registrant's known contractual obligations (in Canadian dollars**)**:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** |
| **Contractual Obligations** | &nbsp;&nbsp; **Total** | &nbsp;&nbsp; **Less than**<br> **1 year** | &nbsp;&nbsp; **1-3 years** | &nbsp;&nbsp; **3-5 years** | &nbsp;&nbsp; **More than**<br> **5 years** |
| Long-term debt obligations | &nbsp;&nbsp; $40000 | &nbsp;&nbsp; - | &nbsp;&nbsp; $40000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Capital (finance) lease obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Operating lease obligations | &nbsp;&nbsp; $237786 | &nbsp;&nbsp; $116864 | &nbsp;&nbsp; $120922 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Purchase obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Other long-term liabilities (bonds, debentures) | &nbsp;&nbsp; $425000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total | &nbsp;&nbsp; $702786 | &nbsp;&nbsp; $141864 | &nbsp;&nbsp; $560922 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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The following table lists, as of December 31, 2021, information with respect to the Registrant's known contractual obligations (in Canadian dollars**)**:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** | &nbsp;&nbsp; **Payments due by period** |
| **Contractual Obligations** | &nbsp;&nbsp; **Total** | &nbsp;&nbsp; **Less than**<br> **1 year** | &nbsp;&nbsp; **1-3 years** | &nbsp;&nbsp; **3-5 years** | &nbsp;&nbsp; **More than**<br> **5 years** |
| Long-term debt obligations | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; - | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Capital (finance) lease obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Operating lease obligations | &nbsp;&nbsp; $2242300 | &nbsp;&nbsp; $561677 | &nbsp;&nbsp; $644652 | &nbsp;&nbsp; $306682 | &nbsp;&nbsp; $729289 |
| Purchase obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Other long-term liabilities (bonds, debentures) | &nbsp;&nbsp; $400000 | &nbsp;&nbsp; - | &nbsp;&nbsp; $400000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total | &nbsp;&nbsp; $2742300 | &nbsp;&nbsp; $561677 | &nbsp;&nbsp; $1144652 | &nbsp;&nbsp; $306682 | &nbsp;&nbsp; $729289 |

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**NASDAQ CORPORATE GOVERNANCE**

Nasdaq Marketplace Rule 5615(a)(3) permits a foreign private issuer to follow its home country practice in lieu of certain of the requirements of the Rule 5600 Series. A foreign private issuer that follows a home country practice in lieu of one or more provisions of the Rule 5600 Series shall disclose in its registration statement related to its initial public offering or first U.S. listing on Nasdaq, or on its website at <u>www.tenetfintech.com</u>, each requirement of the Rule 5600 Series that it does not follow and describe the home country practice which it follows in lieu of those requirements.

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The Company does not follow Rule 5620(c), but instead follows its home country practice. Nasdaq minimum quorum requirement under Rule 5620(c) for a meeting of shareholders is 33.33% of the outstanding common shares. The Company's bylaws provide that a person present at the opening of a meeting and representing personally or by proxy at least two shareholders holding together at least 5% of the issued and outstanding voting shares of the Company shall constitute a quorum for the transaction of business at any shareholders' meeting. The foregoing is consistent with laws, customs and practices in Canada.

**UNDERTAKING**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an Annual Report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

Concurrently with the filing of the Registration Statement on Form 40-F, the Registrant has filed with the Commission a Form F-X. Any change to the name or address of the Registrant's agent and service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

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**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **Tenet Fintech Group Inc.** | **Tenet Fintech Group Inc.** |
| By: | /s/ Johnson Joseph |
|  | Name: Johnson Joseph<br> Title: Chief Executive Officer |

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Date: January 18, 2023

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**EXHIBIT INDEX**

The following documents are being filed with the Commission as Exhibits to this Registration Statement:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.1 \* | Software and royalty license agreement with Cubeler dated March 27, 2017\* |
| &nbsp;&nbsp; 99.2 \* | Amendment to software and royalty license agreement with Cubeler dated February 26, 2018\* |
| &nbsp;&nbsp; 99.3 \* | Form 7 monthly progress report dated January 8, 2020\* |
| &nbsp;&nbsp; 99.4 \* | News release dated January 10, 2020\* |
| &nbsp;&nbsp; 99.5 \* | Form 45-106F1 report of exempt distribution dated January 27, 2020\* |
| &nbsp;&nbsp; 99.6 \* | News release dated February 4, 2020\* |
| &nbsp;&nbsp; 99.7 \* | News release dated February 5, 2020\* |
| &nbsp;&nbsp; 99.8 \* | Form 7 monthly progress report dated February 7, 2020\*  |
| &nbsp;&nbsp; 99.9 \* | Form 45-106F1 report of exempt distribution dated February 13, 2020\* |
| &nbsp;&nbsp; 99.10 \* | News release dated February 18, 2020\* |
| &nbsp;&nbsp; 99.11 \* | News release dated February 18, 2020\* |
| &nbsp;&nbsp; 99.12 \* | News release dated February 20, 2020\* |
| &nbsp;&nbsp; 99.13 \* | News release dated February 24, 2020\* |
| &nbsp;&nbsp; 99.14 \* | News release dated March 3, 2020\* |
| &nbsp;&nbsp; 99.15 \* | News release dated March 5, 2020\* |
| &nbsp;&nbsp; 99.16 \* | Form 7 monthly progress report dated March 6, 2020\* |
| &nbsp;&nbsp; 99.17 \* | News release dated March 12, 2020\* |
| &nbsp;&nbsp; 99.18 \* | News release dated March 16, 2020\* |
| &nbsp;&nbsp; 99.19 \* | News release dated March 19, 2020\* |
| &nbsp;&nbsp; 99.20 \* | News release dated March 24, 2020\* |
| &nbsp;&nbsp; 99.21 \* | News release dated April 1, 2020\* |
| &nbsp;&nbsp; 99.22 \* | News release dated April 6, 2020\* |
| &nbsp;&nbsp; 99.23 \* | Form 7 monthly progress report dated April 7, 2020\*  |
| &nbsp;&nbsp; 99.24 \* | News release dated April 20, 2020\* |
| &nbsp;&nbsp; 99.25 \* | Form 45-106F1 report of exempt distribution dated April 24, 2020\* |
| &nbsp;&nbsp; 99.26 \* | News release dated April 27, 2020\* |
| &nbsp;&nbsp; 99.27 \* | News release dated April 30, 2020\* |
| &nbsp;&nbsp; 99.28 \* | News release dated May 5, 2020\* |
| &nbsp;&nbsp; 99.29 \* | Form 7 monthly progress report dated May 7, 2020\*  |
| &nbsp;&nbsp; 99.30 \* | News release dated May 11, 2020\* |
| &nbsp;&nbsp; 99.31 \* | News release dated May 12, 2020\* |
| &nbsp;&nbsp; 99.32 \* | Notice of the meeting and record date dated May 20, 2020 with respect to the June 30, 2020 annual meeting of shareholders\* |
| &nbsp;&nbsp; 99.33 \* | Certificate of abridgement dated May 20, 2020\* |
| &nbsp;&nbsp; 99.34 \* | Ontario Form 13-502F1 participation fee management certification for the year ended December 31, 2019 dated May 21, 2020\* |
| &nbsp;&nbsp; 99.35 \* | Alberta Form 13-502F1 participation fee management certification for the year ended December 31, 2019 dated May 21, 2020\* |
| &nbsp;&nbsp; 99.36 \* | Audited annual financial statements for the years ended December 31, 2019 and 2018\* |
| &nbsp;&nbsp; 99.37 \* | Management's discussion and analysis for the year ended December 31, 2019 dated May 21, 2020\* |
| &nbsp;&nbsp; 99.38 \* | Form 52-109FV1 CEO certification of annual filings dated May 21, 2020\* |
| &nbsp;&nbsp; 99.39 \* | Form 52-109FV1 CFO certification of annual filings dated May 21, 2020\* |
| &nbsp;&nbsp; 99.40 \* | News release dated May 21, 2020\* |
| &nbsp;&nbsp; 99.41 \* | Notice of the annual meeting of shareholders dated May 29, 2020 with respect to the June 30, 2020 shareholders' meeting\*  |
| &nbsp;&nbsp; 99.42 \* | Management information circular dated May 29, 2020 with respect to the June 30, 2020 annual meeting of shareholders\* |
| &nbsp;&nbsp; 99.43 \* | Form of Proxy with respect to the June 30, 2020 annual meeting of shareholders\* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.44 \* | Form 7 monthly progress report dated June 5, 2020\*  |
| &nbsp;&nbsp; 99.45 \* | Form 45-106F1 report of exempt distribution dated June 8, 2020\* |
| &nbsp;&nbsp; 99.46 \* | News release dated June 10, 2020\* |
| &nbsp;&nbsp; 99.47 \* | News release dated June 14, 2020\* |
| &nbsp;&nbsp; 99.48 \* | Interim financial statements for the three-month periods ended March 31, 2020 and 2019\* |
| &nbsp;&nbsp; 99.49 \* | Management's discussion and analysis for the three-month periods ended March 31, 2020 and 2019, dated June 29, 2020\* |
| &nbsp;&nbsp; 99.50 \* | Form 52-109FV2 CEO certification of interim filings dated June 29, 2020\* |
| &nbsp;&nbsp; 99.51 \* | Form 52-109FV2 CFO certification of interim filings dated June 29, 2020\* |
| &nbsp;&nbsp; 99.52 \* | News release dated June 29, 2020\* |
| &nbsp;&nbsp; 99.53 \* | Form 7 monthly progress report dated July 8, 2020\* |
| &nbsp;&nbsp; 99.54 \* | News release dated July 15, 2020\* |
| &nbsp;&nbsp; 99.55 \* | Confirmation of transfer agent dated July 20, 2020\* |
| &nbsp;&nbsp; 99.56 \* | News release dated July 22, 2020\* |
| &nbsp;&nbsp; 99.57 \* | Letter of transmittal with respect to a 10 for 1 share consolidation\* |
| &nbsp;&nbsp; 99.58 \* | Proof share certificate dated July 23, 2020\* |
| &nbsp;&nbsp; 99.59 \* | Confirmation of record date for share consolidation dated July 23, 2020\* |
| &nbsp;&nbsp; 99.60 \* | Confirmation to CSE of notification to CDS of a 10 for 1 share consolidation dated July 23, 2020\* |
| &nbsp;&nbsp; 99.61 \* | Certified copy of shareholders' resolutions dated July 23, 2020\* |
| &nbsp;&nbsp; 99.62 \* | Form 12 notice of proposed stock consolidation dated July 23, 2020\* |
| &nbsp;&nbsp; 99.63 \* | Certificate of Amendment of Articles of the Company dated July 27, 2020 with respect to a 10 for 1 share consolidation\* |
| &nbsp;&nbsp; 99.64 \* | News release dated July 27, 2020\* |
| &nbsp;&nbsp; 99.65 \* | News release dated July 28, 2020\* |
| &nbsp;&nbsp; 99.66 \* | Material change report dated August 5, 2020\* |
| &nbsp;&nbsp; 99.67 \* | Form 7 monthly progress report dated August 10, 2020\*  |
| &nbsp;&nbsp; 99.68 \* | Form 45-106F1 report of exempt distribution dated August 11, 2020\* |
| &nbsp;&nbsp; 99.69 \* | News release dated August 14, 2020\* |
| &nbsp;&nbsp; 99.70 \* | Amended material change report dated August 21, 2020\* |
| &nbsp;&nbsp; 99.71 \* | News release dated August 24, 2020\* |
| &nbsp;&nbsp; 99.72 \* | Interim financial statements for the three and six-month periods ended June 30, 2020 and 2019\* |
| &nbsp;&nbsp; 99.73 \* | Management's discussion and analysis for the three and six-month periods ended June 30, 2020 and 2019 dated August 27, 2020\* |
| &nbsp;&nbsp; 99.74 \* | Form 52-109FV2 CEO certification of interim filings dated August 27, 2020\* |
| &nbsp;&nbsp; 99.75 \* | Form 52-109FV2 CFO certification of interim filings dated August 27, 2020\* |
| &nbsp;&nbsp; 99.76 \* | News release dated August 27, 2020\* |
| &nbsp;&nbsp; 99.77 \* | News release dated August 28, 2020\* |
| &nbsp;&nbsp; 99.78 \* | Form 45-106F1 report of exempt distribution dated August 31, 2020\* |
| &nbsp;&nbsp; 99.79 \* | Form 7 monthly progress report dated September 8, 2020\*  |
| &nbsp;&nbsp; 99.80 \* | News release dated September 10, 2020\* |
| &nbsp;&nbsp; 99.81 \* | News release dated September 17, 2020\* |
| &nbsp;&nbsp; 99.82 \* | News release dated September 18, 2020\* |
| &nbsp;&nbsp; 99.83 \* | News release dated September 21, 2020\* |
| &nbsp;&nbsp; 99.84 \* | News release dated September 22, 2020\* |
| &nbsp;&nbsp; 99.85 \* | Notice of the meeting and record date dated September 22, 2020 with respect to the November 9, 2020 special meeting of shareholders\* |
| &nbsp;&nbsp; 99.86 \* | News release dated September 28, 2020\* |
| &nbsp;&nbsp; 99.87 \* | News release dated October 1, 2020\* |
| &nbsp;&nbsp; 99.88 \* | Notice of the special meeting of shareholders dated October 2, 2020 with respect to the November 9, 2020 special shareholders' meeting\*  |
| &nbsp;&nbsp; 99.89 \* | Management information circular dated October 2, 2020 with respect to the November 9, 2020 special meeting of shareholders\* |
| &nbsp;&nbsp; 99.90 \* | Form of Proxy with respect to the November 9, 2020 special meeting of shareholders\* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.91 \* | News release dated October 5, 2020\* |
| &nbsp;&nbsp; 99.92 \* | News release dated October 6, 2020\* |
| &nbsp;&nbsp; 99.93 \* | Form 7 monthly progress report dated October 7, 2020\*  |
| &nbsp;&nbsp; 99.94 \* | Form 45-106F1 report of exempt distribution dated October 9, 2020\* |
| &nbsp;&nbsp; 99.95 \* | News release dated October 20, 2020\* |
| &nbsp;&nbsp; 99.96 \* | News release dated October 23, 2020\* |
| &nbsp;&nbsp; 99.97 \* | News release dated October 27, 2020\* |
| &nbsp;&nbsp; 99.98 \* | News release dated October 30, 2020\* |
| &nbsp;&nbsp; 99.99 \* | News release dated November 5, 2020\* |
| &nbsp;&nbsp; 99.100 \* | News release dated November 6, 2020\* |
| &nbsp;&nbsp; 99.101 \* | Form 7 monthly progress report dated November 6, 2020\*  |
| &nbsp;&nbsp; 99.102 \* | News release dated November 9, 2020\* |
| &nbsp;&nbsp; 99.103 \* | News release dated November 12, 2020\* |
| &nbsp;&nbsp; 99.104 \* | Certificate of amendment dated November 18, 2020 with respect to a change of name of the Company to Peak Fintech Group Inc./Groupe Peak Fintech Inc.\* |
| &nbsp;&nbsp; 99.105 \* | News release dated November 19, 2020\* |
| &nbsp;&nbsp; 99.106 \* | Confirmation of CUSIP/ISIN dated November 19, 2020\* |
| &nbsp;&nbsp; 99.107 \* | Proof share certificate dated November 19, 2020\* |
| &nbsp;&nbsp; 99.108 \* | Confirmation transfer agent dated November 23, 2020\* |
| &nbsp;&nbsp; 99.109 \* | News release dated November 23, 2020\* |
| &nbsp;&nbsp; 99.110 \* | News release dated November 26, 2020\* |
| &nbsp;&nbsp; 99.111 \* | Interim financial statements for the three and nine-month periods ended September 30, 2020 and 2019\* |
| &nbsp;&nbsp; 99.112 \* | Management's discussion and analysis for the three and nine-month periods ended September 30, 2020 and 2019 dated November 26, 2020\* |
| &nbsp;&nbsp; 99.113 \* | Form 52-109FV2 CEO certification of interim filings dated November 26, 2020\* |
| &nbsp;&nbsp; 99.114 \* | Form 52-109FV2 CFO certification of interim filings dated November 26, 2020\* |
| &nbsp;&nbsp; 99.115 \* | News release dated November 26, 2020\* |
| &nbsp;&nbsp; 99.116 \* | News release dated December 1, 2020\* |
| &nbsp;&nbsp; 99.117 \* | Form 7 monthly progress report dated December 7, 2020\*  |
| &nbsp;&nbsp; 99.118 \* | News release dated December 9, 2020\* |
| &nbsp;&nbsp; 99.119 \* | News release dated December 11, 2020\* |
| &nbsp;&nbsp; 99.120 \* | News release dated December 15, 2020\* |
| &nbsp;&nbsp; 99.121 \* | News release dated December 21, 2020\* |
| &nbsp;&nbsp; 99.122 \* | News release dated December 21, 2020\* |
| &nbsp;&nbsp; 99.123 \* | News release dated December 24, 2020\* |
| &nbsp;&nbsp; 99.124 \* | News release dated December 29, 2020\* |
| &nbsp;&nbsp; 99.125 \* | Annual information form dated December 29, 2020 for the financial year ended December 31, 2019\* |
| &nbsp;&nbsp; 99.126 \* | Form 52-109F1-AIF CEO certification of annual filings dated December 29, 2020\* |
| &nbsp;&nbsp; 99.127 \* | Form 52-109F1-AIF CFO certification of annual filings dated December 29, 2020\* |
| &nbsp;&nbsp; 99.128 \* | News release dated January 4, 2021\* |
| &nbsp;&nbsp; 99.129 \* | Notice of the special meeting of shareholders dated January 6, 2021 with respect to the February 16, 2021 special shareholders' meeting\*  |
| &nbsp;&nbsp; 99.130 \* | Form 7 monthly progress report dated January 6, 2021\*  |
| &nbsp;&nbsp; 99.131 \* | News release dated January 11, 2021\* |
| &nbsp;&nbsp; 99.132 \* | Notice declaring intention to be qualified under National Instrument 44-101 Short Form Prospectus Distributions dated January 13, 2021\* |
| &nbsp;&nbsp; 99.133 \* | News release dated January 18, 2021\* |
| &nbsp;&nbsp; 99.134 \* | News release dated January 25, 2021\* |
| &nbsp;&nbsp; 99.135 \* | Notice of the special meeting of shareholders dated January 26, 2021 with respect to the February 16, 2021 special shareholders' meeting\*  |
| &nbsp;&nbsp; 99.136 \* | Management information circular dated January 26, 2021 with respect to the February 16, 2021 special meeting of shareholders\* |
| &nbsp;&nbsp; 99.137 \* | Form of Proxy with respect to the February 16, 2021 special meeting of shareholders\* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.138 \* | News release dated January 28, 2021\* |
| &nbsp;&nbsp; 99.139 \* | News release dated January 29, 2021\* |
| &nbsp;&nbsp; 99.140 \* | News release dated February 3, 2021\* |
| &nbsp;&nbsp; 99.141 \* | Form 7 monthly progress report dated February 5, 2021\*  |
| &nbsp;&nbsp; 99.142 \* | News release dated February 8, 2021\* |
| &nbsp;&nbsp; 99.143 \* | News release dated February 10, 2021\* |
| &nbsp;&nbsp; 99.144 \* | News release dated February 16, 2021\* |
| &nbsp;&nbsp; 99.145 \* | News release dated February 24, 2021\* |
| &nbsp;&nbsp; 99.146 \* | News release dated March 2, 2021\* |
| &nbsp;&nbsp; 99.147 \* | News release dated March 4, 2021\* |
| &nbsp;&nbsp; 99.148 \* | Form 7 monthly progress report dated March 5, 2021\*  |
| &nbsp;&nbsp; 99.149 \* | News release dated March 9, 2021\* |
| &nbsp;&nbsp; 99.150 \* | Preliminary short form prospectus dated March 11, 2021\* |
| &nbsp;&nbsp; 99.151 \* | Qualification certificate dated March 11, 2021\* |
| &nbsp;&nbsp; 99.152 \* | Form 8 notice of proposed prospectus offering dated March 12, 2021\*  |
| &nbsp;&nbsp; 99.153 \* | News release dated March 12, 2021\* |
| &nbsp;&nbsp; 99.154 \* | Decision document (visa) from the autorité des marchés financiers dated March 12, 2021\* |
| &nbsp;&nbsp; 99.155 \* | Material change report dated March 18, 2021\* |
| &nbsp;&nbsp; 99.156 \* | News release dated March 26, 2021\* |
| &nbsp;&nbsp; 99.157 \* | PowerPoint presentation dated March 2021\* |
| &nbsp;&nbsp; 99.158 \* | Form 7 monthly progress report dated April 8, 2021\*  |
| &nbsp;&nbsp; 99.159 \* | Amended interim financial statements for the three and nine-month periods ended September 30, 2020 and 2019\* |
| &nbsp;&nbsp; 99.160 \* | Amended management's discussion and analysis for the three and nine-month periods ended September 30, 2020 and 2019, dated April 23, 2021\* |
| &nbsp;&nbsp; 99.161 \* | Form 52-109FV2 CEO certification of interim filings dated April 30, 2021\* |
| &nbsp;&nbsp; 99.162 \* | Form 52-109FV2 CFO certification of interim filings dated April 30, 2021\* |
| &nbsp;&nbsp; 99.163 \* | News release dated April 30, 2021\* |
| &nbsp;&nbsp; 99.164 \* | Ontario Form 13-502F1 participation fee management certification for the year ended December 31, 2020 dated April 30, 2021\* |
| &nbsp;&nbsp; 99.165 \* | Alberta Form 13-502F1 participation fee management certification for the year ended December 31, 2020 dated April 30, 2021\* |
| &nbsp;&nbsp; 99.166 \* | Audited annual financial statements for the years ended December 31, 2020 and 2019\* |
| &nbsp;&nbsp; 99.167 \* | Management's discussion and analysis for the years ended December 31, 2020 and 2019, dated April 30, 3021\* |
| &nbsp;&nbsp; 99.168 \* | Form 52-109FV1 CEO certification of annual filings dated April 30, 2021\* |
| &nbsp;&nbsp; 99.169 \* | Form 52-109FV1 CFO certification of annual filings dated April 30, 2021\* |
| &nbsp;&nbsp; 99.170 \* | News release dated April 30, 2021\* |
| &nbsp;&nbsp; 99.171 \* | Notice of the meeting and record date dated May 3, 2021 with respect to the June 30, 2021 annual and special meeting of shareholders\* |
| &nbsp;&nbsp; 99.172 \* | Annual information form dated May 6, 2021 for the financial year ended December 31, 2020\* |
| &nbsp;&nbsp; 99.173 \* | Form 52-109F1-AIF CEO certification of annual filings dated May 14, 2021\* |
| &nbsp;&nbsp; 99.174 \* | Form 52-109F1-AIF CFO certification of annual filings dated May 14, 2021\* |
| &nbsp;&nbsp; 99.175 \* | Form 7 monthly progress report dated May 7, 2021\* |
| &nbsp;&nbsp; 99.176 \* | Notice of the annual meeting of shareholders dated May 27, 2021 with respect to the June 30, 2021 annual shareholders' meeting\*  |
| &nbsp;&nbsp; 99.177 \* | Management information circular dated May 27, 2021 with respect to the June 30, 2021 annual meeting of shareholders\* |
| &nbsp;&nbsp; 99.178 \* | Form of Proxy with respect to the June 30, 2021 annual meeting of shareholders\* |
| &nbsp;&nbsp; 99.179 \* | Amended management's discussion and analysis for the years ended December 31, 2020 and 2019, dated April 30, 3021 and filed May 28, 2021\* |
| &nbsp;&nbsp; 99.180 \* | Revised annual information form dated May 6, 2021 for the financial year ended December 31, 2020 and filed May 28, 2021\* |
| &nbsp;&nbsp; 99.181 \* | Form 52-109F1R CEO certification of refiled annual filings filed May 28, 2021\* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.182 \* | Form 52-109F1R CFO certification of refiled annual filings filed May 28, 2021\* |
| &nbsp;&nbsp; 99.183 \* | Cover letter to amended year-end 2020 MD&A and amended 2020 annual information form filed May 31, 2021\* |
| &nbsp;&nbsp; 99.184 \* | Interim financial statements for the three-month periods ended March 31, 2021 and 2020\* |
| &nbsp;&nbsp; 99.185 \* | Management's discussion and analysis for the three-month periods ended March 31, 2021 and 2020, dated May 31, 2021\* |
| &nbsp;&nbsp; 99.186 \* | Form 52-109FV2 CEO certification of interim filings dated May 31, 2021\* |
| &nbsp;&nbsp; 99.187 \* | Form 52-109FV2 CFO certification of interim filings dated May 31, 2021\* |
| &nbsp;&nbsp; 99.188 \* | News release dated May 31, 2021\* |
| &nbsp;&nbsp; 99.189 \* | Form 7 monthly progress report dated May 31, 2021\* |
| &nbsp;&nbsp; 99.190 \* | News release dated June 1, 2021\* |
| &nbsp;&nbsp; 99.191 \* | Amended interim financial statements for the three-month periods ended March 31, 2021 and 2020\* |
| &nbsp;&nbsp; 99.192 \* | Amended management's discussion and analysis for the three-month periods ended March 31, 2021 and 2020, dated May 31, 2021 filed June 7, 2021\* |
| &nbsp;&nbsp; 99.193 \* | Form 52-109F2R CEO certification of refiled interim filings dated June 7, 2021\* |
| &nbsp;&nbsp; 99.194 \* | Form 52-109F2R CFO certification of refiled interim filings dated June 7, 2021\* |
| &nbsp;&nbsp; 99.195 \* | Cover letter to re-filed first quarter 2021 financial statements and MD&A filed June 7, 2021\* |
| &nbsp;&nbsp; 99.196 \* | Amended and restated preliminary short form prospectus dated June 10, 2021\* |
| &nbsp;&nbsp; 99.197 \* | Decision document (visa) from the autorité des marchés financiers dated June 10, 2021\* |
| &nbsp;&nbsp; 99.198 \* | PowerPoint presentation dated June 21, 2021\* |
| &nbsp;&nbsp; 99.199 \* | News release dated June 22, 2021\* |
| &nbsp;&nbsp; 99.200 \* | Agency agreement dated June 22, 2021\* |
| &nbsp;&nbsp; 99.201 \* | Undertaking to file warrant indenture dated June 22, 2021\* |
| &nbsp;&nbsp; 99.202 \* | Non-issuer form of submission to jurisdiction for John Roumeliotis dated June 22, 2021\* |
| &nbsp;&nbsp; 99.203 \* | Non-issuer form of submission to jurisdiction for Mark Dumas dated June 22, 2021\* |
| &nbsp;&nbsp; 99.204 \* | Non-issuer form of submission to jurisdiction for Bin Xu dated June 22, 2021\* |
| &nbsp;&nbsp; 99.205 \* | Final short form prospectus dated June 22, 2021\* |
| &nbsp;&nbsp; 99.206 \* | Consent letter of underwriter's legal counsel dated June 22, 2021\* |
| &nbsp;&nbsp; 99.207 \* | Consent letter of issuer's legal counsel dated June 22, 2021\* |
| &nbsp;&nbsp; 99.208 \* | Auditor's consent letter dated June 22, 2021\* |
| &nbsp;&nbsp; 99.209 \* | Amended form 8 notice of proposed prospectus offering dated June 22, 2021\*  |
| &nbsp;&nbsp; 99.210 \* | Form 6 certificate of compliance dated June 22, 2021\* |
| &nbsp;&nbsp; 99.211 \* | Decision document (visa) from the autorité des marchés financiers dated June 25, 2021\* |
| &nbsp;&nbsp; 99.212 \* | News release dated June 25, 2021\* |
| &nbsp;&nbsp; 99.213 \* | News release dated July 7, 2021\* |
| &nbsp;&nbsp; 99.214 \* | Warrant indenture dated July 7, 2021\* |
| &nbsp;&nbsp; 99.215 \* | Form 7 monthly progress report dated July 8, 2021\* |
| &nbsp;&nbsp; 99.216 \* | News release dated July 9, 2021\* |
| &nbsp;&nbsp; 99.217 \* | News release dated July 13, 2021\* |
| &nbsp;&nbsp; 99.218 \* | Proof share certificate dated July 19, 2021\* |
| &nbsp;&nbsp; 99.219 \* | News release dated July 20, 2021\* |
| &nbsp;&nbsp; 99.220 \* | Form 12 notice of proposed stock consolidation dated July 22, 2021\* |
| &nbsp;&nbsp; 99.221 \* | Certified copy of shareholders' resolutions dated July 22, 2021\* |
| &nbsp;&nbsp; 99.222 \* | Confirmation to CSE of notification to CDS of a 2 for 1 share consolidation dated July 22, 2021\* |
| &nbsp;&nbsp; 99.223 \* | Confirmation of record date for share consolidation dated July 22, 2021\* |
| &nbsp;&nbsp; 99.224 \* | Confirmation of transfer agent dated July 22, 2021\* |
| &nbsp;&nbsp; 99.225 \* | Letter of transmittal with respect to a 2 for 1 share consolidation\* |
| &nbsp;&nbsp; 99.226 \* | News release dated July 22, 2021\* |
| &nbsp;&nbsp; 99.227 \* | CDS confirmation of CUSIP for warrants dated March 23, 2021 and filed July 23, 2021\* |
| &nbsp;&nbsp; 99.228 \* | Transfer agent confirmation regarding appointment as warrant agent dated July 7, 2021and filed July 23, 2021\* |
| &nbsp;&nbsp; 99.229 \* | News release dated July 26, 2021\* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.230 \* | Certificate and articles of amendment dated July 27, 2021 with respect to a 1 for 2 consolidation of the issued and outstanding common shares of the Company\* |
| &nbsp;&nbsp; 99.231 \* | News release dated July 29, 2021\* |
| &nbsp;&nbsp; 99.232 \* | News release dated August 3, 2021\* |
| &nbsp;&nbsp; 99.233 \* | News release dated August 5, 2021\* |
| &nbsp;&nbsp; 99.234 \* | Material change report dated August 5, 2021\* |
| &nbsp;&nbsp; 99.235 \* | Form 7 monthly progress report dated August 6, 2021\* |
| &nbsp;&nbsp; 99.236 \* | News release dated August 11, 2021\* |
| &nbsp;&nbsp; 99.237 \* | News release dated August 16, 2021\* |
| &nbsp;&nbsp; 99.238 \* | News release dated August 18, 2021\* |
| &nbsp;&nbsp; 99.239 \* | Material change report dated August 25, 2021\* |
| &nbsp;&nbsp; 99.240 \* | Interim financial statements for the three and six-month periods ended June 30, 2021 and 2020\* |
| &nbsp;&nbsp; 99.241 \* | Management's discussion and analysis for the three and six-month periods ended June 30, 2021 and 2019 dated August 26, 2021\* |
| &nbsp;&nbsp; 99.242 \* | Form 52-109FV2 CEO certification of interim filings dated August 26, 2021\* |
| &nbsp;&nbsp; 99.243 \* | Form 52-109FV2 CFO certification of interim filings dated August 26, 2021\* |
| &nbsp;&nbsp; 99.244 \* | News release dated August 26, 2021\* |
| &nbsp;&nbsp; 99.245 \*\* | News release dated September 7, 2021\*\* |
| &nbsp;&nbsp; 99.246 \*\* | Form 7 monthly progress report dated September 8, 2021\*\* |
| &nbsp;&nbsp; 99.247 \*\* | News release dated September 14, 2021\*\* |
| &nbsp;&nbsp; 99.248 \*\* | News release dated September 17, 2021\*\* |
| &nbsp;&nbsp; 99.249 \*\* | Material change report dated September 20, 2021\*\* |
| &nbsp;&nbsp; 99.250 \*\* | News release dated September 21, 2021\*\* |
| &nbsp;&nbsp; 99.251 \*\* | News release dated September 28, 2021\*\* |
| &nbsp;&nbsp; 99.252 \*\* | Form 9 notice of issuance or proposed issuance of securities dated September 29, 2021\*\* |
| &nbsp;&nbsp; 99.253 \*\* | News release dated October 1, 2021\*\* |
| &nbsp;&nbsp; 99.254 \*\* | Amended form 9 notice of issuance of securities dated October 1, 2021\*\* |
| &nbsp;&nbsp; 99.255 \*\* | Form 6 certificate of compliance dated October 1, 2021\*\* |
| &nbsp;&nbsp; 99.256 \*\* | Closing letter to CSE dated October 1, 2021\*\* |
| &nbsp;&nbsp; 99.257 \*\* | News release dated October 4, 2021\*\* |
| &nbsp;&nbsp; 99.258 \*\* | News release dated October 5, 2021\*\* |
| &nbsp;&nbsp; 99.259 \*\* | News release dated October 6, 2021\*\* |
| &nbsp;&nbsp; 99.260 \*\* | Notice of special meeting of shareholders dated October 6, 2021 with respect to the October 27, 2021 special meeting of shareholders\*\* |
| &nbsp;&nbsp; 99.261 \*\* | Management information circular dated October 6, 2021 with respect to the October 27, 2021 special meeting of shareholders\*\* |
| &nbsp;&nbsp; 99.262 \*\* | Form of proxy with respect to the October 27, 2021 special meeting of shareholders\*\* |
| &nbsp;&nbsp; 99.263 \*\* | Certificate of abridgement dated October 6, 2021\*\* |
| &nbsp;&nbsp; 99.264 \*\* | Form 7 monthly progress report dated October 7, 2021\*\* |
| &nbsp;&nbsp; 99.265 \*\* | News release dated October 8, 2021\*\* |
| &nbsp;&nbsp; 99.266 \*\* | Form 9 notice of issuance or proposed issuance of securities dated October 8, 2021\*\* |
| &nbsp;&nbsp; 99.267 \*\* | News release dated October 12, 2021\*\* |
| &nbsp;&nbsp; 99.268 \*\* | Material change report dated October 12, 2021\*\* |
| &nbsp;&nbsp; 99.269 \*\* | News release dated October 15, 2021\*\* |
| &nbsp;&nbsp; 99.270 \*\* | News release dated October 22, 2021\*\* |
| &nbsp;&nbsp; 99.271 \* | Consent of auditors dated October 26, 2021\* |
| &nbsp;&nbsp; 99.272 \*\*\* | News release dated October 27, 2021\*\*\* |
| &nbsp;&nbsp; 99.273 \*\*\* | Confirmation of CUSIP/ISIN for common shares dated October 19, 2021 and filed October 27, 2021\*\*\* |
| &nbsp;&nbsp; 99.274 \*\*\* | Confirmation of CUSIP/ISIN for warrant dated October 19, 2021 and filed October 27, 2021 |
| &nbsp;&nbsp; 99.275 \*\*\* | Proof share certificate dated October 27, 2021\*\*\* |
| &nbsp;&nbsp; 99.276 \*\*\* | Proof warrant certificate dated October 27, 2021\*\*\* |
| &nbsp;&nbsp; 99.277 \*\*\* | Confirmation transfer agent dated October 27, 2021\*\*\* |
| &nbsp;&nbsp; 99.278 \*\*\* | Confirmation of change of name to securities commissions dated October 27, 2021\*\*\* |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; 99.279 \*\*\* | News release dated October 29, 2021\*\*\* |
| &nbsp;&nbsp; 99.280 \*\*\* | Certificate of amendment dated November 1, 2021 with respect to a change of name of the Company to Tenet Fintech Group Inc./Groupe Tenet Fintech Inc.\*\*\* |
| &nbsp;&nbsp; 99.281 \*\*\* | Certificate of amendment dated November 1, 2021 with respect to a change of the province where the registered office is situated\*\*\* |
| &nbsp;&nbsp; 99.282 \*\*\* | Form 7 monthly progress report dated November 3, 2021\*\*\* |
| &nbsp;&nbsp; 99.283 \*\*\* | News release dated November 5, 2021\*\*\* |
| &nbsp;&nbsp; 99.284 \*\*\* | Material change report dated November 8, 2021\*\*\* |
| &nbsp;&nbsp; 99.285 \*\*\* | Material change report dated November 15, 2021\*\*\* |
| &nbsp;&nbsp; 99.286 \*\*\* | Interim financial statements for the three and nine-month periods ended September 30, 2021 and 2020\*\*\* |
| &nbsp;&nbsp; 99.287 \*\*\* | Management's discussion and analysis for the three and nine-month periods ended September 30, 2021 and 2020 dated November 15, 2021\*\*\* |
| &nbsp;&nbsp; 99.288 \*\*\* | Form 52-109FV2 CEO certification of interim filings dated November 15, 2021\*\*\* |
| &nbsp;&nbsp; 99.289 \*\*\* | Form 52-109FV2 CFO certification of interim filings dated November 15, 2021\*\*\* |
| &nbsp;&nbsp; 99.290 \*\*\* | News release dated November 15, 2021\*\*\* |
| &nbsp;&nbsp; 99.291 \*\*\* | News release dated November 18, 2021\*\*\* |
| &nbsp;&nbsp; 99.292 \*\*\* | News release dated November 30, 2021\*\*\* |
| &nbsp;&nbsp; 99.293 \*\*\* | News release dated December 3, 2021\*\*\* |
| &nbsp;&nbsp; 99.294 \*\*\*\* | News release dated December 9, 2021\*\*\*\* |
| &nbsp;&nbsp; 99.295 \*\*\*\* | News release dated December 30, 2021\*\*\*\* |
| &nbsp;&nbsp; 99.296 \*\*\*\* | Form 7 monthly progress report dated December 31, 2021\*\*\*\* |
| &nbsp;&nbsp; 99.297 \*\*\*\* | News release dated January 6, 2022\*\*\*\* |
| &nbsp;&nbsp; 99.298 \*\*\*\* | News release dated January 7, 2022\*\*\*\* |
| &nbsp;&nbsp; 99.299 \*\*\*\* | News release dated January 10, 2022\*\*\*\* |
| &nbsp;&nbsp; 99.300 \*\*\*\* | News release dated January 11, 2022\*\*\*\* |
| &nbsp;&nbsp; 99.301 \*\*\*\*\* | News release dated January 20, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.302 \*\*\*\*\* | News release dated January 21, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.303 \*\*\*\*\* | News release dated January 25, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.304 \*\*\*\*\* | News release dated January 27, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.305 \*\*\*\*\* | News release dated January 28, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.306 \*\*\*\*\* | Form 7 monthly progress report dated January 31, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.307 \*\*\*\*\* | News release dated February 4, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.308 \*\*\*\*\* | News release dated February 18, 2022\*\*\*\*\* |
| &nbsp;&nbsp; 99.309 \*\*\*\*\* | Form 7 monthly progress report dated February 28, 2022\*\*\*\*\* |
| &nbsp;&nbsp; [99.310](exhibit99-310.htm) | [News release dated March 21, 2022](exhibit99-310.htm) |
| &nbsp;&nbsp; [99.311](exhibit99-311.htm) | [Form 7 monthly progress report dated March 31, 2022](exhibit99-311.htm) |
| &nbsp;&nbsp; [99.312](exhibit99-312.htm) | [News release dated April 13, 2022](exhibit99-312.htm) |
| &nbsp;&nbsp; [99.313](exhibit99-313.htm) | [News release dated April 21, 2022](exhibit99-313.htm) |
| &nbsp;&nbsp; [99.314](exhibit99-314.htm) | [Notice of the meeting and record date dated April 21, 2022 with respect to the June 30, 2022 annual and special meeting of shareholders](exhibit99-314.htm) |
| &nbsp;&nbsp; [99.315](exhibit99-315.htm) | [News release dated April 29, 2022](exhibit99-315.htm) |
| &nbsp;&nbsp; [99.316](exhibit99-316.htm) | [Form 7 monthly progress report dated April 30, 2022](exhibit99-316.htm) |
| &nbsp;&nbsp; [99.317](exhibit99-317.htm) | [Consolidated financial statements for the years ended December 31, 2021 and 2020 dated May 2, 2022](exhibit99-317.htm) |
| &nbsp;&nbsp; [99.318](exhibit99-318.htm) | [Management's discussion and analysis for the years ended December 31, 2021 and 2020 dated May 2, 2022](exhibit99-318.htm) |
| &nbsp;&nbsp; [99.319](exhibit99-319.htm) | [Ontario Form 13-502F1 participation fee management certification for the year ended December 31, 2020 dated May 2, 2022](exhibit99-319.htm) |
| &nbsp;&nbsp; [99.320](exhibit99-320.htm) | [Alberta Form 13-502F1 participation fee management certification for the year ended December 31, 2021 dated May 2, 2022](exhibit99-320.htm) |
| &nbsp;&nbsp; [99.321](exhibit99-321.htm) | [Form 52-109FV1 CEO certification of annual filings dated May 2, 2022](exhibit99-321.htm) |
| &nbsp;&nbsp; [99.322](exhibit99-322.htm) | [Form 52-109FV1 CFO certification of annual filings dated May 2, 2022](exhibit99-322.htm) |
| &nbsp;&nbsp; [99.323](exhibit99-323.htm) | [News release dated May 2, 2022](exhibit99-323.htm) |
| &nbsp;&nbsp; [99.324](exhibit99-324.htm) | [News release dated May 6, 2022](exhibit99-324.htm) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; [99.325](exhibit99-325.htm) | [News release dated May 16, 2022](exhibit99-325.htm) |
| &nbsp;&nbsp; [99.326](exhibit99-326.htm) | [News release dated May 24, 2022](exhibit99-326.htm) |
| &nbsp;&nbsp; [99.327](exhibit99-327.htm) | [News release dated May 26, 2022](exhibit99-327.htm) |
| &nbsp;&nbsp; [99.328](exhibit99-328.htm) | [Interim financial statements for the three-month periods ended March 31, 2022 and 2021](exhibit99-328.htm) |
| &nbsp;&nbsp; [99.329](exhibit99-329.htm) | [Management's discussion and analysis for the three-month periods ended March 31, 2022 and 2021, dated May 30, 2022](exhibit99-329.htm) |
| &nbsp;&nbsp; [99.330](exhibit99-330.htm) | [Form 52-109FV2 CEO certification of interim filings dated May 30, 2022](exhibit99-330.htm) |
| &nbsp;&nbsp; [99.331](exhibit99-331.htm) | [Form 52-109FV2 CFO certification of interim filings dated May 30, 2022](exhibit99-331.htm) |
| &nbsp;&nbsp; [99.332](exhibit99-332.htm) | [Investor Presentation (Q1 2022) filed on May 30, 2022](exhibit99-332.htm) |
| &nbsp;&nbsp; [99.333](exhibit99-333.htm) | [News release dated May 30, 2022](exhibit99-333.htm) |
| &nbsp;&nbsp; [99.334](exhibit99-334.htm) | [Form 7 monthly progress report dated May 31, 2022](exhibit99-334.htm) |
| &nbsp;&nbsp; [99.335](exhibit99-335.htm) | [Notice of availability of proxy materials filed on June 1, 2022](exhibit99-335.htm) |
| &nbsp;&nbsp; [99.336](exhibit99-336.htm) | [Notice of annual and special meeting of shareholders dated May 31, 2022 with respect to the June 30, 2022 annual and special meeting of shareholders](exhibit99-336.htm) |
| &nbsp;&nbsp; [99.337](exhibit99-337.htm) | [Management information circular dated May 31, 2022 with respect to the June 30, 2022 annual and special meeting of shareholders](exhibit99-337.htm) |
| &nbsp;&nbsp; [99.338](exhibit99-338.htm) | [Form of proxy with respect to the June 30, 2022 annual and special meeting of shareholders](exhibit99-338.htm) |
| &nbsp;&nbsp; [99.339](exhibit99-339.htm) | [News release dated June 2, 2022](exhibit99-339.htm) |
| &nbsp;&nbsp; [99.340](exhibit99-340.htm) | [News release dated June 10, 2022](exhibit99-340.htm) |
| &nbsp;&nbsp; [99.341](exhibit99-341.htm) | [Annual information form dated June 16, 2021 for the financial year ended December 31, 2021](exhibit99-341.htm) |
| &nbsp;&nbsp; [99.342](exhibit99-342.htm) | [Form 52-109F1-AIF CEO certification of annual filings dated June 16, 2022](exhibit99-342.htm) |
| &nbsp;&nbsp; [99.343](exhibit99-343.htm) | [Form 52-109F1-AIF CFO certification of annual filings dated June 16, 2022](exhibit99-343.htm) |
| &nbsp;&nbsp; [99.344](exhibit99-344.htm) | [Revised annual information form dated June 16, 2022 for the financial year ended December 31, 2021 and filed June 17, 2022](exhibit99-344.htm) |
| &nbsp;&nbsp; [99.345](exhibit99-345.htm) | [Form 52-109F1R CEO certification of refiled annual filings filed June 17, 2022](exhibit99-345.htm) |
| &nbsp;&nbsp; [99.346](exhibit99-346.htm) | [Form 52-109F1R CFO certification of refiled annual filings filed June 17, 2022](exhibit99-346.htm) |
| &nbsp;&nbsp; [99.347](exhibit99-347.htm) | [Cover letter to amended 2021 annual information form filed June 17, 2022](exhibit99-347.htm) |
| &nbsp;&nbsp; [99.348](exhibit99-348.htm) | [News release dated June 23, 2022](exhibit99-348.htm) |
| &nbsp;&nbsp; [99.349](exhibit99-349.htm) | [Form 7 monthly progress report dated June 30, 2022](exhibit99-349.htm) |
| &nbsp;&nbsp; [99.350](exhibit99-350.htm) | [News release dated June 30, 2022](exhibit99-350.htm) |
| &nbsp;&nbsp; [99.351](exhibit99-351.htm) | [News release dated July 14, 2022](exhibit99-351.htm) |
| &nbsp;&nbsp; [99.352](exhibit99-352.htm) | [News release dated July 21, 2022](exhibit99-352.htm) |
| &nbsp;&nbsp; [99.353](exhibit99-353.htm) | [Form 7 monthly progress report dated July 31, 2022](exhibit99-353.htm) |
| &nbsp;&nbsp; [99.354](exhibit99-354.htm) | [News release dated August 9, 2022](exhibit99-354.htm) |
| &nbsp;&nbsp; [99.355](exhibit99-355.htm) | [News release dated August 17, 2022](exhibit99-355.htm) |
| &nbsp;&nbsp; [99.356](exhibit99-356.htm) | [News release dated August 19, 2022](exhibit99-356.htm) |
| &nbsp;&nbsp; [99.357](exhibit99-357.htm) | [Material change report dated August 22, 2022](exhibit99-357.htm) |
| &nbsp;&nbsp; [99.358](exhibit99-358.htm) | [Interim financial statements for the three and six-month periods ended June 30, 2022 and 2021](exhibit99-358.htm) |
| &nbsp;&nbsp; [99.359](exhibit99-359.htm) | [Management's discussion and analysis for the three and six-month periods ended June 30, 2022 and 2021](exhibit99-359.htm) |
| &nbsp;&nbsp; [99.360](exhibit99-360.htm) | [Form 52-109FV2 CEO certification of interim filings dated August 25, 2022](exhibit99-360.htm) |
| &nbsp;&nbsp; [99.361](exhibit99-361.htm) | [Form 52-109FV2 CFO certification of interim filings dated August 25, 2022](exhibit99-361.htm) |
| &nbsp;&nbsp; [99.362](exhibit99-362.htm) | [News release dated August 25, 2022](exhibit99-362.htm) |
| &nbsp;&nbsp; [99.363](exhibit99-363.htm) | [Form 7 monthly progress report dated August 31, 2022](exhibit99-363.htm) |
| &nbsp;&nbsp; [99.364](exhibit99-364.htm) | [News release dated September 19, 2022](exhibit99-364.htm) |
| &nbsp;&nbsp; [99.365](exhibit99-365.htm) | [Preliminary short form prospectus dated September 27, 2022](exhibit99-365.htm) |
| &nbsp;&nbsp; [99.366](exhibit99-366.htm) | [Qualification certificate dated September 27, 2022](exhibit99-366.htm) |
| &nbsp;&nbsp; [99.367](exhibit99-367.htm) | [Form 8 notice of proposed prospectus offering dated September 28, 2022](exhibit99-367.htm) |
| &nbsp;&nbsp; [99.368](exhibit99-368.htm) | [News release dated September 28, 2022](exhibit99-368.htm) |
| &nbsp;&nbsp; [99.369](exhibit99-369.htm) | [Receipt of the Ontario Securities Commission dated September 28, 2022](exhibit99-369.htm) |
| &nbsp;&nbsp; [99.370](exhibit99-370.htm) | [Form 7 monthly progress report dated September 30, 2022](exhibit99-370.htm) |
| &nbsp;&nbsp; [99.371](exhibit99-371.htm) | [News release dated October 7, 2022](exhibit99-371.htm) |
| &nbsp;&nbsp; [99.372](exhibit99-372.htm) | [News release dated October 27, 2022](exhibit99-372.htm) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | <u>**Description**</u> |
| &nbsp;&nbsp; [99.373](exhibit99-373.htm) | [Q&A Interview Addressing AMF Allegations linked to October 27, 2022 news release](exhibit99-373.htm) |
| &nbsp;&nbsp; [99.374](exhibit99-374.htm) | [Form 7 monthly progress report dated October 31, 2022](exhibit99-374.htm) |
| &nbsp;&nbsp; [99.375](exhibit99-375.htm) | [Interim financial statements for the six and nine-month periods ended September 30, 2022 and 2021](exhibit99-375.htm) |
| &nbsp;&nbsp; [99.376](exhibit99-376.htm) | [Management's discussion and analysis for the six and nine-month periods ended September 30, 2022 and 2021](exhibit99-376.htm) |
| &nbsp;&nbsp; [99.377](exhibit99-377.htm) | [Form 52-109FV2 CEO certification of interim filings dated November 29, 2022](exhibit99-377.htm) |
| &nbsp;&nbsp; [99.378](exhibit99-378.htm) | [Form 52-109FV2 CFO certification of interim filings dated November 29, 2022](exhibit99-378.htm) |
| &nbsp;&nbsp; [99.379](exhibit99-379.htm) | [News release dated November 29, 2022](exhibit99-379.htm) |
| &nbsp;&nbsp; [99.380](exhibit99-380.htm) | [Form 7 monthly progress report dated November 30, 2022](exhibit99-380.htm) |
| &nbsp;&nbsp; [99.381](exhibit99-381.htm) | [News release dated December 8, 2022](exhibit99-381.htm) |
| &nbsp;&nbsp; [99.382](exhibit99-382.htm) | [Amended and restated preliminary short form prospectus dated December 22, 2022](exhibit99-382.htm) |
| &nbsp;&nbsp; [99.383](exhibit99-383.htm) | [Receipt of the Ontario Securities Commission dated December 23, 2022](exhibit99-383.htm) |
| &nbsp;&nbsp; [99.384](exhibit99-384.htm) | [News release dated December 23, 2022](exhibit99-384.htm) |
| &nbsp;&nbsp;[99.385](exhibit99-385.htm) | [Form 7 monthly progress report dated December 31, 2022](exhibit99-385.htm) |
| &nbsp;&nbsp; [99.386](exhibit99-386.htm) | [Auditor's consent letter dated January 18, 2023](exhibit99-386.htm) |
| &nbsp;&nbsp; [99.387](exhibit99-387.htm) | [Opinion of MHP Law Firm dated January 18, 2023](exhibit99-387.htm) |
| &nbsp;&nbsp;[99.388](exhibit99-387.htm) | [Consent of MHP Law Firm dated January 18, 2023 (contained in Exhibit 99.387)](exhibit99-387.htm) |
| \* previously filed with the October 26 Form 40-F<br> \*\* previously filed with Amendment No. 1<br> \*\*\* previously filed with Amendment No. 2<br> \*\*\*\* previously filed with Amendment No. 3<br> \*\*\*\*\* previously filed with Amendment No. 4 | \* previously filed with the October 26 Form 40-F<br> \*\* previously filed with Amendment No. 1<br> \*\*\* previously filed with Amendment No. 2<br> \*\*\*\* previously filed with Amendment No. 3<br> \*\*\*\*\* previously filed with Amendment No. 4 |

---

------

## Exhibit 99.310

------

**Tenet Expands Business Hub(TM) Capabilities with Opportunities for Freight Trucking Industry**

Toronto, Ontario--(Newsfile Corp. - March 21, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative Fintech and AI service provider and manager of the Business Hubs™, today announced that it has launched the <u>Yun Fleet Platform</u> as part of its Chinese Business Hub™ ecosystem to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Hub.

Road freight is the most prominent mode of cargo transportation in China. China has one of the largest road networks in the world, second only to the United States. Ten ports in mainland China are included among the 30 top container harbors in the world, with the port in Shanghai being by far the busiest in the world. Rising domestic growth and rapidly developing road infrastructures are expected to continue to benefit China's freight trucking industry for years to come. According to global research firm IBISWorld, the industry's revenue should hit USD$127B in 2022. But despite its impressive profile, the industry suffers from various deficiencies. Trucks carry more than 80 percent of the nation's goods, but the trucking industry remains highly fragmented and inefficient. The South China Morning Post estimates that there are anywhere from 18M to 30M truck drivers in China. Most of whom are owner-operator truckers who own more than 90 percent of trucks on the road. Those trucks stand empty about 40% of the time because their owners spend an average of three days to find shipments for them.

Yun Fleet matches freight truckers with shipping opportunities based on factors such as proximity, fleet availability, whether climate control is required and a variety of other factors to optimize cost and time efficiency for shippers and truckers alike. In addition to shipping opportunities, Yun Fleet members are also eligible for other Business Hub™ services including financing and insurance services.

**<u>Update on Year-end 2021 Financial Statements</u>**

Tenet also announced today that the Company will file its audited year-end 2021 financial results on April 29, 2022.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence companies. Tenet's subsidiaries provide various analytics and AI-based services to financial institutions and businesses through the Business Hub™, an ecosystem where data analysis and artificial intelligence are used to facilitate transactions among its members. For more information: <u>http://www.tenetfintech.com</u>.

------

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>1-312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Tenet Fintech Group**

Barry Ellison, Director of Marketing and Communications <br>514-340-7775 ext.: 521 <br><u>bellison@tenetfintech.com</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-310x2x1.jpg)

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/117456</u>

------

## Exhibit 99.311

------

**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

<br>Name of Listed Issuer: <u>Tenet Fintech Group Inc. (the "Issuer")</u>

Trading Symbol: <u>PKK</u>

Number of Outstanding Listed Securities: <u>97,694,683</u>

Date: <u>March 31, 2022</u>

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*The Issuer wrapped up its negotiations with China's 8*<sup>*th*</sup>*largest bank during the month of March for a partnership agreement that would see bank accounts opened at the bank on behalf of the Issuer's Business Hub clients. In addition to allowing the Issuer to earn fees on the new bank accounts, the partnership with the bank will be yet another way to gradually bring the Issuer's service offerings into the mainstream of B2B activity in China. An official announcement about the partnership agreement between the Issuer and the bank is expected within days of the filing of this report.<br>*

<br> *While the partnership with the bank should help introduce the Issuer's offerings to some of the bank's clients that would otherwise not have known about the Issuer's services, the Issuer still believes the best way to quickly expand its Business Hub in China is to tailor services to specific industries. That's why the Issuer launched the Yun Fleet Platform during the period to provide shipping and transportation opportunities to China's freight trucking industry in the hopes of attracting some of China's estimated 18M to 30M owner-operator truckers to the Hub. As truckers join the Business Hub to take advantage of the shipping and transportation opportunities resulting from transactions conducted on the Hub, the services they provide will complement the Business Hub's service offering, which should make the Hub even more attractive to certain industries and in turn allow the Issuer to better target those industries.*

*The business development initiatives weren't the only noteworthy events to have occurred during the last month of Q1 2022. The Issuer reported a noticeable increase in activity on its Heartbeat insurance brokerage platform during the period. With its insurance offering providing some of its best profit margins, the Issuer will look to put more efforts in the future to accelerate the growth of that segment of its operations along with its offering in the promising clean tech sector through its i3060 platform.*

<br> **FORM 7 - MONTHLY PROGRESS REPORT**<br> March 2022<br> Page 1<br>

------

*On the Canadian front, the exercise of adding features and doing everything else to get the platform ready for launch continued during the period, along with the recruitment of personnel and the planning of various business development and marketing initiatives. While there are a few hundred businesses and a handful of financial institutions pre-registered on the Canadian Hub, the Issuer is still in the planning stages of its pre-registration campaign.*

2. Provide a general overview and discussion of the activities of management.

*With the expectation of a Canadian Business Hub launch later this year, the Issuer's management began the planning stage of linking its Canadian and Chinese Business Hubs during the quarter. To that end, the CEO of the Issuer's Chinese operations travelled to Canada at the end of the period to take part in several strategic planning sessions with members of the Issuer's Canadian executive team. Linking the Canadian Hub to the Chinese Hub and to eventually have Hubs in the US, the UK and in every corner of the globe, the Issuer will look to create a global network of small business owners where members can connect, partner, and access their respective Hubs' tools and services to sell globally in partnerships with local small businesses.*

*The Issuer's management also continued its dialogue with the US Securities and Exchange Commission (the "SEC") on the ongoing review of the Issuer's registration statement to have the Issuer's common shares listed on the Nasdaq stock exchange. The Issuer's management was able to clarify some outstanding issues for the SEC related to its operations and was provided with a better understanding of the SEC's review process and why the process can last for a certain period of time.*

*Finally, the Issuer's management continued to work of the preparation of the Issuer's year-end 2021 financial results, which the Issuer's management plans to file on April 29, 2022.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> March 2022<br> Page 2<br>

------

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*N/A*

6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers.

*N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees during the period as it prepares to launch its North American operations.*

*The Issuer also terminated the position of "Director of Marketing and Communications" during the period and began the search for a "Vice- president of Marketing and Communications". The new position calls for someone with a considerable amount of experience dealing with global capital markets matters as the Issuer looks to eventually list its securities on senior stock exchanges in both Europe and Asia in addition to its North American listings.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> March 2022<br> Page 3<br>

------

11. Report on any labour disputes and resolutions of those disputes if applicable.

*N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

*13.* Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security** | &nbsp;&nbsp; **Number Issued** | **Details of Issuance** | **Use of Proceeds** |
|  *Stock Options* | *4498* | *Incentive stock options issued*<br>*to key employees. Each*<br>*option allows its holder to*<br>*acquire common shares of the*<br>*Issuer at a price of $4.10 per*<br>*share.* | *N/A* |

---

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> March 2022<br> Page 4<br>

------

**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated: April 07, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Johnson Joseph</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Johnson Joseph</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of Director or Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of Director or Senior |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>/s/ Johnson Joseph</u>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>/s/ Johnson Joseph</u>* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CEO</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Official Capacity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Official Capacity |
| &nbsp;&nbsp; ***Issuer Details*** | &nbsp;&nbsp; For Month End | Date of Report |
| &nbsp;&nbsp; Name of Issuer |  |  |
|  | &nbsp;&nbsp; March 2022 | April 07, 2022 |
| &nbsp;&nbsp; Tenet Fintech Group Inc. |  |  |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; 550 Sherbrooke West, West Tower, Suite 265 | &nbsp;&nbsp; 550 Sherbrooke West, West Tower, Suite 265 |  |
| &nbsp;&nbsp; City/Province/Postal Code | &nbsp;&nbsp; Issuer Fax No. | Issuer Telephone No. |
| &nbsp;&nbsp; Montreal QC H3A 1B9 | (514) 340-2228 | (514) 340-7775 |
| &nbsp;&nbsp; Contact Name | &nbsp;&nbsp; Contact Position | Contact Telephone No. |
| &nbsp;&nbsp; Johnson Joseph | &nbsp;&nbsp; CEO | (514) 340-7775 |
|  |  | ext. 501 |
| &nbsp;&nbsp; Contact Email Address | &nbsp;&nbsp; Web Site Address |  |
| &nbsp;&nbsp; investors@tenetfintech.com | &nbsp;&nbsp; www.tenetfintech.com | &nbsp;&nbsp; www.tenetfintech.com |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> March 2022<br> Page 5<br>

------

## Exhibit 99.312

------

**Tenet Signs Agreement with the Industrial Bank Co. to Offer Business Hub(TM)-Linked Bank Accounts to Business Hub(TM) Members**

Toronto, Ontario--(Newsfile Corp. - April 13, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced that it has signed a partnership agreement with the Industrial Bank Co. Ltd. ("CIB") to allow members of Tenet's Chinese Business Hub™ to open bank accounts at CIB linked to their Business Hub™ accounts.

The real bank accounts at CIB will provide Business Hub™ clients with an alternative to Tenet's offering of virtual bank accounts on the China UnionPay network. The CIB accounts are meant to accommodate larger clients, such as commodities traders, that have been relying on the Hub's services to finance their purchase orders, alleviate their cash flow issues and also have cash settlement needs that are not available through the virtual bank accounts. Just like with the virtual bank accounts, Tenet will earn service fees and have administrative oversight of the CIB accounts, which should provide an additional layer of comfort to Business Hub™ partnering financial institutions, including CIB, when it comes to extending credit to Hub members that have such bank accounts.

With over 2,000 branches and outlets across China, more than 50,000 employees and total assets in

excess of USD$975B, CIB (<u>https://www.cib.com.cn/en/</u>) is the 8<sup>th</sup> largest bank in China and ranks 31<sup>st</sup> among the largest banks in the world according to Wikipedia.

"Our approach of being constantly attentive to the needs of our clients has been a major factor in how quickly we've been able to grow in China and directly led to the agreement announced today," said Tenet China CEO Liang Qiu. "As soon as we became aware that our virtual bank account offerings had certain limitations, which meant that they were not suitable for all our existing and prospective clients, we went to work on an alternative offering. We couldn't be happier to have been able to partner with one of China's most reputable banks. We commend CIB for recognizing our value proposition and for its collaboration on the integration needed to link our Business Hub™ to their system, which was no small feat. This partnership is yet another way for us to continue to gradually bring our service offerings into the mainstream of B2B activity in China".

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-312x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/120274</u>

------

## Exhibit 99.313

------

**Tenet's Heartbeat Platform Achieves Major Milestone with Over 400,000 Insurance Policies Processed**

Toronto, Ontario--(Newsfile Corp. - April 21, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced that its Heartbeat insurance product management and brokerage platform recently passed a major milestone by processing more than 400,000 insurance policies worth more than CAD$175M.

Tenet acquired the platform in the fall of 2021 to complement its Business Hub™ service offering in China and in anticipation of government regulations that came into effect on February 1, 2022, aimed at improving the supervision of the insurance brokerage industry and enhancing the industry's collection and management of data. Those regulations and the compliance obligations they carry have now driven 381 Chinese insurance brokerage companies to use Heartbeat to connect with, access and sell insurance products from some of China's top insurance companies, including <u>Ping An Insurance (Group)</u> <u>Ltd.</u>, <u>China Life Property & Casualty Insurance Company Ltd.</u>, <u>The People's Insurance Company (Group) of China Ltd.</u>, and <u>Bank of China Insurance Company Ltd</u><u>.</u> with whom the platform is linked. While today's announced milestone can largely be attributed to the new insurance brokerage industry regulations and to Tenet's <u>agreement with Ping An Insurance</u> for policies aimed at auto industry, the Company believes that future milestones and Heartbeat's impact on China's insurance industry will come as a result of the role that the platform will ultimately play within Tenet's Business Hub™.

"Our acquisition of Heartbeat was both opportunistic and strategic," said Liang Qiu, CEO of Tenet China. "Every platform that we develop, acquisition that we make or partnership that we sign is done with the intension of creating synergies with other components of our Business Hub™ and to enhance the Hub's offering. The Heartbeat platform is a prime example of that. Right now, Heartbeat is being used to help sell more traditional insurance products. But eventually, given the verticals we serve through the Hub, such as the oil and gas sector, the auto industry and commodities traders, the amount of transactional data at our disposal, our analytics capabilities to understand our clients' needs and our access to the country's insurance companies, we believe we'll be able to work with these insurance companies to design customized insurance products to perfectly fit our clients' needs and create new opportunities for our insurance partners."

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-313x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/121155</u>

------

## Exhibit 99.314

------

![](exhibit99-314xu001.jpg)

April 21, 2022

∙ British Columbia Securities Commission

∙ Alberta Securities Commission

∙ Ontario Securities Commission

∙ Autorité des marchés financiers

**RE: Tenet Fintech Group Inc.**

Pursuant to a request from the above-mentioned reporting issuer, we wish to advise you of the following information in connection with its Annual & Special Meeting of Shareholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of meeting: | June 30, 2022 |
| &nbsp;&nbsp; Record date for notice: | May 16, 2022 |
| &nbsp;&nbsp; Record date for voting: | May 16, 2022 |
| &nbsp;&nbsp; Beneficial ownership determination date: | May 16, 2022 |
| &nbsp;&nbsp; Securities entitled to notice: | Common shares |
| &nbsp;&nbsp; Securities entitled to vote: | Common shares |
| &nbsp;&nbsp; Issuer mailing directly to non-objecting beneficial owners: | Yes |
| &nbsp;&nbsp; Issuer will pay for objecting beneficial owner material distribution: | Yes |
| &nbsp;&nbsp; Issuer using notice-and-access for registered investors: | Yes |
| &nbsp;&nbsp; Issuer using notice-and-access for non-registered investors: | Yes |
| &nbsp;&nbsp; Notice-and-access stratification criteria: | No |

---

Sincerely,

Trust Central Services<br>TSX TRUST COMPANY

---

| | |
|:---|:---|
| 1 Toronto Street Suite 1200 Toronto, ON M5C 2V6 T 416.682.3800 **TSXTRUST.COM** | ![](exhibit99-314xu002.jpg) |

---

------

## Exhibit 99.315

------

**Tenet To Report Full Year 2021 Financial Results on Monday, May 2**

Toronto, Ontario--(Newsfile Corp. - April 29, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced that its financial results for the year ended December 31, 2021, will be released on the prescribed filing deadline of Monday, May 2nd, 2022 shortly after market close.

"While we originally planned to release financial results on April 29<sup>th</sup>, given Tenet's significant transactions during the year, including the acquisitions of Cubeler and the Heartbeat platform, we will take the additional days afforded to us to finalize our statements and present our shareholders with the clearest picture we can provide," explained Jean Landreville, Chief Financial Officer of Tenet.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>.

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

------

![](exhibit99-315x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/122233</u>

------

## Exhibit 99.316

------

**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: <u>Tenet Fintech Group Inc. (the "Issuer")</u>

Trading Symbol: <u>PKK</u>

Number of Outstanding Listed Securities: <u>98,794,683</u>

Date: <u>April 30, 2022</u>

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*The Issuer, through a Chinese subsidiary, entered into a partnership agreement with the Industrial Bank Co. Ltd. ("CIB") to allow members of Tenet's Chinese Business Hub to open bank accounts at CIB which are linked to their Business Hub accounts. These bank accounts are meant to accommodate larger clients, such as commodities traders, that have been relying on the Business Hub's services to finance their purchase orders and alleviate their cash flow issues and who may have cash settlement needs that are not available through the virtual bank accounts that had already been available through the Business Hub. Tenet will earn service fees and have administrative oversight of the CIB accounts, which should provide an additional layer of comfort to Business Hub partnering financial institutions, including CIB, when it comes to extending credit to Hub members that have such bank accounts.*

*The Issuer's Heartbeat platform continued to hit major milestones, including exceeding 400,000 insurance policies processed through the platform, policies valued at more than $175M in the aggregate.*

2. Provide a general overview and discussion of the activities of management.

*The development and marketing of the Business Hub within Canada continued to make strides. Additional resources continued to be hired during the reporting period and the adaption of the platform for a Canadian market advanced. In addition, members of the Cubeler management team have connected with key SME and lender associations and organizations and plan to participate in strategic meetings and conferences in the coming months to build on these relationships and expand the scope of potential Business Hub members.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br>April 2022<br>Page 1

------

*The Issuer's management team spent time during the reporting period on the preparation and filing of its audited financial statements for the year ended December 31, 2021. These financial statements were the most comprehensive in the Issuer's history, in part due to the significant Heartbeat and Cubeler acquisitions, which occurred in 2021.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*N/A*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*N/A*

6. Describe the expiry or termination of any contracts or agreements between the

Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers.

*N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*The Issuer filed trademark applications with the United States Patent and Trademark Office for the following word marks: "Tenet"; "Cubeler"; and "Tenoris3".*

**FORM 7 - MONTHLY PROGRESS REPORT**<br>April 2022<br>Page 2

------

![](exhibit99-316x3x1.jpg)

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development and adaption of the Cubeler Business Hub for the North American market.*

11. Report on any labour disputes and resolutions of those disputes if applicable.

*N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

*13.* Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Number Issued** | **Details of Issuance** | **Use of Proceeds** |
| *Stock Options* | *5000* | *Incentive stock options issued to consultant of the Issuer. Each option allows its holder to acquire common shares of the Issuer at a price of $4.16 per share.* | *N/A* |
| *Stock Options* | *12157* | *Incentive stock options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $4.16 per share.* | *N/A* |

---

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br>April 2022<br>Page 3

------

**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated: May 06, 2022

---

| |
|:---|
| <u>Johnson Joseph</u> |
| Name of Director or Senior |
| Officer |
| *<u>/s/ Johnson Joseph</u>* |
| Signature |
| <u>CEO</u> |
| Official Capacity |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Issuer Details*** | &nbsp;&nbsp; For Month End | Date of Report |
| &nbsp;&nbsp; Name of Issuer |  |  |
| &nbsp;&nbsp; Tenet Fintech Group Inc. | &nbsp;&nbsp; April 2022 | May 06, 2022 |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; 550 Sherbrooke West, West Tower, Suite 265 | &nbsp;&nbsp; 550 Sherbrooke West, West Tower, Suite 265 |  |
| &nbsp;&nbsp; City/Province/Postal Code | &nbsp;&nbsp; Issuer Fax No. | Issuer Telephone No. |
| &nbsp;&nbsp; Montreal QC H3A 1B9 | (514) 340-2228 | (514) 340-7775 |
| &nbsp;&nbsp; Contact Name | &nbsp;&nbsp; Contact Position | Contact Telephone No. |
| &nbsp;&nbsp; Johnson Joseph | &nbsp;&nbsp; CEO | (514) 340-7775 |
|  |  | ext. 501 |
| &nbsp;&nbsp; Contact Email Address | &nbsp;&nbsp; Web Site Address  | &nbsp;&nbsp; Web Site Address  |
| &nbsp;&nbsp; investors@tenetfintech.com | &nbsp;&nbsp; www.tenetfintech.com | &nbsp;&nbsp; www.tenetfintech.com |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br>April 2022<br>Page 4

------

## Exhibit 99.317

------

**Tenet Fintech Group Inc.**

**(formerly Peak Fintech Group Inc.)**

**Consolidated Financial Statements**

**For the years ended**

**December 31, 2021, and 2020**

---

| | |
|:---|:---|
| [Independent Auditor's Report](#page_2) | [2 - 5](#page_2) |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Comprehensive Profit and Loss](#page_6) | [6](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Equity](#page_7) | [7](#page_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#page_8) | [8](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Financial Position](#page_9) | [9](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#page_10) | [10 - 68](#page_10) |

---

------

![](exhibit99-317xu001.jpg)

---

| | |
|:---|:---|
| **Independent Auditor's Report<br>**  | **Raymond Chabot**<br> **Grant Thornton LLP**<br> Suite 2000<br> National Bank Tower<br> 600 De La Gauchetière Street West<br> Montréal, Quebec<br> H3B 4L8<br> **T** 514-878-2691 |
| To the Shareholders of<br> Tenet Fintech Group Inc.<br> (Formerly Peak Fintech Group Inc.) | **Raymond Chabot**<br> **Grant Thornton LLP**<br> Suite 2000<br> National Bank Tower<br> 600 De La Gauchetière Street West<br> Montréal, Quebec<br> H3B 4L8<br> **T** 514-878-2691 |

---

 **Opinion**

We have audited the consolidated financial statements of Tenet Fintech Group Inc. (hereafter ''the Company''), which comprise the consolidated statements of financial position as at December 31, 2021 and 2020 and the consolidated statements of comprehensive profit and loss, the consolidated statements of changes in equity and the consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2021 and 2020, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS).

**Basis for opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Material uncertainty related to going concern**

We draw attention to Note 2 to the consolidated financial statements, which indicates the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

---

| | |
|:---|:---|
| Member of Grant Thornton International Ltd | **rcgt.com** |

---

------

**Information other than the consolidated financial statements and the auditor's report thereon**

Management is responsible for the other information. The other information comprises the information, included in the Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained the Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

**Responsibilities of management and those charged with governance for the consolidated financial statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's responsibilities for the audit of the consolidated financial statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

------

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern;

- Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation;

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

------

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Louis Roy.

![](exhibit99-317xu002.jpg)

Montreal

May 2, 2022

__________________________________________<br><sup>1</sup> CPA auditor, CA public accountancy permit n<sup>o</sup> A125741

------

**TENET FINTECH GROUP INC. (Formerly Peak Fintech Group Inc.)**

**Consolidated Statements of Comprehensive Profit and Loss**

Years ended December 31, 2021 and 2020

(In Canadian dollars, except weighted average number of outstanding shares)

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| |
|:---|
| **Revenues** |
| **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of service |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and fringe benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty on software |
| &nbsp;&nbsp;&nbsp;&nbsp;Board remuneration |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and indirect cost |
| &nbsp;&nbsp;&nbsp;&nbsp;Public relations and press releases |
| &nbsp;&nbsp;&nbsp;&nbsp;Office supplies, software and utilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel and entertainment |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock exchange and transfer agent costs |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation cost and others |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge - goodwill |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge - other intangibles |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of deferred finance cost |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing initial costs |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent |
| &nbsp;&nbsp;&nbsp;&nbsp;consideration payable |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on deposit and subscription receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on settlement of debt |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on foreign exchange |
| Loss before income taxes) |
| &nbsp;&nbsp;&nbsp;Income tax) |
| Net loss) |
| Net profit (loss) attributable to: |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent) |
| **Item that will be reclassified subsequently to profit or loss** |
| Currency translation adjustment) |
| Total comprehensive loss) |
| **Total comprehensive profit (loss) attributable to:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent) |
| Weighted average number of outstanding shares |
| Basic and diluted loss per share) |

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Going concern uncertainty (note 2)

Subsequent events (note 26)

The accompanying notes are an integral part of these consolidated financial statement.

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**TENET FINTECH GROUP INC.**

**(Formerly Peak Fintech Group Inc.)**

**Consolidated Statements of Changes in Equity**

Years ended December 31, 2021 and 2020

(In Canadian dollars)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Capital stock** | **Non**<br>**Controlling**<br>**interest** |
|  | **Note** | **Number of<br>common shares** | **Non**<br>**Controlling**<br>**interest** |
|  |  | **(number of shares** | **$** |
|  |  | **see note 16)** | **$** |
| **Balance as of January 1, 2021** |  | 59012095) | 11770520 |
| Issuance of shares and warrants | 16 | 13149999 |  |
| Issuance of shares for services provided | 16 | 21672 |  |
| Issuance of shares for business acquisition | 6, 16 | 12244180) |  |
| Issuance costs - shares and warrants | 16) |  |  |
| Issuance costs - broker compensation warrants | 16) |  |  |
| Conversion of convertible debentures | 13 | 25000 |  |
| Exercise of warrants and broker warrants | 16 | 12106737) |  |
| Shares to be issued for the exercise of warrants |  |  |  |
| Exercise of options | 17 | 607500) |  |
| Share-based compensation | 17 |  |  |
| Subscription for shares by non-controlling interest |  |  | 1272179 |
| Transactions with owners |  | 97167183) | 13042699 |
| Net profit (loss) |  |  | 1195102) |
| Other comprehensive profit |  |  | 82580 |
| Total comprehensive profit (loss) for the year |  | -) | 1277682) |
| **Balance as of December 31, 2021** |  | 97167183) | 14320381 |
| **Balance as of January 1, 2020** |  | 36029607) | 10441584 |
| Issuance of shares and warrants | 16 | 10292500 |  |
| Issuance of shares and warrants to settle debts<br>owed for services provided | 16 | 3567906 |  |
| Issuance of convertible debentures and warrants | 13 |  |  |
| Issuance of bonds and warrants | 14 |  |  |
| Shares to be issued for business acquisition | 6 |  |  |
| Issuance of shares for business acquisition | 6 | 158832) |  |
| Issuance costs - shares and warrants | 16) |  |  |
| Exercise of warrants and broker warrants | 16 | 4592000) |  |
| Exercise of warrants on surrender of<br>non-convertible debentures | 13 | 3540000) |  |
| Conversion of convertible debentures | 13 | 570000) |  |
| Shares to be issued for the exercise of warrants |  |  |  |
| Exercise of stock options | 17 | 261250) |  |
| Share-based compensation | 17 |  |  |
| Transactions with owners |  | 59012095) | 10441584 |
| Net (loss) profit |  |  | 1102910) |
| Other comprehensive income |  |  | 226026 |
| Total comprehensive profit (loss) for the year |  | -) | 1328936) |
| **Balance as of December 31, 2020** |  | 59012095) | 11770520 |

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The accompanying notes are an integral part of these consolidated financial statement.

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**TENET FINTECH GROUP INC.**

**(Formerly Peak Fintech Group Inc.)**

**Consolidated Statements of Cash Flows**

Years ended December 31, 2021 and 2020 <br>(In Canadian dollars)

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| | |
|:---|:---|
|  | Note |
| **OPERATING ACTIVITIES** |  |
| Net profit (loss) |  |
| Non-cash items |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss | 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on deposit and subscription receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial cost debenture |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of debentures and bonds | 13, 20.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease interest | 12, 20.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares and warrants for settlement of debt | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of deferred financing cost |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge - goodwill | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge - other intangibles | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration payable | 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on settlement of debt |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability) |  |
| Loans receivable maturing in more than 12 months | 7 |
| Net changes in working capital items |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits made to third parties regarding transactions on platforms | 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment to third party subcontractors | 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debtors | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable maturing in less than 12 months | 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for resale) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 11) |
| Cash flows from operating activities) |  |
| **INVESTING ACTIVITIES** |  |
| Debtors) |  |
| Deposit for investments) |  |
| Property and equipment - additions | 9) |
| Property and equipment - disposals | 9 |
| Acquisition of subsidiaries - net of cash acquired | 6) |
| Intangible asset - additions | 6, 10) |
| Cash flows from investing activities) |  |
| **FINANCING ACTIVITIES** |  |
| Proceeds (repayments) of advances from third parties |  |
| Proceeds / (repayment) of advances made from a Director |  |
| Repayment /proceeds of advances made from affiliates) |  |
| Proceeds from advances from third parties |  |
| Repayment of demand loans) |  |
| Repayment of lease liabilities | 12) |
| Proceeds from the issuance of shares and warrants | 16 |
| Proceeds from the issuance of debentures | 13 |
| Proceeds from the issuance of Bonds | 14 |
| Proceeds from the issuance of CEBA Loan |  |
| Proceeds from the exercise of warrants | 16 |
| Proceeds from the exercise of options | 17 |
| Subscriptions for shares from non-controlling interest |  |
| Cash flows from financing activities |  |
| **IMPACT OF FOREIGN EXCHANGE** |  |
| **Net (decrease) increase in cash** |  |
| Cash, beginning of year |  |
| Cash, end of year |  |

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The accompanying notes are an integral part of these consolidated financial statement.

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**TENET FINTECH GROUP INC.**

**(Formerly Peak Fintech Group Inc.)**

**Consolidated Statements of Financial Position**

As at December 31, 2021 and 2020

(In Canadian dollars)

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| | |
|:---|:---|
|  | Note |
| **ASSETS** |  |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 6 - 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for resale |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debtors | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit for investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets |  |
| Loans receivable | 7 |
| Property and equipment | 9 |
| Intangible assets | 10 |
| Goodwill | 10 |
| Deferred tax assets |  |
| **LIABILITIES** |  |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion option |  |
| Bonds | 14 |
| CEBA Loan | 15 |
| Lease liabilities | 12 |
| Foreign deferred tax liability |  |
| Canadian deferred tax liability |  |
| Contingent consideration payable | 6 |
| **SHAREHOLDERS' EQUITY** |  |
| Capital **s**tock | 16 |
| Shares to be issued | 6 |
| Contributed surplus |  |
| Accumulated other comprehensive income) |  |
| Deficit) |  |
| Shareholders' equity attributable to owners of the parent |  |
| Non-controlling interest |  |
| Total shareholders' equity |  |

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Going concern uncertainty (note 2)

Subsequent events (note 26)

The accompanying notes are an integral part of these consolidated financial statement.

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| | |
|:---|:---|
| On behalf of the Board, |  |
| /S/ Johnson Joseph | /S/ Charles-André Tessier |
| Director | Director |

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| 10 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***1 - GOVERNING STATUTES, NATURE OF OPERATIONS AND GENERAL INFORMATION***

Tenet Fintech Group Inc. (hereinafter "Tenet'' or the "Company"), previously named Peak Fintech Group Inc. until November 1, 2021, was incorporated pursuant to the provisions of the Business Corporations Act (Alberta) on May 13, 2008, and continued under the Canada Business Corporations Act on April 4, 2011. Tenet Fintech Group Inc.'s head office is located at 119 Spadina Avenue, Suite 705, Toronto, Ontario,. Its shares are traded on the Canadian Stock Exchange (CSE) under the symbol "PKK". Its shares are quoted in the U.S. on the OTC Market's Groups (OTCQX) under the symbol ''PKKFF''.

Tenet is the parent company of a group of innovative artificial intelligence (AI) and financial technology (Fintech) subsidiaries operating in Canada and China. Tenet's subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of small- and medium- sized enterprises (SMEs) carry out a range of interactions and transactions, including in the commercial lending space, in a rapid, safe, efficient, and transparent manner.

***2 - GOING CONCERN UNCERTAINTY AND COVID-19***

These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will continue in operation and will be able to realize its assets and discharge its liabilities in the normal course of operations. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to twelve months from the end of the reporting period. The use of these principles may not be appropriate.

The level of revenue currently being generated is not presently sufficient to meet the Company's working capital requirements and business growth initiatives . The Company's ability to continue as a going concern is dependent upon its ability to raise additional financing. Even if the Company has been successful in the past in doing so, including a financing by prospectus that generated a net cash inflow of $47,981,291 in the first quarter of 2021, there is no assurance that it will manage to obtain additional financing in the future. Also, the Company incurred a net loss of $48,561,968 for the year ended December 31, 2021 (2020 - loss of $5,513,511), it has an accumulated deficit of $79,997,442 as at December 31, 2021 (2020 - $30,240,372) and it has not yet generated positive cash flows from operations on a regular basis. Until that happens, the company will continue to assess its working capital needs and undertake whatever initiatives it deems necessary to ensure that it continues to be in a position to meet its financial obligations. These material uncertainties cast some significant doubt regarding the Company's ability to continue as a going concern.

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

These consolidated financial statements do not include any adjustments or disclosures that may be necessary should the Company not be able to continue as a going concern. If this were the case, these adjustments could be material.

***3 - CHANGES IN ACCOUNTING POLICIES***

**3.1 Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Company**

At the date of authorization of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards and interpretation have been published by the IASB. None of these standards or amendments to existing standards have been adopted early by the Company. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Company's consolidated financial statements.

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| 11 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***

**4.1 Statement of compliance with IFRS**

The consolidated financial statements of the Company have been prepared using accounting policies that are in accordance with International Financial Reporting Standards (IFRS).

The significant accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, except for the newly adopted standards.

The consolidated financial statements for the year ended December 31, 2021 (including comparative figures) were approved and authorized for the issue by the Board of Directors on May 1, 2022.

**4.2 Basis of measurement**

These consolidated financial statements are prepared on an accrual basis using the historical cost method.

**4.3 Basis of Consolidation**

These consolidated financial statements include the accounts of Tenet and all of its subsidiaries. The Company attributes total comprehensive income or loss of the subsidiary between the owners of the parent company and the non-controlling interests based on their respective ownership interests.

The following entities have been consolidated within these consolidated financial statements:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Entities** | <br>**Registered** | **% of ownership**<br>**and voting right** | <br>**Principal activity** | **Functional**<br>**Currency** |
| Tenet Fintech Group Inc. | Canada |  | Holding and parent company | Canadian dollar |
| Cubeler Inc. (note 6.3) | Canada | 100% | Technology based product developer and procurement facilitator | Canadian dollar |
| Asia Synergy Limited | Hong Kong | 100% | Holding | U.S. $ |
| Asia Synergy Holdings | China | 100% | Holding | Renminbi |
| Asia Synergy Technologies Ltd. | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Supply Chain Technologies Ltd (1) | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Solar-Gas & Oil Supply Chain Management Co.,Ltd (1) | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Data Solutions Ltd. | China | 100% | Fintech | Renminbi |
| Asia Synergy Credit Solutions Ltd | China | 100% | Credit outsourcing services | Renminbi |
| Asia Synergy Supply Chain Ltd | China | 51% | Supply chain services | Renminbi |
| Asia Synergy Insurance Services Co.,Ltd (1) | China | 100% | Fintech | Renminbi |
| Wuxi Aorong Ltd. | China | 100% | Holding | Renminbi |
| Asia Synergy Financial Capital Ltd | China | 51% | Financial institution | Renminbi |
| Beijing Huike Internet Technology (note 6.1) | China | 100% | Technology based product facilitator | Renminbi |
| Wechain (Nanjing) Technology Service Co., Ltd. (note 6.1) | China | 51% | Fintech | Renminbi |
| Beijing Kailifeng New Energy Technology Co., Ltd. (1) | China | 51% | Technology based product facilitator | Renminbi |
| Shanghai Xinhuizhi Supply Chain Management<br>Co.,Ltd. (1) | China | 51% | Technology based product procurement<br>facilitator | Renminbi |

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| 12 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.3 Basis of Consolidation (continued)**

*(1): Creation of new subsidiaries*

In November 2020, the Company created a new subsidiary called Asia Synergy Supply Chain Technology ("ASST") being a wholly owned subsidiary of the Company, Asia Synergy Technologies ("AST"), for the purpose of being involved in the distribution of food products and beverages. As a result, AST owns 100% interest in ASST.

In May 2021, the Company created a new subsidiary called Asia Synergy Solar-Gas & Oil Supply Chain Management Co. Ltd ("AJP"), which is a wholly-owned subsidiary of Asia Synergy Technologies ("AST"), for the purpose of being involved in the distribution of different products within the gas and oil retail industry. AST owns a 100% interest in AJP.

In June 2021, the Company created a new subsidiary called Asia Synergy Insurance Service Co. Ltd ("ASSI"), which is a wholly-owned subsidiary of Asia Synergy Data Solutions Ltd.("ASDS"), for the purpose of being involved in the distribution of insurance products in China. ASDS owns a 100% interest in ASSI.

In September 2021, the Company created a new subsidiary, Beijing Kailifeng New Energy Technology Co. Ltd. ("Kailifeng"), for the purpose of being involved in the distribution of clean energy products. Kailifeng is a wholly-owned subsidiary of ASDS.

In December, 2021, AST and Yunnan Rongsen Investment Co., Ltd. invested in, and established, Shanghai Xinhuizhi Supply Chain Management Co., Ltd. ("ASAC"). AST holds a 51% ownership interest in the newly incorporated entity. ASAC was formed for the purpose of being involved in the supply chains of agriculture products, including, but not limited to, coffee beans and coffee powders in mainland China.

The Company's subsidiaries each have an annual reporting date of December 31 and are incorporated in either Canada, Hong Kong or China. All intercompany transactions and accounts were eliminated upon consolidation, including unrealized gains or losses on intercompany transactions. Where unrealized losses on intercompany asset sales are reversed upon consolidation, the underlying asset is also tested for impairment from the Company's perspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

Profit or loss of subsidiaries acquired or disposed of during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**4.4 Foreign currency translation** 

**Functional and presentation currency**

The consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the parent company.

**Foreign currency transactions and balances**

Foreign currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the date of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in a foreign currency at year-end exchange rates are recognized in profit or loss.

Non-monetary items are not retranslated at year-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value, which are translated using the exchange rates at the date when fair value was determined.

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| 13 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.5 Foreign operations**

In the consolidated financial statements, all assets, liabilities and transactions of the entities with a functional currency other than Canadian dollars are translated into Canadian dollars upon consolidation. The functional currency of the entities has remained unchanged during the reporting period.

On consolidation, assets and liabilities have been translated into Canadian dollars at the closing rate at the reporting date. Revenue and expenses have been translated into Canadian dollars at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive income and recognized in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognized in equity are reclassified to profit or loss and are recognized as part of the gain or loss on disposal.

**4.6 Segment reporting**

The Company presents and discloses segmental information based on information that is regularly reviewed by the chief operating decision maker who is responsible for allocating resources and assessing the performance of the operating segments. The chief operating decision maker has been identified as the senior management team, which makes strategic and operational decisions.

For management purposes, the Company uses the same measurement policies as those used in its financial statements.

In addition, corporate assets which are not directly attributable to the business activities of any operating segments are not allocated to a segment. This primarily applies to the Company's headquarters.

**4.7 Revenue recognition**

Revenue arises mainly from the sale of goods and the rendering of financial services. To determine whether to recognize revenue, the Company follows a 5-step process:

─ identifying the contract with a customer;

─ identifying the performance obligations;

─ determining the transaction price;

─ allocating the transaction price to the performance obligations;

─ recognizing revenue when performance of obligation is satisfied.

Revenue is recognized either at a point in time or over time when the Company satisfies performance obligations by transferring the promised goods or services to its customers.

**Financial services**

Financial services revenues include interest revenue earned from commercial loans to small and medium-sized businesses and entrepreneurs and fees earned for services rendered to financial institutions to manage loans made to their customers.

Interest revenue earned from commercial loans is recorded using the effective interest rate method.

**Service fees**

Service fee revenues include fees earned for services rendered to financial institutions to help them find loan candidates, determine what potential or existing customers to lend to, manage their credit risk exposure, and help facilitate their credit transactions through the Company's technology platforms.

Service fees earned for services rendered to financial institutions over time is calculated based on a percentage of the value of the transactions associated with the services or in some cases, represent the price to obtain risk analysis or similar types of reports, charged either per report or on a subscription basis.

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| 14 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

***Supply chain services***

Supply chain services revenue relates to services provided to supply chain participants to allow them to acquire the materials they need on credit.

The services include a bundle of three services:

- assistance to get financing from financial institutions,

- assistance to find materials suppliers,

- assistance for the transportation and warehousing of the acquired materials

Supply chain service revenue is earned when the Company satisfies performance obligation for all three elements by transferring the service to its customers. At this point, the customer is invoiced as follows:

Financing : A percentage of the value of the purchase order financed,

Material suppliers: A percentage of the value of the purchase order,

Transportation and warehousing: Price established on a case-by-case basis according to the characteristics of the purchase order, including location, quantity, storage time and other factors.

**4.8 Assets held for resale**

Assets held for sale are classified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is highly probable. Assets designated as held for sale are accounted for at the lower of their carrying amount at designation and fair value less costs to sell.

**4.9 Current and deferred income taxes**

Tax expense recognized in profit or loss when applicable comprises the sum of deferred tax and current tax not recognized directly in equity.

Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the consolidated financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted by the end of the reporting period.

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, or on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Company and it is probable that reversal will not occur in the foreseeable future.

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided those rates are enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be able to be utilized against future taxable income. This is assessed based on the Company's forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax liabilities are always provided for in full.

Deferred tax assets and liabilities are offset only when the Company has a right and intention to set off current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized directly in the equity, in which case the related deferred tax is also recognized in equity.

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| 15 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.10 Basic and diluted loss per share**

Basic loss per share is calculated using the net loss and the weighted average number of outstanding shares during the year. Diluted loss per share is calculated by adjusting the weighted average number of outstanding shares, for the effects of all dilutive potential ordinary shares which include convertible debentures, options and warrants. Since the Company has incurred losses, the diluted loss per share is equal to the basic loss per share due to the antidilutive effect of convertible debentures, options and warrants. Since the Company has incurred losses, the diluted loss per share is equal to the basic loss per share due to the antidilutive effect of convertible debentures, options and warrants.

**4.11 Financial instruments**

The Company classifies a financial asset or a financial liability in its statement of financial position when it becomes party to the contractual provisions of the instrument. At initial recognition, the Company measures a financial asset or a financial liability at its fair value plus or minus, transaction costs that are directly attributable to the acquisition of the financial asset or the financial liability where applicable.

***Financial assets***

The Company classify financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss, based on its business model for managing the financial asset and the financial asset contractual cash flow characteristics. The three categories are defined as follows:

(a) Amortized cost- A financial asset is measured at amortized cost if both of the following conditions are met:

- the net asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(b) Fair value through other comprehensive income - Financial assets are classified and measure at fair value through other comprehensive income if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets

(c) Fair value through profit or loss - Any financial assets that are not held in one of the two business models mentioned are measured at fair value through profit or loss.

When, and only when, the Company changes its business model for managing financial assets it must reclassify all affected financial assets.

The Company's financial assets comprised of cash and restricted cash, loans receivables, and debtors (except sales tax receivable) are measured at amortized cost. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

***Impairment of financial assets***

The Company assess the impairment of its loans receivables and debtors using the expected credit loss model. The Company considers a broader range of information when assessing credit risk and measuring expected credit loss including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

At the end of each reporting period, the Company applies a three-stage forward looking impairment approach for its loans and debtors to measure the expected credit loss (ECL).

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| |
|:---|
| 16 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.11 Financial instruments (continued)**

*<u>Determining the stage</u>*

The ECL three-stage impairment approach is based on the change in the credit quality of financial assets and the credit quality have not deteriorated significantly since initial recognition. If the credit risk and the credit quality of non-impaired financial instruments has not deteriorated significantly since initial recognition, these financial instruments are classified in Stage 1, and an allowance for credit losses is measured and recorded at an amount equal to 12-month expected credit loss. When there is a significant increase in credit risk and the credit quality have deteriorated significantly since initial recognition, these non-impaired financial instruments are migrated to Stage 2, and an allowance for credit losses is measured and recorded at an amount equal to lifetime expected credit losses. When one or more events that have a detrimental impact on the estimated future cash flows of a financial asset has occurred, the financial asset is considered credit- impaired and is migrated to Stage 3, and an allowance for credit losses equal to lifetime expected losses continue to be recorded or the financial asset is written off.

The interest income is calculated on the gross carrying amount for financial assets in Stages 1 and 2 and on the net carrying amount for financial assets in stage 3.

*<u>Measurement of Expected Credit losses (ECL)</u>*

ECLs are measured as the probability-weighted present value of all expected cash shortfalls over the remaining expected life of the financial instruments, and reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions is considered. The estimation and application of forward-looking information requires significant judgment. The cash shortfall is the difference between all contractual cash flows owed to the Company and all the cash flows that the Company expects to receive.

The measurement of ECLs is primarily based on the product of the financial instruments probability of default, loss given default, and exposure at default. Forward-looking macroeconomic factors such as credit default indices, interest rates and gross domestic product are incorporated into the risk parameters. The estimate of expected credit losses reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes. Due to the short-term nature of the Company's commercial loans, the forward- looking macroeconomic factors are generally not important to the Company.

A financial asset is deemed credit-impaired when one or more events with a detrimental impact on its estimated future cash flows have occurred. Such events could include but are not limited to 1) significant financial difficulty of the counterparty; 2) a breach of contract, such as a default or past-due event; or 3) the likelihood that the counterparty will enter bankruptcy or other financial reorganization.

Debtors are written off (i.e. derecognised) when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice date and failure to engage with the Issuer on alternative payment arrangement amongst other is considered indicators of no reasonable expectation of recovery.

The Company applies experienced credit judgment to adjust the modelled ECL results when it becomes evident that known or expected risk factors and information were not considered in the credit risk rating and modelling process.

Simplified approach has been used for the calculation of the ECL for accounts receivable.

***Financial liabilities***

The Company's liabilities include accounts payable, advances and accrued liabilities, contingent consideration payable, conversion option, debentures and CEBA loan.

When the Company becomes a party to the contractual provisions of the financial instruments, these are initially measured at fair value adjusted for transaction costs unless the Company classified its financial liability at fair value through profit or loss (''FVTPL'').

Subsequently, financial liabilities are measures at amortized cost using the effective interest method except for the contingent consideration payable and conversion options classified at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss.

The liability and equity components of debentures are presented separately on the consolidated statements of financial position starting from initial recognition.

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|:---|
| 17 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.11 Financial instruments (continued)**

The liability component is recognized initially at the fair value, by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability of comparable credit status and providing substantially the same cash flows that do not have an associated conversion option. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method; the liability component is increased by accretion of the discounted amounts to reach the nominal value of the debentures at maturity.

The carrying amount of the equity component is calculated by deducting the carrying amount of the financial liability from the amount of the debentures and is presented in shareholders' equity as equity component of convertible debentures. A deferred tax liability is recognized with respect to any temporary difference that arises from the initial recognition of the equity component separately from the liability component. The deferred tax is charged directly to the carrying amount of the equity component. Subsequent changes in the deferred tax liability are recognized through the consolidated statements of comprehensive profit and loss.

**4.12 Property and equipment**

Property and equipment are initially recorded at acquisition cost, including any costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by the Company's management. Property and equipment are subsequently measured at cost less accumulated depreciation and impairment.

Depreciation is recognized on a straight-line basis using rates based on the estimated useful lives of the asset as follows:

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| | |
|:---|:---|
|  | Useful life |
| IT and office equipment | 2-5 years |
| Vehicles and other equipment | 3-5 years |
| Right-of-use assets | 0-10 years |

---

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.

**4.13 Intangible assets**

Intangible assets acquired separately are initially recognized at acquisition cost and are subsequently measured at cost less accumulated depreciation and impairment losses. Intangible assets acquired through business combination are measured initially at their fair value as at the date of acquisition. After initial recognition, intangible assets are recorded at cost less accumulated amortization, if they are amortizable, and less accumulated impairment.

Amortization is recognized on a straight-line basis using rates based on the estimated useful lives of the asset as follows:

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| | |
|:---|:---|
|  | Useful life |
| Fintech platforms (Gold River, Cubeler, and others) | 3-8 years |
| Tradename | 5-8 years |
| Loan servicing agreements | 10 years |

---

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.

**4.14 Business combinations**

The Company applies the acquisition method in accounting for business combinations. The consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. The Company measures the non-controlling interest, if any, at the proportionate share in the acquiree's identifiable net assets. Acquisition costs are expensed as incurred.

Assets acquired and liabilities assumed are recorded at their acquisition-date fair values.

After initial recognition, goodwill is measured at cost less any accumulated impairment.

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|:---|
| 18 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.15 Impairment of goodwill and long-lived assets**

For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows called cash-generating units (CGUs). As a result, some assets are tested individually for impairment and some are tested at the CGU level. Goodwill is allocated to those CGUs that are expected to benefit from synergies of a related business combination and represent the lowest level within the group at which management monitors goodwill.

CGUs to which goodwill has been allocated (determined by the Company's management as equivalent to operating segments) are tested for impairment at least annually. All other individual assets or CGUs are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's (or CGUs) carrying amount exceeds its recoverable amount which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use management estimates expected future cashflows from each CGU and determines a suitable discount rate in order to calculate the present value of those cashflows. The data used for impairment testing is directly linked to the Company's latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each CGU and reflect current market assessments of the time value of money and asset specific risk factors.

Impairment losses for CGUs reduce first the carrying amount of any goodwill allocated to that CGU. Any remaining impairment loss is charged pro-rata to the other assets in the CGU.

With the exception of goodwill, all assets are subsequently reassessed for indications an impairment loss previously recognised may no longer exist. An impairment loss is reversed if the asset's or CGU's recoverable amount exceeds it's carrying amount.

**4.16 Provisions**

Provisions are recognized when present obligations as a result of a past event will probably lead to an outflow of economic resources from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises from the presence of a legal or constructive commitment that has resulted from past events.

Provisions are recognized at the best estimate of the expenditure required to settle the present obligation at the reporting date, including the risks and uncertainties associated with the present obligation. Provisions are discounted when the time value of money is significant.

**4.17 Equity**

Capital stock represents the amount received on the issue of shares less incremental costs, net of tax, directly attributable to the issue of the shares. If shares are issued after share options or warrants are exercised, it also includes compensation costs previously recognized in contributed surplus.

**Unit Placements ("Units")**

The Company allocates the equity financing proceeds between common shares and warrants according to the relative fair value of each instrument. The fair value of the common shares is determined according to the market price of the shares on the Canadian Securities Exchange on the issuance date, and the fair value of the warrants is determined using the Black & Scholes pricing model.

Contributed surplus within equity includes amounts in connection with share options and warrants issued. When share options and warrants are exercised, the related compensation cost is transferred in capital stock.

When conversion of debentures occurs, the related cost is transferred from equity component of convertible debentures to capital stock. Issue cost related reduce the equity.

Deficit includes all current and prior period losses and the value of the extended warrants.

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|:---|
| 19 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.18 Share-based payments**

The Company operates equity-settled share-based payment plans for its eligible directors, officers, employees and others providing similar services. None of the Company's plans features any options for a cash settlement.

All goods and services received in exchange for the grant of any share-based payments are measured at their fair values, unless that fair value cannot be estimated reliably. If the Company cannot estimate reliably the fair value of the goods and services received, the Company shall measure their value indirectly by reference to the fair value of the equity instruments granted. For the transactions with employees and others providing similar services, the Company measured the fair value of the services received by reference to the fair value of the equity instruments granted.

All equity-settled share-based payments (except warrants to brokers, agents and finders) are ultimately recognized as an expense in the profit or loss with a corresponding credit to contributed surplus, in equity. Equity-settled share-based payments to brokers, in respect of an equity financing, are recognized as issuance costs and are presented as a reduction to the equity instruments with a corresponding credit to contributed surplus, in equity.

If vesting periods or other vesting conditions apply, the expense is allocated over the vesting year, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is an indication that adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in prior period if share options ultimately exercised are different to that estimated on vesting.

**4.19 Leased assets**

The Company recognized a right-of-use asset and a lease liability with respect to a lease on the date the underlying asset is available for use by the Company (hereafter, the "commencement date").

The right-of-use asset is initially measured at cost, which includes the initial lease liabilities adjusted for lease payments on or before the commencement date, plus initial direct costs incurred and an estimate of all of the costs for dismantling and removing the underlying asset, less any lease incentives received.

The right-of-use asset is amortized over the shorter of the estimated useful life of the underlying asset or the lease term on a straight-line basis. Additionally, the cost of a right-of-use asset is reduced by any accumulated impairment losses and, as appropriate, adjusted for any remeasurement of the related lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date over the lease payments to be made over the lease term, calculated using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as its discounting rate. The lease payments included in the lease liability include the following, in particular:

- Fixed payments, including in-substance fixed payments, less any lease incentives receivable;

- Variable payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

- Lease payments relating to extension options that the Company is reasonably certain it will exercise.

Accordingly, lease payments and the lease liability include payments relating to lease and non-lease components.

The Company has elected not to recognize separately non-lease components of leases for office space (buildings).

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| |
|:---|
| 20 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**4.19 Leased assets (continued)**

The interest expense relating to lease liabilities is recognized in profit or loss using the effective interest method. New right-of-use assets and liabilities are non-cash transactions and thus excluded from the consolidated statement of cashflows.

The lease liability is remeasured when there is a change in future lease payments resulting from a change in an index or when the Company changes its measurement with respect to the exercise of a purchase, extension or termination option. The lease liability adjustment is adjusted against the related right-of-use asset or recorded in profit or loss if the right-of-use asset is reduced to zero.

Lease payments relating to leases for which the underlying asset is of low value are recognized on a straight-line basis as an expense in profit or loss. Low-value assets include computer equipment and small office furniture.

***5 - CRITICAL ACCOUNTING ESTIMATES, JUDGMENTS AND ASSUMPTIONS***

The preparation of the Company's consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts presented and disclosed in the consolidated financial statements. Management reviews these estimates and assumptions on an ongoing basis based on historical experience, changes in business conditions and other relevant factors that it believes to be reasonable under the circumstances. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Information about the significant critical accounting estimates, judgments and assumptions that have the most significant effect on the recognition and measurement of assets, liabilities and expenses is provided below.

**5.1 Estimates**

*5.1.1 Share-based payments and warrants*

The estimation of the fair value of options and warrants at the date of grant requires the selection of an appropriate valuation model and consideration as to the inputs necessary for the valuation model chosen. Details of the assumptions used by the Company are given in notes 16 and 17.

*5.1.2 Impairment of goodwill and long-lived assets*

Determining if there are any facts and circumstances as indicating impairment loss or reversal of impairment losses is a subjective process involving judgement and a number of estimates and assumptions in many cases.

In assessing impairment, management assesses the recoverable amount of each asset or CGU based on expected future cashflows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. In 2021, the Company recorded an impairment loss on goodwill (refer note 10).

*5.1.3 Leases*

Recognizing leases requires judgment and use of estimates and assumptions. Judgment is used to determine whether there is reasonable certainty that a lease extension or cancellation option will be exercised. Furthermore, management estimates are used to determine the lease terms and the appropriate interest rate to establish the lease liability.

*5.1.4 Acquisition valuation method*

The Company uses valuation techniques when determining the fair value of certain assets and liabilities acquired in a business combination. In particular, the fair value of the intangible assets, and contingent consideration is dependent on the outcome of many variables including the acquirees' future profitability.

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|:---|
| 21 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***5 - CRITICAL ACCOUNTING ESTIMATES, JUDGMENTS AND ASSUMPTIONS (CONTINUED)***

**5.2 Judgments**

*5.2.1 Deferred tax assets*

The Company must use certain assumptions and important accounting judgments to determine if deferred taxes can be recognized. Management has to evaluate whether it is more likely than not that they will be realized, taking into consideration all probable elements at their disposal to determine if all or part of deferred taxes will be recognized. To determine this probability, certain factors have to be taken into account, notably the Company's projection of future taxable income and determine in which fiscal period these profits should materialize.

*5.2.2 Going concern*

The assessment of the Company's ability to continue as a going concern and to have sufficient funds to pay its ongoing operating expenditures, meet its liabilities the ongoing year, involve significant judgment based on historical experience and other factors including expectation of future events that are believed to be reasonable under the circumstances. More information about the going concern is disclosed in note 2.

**6 - BUSINESS COMBINATIONS**

**6.1 Acquisition of subsidiaries - Huike and Wechain**

On September 1, 2021, the Company, through its subsidiary ASDS, acquired 100% of the share capital of Beijing Huike Internet Technology ("Huike") and also 51% of the issued share capital of Wechain (Nanjing) Technology Service Co., Ltd ("Wechain"). A description of the non- controlling interest is included in note 23.

The Huike acquisition is considered in more detail in section 6.2 as part of the discussion on the acquisition of the Heartbeat platform.

Wechain, which was incorporated on September 16, 2020, was acquired to operate the Weiliangou (BBC) platform, which will develop analytics and AI software used by banks and financial institutions in China. As of the date of its acquisition by ASDS, Wechain had traded and incurred retained losses and had accrued outstanding net liabilities totalling $216,422. The acquisition of Wechain was completed for no additional consideration and the net liabilities assumed gave rise to goodwill on consolidation totalling $216,421, which was immediately treated as impaired and written off to profit and loss.

**6.2 Acquisition of Heartbeat Platform asset and associated business**

On September 1, 2021, the Company, through its ASDS, executed an agreement with shareholders of Huayan Kun Tai Technology Company Ltd ("Huayan") and Huike to purchase the assets and business known as the Heartbeat platform. The Heartbeat platform provides various solutions to insurers and insurance brokers in China and, in return, earns service fees based on the value of transactions occurring on the platform. The assets acquired comprised of the platform technology itself, owned by Huayan, and the operating assets of the business, owned by Huike. Huike also outsourced all employee functions to Huayan. Under the agreement, ASDS first acquired 100% of the share capital of Huike and then Huike acquired the Heartbeat platform from Huayan. At the same time, all Huayan employees associated with the operation of the Heartbeat platform were transferred to Huike. Prior to the acquisition date, Huike, which was incorporated on March 13, 2019, operated the Heartbeat platform through a licensing arrangement with Huayan. Huayan and Huike were related companies, having common shareholders. Together, the acquisition of Huike, the Heartbeat platform assets, and the Huayan employees operating the Heartbeat platform are collectively referred to as the "Heartbeat Business".

The purchase price for the Heartbeat Business totalled up to $31,000,000, split between up front consideration totalling $17,900,000, comprising cash of $11,000,000 and the issuance of 600,000 common shares of the company valued at $11.50 per share ($6,900,000). The initial equity consideration, while paid upfront, is contingent on achieving certain financial metrics related to net profit targets set for the business for the 4-month period ended December 31, 2021 and the year ended December 31, 2022. A further two share instalments with a maximum combined value of $13,100,000 are payable as at December 31, 2022, and December 31, 2023, respectively, contingent on achieving additional net profit targets agreed for each calendar year. Consequently the total potential undiscounted payments Tenet may be required to make under this arrangement range between $Nil and $20,000,000. As at September 1, 2021, the fair value of consideration payable under this agreement was estimated using a discount rate of 66%, at $23,377,574.

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|:---|
| 22 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***6 - BUSINESS COMBINATIONS (CONTINUED)***

**6.2 Acquisition of Heartbeat Platform asset and associated business (continued)**

The fair value of the Heartbeat platform assets acquired was estimated at $7,475,000 based on management's financial projections for those assets over the first 28 months of operations and an external valuation commissioned by management. The Company used probability- weighted estimates, assumptions about certain financial performance metrics and an appropriate discount rate to estimate the net present value of projected cashflows. The intangible assets acquired under the agreement have been identified as the Heartbeat insurance product management and brokerage platform ($7,471,000) and the Heartbeat tradename ($4,000). These assets are each considered to have a useful life of 8 years.

From the date of acquisition, Heartbeat platform contributed $255,627 of revenue and $479,652 to loss before tax from continuing operations of the Company.

**6.3 Acquisition of Cubeler Inc**

On October 1, 2021, the Company acquired 100% of the outstanding shares of Cubeler Inc. ("Cubeler"). Cubeler, a Canadian company incorporated on July 30, 2015, owns the Cubeler software (the "Cubeler Software"). Cubeler, through the Cubeler Software, has the technology and business model to offer a business development platform and ecosystem in chosen markets worldwide (the "Cubeler Platform"). Prior to acquisition, Cubeler was developing a business model, under which its business development platform offer SMEs easy access to funding sources, advertising on the ecosystem, the ability to network with other members, and access to exclusive market intelligence reports. Cubeler's primary target market is North America, with the potential to expand to other markets and geographies in the future. In exchange for the services offered, members will agree to share their business financial data with Cubeler, which it will aggregate, anonymize, and use to generate revenue. Cubeler would also grant exclusive licenses for third parties to use the Cubeler Software in specified markets and geographies. Prior to the acquisition of Cubeler, Tenet was only licensed to use and commercialize the Cubeler software in the Chinese market.

Tenet's acquisition of Cubeler allows it to access the North American market but also secures its rights to use the Cubeler Software in the Chinese market in perpetuity.

Under the terms of the Cubeler acquisition, Tenet paid consideration with a fair value totalling $107,654,255, comprising $1,000,000 in cash and a total of 11,133,012 common shares of Tenet at $9.58 per share.

The Cubeler Inc. acquisition constitutes a related party transaction, as some directors and officers were shareholders. As a group, the Company's directors and officers owned approximately 40% of Cubeler Inc.

Pre-existing relationship between Tenet and Cubeler - Software and Royalty Licensing Agreement

Pursuant to the terms of a Software and Royalty Licensing Agreement dated March 27, 2017, between Tenet (then Peak Positioning Technologies Inc) and Cubeler, as amended (the "Licensing Agreement"), Cubeler granted an exclusive license Tenet to use and commercialize the Cubeler Software in China for 10 years. Since then, Tenet, using the Cubeler Software, has created the Business Hub, an ecosystem of lenders, borrowers and other participants in China's commercial lending space where lending operations are conducted rapidly, safely, efficiently and with transparency.

The Licensing Agreement represented a pre-existing contractual relationship between the parties that was settled on the date of acquisition. As part of the validation of the purchase price for the Cubeler acquisition, Tenet's management obtained third party opinions about current market royalty rates for similar technology assets and markets, which indicated that the existing royalty terms between the parties were in line with current market rates and, consequently, no gain or loss arose on the effective settlement of this pre-existing relationship, arising as a result of the business combination.

From the date of acquisition, Cubeler Inc. contributed nil of revenue and $54,446,089 to loss before tax from continuing operations of the Company. This loss includes the impairment of goodwill of Cubeler of $41,170,000 and the impairment of intangible assets of $11,978,283. If the combination had taken place at the beginning of the year, pro forma revenue from continuing operations would have been $259,032 and pro forma loss before tax for the Company would have been $54,552,076 . The pro forma results of operations are not intended to reflect the results that would have actually occurred had the acquisition closed on January 1, 2021. Further, the pro forma results of operations are not necessarily indicative of the results that may be generated by the Company in the future or reflect future events that may occur following the acquisition in a subsequent period or periods.

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|:---|
| 23 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***6 - BUSINESS COMBINATIONS (CONTINUED)***

**6.4 Accounting for business combinations**

A preliminary purchase price allocation for the Heartbeat, Wechain and Cubeler acquisitions have each been determined to constitute business combinations and, accordingly, each has been accounted for using the acquisition method of accounting.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Heartbeat** | **Wechain** | **Cubeler** | **Total** |
| **Fair value of consideration transferred** | **$** | **$** | **$** | **$** |
| ***Consideration paid*** |  |  |  |  |
| Cash | 11000000 |  | 1000000 | 12000000 |
| ***Contingent consideration paid*** |  |  |  |  |
| Issuance of 600,000 shares of the Company at $11.50/share | 6900000 |  |  | 6900000 |
| Issuance of 11,133,012 shares of the Company at $9.58/share |  |  | 106654255 | 106654255 |
| Total consideration paid as at year end | 17900000 |  | 107654255 | 125554255 |
| ***Contingent consideration payable*** |  |  |  |  |
| Issuance of shares of the Company on December 31, 2022 - up to $7.1m in value | 3717074 |  |  | 3717074 |
| Issuance of shares of the Company on December 31, 2023 - up to $6m in value | 1760500 |  |  | 1760500 |
| Total estimated contingent consideration payable at September 1, 2021 | 5477574 |  |  | 5477574 |
| Total consideration (paid and contingent consideration) | 23377574 | - | 107654255 | 131031829 |

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| |
|:---|
| **Identifiable net assets acquired** |
| Cash |
| Other receivables |
| Other current assets |
| Property and equipment |
| Fintech Platforms |
| Tradename |
| Other non-current assets |
| Accounts payable and accrued liabilities |
| Lease liabilities |
| Deferred tax liability |
| CEBA Loan |
| Identifiable total net assets |
| Goodwill arising on acquisition |
| Consideration paid in cash |
| Cash and cash equivalents acquired |

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The goodwill of $18,498,983 arising from at Heartbeat acquisition arises from the expected significant revenue growth associated with the successful execution of the expansion plans to provide an insurance-tech platform for small and medium enterprises. None of the goodwill is expected to be deductible for income tax purposes.

The fair value of the common shares issued as part of the consideration paid for Cubeler Inc. was determined based on the quoted market value of the stock price of the Company on the acquisition price.

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|:---|
| 24 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

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***6 - BUSINESS COMBINATIONS (CONTINUED)***

**6.5 Acquisition from Wuxi Wenyi Financial Services Co.**

On January 1, 2019, the Company, through its subsidiary Asia Synergy Credit Solutions ("ASCS"), transferred certain assets and personnel from Wuxi Wenyi Financial Services Co. ("Wenyi"). Wenyi offered turn-key credit outsourcing services to banks and other lending institutions in China. The asset transfer was made to enhance the Company's position in the commercial lending market in China. The assets acquired were intangible assets consisting of loan-servicing agreements. The assets acquired were determined to constitute a business combination and, accordingly, the acquisition was accounted for using the acquisition method of accounting.

The purchase price payable for this acquisition was to be settled with the issuance of up a maximum of 2,000,000 shares of the Company. The final value of consideration payable was contingent on achievement by ASCS of certain financial performance metrics during its first 18 months of operations. In the event that 2,000,000 shares were to be issued after the 18-month period and the listed common share price of the Company was less than $1.00 at that time, the Company was to issue additional shares to bring the aggregate consideration value to $2,000,000.

As at September 30, 2020, the 18 month performance period concluded and based on actual results of ASCS the final contingent consideration payable was settled at $530,675. As per the asset transfer agreement, the total number of shares issuable to settle the consideration totalled 1,340,000 at an average issue price of $0.40 per share.

On November 11, 2020, the Company issued 158,331 post consolidation common shares of the Company, at $0,80 per share, in part settlement ($127,065) of the consideration payable under the asset transfer agreement. On April 8, 2021, the Company issued the final tranche of shares under the agreement (511,168 post consolidation shares at $0,79 per share totalling $403,823). As at December 31, 2021, the consideration remaining payable under the agreement totalled $Nil (December 31, 2020 - $403,823).

**6.6 Subsequent Accounting**

At each balance date, the Company will revise its estimation of the fair value of the contingent consideration payable under the Heartbeat Acquisition and record an accretion entry accordingly. The re-evaluation process will take into account the historical performance of the operations of Huike and Heartbeat platform assets compared to agreed targets and discount the resultant estimate of the value of share instalments payable. As at December 31, 2021, the value of contingent consideration payable was estimated as $1,921,000 and, consequently, an amount of $3,556,574 was recorded as income in the consolidated statements of comprehensive profit and loss with a corresponding debit recorded in the consolidated statement of financial position to contingent consideration payable.

The intangible assets recorded as part of the Heartbeat and Cubeler purchase price allocations, excluding goodwill, will be amortized to the profit and loss account over their remaining useful lives, estimated to be 8 years. During the year ended December 31, 2021, an amount of $1,222,075 was charged to the consolidated statement of comprehensive profit and loss in respect of amortization of intangible assets acquired under business combinations in the current year (refer note 10).

***7 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES***

One of the Company's subsidiaries in China, Asia Synergy Financial Capital ("ASFC"), provides various financial services to small- and medium-sized enterprises.

ASFC provides loans that are either guaranteed by a third party and/or collateral assets. The loans secured with collateral are either secured by second-hand vehicles or by the residential property of the borrower. Loans that are not guaranteed by collateral assets are guaranteed by a third party.

Loans guaranteed by second-hand vehicles.

The second-hand vehicles are valued by the company credit department before approving a loan. The loan value at inception represents typically between 50% to 80% of the collateral value with an average of 76% as at December 31, 2021 (78% as at December 31, 2020). The second-hand vehicles collateral value is evaluated at the beginning of the loan and periodically during the life of the loan, based on an industry recognized used car guide which has been validated by company personnel, their knowledge, experience and the inspection process before approval of the loan.

------

---

| |
|:---|
| 25 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

 

***7 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

*Loans guaranteed by second rank mortgage on residential property*

Before approving a loan, the Company's credit department will assess the value of any other mortgages taken out on the residential property and put as collateral by the prospective borrower. The loan value at inception typically represents between 25% and 32% of the collateral value exceeding the first rank mortgage taken by the borrower. The value of the residential property is evaluated at the beginning of the loan and periodically during the life of the loan based on a residential broker site, which is validated by the Company personnel, their knowledge, experience and inspection process before approval of the loan.

All the loans secured by collateral assets are registered on the appropriate government regulated system.

*Credit Loans guaranteed by a third party*

The Company makes loans to small and medium enterprises in the technology sector. Before approving a loan, the Company performs an initial credit evaluation of the borrower. The credit evaluation includes: the borrower company's credit profile, operating performance, financial statements, tax payments/receipt records, shareholders' structure and their individual credit rating. Based on the result of this initial evaluation, the Company will then proceed to sign a loan agreement with the SMEs borrowers. To mitigate the default risk in the case of any overdue situation incurred re these credit loans, a letter of guarantee must also be signed before the loan is finally granted to SMEs borrowers. Accordingly, a 3rd party must accept to provide a full guarantee to cover any overdue principal and interest on behalf of the borrowers. The company will also perform on-going monitoring of SMEs borrowers in the tech industry through visits, phone calls and follow- up on business models development.

For the majority of loans granted, principal and interest are payable by the borrower on a monthly basis.

Loans receivables are described as follows :

---

| |
|:---|
| Principal balance loans receivables |
| Less expected credit loss (ECL) |
| Loan receivables net |
| Loans receivables maturing in less than 12 months |
| Loans receivables maturing in more than 12 months |
| Total loans |

---

***Impaired loans and allowances for credit loss***

The Company performed a three-stage forward looking impairment approach to its loan portfolio to measure the expected credit loss as described in detail in note 4.11.

*Credit quality of loans*

The following table presents the gross carrying amount of loans receivables at December 31, 2021 and 2020 , according to credit quality and ECL impairment stages.

------

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| |
|:---|
| 26 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***7 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

ECL is calculated on loan value at the period end that are not insured by a third party with an assumption of a credit loss allocation provision applied as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Credit loss** | **Credit loss** |
|  |  | **allocation** | **allocation** |
|  | **Credit loss** | **applied -** | **applied - Credit** |
|  | **allocation** | **Residential** | **and supply chain** |
|  | **applied - Auto** | **Property** | **finance credit** |
| Stage 1 : 1% | 1.0% | 1.0% | 2.0% |
| Stage 2: 30% | 7.0% | 1.0% | 2.0% |
| Stage 3 :100% | 12.0% | 1.0% | 2.0% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Gross Carrying** | **Net Carrying** |
| **December 31, 2021** | **%** | **amount** | **Amount** |
|  |  | **$** | **$** |
| Stage 1 Not overdue <= 30 Days | 85.2% | 17882518 | 17879156 |
| Stage 2 Overdue 30-90 days | 2.6% | 540283 | 537283 |
| Stage 3 Overdue> 90 days | 12.2% | 2567134 | 2407252 |
| Total | 100.0% | 20989935 | 20823691 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Gross Carrying** | **Net Carrying** |
| **December 31, 2020** | **%** | **amount** | **Amount** |
|  |  | **$** | **$** |
| Stage 1 Not overdue <= 30 Days | 78.2% | 15652125 | 15427327 |
| Stage 2 Overdue 30-90 days | 5.6% | 1110537 | 1107205 |
| Stage 3 Overdue> 90 days | 16.2% | 3246443 | 2890156 |
| Total | 100.0% | 20009105 | 19424688 |

---

The loss allowance for loans to customers as at December 31, 2021, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

---

| |
|:---|
| **Loss allowance as at December 31, 2020** |
| Originations net of repayments and other derecognitions) |
| **Change in model** |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| **Provisions for (reversal of) credit losses** |
| Write-offs) |
| Recoveries |
| **Interest income on impaired loans** |
| Foreign exchange and other) |
| **Loss allowance as at December 31, 2021** |

---

------

---

| |
|:---|
| 27 |
| **TENET FINTECH GROUP INC.<br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***7 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

---

| | | |
|:---|:---|:---|
|  | **Product Type - Residential property** |  |
|  | **Stage 3** | **Total ECL** |
|  | **$** | **$** |
| **Loss allowance as at December 31, 2020** | 4994 | 6741 |
| Originations net of repayments and other derecognitions) | 90 | 801 |
| **Change in model** |  |  |
| Net remeasurement | 3645 | 3645 |
| Transfers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) | 907 |  |
| **Provisions for (reversal of) credit losses** |  |  |
| Write-offs |  |  |
| Recoveries |  |  |
| **Interest income on impaired loans** |  |  |
| Foreign exchange and other | 120 | 158 |
| **Loss allowance as at December 31, 2021** | **9756** | **11345** |

---

---

| | | |
|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 2** | **Stage 3** |
|  | **$** | **$** |
| **Loss allowance as at December 31, 2020** |  |  |
| Originations net of repayments and other derecognitions |  |  |
| **Change in model** |  |  |
| Net remesurement) |  | -) |
| Transfers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired |  |  |
| **Provisions for (reversal of) credit losses** |  |  |
| Write-offs |  |  |
| Recoveries |  |  |
| **Interest income on impaired loans** |  |  |
| Foreign exchange and other |  |  |
| **Loss allowance as at December 31, 2021** | **-** | **-** |

---

The loss allowance for loans to customers as at December 31, 2020, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

---

| |
|:---|
| **Loss allowance as at December 31, 2020** |
| Originations net of repayments and other derecognitions) |
| **Change in model** |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| **Provisions for (reversal of) credit losses** |
| Write-offs) |
| Recoveries |
| **Interest income on impaired loans** |
| Foreign exchange and other) |
| **Loss allowance as at December 31, 2020** |

---

------

---

| |
|:---|
| 28 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***7 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

---

| | | | |
|:---|:---|:---|:---|
|  | **Product Type - Residential property** | **Product Type - Residential property** |  |
|  | **Stage 2** | **Stage 3** | **Total ECL** |
|  | **$** | **$** | **$** |
| **Loss allowance as at December 31, 2020** |  |  |  |
| Originations net of repayments and other derecognitions | 1451 | 4690 | 6381 |
| **Change in model** |  |  |  |
| Net remeasurement |  |  |  |
| Transfers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |  | 132 |  |
| **Provisions for (reversal of) credit losses** |  |  |  |
| Write-offs |  |  |  |
| Recoveries |  |  |  |
| **Interest income on impaired loans** |  |  |  |
| Foreign exchange and other | 1 | 172 | 360 |
| **Loss allowance as at December 31, 2020** | **1452** | **4994** | **6741** |

---

---

| | | |
|:---|:---|:---|
|  |  | **Product Type - Credit** |
|  | **Stage 1** | **Stage 2** |
|  | **$** | **$** |
| **Loss allowance as at December 31, 2020** |  |  |
| Originations net of repayments and other derecognitions | 215569 |  |
| **Change in model** |  |  |
| Net remeasurement |  |  |
| Transfers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired |  |  |
| **Provisions for (reversal of) credit losses** |  |  |
| Write-offs |  | -) |
| Recoveries |  |  |
| **Interest income on impaired loans** |  |  |
| Foreign exchange and other | 8786 |  |
| **Loss allowance as at December 31, 2020** | **224355** | **-** |

---

***8 - DEBTORS***

---

| | | |
|:---|:---|:---|
|  | 2021-12-31 | 2020-12-31 |
|  | $| $|
| Sales tax receivable | 271514 | 21011 |
| Deposit on investment (1) | 639934 | 17139 |
| Deposits made for transactions on platforms with guarantee (2) | 31142201 |  |
| Deposits made for transactions on platforms (3) | 1506225 |  |
| Accounts receivable | 9632651 | 28834941 |
| Safety deposits with guarantor (4) | 712412 | 692766 |
| Service deposits (5) |  | 974500 |
| Subscriptions receivable from non-controlling interests | 98239 |  |
| Promissory note (6) | 113193 |  |
| Other subscriptions receivable |  | 35000 |
| Prepayments to third party subcontractors (7) | 11885106 |  |
|  | 56001475 | 30575357 |

---

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| |
|:---|
| 29 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***8 - DEBTORS (CONTINUED)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As per agreement signed with third parties, ASDS, a subsidiary of the Company, agreed to participate in a future partnership agreement. ASDS provided 25% of the deposit representing $498,750

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 10 to 20% of the merchandise in guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 5 to 8% of the merchandise in guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) As per an agreement with a loan insurance provider, ASCS, a subsidiary of the Company, agreed to maintain a deposit with the loan insurance provider, representing 10% of the value of loans serviced by ASCS, on behalf of certain commercial bank guarantees by loan insurer providers. ASCS's third party financial partners and the Company's ASFC subsidiary have a three-way agreement in place with ASCS under which third party financial partners and ASFC are jointly responsible for providing and maintaining the 10% safety deposit with the loan insurance provider on behalf of ASCS in exchange for a service fee representing a percentage of the amount of the safety deposit provided. The agreement indicates that in case of default by the borrowers, ASCS will retrieve all the rights to realize the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) As per an agreement signed with a third party, ASDS, a subsidiary of the company, has provided deposits which were used to help to get capital support from financial institutions such as banks and lenders in mainland China. The deposits are returnable to ASDS on the termination of the agreement. In exchange, ASDS is entitled to charge a 2% referral fee upon each transaction of truck financial leasing recorded by the hauling company platform of Xi'an Xinruifeng. ASDS retains all rights to the recovery of the $Nil.(December 31, 2020 - $974,500) deposit per the agreement signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of December 31, 2021, the aggregate outstanding principal amount due for said loans is $113,193.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Subsidiaries of the Company active in supply chain activity made prepayments to suppliers to support operational supply chain processes. These prepayments will be reverted to Company's subsidiaries when services or merchandise transactions are executed.

Debtors amounts are presented on the consolidated statements of financial position net of the allowance for doubtful accounts. In measuring the expected credit losses, the accounts receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. The expected loss rates are based on the payment profile for sales based on historical credit losses. Accounts receivables are written off by taking in consideration third party guarantee on payment of debtors and if there is no reasonable expectation of recovery.

When measuring the expected credit losses of other debtors, Advances to a company, Deposits made for transaction on platforms with guarantees, Deposits made for transaction on platforms, Accounts receivable, Service deposits, Subscriptions receivable from non- controlling interests, Promissory note, Other subscriptions receivable and Prepayment to third party subcontractors are assessed individually due to the low number of accounts. The expected loss rates are based on the payment profile of debtor, assessed by the company's lending hub system.

Debtors are written off (i.e. de-recognized) when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice date and failure to engage with the Issuer on alternative payment arrangements, amongst other things, are considered indicators of no reasonable expectation of recovery. As at December 31, 2021 an amount of $317,778 (2020 - $273,932) was registered for expected credit loss for debtors.

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| |
|:---|
| 30 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***9 - PROPERTY AND EQUIPMENT***

---

| |
|:---|
| **Gross carrying amount** |
| Balance as at January 1, 2021 |
| Amounts acquired in a business combination |
| Acquisitions |
| Disposals) |
| **Balance as at December 31, 2021** |
| **Accumulated amortization** |
| Balance as at January 1, 2021 |
| Amortization |
| Other adjustments |
| Revaluation of Right-of-use assets |
| Disposals) |
| Exchange differences) |
| Balance as at December 31, 2021 |
| **Net carrying amount as at December 31, 2021** |
| **Gross carrying amount** |
| Balance as at January 1, 2020 |
| Acquisition |
| **Balance as at December 31, 2020** |
| **Accumulated amortization** |
| Balance as at January 1, 2020 |
| Amortization |
| Exchange differences) |
| **Balance as at December 31, 2020** |
| **Net carrying amount as at December 31, 2020** |

---

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| |
|:---|
| 31 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***10 - INTANGIBLE ASSETS***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Loan |  |  |  |  |
|  |  | servicing | Cubeler | Heartbeat |  |  |
|  |  | agreement | Platform | Platform | Tradenames | Goodwill |
|  | 6 - | $| $| $| $| $|
| Gross carrying amount |  |  |  |  |  |  |
| Balance as at January 1, 2021 |  | 1430000 |  |  |  |  |
| Amounts arising from business combinations |  |  | 23862000 | 7471000 | 5287000 | 103908976 |
| Addition |  |  |  | 897063 |  |  |
| Transferred in |  |  |  |  |  |  |
| Transferred out |  | -) | -) |  | -) |  |
| Balance as at December 31, 2021 |  | 1430000 | 23862000 | 8368063 | 5287000 | 103908976 |
| Accumulated amortization |  |  |  |  |  |  |
| Balance as at January 1, 2021 |  | 286000 |  |  |  |  |
| Amortization |  | 143000 | 745688 | 410966 | 165095 |  |
| Impairment loss on intangible |  | -) | 9483000 |  | 2689000 | 41386422 |
| Exchange differences |  | -) |  |  | -) |  |
| Balance as at December 31, 2021 |  | 429000 | 10228688 | 410966 | 2854095 | 41386422 |
| Net carrying amount as at December 31, 2021 |  | 1001000 | 13633312 | 7957097 | 2432905 | 62522554 |
| Gross carrying amount |  |  |  |  |  |  |
| Balance as at January 1, 2020 |  | 1430000 |  |  |  |  |
| Acquisition |  |  |  |  |  |  |
| Balance as at December 31, 2020 |  | 1430000 |  |  |  |  |
| Accumulated amortization |  |  |  |  |  |  |
| Balance as at January 1, 2020 |  | 143000 |  |  |  |  |
| Amortization |  | 143000 |  |  |  |  |
| Exchange differences |  | -) |  |  | -) |  |
| Balance as at December 31, 2020 |  | 286000 |  |  |  |  |
| Net carrying amount as at December 31, 2020 |  | 1144000 | - | - | - | - |

---

**Impairment testing - Goodwill and other intangible assets**

For the purpose of annual impairment testing goodwill is allocated to the operating segments expected to benefit from the synergies of the business combinations in which the goodwill arises as set out below, and is compared to its recoverable amount.

Goodwill is assessed for impairment annually. For the purpose of impairment testing, at the time of the purchase price allocation, when goodwill arises it is allocated to the operating segments (Cash Generating Units ("CGUs")) expected to benefit from the synergies of the business combinations in which the goodwill arises. Impairment of goodwill is assessed by

**a) Indicators of impairment**

**i) Heartbeat**

As at December 31, 2021, management revised outwards the timeline for its forecast of Heartbeats expansion phase and consequently revised downwards its estimates of fiscal year 2022- 2024 revenue growth for the Heartbeat business. Management concluded that this downgrade of the economic performance of the Heartbeat CGU met the criteria to assess the business for impairment,

**ii) Cubeler Inc.**

As at December 31, 2021, management also revised it's forecast of Cubeler's North America expansion, significantly reducing the level and expected timing of revenue growth over the forecast period ("North American Business Opportunity"). Management therefore concluded that the economic performance of the Cubeler CGU may be lower than expected and this thus meets the criteria to assess for impairment.

**iii) Wechain**

As discussed in note 6,1, at the date of its acquisition by ASDS, Wechain had traded and incurred retained losses and had accrued outstanding net liabilities totalling $216,421. The acquisition of Wechain was completed for nil consideration and the net liabilities assumed gave rise to goodwill on consolidation totalling $216,421. The prior trading performace of Wechain and its net deficit position on acquisition indicated to management the Wechain goodwill was impaired and written off to profit and loss.

**b) Stage 1 impairment review**

The recoverable amounts of the intangible assets were determined individually (applying the Relief from Royalty Method or the Multi-Excess Earnings Method ("MEEM") and compared to their respective carrying amounts. Where the carrying amount ofany intangible asset exceeds its recoverable amount it was concluded that the intangible was impaired.

As at December 31, 2021, the recoverable amounts and related carrying values of the intangible assets in the Heartbeat and Cubeler CGUs were assesed to be as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Recoverable** |  |  |
|  | **amount** | **Carrying value** | **Impairment** |
| Heartbeat platform | 7109000 | 7160000 |  |
| Heartbeat tradename | 16000 | 4000 |  |
| Cubeler platform - North America | 7122000 | 16605000 | 9483000 |
| Cubeler platform - China | 7692000 | 6511000 |  |
| Cubeler tradename | 2429000 | 5118000 | 2689000 |
|  | **24368000** | **35398000** | **12172000** |

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| |
|:---|
| 32 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***10 - INTANGIBLE ASSETS (CONTINUED)***

**c) Stage 2 impairment review**

---

| | | |
|:---|:---|:---|
| Goodwill allocated to operating segments was as follows: | 2021-12-31 | 2020-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartbeat platform | 85197145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cubeler platform | 216422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wechain platform (written off on date of acquisition) | 18495409 |  |
|  | 103,908,976 | - |

---

As at December 31, 2021, the recoverable amounts and related carrying values of the Heartbeat and Cubeler CGUs were assesed to be as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Recoverable** |  |  |
|  | **amount** | **Carrying value** | **Impairment** |
| Heartbeat CGU | 23137000 | 23146000 |  |
| Cubeler CGU | 44416000 | 85586000 | 41170000 |
| Wechain CGU |  |  | 216422 |
|  | 67,553,000 | 108,732,000 | 41,386,422 |

---

The recoverable amounts of the CGUs were determined based on value in use calculations which use cash flow projections based on financial budgets approved by the directors covering a five-year period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. The rates used to discount the forecast cash flows for Heartbeat is 66.1% and for Cubeler Inc. is 40.8% which are similar discount rates as used in the PPA analysis when the businesses were acquired.

The key assumptions used by management in setting the financial budgets for the initial five-year period include are as follows: For Heartbeat, forecast sales growth rates are based on past experience adjusted for gaining of market share due to new industry regulations in China. Operating profits are forecasted based on historical experience of operating margins, adjusted for increased operating efficiency. For Cubeler Inc., forecast sales growth rates are based on past experience adjusted for its forecasted expansion of its service offering in North America and revenue growth driven by increase subscription to its data platform which was historically solely used by the Company . Operating profits are forecast based on historical experience of operating margins recognizing the fact that its operating expenses are fixed in nature.

Cash flows beyond that five-year period have been extrapolated using a steady 3% per annum growth rate for Heartbeat and 2% per annum growth rate for Cubeler Inc. This growth rate does not exceed the long-term average growth rate for the relevant markets. The steady growth rate of 2-3% is estimated by the directors based on past performance of the CGUs and their expectations of market development.

The estimates of recoverable amount for the Cubeler and Heartbeat CGUs are particularly sensitive to the discount rate due to uncertainties with respect to the forecast. For the Cubeler CGU, if the discount rate used is increased by 5%, a further impairment loss of $9,316 would have to be recognized. For the Heartbeat CGU, if the discount rate used is increased by 5%, a further impairment loss of $1,663 would have to be recognized. Management is not currently aware of any other reasonably possible changes to key assumptions that would cause the carrying amount of the Cubeler and Heartbeat CGUs that could impact significantly the estimate of their recoverable amount.

***11 - ACCOUNTS PAYABLE, ADVANCES AND ACCRUED LIABILITIES***

---

| | | |
|:---|:---|:---|
|  | **2021-12-31** | **2020-12-31** |
| Trade accounts payable and accruals | 5224124 | 22717164 |
| Advance from third party, annual interest 10% |  | 1391001 |
| Advance from a director, no interest (note 21) |  | 270911 |
| Advance from third party customers, no interest (1) | 11044172 | 2140217 |
| Advance from an affiliated company (notes 6 and 21) |  | 40134 |
|  | 16268296 | 26559427 |

---

(1) Advance from downstream corportative clients for supply chain bundle service fee.

***12 - LEASE LIABILITIES***

---

| | | |
|:---|:---|:---|
|  | **2021-12-31** | **2020-12-31** |
| Balance - beginning of year | 239507 | 452528 |
| Additions | 1977352 | 239032 |
| Accretion interest | 65908 | 30426 |
| Lease payments | (565880) | (517170) |
| Effect of exchange rate change on obligation | 31097 | 34690 |
| Balance - end of period | 1747984 | 239506 |
| Current Portion | 432621 | 117709 |
|  | 1315363 | 121797 |

---

------

---

| |
|:---|
| 33 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***12 - LEASE LIABILITIES (CONTINUED)***

Following is a summary of the Company's obligations regarding lease payments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Payment due by period | Payment due by period |  |  |
|  | 1 year | 2-5 years | Beyond 5 years | Total |
|  | $| $| $| $|
| As at December 31, 2021 |  |  |  |  |
| Lease payments | 561677 | 951334 | 729289 | 2242301 |
| As at December 31, 2020 |  |  |  |  |
| Lease payments | 116864 | 120922 |  | 237786 |

---

***13 - DEBENTURES***

The carrying value of debentures as at December 31, 2021 and 2020, were as follows:

---

| | | |
|:---|:---|:---|
|  | 2021-12-31 | 2020-12-31 |
|  | $| $|
| Debenture issued of April 24, 2019 |  | 23311 |
| Balance - end of period / year |  | 23311 |
| Current portion |  | 23311 |
|  | - | - |

---

**13 a) Debenture issuance of December 19, 2018**

During the year ended December 31, 2020, 13,000 warrants were exercised at a price of $2.00 per share following surrendering of debentures for a total face value of $26,000). These debentures is no longer relevant in 2021.

**13 b) Debenture issuance of April 24, 2019**

The movement during the year ended December 31, 2021 and 2020, relating to this debenture can be summarised as follows:

---

| |
|:---|
| Balance at the beginning |
| Accretion of debentures |
| Conversion of debentures) |
| Balance at the end |

---

During the year ended December 30 2021, $25,000 (2020 - 150,000) face value of debentures were converted to $25,000 (2020 - $150,000) common shares of the Company at a price of $1.00 per share.

***14 - BONDS***

On May 29, 2020, the Company has placed 400 units of secured corporate bonds at $1,000 per unit. Each unit sold was comprised of $1,000 face value bonds, redeemable on June 10, 2023, bearing interest at a nominal rate of 10% payable monthly, plus 20 purchase warrants exercisable into Company common share at $2.00 per share for a period of 36 months from the date of issuance.

The Bonds will be redeemable after 36 months from the date of issuance (the "Initial Maturity Date"). Each holder has a right (the "Initial Extension Right") at the end of the Initial Maturity Date to extend the Bond for another 12 months (the "Initial Extension Period") by giving written notice to that effect to the Company no later than sixty (60) days prior to the Initial Maturity Date. Any holder that has elected to exercise its Initial Extension Right will also have a further right at the end of the Initial Extension Period to extend its Bond for another 12 months (the "Second Extension Period") under the same notice conditions as stated in the Initial Extension.

------

---

| |
|:---|
| 34 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***14 - BONDS (CONTINUED)***

If a holder elects to extend its Bonds, the Company may redeem such holder's Bonds at any time on payment of a 5% premium to redeem the Bonds ("Penalty").

The Company has set aside an amount equal to two years of interest in a separate bank account, which will be used to pay interest payable on the Bonds. Any interest accrued on such sum will be in favour of the Company. The set aside amount at December 31, 2021, is $53,333 (2020 - $80,091) and is presented under Restricted Cash in the Consolidated statements Financial Position.

Bonds are secured by a pledge on the aggregate assets of the Company, maturing on May 29, 2023. The Company used the residual value method to allocate the principal amount of the bond between the liability and the contributed surplus. Under this method, an amount of $64,896 (net of transaction costs) related to the warrants issued was applied to the contributed surplus. The fair value of the liability component was $227,569 computed as the present value of future principal and interest payments discounted at a rate of 22%.

The fair value of the warrants of $614 was calculated using the Black & Scholes option pricing model and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.60 |
| Expected life | 3 years |
| Risk-free interest rate | 0.29% |
| Expected volatility (1) | 83.12% |
| Dividend | 0% |
| Exercise price at the date of grant | $2.00 |

---

The Company also granted 28,500 compensation warrants to eligible persons who helped place the bonds units entitling them to purchase a number of Tenet common shares equal to 8,0% of the value of debentures they help place, at a price of $1.00 per common share for a thirty- six-month period following the closing date.

The fair value of the compensation warrants of $6,995 was calculated using the Black & Scholes option pricing model and the following weighted average assumptions and was presented as issuance cost of the bonds:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.60 |
| Expected life | 3 years |
| Risk-free interest rate | 0.29% |
| Expected volatility (1) | 83.12% |
| Dividend | 0% |
| Exercise price at the date of grant | $1.00 |

---

The movement during the years ended December 31, 2021 and 2020, relating this bond can be summarised as follows:

---

| | |
|:---|:---|
|  | 2021-12-31 |
|  | $|
| Balance at the beginning | 258933 |
| Addition |  |
| Accretion of bonds | 27327 |
| Amortisation of initial costs | 26974 |
| Contributed surplus for warrants | -) |
| Issuance costs | -) |
| Balance at the end | 313234 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**15 - CEBA LOAN (Canada Emergency Business Account)**

On April 20, 2020, the Company applied for and received $40,000 under the Canada Emergency Business Account (CEBA). Further, on September 1, 2021, through its acquisition of Cubeler, the Company acquired an additional CEBA loan totalling $60,000. Under this program providing interest-free loans, repaying the balance of the loan on or before December 31, 2023, will result in loan forgiveness of 33% ($33,000), which is the intention of the Company. Subsequent to year-end, the Government of Canada announced that the deadline to repay loans under the Canada Emergency Business Account program would be extended by one year (that is from December 31, 2022 to December 31, 2023). As of January 1, 2024, the loan balance will bear interest at 5% and will be repayable on maturity on December 31, 2025.

------

---

| |
|:---|
| 35 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***16 - SHAREHOLDERS' EQUITY***

**16.1 Authorized share capital**

The share capital of the Company consists of an unlimited number of common shares without par value.

**Share Consolidation**

Effective July 28, 2020, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidation share for ten pre-consolidation shares. Unless otherwise stated, all share amounts have been restated retrospectively to reflect this share consolidation.

Effective July 27, 2021, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidation share for two pre-consolidation shares. Unless otherwise stated, all share amounts have been restated retrospectively to reflect this share consolidation.

**16.2 Description of the shareholders' equity operations during the current year**

a) During the year ended December 31, 2021, $25,000 of secured debentures with a conversion price of $1.00 per share were converted into common shares of the Company. At the date of conversion these debentures had an amortized cost totalling $23,994. The Company therefore issued 25,000 common shares to the debenture holders and recorded $23,994 in share capital. In addition, amounts of $3,489 related to these debenture conversions, were transferred to capital stock from conversion options in the consolidated statement of financial position.

b) During the year ended December 31, 2021, the Company issued 21,672 common shares at an average price of $3.91 per share to settle $84,750 for services received by the Company, of which $60,000 was recorded in public relations fees in the consolidated statements of comprehensive loss, $16,950 was recorded against accounts payable and accruals in the consolidated statements of financial position.

c) During the year ended December 31, 2021, the Company issued 12,106,739 common shares at an average exercise price of $1.13 per share for total proceeds of $13,519,856 upon the exercise of share purchase warrants, and $4,072,335 related to exercised warrants were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 16.4).

d) During the year ended December 31, 2021, the Company issued 607,500 common shares at an average exercise price of $1.59 per share for total proceeds of $968,753 upon the exercise of stock options, and $921,690 related to exercised stock options were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 17).

e) On April 8, 2021 the Company issued the final tranche of 511,168 common shares at $0.79 per share with a total consideration of $403,610 in relation to a business combination (refer note 6). Consequently $403,610 was credited to share capital with the offset being debited to equity to issue in the consolidated statement of changes in equity.

f) On July 7, 2021, the Company closed a short-form prospectus financing consisting of the sale of 13,149,999 units (a "Unit") at a price of $4,00 per Unit for proceeds of $52,600,000 (net proceeds of $47,981,290 after related expenses). Each unit consists of one (1) common share and half (0.5) common share purchase warrant. The share consolidation of 2 for 1 made on July 27, 2021 does not affect the actual warrants linked to this prospectus. Two (2) warrants entitle the holder to purchase one (1) share of the Company at

------

---

| |
|:---|
| 36 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***16 - SHAREHOLDERS' EQUITY (CONTINUED)***

**16.2 Description of the shareholders' equity operations during the current year (Continued)**

The fair value of the 13,149,999 warrants was $13,397,109. The value attributed to contributed surplus was $10,677,558. The fair value was calculated using the Black & Scholes option pricing model and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.92 |
| Expected life | 2 years |
| Risk-free interest rate | 0.48% |
| Expected volatility (1) | 126.75% |
| Dividend | 0% |
| Exercise price at the date of grant | $7.00 |

---

Tenet also granted 1,841,000 compensation warrants to eligible persons who helped place the private placements entitling them to purchase 920,500 common shares of Tenet at a price of $7.00 per common share for a twenty-four-month period from the issuance.

The fair value of the 1,841,000 compensation warrants was $1,875,595 which was recorded in share issue costs and have been disclosed as a reduction in share capital in the consolidated statements of changes in equity with the credit recorded in contributed surplus. The fair value of the warrants was calculated using the Black & Scholes option pricing models and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share prices at the date of grant | $3.92 |
| Expected life | 2 years |
| Risk-free interest rate | 0.48% |
| Expected volatility (1) | 126.75% |
| Dividend | 0% |
| Exercise price at the date of grant | $7.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

In connection with the short-form prospectus financing, the Company incurred share issue costs totalling $6,494,305 which have been disclosed as a reduction in share capital in the consolidated statements of changes in equity.

g) On October 1, 2021 the Company issued 11,133,012 common shares at $9.58 per share with a total consideration of $106,654,255 in relation to a business combination (refer note 6). Consequently $106,654,255 was credited to share capital with the offset being debited to equity to issue in the consolidated statement of changes in equity.

h) On October 5, 2021 the Company issued a first tranche of 600,000 common shares at $11.50 per share with a total consideration of $6,900,000 in relation to a business combination (refer note 6). Consequently $6, 9000,000 was credited to share capital with the offset being debited to equity to issue in the consolidated statement of changes in equity.

**16.3 Description of the shareholders' equity operations during the previous year**

a) On February 3, 2020, the Company closed a private placement consisting of the sale of 720,000 units (a ''Unit'') at a price of $0.80 per Unit for proceeds of $576,000. Each unit consists of one (1) common share and half (1/2) common share purchase warrant. Each warrant entitles the holder to purchase one (1) share of the Company at the price of $2.00 each for a period of twenty-four (24) months from the date of issuance.

The fair value of the 360,000 warrants was $69,484. The value attributed to contributed surplus was $55,782. The fair value was calculated using the Black & Scholes option pricing model and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.90 |
| Expected life | 2 years |
| Risk-free interest rate | 1.42% |
| Expected volatility (1) | 78.19% |
| Dividend | 0% |
| Exercise price at the date of grant | $2.00 |

---

------

---

| |
|:---|
| 37 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***16 - SHAREHOLDERS' EQUITY (CONTINUED)***

**16.3 Description of the shareholders' equity operations during the previous year (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On April 4, 2020, the Company closed a private placement consisting in the sale of 150,000 shares at a price of $0.50 per shares for gross proceeds of $75,000.

c) On July 22, 2020 and August 24, 2020, the Company closed a private placement consisting in the sale of 1,925,000 and 6,872,500 units respectively at a price of $0.40 per shares for gross proceeds of $3,519,000. Each unit is composed of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire one common share at a price of $0.50 for a period of 24 months following the closing date of the offering.

The fair value of the 1,925,000 warrants was $462,452. The fair value attributed to contributed surplus was $288,926. The fair value was calculated using the Black & Scholes option pricing model and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.50 |
| Expected life | 2 years |
| Risk-free interest rate | 0.27% |
| Expected volatility (1) | 90.79% |
| Dividend | 0% |
| Exercise price at the date of grant | $0.50 |

---

------

---

| |
|:---|
| 38 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***16 - SHAREHOLDERS' EQUITY (CONTINUED)***

**16.3 Description of the shareholders' equity operations during the previous year (continued)**

The fair value of the 6,872,500 warrants was $3,416,230. The fair value attributed to contributed surplus was $1,077,259. The fair value of the warrants was calculated using the Black & Scholes option pricing models and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.79 |
| Expected life | $0.80 |
| Risk-free interest rate | 0.29% |
| Expected volatility (1) | 100.00% |
| Dividend | 0% |
| Exercise price at the date of grant | $0.50 |

---

Tenet also granted 134,000 broker warrants to eligible persons who helped place the private placements entitling them to purchase a number of Tenet common shares at a price of $0.50 per common share for a twenty-four-month period the issuance.

The fair value of the 134,000 warrants was $65,725 which was recorded in share issue costs and have been disclosed as a reduction in share capital in the consolidated statements of changes in equity with the credit recorded in contributed surplus. The fair value of the warrants was calculated using the Black & Scholes option pricing models and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share prices at the date of grant | $0.79 |
| Expected life | 2 years |
| Risk-free interest rate | 0.29% |
| Expected volatility (1) | 100.00% |
| Dividend | 0% |
| Exercise price at the date of grant | $0.50 |

---

In connection with the private placement, the Company paid a cash finder's fees representing 8% of the value of the private placement for a total of $119,500 which have been recorded in share issue costs and disclosed as a reduction in share capital in the consolidated statements of changes in equity.

d) On October 5, 2020, the Company closed a private placement consisting in the sale of 625,000 units at a price of $0.80 per shares for gross proceeds of $500,000. Each unit is composed of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire one common share at a price of $0.80 for a period of 24 months following the closing date of the offering.

The fair value of the 625,000 warrants was $321,980. The value attributed to contributed surplus was $180,739. The fair value was calculated using the Black & Scholes option pricing model and the following weighted average assumptions:

---

| | |
|:---|:---|
|  | $0.90 |
| Share price at the date of grant | 2 years |
| Expected life | 0.24% |
| Risk-free interest rate | 103.4% |
| Expected volatility (1) | 0% |
| Dividend | $0.80 |
| Exercise price at the date of grant |  |

---

e) On November 18, 2020, the Company issued 158,831 common shares to settle $127,065 of compensation payable related to a business acquisition by the Company (note 6.4).

------

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| |
|:---|
| 39 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***16 - SHAREHOLDERS' EQUITY (CONTINUED)***

**16.3 Description of the shareholders' equity operations during the previous year (continued)**

f) During the year ended December 31, 2020, $3,540,000 of secured debentures were surrendered to exercise share purchase warrants at a price of $1.00 per share pursuant to the private placement closed in December 2017. At the date of conversion these debentures had a fair value totalling $3,436,566. The Company therefore issued 3,540,000 common shares at a price of $0.97 per share to the debenture holders and recorded $3,436,566 in share capital. In addition, a corresponding residual value of $702,010 attributed to these warrants was transferred to capital stock from contributed surplus.

g) During the year ended December 31, 2020, $570,000 of secured debentures with a price of $1.00 per share were converted into common shares of the Company. At the date of conversion these debentures had fair values totalling $549,770. The Company therefore issued 570,000 common shares at a price of $0.96 per share to the debenture holders and recorded $549,770 in share capital. In addition, amounts of $57,299 and $20,934 related to these debenture conversions, were transferred to capital stock from the equity component of convertible debentures in consolidated statements of changes in equity and from conversion options in the consolidated statement of financial position, respectively.

h) During the year ended December 31, 2020, the Company issued 3,567,906 common shares at an average exercise price of $0.82 per share to settle $2,920,196 of debts related to services received by the Company. Of this $483,744 was recorded as a reduction of accounts payable and other liabilities in the consolidated statement of financial position and $1,651,702 was recorded in consulting fees and $784,750 in loss on settlement of debt in the consolidated statements of comprehensive loss.

i) During the year ended December 31, 2020, the Company issued 4,592,000 common shares at an average exercise price of $0.61 per share for total proceeds of $2,783,139 upon the exercise of share purchase warrants, and $1,144,399 related to exercised warrants were transferred from contributed surplus to share capital (note 16.4).

j) During the year ended December 31, 2020, the Company granted 3,356,000 compensation warrants to service providers in return for the provision of services to the Company at a weighted average exercise price of $0.85 per common share with issuance periods ranging from twelve to thirty-six months.

The fair value of the 3,356,000 warrants totalled $1,645,988, of which $101,520 was recorded as public relations expenses and $1,537,473 was recorded as consulting fees in the consolidated statements of comprehensive loss, with the credit recorded in contributed surplus. The fair value of the warrants was calculated using the Black & Scholes option pricing models and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share prices at the date of grant | $0.952 |
| Expected life | 1.63 years |
| Risk-free interest rate | 0.27% |
| Expected volatility (1) | 110.6% |
| Dividend | 0% |
| Exercise price at the date of grant | $0.85 |

---

k) During the year ended December 31, 2020, the Company issued 261,250 common shares at an average exercise price of $1.00 per share for total proceeds of $261,250 upon the exercise of stock options, and $84,690 related to exercised stock options were transferred from contributed surplus to share capital (note 17).

(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options for each evaluation of fair value using the Black & Scholes option pricing model.

------

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| |
|:---|
| 40 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***16 - SHAREHOLDERS' EQUITY (CONTINUED)***

**16.4 Warrants**

The outstanding warrants as at December 31, 2021 and 2020 and the respective changes during the years then ended, are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2020-12-31 |
|  |  |  | Weighted |
|  | Number of | Number of | average |
|  | warrants | warrants | exercise price |
|  |  | $— | $|
| Outstanding, beginning of year | 14662750 | 9534750 | 1.220 |
| Granted | 14990999 | 13465000 | 0.656 |
| Expired | (15000) | (715000) | 1.000 |
| Extended |  | 570000 | 1.000 |
| Exercised (1) | (12306245) | (8192000) | 0.780 |
| Outstanding and exercisable, end of year | 17332504 | 14662750 | 0.966 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As at December 31, 2020, 60,000 warrants had been exercised but the shares had not been issued. At December 31, 2020 the value of those shares to be issued, amounting to $107,611, were classified as equity to be issued. These shares were issued in February 2021.

As of December 31, 2021 and 2020, the number of outstanding warrants which could be exercised for an equivalent number of common shares is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2020-12-31 |
|  | Number | Number | Exercise price |
|  |  | $— | $|
| Expiration date |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 2021 |  | 500000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 2021 |  | 3750 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 2021 |  | 185000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 2021 |  | 50000 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 2021 |  | 305000 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2021 |  | 50000 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2021 |  | 125000 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 2021 |  | 3300000 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 2022 |  | 150000 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 2022 | 360000 | 360000 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 2022 |  | 193334 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 2022 |  | 290000 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 2022 |  | 166667 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 2022 |  | 700000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 2022 | 585000 | 1195000 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 2022 | 1298690 | 5167000 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2022 | 350000 | 1150000 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2022 | 250000 | 250000 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 2022 |  | 500000 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 2023 | 13328 | 18000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 2023 | 3500 | 4000 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2023 | 12870149 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2023 | 1601837 |  |  |
|  | 17332504 | 14662750 |  |

---

------

---

| |
|:---|
| 41 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***17 - SHARE-BASED PAYMENTS***

The Company has adopted an incentive stock option plan which provides that the Board of Directors of the Company may, from time to time, at its discretion and in accordance with the Exchange regulations, grant to directors, officers, employees and others providing similar services to the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares exercisable for a period of up to 5 years from the date of grant. The options reserved for issuance to any individual director, officer or employee will not exceed 5% of the issued and outstanding common shares and the number of common shares reserved for issuance to others providing services will not exceed 2% of the issued and outstanding common shares. Options may be exercised as of the grant date for a period determined by the Board, but shall not be greater than 5 years from the date of the grant and 90 days following cessation of the optionee's position with the Company. Provided that the cessation of office, directorships or employment or other similar service arrangement was by reason of death (in the case of an individual), the option may be exercised within a maximum period of one year after such death, subject to the expiry date of such option.

The outstanding options as at December 31, 2021 and 2020 and the respective changes during the years then ended, are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2020-12-31 |
|  |  |  | Weighted |
|  | Number of | Number of | average |
|  | options | options | exercise price |
|  |  | $— | $|
| Outstanding, beginning of year | 4351750 | 2551250 | 1.360 |
| Granted | 945000 | 2280500 | 1.247 |
| Expired |  | (190000) | 1.000 |
| Forfeited |  | (28750) | 1.000 |
| Exercised (1) | (607500) | (261250) | 1.000 |
| Outstanding end of year | 4689250 | 4351750 | 1.336 |
| Exercisable end of year | 2488550 | 1891000 | 1.480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of the shares was between $6.00 and $13.99 on the exercise date of these options

The table below summarizes the information related to outstanding share options as at December 31, 2021.

---

| | | |
|:---|:---|:---|
|  | Number of | Weighted average remaining |
| Maturity date | options | contractual life (years) |
|  | $— |  |
| June 1, 2022 | 390000 | 5 months |
| November 27, 2022 | 18750 | 10 months |
| December 15, 2022 | 171250 | 11 months |
| April 16, 2023 | 5000 | 1 year and 3 months |
| June 5, 2023 | 288750 | 1 year and 5 months |
| November 28, 2023 | 37500 | 1 year and 10 months |
| May 1, 2024 | 50000 | 2 years and 4 months |
| May 27, 2024 | 447500 | 2 years and 4 months |
| September 5, 2024 | 10000 | 2 years and 8 months |
| November 1, 2024 | 50000 | 2 years and 10 months |
| November 12, 2024 | 5000 | 2 years and 10 months |
| June 11, 2025 | 745500 | 3 years and 5 months |
| August 7, 2025 | 250000 | 3 years and 7 months |
| October 28, 2025 | 1225000 | 3 years and 9 months |
| November 6, 2025 | 50000 | 3 years and 10 months |
| January 28, 2026 | 25000 | 4 years and 0 months |
| March 22, 2026 | 55000 | 4 years and 2 months |
| May 13, 2026 | 10000 | 4 years and 4 months |
| July 7, 2026 | 825000 | 4 years and 6 months |
| August 10, 2026 | 5000 | 4 years and 7 months |
| October 28, 2026 | 25000 | 4 years and 9 months |
|  | 4689250 |  |

---

------

---

| |
|:---|
| 42 |
| **TENET FINTECH GROUP INC.<br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***17 - SHARE-BASED PAYMENTS (CONTINUED)***

The table below summarizes the information related to outstanding share options as at December 31, 2020.

---

| | | |
|:---|:---|:---|
|  | Number of | Weighted average remaining |
| Maturity date | options | contractual life (years) |
|  | $— |  |
| May 25, 2021 | 7500 | 5 months |
| July 8, 2021 | 525000 | 7 months |
| June 1, 2022 | 390000 | 1 years and 6 months |
| November 27, 2022 | 18750 | 1 year and 11 months |
| December 15, 2022 | 171250 | 2 years |
| April 16, 2023 | 5000 | 2 years and 4 months |
| June 5, 2020 | 363750 | 2 years and 6 months |
| November 28, 2023 | 37500 | 2 years and 11 months |
| May 27, 2024 | 497500 | 3 years and 5 months |
| September 5, 2024 | 10000 | 3 years and 9 months |
| November 1, 2024 | 50000 | 3 years and 11 months |
| November 12, 2024 | 5000 | 3 years and 11 months |
| June 11, 2025 | 745500 | 4 years and 6 months |
| August 7, 2025 | 250000 | 4 years and 8 months |
| October 28, 2025 | 1225000 | 4 years and 10 months |
| November 6, 2025 | 50000 | 4 years and 11 months |
|  | 4351750 |  |

---

During the year ended December 31, 2021 the Company recorded an expense of $2,389,404 related to share-based payments (2020 - $542,832). The offset was credited to contributed surplus.

**17.1 Share-based payments granted to directors and employees during the current year**

a) On January 28, 2021 the Company granted options to acquire 25,000 common shares of the Company at an average exercise price of $5.70 to a director.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $103,780, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.32 |
| Expected life | 5 years |
| Risk-free interest rate | 0.46% |
| Volatility (1) | 111% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.70 |

---

------

---

| |
|:---|
| 43 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***17 - SHARE-BASED PAYMENTS (CONTINUED)***

b) On May 13, 2021, the Company granted 10,000 options to new employees at an exercise price of $4.80 per share. The options are vesting over a twenty-four-month period following the date of granting and will be exercisable over a period of five years expiring in May 2026.

The options vest over a period of eight, sixteen and twenty-four months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $33,764, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $4.40 |
| Expected life | 5 years |
| Risk-free interest rate | 0.95% |
| Volatility (1) | 107.80% |
| Dividend | 0% |
| Exercise price at the date of grant | $4.80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

c) On July 7, 2021, the Company granted 825,000 options to certain directors, officers and key employees at an exercise price of $4.10 per share. The options are vesting over a twenty-four-month period following the date of granting and will be exercisable over a period of five years expiring in July 2026.

The options vest over a period of eight, sixteen and twenty-four months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $2,424,249, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.90 |
| Expected life | 5 years |
| Risk-free interest rate | 0.93% |
| Volatility (1) | 103.74% |
| Dividend | 0% |
| Exercise price at the date of grant | $4.10 |

---

d) On August 10, 2021, the Company granted 5,000 options to a new employee at an exercise price of $8.00 per share. The options are vesting over a twenty-four-month period following the date of granting and will be exercisable over a period of five years expiring in August 2026.

The options vest over a period of eight, sixteen and twenty-four months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $28,459, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $7.57 |
| Expected life | 5 years |
| Risk-free interest rate | 0.41% |
| Volatility (1) | 104.24% |
| Dividend | 0% |
| Exercise price at the date of grant | $8.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

------

---

| |
|:---|
| 44 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***17 - SHARE-BASED PAYMENTS (CONTINUED)***

**17.2 Options granted to consultants during the current year**

a) On March 22, 2021 the Company granted options to acquire 55,000 common shares of the Company at an average exercise price of $5.50 to one of its service providers as part of an investors relations agreement.

The options vest over a period of nine months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $235,434, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.48 |
| Expected life | 5 years |
| Risk-free interest rate | 0.92% |
| Volatility (1) | 108.86% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On October 28, 2021 the Company granted options to acquire 25,000 common shares of the Company at an average exercise price of $11.50 to one of its service providers as part of an investor relations agreement.

The shares vest over a two-year period and are exercisable over a period of five years expiring in October 2026.

The fair value of the options granted, amounting to $208,842, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $10.89 |
| Expected life | 5 years |
| Risk-free interest rate | 1.44% |
| Volatility (1) | 106.23% |
| Dividend | 0% |
| Exercise price at the date of grant | $11.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the

**17.3 Share-based payments granted to directors and employees during previous year**

a) On June 11, 2020 the Company granted options to acquire 755,500 common shares at a price of $1.00 to certain directors and employees.

The shares vest over a two-year period and are exercisable over a period of five years expiring in June 2025.

The fair value of the options granted to certain directors and employees amounted to $236,415 and was calculated using the Black & Scholes option pricing model and the following assumptions on a weighted average basis:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.50 |
| Expected life | 5 years |
| Risk-free interest rate | 0.38% |
| Volatility (1) | 97.80% |
| Dividend | 0% |
| Exercise price at the date of grant | $1.00 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

------

---

| |
|:---|
| 45 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***17 - SHARE-BASED PAYMENTS (CONTINUED)***

**17.3 Share-based payments granted to directors and employees during previous year (continued)**

b) On October 28, 2020 the Company granted options to acquire 1,225,000 common shares at a price of $1.50 to certain directors and employees.

The shares vest over a two-year period and are exercisable over a period of five years expiring in October 2025.

The fair value of the options granted to certain directors and employees amounted to $1,421,246 and was calculated using the Black & Scholes option pricing model and the following assumptions on a weighted average basis:

---

| | |
|:---|:---|
| Share price at the date of grant | $1.48 |
| Expected life | 5 years |
| Risk-free interest rate | 0.37% |
| Volatility (1) | 110.51% |
| Dividend | 0% |
| Exercise price at the date of grant | $1.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**17.4 Options granted to consultants during the previous year**

a) On August 7, 2020 the Company granted options to acquire 250,000 common shares at a price of $0.45 to a director. The shares vest over a two-year period and are exercisable over a period of five years expiring in August 2025.

The fair value of the options granted to certain directors and employees amounted to $72,511 and was calculated using the Black & Scholes option pricing model and the following assumptions on a weighted average basis:

---

| | |
|:---|:---|
| Share price at the date of grant | $0.40 |
| Expected life | 5 years |
| Risk-free interest rate | 0.41% |
| Volatility (1) | 100.33 |
| Dividend | 0% |
| Exercise price at the date of grant | $0.45 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On November 6, 2020, the Company granted 50,000 options to CHF Investors Relations Inc. as part of an investors relations agreement at an exercise price of $2.70 per share. The options vested over twelve months following the date of granting and are be exercisable over a period of five years expiring in November 2025. The fair value of the options granted amounted to $84,857 and was determined using the Black & Scholes option pricing model and the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $2.12 |
| Expected life | 5 years |
| Risk-free interest rate | 0.48% |
| Volatility (1) | 120% |
| Dividend | 0% |
| Exercise price at the date of grant | $2.70 |

---

------

---

| |
|:---|
| 46 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***18 - INCOME TAXES***

**Significant tax expense (income) components**

The significant tax expense (income) components are detailed as follows:

---

| |
|:---|
| Total current tax expense |
| Deferred tax expense (income) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and reversal of temporary differences) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in tax rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized temporary differences |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax income) |
| Total tax expense (income) |

---

**Relationship between expected tax expense and tax expense (income)**

The relationship between the expected tax expense calculated on the basis of the combined federal and provincial tax rate in Canada and the tax expense presented on the consolidated statements of comprehensive income is as follows:

---

| |
|:---|
| Loss before income taxes) |
| Expected tax expense (income) calculated on the basis of the combined federal and provincial tax rate in Canada of 26.5% (26.5% in 2019) |
| Adjustments for the following |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Difference in foreign tax rate) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-deductible expenses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized temporary differences |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of prior deferred tax assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True up) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realisation of unrecognized losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other) |
| Tax expense (income) |

---

------

---

| |
|:---|
| 47 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***18 - INCOME TAXES (CONTINUED)***

**Unrecognized temporary differences**

The Company has the following temporary differences and tax losses for which no deferred tax was recognized:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2021 |
|  | Federal | Provincial | Foreign |
|  | $| $| $|
| Unrecognized deductible temporary differences |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 2515548 | 2515548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing and share issue costs | 5688502 | 5688502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific research and development expenses | 1747356 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-capital losses | 23388365 | 25315431 | 5027468 |
|  | 33339771 | 33519481 | 5027468 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2020 |
|  | Federal | Provincial | Foreign |
|  | $| $| $|
| Unrecognized deductible temporary differences |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 2515548 | 2515548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing and share issue costs | 757428 | 757428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development expenses | 1747356 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-capital losses | 17264433 | 19191499 | 4131396 |
|  | 22284765 | 22464475 | 4131396 |

---

**Movement of the foreign deferred tax assets (liability) in 2021**

---

| | |
|:---|:---|
|  | 01-01-2021 |
|  | $|
| Loans receivable | 233652) |
| Accounts receivable) |  |
| Intangible assets) |  |
| Non capital loss |  |
| Accounts payable, advances and accrued liabilities | 58280) |
|  | 291931) |

---

**Movement of the foreign deferred tax assets in 2020**

---

| | | | |
|:---|:---|:---|:---|
|  | 01-01-2020 | Results | 31-12-2020 |
|  | $| $| $|
| Loans receivables | 88014 | 145638 | 233652 |
| Accounts payable, advances and accrued liabilities |  | 58280 | 58280 |
|  | 88014 | 203918 | 291932 |

---

------

---

| |
|:---|
| 48 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***18 - INCOME TAXES (CONTINUED)***

Movement of the Canadian deferred tax liabilities in 2021

---

| | |
|:---|:---|
|  | 01-01-2021 |
|  | $|
| Loans receivable) |  |
| Accounts receivable) |  |
| Intangible assets |  |
| Non capital loss |  |
|  | -) |

---

As at December 31, 2021, the Company has non-capital losses that are available to reduce income taxes in future years and for which no deferred tax asset has been recognized in the consolidated statements of financial position. These losses expire in the following years:

---

| | | | |
|:---|:---|:---|:---|
|  | Federal |  | Foreign |
|  | $| $— |  |
| 2022.0 |  | # | 734162 |
| 2023.0 |  |  | 1670859 |
| 2024.0 |  |  | 908606 |
| 2025.0 |  |  | 456967 |
| 2026.0 | 4028 |  | 1256874 |
| 2027.0 | 141229 |  |  |
| 2028.0 | 322989 |  |  |
| 2029.0 |  |  |  |
| 2030.0 | 253979 |  |  |
| 2031.0 | 1081723 |  |  |
| 2032.0 | 1730827 |  |  |
| 2033.0 | 506261 |  |  |
| 2034.0 | 961557 |  |  |
| 2035.0 | 1226101 |  |  |
| 2036.0 | 1241368 |  |  |
| 2037.0 | 2133544 |  |  |
| 2038.0 | 765790 |  |  |
| 2039.0 | 1269511 |  |  |
| 2040.0 | 5616247 |  |  |
| 2041.0 | 6133211 |  |  |
|  | 23388365 |  | 5027468 |

---

***19 - CAPITAL MANAGEMENT POLICIES AND PROCEDURES***

The Company's capital management objectives are as follows:

- To ensure the Company's ability to continue its development;

- To provide an adequate return to shareholders.

The Company monitors capital on the basis of the carrying amount of equity which represents $165,590,366 ($32,614,250 as at December 31, 2020).

The Company manages its capital structure and makes adjustments to it to ensure it has sufficient liquidity and raises capital through stock markets to continue its development.

The Company is not subject to any externally imposed capital requirements.

------

---

| |
|:---|
| 49 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***20 - FINANCIAL INSTRUMENTS***

**20.1 Classification of financial instruments**

As at December 31, 2021, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2021-12-31** |
|  | Assets and | Assets and |  |
|  | liabilities | liabilities |  |
|  | carried at | carried at | Total |
|  | fair value | amortized cost | carrying value |
|  | $| $| $|
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 18796914 | 18796914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 53333 | 53333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 55729961 | 55729961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 20823691 | 20823691 |
|  | - | 95403899 | 95403899 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 15903158 | 15903158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 313234 | 313234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 1921000 |  | 1921000 |
|  | 1921000 | 16316392 | 18237392 |

---

As at December 31, 2020, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2020-12-31** |
|  | Assets and | Assets and |  |
|  | liabilities | liabilities |  |
|  | carried at | carried at | Total |
|  | fair value | amortized cost | carrying value |
|  | $| $| $|
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 5873876 | 5873876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 80091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 29248478 | 29248478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 19424689 | 19424689 |
|  | - | 54627133 | 54547043 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 25128066 | 25128066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures |  | 23311 | 23311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 258933 | 258933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities carried at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion option | 3489 |  | 3489 |
|  | 3489 | 25450310 | 25453799 |

---

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---

| |
|:---|
| 50 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***20 - FINANCIAL INSTRUMENTS (CONTINUED)***

**20.2 Financial risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main risks the Company is exposed to are credit risk (see note 5), market risk and liquidity risk.

The Company does not actively engage in the trading of financial instruments for speculative purposes.

No changes were made in the objectives, policies and processes related to financial instrument risk management during the reporting periods.

The most significant financial risks to which the Company is exposed are described below.

**20.3 Financial risks**

*20.3.1 Liquidity risk*

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk management serves to maintain a sufficient amount of cash and to ensure that the Company has financing sources for a sufficient amount. The Company's objective is to maintain a cash position sufficient to cover the next twelve-month obligations (notes 2).

The Company's non-derivative financial liabilities have contractual maturities (including interest payments where applicable) as summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2021-12-31 |
|  | Current | Current | Long-term |
|  | Within |  | More |
|  | 6 months | 6 to 12 months | than 12 months |
|  | $| $| $|
| Accounts payable and accrued liabilities | 15903158 |  |  |
| Bonds |  |  | 400000 |
| Contingent considerable payable |  | 1303588 | 617412 |
| CEBA loan |  |  | 100000 |
|  | 15903158 | 1303588 | 1117412 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | 2020-12-31 |
|  | Current | Current | Long-term |
|  | Within |  | More |
|  | 6 months | 6 to 12 months | than 12 months |
|  | $| $| $|
| Accounts payable and accrued liabilities | 25232548 |  |  |
| Debentures | 25000 |  |  |
| Bonds |  |  | 400000 |
| CEBA loan | 40000 |  |  |
|  | 25297548 | - | 400000 |

---

------

---

| |
|:---|
| 51 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***20 - FINANCIAL INSTRUMENTS (CONTINUED)***

**20.4 Finance costs**

The breakdown in Finance costs during the years ended December 31, 2021 and 2020 is as follows:

---

| | | |
|:---|:---|:---|
|  | 2021-12-31 | 2020-12-31 |
| Interest on debentures | 333 | 247982 |
| Interest on lease liabilities (note 12) | 65908 | 30426 |
| Interest on security deposit and advances | 87528 | 186127 |
| Interest on bonds | 40000 | 27544 |
| Interest income | (53284) | (31722) |
| Accretion on debentures and bonds | 28010 | 523850 |
| **Total interest expense** | 168495 | 984206 |
| Miscellaneous | 13448 | 5847 |
|  | 181943 | 990053 |

---

**20.5 Fair value**

The following methods and assumptions were used to determine the estimated fair value for each class of financial instruments:

- The fair value of cash, restricted cash, loans receivables on short and long term and debtors (except sales tax receivables) , accounts payable, advances, option conversions and accrued liabilities approximate their carrying

amount, given the short-term maturity;

- The fair value of the debentures and the bonds is estimated using a discounted cash flow approach and approximate their carrying amount. CEBA loan is recognized as it cost which is close from its fair value

- The fair value of contingent compensation payable related to the acquisition of certain assets and personnel from Heartbeat. (note 6)

is estimated by probability-weighted cash outflows and reflect management's estimate of a 85% probability that the contract's target level will be achieved and the expected Company's share price.

The Company categorized its financial instruments based on the following three levels of inputs used for fair value measurements:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the assets and liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Debentures and bonds are level 3 under the fair value hierarchy.

Contingent consideration payable CEBA loan, loans receivable on short and long term and the option conversion are level 3 under the fair value hierarchy.

------

---

| |
|:---|
| 52 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***21 - RELATED PARTY TRANSACTIONS***

The Company's related party transactions do not include, unless otherwise stated, special terms and conditions. No guarantees were given or received. Outstanding balances are usually settled in cash.

**Transactions with key management personnel, officers and directors**

The Company's key management personnel are, the CEO, the CFO , the China CEO and the members of the Board. Their remuneration includes the following expenses:

---

| | |
|:---|:---|
|  | 2021-12-31 |
|  | $|
| Salaries and fringe benefits | 1259068 |
| Share-based payments | 2177320 |
| Royalty- Cubeler | 134678 |
| Interest revenue on advances | -) |
| Interest on debentures |  |
| Total | 3571066 |

---

These transactions occurred in the normal course of operations and have been measured at fair value.

As at December 31, 2021 and 2020 the consolidated statement of financial position includes the following amounts with related parties:

---

| | |
|:---|:---|
|  | 2021-12-31 |
|  | $|
| Advance from a director to a subsidiary, no interest | -) |
| Loans, with interest (1) | 113193 |
| Subscriptions to be received |  |
| Payable to an affiliated company | -) |
|  | 113193) |

---

(1) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of December 31, 2021, the aggregate outstanding principal amount due for said loans is $113,193.

On October 1, 2021, the Company has acquired 100% of the issued and the outstanding shares of Cubeler from Cubeler's shareholders in exchange for $1,000,000 in cash and 11,133,326 common shares of Tenet representing $106,654,255.

***22 - SEGMENT REPORTING***

The Company has determined that there were two operating segments, which are defined below. For presentation purposes, other activities are grouped in the 'Other' heading. Each operating segment is distinguished by the type of products and services it offers and is managed separately as each requires different business processes, marketing approaches and resources. All inter-segment transfers are carried out at arm's length prices based on prices charged to unrelated customers in stand-alone sales of identical goods and services.

The operating segments are detailed as follows:

***Fintech Platform***

The Fintech Platform segment comprises the procurement and distribution of products within supply chain or facilitating transactions in the commercial lending industry through technology platforms.

------

---

| |
|:---|
| 53 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***22 - SEGMENT REPORTING (CONTINUED)***

***Financial Services***

The Financial Services segment encompasses providing commercial loans to entrepreneurs and SMEs and the activity of providing turn-key credit outsourcing services to banks and other lending institutions.

Both operating segments are geographically located in China.

***Other***

The "other" category includes the activity and unallocated portion of the Canadian parent company's services and all non-operating holdings registered in Hong Kong and China.

The segment information for the years ended December 31, 2021, and 2020 are as follows:

---

| | |
|:---|:---|
|  | Fintech |
|  | Platform |
| *Revenues (1)* |  |
| Financial service revenue from external |  |
| Fees/sales from external customers | 4359150 |
| Supply chain services | 95279460 |
| Inter-segment | 108274) |
| Total revenues | **99746884)** |
| *Expenses* |  |
| Depreciation and amortization | 2435132 |
| Interest expense | 124301 |
| Write down of accounts receivable | 12128 |
| Impairment charge | 53364705 |
| All other expenses | 93541980 |
| Total expenses | **149478246** |
| Profit (loss) before tax | (49731362) |
| Income tax | 1203876 |
| Net profit (loss) | **(48527486)** **)))** |
| Non-controlling interest | 200298 |
| Net profit (loss) attributable to owners of the parent | (48727784) |
| Segmented assets | **152623308)** |

---

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---

| |
|:---|
| 54 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***22 - SEGMENT REPORTING (CONTINUED)***

***Other (continued)***

---

| | |
|:---|:---|
|  | Fintech |
|  | Platform |
| *Revenues (1)* |  |
| Financial service revenue from external customers |  |
| Fees/sales from external customers | 2970376 |
| Supply chain services | 36338779 |
| Inter-segment | 527630) |
| **Total revenues** | **39836785)** |
| Expenses |  |
| Depreciation and |  |
| amortization | 264345 |
| Interest expenses | 146425 |
| Change in fair value of the contingent compensation | -) |
| Loss on settlement of debt |  |
| All other expenses | 36684370) |
| **Total expenses** | **37095140)** |
| Profit (loss) before tax | 1786110) |
| Income tax (recovery) | 480680 |
| **Net profit (loss)** | **1305430))** |
| Non-controlling interest | 878121 |
| Net profit (loss) attributable to owners of the parent | 427309) |
| **Segmented assets** | **32845719)** |

---

*(1): Revenues from external customers have been identified on the basis of the customer's geographical location, which is China.*

The Company's non-current assets are located in the following geographic regions:

---

| | | |
|:---|:---|:---|
|  | **2021-12-31** | **2020-12-31** |
|  | Non-current | Non-current |
|  | Assets | Assets |
|  | $| $|
| China | 10900347 | 6548695 |
| Canada | 89991187 | 1435931 |
| Total | 100891534 | 7984626 |

---

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---

| |
|:---|
| 55 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***23 - NON-CONTROLLING INTERESTS***

The Company controls the following subsidiaries that have significant non-controlling interests (NCIs).

---

| | | |
|:---|:---|:---|
|  | 2021-12-31 | 2020-12-31 |
|  | % ownership | % ownership |
|  | and voting rights | and voting rights |
| Entities | held the by NCIs | held the by NCIs |
| Asia Synergy Supply Chain Ltd ("ASSC") | 49% | 49% |
| Asia Synergy Financial Capital Ltd ("ASFC") | 49% | 49% |
| Wechain (Nanjing) Technology Service Co., Ltd | 49% | - |
| Beijing Kailifeng New Energy Technology Co., Ltd | 49% | - |
| Shanghai Xinhuizhi Supply Chain ManagementCo.,Ltd | 49% | - |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total comprehensive loss allocated | Total comprehensive loss allocated |  |  |
|  | to NCI | to NCI | Accumulated NCI | Accumulated NCI |
|  | Year ending | Year ending | As at | As at |
|  | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 |
| Asia Synergy Supply Chain Ltd | 491476 | 921521 | 1951538 | 1334581 |
| Asia Synergy Financial Capital Ltd | 1020871 | 407416 | 11520859 | 10435939 |
| Wechain (Nanjing) Technology Service Co., Ltd | (201128) |  | 783281 |  |
| Beijing Kailifeng New Energy Technology Co., Ltd | (33536) |  | 64703 |  |
|  | 1277683 | 1328937 | 14320381 | 11770520 |

---

No dividends were paid to NCIs during the year ended December 31, 2021 and 2020.

------

---

| |
|:---|
| 56 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***23 - NON-CONTROLLING INTERESTS (CONTINUED)***

Summarised financial information for subsidiaries with NCIs, before intragroup eliminations are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ASSC | ASSC | ASFC | ASFC | Wechain | Wechain | Kailifeng | Total | Total |
|  | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2021-12-31 | 2020-12-31 |
|  | $| $| $| $| $| $| $| $— |  |
| Current assets | 8454526 | 26997077 | 26519686 | 18770871 | 446330 |  | 130545 | 35551086 | 45767948 |
| Non-current assets | 391 | 853 | 124846 | 4360915 | 1283169 |  | 59760 | 1468166 | 4361768 |
|  | 8454917 | 26997930 | 26644532 | 23131786 | 1729498 |  | 190305 | 37019252 | 50129716 |
| Current liabilities | 4238109 | 24274295 | 2584145 | 1689668 | 67363 |  | 56091 | 6945708 | 25963963 |
| Non-current liabilities |  |  | 69209 | 144283 | 66128 |  |  | 135337 | 144283 |
| Total liabilities | 4238109 | 24274295 | 2653354 | 1833951 | 133491 |  | 56091 | 7081045 | 26108246 |
| Equity attributable to owners of the parent | 2031193 | 1389054 | 11991098 | 10861896 | 815252 |  | 67344 | 14904886 | 12250950 |
| Non-controlling interests | 1951538 | 1334581 | 11520859 | 10435939 | 783281 |  | 64703 | 14320381 | 11770520 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | ASFC | WechainKailifeng | Kailifeng |
|  | Year ending | Year ending | Year ending |
|  | 2020-12-31 | 2020-12-31 | 2020-12-31 |
|  | $| $| $|
| Revenue | 2446058 |  |  |
| Profit for the year attributable to owners of<br>the parent | 189077) | -) |  |
| Profit for the year attributable to NCIs | 181662) | -) |  |
| Profit for the year | 370739) | -) |  |
| Other comprehensive income ("OCI") for the year |  |  |  |
| OCI attributable to the owners of the parent | 234967) | -) |  |
| OCI attributable to NCIs | 225753) | -) |  |
| OCI for the year | 460719) | -) |  |
| Total comprehensive income for the year attributable to the owners of the parent | 424043) | -) |  |
| Total comprehensive income for the year attributable to NCIs | 407415) | -) |  |
| Total comprehensive income for the year | 831458) | -) | - |
| Net cash used in operating activities) | 461254) | -) | -) |
| Net cash used in investing activities) | 15935) | -) | -) |
| Net cash from financing activities) | 227582 |  |  |
| Foreign exchange differences | 927798) |  |  |
| Net cash (outflow) inflow for the year | 1632569 | - | -) |

---

------

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| |
|:---|
| 57 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the years ended December 31, 2021 and 2020<br> (In Canadian dollars) |

---

***23 - NON-CONTROLLING INTERESTS (CONTINUED)***

During the year ended December 30, 2021, the Company's subsidiary, ASDS along with the non-controlling interests of ASSC, Wechain and Kailifeng subscribed for additional share capital in these subsidiaries in the ratio of their relevant ownership percentages. The total value of capital injected by NCIs in ASSC totalled $189,532, in Wechain totalled $984,409 and in Kailifeng $98,239. As at December 31, 2021 the NCI's portion of the capital injection agreed for Kailifeng was oustanding and has been recorded as a receivable in the consolidated statement of financial position under debtors (refer note 8).

***24 - CURRENCY TRANSLATION ADJUSTMENT***

Currency translation adjustment reflects the currency fluctuation between the functional currency of the Company's subsidiaries in Chinese (Renminbi) and the Company's functional currency (Canadian dollar) during the year. This element represents a theoretical profit or loss that can be materialized only if the underlying assets or liabilities to which the adjustment is attributed are realized.

***25 - SUBSEQUENT EVENTS***

a) During the period from January 1, 2022, and May 2, 2022, the Company issued 100,444 share purchase options to new employees and consultant with a strike price between $4.10 and $7.50. Stock options are vested between a period of 12 to 24 months and mature 5 years after the issuance date.

b) On February 25, 2022, the Company signed an office lease agreement in the City of Toronto to accommodate his head office. The five (5) year lease begins on May 1, 2022, and engage the Company for minimum payments of $463,145 over the term of the lease.

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## Exhibit 99.318

------

**TENET FINTECH GROUP INC.**

(Formerly Peak Fintech Inc.)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The following Management's Discussion and Analysis (MD&A) provides Management's point of view on the financial position and results of operations of Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.), on a consolidated basis, for the years ended December 31, 2021 (fiscal year 2021) and December 31, 2020 (fiscal year 2020).

Unless otherwise indicated or unless the context requires otherwise, all references in this MD&A to "Tenet", the "Company", "we", "us", "our" or similar terms refer to Tenet Fintech Group Inc. on a consolidated basis. This MD&A is dated May 2, 2022 and should be read in conjunction with the Audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2021. Unless specified otherwise, all amounts are in Canadian dollars.

The financial information contained in this MD&A relating to the Audited Consolidated Financial Statements for the year ended December 31, 2021, and December 31, 2020, has been prepared in accordance with International Financial Reporting Standards (IFRS).

The Audited Consolidated Financial Statements and MD&A have been reviewed by our Audit and Risk Management Committee and approved by our Board of Directors as at May 2, 2022.

**Forward looking information**

Certain statements contained in this MD&A may constitute forward-looking information, which can generally be identified as such because of the context of the statements including words such as believes, anticipates, expects, plans, estimates, or words of similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results. We refer potential investors to the "Risks and Uncertainties" section of this MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this MD&A and represents the Company's expectations as of that date.

The Company undertakes no obligation to update or revise the information contained in this MD&A, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

------

**Structure**

The following chart summarizes the corporate structure of the Company.

![](exhibit99-318xu001.jpg)

**BUSINESS OVERVIEW**

Tenet (CSE: PKK) (OTC: PKKFF), is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

**OPERATING HIGHLIGHTS FOR THE QUARTER**

**<u>Chinese Operations</u>**

Although Tenet's Business Hub officially launched in China back in 2018 and has since helped the Company's revenue climb from less than $2M in 2018 to over $100M in 2021, the platform is still considered to be in the embryonic stage in terms of industry verticals and number of businesses that it can potentially service. Which means it is also still in the early stages of its revenue generating potential for Tenet in China and globally. An indication of this potential came during the last quarter of 2021, when Tenet took part for the first time in two popular Chinese shopping festivals by working with retailers and distributors through the Business Hub to ensure that they would have the financial flexibility to get the maximum out of the festivals. Tenet's first participation in the annual Singles' Day and Couples' Day shopping festivals in 2021 accounted for over $17M of the $33M in revenue generated by the Company for the quarter. At last count, there were at least thirteen such shopping festivals that occur every year in China. From the Qixi Festival (celebrating the Chinese equivalent of Valentine's Day) to the Dragon Boat Festival (marking the life and death of the famous Chinese scholar, Qu Yuan) there are no shortages of opportunities for China's retailers and distributors to move their wares throughout the year.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

Page **2** of **21**

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While the Company intends to eventually become a regular participant at each of these shopping festivals, servicing the consumer goods retailers and distributors who take part in these events would only represent a small percentage of the numerous players in China's broader supply chain vertical that Tenet could potentially service. The Company continued throughout the year to add components and functionalities to its Business Hub to cater to the needs of specific segments within the supply chain vertical. After targeting steel commodities traders in the previous quarter, Tenet took steps to begin attracting players in China's rapidly expanding coffee market to the Business Hub during the fourth quarter. The Company began working with one of the country's largest coffee importers and automated coffee machine distributors and signed a revenue sharing partnership agreement with PetroChina whereby PetroChina's country-wide network of over 20,000 uSmile convenience stores would be used to sell coffee across the country while sharing sales and other valuable data with Tenet. Whether it's coffee, packaged foods, clothing, consumer electronics or appliances, if it's a consumer good related to China's supply chain, the Company is positioning its Business Hub to play a role in helping the businesses involved in its making and distribution to get it from the raw material state to the point where it's sold to the consumer as a finished product.

As it continued to methodically expand its Business Hub service offering in China, the Company paid particular attention during the last quarter of 2021 to two sectors with exceptional growth potential, namely the oil & gas and insurance sectors. After a strong debut in the third quarter with a pilot project in the city of Guangzhou, Tenet stepped up its business development initiatives related to the oil & gas sector during the quarter. The Company began to see those initiatives bear fruit in the latter part of the quarter, saw an even greater uptick in the first quarter of 2022 and expects that trend to continue for years to come. With 14.2M barrels of oil consumed per day, China is the world's second largest oil consumer behind only the United States. As China looks to cut down on carbon dioxide emissions and gradually reduce its dependence on coal as a source of energy, demand for alternative energy sources (such as oil) should increase, making the Business Hub's services to the industry an increasingly important contributor to the Company's total revenue.

An equally promising sector in which Tenet heavily invested during the quarter, both in terms of time and financial resources, was in China's insurance industry. The Company acquired the Heartbeat insurance product management and brokerage platform in the previous quarter as an opportunistic and strategic way to gain entry into the space. As part of the acquisition agreement, $11M was earmarked to allow the platform to capitalize on revenue-generating opportunities in Q4 that the Company was expecting would not only impact its top line for the year, but more importantly, would dramatically positively impact its EBITDA for the quarter and all of 2021. The acquisition of Heartbeat and the agreement for the cash investment it required took place in the third quarter of 2021 at a time when Tenet was anticipating conducting a substantial US capital raise following the listing of the Company's common shares on the Nasdaq stock exchange (the "Nasdaq"). However, the Company instead voluntarily withdrew its listing statement while the US Securities and Exchange Commission (the "SEC") carried out a review of its listing statement in light of relatively new disclosure guidance provided by the SEC for companies either from China, controlled by Chinese interests or with the majority of their operations in China. Since that time, the Company has worked collaboratively with the SEC to amend and adjust its filing statement so that its common shares would be reinstated for listing on the Nasdaq to allow it to carry out its planned US capital raise. With no timetable for when the Company's common shares might once again trade on the Nasdaq, Tenet had to reassess its short-term capital expenditure plans and made adjustments in how it would manage and allocate its funds. Those adjustments led to a delay in committing the $11M originally planned for the Heartbeat platform, which in turn caused Tenet's expected insurance related revenue for Q4 to have shifted to Q2 2022. The SEC's review of Tenet's registration statement remains outstanding as of the date of this MD&A.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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**<u>Critical First Step to Global Expansion</u>**

Canada, where Tenet is headquartered, was selected as the logical choice to be the first country outside of China in which the Company would deploy its Business Hub. While the Company had hoped to launch a Canadian version of the Business Hub relatively quickly, the Company has had to adjust those plans. Several factors have contributed to the delay of the launch of the Business Hub in Canada, including the financial uncertainty arising from the Company's voluntary withdrawal from Nasdaq and the ongoing SEC review (which has caused the Company, in turn, to reassess its short-term capital expenditure priorities). Another contributing factor to the delayed launch was Tenet's decision to develop and integrate additional features and modules to the Canadian version of the Hub to better fit the North American market and allow it to function in concert with the Chinese Hub with which it will eventually be connected. These delays, however justifiable, have caused the Company's forecasted North American revenue for 2022 to have shifted by almost a full year. This, in turn, has forced the Company to record a significant impairment related to the acquisition of Cubeler in its financial statements for the fourth quarter of 2021. While there was still no timetable as of the date of this MD&A for Tenet to complete its planned US capital raise, the Company has devised what it believes to be a solid contingency plan to allow it to raise capital in other jurisdictions and proceed with the elements of its business plan, including the expansion of its operations outside of China, for which the US funds were intended.

**<u>Summary of Key Achievements in 2021</u>**

While Tenet's financial results for 2021 fell short of the expectations that the Company had set for itself, the Company remains pleased with what it accomplished. After a long list of significant achievements during the first three quarters of 2021, the Company continued to make remarkable progress during the fourth quarter towards its objectives to firmly entrench the Business Hub's services into the very fabric of B2B transactions in China and to expand the Business Hub concept into a global network of SME business owners. The progress made in Q4 came by introducing the Hub's service offering to new clients as the Company took part in two of China's top shopping festivals, through partnership agreements with PetroChina and Ping An Insurance, and most notably, with the acquisition of Cubeler. The list of the Company's most important achievements in 2021 include the following:

* Partnership agreement with China's top ecommerce software provider ShopEx<br> 

* Partnership agreement with China UnionPay subsidiary Rongbang Technology Ltd. to implement payment processing and fund transfer features to Business Hub<br> 

* Re-emergence and integration of the Gold River ecommerce and logistics platform to Business Hub<br> 

* Integration of Business Hub to China UnionPay network<br> 

* Creation of first virtual bank accounts on Business Hub and first fund transfer and payment processing transactions on China UnionPay network 

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* First participation in "618 Shopping Festival" with JD.com retailers and suppliers<br>

* Opening of new offices in Beijing and Guangzhou<br>

* Creation of new subsidiary to allow the Company to provide services related to the selling and distribution of oil and gas products and clean technology products through the Business Hub<br>

* Creation of new subsidiary to allow the Company to provide services related to the selling and distribution of property and liability insurance products in China through the Business Hub<br>

* Closing of a short form prospectus financing of $52M<br>

* Strategic investment in China UnionPay subsidiary Rongbang Technology Ltd.<br>

* Acquisition of "Heartbeat" insurance product management and brokerage platform<br>

* Acquisition of AI and analytics company and owner of Business Hub intellectual property, Cubeler Inc.<br>

* Agreement with Ping An Insurance for the sale and distribution of auto industry insurance policies through Heartbeat platform<br>

* Marketing cooperation agreement with China UnionPay subsidiary<br>

* Revenue sharing agreement with PetroChina related to the installation and maintenance of automated coffee distribution machines as well as the sale of coffee at PetroChina convenience stores.

**BUSINESS PLAN AND OUTLOOK FOR 2022**

**<u>Canadian Business Hub Launch and Building Blocks of Global Network</u>**

As mentioned in the previous section, Tenet has selected Canada as the first country in which to launch its Business Hub outside of China. The decision to go with Canada was easy. While ranking only 37<sup>th</sup> in terms of population, Canada punches well above its weight economically, with the eighth largest GDP in the world. Canada also boasts political stability, a sound banking system, and is a hot bed for investment, innovation, and technology. Not surprisingly, small- and medium-sized businesses have flourished, with over 1.2M calling Canada home. Of course, the excellent business environment was just one of the main reasons for choosing Canada. Tenet is, after all, a Canadian company. The Company is headquartered in Toronto, Ontario, and has significant operations in Montreal, Quebec. With the exception of one director who is a US resident, the members of its executive team and board of directors also all reside in Canada. Moreover, Cubeler, the Tenet subsidiary that owns the Business Hub technology, is also a Canadian owned and operated company. The Company believes there is no better country to expand its Business Hub outside of China than Canada.

Ultimately, the Company aims to bring its AI and analytics enabled service offerings to a worldwide network of SMEs. This is what makes the continued development and upcoming launch of the first Business Hub outside of China such a priority for the Company. It will represent a tangible step toward expanding the Business Hub's reach and capabilities and give a taste of the possibilities of what may come.

The Company is taking the approach that the Business Hub being developed for Canada should be relatively easily translated to other jurisdictions. To that end, the Company is making significant investments in the existing Cubeler technology so that it will fit within its vision for creating a global network. While each subsequent Business Hub will be able to operate as an all-inclusive ecosystem of local SMEs and financial institutions, Tenet aims to link its Business Hubs across countries and continents to create a powerful global network of SMEs. By doing so, Tenet aspires to change the way SMEs interact and carry out business around the world. The Company therefore plans to make the necessary investments in 2022, in terms of time and money, to ensure that the Canadian Business Hub, once launched, will have enhanced features and modules that will allow for the relatively quick and seamless expansion of the platform to other parts of the world.

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Important to the successful launch and operation of the Canadian Business Hub is taking necessary measures to ensure that the Company is operationally ready before the Canadian version of the platform goes live. The Company has filled important positions commencing in the fourth quarter of 2021 and expects the process to continue throughout the balance of 2022. Tenet's Canadian workforce will be stationed at the Company's Montreal and Toronto offices. Being located in both of Canada's largest cities (and provinces), Tenet will be best placed to attract high-level employees and liaise with Canada's largest business associations, chambers of commerce, and financial institutions.

**<u>China Remains Main Revenue Generator for 2022</u>**

While the launch of the Canadian Business Hub will be an important priority for Tenet in 2022, its Chinese operations will remain the Company's main revenue generator during the year. China was the initial launchpad of the Company's Business Hub and with good reason. China is estimated to have over 40M SMEs and over 70M micro-enterprises and this wealth of potential users and customers will continue to offer exceptional growth opportunities for the Company for years to come. Tenet plans to continue to use the industrial vertical targeting approach that has worked so well to date to continue to grow its operations in China. In particular, the consumer goods supply chain vertical should once again pace the Company's revenues in 2022. The Chinese Business Hub services the vertical through various programs and events, such as through its JD.com supplier financing program, at Chinese shopping festivals, and to clients ranging from social media influencers to large-scale consumer goods distributors.

Although Tenet's consumer goods supply chain vertical eclipses all other sectors in terms of number of clients and revenue generating potential, the Company expects its involvement in three industrial sectors to see strong growth in 2022. Since Tenet began servicing the insurance sector in Q3 2021, it accounted for less than 1% of the Company's 2021 revenue. Tenet expects that number to climb to 9% in 2022. The Company's entry into the oil & gas sector also took place during the third quarter of 2021 and the sector contributed about 5% of Tenet's 2021 revenue. That number should exceed 20% in 2022. But the industrial sector that the Company is most enthusiastic about is the clean tech sector, which Tenet is diving into with its innovative i3060 platform. With China and countries around the world looking for clean tech solutions to help fight climate change, the i3060 platform's ability to digitize the feasibility study and life cycle of clean energy projects makes Tenet well placed to capitalize on clean tech opportunities. Already Tenet has worked on successful pilot projects with China Energy Engineering Corp. (CEEC) and, by building on this successful relationship in 2022, Tenet expects to access clean tech opportunities in China and around the world. Estimating the level of revenue that such projects will generate remains difficult as of the date of this MD&A, but preliminary estimates show that clean tech-related revenues could account for as much as 8% of the Company's revenue in 2022, more than half of which could be generated outside of China. By comparison, while revenues from the three aforementioned sectors are expected to account for greater percentages of the Company's total revenue going forward, revenue related to the consumer goods supply chain vertical, which accounted for approximately 90% of Tenet's total revenue in 2021, is expected to represent less than 50% of the Company's revenue in 2022.

**<u>A Word on Tenet's Capital Markets Strategy</u>**

Going into 2021, part of Tenet's capital markets strategy was to have the Company's securities listed on at least three senior stock exchanges in North America and in Asia, beginning with a listing on the Nasdaq. The senior exchange listings would allow the Company to broaden its investor base, access the capital it needs to fuel its growth and better connect with institutional investors. While Tenet was successful in having its common shares listed on the Nasdaq at the beginning of the third quarter of 2021, as mentioned above, the Company opted to voluntarily withdraw its registration statement while the SEC carries out a thorough review based on the relatively new guidance and rules regarding companies that are either based in China, are controlled by Chinese interests or have a large portion of their operations in China. Accessing the US capital markets and connecting with US investors remains an important part of the Company's capital markets strategy. Although the Company has not been given a timetable as to when the SEC review process might be completed, Tenet will continue to work in a collaborative fashion with the SEC with a view to returning to the Nasdaq. In the interim, Tenet is also exploring having its common shares listed on other senior exchanges in 2022 in the UK and Canada, where the securities regulators do not have the same level of special guidance and rules for China-related companies. Tenet believes that having its securities listed on senior exchanges in London and Toronto will provide the Company with greater access to capital and a diversified pool of investors and position the Company for success regardless of how long the SEC's review process of its listing registration statement ultimately takes.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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**<u>In Conclusion…</u>**

Tenet expects 2022 to be another year of significant revenue growth and service expansion. The consumer goods supply chain vertical in China should once again account for the largest part of that growth, but for the first time in three years may represent less than 50% of the Company's total revenue thanks to the emergence of the oil & gas, insurance and clean energy verticals. But the biggest impact on the Company in 2022 should come from the launch of its Canadian Business Hub, not necessarily in terms of revenue (at least not in 2022) but to provide a preview and set the stage for the global network that the Company is in the process of building.

Here is a summary of some of the important events or elements to look for from Tenet in 2022:

* Addition of new functionalities to Chinese Hub<br> 

* Participation in more Chinese shopping festivals<br> 

* Various milestones related to the Company's Chinese operations and each of the verticals serviced by the Company in China<br> 

* Launch of Canadian Hub<br> 

* Various partnerships and strategic alliances related to the Company's Canadian operations<br> 

* Various milestones related to the Canadian Business Hub and the Company's Canadian operations<br> 

* New corporate website to reflect vision of creating global network for SME entrepreneurs<br> 

* Listing of the Company's securities on senior stock exchanges in the UK and Canada<br> 

* Reinstatement of the Company's common shares on the Nasdaq<br> 

* Creation of a US subsidiary

**Selected Annual Information**

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal**<br>**2021** | **Fiscal**<br>**2020** | **Fiscal**<br>**2019** |
| Revenues | $103632774 | $42698047 | $11708653 |
| Expenses before finance costs, tax, depreciation and amortization | $150953374 | $45477028 | $10892018 |
| EBITDA (1) | ($47320600) | ($2778981) | $816635 |
| Expiration of deferred finance cost |  | $353377 |  |
| Impairment losses on goodwill | $41386422 |  | $584189 |
| Impairment losses on other intangibles | $11978283 |  |  |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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---

| | | | |
|:---|:---|:---|:---|
| Loss on settlement of debt |  | $784750 | $816793 |
| Loss (Gain) on fair value variation | ($3556574) | ($217325) | $259000 |
| Preacquisition cost |  |  |  |
| Gain on bargain purchase |  |  | ($941000) |
| Adjusted EBITDA (2) | $2487531 | ($1858179) | $1535617 |
| Finance costs, tax, depreciation and amortization | ($1241368) | ($2734530) | $2646997 |
| Net loss | ($48561968) | ($5513511) | ($1830362) |
| Net (loss) profit attributable to: |  |  |  |
| Non-controlling interest | $1195102 | $1102910 | $878811 |
| Owners of the parent | ($49757070) | ($6616421) | ($2709173) |
| Basic and diluted loss per share | ($0.657) | ($0.155078) | ($0.078039) |

---

(1) EBITDA is provided as supplementary earnings measure to assist readers in determining the Company's ability to generate cash-flows from operations and to cover finance charges. It is also widely used for business valuation purposes. This measure does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

EBITDA equals the results before finance cost, as defined in Note 17 of the Unaudited Consolidated Financial Statements for the year ended December 31, 2021, income tax, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets and financing of initial costs.

(2) Adjusted EBITDA equals EBITDA as described above adjusted for impairment expense of intangible assets and goodwill, loss on extinction of debt, loss on settlement of debt, (gain)/loss on fair value variation and gain on bargain purchase for the period.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reconciliation of EBITDA to <br>net loss**  | **Fiscal 2021** | **Fiscal 2020** | **Fiscal 2019** |
| &nbsp;&nbsp;Net loss for the period | ($48561968) | ($5513511) | ($1830362) |
| &nbsp;&nbsp;*Add:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax | ($1611819) | $852010 | $523837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | $181943 | $990053 | $1042705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $2671244 | $892467 | $1080455 |
| &nbsp;&nbsp;EBITDA | ($47320600) | ($2778981) | $816635 |
| &nbsp;&nbsp;Add (Less): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of deferred finance cost |  | $353377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | $11978283 |  | $584189 |

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Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill | $41386422 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on settlement of debt |  | $784750 | $816793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on fair value variation | ($3556574) | ($217325) | $259000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase | $0 |  | ($941000) |
| &nbsp;&nbsp;Adjusted EBITDA | $2487531 | ($1858179) | $1535617 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal 2021** | **Fiscal 2020** | **Fiscal 2019** |
| Total assets | $195293123 | $61307542 | $29445032 |
| Total Liabilities | $29702757 | $28693292 | $9325348 |
| Long-term liabilities | $9376157 | $420731 | $187212 |
| Total Equity | $165590366 | $32614250 | $20119684 |
| *To Non-controlling interest* | $14320381 | $11770520 | $10441584 |
| *To Owners of parent* | $151269985 | $20843730 | $9678100 |

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**Results of Operations**

<u>Revenue for the year ended December 31, 2021</u>

The Company generated $103,632,774 in revenue during the year ended December 31, 2021, compared to $42,698,047 for the same period in 2020. The year-over-year increase in revenue is consistent with the path of the increasing demand for the Company's services observed over the past four years. The Company's ASSC, ASST and AJP subsidiaries, who respectively market Tenet's services to raw material supply-chain clients, consumer goods supply-chain clients and oil & gas sector clients, combined to accounting for $95.6M of Tenet's total revenue in 2021 compared to $36.34M in 2020.

<u>Total expenses before taxes</u>

The following schedule summarizes the Company's total expenses before taxes:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021**<br>**(12 months)** | **December 31, 2020**<br>**(12 months)** |
|  | $| $|
| Cost of service | $89701360 | $35608167 |
| Salaries and fringe benefits | $4898251 | $1859209 |
| Service fees | $595792 | $536478 |
| Board remuneration | $863762 | $134323 |
| Royalty | $134678 | $140224 |

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| | | |
|:---|:---|:---|
| Consulting fees | $462621 | $3858509 |
| Management fees | $50682 | $77625 |
| Expected credit loss | -$385703 | $242593 |
| Administrative and indirect costs | $0 | $221972 |
| Professional fees | $2395267 | $567516 |
| Public relations and press releases | $1069950 | $396853 |
| Office supplies, software, and utilities | $328150 | $167010 |
| Lease expenses | $54443 | $46083 |
| Depreciation of right-of use- assets | $286850 | $406762 |
| Insurance | $272265 | $49147 |
| Finance costs | $181943 | $990053 |
| Translation & Other | $110656 | $23974 |
| Travel and entertainment | $267069 | $205059 |
| Stock exchange and transfer agent costs | $388142 | $122717 |
| Lost on deposit | $0 | $97150 |
| Impairment of goodwill | $41386422 | $0 |
| Impairment charge - other intangibles | $11978283 | $0 |
| Depreciation of property and equipment | $90139 | $86931 |
| Loss on settlement of debt | $0 | $784750 |
| Expiration of deferred finance cost | $0 | $353377 |
| Amortization of financing initial costs | $26974 | $18924 |
| Amortization of intangible assets and financing cost | $2267281 | $379850 |
| (Gain) loss on change of fair value contingent payable | -$3556574 | -$217325 |
| Loss (gain) on foreign exchange | -$62142 | $201617 |
| **Total expenses before income tax** | $153806561 | $47359548 |

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<u>Expenses for the year ended December 31, 2021</u>

Cost of service expenses related to the Company's supply-chain financing service bundle amounted to $89,701,320 for the year ended December 31, 2021 (compared to $35,608,167 in fiscal 2020). The ratio of those expenses to the revenue generated from the supply-chain financing service bundle continued to decline in 2021 with a reduction of 4.8% compared to the previous year.

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Salaries and fringe benefits amounted to $4,898,251 for fiscal year 2021 (compared to $1,859,209 for the same period in 2020). The increase in salary expenses for the year ended December 31, 2021 period is attributable to base salary adjustments for key employees in 2021, increases in annual bonus provisions, the hiring of new employees in the last quarter of the year and the creation of new subsidiaries in Beijing and Guangzhou. The variation is partially due to the increase in the share-based remuneration that is included within this caption, which amounted to $1,348,989 in fiscal year 2021 compared to $313,194 for fiscal year 2020.

Service fees relate to consulting and business development services provided to three of the Company's subsidiaries (ASFC, ASST and ASCS) by third-party companies and amounted to $595,792 in 2021, compared to $536,478 in 2020.

Royalty expenses of $134,678 for the first 9 months of Fiscal 2021 (compared to $140,224 for the entire 2020 fiscal year) represent royalties on software payable to Cubeler for the licensing and use of its technology. The royalty expense is calculated on revenue primarily generated by ASDS. Tenet acquired Cubeler on October 1, 2021, ending these royalty expenses.

Board remuneration refers to share-based and attendance fee remuneration received by members of the Company's board of directors and amounted to $863,762 in 2021 compared to $134,323 for the same period in 2020. Within this caption, shared-based remuneration amounted to $694,239 in fiscal 2021 compared to 134,323 for the same period in 2020.

Consulting fees incurred during in 2021 totalled $462,621 (compared to $3,858,509 in 2020), mainly relate to corporate strategic financing consulting fees. The reduction in expense between 2021 and 2020 is attributed to special strategic market awareness efforts made by the Company in 2020, which were paid for mostly through the issuance of Company shares. Share-based remuneration expenses related to consultants amounted to $346,176 in fiscal 2021 compared to $67,434 for the same period of fiscal 2020. The increase in share-based consulting remuneration in 2021 is largely explained by the hiring of a US-based investor relations firm in March 2021 in anticipation of the Company listing on the NASDAQ stock exchange.

Management fees of $50,682 for fiscal year 2021 (compared to $77,625 for the same period in 2020) relate to services rendered to the Company in Canada and to its subsidiaries in China. The share-based portion of the management fees included in this caption amounted to $Nil in 2021 compared to $21,922 in 2020.

Professional fees, such as audit fees and legal fees, totalled $2,395,267 for 2021 (compared to $567,516 for the same period in 2020). The increase is mainly due to additional legal fees incurred in Canada relating to listing upgrades in Canada and the United States, increases in audit fees following the growth of the Company, fees related to professional advice, evaluation services regarding contemplated acquisitions, and expenses related to human resource consulting for hiring new resources

Administrative and indirect costs of Nil for Fiscal 2021 (compared to $221,972 for the same period of 2020) relate to administrative support expenses and other indirect costs for the Company's ASFC subsidiary in China required in Fiscal 2020, there was no such expense in 2021.

Public relations and press releases expenses amounted to $1,069,950 in 2021 compared to $396,853 in 2020. The increase is mainly due to the hiring of an investor relations firm for the US market as well as other initiatives to increase the Company's presence in the Canadian and US financial markets.

Insurance expenses of $272,265 in fiscal 2021, compared to $49,147 in 2020. The increase is mainly attributable to the increase in the directors and officers (D&O) insurance coverage following our introduction to a major stock exchange and a general market price increase in D&O insurance market.

Finance costs include mainly interest charges and accretion of debentures. Those costs amounted to $181,943 for fiscal year 2021, compared to $990,053 for the same period in 2020. The decrease in interest and accretion expense is mainly explained by the outstanding debenture expenses in 2020 which amounted to $1,016 in fiscal 2021 compared to $771,832 for the same period in 2020.

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Expected credit loss (gain) of ($385,863) for 2021 (compared to $242,593 for the same period in fiscal 2020) relates to the variation in allowance for credit loss provision on ASFC's loan balance for the year as described in Note 7 of the Company's Audited Consolidated Financial Statements for the year ended December 31, 2021.

Travel and entertainment expenses amounted to $267,069 for 2021 compared to $205,059 for the same period in 2020. These expenses are mainly attributable to travel expenses incurred by the Company's Chinese management team for the business development initiatives and operations in China.

Stock exchange and transfer agent expenses were $388,142 for 2021 compared to $122,717 in the same period of 2020. The increase is mainly due to costs related to the Company's initiative for listing on a US stock exchange and associated costs.

Depreciation of right-of-use assets of $286,850 for 2021 (compared to $406,762 for the same period of fiscal 2020) follows the adoption of IFRS 16 on January 1, 2020, and relates to the depreciation of right-of-use assets associated with office lease agreements of the Company's operating subsidiaries in Canada and China.

Amortization of intangible assets amounted to $2,267,281 for the twelve-month period ended December 31, 2021, compared to $379,850 for the same period in 2020. This increase is due to the amortization of the acquired Cubeler and Heartbeat platforms during the year and continuous capitalized cost on platform improvements of assets in China. (Business Hub, Gold River, and others).

A periodic evaluation of the intangible assets and goodwill of Cubeler and Heartbeat resulted in an impairment of $41,386,422 for the goodwill and $11,978,283 for other intangibles assets (Technology and tradename) in 2021. There was no such impairment test to be performed in 2020. The delay in the launch of Tenet's Canadian operations has caused the Company's forecasted North American revenue for 2022 and beyond to have shifted by almost a full year, resulting in lower recoverable amount than the carrying value of the intangible assets and goodwill related to the Cubeler platform as previously forecasted.

The Company accounted for a one-time loss on expiration of deferred financing cost of $Nil in Fiscal 2021 ($353,377 in the corresponding Fiscal 2020) following the decision of the Company not to pursue the share subscription facility agreement signed on June 14, 2017, which expired on June 14, 2020. The amount of the deferred financing cost of $353,377 represents the residual value of the warrants issued at signing less the amortization of previously issued shares during the facility agreement.

A periodic evaluation of the fair value of contingent compensation resulted in a gain of $3,556,574 for fiscal year 2021 regarding the Heartbeat acquisition as opposed to a loss of $217,325 for the Wenyi business combination in fiscal year 2020. Tenet expects that the consideration payable in shares relating to the Heartbeat acquisition will be lower than originally forecasted following a delay in the start of a segment of the platform's revenue-generating operations after its acquisition.

The Company incurred a loss on settlement of debt totalling Nil for Fiscal 2021 compared to $784,750 for Fiscal 2020. In 2020, the Company had consulting agreements payable in shares. At the time of the issuance of the shares the market price of the Company's common shares was higher than the deemed price stated in the agreements. This resulted in a loss on settlement of debt for the difference.

The Company reported a currency translation adjustment gain of $62,142 for Fiscal 2021 (compared to a loss of $201,617 for the same period in 2020) reflecting the variation of the Chinese Renminbi against the Canadian Dollar during the year. This adjustment represents a theoretical gain or loss that would only be realized in the event of a material transaction involving the underlying assets to which the gain or loss is attributed, in this case, if the Company's subsidiaries were sold or otherwise disposed of.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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<u>Net Results.</u>

The Company incurred a net loss of $48,561,968 in fiscal year 2021 (compared to a net loss of $5,513,511 in Fiscal 2020)

**Summary of Quarterly Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,**<br>**2021** | **December 31,**<br>**2020** | **September 30,**<br>**2021**<br>**Restated** | **September 30,**<br>**2020**<br>**Restated** |
|  | **Three months** | **Three months** | **Three months** | **Three months** |
| Revenues | $33048249 | $16368779 | $25695570 | $15116369 |
| Expenses (1) | $83042872 | $19569280 | $24169284 | $16084781 |
| Net Loss | ($49994623) | ($3200501) | $1526286 | ($968412) |
| *Net (loss) profit attributable to:* |  |  |  |  |
| Non-controlling interest | $333791 | $487831 | $169752 | $350015 |
| Owners of the parent | ($50328414) | ($3668332) | $1356534 | ($1318427) |
| Earnings per Share (2) | ($0.776) | ($0.020) | $0.017 | ($0.02) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2021**<br>**Three months** | **June 30,**<br>**2020**<br>**Three months** | **March 31,**<br>**2021**<br>**Three months** | **March 31,**<br>**2020**<br>**Three months** |
| Revenues | $30649179 | $7263504 | $14239776 | $3949395 |
| Expenses (1) | $30353108 | $7802407 | $14629478 | $4755090 |
| Net Gain (Loss) | $296071 | ($538903) | ($389702) | ($805695) |
| *Net (loss) profit attributable to:* |  |  |  |  |
| Non-controlling interest | $315631 | $177983 | $375928 | $87081 |
| Owners of the parent | ($19560) | ($716886) | ($765630) | ($892776) |
| Earnings per Share (2) | $0.000 | ($0.002) | ($0.012) | ($0.002) |

---

*Note (1): Including income tax expenses*

*Note (2): Earnings per share is calculated using the net loss and the weighted average number of outstanding shares.*

**<u>Fourth Quarter Ending December 31, 2021</u>**

**Liquidity**

The level of revenue currently being generated by the Company is not presently sufficient to meet its working capital requirements and investing activities. Until that happens, the Company will continue to use financing means to help meet its financial obligations. As of May 2, 2022 the cash available to manage the Company's Canadian operations and meet its obligations amounted to approximately $13,300,000. The Company's cash flow position is expected to improve significantly as its operating subsidiaries grow their revenue and generate new revenue streams and eventual profits for the Company. Given that the vast majority of all outstanding warrants and options are in the money, the Company expects that the holders of warrants and options will be encouraged to continue to exercise their securities, which will generate cash inflows in the Company. This is expected to continue help the Company to meet its working capital needs. However, until that happens, the Company will continue to assess its capital needs and undertake whatever initiative it deems necessary to ensure that it continues to be in a position to meet its financial obligations. In the opinion of management, the Company's current cash position and its access to additional capital, will be sufficient to meet its current obligations and allow it to continue as a going concern for the next 12 months.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

Page **13** of **21**

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**Financing activities**

On July 27, 2021, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidation share for 2 pre-consolidation shares.

From January 1, 2021 to May 1, 2022, the Company issued 21,672 common shares to settle $84,750 of debt related to services received by the Company.

From January 1, 2021 to May 1, 2022, the Company issued 13,634,238 common shares for total proceeds of $15,373,636 upon the exercise of share purchase warrants.

From January 1, 2021 to May 1, 2022, the Company issued 707,500 common shares for total proceeds of $1,175,000 upon the exercise of options.

On March 1, 2021, $25,000 of secured debentures with a conversion price of $1.00 per share were converted into common shares of the Company. The Company therefore issued 25,000 common shares to the debenture holders.

On April 8, 2021 the Company issued the final tranche of 511,168 common shares at $0.79 per share with a total consideration of $403,610 in relation to a business combination.

On July 7, 2021, the Company closed a short-form prospectus financing consisting of the sale of 13,149,999 units (a "Unit") at a price of $4,00 per Unit for proceeds of $52,600,000 (net proceeds of $47,981,290 after related expenses). Each unit consists of one (1) common share and half (0.5) common share purchase warrant. Each warrant entitles the holder to purchase one (1) share of the Company at the price of $7.00 each for a period of twenty-four (24) months from the date of issuance. On October 1, 2021, the Company issued 11,133,012 common shares for total proceeds of $106,654,255 in relation to a business combination.

On October 4, 2021, the Company issued 600,000 common shares for total proceeds of $6,900,000 in relation to a business combination.

**Capital Stock**

The Company's capital stock as of December 31, 2021, was $208,219,490 compared to $39,131,010 as of December 31, 2020. The variation is explained by the common shares issued in connection with, the fair market value of shares issued in lieu of cash payments totalling $84,750, fair market value of warrants exercised of $17,699,802, the business acquisitions for $113,957,865, the fair market value of conversion of debentures for $27,483 , the fair market value of the exercise of options for $1,890,443 and the fair market value of value of shares from the prospectus of 41,922,422 less issuance cost of 6,494,305.

**Common Shares**

As of May 2, 2022, the Company had 98,794,693 common shares outstanding after a 10 for 1 consolidation of shares on July 28, 2020 and after a 2 for 1 common share consolidation on July 27, 2021. The following table summarizes the changes in shares outstanding from January 1, 2021, until May 2, 2022.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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---

| | | | |
|:---|:---|:---|:---|
| **Balance outstanding as of December 31, 2020** | **Balance outstanding as of December 31, 2020** | **59012094** | **59012094** |
| **Date** | **Description** | **Number** | **Cumulative** |
| **Date** | **Description** | **Number** | **number** |
|  |  |  | **number** |
| January 2021 | Exercise of warrants | 1790672 | 60802766 |
| January 2021 | Partial Exercise of warrants | 30000 | 60832766 |
| January 2021 | Share for debt | 10594 | 60843360 |
| February 2021 | Exercise of warrants | 1427500 | 62270860 |
| February 2021 | Partial Exercise of warrants | 207310 | 62478170 |
| March 2021 | Debentures /warrants | 25000 | 62503170 |
| March 2021 | Exercise of warrants | 1536834 | 64040004 |
| March 2021 | Share for debt | 3139 | 64043143 |
| April 2021 | Business acquisition | 511168 | 64554310 |
| April 2021 | Exercise of warrants | 722918 | 65277228 |
| May 2021 | Exercise of options | 7500 | 65284728 |
| May 2021 | Exercise of warrants | 687500 | 65972228 |
| June 2021 | Share for debt | 2944 | 65975171 |
| June 2021 | Exercise of options | 75000 | 66050171 |
| July 2021 | Exercise of warrants | 755000 | 66805171 |
| July 2021 | Exercise of options | 525000 | 67330171 |
| July 2021 | Exercise of warrants | 34000 | 67364171 |
| August 2021 | Prospectus | 13149999 | 80514170 |
| September 2021 | Exercise of warrants | 969645 | 81483815 |
| October 2021 | Exercise of warrants | 1111361 | 82595176 |
| October 2021 | Business acquisition | 11733012 | 94328188 |
| October 2021 | Exercise of warrants | 322500 | 94650688 |
| October 2021 | Share for debt | 2825 | 94653513 |
| November 2021 | Exercise of warrants | 251500 | 94905013 |
| December 2021 | Exercise of warrants | 2260000 | 97165013 |
| December 2021 | Share for debt | 2170 | 97167183 |
| January 2022 | Exercise of warrants | 700000 | 97867183 |
| February 2022 | Exercise of warrants | 827500 | 98694683 |
| March 2022 | Exercise of options | 100000 | 98794683 |

---

**Share Purchase Options**

As of May 2, 2022, the Company had 4,689,694 common share purchase options outstanding. The following table summarizes the options outstanding as of May 2, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance outstanding as of September 30, 2021** | **Balance outstanding as of September 30, 2021** | **Balance outstanding as of September 30, 2021** |  | **4689250** |
| **Date of grant** | **Optionee** | **Number** | **Exercise Price** | **Expiration** |
| January 2022 | Employee | 32725 | $7.50 | October 2026 |
| February 2022 | Employee | 46064 | $5.60 | February 2027 |
| March 2022 | Employee | 4498 | $2.89 | March 2027 |
| March 2022 | Consultant | (100000) | $2.10 | N/A |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

Page **15** of **21**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| April 2022 | Employee | 12157 | $3.11 | April 2027 |
| April 2022 | Consultant | 5000 | $4.16 | April 2023 |
|  | Total outstanding | 4689694 |  |  |

---

**Share Purchase Warrants**

As of May 2, 2022, the Company had 15,805,004 common share purchase warrants outstanding. The following table summarizes the changes in warrants outstanding as of May 2, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance outstanding as of September 30, 2021** | **Balance outstanding as of September 30, 2021** | **Balance outstanding as of September 30, 2021** | **20181504** | **20181504** |
| **Date** | **Description** | **Number** | **Exercise Price** | **Expiration** |
| October 2021 | Exercise of warrants | (137500) | $0.50 | N/A |
| October 2021 | Exercise of warrants | (125000) | $1.50 | N/A |
| October 2021 | Exercise of warrants | (60000) | $1.60 | N/A |
| November 2021 | Exercise of warrants | (41500) | $0.50 | N/A |
| November 2021 | Exercise of warrants | (210000) | $1.60 | N/A |
| December 2021 | Exercise of warrants | (600000) | $0.80 | N/A |
| December 2021 | Exercise of warrants | (1660000) | $1.60 | N/A |
| December 2021 | Expired | (15000) | NA | N/A |
| January 2022 | Exercise of warrants | (100000) | $0.50 | N/A |
| January 2022 | Exercise of warrants | (350000) | $0.80 | N/A |
| January 2022 | Exercise of warrants | (250000) | $1.50 | N/A |
| February 2022 | Exercise of warrants | (467500) | $0.50 | N/A |
| February 2022 | Exercise of warrants | (360000) | $2.00 | N/A |
|  | Total outstanding | 15805004 |  |  |

---

**Segment Reporting**

The Company presents and discloses segmental information, as disclosed in Note 22 of the Company's Audited Consolidated Financial Statements for the year ended December 31, 2021, based on information that is regularly reviewed by the chief operating decision maker who has been identified as the Company's senior management team, which makes strategic and operational decisions.

**Debentures**

As of December 31, 2021, the Company had debentures outstanding as described in the Note 13 of the Audited Consolidated Financial Statements for the year ended December 31, 2021.

In March 1, 2021, the remaining $25,000 face value of the April 2020 debentures were converted into 25,000 shares of the Company at $1.00 per share. As at December 31, 2021 and May 2, 2022 the Company had no debentures obligations outstanding.

**Escrowed shares**

As of May 2, 2022, 7,758,504 shares of the Company were held in escrow by TSX Trust Company (the "Escrow Agent") in accordance with the terms of the Security Escrow Agency Agreement dated October 1, 2021, between the Escrow Agent, the Company and securityholders of Cubeler Inc. ("Cubeler"). Cubeler securityholders agreed to deposit with the Escrow Agent 11,133,012 shares in the Company received a partial consideration for the sale by said securityholders of the issues and outstanding shares of Cubeler. On February 2, 2022, 3,374,508 shares of the Company were released by the Escrow Agent. On October 1, 2022, 3,879,271 shares held in escrow are scheduled to be released and the remaining 3,879,233 shares held in escrow are scheduled to be released on October 1, 2023.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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**Related Party Transactions**

Salaries paid to officers and directors amounted to $1,259,068 in fiscal 2021 compared to $558,477 in fiscal 2020.

During the twelve-month period ended December 31, 2021, share-based payments associated with salaries, board members and management fees amounted to $2,177,320 compared to $463,696 for the same period of 2020.

During fiscal 2021, the Company incurred interest expense on debentures from officers of nil (twelve-month period ended December 31, 2020: $600).

Cubeler Inc. ("Cubeler"), a Canadian company, created a software platform called Cubeler (the "Platform"). In 2017, Cubeler entered into a Software and Royalty License Agreement with Tenet (then Peak Positioning Technologies Inc.), according to which Cubeler granted Tenet an exclusive, assignable, transferable license to, among other things, use, market, distribute, and sell the Platform in Mainland China. On August 15, 2021, Tenet, Cubeler, and Cubeler's shareholders entered a Binding Memorandum of Understanding on the Acquisition of Cubeler Shares, pursuant to which Tenet conditionally agreed to purchase Cubeler. Four Cubeler shareholders were identified as Tenet insiders and, as such, the acquisition was conditional on, among other things, receipt of an independent favorable fairness opinion satisfactory to the special committee of Tenet's board (having no conflicts of interest) as to the purchase price and the transaction, shares in Tenet paid in consideration would subject to an escrow hold and released gradually over 24 months, and non-compete undertakings for shareholders holding 5% or more of Cubeler. As found in a Final Pricing Report dated August 15, 2021, Evans and Evans carried out an independent assessment and determined that, as of June 30, 2021, the value of Cubeler to Peak was between $94.73- 103.102M. Moreover, a Fairness Opinion by Harris Capital Corporation dated September 23, 2021, concluded that the proposed transaction was fair from a financial point of view to the shareholders of Tenet. The sale was concluded pursuant to a Share Purchase Agreement between Tenet and the shareholders of Cubeler dated October 1, 2021.

During the nine-month period ended September 30 (before the acquisition of Cubeler), 2021, the Company incurred $134,678 of royalty expense for the use of Cubeler's technology, compared to $140,224 for twelve-month period ended December 31, 2020. Also, for the nine-month period ended September 30, 2021, the net amount payable to Cubeler was $132,579, compared to a net payable of $40,134 for the twelve-month period ended December 31, 2020. No royalties will be payable to Cubeler following the Company's acquisition of Cubeler.

As of both December 31, 2021 and the date of this MD&A, there was no outstanding advance made by any senior officer to any subsidiary of the Company, compared to such an advance in the outstanding amount of $270,911 as of December 31, 2020.

On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of December 31, 2021, and the date of this MD&A, the aggregate outstanding principal amount due for said loans is $113,193.

**Off-Balance-Sheet Arrangements**

The Company has not entered into any off-balance sheet financing arrangements.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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**Accounting policies**

The principal IFRS accounting policies set out in Notes 3 and 4 to the Consolidated Financial Statements have been consistently applied to all periods presented in such financial statements.

**Legal proceedings**

As of May 2, 2022, the following legal proceedings have been instituted against the Company:

A class action lawsuit has been brought against Tenet and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case has been brought on behalf of Tenet shareholders who traded securities of Tenet between September 2, 2021, and October 13, 2021, on Nasdaq. The complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 by making false or misleading statements regarding (i) Tenet's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) Tenet's acquisitions of the Huayan Kun Tai Technology Company Ltd., the Heartbeat insurance platform, and Cubeler Inc., (iii) Tenet's listing on Nasdaq, (iv) Tenet's Form 40-F submission to the SEC, and

(v) statements published about Tenet by Grizzly Reports. The Company has retained external counsel and is defending itself vigorously against all claims.

**Financial Instruments**

The Company has classified its financial instruments as described in the note 4.10 of the audited Consolidated Financial Statements for the period ending December 31, 2021. The Company is exposed to various risks as described in the note 21.3 of the audited Consolidated Financial Statements as of December 31, 2021.

**Governance**

To better equip the Company with the right tools to manage the current growth of its business and to properly pursue its strategic plan, the Company began to take steps, starting in Q4 of Fiscal 2021, and continuing into Q1 of Fiscal 2022, to bolster its governance measures. These steps include (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, including with respect to with respect to discrimination and harassment, health and safety, and personal data, (iii) the adoption of a corporate whistleblower policy, and (iv) the Company retained Richter LLP in Canada and Deloitte Ltd. in China to help it implement general internal control over its processes and operations, as well as to carry out a Sarbanes Oxley compliance review and diagnostic, both of which were still ongoing as of the date of this MD&A. The Company aims to continue to improve upon its corporate governance throughout 2022 to bring it to the highest standards.

**RISKS AND UNCERTAINTIES**

Risk factors that may adversely affect or prevent the Corporation from carrying out all or portions of its business strategy are discussed in the Corporation's Filing Statement dated January 6, 2011, available on SEDAR at <u>www.sedar.com</u>. Other risks include:

**Liquidity and Capital Resources**

The Company will require financing in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of common shares. Factors that could affect the availability of financing include, but are not limited to, evidence of continued demand for the Company's services, the Chinese geopolitical climate, the Company's ability to expand its services beyond China, the state of international debt and equity markets, and investor perceptions and expectations of the fintech space. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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**Holding Company With Significant Operations in China**

As a holding company that is currently dependent on the operations of its subsidiaries in China, Tenet is subject to risks that could cause the value of its common shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of its common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

**Regulatory Permissions**

To operate its business as currently conducted in China, each of the Company's subsidiaries in China is required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

**Repatriation of Profits or Transfer of Funds from China to Canada**

As of the date of this MD&A, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits generated by the Company which the Company might want to repatriate from China to Canada, or the transfer any funds that the Company's Chinese might want to transfer from its subsidiaries to Canada, is subject to the rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with the regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise adversely impact the Company in the future.

**Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest**

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporary or permanently suspend some of its operations in China, which would adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favors that would advance the Company's business interests in exchange for cash or other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behaviour, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would negatively impact the Company's operations, revenue and profits.

**COVID-19**

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months in some parts of the world, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

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**FURTHER INFORMATION**

Additional information about the Company can be found at <u>www.sedar.com</u>

May 2, 2022<br>

---

| | |
|:---|:---|
| ***(s) Jean Landreville*** | ***(s) Johnson Joseph*** |
| Jean Landreville, Chief Financial Officer | Johnson Joseph, President & CEO |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, December 31, 2021

Page **21** of **21**

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## Exhibit 99.319

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**FORM 13-502F1**

**CLASS 1 AND CLASS 3B REPORTING ISSUERS - PARTICIPATION FEE**

**MANAGEMENT CERTIFICATION**

I, <u>Jean Landreville</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the Form) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

<u>(s) Jean Landreville <br></u> <u>May 2, 2022</u> <br> Name: <br> Date: <br> Title:

---

| | | |
|:---|:---|:---|
| **Reporting Issuer Name:** | Tenet Fintech group Inc. |  |
| **End date of previous financial year:** | December 31, 2021 |  |
| **Type of Reporting Issuer:** | **☑ Class 1 reporting issuer** | **☐ Class 3B reporting issuer** |
| **Highest Trading Marketplace:**  | Canadian securities Exchange |  |
| (refer to the definition of "highest trading marketplace" under OSC Rule 13-502 *Fees*) | (refer to the definition of "highest trading marketplace" under OSC Rule 13-502 *Fees*) | (refer to the definition of "highest trading marketplace" under OSC Rule 13-502 *Fees*) |

---

<u>**Market value of listed or quoted equity securities:**</u>

(in Canadian Dollars - refer to section 7.1 of OSC Rule 13-502 *Fees*)

---

| | |
|:---|:---|
| **Equity Symbol** | PKK |

---

---

| | | | |
|:---|:---|:---|:---|
| **1<sup>st</sup>** **Specified Trading Period** (dd/mm/yy) |  |  |  |
| (refer to the definition of "specified trading period" under OSC Rule 13-502 *Fees*) | 01/01/2021 | &nbsp;&nbsp;&nbsp;&nbsp;to | 31/03/2021 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $5.48(i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 64043143 (ii) |
| Market value of class or series | (i) x (ii) | $350956422 (A) |

---

---

| | | | |
|:---|:---|:---|:---|
| **2<sup>nd</sup>** **Specified Trading Period** (dd/mm/yy) |  |  |  |
| (refer to the definition of "specified trading period" under OSC Rule 13-502 *Fees*) | 01/04/21 | &nbsp;&nbsp;&nbsp;&nbsp;to | 30/06/21 |

---

------

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $3.92(iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 66805170 (iv) |
| Market value of class or series | (iii) x (iv) | $261876269 (B) |

---

---

| | | | |
|:---|:---|:---|:---|
| **3<sup>rd</sup>** **Specified Trading Period** (dd/mm/yy) |  |  |  |
| (refer to the definition of "specified trading period" under OSC Rule 13-502 *Fees*) | 01/07/21 | &nbsp;&nbsp;&nbsp;&nbsp;to | 30/09/21 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $9.65(v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 82595176 (vi) |
| Market value of class or series | (v) x (vi) | $797043448 (C) |

---

---

| | | | |
|:---|:---|:---|:---|
| **4<sup>th</sup>** **Specified Trading Period** (dd/mm/yy) |  |  |  |
| (refer to the definition of "specified trading period" under OSC Rule 13-502 *Fees*) | 01/10/21 | &nbsp;&nbsp;&nbsp;&nbsp;to | 31/12/21 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | 7.15(vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 97167183 (viii) |
| Market value of class or series | (vii) x (viii) | $694745358 (D) |

---

---

| | |
|:---|:---|
| **5<sup>th</sup>** **Specified Trading Period** (dd/mm/yy) |  |
| (if applicable - refer to the definition of "specified trading period" under OSC Rule 13-502 *Fees*) | &nbsp;&nbsp;&nbsp;&nbsp;to |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $| (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | (x) |

---

------

---

| | | |
|:---|:---|:---|
| Market value of class or series | (ix) x (x) | $(E) |
| **Average Market Value of Class or Series**<br> (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) |  | **(1)** |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 2.8(1)(c) of OSC Rule 13-502 *Fees*, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | | |
|:---|:---|:---|
| **Fair value of outstanding debt securities:**<br> (See paragraph 2.8(1)(b), and if applicable, paragraph 2.8(1)(c) of OSC Rule 13-502 *Fees*)****  |  | **(2)** |
| (Provide details of how value was determined) |  |  |
| **Capitalization for the previous financial year** | (1) + (2) |  |
| **Participation Fee** |  |  |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) |  |  |
| (For Class 3B reporting issuers, from Appendix A.1 of OSC Rule 13-502 Fees, select the participation fee) |  |  |
| **Late Fee,** if applicable<br>(As determined under section 2.7 of OSC Rule 13-502 *Fees*) |  | $— |
| **Total Fee Payable**<br>(Participation Fee plus Late Fee) |  |  |

---

------

## Exhibit 99.320

------

***Note: [01 Mar 2017]** - The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING ISSUERS -***

***PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>Jean Landreville</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
| /s/ Jean Landreville  | May 2, 2022 |
| Name: Jean Landreville | Date: |
| Title: CFO |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Tenet Fintech Group Inc. |
| **End date of previous financial year:** | December 31, 2021 |

---

---

| | | |
|:---|:---|:---|
| **Type of Reporting Issuer:** | **[ X ] Class 1 reporting issuer** | **[ ] Class 3B reporting issuer** |

---

---

| | |
|:---|:---|
| **Highest Trading Marketplace:** | Canadian Securities Exchange |

---

<u>**Market value of listed or quoted equity securities:**</u>

---

| | |
|:---|:---|
| **Equity Symbol** | PKK |

---

---

| | | | |
|:---|:---|:---|:---|
| **1st Specified Trading Period** (dd/mm/yy) | 01/01/21 | to | 31/03/21 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $5.4800 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | (i) |

---

------

---

| | | |
|:---|:---|:---|
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 64043143 |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | (ii) |
|  | (i) x (ii) | $350956423.64 |
| Market value of class or series |  | (A) |

---

---

| | | | |
|:---|:---|:---|:---|
| **2nd Specified Trading Period** (dd/mm/yy) | 01/04/21 | to | 30/06/21 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $3.9200 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 66805170 |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | (iv) |
| Market value of class or series | (iii) x (iv) | $261876266.4 |
| Market value of class or series |  | (B) |

---

---

| | | | |
|:---|:---|:---|:---|
| **3rd Specified Trading Period** (dd/mm/yy) | 01/07/21 | to | 30/09/21 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace**** |  | $9.6500 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace**** |  | (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 82595176 |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | (vi) |
|  | (v) x (vi) | $797043448.4 |
| Market value of class or series |  | (C) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | 01/10/21 | to | 31/12/21 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $7.1500 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | 97167183 |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | (viii) |
|  | (vii) x (viii) | $694745358.45 |
| Market value of class or series |  | (D) |

---

---

| | |
|:---|:---|
| **5th Specified Trading Period** (dd/mm/yy) | to |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | $— |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace |  | (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  |  |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period |  | (x) |
|  | (ix) x (x) | $— |
| Market value of class or series |  | (E) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) |  | $526155374 |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) |  | **(1)** |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

------

---

| | | |
|:---|:---|:---|
| **Fair value of outstanding debt securities:** |  |  |
| (Provide details of how value was determined) |  | $— |
|  |  | **(2)** |
| **Capitalization for the previous financial year** | (1) + (2) | $526155374 |
| **Participation Fee** |  | $19000.0000 |
| **Late Fee,** if applicable |  | $— |
| **Total Fee Payable** |  | $19000.0000 |
| (Participation Fee plus Late Fee) |  |  |

---

------

## Exhibit 99.321

------

**FORM 52-109FV1**

**CERTIFICATION OF ANNUAL FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Johnson Joseph, Chief Executive Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the annual financial statements and MD&A (together, the "**annual filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the year-end period ended December 31, 2021.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

Date: May 2, 2022

/s/ Johnson Joseph

_______________________

Johnson Joseph

Chief Executive Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement

on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

------

## Exhibit 99.322

------

**FORM 52-109FV1**

**CERTIFICATION OF ANNUAL FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Jean Landreville, Chief Financial Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the annual financial statements and MD&A (together, the "**annual filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the year-end period ended December 31, 2021.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

Date: May 2, 2022

/s/ Jean Landreville

_______________________

Jean Landreville Chief Financial Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement

on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

------

## Exhibit 99.323

------

**Tenet Year-end 2021 Audited Financial Results Confirm Growth Trajectory with Revenues of $103.6M for the Year**

Toronto, Ontario--(Newsfile Corp. - May 2, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced its financial results for the year ended December 31, 2021. The Company reported revenues of $103.6M, an adjusted EBITDA of $2.48M and a net loss of $48.5M for the year. While the figures fall short of the forecasts set by the Company for the year, they are nonetheless indicative of the Company's growth potential. The missed forecast is largely ascribed to the Company having to reassess and adjust its short-term cash flow strategy, which led to unexpected delays in certain segments of its operations. All amounts expressed are in Canadian dollars.

**2021 Financial Highlights:**

* Total Revenue of $103.6M<br>

* Adjusted EBITDA of $2.48M<br>

* Net Loss of ($48.5M)

**Comparative Summary of Key Financial Metrics from 2018 to 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** | **2018** |
|  Revenue | $103632774 | $42698047 | $11708653 | $1681534 |
|  Expenses<sup>1</sup> | $101145243 | $44556226 | $10173036 | $3260765 |
|  Adjusted EBITDA<sup>2</sup> | $2487531 | ($1858179) | $1535617 | ($1579231) |
|  Net Income (Loss) <sup>3</sup> | ($48561968) | ($5513511) | ($1830361) | ($3608920) |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Expenses do not include interest, taxes, depreciation (including impairment of intangible assets) loss on settlement of debt, gain on bargain purchase and amortization

&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation, amortization and impairment of intangible assets, loss on extinction of debt, gain on bargain purchase and amortization. Adjusted EBITDA is provided as supplementary earnings measure to assist readers in determining the Company's ability to generate cash-flows fromoperations and to cover finance charges. Adjusted EBITDA and EBITDA are also widely used for business valuation purposes. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

&nbsp;&nbsp;&nbsp;&nbsp;3. The net loss for 2021 includes a total of $53,364,705 in impairment charges related to the Company's acquisition of Cubeler for which forecasted revenues shifted by almost a year due to the delayed launched of the Company's Canadian Business Hub™. Part of the impairment charges may be reversed in the future following the launch of the Company's Canadian operations.

**2021 Operating Highlights:**

* Partnership agreement with ecommerce software provider ShopEx<br>

* Re-emergence and integration of the Gold River ecommerce and logistics platform to Business Hub<br>

* Integration of Business Hub™ to China UnionPay network

------

* Creation of first virtual bank accounts on Business Hub™ and first fund transfer and payment processing transactions on China UnionPay network<br>

* First participation in "618 Shopping Festival" with JD.com retailers and suppliers<br>

* Opening of new offices in Beijing and Guangzhou<br>

* Creation of new subsidiary to allow the Company to provide services related to the selling and distribution of oil and gas products and clean technology products through the Business Hub™<br>

* Creation of new subsidiary to allow the Company to provide services related to the selling and distribution of property and liability insurance products in China through the Business Hub™<br>

* Rebranding of ecosystem from "Lending Hub" to "Business Hub"<br>

* Closing of a short form prospectus financing of $52M<br>

* Acquisition of "Heartbeat" insurance product management and brokerage platform<br>

* Acquisition of AI and analytics company and owner of Business Hub intellectual property, Cubeler Inc.<br>

* Agreement with Ping An Insurance for the sale and distribution of auto industry insurance policies through Heartbeat platform<br>

* Revenue sharing agreement with PetroChina related to the installation and maintenance of automated coffee distribution machines as well as the sale of coffee at PetroChina convenience stores.

**Review of 2021**

"We believe the revenue growth and operational progress we made in China in 2021 validate what we've been telling everyone all along about the potential behind the concept of our Hub," commented Tenet CEO Johnson Joseph. "With the addition of payment processing features, the integration of service offerings to the insurance sector and value-added programs and features to facilitate transactions among our members, we rebranded our ecosystem from 'Lending Hub' to 'Business Hub' in 2021 because it is about so much more than just lending. While some may look at the 2021 financial results from a 'glass half empty' perspective and focus on the EBITDA and net income shortfalls, we, on the other hand, believe there are far greater reasons to look at the glass as being 'half full' than 'half empty'. Not only are we continuing to show the ability and potential for exceptional growth in China, but our acquisition of Cubeler has freed us to turn the Business Hub concept into a global AI-powered network that will allow the world's SME business owners and executives to connect and conduct business with each other. Also, if you take away the impairment hit that we took related to the Cubeler acquisition and the fact that almost all the insurance related revenue and profits expected in Q4 were delayed by about two quarters, then the total revenue, EBITDA and net income for the year would actually beat what we had forecasted for 2021."

The foregoing comments notwithstanding, 2021 was a banner year for Tenet in more ways than one. From a Chinese operations standpoint, the Company took part for the first time in three shopping festivals, "618" in June, "Singles' Day" in November and "Couples' Day" in December, which combined to help Tenet generate over 25% of its total revenue for the year and helped improve its overall margins related to its service offering to the consumer goods supply chain segment. While the consumer goods supply chain segment should provide a solid base for potential growth in China for years to come, Tenet began servicing several other verticals in 2021 that should also provide strong growth potential but with better profit margins. The insurance sector is one such vertical, which the Company was able to enter thanks to its acquisition of the Heartbeat insurance product management and brokerage platform in the third quarter. Tenet had expected to see significant returns from Heartbeat in terms of revenue and profits in the fourth quarter. However, the Company had to delay certain investments related to the operation of the platform and the development of certain related products. This was necessary as Tenet reassessed its short-term cash flow strategy as a result of the uncertainty surrounding the Company's ability to access the US capital markets due to the ongoing review of Tenet's registration statement by the US Securities and Exchange Commission.

------

As the world's second largest economy, China will always play a key role in in Tenet's future plans. But in order to create a global AI-powered network for the world's SME business owners and executives, the Company would have expand beyond China's borders to create Business Hubs™ all over the world, which would then be connected into that single global network. That is in large part why Tenet believes its acquisition of Cubeler during the fourth quarter to be the most important transaction in the Company's history. Cubeler's technology is at the core of Tenet's Business Hub™. It can be likened to the operating system that all the Business Hub's components and platforms sit on or are connected to in order to function. So not only did the acquisition of Cubeler provide Tenet with ownership of the technology responsible for generating over 90% of the Company's revenue, it also allows Tenet to commercialize the technology on a global basis. The Company believes that that transaction alone made 2021 an exceptional year for the Company, despite the fact that various factors combined to delay the launch of the Company's first Business Hub™ outside of China.

**Outlook for 2022**

The launch of the Company's Canadian Business Hub™ is the single most important event to look out for in 2022. That launch is expected to lead to a few adjustments to Tenet's Chinese Business Hub™. The rules for posting messages, operating a website and for general Internet behaviour are different in China than they typically are in other parts of the world. Considering that the Company's Chinese Business Hub™ will first be linked to its Canadian Business Hub™ and eventually to other Hubs around the world, certain adjustments will be made to both Hubs in 2022 to ensure compliance with Chinese standards for Internet conduct while minimizing potential adverse impacts on the features available to all Hub members. The business models of the two Hubs will also vary considerably, at least initially. While the Chinese Hub model services specific verticals and earns revenue through transactional services fees, revenue with the Canadian Hub is expected through a combination of the development of AI and analytics based products and services and through advertising, revenue streams that will eventually also be introduced in China. Given that most other markets where the Company expands the network in the future will have more in common with Canada than with China, Tenet also plans to make the necessary investments in 2022, in terms of time and money, to ensure that the Canadian Business Hub, once launched, will have enhanced features and modules that will allow for the relatively quick and seamless expansion of the platform to other parts of the world.

While the launch of the Canadian Business Hub will be the top priority for Tenet in 2022, its Chinese operations will remain the Company's main revenue generator during the year. China was the initial launchpad of the Company's Business Hub and with good reason. China is estimated to have over 40M SMEs and over 70M micro-enterprises and this wealth of potential users and customers will continue to offer exceptional growth opportunities for the Company for years to come. Tenet plans to continue to use the industrial vertical targeting approach that has worked so well to date to continue to grow its operations in China. In particular, the consumer goods supply chain vertical should once again pace the Company's revenues in 2022. The Chinese Business Hub services the vertical through various programs and events, such as through its JD.com supplier financing program, at Chinese shopping festivals, and to clients ranging from social media influencers to large-scale consumer goods distributors.

In terms of potential profitability, the industrial sector that the Company is most enthusiastic about is the clean tech sector, which Tenet plans to dive into in 2022 with its innovative i3060 platform. With China and countries around the world looking for clean tech solutions to help fight climate change, the i3060 platform's ability to digitize the feasibility study and life cycle of clean energy projects makes Tenet well placed to capitalize on clean tech opportunities, which could account for as much as 8% of the Company's revenue in 2022.

------

Part of Tenet's capital markets strategy for 2022 remains what it was for 2021, which is to have the Company's securities listed on senior stock exchanges in some of the world's better known capital markets. Although the Company has not been given a timetable as to when the SEC review process might be completed, Tenet plans to continue to work in a collaborative fashion with the SEC with a view to an eventual return of its securities on the Nasdaq in 2022. Meanwhile, the Company will take measures to have its common shares listed on other senior exchanges in 2022 in the UK and Canada. Tenet believes that having its securities listed on senior exchanges in London and Toronto will provide the Company with greater access to capital and a diversified pool of investors and position the Company for success regardless of how long the SEC's review process of its listing registration statement ultimately takes.

Despite the delay in the launch of its Canadian Business Hub™ and the shifting of its insurance related revenue in China, the Company has not judged it necessary to revise its guidance for 2022 as it believes other revenue streams will compensate for the delays.

**Fiscal 2021 Financial Results Summary**

In summary, the Company generated $103,632,774 in revenue in 2021 (compared to $42,698,047 in fiscal 2020). Total expenses for fiscal 2021 amounted to $153,806,561, compared to $47,359,548 in 2020.

The net loss for the year was $48,561,968 compared to $5,513,511 in 2020. Full details of the Company's 2021 financial results can be found in the Audited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the years ended December 31, 2021 and 2020, which are available at <u>www.sedar.com</u>.

Tenet will host an investor webinar on **Tuesday, May 3<sup>rd</sup>** **at 4:30 pm ET**, where President & CEO Johnson Joseph and CFO Jean Landreville will discuss the Q4 2021 financial results. Registration for the event is available at: <u>https://tinyurl.com/8z5pja7e</u>. Please submit your questions related to the Q4 results in advance to <u>cathy@chfir.com</u> or <u>mark.schwalenberg@mzgroup.us</u>.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech <br>LinkedIn: Tenet Fintech<br>YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-323x5x1.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/122516</u>

------

## Exhibit 99.324

------

**Tenet Appoints Jean-Philippe Gousse Vice President of Product Management**

Toronto, Ontario--(Newsfile Corp. - May 6, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced that the Company has appointed technology product executive Jean-Philippe Gousse as Vice President of Product Management.

Mr. Gousse joins Tenet with more than 25 years of experience in product management and development at various tech organizations ranging from start-ups to mid and large companies. Most recently, he was Director of Digital Services & Engagement at COGECO, a Canadian telecommunications and media company, where he led a team of product owners, UX/UI designers, and content specialists. Previously, he was Senior Product Manager at CAE, a Canadian based provider of simulation and modeling technologies with operations and training facilities in 35 countries, serving the airline industry, healthcare specialists, aircraft manufacturers and defense customers. His position at CAE saw him work primarily on product strategy to better serve the needs of clients and on tactical product roadmaps. Prior to moving to Montreal, he had a successful career in high-level sales in Paris, followed by the creation and sale of his first company, a web and design studio. He has a passion for designing and building engaging products, and finding simple solutions to complex problems.

"Jean-Philippe has significant leadership experience in technology product development across a diverse set of industries," said Tenet CEO Johnson Joseph. "His expertise in scaling products and design for high growth organizations will be a strong asset to Tenet. His philosophy that product management is at the intersection of technology, business, and customer experience, and is the core to any successful tech endeavour, aligns well with our strategic goals. We look forward to his insights and contribution to help ensure that our Hubs ultimately become and continue to be invaluable resources for both SME entrepreneurs and financial institutions."

"Building successful technology products requires a deep understanding of the needs and challenges of the customer," added Mr. Gousse. "Joining Tenet is an incredible opportunity to potentially change the lives of millions of SME entrepreneurs. Having been an entrepreneur myself, I can certainly relate to what those needs and challenges are and very much look forward to helping Tenet redefine what it means to be an SME."

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-324x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/123054</u>

------

## Exhibit 99.325

------

**Tenet Collaborates with People's Insurance Company of China to Launch First Policy Exclusive to Heartbeat Platform**

Toronto, Ontario--(Newsfile Corp. - May 16, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced that it has collaborated with the People's Insurance Company of China ("PICC") and eHi Auto Services Ltd. ("eHi") to launch the "Driver's Seat" policy, the first insurance policy to be exclusively available through Tenet's Heartbeat insurance brokerage platform.

Driver's Seat policy holders can obtain replacement vehicles in the event of accidents or any other situation where their vehicles would require servicing for an extended period of time. While replacement vehicle services are commonplace in some parts of the world, like Canada and the United States, implementing the service has been problematic in China for various reasons, which is sure to make the Driver's Seat policy a rather unique find in the country. The vehicles in support of the policy will be provided from eHi's (<u>https://en.1hai.cn/</u>) fleet of over 100,000 vehicles through more than 5,000 service outlets in over 400 cities. The policies themselves will be sold through eHi's service outlets and by the more than 400 insurance brokers already using the Heartbeat platform, and endorsed by the country's largest insurance company. Founded by the Chinese Central Government in 1949, which still remains its biggest shareholder, PICC (<u>https://www.picc.com/</u>) has over 30% of the property insurance market in China. Product data in Heartbeat combined with the analytical capabilities of Tenet's Business Hub™ will ensure the match between policy holders and temporary replacement vehicles result in the best possible user experience for policy holders while optimizing the use of eHi's fleet.

"One of the things that attracted us to the Heartbeat platform and led us to acquire it, was the fact that we would eventually be able to use it to help design policies that would be available exclusively through the platform," said Liang Qiu, CEO of Tenet Asia. "Given our expanding membership and the amount of data that we collect every day on the transactions that we facilitate through our Business Hub™, we see exceptional opportunities to design insurance policies to fit the needs of our members. We service industrial verticals, such as the oil & gas and the automotive sectors, that could particularly benefit from the right insurance products, which would create more synergies among our existing service offerings. This would in turn generate more opportunities for our insurance brokers and insurance company partners. Therefore we believe that the introduction of the Driver's Seat policy is the beginning of something of great significance for the Company's operations in China."

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

------

**MZ Group - MZ North America**<br>Mark Schwalenberg, CFA - Director <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-325x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/124104</u>

------

## Exhibit 99.326

------

**Tenet Attends Key Canadian Trade Shows to Raise Awareness for its Upcoming Canadian Business Hub(TM)**

Toronto, Ontario--(Newsfile Corp. - May 24, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, connected with an important segment of the Canadian SME landscape as well as an influential segment of the lending sector with its recent participation at the Restaurants Canada (RC) Show 2022 (<u>https://www.rcshow.com/</u>) and the 2022 National Conference for Canada's Credit Unions (<u>NCCCU</u>). The Company's Business Hub™, already a success in China, is currently being adapted for the Canadian market and aims to provide Canadian SME owners and execs with a powerful business development ecosystem allowing them to pre-qualify for loans and credit, advertise their products and services, connect and network with each other, access exclusive content, obtain market intelligence reports and ultimately access to global markets.

The RC Show was an opportunity for Tenet to connect directly with impactful SMEs that are driving the food and hospitality industries across Canada. Held in Toronto from May 9-11, the RC Show was a dynamic hybrid event with eight curated pavilions, hundreds of products and services represented, over 250 speakers across five stages, six competitions, and four networking events alongside a virtual platform broadcasting live programming and connecting buyers and suppliers through their online marketplace. Tenet was represented at the event by Marc Pearson and Luc Godard, respectively Vice President of Strategic Alliances, and Vice President of Marketing & Communications of Tenet's Cubeler subsidiary.

"The Business Hub™ aims to revolutionize how SMEs approach their credit needs, how they network and promote their products and services," explained Mr. Pearson. "The RC Show 2022 allowed us to connect with a high number of entrepreneurs and explain our value proposition. We were very pleased with the feedback and the pre-registrations we were able to gather for the upcoming Canadian Hub, which is slated to launch later in 2022. Hearing from SMEs directly, including on the challenges that they have faced throughout the pandemic and what their expectations are now that things are returning to a new normal, really got us excited about providing them with a platform and the tools they need to thrive in this new era."

Tenet also attended the 2022 NCCCU where over 100 Canadian lenders took part in an exchange of key industry priorities, such as open banking, economic and policy trends, business strategies, payments modernization, and technology. The event took place at Niagara Falls from May 8-11. Evrard D. Nkwemi, Cubeler's Director of Financial Institutions Relationship and Credit Analysis, represented Tenet at the event.

"As markets continue to reopen, meeting with leading lending industry representatives was an enlightening experience," said Mr. Nkwemi. "I was very pleased at the reception given to the value proposition of our Business Hub™ for lenders. We managed to connect with several interested potential lending partners that we will follow up with as the Canadian Hub gets closer to launch."

Mr. Godard added: "The Business Hub™'s success hinges on buy-in from both SMEs and lenders as demonstrated by the results in China. Attending these trade shows was really our first forays into the Canadian marketplace and a very effective way for us to gather intelligence, network and raise awareness about our offering. The interest surrounding our business ecosystem concept was highly encouraging and really helps us to connect with key demographics to better understand their needs and challenges."

Tenet will also be in attendance at Canada's largest retail industry event, RCC Store 2022 (<u>https://storeconference.ca/</u>), hosted by the Retail Council of Canada in Toronto from May 31 to June 1.

------

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-326x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/125070</u>

------

## Exhibit 99.327

------

**Tenet To Report Q1 2022 Financial Results on May 30**

Toronto, Ontario--(Newsfile Corp. - May 26, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that its financial results for the quarter ended March 31, 2022, will be released

on Monday, May 30<sup>th</sup>, 2022.

Tenet will host an investor webinar on Tuesday, May 31st at 8:00 am ET, where Johnson Joseph, President and CEO, and Jean Landreville, CFO, will discuss the Q1 2022 financial results. The webinar will be hosted by Raji Wahidy, VP Operations.

Registration for the event is available at: <u>https://tinyurl.com/TenetQ12022</u>.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI- based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>.

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

------

![](exhibit99-327x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/125454</u>

------

## Exhibit 99.328

------

**Tenet Fintech Group Inc.**

**Condensed Interim Consolidated**

**Financial Statements (Unaudited)**

**For the three-month periods**

**ended March 31, 2022, and 2021**

---

| | |
|:---|:---|
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Comprehensive Loss](#page_2) | [2](#page_2) |
| &nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Changes in Equity](#page_3) | [3](#page_3) |
| &nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Cash Flows](#page_4) | [4](#page_4) |
| &nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Financial Position](#page_5) | [5](#page_5) |
| &nbsp;&nbsp;&nbsp;[Notes to Condensed Interim Consolidated Financial Statements](#page_6) | [6 - 29](#page_6) |

---

------

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Comprehensive Loss**

For the three-month periods ended March 31, 2022 and 2021

(In Canadian dollars, except weighted average number of outstanding shares) <br>(Unaudited)

------

---

| |
|:---|
| **Revenues** |
| **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of service |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and fringe benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty on software |
| &nbsp;&nbsp;&nbsp;&nbsp;Board remuneration |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Public relations and press releases |
| &nbsp;&nbsp;&nbsp;&nbsp;Office supplies, software and utilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel and entertainment |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock exchange and transfer agent costs |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation cost and others |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on foreign exchange |
| Loss before income taxes) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax |
| Net loss) |
| Net profit (loss) attributable to: |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent) |
| **Item that will be reclassified subsequently to profit or loss** |
| Currency translation adjustment |
| **Total comprehensive loss**) |
| **Total comprehensive profit (loss) attributable to:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest) |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent) |
| Weighted average number of outstanding shares |
| Basic and diluted loss per share) |

---

Going concern uncertainty (note 2)

Subsequent events (note 22)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

------

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Changes in Equity**

For the three-month periods ended March 31, 2022 and 2021 <br>(In Canadian dollars)

(Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | Note |<br>Capital stock<br>Number of<br>common shares |
|  |  | (number of shares |
|  |  | see note 14) |
|  |  | # |
| Balance as of January 1, 2022 |  | 97167183 |
| Exercise of warrants and broker warrants | 14 | 1527500 |
| Exercise of options | 14, 15 | 100000 |
| Share-based compensation | 15 |  |
| Subscription for shares by non-controlling interest |  |  |
| Transactions with owners |  | 98794683 |
| Net profit (loss) |  |  |
| Other comprehensive profit |  |  |
| Total comprehensive loss for the period |  | - |
| **Balance as of March 31, 2022** |  | 98794683 |
| Balance as of January 1, 2021 |  | 118024189 |
| Issuance of shares and warrants to settle debts owed for services provided | 14 | 27466 |
| Exercise of warrants and broker warrants | 14 | 9984631 |
| Conversion of convertible debentures |  | 50000 |
| Share-based compensation | 15 |  |
| Transactions with owners |  | 128086286 |
| Net (loss) profit |  |  |
| Other comprehensive income |  |  |
| Total comprehensive profit (loss) for the period |  | - |
| **Balance as of March 31, 2021** |  | 128086286 |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

------

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Cash Flows**

For the three-month periods ended March 31, 2022 and 2021

(In Canadian dollars)<br>(Unaudited)

------

---

| | |
|:---|:---|
|  | Note |
| ***OPERATING ACTIVITIES*** |  |
| Net loss) |  |
| Non-cash items |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of bonds | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease interest | 10, 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares and warrants for settlement of debt | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration payable | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability) |  |
| Loans receivable maturing in more than 12 months | 5 |
| Net changes in working capital items |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits made to third parties regarding transactions on platforms | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment to third party subcontractors | 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debtors | 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable maturing in less than 12 months | 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for resale |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 9) |
| Cash flows from operating activities) |  |
| ***INVESTING ACTIVITIES*** |  |
| Debtors) |  |
| Investment in third party entity) |  |
| Property and equipment - additions | 7) |
| Property and equipment - disposals | 7 |
| Intangible asset - additions | 8) |
| Cash flows from investing activities) |  |
| ***FINANCING ACTIVITIES*** |  |
| Proceeds (repayments) of advances from third parties |  |
| Proceeds / (repayment) of advances made from a Director |  |
| Repayment /proceeds of advances made from affiliates |  |
| Repayment of lease liabilities | 10) |
| Proceeds from the exercise of warrants | 14 |
| Proceeds from the exercise of options | 15 |
| Subscriptions for shares from non-controlling interest |  |
| Cash flows from financing activities |  |
| ***IMPACT OF FOREIGN EXCHANGE***) |  |
| **Net (decrease) increase in cash** |  |
| Cash, beginning of period |  |
| Cash, end of period |  |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

------

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Financial Position**

As at March 31, 2022 and December 31, 2021

(In Canadian dollars) <br>(Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Note |
| ***ASSETS*** |  |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for resale |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debtors | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets |  |
| Loans receivable | 6 |
| Property and equipment | 7 |
| Investments |  |
| Intangible assets | 8 |
| Goodwill | 8 |
| Deferred tax assets |  |
| ***LIABILITIES*** |  |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities |  |
| Bonds | 12 |
| CEBA Loan | 13 |
| Lease liabilities | 10 |
| Foreign deferred tax liability |  |
| Canadian deferred tax liability |  |
| Contingent consideration payable | 4 |
| ***SHAREHOLDERS' EQUITY*** |  |
| Capital stock | 14 |
| Shares to be issued | 14 |
| Contributed surplus |  |
| Accumulated other comprehensive income |  |
| Deficit) |  |
| Shareholders' equity attributable to owners of the parent |  |
| Non-controlling interest |  |
| Total shareholders' equity |  |

---

Going concern uncertainty (note 2)

Subsequent events (note 22)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

---

| | |
|:---|:---|
| On behalf of the Board, |  |
| /S/ Johnson Joseph | /S/ Charles-André Tessier |
| Director | Director |

---

------

---

| |
|:---|
| 6 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***1 - GOVERNING STATUTES, NATURE OF OPERATIONS AND GENERAL INFORMATION***

Tenet Fintech Group Inc. (hereinafter "Tenet'' or the "Company"), was incorporated pursuant to the provisions of the Business Corporations Act (Alberta) on May 13, 2008, and continued under the Canada Business Corporations Act on April 4, 2011. Tenet Fintech Group Inc.'s head office is located at 119 Spadina Avenue, Suite 705, Toronto, Ontario,. Its shares are traded on the Canadian Stock Exchange (CSE) under the symbol "PKK". Its shares are quoted in the U.S. on the OTC Market's Groups (OTCQX) under the symbol ''PKKFF''.

Tenet is the parent company of a group of innovative artificial intelligence (AI) and financial technology (Fintech) subsidiaries operating in Canada and China. Tenet's subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of small- and medium- sized enterprises (SMEs) carry out a range of interactions and transactions, including in the commercial lending space, in a rapid, safe, efficient, and transparent manner.

***2 - GOING CONCERN UNCERTAINTY AND COVID-19***

These condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will continue in operation and will be able to realize its assets and discharge its liabilities in the normal course of operations. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to twelve months from the end of the reporting period. The use of these principles may not be appropriate.

The level of revenue currently being generated is not presently sufficient to meet the Company's working capital requirements and business growth initiatives . The Company's ability to continue as a going concern is dependent upon its ability to raise additional financing. Even if the Company has been successful in the past in doing so, including a financing by prospectus that generated a net cash inflow of $47,981,290 in the first quarter of 2021, there is no assurance that it will manage to obtain additional financing in the future. Also, the Company incurred a net loss of $3,359,601, for the three-month period ended March 31, 2022 (year ended December 31, 2021 - $48,561,968), it has an accumulated deficit of $83,379,713 as at March 31, 2022 (year ended December 31, 2021 - $79,997,442) and it has not yet generated positive cash flows from operations on a regular basis. Until that happens, the company will continue to assess its working capital needs and undertake whatever initiatives it deems necessary to ensure that it continues to be in a position to meet its financial obligations. These material uncertainties cast some significant doubt regarding the Company's ability to continue as a going concern.

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

These consolidated financial statements do not include any adjustments or disclosures that may be necessary should the Company not be able to continue as a going concern. If this were the case, these adjustments could be material.

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| 7 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***

**3.1 Statement of compliance with IFRS**

These condensed interim consolidated financial statements for the three-month period ended March 31, 2022, have been prepared in accordance with the International Accounting Standard 34, Interim Financial Reporting (''IAS 34''). Since they are condensed financial statements, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (''IFRS'') as issued by the International Accounting Standards Board (''IASB''), have been voluntarily omitted or summarized.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements have been set out in note 5 of the Company's consolidated financial statements for the year ended December 31, 2021. There have not been any significant changes in judgments, estimates or assumptions since then. These condensed interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2021.

The same accounting policies and methods of computation were used in the preparation of these condensed interim consolidated financial statements as were followed in the preparation of the consolidated financial statements for the year ended December 31, 2021 except for new standards and interpretations effective January 1, 2022.

These condensed interim consolidated financial statements for the three-month periods ended March 31, 2022 (including comparative figures) were approved by the Board of Directors on May XX, 2022.

**3.2 Basis of measurement**

These condensed interim consolidated financial statements are prepared on an accrual basis using the historical cost method.

**3.3 Basis of Consolidation**

These condensed interim consolidated financial statements include the accounts of Peak and all of its subsidiaries. The Company attributes total comprehensive income or loss of the subsidiary between the owners of the parent company and the non-controlling interests based on their respective ownership interests.

The following entities have been consolidated within these condensed interim consolidated financial statements:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Principal activity** | |
| <br>**Entities** | <br>**Registered** | **% of ownership**<br>**and voting right** | **Principal activity** | **Functional**<br>**Currency** |
| Tenet Fintech Group Inc. | Canada |  | Holding and parent company | Canadian dollar |
| Cubeler Inc. (note 6.3) | Canada | 100% | Technology based product developer and procurement facilitator | Canadian dollar |
| Asia Synergy Limited | Hong Kong | 100% | Holding | U.S. $ |
| Asia Synergy Holdings | China | 100% | Holding | Renminbi |
| Asia Synergy Technologies Ltd. | China | 100% | Technology based product procurement<br>facilitator | Renminbi |
| Asia Synergy Supply Chain Technologies Ltd (1) | China | 100% | Technology based product procurement<br>facilitator | Renminbi |
| Asia Synergy Solar-Gas & Oil Supply Chain Management Co.,Ltd (1) | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Data Solutions Ltd. | China | 100% | Fintech | Renminbi |
| Asia Synergy Credit Solutions Ltd | China | 100% | Credit outsourcing services | Renminbi |
| Asia Synergy Supply Chain Ltd | China | 51% | Supply chain services | Renminbi |
| Asia Synergy Insurance Services Co.,Ltd (1) | China | 100% | Fintech | Renminbi |
| Wuxi Aorong Ltd. | China | 100% | Holding | Renminbi |
| Asia Synergy Financial Capital Ltd | China | 51% | Financial institution | Renminbi |
| Beijing Huike Internet Technology (note 6.1) | China | 100% | Technology based product facilitator | Renminbi |
| Wechain (Nanjing) Technology Service Co., Ltd. (note 6.1) | China | 51% | Fintech | Renminbi |
| Beijing Kailifeng New Energy Technology Co., Ltd. (1) | China | 51% | Technology based product facilitator | Renminbi |
| Shanghai Xinhuizhi Supply Chain Management Co.,Ltd. (1) | China | 51% | Technology based product procurement facilitator | Renminbi |

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| 8 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**3.3 Basis of Consolidation (continued)**

The Company's subsidiaries each have an annual reporting date of December 31 and are incorporated in either Canada, Hong Kong or China. All intercompany transactions and accounts were eliminated upon consolidation, including unrealized gains or losses on intercompany transactions. Where unrealized losses on intercompany asset sales are reversed upon consolidation, the underlying asset is also tested for impairment from the Company's perspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

Profit or loss of subsidiaries acquired or disposed of during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**3.4 Functional and presentation currency**

The consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the parent company.

***4 - BUSINESS COMBINATIONS***

***4.1 Subsequent Accounting***

At each balance date, the Company revises its estimation of the fair value of the contingent consideration payable under the Heartbeat Acquisition and records an accretion entry accordingly. The re-evaluation process takes into account the historical performance of the operations of Huike and Heartbeat platform assets compared to agreed targets and discount the resultant estimate of the value of share instalments payable. As at March 31, 2022, the value of contingent consideration payable was estimated as $2,319,031 (December 31, 2021 - $1,921,000) and, consequently, an amount of $398,031 for the three-month period ended March 31, 2022 (three-month period ended March 31, 2021 - $Nil) was recorded as an expense in the condensed interim consolidated statements of comprehensive loss with a corresponding credit recorded in the consolidated statement of financial position to contingent consideration payable.

The intangible assets recorded as part of the Heartbeat and Cubeler purchase price allocations, excluding goodwill, are being amortized to the profit and loss account over their remaining useful lives, estimated to be 8 years. During the three-month period ended March 31, 2022, an amount of $854,391 (three-month period ended March 31, 2021 - $Nil) has been charged to the condensed interim consolidated statement of comprehensive loss in respect of amortization of intangible assets acquired under business combinations in the current year (refer note 8).

***5 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES***

One of the Company's subsidiaries in China, Asia Synergy Financial Capital ("ASFC"), provides various financial services to small- and medium-sized enterprises.

ASFC provides loans that are either guaranteed by a third party and/or collateral assets. The loans secured with collateral are either secured by second-hand vehicles or by the residential property of the borrower. Loans that are not guaranteed by collateral assets are guaranteed by a third party.

*Loans guaranteed by second-hand vehicles.*

The second-hand vehicles are valued by the company credit department before approving a loan. The loan value at inception represents typically between 50% to 80% of the collateral value with an average of 76% as at March 31, 2022 (76% as at December 31, 2021). The second-hand vehicles collateral value is evaluated at the beginning of the loan and periodically during the life of the loan, based on an industry recognized used car guide which has been validated by company personnel, their knowledge, experience and the inspection process before approval of the loan.

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| 9 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***5 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

*Loans guaranteed by second rank mortgage on residential property*

Before approving a loan, the Company's credit department will assess the value of any other mortgages taken out on the residential property and put as collateral by the prospective borrower. The loan value at inception typically represents between 25% and 32% of the collateral value exceeding the first rank mortgage taken by the borrower. The value of the residential property is evaluated at the beginning of the loan and periodically during the life of the loan based on a residential broker site, which is validated by the Company personnel, their knowledge, experience and inspection process before approval of the loan.

All the loans secured by collateral assets are registered on the appropriate government regulated system.

*Credit Loans guaranteed by a third party*

The Company makes loans to small and medium enterprises in the technology sector. Before approving a loan, the Company performs an initial credit evaluation of the borrower. The credit evaluation includes: the borrower company's credit profile, operating performance, financial statements, tax payments/receipt records, shareholders' structure and their individual credit rating. Based on the result of this initial evaluation, the Company will then proceed to sign a loan agreement with the SMEs borrowers. To mitigate the default risk in the case of any overdue situation incurred re these credit loans, a letter of guarantee must also be signed before the loan is finally granted to SMEs borrowers. Accordingly, a 3rd party must accept to provide a full guarantee to cover any overdue principal and interest on behalf of the borrowers. The company will also perform on-going monitoring of SMEs borrowers in the tech industry through visits, phone calls and follow-up on business models development.

For the majority of loans granted, principal and interest are payable by the borrower on a monthly basis.

Loans receivables are described as follows :

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|:---|
| Principal balance loans receivables |
| Less expected credit loss (ECL) |
| Loan receivables net |
| Loans receivables maturing in less than 12 months |
| Loans receivables maturing in more than 12 months |
| Total loans |

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***Impaired loans and allowances for credit loss***

The Company performed a three-stage forward looking impairment approach to its loan portfolio to measure the expected credit loss as described in detail in note 4.11 of the annual consolidated financial statements for the year ended December 31, 2021.

*Credit quality of loans*

The following table presents the gross carrying amount of loans receivables as at March 31, 2022 and December 31, 2021, according to credit quality and ECL impairment stages.

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| 10 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***5 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

ECL is calculated on loan value at the period end that are not insured by a third party with an assumption of a credit loss allocation provision applied as follows:

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| | | | |
|:---|:---|:---|:---|
|  |  | **Credit loss** | **Credit loss** |
|  |  | **allocation** | **allocation** |
|  | **Credit loss** | **applied -** | **applied - Credit** |
|  | **allocation** | **Residential** | **and supply chain** |
|  | **applied - Auto** | **Property** | **finance credit** |
| Stage 1 : 1% | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 2.0% |
| Stage 2: 30% | &nbsp;&nbsp; 7.0% | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 2.0% |
| Stage 3 :100% | &nbsp;&nbsp; 12.0% | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 2.0% |

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| | | | |
|:---|:---|:---|:---|
|  |  | **Gross Carrying** | **Net Carrying** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***March 31, 2022*** | % | **amount** | **Amount** |
|  |  | $| $|
| Stage 1 Not overdue <= 30 Days | **87.8%** | **18309258** | **18305757** |
| Stage 2 Overdue 30-90 days | **1.2%** | **239951** | **237765** |
| Stage 3 Overdue> 90 days | **11.1%** | **2308390** | **2079248** |
| Total | 100.0% | 20857599 | 20622770 |

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|:---|:---|:---|:---|
|  |  | **Gross Carrying** | **Net Carrying** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***December 31, 2021*** | % | **amount** | **Amount** |
|  |  | $| $|
| Stage 1 Not overdue <= 30 Days | 85.2% | 17882518 | 17879156 |
| Stage 2 Overdue 30-90 days | 2.6% | 540283 | 537283 |
| Stage 3 Overdue> 90 days | 12.2% | 2567134 | 2407252 |
| Total | 100.0% | 20989935 | 20823691 |

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The loss allowance for loans to customers as at March 31, 2022, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

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|:---|
| **Loss allowance as at December 31, 2021** |
| Originations net of repayments and other derecognitions) |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| Write-offs) |
| Foreign exchange and other) |
| **Loss allowance as at March 31, 2022** |

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| 11 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***5 - LOANS RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

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|:---|
| **Loss allowance as at December 31, 2021** |
| Originations net of repayments and other derecognitions) |
| **Change in model** |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| Foreign exchange and other) |
| **Loss allowance as at March 31, 2022** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
|  | $| $| $| $|
| **Loss allowance as at December 31, 2021** | 3154 |  |  | 3154 |
| Originations net of repayments and other derecognitions | 116 |  |  | 116 |
| Foreign exchange and other | 73 | - | - | 73 |
| **Loss allowance as at March 31, 2022** | **3343** | - | - | **3343** |

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The loss allowance for loans to customers as at December 31, 2021, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

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|:---|
| **Loss allowance as at December 31, 2020** |
| Originations net of repayments and other derecognitions) |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| Write-offs) |
| Foreign exchange and other) |
| **Loss allowance as at December 31, 2021** |

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| | | |
|:---|:---|:---|
|  | **Product Type - Residential property** | **Product Type - Residential property** |
|  | **Stage 3** | **Total ECL** |
|  | $| $|
| **Loss allowance as at December 31, 2020** | 4994 | 6741 |
| Originations net of repayments and other derecognitions) | 90 | 801 |
| Net remeasurement | 3645 | 3645 |
| Transfers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) | 907 |  |
| Foreign exchange and other | 120 | 158 |
| **Loss allowance as at December 31, 2021** | **9756** | **11345** |

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| | | |
|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 2** | **Stage 3** |
|  | $| $|
| **Loss allowance as at December 31, 2020** |  |  |
| Originations net of repayments and other derecognitions |  |  |
| Net remeasurement) |  | -) |
| Foreign exchange and other | - | - |
| **Loss allowance as at December 31, 2021** | - | - |

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| 12 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***6 - DEBTORS***

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| | | |
|:---|:---|:---|
|  | **2022-03-31** | **2021-12-31** |
|  | $| $|
| Sales tax receivable | 343968 | 271514 |
| Advances to a company | 47538 | 141184 |
| Deposit on investment (1) | 281879 | 498750 |
| Deposits made for transactions on platforms with guarantee (2) | 26005412 | 31142201 |
| Deposits made for transactions on platforms (3) | 1488105 | 1506225 |
| Accounts receivable | 10963599 | 9632651 |
| Safety deposits with guarantor (4) | 591300 | 712412 |
| Subscriptions receivable from non-controlling interests | 261683 | 98239 |
| Promissory note (5) | 113522 | 113193 |
| Other subscriptions receivable | 210000 |  |
| Prepayments to third party subcontractors (6) | 13240727 | 11885106 |
|  | 53547733 | 56001475 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At March 31, 2022, as per agreement signed with third parties, AST, a subsidiary of the Company, agreed to participate in a future partnership agreement with a deposit of $281,879. At December 31, 2021, as per agreement signed with third parties, ASDS, a subsidiary of the Company, agreed to participate in a future partnership agreement. ASDS provided 25% of the deposit representing $498,750.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 10 to 20% of the merchandise in guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 5 to 8% of the merchandise in guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) As per an agreement with a loan insurance provider, ASCS, a subsidiary of the Company, agreed to maintain a deposit with the loan insurance provider, representing 10% of the value of loans serviced by ASCS, on behalf of certain commercial bank guarantees by loan insurer providers. ASCS's third party financial partners and the Company's ASFC subsidiary have a three-way agreement in place with ASCS under which third party financial partners and ASFC are jointly responsible for providing and maintaining the 10% safety deposit with the loan insurance provider on behalf of ASCS in exchange for a service fee representing a percentage of the amount of the safety deposit provided. The agreement indicates that in case of default by the borrowers, ASCS will retrieve all the rights to realize the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of December 31, 2021, the aggregate outstanding principal amount due for said loans is $113,193.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Subsidiaries of the Company active in supply chain activity made prepayments to suppliers to support operational supply chain processes. These prepayments will be reverted to Company's subsidiaries when services or merchandise transactions are executed.

Debtors amounts are presented on the consolidated statements of financial position net of the allowance for doubtful accounts. In measuring the expected credit losses, the accounts receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. The expected loss rates are based on the payment profile for sales based on historical credit losses. Accounts receivables are written off by taking in consideration third party guarantee on payment of debtors and if there is no reasonable expectation of recovery.

When measuring the expected credit losses of other debtors, Advances to a company, Deposits made for transaction on platforms with guarantees, Deposits made for transaction on platforms, Accounts receivable, Service deposits, Subscriptions receivable from non- controlling interests, Promissory note, Other subscriptions receivable and Prepayment to third party subcontractors are assessed individually due to the low number of accounts. The expected loss rates are based on the payment profile of debtor, assessed by the company's lending hub system.

Debtors are written off (i.e. de-recognized) when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice date and failure to engage with the Issuer on alternative payment arrangements, amongst other things, are considered indicators of no reasonable expectation of recovery. As at March 31, 2022 an amount of $326,297 (2021 - $317,778) was registered for expected credit loss for debtors.

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| 13 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***7 - PROPERTY AND EQUIPMENT***

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| |
|:---|
| **Gross carrying amount** |
| Balance as at January 1, 2022 |
| Additions |
| Disposals) |
| **Balance as at March 31, 2022** |
| **Accumulated amortization** |
| Balance as at January 1, 2022 |
| Amortization |
| Exchange differences |
| **Balance as at March 31, 2022** |
| **Net carrying amount as at March 31, 2022** |
| **Gross carrying amount** |
| Balance as at January 1, 2021 |
| Amounts acquired in a business combination |
| Additions |
| Disposals) |
| **Balance as at December 31, 2021** |
| **Accumulated amortization** |
| Balance as at January 1, 2021 |
| Amortization |
| Other adjustments |
| Revaluation of Right-of-use assets |
| Disposals) |
| Exchange differences) |
| Balance as at December 31, 2021 |
| **Net carrying amount as at December 31, 2021** |

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| 14 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***8- INTANGIBLE ASSETS***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Loan servicing**<br>**agreement** | <br>**Cubeler Platform** | **Heartbeat Platform** | <br>**Tradenames** | <br>**Goodwill** |
|  | # | $| $| $| $| $|
| **Gross carrying amount** |  |  |  |  |  |  |
| Balance as at January 1, 2022 |  | 1430000 | 23862000 | 8368063 | 5287000 | 103908976 |
| Addition |  | - | - | 225750 | - | - |
| **Balance as at March 31, 2022** |  | **1430000** | **23862000** | **8593813** | **5287000** | **103908976** |
| **Accumulated amortization** |  | 429000 | 10228688 | 410966 | 2854095 | 41386422 |
| Balance as at January 1, 2022 |  | 429000 | 10228688 | 410966 | 2854095 | 41386422 |
| Amortization |  | 35750 | 463389 | 307325 | 83677 |  |
| Exchange differences |  | - | - | 9593 | - | - |
| **Balance as at March 31, 2022** |  | **464750** | **10692077** | **727883** | **2937772** | **41386422** |
| **Net carrying amount as at March 31, 2022** |  | **965250** | **13169923** | **7865930** | **2349228** | **62522554** |
| **Gross carrying amount** |  |  |  |  |  |  |
| Balance as at January 1, 2021 |  | 1430000 |  |  |  |  |
| Amounts arising from business combinations |  |  | 23862000 | 7471000 | 5287000 | 103908976 |
| Addition |  |  |  | 897063 |  |  |
| Transferred in |  |  |  |  |  |  |
| Transferred out |  | -) | -) | - | -) | - |
| **Balance as at December 31, 2021** |  | **1430000** | **23862000** | **8368063** | **5287000** | **103908976** |
| **Accumulated amortization** |  |  |  |  |  |  |
| Balance as at January 1, 2021 |  | 286000 |  |  |  |  |
| Amortization |  | 143000 | 745688 | 410966 | 165095 |  |
| Impairment loss on intangible |  | -) | 9483000 |  | 2689000 | 41386422 |
| Exchange differences |  | -) | - | - | -) | - |
| **Balance as at December 31, 2021** |  | **429000** | **10228688** | **410966** | **2854095** | **41386422** |
| **Net carrying amount as at December 31, 2021** |  | **1001000** | **13633312** | **7957097** | **2432905** | **62522554** |

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***9 - ACCOUNTS PAYABLE, ADVANCES AND ACCRUED LIABILITIES***

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| | | |
|:---|:---|:---|
|  | **2022-03-31** | **2021-12-31** |
|  | $| $|
| Trade accounts payable and accruals | 4468431 | 5224124 |
| Advance from third party customers, no interest (1) | 10740639 | 11044172 |
|  | 15209070 | 16268296 |

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(1) Advance from downstream corportative clients for supply chain bundle service fee.

***10 - LEASE LIABILITIES***

---

| |
|:---|
| Balance - beginning of perod |
| Additions |
| Accretion interest |
| Lease payments) |
| Effect of exchange rate change on obligation |
| Balance - end of period |
| Current Portion |

---

------

---

| |
|:---|
| 15 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***10 - LEASE LIABILITIES (CONTINUED)***

Following is a summary of the Company's obligations regarding lease payments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44741 | Payment due by period | Payment due by period |  |  |
|  | 1 year | 2-5 years | Beyond 5 years | Total |
|  | $| $| $| $|
| As at March 31, 2022 |  |  |  |  |
| Lease payments | 552479 | 879986 | 720516 | 2152981 |
| As at December 31, 2021 |  |  |  |  |
| Lease payments | 561677 | 951334 | 729289 | 2242301 |

---

***11 - DEBENTURES***

**Debenture issuance of April 24, 2019**

The movement during the three-month period ended March 31, 2021 and the year ended 2021, relating to this debenture can be summarised as follows:

---

| | |
|:---|:---|
|  | **2021-03-31** |
|  | $|
| Balance at the beginning |  |
| Accretion of debentures |  |
| Conversion of debentures | -) |
| Balance at the end | - |

---

***12 - BONDS***

On May 29, 2020, the Company has placed 400 units of secured corporate bonds at $1,000 per unit. Each unit sold was comprised of $1,000 face value bonds, redeemable on June 10, 2023, bearing interest at a nominal rate of 10% payable monthly, plus 20 purchase warrants exercisable into Company common share at $2.00 per share for a period of 36 months from the date of issuance.

The Bonds will be redeemable after 36 months from the date of issuance (the "Initial Maturity Date"). Each holder has a right (the "Initial Extension Right") at the end of the Initial Maturity Date to extend the Bond for another 12 months (the "Initial Extension Period") by giving written notice to that effect to the Company no later than sixty (60) days prior to the Initial Maturity Date. Any holder that has elected to exercise its Initial Extension Right will also have a further right at the end of the Initial Extension Period to extend its Bond for another 12 months (the "Second Extension Period") under the same notice conditions as stated in the Initial Extension.

If a holder elects to extend its Bonds, the Company may redeem such holder's Bonds at any time on payment of a 5% premium to redeem the Bonds ("Penalty").

The Company has set aside an amount equal to two years of interest in a separate bank account, which will be used to pay interest payable on the Bonds. Any interest accrued on such sum will be in favour of the Company. The set aside amount at March 31, 2022, is $43,333 (2021 - $53,333) and is presented under Restricted Cash in the Consolidated statements Financial Position.

Bonds are secured by a pledge on the aggregate assets of the Company, maturing on May 29, 2023. The Company used the residual value method to allocate the principal amount of the bond between the liability and the contributed surplus. Under this method, an amount of $64,896 (net of transaction costs) related to the warrants issued was applied to the contributed surplus. The fair value of the liability component was $227,569 computed as the present value of future principal and interest payments discounted at a rate of 22%.

------

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| |
|:---|
| 16 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***12 - BONDS (CONTINUED)***

The movement during the three-month period ended March 31, 2021 the year ended 2021, relating to these bonds can be summarised as follows:

---

| | | |
|:---|:---|:---|
|  | **2022-03-31** | **2021-12-31** |
|  | $| $|
| Balance at the beginning | 313234 | 258933 |
| Addition |  |  |
| Accretion of bonds | 7614 | 27327 |
| Amortization of initial costs | 6551 | 26974 |
| Balance at the end | 327399 | 313234 |

---

(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

***13 - CEBA LOAN (Canada Emergency Business Account)***

On April 20, 2020, the Company applied for and received $40,000 under the Canada Emergency Business Account (CEBA). Further, on September 1, 2021, through its acquisition of Cubeler, the Company acquired an additional CEBA loan totalling $60,000. Under this program providing interest-free loans, repaying the balance of the loan on or before December 31, 2023, will result in loan forgiveness of 33% ($33,000), which is the intention of the Company. Subsequent to year-end, the Government of Canada announced that the deadline to repay loans under the Canada Emergency Business Account program would be extended by one year (that is from December 31, 2022 to December 31, 2023). As of January 1, 2024, the loan balance will bear interest at 5% and will be repayable on maturity on December 31, 2025.

***14 - SHAREHOLDERS' EQUITY***

**14.1 Authorized share capital**

The share capital of the Company consists of an unlimited number of common shares without par value.

**Share Consolidation**

Effective July 27, 2021, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidation share for two pre-consolidation shares. Unless otherwise stated, all share amounts have been restated retrospectively to reflect this share consolidation.

**14.2 Description of the shareholders' equity operations during the three-month period ended March 31, 2022**

a) During the three-month period ended March 31, 2022, the Company issued 1,527,500 common shares at an average exercise price of $1.09 per share for total proceeds of $1,658,750 upon the exercise of share purchase warrants, and $443,144 related to exercised warrants were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 14.4).

b) During the three-month period ended March 31, 2022, the Company issued 100,000 common shares at an average exercise price of $2.10 per share for total proceeds of $210,000 upon the exercise of stock options included in debtors in the consolidated statement of financial position, and $181,300 related to exercised stock options were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 15).

**14.3 Description of the shareholders' equity operations during the three-month period ended March 31, 2021**

a) During the three-month period ended March 31, 2021, $25,000 of secured debentures with a conversion price of $0.50 per share were converted into common shares of the Company. At the date of conversion these debentures had an amortized cost totalling $23,994. The Company therefore issued 50,000 common shares to the debenture holders and recorded $23,994 in share capital. In addition, amounts of $3,489 related to these debenture conversions, were transferred to capital stock from conversion options in the consolidated statement of financial position.

b) During the three-month period ended March 31, 2021, the Company issued 27,466 common shares at an average price of $1.23 per share to settle $33,900 of debts related to services received by the Company, of which $15,000 was recorded in public relations fees in the consolidated statements of comprehensive loss, $18,900 was recorded against accounts payable and accruals in the consolidated statement of financial position.

c) During the three-month period ended March 31, 2021, the Company issued 9,984,631 common shares at an average exercise price of $0.37 per share for total proceeds of $3,708,161 upon the exercise of share purchase warrants, and $1,525,179 related to exercised warrants were transferred from contributed surplus to share capital (note 14.4).

------

---

| |
|:---|
| 17 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***14 - SHAREHOLDERS' EQUITY (CONTINUED)***

**14.4 Warrants**

The outstanding warrants as at March 31, 2022 and December 31, 2021 and the respective changes during the three-month period and the year then ended, are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | | 2021-12-31 |
|  | <br>Number of<br>warrants | <br>Number of<br>warrants | Weighted<br>average<br>exercise price |
|  |  | $— | $|
| Outstanding, beginning of period | 17332504 | 14662750 | 0.966 |
| Granted |  | 14990999 | 3.500 |
| Expired |  | (15000) | 1.333 |
| Exercised | (1527500) | (12306245) | 1.107 |
| Outstanding and exercisable, end of period | 15805004 | 17332504 | 3.057 |

---

As of March 31, 2022 and December 31, 2021, the number of outstanding warrants which could be exercised for an equivalent number of common shares is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | | 2021-12-31 |
|  | Number | Number | Exercise price |
|  |  | $— | $|
| Expiration date |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 2022 |  | 360000 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 2022 | 585000 | 585000 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 2022 | 731190 | 1298690 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2022 |  | 350000 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2022 |  | 250000 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 2023 | 13328 | 13328 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 2023 | 3500 | 3500 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2023 | 12870149 | 12870149 | 3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2023 | 1601837 | 1601837 | 3.50 |
|  | 15805004 | 17332504 |  |

---

------

---

| |
|:---|
| 18 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS***

The Company has adopted an incentive stock option plan which provides that the Board of Directors of the Company may, from time to time, at its discretion and in accordance with the Exchange regulations, grant to directors, officers, employees and others providing similar services to the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares exercisable for a period of up to 5 years from the date of grant. The options reserved for issuance to any individual director, officer or employee will not exceed 5% of the issued and outstanding common shares and the number of common shares reserved for issuance to others providing services will not exceed 2% of the issued and outstanding common shares. Options may be exercised as of the grant date for a period determined by the Board, but shall not be greater than 5 years from the date of the grant and 90 days following cessation of the optionee's position with the Company. Provided that the cessation of office, directorships or employment or other similar service arrangement was by reason of death (in the case of an individual), the option may be exercised within a maximum period of one year after such death, subject to the expiry date of such option.

The outstanding options as at March 31, 2022 and December 31, 2021 and the respective changes during the three-month period and the year then ended, are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | | 2021-12-31 |
|  | <br>Number of<br>options | <br>Number of<br>options | Weighted<br>average<br>exercise price |
|  |  | $— | $|
| Outstanding, beginning of period | 4689250 | 4351750 | 1.336 |
| Granted | 78547 | 945000 | 4.448 |
| Exercised (1) | (100000) | (607500) | 1.594 |
| Outstanding end of period | 4667797 | 4689250 | 1.929 |
| Exercisable end of period | 3026050 | 2488550 | 1.390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of the shares was $3.96 on the exercise date of these options

The table below summarizes the information related to outstanding share options as at March 31, 2022.

---

| | | |
|:---|:---|:---|
|  | Number of | Weighted average remaining |
| Maturity date | options | contractual life (years) |
|  | $— |  |
| June 1, 2022 | 290000 | 2 months |
| November 27, 2022 | 18750 | 7 months |
| December 15, 2022 | 171250 | 8 months |
| April 16, 2023 | 5000 | 1 year |
| June 5, 2023 | 288750 | 1 year and 2 months |
| November 28, 2023 | 37500 | 1 year and 7 months |
| May 1, 2024 | 50000 | 2 years and 1 month |
| May 27, 2024 | 447500 | 2 years and 1 month |
| September 5, 2024 | 10000 | 2 years and 5 months |
| November 1, 2024 | 50000 | 2 years and 7 months |
| November 12, 2024 | 5000 | 2 years and 7 months |
| June 11, 2025 | 745500 | 3 years and 2 months |
| August 7, 2025 | 250000 | 3 years and 4 months |
| October 28, 2025 | 1225000 | 3 years and 6 months |
| November 6, 2025 | 50000 | 3 years and 7 months |
| January 28, 2026 | 25000 | 3 years and 9 months |
| March 22, 2026 | 55000 | 3 years and 11 months |
| May 13, 2026 | 10000 | 4 years and 1 month |
| July 7, 2026 | 825000 | 4 years and 3 months |
| August 10, 2026 | 5000 | 4 years and 4 months |
| October 28, 2026 | 25000 | 4 years and 6 months |
| January 1, 2027 | 32725 | 4 years and 9 months |
| February 1, 2027 | 42881 | 4 years and 10 months |
| March 1, 2027 | 2941 | 4 years and 11 months |
|  | 4667797 |  |

---

------

---

| |
|:---|
| 19 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS (CONTINUED)***

The table below summarizes the information related to outstanding share options as at December 31, 2021.

---

| | | |
|:---|:---|:---|
|  | Number of | Weighted average remaining |
| Maturity date | options | contractual life (years) |
|  | $— |  |
| June 1, 2022 | 390000 | 5 months |
| November 27, 2022 | 18750 | 10 months |
| December 15, 2022 | 171250 | 11 months |
| April 16, 2023 | 5000 | 1 year and 3 months |
| June 5, 2023 | 288750 | 1 year and 5 months |
| November 28, 2023 | 37500 | 1 year and 10 months |
| May 1, 2024 | 50000 | 2 years and 4 months |
| May 27, 2024 | 447500 | 2 years and 4 months |
| September 5, 2024 | 10000 | 2 years and 8 months |
| November 1, 2024 | 50000 | 2 years and 10 months |
| November 12, 2024 | 5000 | 2 years and 10 months |
| June 11, 2025 | 745500 | 3 years and 5 months |
| August 7, 2025 | 250000 | 3 years and 7 months |
| October 28, 2025 | 1225000 | 3 years and 9 months |
| November 6, 2025 | 50000 | 3 years and 10 months |
| January 28, 2026 | 25000 | 4 years and 0 months |
| March 22, 2026 | 55000 | 4 years and 2 months |
| May 13, 2026 | 10000 | 4 years and 4 months |
| July 7, 2026 | 825000 | 4 years and 6 months |
| August 10, 2026 | 5000 | 4 years and 7 months |
| October 28, 2026 | 25000 | 4 years and 9 months |
|  | 4689250 |  |

---

During the three-month period ended March 31, 2022 the Company recorded an expense of $541,599 related to share-based payments (2021- $344,690). The offset was credited to contributed surplus.

**15.1 Share-based payments granted to directors and employees during the three-month period ended March 31, 2022**

a) On January 1, 2022 the Company granted options to acquire 32,725 common shares of the Company at an average exercise price of $7.50 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $179,183, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | 7.15 |
| Expected life | 5 years |
| Risk-free interest rate | 1.25% |
| Volatility (1) | 106% |
| Exercise price at the date of grant | 7.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On February 1, 2022 the Company granted options to acquire 42,881 common shares of the Company at an average exercise price of $5.60 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $173,796, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | 5.28 |
| Expected life | 5 years |
| Risk-free interest rate | 1.63% |
| Volatility (1) | 106% |
| Exercise price at the date of grant | 5.60 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

------

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| |
|:---|
| 20 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS (CONTINUED)***

c) On March 1, 2022 the Company granted options to acquire 2,941 common shares of the Company at an average exercise price of $4.10 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $8,455, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | 3.80 |
| Expected life | 5 years |
| Risk-free interest rate | 1.61% |
| Volatility (1) | 104% |
| Exercise price at the date of grant | 4.10 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**15.2 Share-based payments granted to directors and employees during the three-month period ended March 31, 2021**

a) During the three-month period ended March 31, 2021 the Company granted options to acquire 25,000 common shares of the Company at an average exercise price of $5.70 to a director.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $103,780, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.32 |
| Expected life | 5 years |
| Risk-free interest rate | 0.46% |
| Volatility (1) | 111% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.70 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**15.3 Options granted to consultants during the three-month period ended March 31, 2021**

a) During the three-month period ended March 31, 2021 the Company granted options to acquire 55,000 common shares of the Company at an average exercise price of $5.50 to one of its service providers as part of an investors relations agreement.

The options vest over a period of nine months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $235,434, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.48 |
| Expected life | 5 years |
| Risk-free interest rate | 0.92% |
| Volatility (1) | 109% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

***16 - CAPITAL MANAGEMENT POLICIES AND PROCEDURES***

The Company's capital management objectives are as follows:

- To ensure the Company's ability to continue its development;

- To provide an adequate return to shareholders.

The Company monitors capital on the basis of the carrying amount of equity which represents $163,894,931 as at March 31, 2022 (December 31, 2021 - $165,590,366).

The Company manages its capital structure and makes adjustments to it to ensure it has sufficient liquidity and raises capital through stock markets to continue its development.

The Company is not subject to any externally imposed capital requirements.

------

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| |
|:---|
| 21 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***17 - FINANCIAL INSTRUMENTS***

**17.1 Classification of financial instruments**

As at March 31, 2022, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **2022-03-31** |
|  | Assets and<br>liabilities<br>carried at<br>fair value | Assets and<br>liabilities<br>carried at<br>amortized cost | <br>Total<br>carrying value |
|  | $| $| $|
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 18964265 | 18964265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 43333 | 43333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 53203765 | 53203765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 20622769 | 20622769 |
|  | - | 92834132 | 92834132 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 14858149 | 14858149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 327399 | 327399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 2319031 |  | 2319031 |
|  | 2319031 | 15285548 | 17604579 |

---

As at December 31, 2021, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **2021-12-31** |
|  | Assets and<br>liabilities<br>carried at<br>fair value | Assets and<br>liabilities<br>carried at<br>amortized cost | <br>Total<br>carrying value |
|  | $| $| $|
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 18796914 | 18796914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 53333 | 53333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 55729961 | 55729961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 20823691 | 20823691 |
|  | - | 95403898 | 95403899 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 15903158 | 15903158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 313234 | 313234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 1921000 |  | 1921000 |
|  | 1921000 | 16316392 | 18237392 |

---

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| |
|:---|
| 22 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***17 - FINANCIAL INSTRUMENTS (CONTINUED)***

**17.2 Financial risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main risks the Company is exposed to are credit risk (see note 5), market risk and liquidity risk.

The Company does not actively engage in the trading of financial instruments for speculative purposes.

No changes were made in the objectives, policies and processes related to financial instrument risk management during the reporting periods.

The most significant financial risks to which the Company is exposed are described below.

**17.3 Financial risks**

*17.3.1 Liquidity risk*

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk management serves to maintain a sufficient amount of cash and to ensure that the Company has financing sources for a sufficient amount. The Company's objective is to maintain a cash position sufficient to cover the next twelve-month obligations (note 2).

The Company's non-derivative financial liabilities have contractual maturities (including interest payments where applicable) as summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **2022-03-31** |
|  | Current | Current | Long-term |
|  | Within<br>6 months | <br>6 to 12 months | More<br>than 12 months |
|  | $| $| $|
| Accounts payable and accrued liabilities | 14858149 |  |  |
| Bonds |  |  | 400000 |
| Contingent considerable payable |  | 1017031 | 1302000 |
| CEBA loan | - | - | 100000 |
|  | 14858149 | 1017031 | 1802000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | | **2021-12-31** |
|  | Current | Current | Long-term |
|  | Within<br>6 months | <br>6 to 12 months | More<br>than 12 months |
|  | $| $| $|
| Accounts payable and accrued liabilities | 15903158 |  |  |
| Debentures |  |  | 400000 |
| Bonds |  | 1303588 | 617412 |
| CEBA loan | - | - | 100000 |
|  | 15903158 | 1303588 | 1117412 |

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|:---|
| 23 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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 ***17 - FINANCIAL INSTRUMENTS (CONTINUED)***

***17.4 Finance costs***

The breakdown in Finance costs during the three-month periods ended March 31, 2022 and 2021 is as follows:

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| | | |
|:---|:---|:---|
|  | 2022-03-31 | 2021-03-31 |
| Interest on debentures |  | 333 |
| Interest on lease liabilities (note 10) | 37133 | 6436 |
| Interest on security deposit and advances | 4327 | 28233 |
| Interest on bonds | 10000 | 10000 |
| Interest income | (15166) | (9157) |
| Accretion on debentures and bonds | 7614 | 6924 |
| Accretion of contingent payable | 398031 | - |
| **Total interest expense** | 441939 | 42769 |
| Miscellaneous | 5044 | 2064 |
|  | 446983 | 44833 |

---

**17.5 Fair value**

The following methods and assumptions were used to determine the estimated fair value for each class of financial instruments:

- The fair value of cash, restricted cash, loans receivables on short and long term and debtors (except sales tax receivables), accounts payable, advances, option conversions and accrued liabilities approximate their carrying amount, given the short-term maturity;

- The fair value of the debentures and the bonds is estimated using a discounted cash flow approach and approximate their carrying amount. CEBA loan is recognized as it cost which is close from its fair value;

- The fair value of contingent compensation payable related to the acquisition of certain assets and personnel from Heartbeat. (note 4) is estimated by probability-weighted cash outflows and reflect management's estimate of a 85% probability that the contract's target level will be achieved and the expected Company's share price.

The Company categorized its financial instruments based on the following three levels of inputs used for fair value measurements:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the assets and liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Bonds are level 3 under the fair value hierarchy.

Contingent consideration payable CEBA loan, loans receivable on short and long term and the option conversion are level 3 under the fair value hierarchy.

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| |
|:---|
| 24 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***18 - RELATED PARTY TRANSACTIONS***

The Company's related party transactions do not include, unless otherwise stated, special terms and conditions. No guarantees were given or received. Outstanding balances are usually settled in cash.

**Transactions with key management personnel, officers and directors**

The Company's key management personnel are, the CEO, the CFO , the China CEO and the members of the Board. Their remuneration includes the following expenses:

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| | | |
|:---|:---|:---|
|  | 2022-03-31 | 2021-03-31 |
|  | $| $|
| Salaries and fringe benefits | 379823 | 141420 |
| Share-based payments | 413050 | 312158 |
| Royalty- Cubeler | - | 30776 |
| Total | 792873 | 484354 |

---

These transactions occurred in the normal course of operations and have been measured at fair value.

As at March 31, 2022 and December 31, 2021 the condensed interim consolidated statement of financial position includes the following amounts with related parties:

---

| | | |
|:---|:---|:---|
|  | 2022-03-31 | 2021-12-31 |
|  | $| $|
| Loans, with interest (1) | 113522 | 113193 |
|  | 113522 | 113193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of March 31, 2022, the aggregate outstanding principal amount due for said loans is $113,522 (December 31, 2021 - $113,193).

On October 1, 2021, the Company aquired 100% of the issued and the outstanding shares of Cubeler from Cubeler's shareholders in exchange for $1,000,000 in cash and 11,133,326 common shares of Tenet representing $106,654,255 (note 4).

***19 - SEGMENT REPORTING***

The Company has determined that it has two operating segments, which are defined below. For presentation purposes, other activities are grouped in the 'Other' heading. Each operating segment is distinguished by the type of products and services it offers and is managed separately as each requires different business processes, marketing approaches and resources. All inter-segment transfers are carried out at arm's length prices based on prices charged to unrelated customers in stand-alone sales of identical goods and services.

The operating segments are detailed as follows:

***Fintech Platform***

The Fintech Platform segment comprises the procurement and distribution of products within supply chain or facilitating transactions in the commercial lending industry through technology platforms.

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| |
|:---|
| 25 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***19 - SEGMENT REPORTING (CONTINUED)***

***Financial Services***

The Financial Services segment encompasses providing commercial loans to entrepreneurs and SMEs and the activity of providing turn-key credit outsourcing services to banks and other lending institutions.

The Fintech Platform segment operates in North America and China, the Financial Services segment operates in China.

***Other***

The "other" category includes the activity and unallocated portion of the Canadian parent company's services and all non-operating holdings registered in Hong Kong and China.

The segment information for the three-month periods ended March 31, 2022, and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended 2022-03-31** | **Three months ended 2022-03-31** |
|  | Fintech<br>Platform | Financial<br>Services |
|  |  | $|
| *Revenues (1)* |  |  |
| Financial service revenue from external customers |  | 587760 |
| Fees/sales from external customers | 1042988 | 180267 |
| Supply chain services | 32982642 | -) |
| Inter-segment | 949972 | 115178) |
| Total revenues | **34975603** | **883204)** |
| *Expenses* |  |  |
| Depreciation and amortization | 1346263 | 49888 |
| Interest expense | 31329 | 8645) |
| Write down of accounts receivable | 40 |  |
| All other expenses | 32587109 | 410555) |
| Total expenses | **33964742** | **469089)** |
| Profit (loss) before tax | 1010861 | 414115) |
| Income tax | 588212 | 115970 |
| Net profit (loss) | **422649** | **298145))** |
| Non-controlling interest | (147808) | 170478 |
| Net profit (loss) attributable to owners of the parent | 570457 | 127668) |
| Segmented assets | **152539181** | **25435971)** |

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| |
|:---|
| 26 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***19 - SEGMENT REPORTING (CONTINUED)***

---

| | | |
|:---|:---|:---|
|  | **Three months ended 2021-03-31** | **Three months ended 2021-03-31** |
|  | Fintech<br>Platform | Financial<br>Services |
|  |  | $|
| *Revenues (1)* |  |  |
| Financial service revenue from external customers |  | 592815 |
| Fees/sales from external customers | 804080 | 231067 |
| Supply chain services | 12578180 |  |
| Inter-segment | 89165 | 11034) |
| Total revenues | **13471425** | **834916)** |
| *Expenses* |  |  |
| Depreciation and amortization | 79768 | 72717 |
| Interest expense | 26111 | 1636 |
| All other expenses | 12791220 | 405551) |
| Total expenses | **12897099** | **479904)** |
| Profit (loss) before tax | 574326 | 355012) |
| Income tax | 199521 | 95337 |
| Net profit (loss) | **374805** | **259675))** |
| Non-controlling interest | 235783 | 140146 |
| Net profit (loss) attributable to owners of the parent | 139022 | 119529) |
| Segmented assets | **36019104** | **24002263)** |

---

*(1): Revenues from external customers have been identified on the basis of the customer's geographical location, which is China.*

The Company's non-current assets are located in the following geographic regions:

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| | | |
|:---|:---|:---|
|  | **2022-03-31** | **2021-12-31** |
|  | Non-current<br>Assets | Non-current<br>Assets |
|  | $| $|
| China | 12015535 | 10900348 |
| Canada | 88428985 | 89991187 |
| **Total** | 100444520 | 100891535 |

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| |
|:---|
| 27 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***20 - NON-CONTROLLING INTERESTS***

The Company controls the following subsidiaries that have significant non-controlling interests (NCIs).

---

| | | |
|:---|:---|:---|
|  | 2022-03-31 | 2021-12-31 |
|  | % ownership | % ownership |
|  | and voting rights | and voting rights |
| Entities | held the by NCIs | held the by NCIs |
| Asia Synergy Supply Chain Ltd ("ASSC") | 49% | 49% |
| Asia Synergy Financial Capital Ltd ("ASFC") | 49% | 49% |
| Wechain (Nanjing) Technology Service Co., Ltd | 49% | 49% |
| Beijing Kailifeng New Energy Technology Co., Ltd | 49% | 49% |
| Shanghai Xinhuizhi Supply Chain ManagementCo.,Ltd | 49% | 49% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total comprehensive loss allocated | Total comprehensive loss allocated |  |  |
|  | to NCI | to NCI | Accumulated NCI | Accumulated NCI |
|  | Three-month | Three-month |  |  |
|  | period ended | period ended | As at | As at |
|  | 2022-03-31 | 2021-03-31 | 2022-03-31 | 2021-12-31 |
| Asia Synergy Supply Chain Ltd | (39080) | 234977 | 1876634 | 1951538 |
| Asia Synergy Financial Capital Ltd | 125963 | 21996 | 11682645 | 11520859 |
| Wechain (Nanjing) Technology Service Co., Ltd | (80716) |  | 702566 | 783281 |
| Beijing Kailifeng New Energy Technology Co., Ltd | (23740) |  | 204407 | 64703 |
| Shanghai Xinhuizhi Supply Chain ManagementCo.,Ltd | - | - | 975 | - |
|  | (17574) | 256973 | 14467227 | 14320381 |

---

No dividends were paid to NCIs during the three-month periods ended March 31, 2022 and 2021.

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| |
|:---|
| 28 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***20 - NON-CONTROLLING INTERESTS (CONTINUED)***

Summarised financial information for subsidiaries with NCIs, before intragroup eliminations are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ASSC | ASSC | ASFC | ASFC | Wechain | Wechain | Kailifeng | Kailifeng | | Total | Total |
|  | 2022-03-31 | 2021-12-31 | 2022-03-31 | 2021-12-31 | 2022-03-31 | 2021-12-31 | 2022-03-31 | 2021-12-31 | ASAC<br>2022-03-31 | 2022-03-31 | 2021-12-31 |
|  | $| $| $| $| $| $| $| $| $| $— |  |
| Current assets | 6193966 | 8454526 | 23248677 | 23223244 | 612364 | 446330 | 359531 | 130545 | 1972 | 30416510 | 32254645 |
| Non-current assets | 267 | 391 | 2579155 | 3421288 | 947418 | 1283169 | 85625 | 59760 | - | 3612465 | 4764607 |
|  | 6194233 | 8454917 | 25827832 | 26644532 | 1559782 | 1729498 | 445157 | 190305 | 1972 | 34028975 | 37019252 |
| Current liabilities | 2122672 | 4238109 | 1716159 | 2584145 | 126380 | 67363 | 29577 | 56091 |  | 3994788 | 6945708 |
| Non-current liabilities | - | - | 65817 | 69209 | 66101 | 66128 | - | - | - | 131918 | 135337 |
| Total liabilities | 2122672 | 4238109 | 1781976 | 2653354 | 192481 | 133491 | 29577 | 56091 | - | 4126706 | 7081045 |
| Equity attributable to owners of the parent | 1953232 | 2031193 | 12159488 | 11991098 | 731242 | 815252 | 212750 | 67344 | 1014 | 15057725 | 14904886 |
| Non-controlling interests | 1876634 | 1951538 | 11682645 | 11520859 | 702566 | 783281 | 204407 | 64703 | 975 | 14467226 | 14320381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | WechainKailifeng | Kailifeng | ASAC | ASAC |
|  | Three-month period ending | Three-month period ending | Three-month period ending | Three-month period ending |
|  | 2021-03-31 | 2021-03-31 | 2022-03-31 | 2021-03-31 |
|  | $| $| $| $|
| Revenue |  |  |  |  |
| Profit for the year attributable to owners of the parent) | -) |  |  |  |
| Profit for the year attributable to NCIs) | -) | - | - | - |
| **Profit for the year**) | -) |  |  |  |
| Other comprehensive income ("OCI") for the year |  |  |  |  |
| OCI attributable to the owners of the parent) |  |  |  | -) |
| OCI attributable to NCIs) | - | - | - | -) |
| **OCI for the year**) | - | - | - | -) |
| Total comprehensive income for the year attributable to the owners of the parent) | -) |  |  | -) |
| Total comprehensive income for the year attributable to NCIs) | -) |  |  | -) |
| **Total comprehensive income for the year**) | -) | - | - | -) |
| Net cash used in operating activities) | -) |  |  |  |
| Net cash used in investing activities) | -) |  |  | -) |
| Net cash from financing activities) |  |  |  | -) |
| Foreign exchange differences) | -) | - | - | -) |
| **Net cash (outflow) inflow for the year** | - | - | - | -) |

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|:---|
| 29 |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Consolidated Financial Statements**<br> For the three-month periods ended March 31, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***20 - NON-CONTROLLING INTERESTS (CONTINUED)***

During the three-month period ended March 31, 2022, the Company's subsidiary, ASDS along with the non-controlling interests of Kalifeng subscribed for additional share capital in the ratio of their relevant ownership percentages. The total value of capital injected by NCIs in Kalifeng totalled $163,444 (three-months ended March 31, 2021 - $Nil). As at March 31, 2022 the amount of the NCI's portion of the capital injection agreed for Kailifeng that was outstanding was $261,683 (December 31, 2021 - $98,239) (refer note 6).

***21 - CONTINGENCIES***

Through the normal course of operations, the Company may be exposed to a number of lawsuits, claims and contingencies. Provisions are recognized as liabilities in instances when there are present obligations and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and where such liabilities can be reliably estimated. No provision has been recognized in these consolidated financial statements. Although it is possible that liabilities may be incurred in instances where no provision has been made, the Company has no reason to believe that the ultimate resolution of such matters will have a material impact on its financial position.

***22 - SUBSEQUENT EVENTS***

During the period from April 1, 2022, and May 30, 2022, the Company issued 15,627 share purchase options to new employees and consultant with a strike price of $4.16. Stock options are vested between a period of 12 to 24 months and mature 5 years after the issuance date.

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## Exhibit 99.329

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**TENET FINTECH GROUP INC.**

(Formerly Peak Fintech Inc.)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The following Management's Discussion and Analysis (MD&A) provides Management's point of view on the financial position and results of operations of Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.), on a consolidated basis, for the three-month periods ended March 31, 2022 (fiscal 2022) and March 31, 2021 (fiscal 2021).

Unless otherwise indicated or unless the context requires otherwise, all references in this MD&A to "Tenet", the "Company", "we", "us", "our" or similar terms refer to Tenet Fintech Group Inc. on a consolidated basis. This MD&A is dated May 30, 2022 and should be read in conjunction with the Audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2021. Unless specified otherwise, all amounts are in Canadian dollars.

The financial information contained in this MD&A relating to the unaudited Consolidated Financial Statements for the three-month periods ended March 31, 2022, and March 31, 2021, has been prepared in accordance with International Financial Reporting Standards (IFRS).

The Unaudited Consolidated Interim Financial Statements and MD&A have been reviewed by our Audit and Risk Management Committee and approved by our Board of Directors as at May 30, 2022.

**Forward looking information**

Certain statements contained in this MD&A may constitute forward-looking information, which can generally be identified as such because of the context of the statements including words such as believes, anticipates, expects, plans, estimates, or words of similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results. We refer potential investors to the "Risks and Uncertainties" section of this MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this MD&A and represents the Company's expectations as of that date.

The Company undertakes no obligation to update or revise the information contained in this MD&A, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

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**Structure**

The following chart summarizes the corporate structure of the Company.

![](exhibit99-329xu001.jpg)

**BUSINESS OVERVIEW**

Tenet (CSE: PKK) (OTC: PKKFF), is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

**OPERATING HIGHLIGHTS FOR THE QUARTER**

**<u>Chinese Operations</u>**

As is always the case, due in large part to the fact that China pauses for almost a month to celebrate the Chinese New Year, the first quarter of the year provided only a limited window for the Company's Chinese operations, but a window that Tenet was still able to make the most of. Tenet's consumer goods related services benefited during the quarter from the arrival of new retail clients added during the Company's participation in two shopping festivals in late 2021 and from the usual increase in activity leading up to the New Year holiday to lead all verticals once again in terms of revenue generated during the quarter. Second in that department, but well behind the consumer goods sector, was revenue generated by the raw materials vertical, which also includes services provided to the steel industry.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

Page **2** of **16**

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The oil and gas vertical still only accounted for a small portion of Tenet's revenue in the first quarter, but was once again its fastest growing segment in terms of percentage of the Company's total revenue as demand for energy continued to be impacted by global geopolitical issues. While Tenet sees significant growth potential in continuing to serve the oil and gas industry, it is the renewable or clean energy sector that has the Company the most excited about its activities in the energy vertical. Through its i3060 Clean Tech platform, which digitizes the feasibility and life cycle of clean energy projects, the Company worked with China Energy Engineering Corp. (CEEC) during the quarter on a pilot project to install solar panels on residential and commercial roofs in four cities. In addition to that project, Tenet and CEEC collaborated on another project involving the scanning of rooftops throughout China to eventually be in position to estimate the potential solar energy that could be generated from each rooftop. These kinds of opportunities combined with China's commitment to the renewable energy sector is why Tenet is so optimistic about the Company's future in the clean energy space. Although Tenet generated no revenue during the quarter related to services in the clean energy sector, the activities that took place during the quarter and the relationships that the Company is cultivating in the sector are setting the foundations for what Tenet expects to be an important revenue-generating vertical for the Company, both in and outside of China, in the not-so-distant future.

While the automotive/transportation vertical is another segment that had still not generated any revenue for Tenet as of the first quarter, it remains strategic for the Company's future for a couple of reasons. First the segment is directly linked to Tenet's involvement in the insurance industry. During the quarter, Tenet signed a partnership agreement with eHi Auto Services ("eHi") where eHi will help distribute insurance products aimed at the auto industry. Second, the vertical has a strategic link to the Company's activities in the supply-chain industry, specifically the distribution of goods, whether consumer goods, steel, raw materials or otherwise. The transportation of goods is an extremely fragmented business in China where most truck drivers are independent self-employed individuals with their own truck or fleets. As each supply-chain transaction facilitated by Tenet's Business Hub™ generally creates a shipping opportunity, the Company saw an opportunity to attract these independent truck drivers to its ecosystem and provide them with regular and predictable business opportunities through the launch of its Yun Fleet shipping platform during the quarter. Yun Fleet is an "Uber-type" platform that matches freight truckers with shipping opportunities based on factors such as proximity, fleet availability, whether climate control is required and a variety of other factors to optimize cost and time efficiency for shippers and truckers alike.

More comprehensive regulations affecting the Chinese insurance industry, which were a large factor in the Company's decision to acquire the Heartbeat insurance product management and brokerage platform, came into effect during the first quarter of 2022. Although the documented delays in the investments that were required for Tenet to take immediate advantage of opportunities in the space still hampered the Company's activities in the quarter despite the coming into effect of the new regulations, they are nevertheless expected to have a significant impact on Tenet's insurance related services going forward.

In summary, the Company's Chinese operations generated $34,741,460 in revenue while cost of services related to providing those services amounted to $30,024,865 resulting in a gross profit margin before salaries expenses of $4,716,595 (13.6%). More details about the Company's revenue and expenses are provided in the "Results of Operations" section below.

**<u>Canadian Operations</u>**

Until Tenet launches its Canadian Business Hub™, the Company's activities in Canada will consist primarily in preparing the platform for launch, putting the personnel required for its Canadian operations in place and creating partnerships and relationships, which is precisely what took place during the first quarter of 2022. Tenet's product and development teams were naturally the most active during the quarter. The Canadian Hub will differ considerably from the Chinese Hub in terms of both approach and features. For instance, while the Chinese Hub is industrial vertical focussed with limited user interfaces, the Canadian and all other future Hubs will in fact be user interface focussed and resemble a social network platform promoting interactions between members and with the platform itself. This different approach poses a particular challenge that Tenet's product and development teams paid special attention addressing during the quarter.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

Page **3** of **16**

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Other activities worth noting during the quarter related to Tenet's Canadian operations, other than filling a number of key positions, were activities to maintain relationships with the Company's existing financial institution partners to ensure they would be ready for the launch of the platform in Canada and the continuous recruitment of new partners.

As of the first quarter of 2022, Tenet's Canadian operations had not yet generated any revenue for the Company. The expenses associated with the Company's Canadian operations, which included both the expenses incurred by its Cubeler subsidiary for the preparation of the launch of its Canadian Business Hub™ and the expenses related to Tenet's executive and administrative staff and other general expenses including amortization and depreciation, however amounted to $4,600,530.

**BUSINESS PLAN AND OUTLOOK FOR REST OF 2022**

**<u>North America</u>**

One of Tenet's biggest priorities in 2022 will be to launch a second Hub in Canada to be linked to the Hub in China. This will represent another important step to creating a global network of interconnected Hubs to bring tools and new opportunities to SMEs around the world. While the Company's acquisition of Cubeler in the fall of 2021 included the intellectual property for the Business Hub™ platform, a handful of financial institution partners and about a hundred pre-registered SMEs, Tenet knew that adapting the technology to fit within its vision for global deployment as well as put a team in place to run its operations in Canada would require additional investments in both time and money. As detailed in the Company's year-end 2021 MD&A, an unforeseeable delay in those investments in turn caused a delay in the launch of Tenet's Canadian operations. After reassessing and reallocating its capital resources and taking alternative measures to access capital in the future (more on that below), Tenet was able to make the necessary financial commitments to ensure that the launch of its Canadian Hub wouldn't be subject to any additional delays.

Along with the launch of the Company's Canadian operations will come a completely new set of revenue streams in 2022. Whereas Tenet's revenue model in China is a transaction-based model where service fees are charged for facilitating B2B transactions, the Company's revenue model outside of China will be based primarily on subscriptions to analytics and AI applications offered to both consumers and businesses as well as on advertising. More details about Tenet's revenue models can be found in the Company's *"Tenet Q1 2022 Investor Presentation"* available on its website at www.tenetfintech.com.

Tenet will also look to create a US subsidiary prior to the end of 2022 to set the table for the launch of its US Hub in 2023.

**<u>China</u>**

Growth and expansion opportunities remain abundant for Tenet in China. SMEs from a wide range of industries, raw material suppliers, factories, financial institutions, insurance companies and even local governments have all recognized the Hub's value add and have bought in to the concept of the Business Hub™. So the Company's plans in China in 2022 will be to continue to expand the reach of its offering while emphasizing verticals, such as the clean energy and insurance sectors, where Tenet's services benefit from better profit margins. In addition to the continued expansion of its services, the Company will also work on promoting the synergy between its offerings throughout the Business Hub™. For instance, while Tenet's Heartbeat insurance brokerage platform originally focussed on insurance products aimed at the auto industry, the Company plans to work with its insurance partners to design products specifically suited to the transactions facilitated on the Hub and begin to offer policies along with the transactions facilitated. Similarly, the Company plans to offer shipping and logistics services with each transaction for which such services would be applicable through its Yun Fleet platform.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

Page **4** of **16**

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While China is expected to continue to be responsible for the Company's rapid revenue growth over the next couple of years, the country's "zero Covid" policy when it comes to the Covid-19 pandemic has injected some unpredictability in Tenet's forecasted revenue for 2022. A government ordered lockdown, mass testing of citizens and mobility restrictions imposed on a large segment of the population caused severe disruptions to factories and businesses that Tenet's revenues depend on. With the New Year break in February and little activity in April and May due to the Covid lockdown, the Company had already lost almost a full quarter of activity as of the date of this MD&A, which naturally has led Tenet to revise its revenue guidance for 2022. It should be noted that the Company's new revenue guidance assumes a lifting of the Covid measures in all of China's major cities in early June 2022 as was announced by the Chinese government in May 2022.

**<u>Capital Markets Strategy</u>**

The Company's capital markets strategy in 2022 will focus on getting its securities listed on senior exchanges in both Toronto and London while it continues to work with the US Securities and Exchange Commission to have its common shares reinstated for listing on the Nasdaq stock exchange. Tenet plans to file a prospectus offering in Canada in the second quarter of 2022 to help raise the capital it needs to continue to execute its business plan. The financial instrument offered (equity, debt or a combination of both) to raise the capital will be determined based on the prevailing market conditions at the time of the filing of the prospectus.

As the Company plans to expand its Business Hub™ to Europe following the launch of Hubs in North American, Tenet believes it will be important to connect with European capital markets participants. The Company not only began looking to list its securities on the London Stock Exchange (the "LSE") but also began to work with London based capital markets advisors to help craft a European capital market strategy. Assuming Tenet is successful in having its securities on a senior Canadian exchange by late Q2 or early Q3 2022, the Company would expect to also have its securities listed on the LSE by the end of the third quarter of 2022, which would potentially allow it to conduct its first capital raise in London prior to the end of 2022.

**Selected Quarterly Information**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2022** | **March 31, 2021** |
|  | **Three Months** | **Three Months** |
| Revenues | $34741460 | $14239776 |
| Expenses before finance costs, tax, depreciation and amortization | $35309665 | $14118039 |
| EBITDA (1) and Adjusted EBITDA (2) | ($568205) | $121737 |
| Finance costs, tax, depreciation and amortization | ($2791396) | $511440 |
| Net loss | ($3359601) | ($389702) |
| Net (loss) profit attributable to: |  |  |
| Non-controlling interest | $22670 | $375929 |
| Owners of the parent | ($3382271) | ($765631) |
| Basic and diluted loss per share | ($0.045) | ($0.012) |

---

(1) EBITDA is provided as supplementary earnings measure to assist readers in determining the Company's ability to generate cash-flows from operations and to cover finance charges. It is also widely used for business valuation purposes. This measure does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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EBITDA equals the results before finance cost, as defined in Note 17 of the Unaudited Interim Consolidated Financial Statements for the three-month period ended March 31, 2022, income tax, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets and financing of initial costs.

(2) Adjusted EBITDA equals EBITDA as described above adjusted for impairment expense of intangible assets and goodwill, loss on extinction of debt, loss on settlement of debt, (gain)/loss on fair value variation and gain on bargain purchase for the period.

---

| | | |
|:---|:---|:---|
| **Reconciliation of EBITDA to** | **March 31, 2022** | |
| **net loss** | **Three Months** | **March 31, 2021**<br>**Three Months** |
| Net loss for the period | ($3359601) | ($389702) |
| *Add:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | $704182 | $301977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance costs | $446983 | $44833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $1640231 | $164629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA and adjusted EBITDA | ($568205) | $121737 |

---

---

| | | |
|:---|:---|:---|
|  | **March 31, 2022**<br>**(3 months)** | **March 31, 2021**<br>**Three Months** |
| Total assets | $193094542 | $62147286 |
| Total Liabilities | $29199611 | $26355413 |
| Long-term liabilities | $6217904 | $501948 |
| Total Equity | $163894931 | $35791873 |
| *To Non-controlling interest* | $14467222 | $12027492 |
| *To Owners of parent* | $149427709 | $23764381 |

---

**Results of Operations**

<u>Revenue for the three months ended March 31, 2022</u>

The Company generated $34,741,460 in revenue during the first quarter ended March 31, 2022, compared to $14,239,776 for the same period in 2021. The year-over-year increase in revenue is consistent with the path of the increasing demand for the Company's services observed over the past four years. The Company's ASST, AJP and ASSC subsidiaries, which respectively market Tenet's services to, consumer goods supply-chain clients, oil & gas sector clients and raw material supply-chain clients, combined to accounting for $32.9M of Tenet's total revenue in the first quarter of 2022 compared to $12.6M for the same period of 2021.

<u>Total expenses before taxes</u>

The following schedule summarizes the Company's total expenses before taxes:

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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---

| | | |
|:---|:---|:---|
|  | **March 31, 2022**<br>**(3 months)** | **March 31, 2021**<br>**(3 months)** |
|  | $| $|
| Cost of service | $30024865 | $12347170 |
| Salaries and fringe benefits | $2345268 | $723860 |
| Service fees | $102926 | $157651 |
| Board remuneration | $191924 | $124527 |
| Royalty |  | $30776 |
| Consulting fees | $343738 | $62869 |
| Management fees | $11964 | $12818 |
| Expected credit loss | $87618 | $19893 |
| Professional fees | $1032464 | $331655 |
| Public relations and press releases | $316072 | $121493 |
| Office supplies, software, and utilities | $177058 | $30214 |
| Lease expenses | $60161 | $11570 |
| Depreciation of right-of use- assets | $109782 | $69157 |
| Insurance | $331646 | $14896 |
| Finance costs | $446983 | $44833 |
| Translation & Other | $26020 | $39310 |
| Travel and entertainment | $78485 | $34002 |
| Stock exchange and transfer agent costs | $45032 | $90714 |
| Lost on deposit |  | $97150 |
| Depreciation of property and equipment | $21551 | $22337 |
| Amortization of financing initial costs | $6551 |  |
| Amortization of intangible assets and financing cost | $1502347 | $73135 |
| Loss (gain) on foreign exchange | $134424 | ($35379) |
| **Total expenses before income tax** | $37396879 | $14327501 |

---

<u>Expenses for the Three-month ended March 31, 2022</u>

Cost of service expenses related to the Company's supply-chain financing service bundle amounted to $30,024,865 for the three-month period ended March 31, 2022 (compared to $12,347,170 in fiscal 2021). The ratio of those expenses to the revenue generated from the supply-chain financing service bundle continued to decline in 2022 with a reduction of 6.7% compared to the previous year.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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Salaries and fringe benefits amounted to $2,345,268 for the first quarter of 2022 (compared to $723,860 for the same period in 2021). The increase in salary expenses for the three-month period ended March 31, 2022, period is attributable to the hiring of new employees in the last quarter of fiscal 2021 and in the first quarter of 2022 in Canada and the creation of new subsidiaries in Beijing and Guangzhou and base salary and bonus adjustments for key employees in 2022. The variation is partially due to the increase in the share-based remuneration that is included within this caption, which amounted to $367,287 in the first three-month periods of 2022 compared to $189,224 for the same period in 2021.

Service fees relate to consulting and business development services provided to three of the Company's subsidiaries (ASFC, ASST and ASCS) by third-party companies and amounted to $102,926 in the first quarter of fiscal 2022, which is comparable to expense incurred of $157,651 for the same period of 2021.

Royalty expenses were nil the three-month ended March 31, 2022 (compared to $30,776 in the first quarter of fiscal 2021) represent royalties on software payable to Cubeler for the licensing and use of its technology. The royalty expense is calculated on revenue primarily generated by ASDS. Tenet acquired Cubeler on October 1, 2021, ending these royalty expenses.

Board remuneration refers to share-based and attendance fee remuneration received by members of the Company's board of directors and amounted to $191,924 in in the first quarter of 2022 compared to $124,527 or the same period in 2021. Within this caption, shared-based remuneration amounted to $139,424 in the first three-month period of fiscal 2022 compared to $110,777 for the same period in 2021.

Consulting fees incurred during the first three months of fiscal 2022 totalled $343,738 (compared to $62,869 in the same period of 2021), mainly relate to capital markets consulting fees incurred in fiscal 2022. The Company's plans to list its securities on the London Stock Exchange and to access the European capital markets is part of a long-term global capital markets strategy being developed and implemented with the assistance European advisors and consultants. Share-based remuneration expenses related to consultants amounted to $34,888 in the first three-month of fiscal 2022 compared to $44,689 for the same period of fiscal 2021.

Professional fees, such as audit fees and legal fees, totalled $1,032,464 for the first quarter of 2022 (compared to $331,655 for the same period in 2021). The increase is mainly due to additional legal fees incurred in Canada, the United States and China relating to listing upgrades in Canada and the United States, additional governance initiatives and opening of new subsidiaries in China. Audit fees increased between fiscal 2022 and 2021 following the growth of the Company in both operating countries. The increase in professional fees was also attributed to Company initiatives, in Canada and China, to document and implement additional internal controls in order to comply with major stock exchange high financial standards and requirements.

Public relations and press releases expenses amounted to $316,072 in the first quarter of 2022 compared to $121,493 in 2021. The increase is mainly due to the fees related to the upgrade of Tenet and Cubeler website that will be launch in the next quarters.

Insurance expenses of $331,646 in the first quarter of 2022, compared to $14,896 for the same period in 2021. The increase is mainly attributable to the increase in the directors and officers (D&O) insurance coverage following our introduction to a major stock exchange and a general market price increase in D&O insurance market.

Finance costs include mainly interest charges accretion on contingent payable and accretion of debentures. The increase is mainly attributable to the accretion on contingent payable that amounted to 398,031 for the first three-months of fiscal 2022 (compared to nil for the same period in fiscal 2021). The accretion on contingent payable is related to the acquisition of Heartbeat in fiscal 2021.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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Expected credit loss of $87,618 for the first quarter of fiscal 2022 (compared to $19,893 for the same period in fiscal 2021) relates to the variation in allowance for credit loss provision on ASFC's loan balance for the year as described in Note 5 of the Company's Unaudited Interim Consolidated Financial Statements for the three-month period ended March 31, 2022

Amortization of intangible assets amounted to $1,502,347 for the three-month period ended March 31, 2022, compared to $66,484 for the same period in 2021. This increase is due to the amortization of the acquired Cubeler and Heartbeat platforms during the year and continuous capitalized cost on platform improvements of assets in China. (Business Hub, Gold River, and others).

<u>Net Results.</u>

The Company incurred a net loss of $3,359,601 for the first three months of fiscal year 2022 (compared to a net loss of $389,702 in Fiscal 2021).

**Summary of Quarterly Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,**<br>**2022** | **March 31,**<br>**2021** | **December 31,**<br>**2021** | **December 31,**<br>**2020** |
|  | **Three months** | **Three months** | **Three months** | **Three months** |
| Revenues | $34741460 | $14239776 | $33048249 | $16368779 |
| Expenses (1) | $38101060 | $14629478 | $83042872 | $19569280 |
| Net Loss | ($3359601) | ($389702) | ($49994623) | ($3200501) |
| *Net (loss) profit attributable to:*  |  |  |  |  |
| Non-controlling interest | $22670 | $375928 | $333791 | $487831 |
| Owners of the parent | ($3382271) | ($765630) | ($50328414) | ($3668332) |
| Earnings per Share (2) | ($0.045) | ($0.012) | ($0.587) | ($0.020) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,**<br>**2021**<br>**Three months** | **September**<br>**30, 2020**<br>**Three months** | **June 30,**<br>**2021**<br>**Three months** | **June 30,**<br>**2020**<br>**Three months** |
| Revenues | $25695570 | $15116369 | $30469179 | $7263504 |
| Expenses (1) | $24169284 | $16084781 | $30353108 | $7802407 |
| Net Gain (Loss) | $1526286 | ($9681412) | $296071 | ($538903) |
| *Net (loss) profit attributable to:* |  |  |  |  |
| Non-controlling interest | $169752 | $350015 | $315631 | $177983 |
| Owners of the parent | $1356534 | ($1318427) | ($19560) | ($716886) |
| Earnings per Share (2) | $0.017 | ($0.020) | $0000 | ($0.002) |

---

*Note (1): Including income tax expenses*

*Note (2): Earnings per share is calculated using the net loss and the weighted average number of outstanding shares.*

**<u>First Quarter Ending March 31, 2021</u>**

**Liquidity**

The level of revenue currently being generated by the Company is not presently sufficient to meet its working capital requirements and investing activities. Until that happens, the Company will continue to use financing means to help meet its financial obligations. As of May 30, 2022 the cash available to manage the Company's Canadian operations and meet its obligations amounted to approximately $9,350,000. The Company's cash flow position is expected to improve significantly as its operating subsidiaries grow their revenue and generate new revenue streams and eventual profits for the Company. However, until that happens, the Company will continue to assess its capital needs and undertake whatever initiative it deems necessary to ensure that it continues to be in a position to meet its financial obligations. In the opinion of management, the Company's current cash position and its access to additional capital, will be sufficient to meet its current obligations and allow it to continue as a going concern for the next 12 months.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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**Financing activities**

From January 1, 2022 to May 30, 2022, the Company issued 1,517,500 common shares for total proceeds of $1,658,750 upon the exercise of share purchase warrants.

From January 1, 2021 to May 30, 2022, the Company issued 100,000 common shares for total proceeds of $210,000 upon the exercise of options.

**Capital Stock**

The Company's capital stock as of March 31, 2022, was $210,712,684 compared to $208,219,490 as of December 31, 2021. The variation is explained by the common shares issued in connection with, the market value of warrants exercised of $2,101,894, and the fair market value of the exercise of options for $391,300.

**Common Shares**

As of May 30, 2022, the Company had 98,812,183 common shares outstanding. The following table summarizes the changes in shares outstanding from January 1, 2021, until May 30, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Balance outstanding as of December 31, 2021** | **Balance outstanding as of December 31, 2021** | **97167183** | **97167183** |
| **Date** | **Description** | **Number** | **Cumulative<br>number**  |
| January 2022 | Exercise of warrants | 100000 | 97267183 |
| January 2022 | Exercise of warrants | 200000 | 97467183 |
| January 2022 | Exercise of warrants | 150000 | 97617183 |
| January 2022 | Exercise of warrants | 100000 | 97717183 |
| January 2022 | Exercise of warrants | 150000 | 97867183 |
| February 2022 | Exercise of warrants | 467500 | 98334683 |
| February 2022 | Exercise of warrants | 360000 | 98694683 |
| March 2022 | Exercise of options | 100000 | 98794683 |
| May 2022 | Exercise of options | 17500 | 98812183 |

---

**Share Purchase Options**

As of May 30, 2022, the Company had 4,665,924 common share purchase options outstanding. The following table summarizes the options outstanding as of May 30, 2022.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance outstanding as of December 31, 2021** | **Balance outstanding as of December 31, 2021** | **Balance outstanding as of December 31, 2021** | **4689250** | **4689250** |
| **Date of grant** | **Optionee** | **Number** | **Exercise Price** | **Expiration** |
| January 2022 | Employee | 32725 | $7.50 | January 2027 |
| February 2022 | Employee | 42881 | $5.60 | February 2027 |
| March 2022 | Employee | 2941 | $2.89 | March 2027 |
| March 2022 | Consultant | (100000) | $2.10 | N/A |
| April 2022 | Employee | 10627 | $4.16 | April 2027 |
| April 2022 | Consultant | 5000 | $4.16 | April 2027 |
| May 2022 | Consultant | (17500) | $2.10 | N/A |
|  | Total outstanding | 4665924 |  |  |

---

**Share Purchase Warrants**

As of May 30, 2022, the Company had 15,805,004 common share purchase warrants outstanding. The following table summarizes the changes in warrants outstanding as of May 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance outstanding as of December 31, 2021** | **Balance outstanding as of December 31, 2021** | **Balance outstanding as of December 31, 2021** | **17332504** | **17332504** |
| **Date** | **Description** | **Number** | **Exercise Price** | **Expiration** |
| January 2021 | Exercise of warrants | (100000) | $1.50 | N/A |
| January 2021 | Exercise of warrants | (350000) | $0.80 | N/A |
| January 2021 | Exercise of warrants | (100000) | $0.50 | N/A |
| January 2021 | Exercise of warrants | (150000) | $1.50 | N/A |
| February 2021 | Exercise of warrants | (467500) | $0.50 | N/A |
| February 2021 | Exercise of warrants | (360000) | $2.00 | N/A |
|  | Total outstanding | 15805004 |  |  |

---

**Segment Reporting**

The Company presents and discloses segmental information, as disclosed in Note 16, of the Company's Audited Consolidated Financial Statements for the year ended March 31, 2022, based on information that is regularly reviewed by the chief operating decision maker who has been identified as the Company's senior management team, which makes strategic and operational decisions.

**Debentures**

As of March 31, 2022, the Company had debentures outstanding as described in the Note 11 of the Unaudited Consolidated Financial Statements for the year ended March 31, 2022.

**Escrowed shares**

As of May 30, 2022, 7,758,504 shares of the Company were held in escrow by TSX Trust Company (the "Escrow Agent") in accordance with the terms of the Security Escrow Agency Agreement dated October 1, 2021, between the Escrow Agent, the Company and securityholders of Cubeler Inc. ("Cubeler"). Cubeler securityholders agreed to deposit with the Escrow Agent 11,133,012 shares in the Company received a partial consideration for the sale by said securityholders of the issues and outstanding shares of Cubeler. On February 2, 2022, 3,374,508 shares of the Company were released by the Escrow Agent. On October 1, 2022, 3,879,271 shares held in escrow are scheduled to be released and the remaining 3,879,233 shares held in escrow are scheduled to be released on October 1, 2023.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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**Related Party Transactions**

Salaries paid and accrued to officers and directors amounted to $379,823 during the first quarter of fiscal 2022 compared to $211,420 for the same period in fiscal 2021.

During the three-month period ended March 31, 2022, share-based expenses associated with officers and board members amounted to $413,050 compared to $312,158 for the same period of 2021.

During the first period of fiscal 2022, the Company charge interest revenue on promissory note to Directors of $329 (nil for the three-month period ended March 31, 2021).

Cubeler Inc. ("Cubeler"), a Canadian company, created a software platform called Cubeler (the "Platform"). In 2017, Cubeler entered into a Software and Royalty License Agreement with Tenet (then Peak Positioning Technologies Inc.), according to which Cubeler granted Tenet an exclusive, assignable, transferable license to, among other things, use, market, distribute, and sell the Platform in Mainland China. On August 15, 2021, Tenet, Cubeler, and Cubeler's shareholders entered a Binding Memorandum of Understanding on the Acquisition of Cubeler Shares, pursuant to which Tenet conditionally agreed to purchase Cubeler. Four Cubeler shareholders were identified as Tenet insiders and, as such, the acquisition was conditional on, among other things, receipt of an independent favorable fairness opinion satisfactory to the special committee of Tenet's board (having no conflicts of interest) as to the purchase price and the transaction, shares in Tenet paid in consideration would subject to an escrow hold and released gradually over 24 months, and non-compete undertakings for shareholders holding 5% or more of Cubeler. As found in a Final Pricing Report dated August 15, 2021, Evans and Evans carried out an independent assessment and determined that, as of June 30, 2021, the value of Cubeler to Peak was between $94.73-103.102M. Moreover, a Fairness Opinion by Harris Capital Corporation dated September 23, 2021, concluded that the proposed transaction was fair from a financial point of view to the shareholders of Tenet. The sale was concluded pursuant to a Share Purchase Agreement between Tenet and the shareholders of Cubeler dated October 1, 2021.

During the three-month period ended March 31, 2021 (before the acquisition of Cubeler), the Company incurred $30,776 of royalty expense for the use of Cubeler's technology. Also, for the three-month period ended March 31, 2021, the net amount payable to Cubeler was $70,910. No royalties will be payable to Cubeler following the Company's acquisition of Cubeler.

On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000 for withholding taxes paid by the Company on the exercise of stock options by the two directors. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of March 31, 2022, and the date of this MD&A, the aggregate outstanding principal amount due for said loans is $113,193.

**Off-Balance-Sheet Arrangements**

The Company has not entered into any off-balance sheet financing arrangements.

**Accounting policies**

The principal IFRS accounting policies set out in Notes 3 to the Consolidated Financial Statements have been consistently applied to all periods presented in such financial statements.

**Legal proceedings**

As of May 30, 2022, the following legal proceedings have been instituted against the Company:

A class action lawsuit has been brought against Tenet and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case has been brought on behalf of Tenet shareholders who traded securities of Tenet between September 2, 2021, and October 13, 2021, on Nasdaq. The complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 by making false or misleading statements regarding (i) Tenet's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) Tenet's acquisitions of the Huayan Kun Tai Technology Company Ltd., the Heartbeat insurance platform, and Cubeler Inc., (iii) Tenet's listing on Nasdaq, (iv) Tenet's Form 40-F submission to the SEC, and (v) statements published about Tenet by Grizzly Reports. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022. The Company has retained external counsel and is defending itself vigorously against all claims.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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**Financial Instruments**

The Company has classified its financial instruments as described in the note 4.10 of the audited Consolidated Financial Statements for the period ending March 31, 2022. The Company is exposed to various risks as described in the note 21.3 of the audited Consolidated Financial Statements as of March 31, 2022.

**Governance**

To better equip the Company with the right tools to manage the current growth of its business and to properly pursue its strategic plan, the Company is taking steps to continuously to bolster its governance measures. These steps include (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, including with respect to with respect to discrimination and harassment, health and safety, and personal data, (iii) the adoption of a corporate whistleblower policy, and (iv) the Company retained Richter LLP in Canada and Deloitte Ltd. in China to help it implement general internal control over its processes and operations, as well as to carry out a Sarbanes Oxley compliance review and diagnostic, both of which were still ongoing as of the date of this MD&A. The Company aims to continue to improve upon its corporate governance throughout 2022 to bring it to the highest standards.

**RISKS AND UNCERTAINTIES**

Risk factors that may adversely affect or prevent the Corporation from carrying out all or portions of its business strategy are discussed in the Corporation's Filing Statement dated January 6, 2011, available on SEDAR at <u>www.sedar.com</u>. Other risks include:

**Liquidity and Capital Resources**

The Company will require financing in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of common shares. Factors that could affect the availability of financing include, but are not limited to, evidence of continued demand for the Company's services, the Chinese geopolitical climate, the Company's ability to expand its services beyond China, the state of international debt and equity markets, and investor perceptions and expectations of the fintech space. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company.

**Holding Company With Significant Operations in China**

As a holding company that is currently dependent on the operations of its subsidiaries in China, Tenet is subject to risks that could cause the value of its common shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of its common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

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**Regulatory Permissions**

To operate its business as currently conducted in China, each of the Company's subsidiaries in China is required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

**Repatriation of Profits or Transfer of Funds from China to Canada**

As of the date of this MD&A, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits generated by the Company which the Company might want to repatriate from China to Canada, or the transfer any funds that the Company's Chinese might want to transfer from its subsidiaries to Canada, is subject to the rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with the regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise adversely impact the Company in the future.

**Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest**

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

Page **14** of **16**

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Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporary or permanently suspend some of its operations in China, which would adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favors that would advance the Company's business interests in exchange for cash or other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would negatively impact the Company's operations, revenue and profits.

**COVID-19**

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months in some parts of the world, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

**FURTHER INFORMATION**

Additional information about the Company can be found at <u>www.sedar.com</u>

May 30, 2022

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

Page **15** of **16**

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| | |
|:---|:---|
| ***(s) Jean Landreville*** | ***(s) Johnson Joseph*** |
| Jean Landreville, Chief Financial Officer | Johnson Joseph, President & CEO |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, May 30, 2022

Page **16** of **16**

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## Exhibit 99.330

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**FORM 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Johnson Joseph, Chief Executive Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "**interim filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the interim period ended March 31, 2022.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 30, 2022

/s/ Johnson Joseph

_______________________

Johnson Joseph

Chief Executive Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-

109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

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## Exhibit 99.331

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**FORM 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Jean Landreville, Chief Financial Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "**interim filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the interim period ended March 31, 2022.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 30, 2022

/s/ Jean Landreville

_______________________

Jean Landreville <br>Chief Financial Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

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## Exhibit 99.332

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## Exhibit 99.333

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**Tenet Reports 143% Year-Over-Year Growth for the Q1 2022 with Revenue of $34.7M: Updates Guidance for 2022**

Toronto, Ontario--(Newsfile Corp. - May 30, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced its financial results and operating highlights for the three-month period ended March 31, 2022. Tenet reported revenue of $34.7M, adjusted EBITDA of ($568,202) and a net loss of $3.36M for the quarter. The Company continued to expand its offerings in China that led to the increase in revenue. Expenses related to the preparation for the launch of Tenet's Canadian Business Hub™ and Canadian operations led to the negative adjusted EBITDA and the net loss for the period. All amounts expressed are in Canadian dollars.

**Q1 Financial Highlights:**

* Total Revenue of $34.7M

* Adjusted EBITDA of ($568,202)

* Net Loss of ($3.36M)

**Summary of Quarterly Evolution of Revenue, Adjusted EBITDA and Net Income (Loss)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** |
| Revenue | $34741460 | $33048247 | $25695570 | $30649179 | $14239776 |
| Expenses<sup>1</sup> | $35309662 | $33226492 | $22672271 | $29411980 | $14118039 |
| Adjusted EBITDA<sup>2</sup> | ($568202) | ($178245) | $3023299 | $1237199 | $121737 |
| Net Income (Loss)<sup>3</sup> | ($3359601) | ($49994623) | $1526286 | $296071 | ($389702) |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Expenses, for the calculation of Adjusted EBITDA, do not include finance costs, interest, taxes, depreciation (including impairment of intangible assets) loss on settlement of debt, gain on bargain purchase and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation, amortization and impairment of intangible assets, loss on extinction of debt, gain on bargain purchase and amortization. Adjusted EBITDA is provided as a supplementary earnings measure to assist readers in determining the Company's ability to generate cash flows fromoperations and to cover finance charges. Adjusted EBITDA and EBITDA are also widely used for business valuation purposes. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

&nbsp;&nbsp;&nbsp;&nbsp;3. The net loss for Q4 2021 included a total of $53,364,705 in impairment charges related to the Company's acquisition of Cubeler for which forecasted revenues shifted by almost a year due to the delayed launch of the Company's Canadian Business Hub™. Part of the impairment charges may be reversed in the future following the launch of the Company's Canadian operations.

**Q1 Operating Highlights:**

* Partnership agreement with eHi Auto Services

* Launch of Yun Fleet shipping and transportation platform

* Collaboration with China Energy Engineering Corporation on two clean energy pilot projects

**ABOUT FIRST QUARTER FINANCIAL AND OPERATING RESULTS SUMMARY**

It was essentially business as usual for Tenet in Q1 when it comes to the continued expansion of its services in China. The benefits of the Company's participation in two major shopping festivals in China in the fourth quarter of 2021 spilled over into the first quarter of 2022 as new consumer-goods supply-chain clients acquired during the events contributed to Tenet's revenue growth for the quarter. Helping consumer goods retailers and distributors manage their cash flows, become more efficient and take advantage of new opportunities once again constituted the bulk of Tenet's operations in China. Activities in the oil & gas and raw materials verticals also contributed to the Company's revenue growth during the period.

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While its operations in established verticals were expanding, Tenet took steps during the quarter to begin servicing new verticals and to create more synergy between its offerings throughout the Business Hub™. Believing China's clean energy sector to be one of the most promising in the world, Tenet is focused on making entry into the space a priority for 2022 and continued to develop relationships in the sector during the quarter by collaborating with China Energy Engineering Corporation ("CEEP") on two separate solar-energy pilot projects. The launch of the Company's Yun Fleet shipping platform and its partnership agreement with eHi Auto Services ("eHi") in Q1 2022 will not only help Tenet better service the automotive/transportation vertical but should also serve to create more synergy between the Company's offerings. For instance, the agreement with eHi will essentially provide an additional 5,000 service outlets located in more than 400 cities where insurance policies offered through Tenet's Heartbeat insurance brokerage platform will be sold. And while Heartbeat was originally focused on insurance products aimed at the auto industry, Tenet began to work with its insurance partners to design products specifically suited to some of the transactions facilitated on the Hub and to begin offering policies along with the transactions. Similarly, the Company plans to offer shipping and logistics services with each transaction for which such services would be applicable through the Yun Fleet platform.

As for its Canadian operations, Tenet once again spent the quarter taking the necessary steps to launch the Canadian portion of its Business Hub™ in the second half of 2022. Most of the activities naturally were focused on the adaptation of the platform for Canada, but the Company also became more active during the quarter on relationship-building and awareness initiatives ahead of the anticipated launch.

In summary, the Company generated $34,741,460 in revenue for the quarter ended March 31, 2022 compared to $14,239,776 for the same period in 2021. Total expenses for the quarter amounted to $38,101,061, compared to $14,327,501 for the same period in 2021. The net loss for the three-month period ending March 31, 2022 was $3,359,601 compared to a $389,702 net loss for the same period of 2021.

Full details of the Company's first quarter 2022 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month periods ended March 31, 2022 and 2021, which are available at <u>www.sedar.com</u>.

**REVISED GUIDANCE FOR 2022**

Tenet also announced today that it has revised its guidance for 2022. The Company is now forecasting revenue for the year of $210.0M (down from $345.0M), EBITDA of $6.5M (down from $81.8M) and a net loss of $11.3M (down from net income of $51.4M).

"Although the demand for the services offered through our Business Hub™ continues to grow as expected in China, a combination of events that have occurred over the past seven months have dramatically altered our fundraising plans, causing delays in the launch of our operations in Canada and our activities in the insurance vertical in China," commented Tenet President and CEO Johnson Joseph. "Add to that China's zero Covid policy, which led to some of the country's major economic hubs being locked down for just about the entire second quarter so far, and it became impossible for us to meet our previously forecasted numbers, so we had to go back to the drawing board with a new plan. The good news is that we now have a capital markets plan that doesn't depend on the US capital markets and which will allow us to continue to fuel our growth in China and expand the Business Hub™ to other markets around the world."

Tenet will host an investor webinar on **Tuesday, May 31<sup>st</sup>** **at 8:00 am ET**, where President and CEO Johnson Joseph, Tenet China CEO Liang Qiu and CFO Jean Landreville will discuss the Q1 2022 financial results and the Company's revised 2022 guidance. Those who would like to attend the webinar can register for the event at: <u>https://tinyurl.com/TenetQ12022</u>.

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**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-333x3x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/125893</u>

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## Exhibit 99.334

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**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 98,812,183

Date: May 31, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*The Issuer's Chinese operations were affected during the reporting period by a resurgence of Covid-19, which prompted the government to take strong measures to contain the virus and limit its spread. Nonetheless, the Issuer made the most of its limited opportunities to continue to grow its operations in China. While transactions on the Business Hub™ generally slowed during the month, activity on the Heartbeat insurance brokerage platform picked up considerably as transactions that were delayed in Q4 2021 and Q1 2022 were processed.*

*As was the case in May 2021, the Issuer spent also spent a considerable amount of time during the period preparing for this year's "618" Shopping Festival.*

*Until the Issuer launches its Canadian Business Hub, its activities in Canada continue to consist primarily in preparing the platform for launch, putting the personnel required for its Canadian operations in place, creating partnerships, and attracting potential members, which is precisely what took place during the reporting period.*

2. Provide a general overview and discussion of the activities of management.

*In addition to the work related to getting the Issuer ready for the "618" event in China and the ongoing preparation for the Canadian segment of the Issuer's Business Hub™, the Issuer's management's focus during the period was on getting the Issuer's securities listed on a senior stock exchange in Canada. With the filing of the Issuer's audited year-end 2021 financial statements behind it, the Issuer's management spent time during the period updating the Issuer's Annual Information (AIF). The Issuer's management plans to file the updated AIF on SEDAR within days of this report as the primary disclosure document to go along with the Issuer's application for listing on a Canadian senior stock exchange. The Issuer's management also continued to work on the drafting of a short form prospectus offering during the month to be filed concurrent to the application to have the Issuer's securities up listed to a senior exchange in Canada. The terms of the prospectus offering were being finalized with the Issuer's investment banking partners as of the date of this report. Finally, the Issuer's management also spent time during the period on the preparation of the Issuer's Q1 2022 financial statements, which were filed just prior to the end of the period.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 1<br>

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3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*N/A*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the

Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*N/A*

6. Describe the expiry or termination of any contracts or agreements between the

Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 2<br>

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9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development and adaption of the Business Hub™ for the North American market.*

11. Report on any labour disputes and resolutions of those disputes if applicable.

*N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Number Issued** | **Details of Issuance** | **Use of Proceeds** |
| *Stock Options* | *13585* | *Incentive options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $5.13 per share.*  | *n/a* |

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**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

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15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

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**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated June 7, 2022.

---

| |
|:---|
| &nbsp;&nbsp;Johnson Joseph |
| &nbsp;&nbsp;Name of Director or Senior Officer |
| &nbsp;&nbsp;*(s) Johnson Joseph* |
| &nbsp;&nbsp;Signature |
| &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;Official Capacity |

---

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| | | |
|:---|:---|:---|
| ***Issuer Details*** | | |
| Name of Issuer | For Month End | Date of Report |
| *Tenet Fintech Group Inc.* | *May 2022* | *June 7, 2022* |
| Issuer Address |  |  |
| *550 Sherbrooke West, West Tower, Suite 265* | *550 Sherbrooke West, West Tower, Suite 265* |  |
| City/Province/Postal Code | Issuer Fax No. | Issuer Telephone No. |
| *Montreal, QC H3A 1B9* | *(514) 340-2228* | *(514) 340-7775* |
| Contact Name | Contact Position | Contact Telephone No. |
| *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| Contact Email Address | Web Site Address |  |
| *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

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## Exhibit 99.335

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Notice of Availability of Proxy Materials for**<br>**Tenet Fintech Group Inc. Annual and Special**<br>**Meeting of Shareholders**<br> ****<br>**<u>Meeting Date and Location:</u>**<br> \| When: Thursday, June 30, 2022 \| Where: Via live audio webcast at \|<br> \|:---\|:---\|<br> \| at 10:00 a.m. (Eastern Time) \| https://tinyurl.com/PKKAGM2022 \| You are receiving this notification as Tenet Fintech Group Inc. (the "Corporation") has decided to use the notice and access model for delivery of meeting materials to its shareholders and to advise that the proxy materials for the above noted shareholders' meeting are available on the Internet. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We remind you to access and review all of the important information contained in the Management Proxy Circular and other proxy-related materials before voting.<br> The Management Proxy Circular and other relevant materials are available at:<br> **<u>https://www.meetingdocuments.com/TSXT/PKK</u>**<br> **OR**<br> **<u>www.sedar.com</u>**<br> **<u>How to obtain paper copies of the proxy materials</u>**<br> Shareholders may request to receive paper copies of the current meeting materials by mail at no cost. To ensure you receive the materials in advance of the voting deadline and meeting date, all requests must be received no later than June 20, 2022. If you do request the current materials, please note that another Form of Proxy or Voting Instruction Form will not be sent; please retain your current one for voting purposes.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> \| <br> \|<br> \|:---\|<br> \| <br> \|<br> \| Securityholder Meeting Notice \| <br> The resolutions to be voted on at the meeting are listed below along with the sections within the Management Proxy Circular where disclosure regarding the matter can be found.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Election of Directors<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Appointment of Auditors<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Approval and Adoption of Omnibus Incentive Plan<br>**<u>Voting</u>**<br> **PLEASE NOTE - YOU CANNOT VOTE BY RETURNING THIS NOTICE.**<br> To vote your securities you must vote using the methods reflected on your enclosed Form of Proxy or Voting Instruction Form. Your Form of Proxy or Voting Instruction Form must be received by 10:00 a.m., Eastern Standard Time, on June 28, 2022.<br> **PLEASE VIEW THE MANAGEMENT PROXY CIRCULAR <u>PRIOR</u> TO VOTING**<br>Annual and Quarterly Financial Statements delivery<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only to Registered and Beneficial Holders who opted to receive one.<br>

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## Exhibit 99.336

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![](exhibit99-336x1x1.jpg)

**NOTICE OF THE ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS**

To the shareholders of Tenet Fintech Group Inc. (the "Company"):

NOTICE IS HEREBY GIVEN that an Annual and Special Meeting of shareholders (the "Meeting") of the Company will be held virtually on June 30, 2022, at 10:00 a.m. (Toronto time), for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To receive and consider the audited financial statements of the Company for the year ended December 31, 2021 and the report of the auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To elect the directors of the Company for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To appoint Raymond Chabot Grant Thornton LLP, as auditors of the Company for the ensuing year and to authorize the directors to fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To consider, and if deemed advisable, approve a resolution relating to the approval and adoption of the Omnibus Incentive Plan of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To transact such other business as may properly come before the Meeting.

The board of directors of the Company has fixed May 16, 2022, as the record date for determining shareholders entitled to receive notice of, and vote at, the Meeting, or any postponement thereof.

The Company will hold the Meeting virtually. <u>The Company cannot accept voting via the meeting's electronic platform.</u> Therefore, no votes will be accepted at the webcast meeting and presence through the webcast medium will not, by itself without a proxy or voting instruction form having been returned as described herein, be counted for the purposes of quorum, or voting. It is therefore mandatory that shareholders who wish to ensure that their common shares will be voted, complete, date and, execute the enclosed form of proxy or voting instruction form and deliver it by hand, by mail or by fax in accordance with the instructions set out in the form of proxy or voting instruction form and in the management information circular.

PRIOR REGISTRATION TO THE MEETING IS REQUIRED. TO CONFIRM YOUR ATTENDANCE, PLEASE COMPLETE THE REGISTRATION FORM AVAILABLE AT: <u>https://tinyurl.com/PKKAGM2022</u>. Once your registration has been approved, you will receive an email with a link to the meeting.

SIGNED at Montréal, Quebec, on May 31, 2022

BY ORDER OF THE BOARD OF DIRECTORS

/s/ Johnson Joseph

Johnson Joseph, President & CEO

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## Exhibit 99.337

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![](exhibit99-337xu005.jpg)

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![](exhibit99-337x2x1.jpg)

**NOTICE OF THE ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS**

To the shareholders of Tenet Fintech Group Inc. (the "Company"):

NOTICE IS HEREBY GIVEN that an Annual and Special Meeting of shareholders (the "Meeting") of the Company will be held virtually on June 30, 2022, at 10:00 a.m. (Toronto time), for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To receive and consider the audited financial statements of the Company for the year ended December 31, 2021 and the report of the auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To elect the directors of the Company for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To appoint Raymond Chabot Grant Thornton LLP, as auditors of the Company for the ensuing year and to authorize the directors to fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To consider, and if deemed advisable, approve a resolution relating to the approval and adoption of the Omnibus Incentive Plan of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To transact such other business as may properly come before the Meeting.

The board of directors of the Company has fixed May 16, 2022, as the record date for determining shareholders entitled to receive notice of, and vote at, the Meeting, or any postponement thereof.

The Company will hold the Meeting virtually. <u>The Company cannot accept voting via the meeting's electronic platform.</u> Therefore, no votes will be accepted at the webcast meeting and presence through the webcast medium will not, by itself without a proxy or voting instruction form having been returned as described herein, be counted for the purposes of quorum, or voting. It is therefore mandatory that shareholders who wish to ensure that their common shares will be voted, complete, date and, execute the enclosed form of proxy or voting instruction form and deliver it by hand, by mail or by fax in accordance with the instructions set out in the form of proxy or voting instruction form and in the management information circular.

PRIOR REGISTRATION TO THE MEETING IS REQUIRED. TO CONFIRM YOUR ATTENDANCE, PLEASE COMPLETE THE REGISTRATION FORM AVAILABLE AT: <u>https://tinyurl.com/PKKAGM2022</u>. Once your registration has been approved, you will receive an email with a link to the meeting.

SIGNED at Montréal, Quebec, on May 31, 2022

BY ORDER OF THE BOARD OF DIRECTORS

/s/ Johnson Joseph

Johnson Joseph, President & CEO

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **invitation to shareholders** |

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**Invitation to Shareholders**

Dear shareholders,

We invite you to attend the Annual and Special Meeting of Shareholders of Tenet Fintech Group Inc. to be held virtually on June 30, 2022, at 10:00 a.m. (Toronto time).

This Management Information Circular describes the business to be conducted at the meeting and provides key information on corporate governance matters.

Following the business of the meeting, you will have the opportunity to hear about the company's 2021 performance and management's plans going forward. You will also be able to meet and ask questions to the board of directors, management, and the representative from the company's auditor.

Your participation in the meeting is important to us. Please review the participation and voting details and instructions contained in the Management Information Circular.

We look forward to welcoming you at the meeting and thank you for your continued support.

Sincerely,

/s/ Charles-André Tessier

Charles-André Tessier

Chair of the Board

MANAGEMENT INFORMATION CIRCULAR 1

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **voting and proxies** |

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**MANAGEMENT PROXY CIRCULAR**

This management information circular (the "Information Circular") dated May 31, 2022, is furnished to the holders (the "Shareholders") of common shares (the "Shares") of TENET FINTECH GROUP INC. (the "Company") in connection with the solicitation of proxies by and on behalf of management of the Company for use at the Annual and Special Meeting of shareholders (the "Meeting") to be held virtually on June 30, 2022, at 10:00 a.m. (Toronto time).

**Voting and Proxies**

**Notice-and-Access**

As permitted by Canadian securities regulators, the Company is using notice-and-access (as defined in National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer) to deliver the meeting materials, including this Information Circular, to both its registered and nonregistered shareholders. The Company is also using notice-and-access to deliver its annual audited financial statements to its registered and non-registered shareholders. This means that the Information Circular and the annual audited financial statements of the Company are being posted online for shareholders to access, rather than being mailed out. Notice-and-access gives shareholders more choice, substantially reduces the Company's printing and mailing costs, and is more environmentally friendly as it reduces materials and energy consumption. Shareholders will still receive a form of proxy or a voting instruction form in the mail (unless shareholders have chosen to receive proxy materials electronically) so they can vote their Shares as well as a notice with information about how they can access the Information Circular and annual audited financial statements of the Company electronically and how to request a paper copy.

This Information Circular and the annual audited financial statements of the Company are available on www.meetingdocuments.com/TSXT/PKK and on SEDAR at www.sedar.com. Shareholders may request a paper copy of this Information Circular and/or the annual audited financial statements of the Company, at no cost, up to one year from the date this Information Circular was filed on SEDAR. Shareholders may make such a request at any time prior to the meeting by contacting TSX Trust Company at 1-888-433-6443 (toll free in Canada and the United States) or 416-682-3801 (other countries).

**Quorum**

Under the Company's by-laws, a quorum for the transaction of business at any meeting of Shareholders shall be at least two persons present in person or represented by proxy holding or representing not less than 5% of the Shares entitled to be voted at the meeting. If a quorum is present at the opening of the Meeting, the Shareholders present may proceed with the business of the Meeting notwithstanding that a quorum is not present throughout the Meeting. If a quorum is not present at the opening of the Meeting, the Shareholders present may adjourn the Meeting to a fixed time and place but may not transact any other business.

MANAGEMENT INFORMATION CIRCULAR 2

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **voting and proxies** |

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**Who Can Vote**

Only shareholders as of the close of business on May 16, 2022 (the "Record Date") are entitled to vote at the Meeting, unless the shareholder transfers their Shares after the Record Date, in which case the transferee of those Shares will be entitled to vote such Shares at the Meeting if the transferee establishes that they own the Shares and demand, no later than ten (10) days before the Meeting, that the transferee's name be included in the list of shareholders entitled to vote at the Meeting.

Voting will be by a computation of the proxies duly submitted, each Shareholder having one vote, unless a poll is requested or required, in which case each Shareholder is entitled to one vote for each Share. To approve a motion proposed at the Meeting, a majority of greater than 50% of the votes cast will be required (an "ordinary resolution") unless the motion requires a special resolution in which case a majority of 2/3 of the votes cast will be required. At the date of this Information Circular, there are 98,794,683 Shares issued and outstanding.

**How to Vote**

***Registered Shareholders***

Registered Shareholders hold Shares that are registered directly in their name. If you are a registered Shareholder, you may vote by proxy as explained below under "Voting by Proxy and Revocation of Proxy".

***Non-Registered Shareholders***

Non-registered Shareholders hold Shares that are registered in the name of an intermediary, such as a bank, broker or trust company. If you are a non-registered Shareholder, you may vote your Shares through your intermediary. To vote your Shares through your intermediary, you should follow the instructions in the form provided by your intermediary. Please also refer to the section ''Advice to Beneficial Shareholders''.

***Voting by Proxy***

The persons named as proxy holders in the enclosed Form of Proxy or voting instructions form were designated by the directors of the Company (the "Designated Persons").

A Shareholder has the right to appoint a person or corporation (who need not be a Shareholder) to attend and to act for and on behalf of that Shareholder at the Meeting, other than the Designated Persons in the enclosed Form of Proxy. To exercise this right, the Shareholder may do so by inserting the name of such other person on the Form of Proxy in the space provided.

In order to be voted, the completed Form of Proxy must be received by TSX Trust at least 48 hours, excluding Saturdays, Sundays and holidays, prior to the date of the Meeting (or of the date of an adjournment thereof).

A proxy may not be valid unless it is dated and signed by the Shareholder who is giving it or by that Shareholder's attorney-in-fact duly authorized by that Shareholder in writing or, in the case of a corporation, dated and executed by a duly authorized officer, or attorney-in-fact for the corporation. If a Form of Proxy is executed by an attorney-in-fact for an individual Shareholder or joint Shareholders or by an officer or attorney-in-fact for a corporate Shareholder, the instrument so empowering the officer or attorney-in-fact, as the case may be, or a notarial or certified copy thereof, should accompany the Form of Proxy.

MANAGEMENT INFORMATION CIRCULAR 3

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **voting and proxies** |

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***Revocation of Proxy***

A Shareholder who has given a proxy may revoke it at any time, before it is exercised, by an instrument in writing: (a) executed by that Shareholder or by that Shareholder's attorney-in-fact authorized in writing or, in the case where that Shareholder is a corporation, by a duly authorized officer of, or attorney-in-fact for, the corporation; and (b) delivered either: (i) to the Company at 401 Bay Street, Suite 2702, Toronto, Ontario, M5H 2Y4, at any time up to and including the last business day preceding the day of the Meeting or, if adjourned or postponed, any reconvening date thereof, or (ii) in any other manner provided by law. Also, a proxy will automatically be revoked by submission of a subsequent proxy in accordance with the foregoing procedures. A revocation of a proxy does not affect any matter on which a vote has been taken prior to the revocation.

If the Shareholder gives instructions to the proxy holder on how to vote such Shares, the proxy holder must follow them. If the Shareholder does not provide the proxy holder with voting instructions, the proxy holder will vote such Shares as they see fit. In the Absence of any instructions, the Designated Persons on the proxy form will cast the Shareholder's vote on any poll (ballot) for the approval of all the items set out in the Form of Proxy or voting instructions form, except for other matters which may come before the Meeting. The enclosed Form of Proxy and voting instructions form confers discretionary authority upon the persons named therein with respect to other matters, which may properly come before the Meeting, including any amendments or variations to any matters identified in the Notice of Meeting and with respect to other matters which may properly come before the Meeting. At the date of this Information Circular, management of the Company knew of no such amendments, variations, or other matters to come before the Meeting.

In the case of abstentions from or withholding of the voting of Shares on any matter, the Shares which are the subject of the abstention or withholding ("non-voted shares") will be counted for determination of a quorum but will not be counted as affirmative or negative on the matter to be voted upon.

No person has been authorized to give any information or to make any representation other than those contained in this Information Circular in connection with the solicitation of proxies and, if given or made, such information or representations must not be relied upon as having been authorized by the Company. The delivery of this Information Circular shall not create, under any circumstances, any implication that there has been no change in the information set forth herein since the date of this Information Circular. This Information Circular does not constitute the solicitation of a proxy by anyone in any jurisdiction in which such solicitation is not authorized, or in which the person making such solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

***Advice to Beneficial Shareholders***

Only registered Shareholders or duly appointed proxy holders are permitted to vote at the Meeting. Most Shareholders of the Company are "non-registered" or "beneficial" shareholders because the Shares they own are not registered in their names but are instead registered in the name of the brokerage firm, bank or trust company through which they purchased the Shares. More particularly, a person is not a registered shareholder in respect of Shares which are held on behalf of that person (the "Beneficial Holder") but which are registered either: (a) in the name of an intermediary (an "Intermediary") that the Beneficial Holder deals with in respect of the Shares (Intermediaries include, among others, banks, trust companies, securities dealers or brokers and trustees or administrators of self-administered RRSPs, RRIFs, RESPs and similar plans); or (b) in the name of a clearing agency (such as The Canadian Depository for Securities Limited ("CDS")) of which the Intermediary is a participant.

MANAGEMENT INFORMATION CIRCULAR 4

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **voting and proxies** |

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The Company has distributed copies of the Notice of Meeting, this Information Circular and the Proxy to the clearing agencies and Intermediaries so that they may be made available to Beneficial Holders. Beneficial Holders should carefully follow the instructions of their Intermediary, including those regarding when, where and by what means the voting instruction form or proxy form must be delivered. Generally, Beneficial Holders who have not waived the right to receive Meeting Materials will either:

(a) be given a form of proxy which has already been signed by the Intermediary (typically by a facsimile, stamped signature), which is restricted as to the number of Shares beneficially owned by the Beneficial Holder but which is otherwise not completed. Because the Intermediary has already signed the form of proxy, this form of proxy is not required to be signed by the Beneficial Holder when submitting the proxy. In this case, the Beneficial Holder who wishes to submit a proxy should otherwise properly complete the form of proxy and deposit it with the Company's transfer agent as provided above; or

(b) more typically, be given a voting instruction form which is not signed by the Intermediary, and which, when properly completed and signed by the Beneficial Holder and returned to the Intermediary or its service company, will constitute voting instructions (often called a "proxy authorization form") which the Intermediary must follow. Typically, the proxy authorization form will consist of a one-page pre-printed form. Sometimes, instead of the one-page pre-printed form, the proxy authorization form will consist of a regular printed proxy form accompanied by a page of instructions which contains a removable label containing a bar-code and other information. In order for the form of proxy to validly constitute a proxy authorization form, the Beneficial Holder must remove the label from the instructions and affix it to the form of proxy, properly complete and sign the form of proxy and return it to the Intermediary or its service company in accordance with the instructions of the Intermediary or its service company.

In either case, the purpose of this procedure is to permit Beneficial Holders to direct the voting of the Shares which they beneficially own. In either case, Beneficial Holders should carefully follow the instructions of their Intermediary, including those regarding when and where the proxy or proxy authorization form is to be delivered.

**Solicitation**

Any solicitation of shareholders will be conducted by mail and may be supplemented by telephone or other personal contact to be made without special compensation by the directors, executive officers, and employees of the Company. The Company does not reimburse shareholders, nominees, or agents for the cost incurred in obtaining authorization to execute forms of proxy, except that the Company has requested brokers and nominees who hold stock in their respective names to furnish this proxy material to their customers, and the Company will reimburse such brokers and nominees for their related out of pocket expenses. No solicitation will be made by specifically engaged employees or soliciting agents. The cost of solicitation will be borne by the Company.

MANAGEMENT INFORMATION CIRCULAR 5

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **voting and proxies** |

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**Interest of Certain Persons or Companies in Matters to be Acted Upon**

No director, proposed director, or executive officer of the Company, no person who have been a director or executive officer of the Company since the commencement of the Company's last completed financial year, no other insiders of the Company, and no associate or affiliate of any of the foregoing persons has any substantial interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting or as otherwise specifically discussed in this Information Circular.

**Voting Securities and Principal Holders Thereof**

The Company is authorized to issue unlimited Shares without par value, of which 97,794,683 were issued and outstanding as of the date of this Information Circular. The Company has no other class of voting securities. Provided they are present by proxy, holders of Shares as of the Record Date are entitled to vote, one vote for each Share held, at the Meeting.

To the knowledge of the directors and senior officers of the Company as of the date of the Information Circular, there are no persons that, individually or together with other persons, beneficially own, directly or indirectly, or exercise control or direction over, greater than 10% of the voting rights attached to any class of voting securities of the Company.

At the date hereof, the directors and the designated executive officer were, as a group, directly or indirectly, the beneficial owners of 7,720,890 Shares representing 7.81% off the currently issued and outstanding Shares.

MANAGEMENT INFORMATION CIRCULAR 6

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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**Business of the Meeting**

**Election of Directors**

Directors of the Company are elected for a term of one year. Each director elected will hold office until the next annual meeting or until their successor is duly elected or appointed, unless their office is earlier vacated in accordance with the articles of the Company or they become disqualified to act as a director.

After serving on the Board since January 2021, Dana Ades-Landy has opted not to run for re-election in 2022 for personal reasons. Ms. Ades-Landy was an active and valued member of the Board and will be missed as a key contributor. She is a gifted administer who brought over 25 years experience in strategic development and governance in the banking and financial services sector to the Company. She also chaired the Company's Governance and Nomination Committee. The Company is actively searching for a board member to replace Ms. Ades-Landy. Until such time, the Board will operate with five members.

**Management of the Company proposes to nominate each of the following five (5) persons for election as a director and recommends that Shareholders vote IN FAVOUR of the nominees for election as directors. Unless you give other instructions, the persons named in the enclosed Form of Proxy intend to vote FOR the election of the five (5) nominees as directors of the Company for the ensuing year.**

***Overview of Nominees***

The following table relating to the nominees for directors is based partly on the Company's records and partly on information received by the Company from said nominees. It sets forth the province and country of residence of each of the persons proposed, their principal occupation at present, all other positions and offices in the Company held by them, the date on which they were first elected or appointed a director, the number of Shares of the Company beneficially owned by them, directly or indirectly, or over which control or direction is exercised by them (note that this information is not within the knowledge of the management of the Company and has been furnished by the respective individuals, or has been extracted from the register of shareholdings maintained by the Company's transfer agent or from insider reports filed by the individuals and available through the Internet at www.sedi.ca).

MANAGEMENT INFORMATION CIRCULAR 7

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mark Dumas**<br>Great Falls VA, USA<br>Director since February 27, 2014<br>Meeting attendance in 2021: 9 of 9<br>*Chair of Human Capital and Compensation Committee, Member of Audit and Risk Management Committee* | &nbsp;&nbsp;**Mark Dumas**<br>Great Falls VA, USA<br>Director since February 27, 2014<br>Meeting attendance in 2021: 9 of 9<br>*Chair of Human Capital and Compensation Committee, Member of Audit and Risk Management Committee* | &nbsp;&nbsp;**Mark Dumas**<br>Great Falls VA, USA<br>Director since February 27, 2014<br>Meeting attendance in 2021: 9 of 9<br>*Chair of Human Capital and Compensation Committee, Member of Audit and Risk Management Committee* | &nbsp;&nbsp; ![](exhibit99-337xm001.jpg) |
| &nbsp;&nbsp;Mr. Dumas is an experienced executive and entrepreneur, having founded and been a key part of several companies and organizations. Mr. Dumas is currently Chief Strategy Officer at Culmen International, a private equity backed multinational corporation which has grown significantly since Culmen hired Mr. Dumas through its acquisition of a subsidiary of one of Mr. Dumas's companies. Prior to Culmen, Mr. Dumas founded, grew, and sold PlanetRisk (2014-2018), which provided solutions for commercial and government customers such as Apple and Starbucks to forecast and manage security risk. Prior to PlanetRisk, Mr. Dumas was a key part of the Corporate Development team as a Vice President at then NASDAQ-listed GeoEye (2010-2013) where he played an active role in M&A. Prior to GeoEye, Mr. Dumas founded, grew, and sold SPADAC (2002-2010), which was a technical sciences company that developed machine learning solutions and provided services to forecast risks and threats for the US Government. SPADAC paced the Inc.500 for several years of rapid growth. Since its founding in 2016, Mr. Dumas has been the Managing Director of Riverbend Capital 96, a venture capital firm. Mark is a seasoned M&A executive on buy side, sell side, and general fundraising, and has been a part of over 45 M&A deals and counting. Mr. Dumas holds 2 patents and 1 pending patent, is a Distinguished Fellow from the Bagley College of Engineering at Mississippi State University, where he graduated with a Bachelor of Science degree in Electrical Engineering. | &nbsp;&nbsp;Mr. Dumas is an experienced executive and entrepreneur, having founded and been a key part of several companies and organizations. Mr. Dumas is currently Chief Strategy Officer at Culmen International, a private equity backed multinational corporation which has grown significantly since Culmen hired Mr. Dumas through its acquisition of a subsidiary of one of Mr. Dumas's companies. Prior to Culmen, Mr. Dumas founded, grew, and sold PlanetRisk (2014-2018), which provided solutions for commercial and government customers such as Apple and Starbucks to forecast and manage security risk. Prior to PlanetRisk, Mr. Dumas was a key part of the Corporate Development team as a Vice President at then NASDAQ-listed GeoEye (2010-2013) where he played an active role in M&A. Prior to GeoEye, Mr. Dumas founded, grew, and sold SPADAC (2002-2010), which was a technical sciences company that developed machine learning solutions and provided services to forecast risks and threats for the US Government. SPADAC paced the Inc.500 for several years of rapid growth. Since its founding in 2016, Mr. Dumas has been the Managing Director of Riverbend Capital 96, a venture capital firm. Mark is a seasoned M&A executive on buy side, sell side, and general fundraising, and has been a part of over 45 M&A deals and counting. Mr. Dumas holds 2 patents and 1 pending patent, is a Distinguished Fellow from the Bagley College of Engineering at Mississippi State University, where he graduated with a Bachelor of Science degree in Electrical Engineering. | &nbsp;&nbsp;Mr. Dumas is an experienced executive and entrepreneur, having founded and been a key part of several companies and organizations. Mr. Dumas is currently Chief Strategy Officer at Culmen International, a private equity backed multinational corporation which has grown significantly since Culmen hired Mr. Dumas through its acquisition of a subsidiary of one of Mr. Dumas's companies. Prior to Culmen, Mr. Dumas founded, grew, and sold PlanetRisk (2014-2018), which provided solutions for commercial and government customers such as Apple and Starbucks to forecast and manage security risk. Prior to PlanetRisk, Mr. Dumas was a key part of the Corporate Development team as a Vice President at then NASDAQ-listed GeoEye (2010-2013) where he played an active role in M&A. Prior to GeoEye, Mr. Dumas founded, grew, and sold SPADAC (2002-2010), which was a technical sciences company that developed machine learning solutions and provided services to forecast risks and threats for the US Government. SPADAC paced the Inc.500 for several years of rapid growth. Since its founding in 2016, Mr. Dumas has been the Managing Director of Riverbend Capital 96, a venture capital firm. Mark is a seasoned M&A executive on buy side, sell side, and general fundraising, and has been a part of over 45 M&A deals and counting. Mr. Dumas holds 2 patents and 1 pending patent, is a Distinguished Fellow from the Bagley College of Engineering at Mississippi State University, where he graduated with a Bachelor of Science degree in Electrical Engineering. | &nbsp;&nbsp;Mr. Dumas is an experienced executive and entrepreneur, having founded and been a key part of several companies and organizations. Mr. Dumas is currently Chief Strategy Officer at Culmen International, a private equity backed multinational corporation which has grown significantly since Culmen hired Mr. Dumas through its acquisition of a subsidiary of one of Mr. Dumas's companies. Prior to Culmen, Mr. Dumas founded, grew, and sold PlanetRisk (2014-2018), which provided solutions for commercial and government customers such as Apple and Starbucks to forecast and manage security risk. Prior to PlanetRisk, Mr. Dumas was a key part of the Corporate Development team as a Vice President at then NASDAQ-listed GeoEye (2010-2013) where he played an active role in M&A. Prior to GeoEye, Mr. Dumas founded, grew, and sold SPADAC (2002-2010), which was a technical sciences company that developed machine learning solutions and provided services to forecast risks and threats for the US Government. SPADAC paced the Inc.500 for several years of rapid growth. Since its founding in 2016, Mr. Dumas has been the Managing Director of Riverbend Capital 96, a venture capital firm. Mark is a seasoned M&A executive on buy side, sell side, and general fundraising, and has been a part of over 45 M&A deals and counting. Mr. Dumas holds 2 patents and 1 pending patent, is a Distinguished Fellow from the Bagley College of Engineering at Mississippi State University, where he graduated with a Bachelor of Science degree in Electrical Engineering. |
| &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 |
| &nbsp;&nbsp;Shares owned: | &nbsp;&nbsp;365680 | &nbsp;&nbsp;Options held: | &nbsp;&nbsp;360650 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Johnson Joseph**<br>Montreal, QC, Canada<br>Director since February 8, 2011<br>Meeting attendance in 2021: 9 of 9<br> *President and CEO of Tenet Fintech Group* | &nbsp;&nbsp; **Johnson Joseph**<br>Montreal, QC, Canada<br>Director since February 8, 2011<br>Meeting attendance in 2021: 9 of 9<br> *President and CEO of Tenet Fintech Group* | &nbsp;&nbsp; **Johnson Joseph**<br>Montreal, QC, Canada<br>Director since February 8, 2011<br>Meeting attendance in 2021: 9 of 9<br> *President and CEO of Tenet Fintech Group* | &nbsp;&nbsp; ![](exhibit99-337xm002.jpg) |
| &nbsp;&nbsp;Mr. Joseph has been the President and CEO of Tenet Fintech since 2011. During that time, he helped successfully guide the company through a number of challenging periods by being able to adapt and adjust the company's business model to changing and difficult market conditions. Most notably, he led the company's transition from being a software development company to an asset management company, and from a focus on ecommerce to the Chinese Fintech and financial services sectors to the development of AI and fintech services in North America and beyond. His vision of giving Canadian investors a well-managed and trustworthy vehicle to participate in some of China's most promising tech sector opportunities is now the driving force behind Tenet's operations. Prior to becoming Tenet's CEO, Mr. Joseph spent 8 years in the financial services industry as an advisor with Investors Group, one of Canada's largest mutual fund and asset management companies. Mr. Joseph holds an MBA in Information Technology from HEC Montreal (formerly *École des hautes études commerciales*) and a Bachelor's degree in Finance from Texas Tech University. | &nbsp;&nbsp;Mr. Joseph has been the President and CEO of Tenet Fintech since 2011. During that time, he helped successfully guide the company through a number of challenging periods by being able to adapt and adjust the company's business model to changing and difficult market conditions. Most notably, he led the company's transition from being a software development company to an asset management company, and from a focus on ecommerce to the Chinese Fintech and financial services sectors to the development of AI and fintech services in North America and beyond. His vision of giving Canadian investors a well-managed and trustworthy vehicle to participate in some of China's most promising tech sector opportunities is now the driving force behind Tenet's operations. Prior to becoming Tenet's CEO, Mr. Joseph spent 8 years in the financial services industry as an advisor with Investors Group, one of Canada's largest mutual fund and asset management companies. Mr. Joseph holds an MBA in Information Technology from HEC Montreal (formerly *École des hautes études commerciales*) and a Bachelor's degree in Finance from Texas Tech University. | &nbsp;&nbsp;Mr. Joseph has been the President and CEO of Tenet Fintech since 2011. During that time, he helped successfully guide the company through a number of challenging periods by being able to adapt and adjust the company's business model to changing and difficult market conditions. Most notably, he led the company's transition from being a software development company to an asset management company, and from a focus on ecommerce to the Chinese Fintech and financial services sectors to the development of AI and fintech services in North America and beyond. His vision of giving Canadian investors a well-managed and trustworthy vehicle to participate in some of China's most promising tech sector opportunities is now the driving force behind Tenet's operations. Prior to becoming Tenet's CEO, Mr. Joseph spent 8 years in the financial services industry as an advisor with Investors Group, one of Canada's largest mutual fund and asset management companies. Mr. Joseph holds an MBA in Information Technology from HEC Montreal (formerly *École des hautes études commerciales*) and a Bachelor's degree in Finance from Texas Tech University. | &nbsp;&nbsp;Mr. Joseph has been the President and CEO of Tenet Fintech since 2011. During that time, he helped successfully guide the company through a number of challenging periods by being able to adapt and adjust the company's business model to changing and difficult market conditions. Most notably, he led the company's transition from being a software development company to an asset management company, and from a focus on ecommerce to the Chinese Fintech and financial services sectors to the development of AI and fintech services in North America and beyond. His vision of giving Canadian investors a well-managed and trustworthy vehicle to participate in some of China's most promising tech sector opportunities is now the driving force behind Tenet's operations. Prior to becoming Tenet's CEO, Mr. Joseph spent 8 years in the financial services industry as an advisor with Investors Group, one of Canada's largest mutual fund and asset management companies. Mr. Joseph holds an MBA in Information Technology from HEC Montreal (formerly *École des hautes études commerciales*) and a Bachelor's degree in Finance from Texas Tech University. |
| &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 |
| &nbsp;&nbsp;Shares owned: | &nbsp;&nbsp;3144654 | &nbsp;&nbsp;Options held: | &nbsp;&nbsp;1051000 |

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MANAGEMENT INFORMATION CIRCULAR 8

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Michael Pesner**<br> Montreal, QC, Canada<br>Director since July 8, 2020<br>Meeting attendance in 2021: 9 of 9<br>*Chair of Audit and Risk Management Committee, Member of Governance and Nomination Committee, Member of Human Capital and Compensation Committee* | &nbsp;&nbsp;**Michael Pesner**<br> Montreal, QC, Canada<br>Director since July 8, 2020<br>Meeting attendance in 2021: 9 of 9<br>*Chair of Audit and Risk Management Committee, Member of Governance and Nomination Committee, Member of Human Capital and Compensation Committee* | &nbsp;&nbsp;**Michael Pesner**<br> Montreal, QC, Canada<br>Director since July 8, 2020<br>Meeting attendance in 2021: 9 of 9<br>*Chair of Audit and Risk Management Committee, Member of Governance and Nomination Committee, Member of Human Capital and Compensation Committee* | &nbsp;&nbsp; ![](exhibit99-337xm003.jpg) |
| &nbsp;&nbsp;Mr. Pesner is President of Hermitage Canada Finance Inc., a company he founded in 2002 that provides financial advisory, mergers and acquisitions as well as financial advisory services to public and private corporations in diverse industries and effective April 1, 2022, Director of Capital Market Investments with Novipro Inc. Prior to that, he spent 26 years at KPMG and predecessor firms where he accumulated a considerable amount of experience in financial management, corporate governance, and investment banking, including M&A transactions as well as debt and equity financing. His past and present directorship experience includes KPMG, David's Tea, Fonds Régional de Montréal, FTQ, Well.ca, SAQ (Société des alcools du Québec) and Wallbridge Mining to name just a few. His roles in various capacities including Lead Director, Audit Committee Chair, and Governance Committee Chair at such high-profile organizations earned him the distinction of being named as one of Quebec's Top 10 Corporate Directors in Montreal's Les Affaires newspaper. | &nbsp;&nbsp;Mr. Pesner is President of Hermitage Canada Finance Inc., a company he founded in 2002 that provides financial advisory, mergers and acquisitions as well as financial advisory services to public and private corporations in diverse industries and effective April 1, 2022, Director of Capital Market Investments with Novipro Inc. Prior to that, he spent 26 years at KPMG and predecessor firms where he accumulated a considerable amount of experience in financial management, corporate governance, and investment banking, including M&A transactions as well as debt and equity financing. His past and present directorship experience includes KPMG, David's Tea, Fonds Régional de Montréal, FTQ, Well.ca, SAQ (Société des alcools du Québec) and Wallbridge Mining to name just a few. His roles in various capacities including Lead Director, Audit Committee Chair, and Governance Committee Chair at such high-profile organizations earned him the distinction of being named as one of Quebec's Top 10 Corporate Directors in Montreal's Les Affaires newspaper. | &nbsp;&nbsp;Mr. Pesner is President of Hermitage Canada Finance Inc., a company he founded in 2002 that provides financial advisory, mergers and acquisitions as well as financial advisory services to public and private corporations in diverse industries and effective April 1, 2022, Director of Capital Market Investments with Novipro Inc. Prior to that, he spent 26 years at KPMG and predecessor firms where he accumulated a considerable amount of experience in financial management, corporate governance, and investment banking, including M&A transactions as well as debt and equity financing. His past and present directorship experience includes KPMG, David's Tea, Fonds Régional de Montréal, FTQ, Well.ca, SAQ (Société des alcools du Québec) and Wallbridge Mining to name just a few. His roles in various capacities including Lead Director, Audit Committee Chair, and Governance Committee Chair at such high-profile organizations earned him the distinction of being named as one of Quebec's Top 10 Corporate Directors in Montreal's Les Affaires newspaper. | &nbsp;&nbsp;Mr. Pesner is President of Hermitage Canada Finance Inc., a company he founded in 2002 that provides financial advisory, mergers and acquisitions as well as financial advisory services to public and private corporations in diverse industries and effective April 1, 2022, Director of Capital Market Investments with Novipro Inc. Prior to that, he spent 26 years at KPMG and predecessor firms where he accumulated a considerable amount of experience in financial management, corporate governance, and investment banking, including M&A transactions as well as debt and equity financing. His past and present directorship experience includes KPMG, David's Tea, Fonds Régional de Montréal, FTQ, Well.ca, SAQ (Société des alcools du Québec) and Wallbridge Mining to name just a few. His roles in various capacities including Lead Director, Audit Committee Chair, and Governance Committee Chair at such high-profile organizations earned him the distinction of being named as one of Quebec's Top 10 Corporate Directors in Montreal's Les Affaires newspaper. |
| &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 |
| &nbsp;&nbsp;Shares owned: | &nbsp;&nbsp;75000 | &nbsp;&nbsp;Options held: | &nbsp;&nbsp;460000 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Liang Qiu**<br>Montreal, QC, Canada<br>Director since June 23, 2017<br>Meeting attendance in 2021: 9 of 9<br>*CEO, Tenet China* | &nbsp;&nbsp;**Liang Qiu**<br>Montreal, QC, Canada<br>Director since June 23, 2017<br>Meeting attendance in 2021: 9 of 9<br>*CEO, Tenet China* | &nbsp;&nbsp;**Liang Qiu**<br>Montreal, QC, Canada<br>Director since June 23, 2017<br>Meeting attendance in 2021: 9 of 9<br>*CEO, Tenet China* | &nbsp;&nbsp; ![](exhibit99-337xm004.jpg) |
| &nbsp;&nbsp;Following a successful entrepreneurial career in Montreal as Founder and CEO of Ollwin International Limited, an e-commerce and IT solution service provider, Mr. Qiu moved to Wuxi, China in 2008 where he co-founded LongKey Software Technology ("LongKey"). Working in partnership with some of China's largest telecoms and financial institutions, LongKey provides affordable cloud-based Software as a Service (SaaS) business management applications to small and medium size businesses. Mr. Qiu served as LongKey's CTO from the date the company was created until he accepted the position of CEO of the Tenet Group in China in 2016. In his role as CEO of Tenet Group China, Mr. Qiu is responsible for the overall execution of the company's strategic plan in China, both from a technological development and business development standpoint. He also serves as the main liaison between Tenet and all of Tenet's Chinese subsidiaries. Mr. Qiu holds a Master's degree in Computer Science from McGill University. | &nbsp;&nbsp;Following a successful entrepreneurial career in Montreal as Founder and CEO of Ollwin International Limited, an e-commerce and IT solution service provider, Mr. Qiu moved to Wuxi, China in 2008 where he co-founded LongKey Software Technology ("LongKey"). Working in partnership with some of China's largest telecoms and financial institutions, LongKey provides affordable cloud-based Software as a Service (SaaS) business management applications to small and medium size businesses. Mr. Qiu served as LongKey's CTO from the date the company was created until he accepted the position of CEO of the Tenet Group in China in 2016. In his role as CEO of Tenet Group China, Mr. Qiu is responsible for the overall execution of the company's strategic plan in China, both from a technological development and business development standpoint. He also serves as the main liaison between Tenet and all of Tenet's Chinese subsidiaries. Mr. Qiu holds a Master's degree in Computer Science from McGill University. | &nbsp;&nbsp;Following a successful entrepreneurial career in Montreal as Founder and CEO of Ollwin International Limited, an e-commerce and IT solution service provider, Mr. Qiu moved to Wuxi, China in 2008 where he co-founded LongKey Software Technology ("LongKey"). Working in partnership with some of China's largest telecoms and financial institutions, LongKey provides affordable cloud-based Software as a Service (SaaS) business management applications to small and medium size businesses. Mr. Qiu served as LongKey's CTO from the date the company was created until he accepted the position of CEO of the Tenet Group in China in 2016. In his role as CEO of Tenet Group China, Mr. Qiu is responsible for the overall execution of the company's strategic plan in China, both from a technological development and business development standpoint. He also serves as the main liaison between Tenet and all of Tenet's Chinese subsidiaries. Mr. Qiu holds a Master's degree in Computer Science from McGill University. | &nbsp;&nbsp;Following a successful entrepreneurial career in Montreal as Founder and CEO of Ollwin International Limited, an e-commerce and IT solution service provider, Mr. Qiu moved to Wuxi, China in 2008 where he co-founded LongKey Software Technology ("LongKey"). Working in partnership with some of China's largest telecoms and financial institutions, LongKey provides affordable cloud-based Software as a Service (SaaS) business management applications to small and medium size businesses. Mr. Qiu served as LongKey's CTO from the date the company was created until he accepted the position of CEO of the Tenet Group in China in 2016. In his role as CEO of Tenet Group China, Mr. Qiu is responsible for the overall execution of the company's strategic plan in China, both from a technological development and business development standpoint. He also serves as the main liaison between Tenet and all of Tenet's Chinese subsidiaries. Mr. Qiu holds a Master's degree in Computer Science from McGill University. |
| &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 |
| &nbsp;&nbsp;Shares owned: | &nbsp;&nbsp;3743337 | &nbsp;&nbsp;Options held: | &nbsp;&nbsp;892850 |

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MANAGEMENT INFORMATION CIRCULAR 9

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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|:---|:---|:---|:---|
| &nbsp;&nbsp; **Charles-André Tessier**<br> Outremont, QC, Canada<br>Director since February 8, 2011<br>Meeting attendance in 2021: 9 of 9<br> *Chair of the Board, Member of Governance and Nomination Committee* | &nbsp;&nbsp; **Charles-André Tessier**<br> Outremont, QC, Canada<br>Director since February 8, 2011<br>Meeting attendance in 2021: 9 of 9<br> *Chair of the Board, Member of Governance and Nomination Committee* | &nbsp;&nbsp; **Charles-André Tessier**<br> Outremont, QC, Canada<br>Director since February 8, 2011<br>Meeting attendance in 2021: 9 of 9<br> *Chair of the Board, Member of Governance and Nomination Committee* | &nbsp;&nbsp;![](exhibit99-337xm005.jpg) |
| &nbsp;&nbsp;Mr. Tessier has actively practiced business law from 1980 until 2020, and remains business advisor and corporate director. Mr. Tessier has worked mainly in the IT, life sciences, telecom and manufacturing sectors. As a former officer at DMR Group Inc. (now Fujitsu Consulting), BioChem Pharma (now Shire Pharmaceuticals), R3D Consulting Inc. and 20-20 Technologies Inc. and a former partner at BCF Business Lawyers, he supports and provides counselling to senior management as well as he plays a significant role in the elaboration and implementation of these companies' and clients' business and strategic plans. Mr. Tessier has served on the board of directors of a number of private and public companies and non-profit organizations. Mr. Tessier is a former president of the Quebec Association of Secretaries and General Counsels and has sat on the Executive Committee of the Association of Canadian General Counsel. Mr. Tessier holds a civil law degree and a bachelor degree in administration from the University of Ottawa. He was a member of the Barreau du Québec and the Canadian Bar Association and he has received the ICP.D title from the Institute of Corporate Directors in 2015. | &nbsp;&nbsp;Mr. Tessier has actively practiced business law from 1980 until 2020, and remains business advisor and corporate director. Mr. Tessier has worked mainly in the IT, life sciences, telecom and manufacturing sectors. As a former officer at DMR Group Inc. (now Fujitsu Consulting), BioChem Pharma (now Shire Pharmaceuticals), R3D Consulting Inc. and 20-20 Technologies Inc. and a former partner at BCF Business Lawyers, he supports and provides counselling to senior management as well as he plays a significant role in the elaboration and implementation of these companies' and clients' business and strategic plans. Mr. Tessier has served on the board of directors of a number of private and public companies and non-profit organizations. Mr. Tessier is a former president of the Quebec Association of Secretaries and General Counsels and has sat on the Executive Committee of the Association of Canadian General Counsel. Mr. Tessier holds a civil law degree and a bachelor degree in administration from the University of Ottawa. He was a member of the Barreau du Québec and the Canadian Bar Association and he has received the ICP.D title from the Institute of Corporate Directors in 2015. | &nbsp;&nbsp;Mr. Tessier has actively practiced business law from 1980 until 2020, and remains business advisor and corporate director. Mr. Tessier has worked mainly in the IT, life sciences, telecom and manufacturing sectors. As a former officer at DMR Group Inc. (now Fujitsu Consulting), BioChem Pharma (now Shire Pharmaceuticals), R3D Consulting Inc. and 20-20 Technologies Inc. and a former partner at BCF Business Lawyers, he supports and provides counselling to senior management as well as he plays a significant role in the elaboration and implementation of these companies' and clients' business and strategic plans. Mr. Tessier has served on the board of directors of a number of private and public companies and non-profit organizations. Mr. Tessier is a former president of the Quebec Association of Secretaries and General Counsels and has sat on the Executive Committee of the Association of Canadian General Counsel. Mr. Tessier holds a civil law degree and a bachelor degree in administration from the University of Ottawa. He was a member of the Barreau du Québec and the Canadian Bar Association and he has received the ICP.D title from the Institute of Corporate Directors in 2015. | &nbsp;&nbsp;Mr. Tessier has actively practiced business law from 1980 until 2020, and remains business advisor and corporate director. Mr. Tessier has worked mainly in the IT, life sciences, telecom and manufacturing sectors. As a former officer at DMR Group Inc. (now Fujitsu Consulting), BioChem Pharma (now Shire Pharmaceuticals), R3D Consulting Inc. and 20-20 Technologies Inc. and a former partner at BCF Business Lawyers, he supports and provides counselling to senior management as well as he plays a significant role in the elaboration and implementation of these companies' and clients' business and strategic plans. Mr. Tessier has served on the board of directors of a number of private and public companies and non-profit organizations. Mr. Tessier is a former president of the Quebec Association of Secretaries and General Counsels and has sat on the Executive Committee of the Association of Canadian General Counsel. Mr. Tessier holds a civil law degree and a bachelor degree in administration from the University of Ottawa. He was a member of the Barreau du Québec and the Canadian Bar Association and he has received the ICP.D title from the Institute of Corporate Directors in 2015. |
| &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 | &nbsp;&nbsp;Shares and Options Held as of May 31, 2022 |
| &nbsp;&nbsp;Shares owned: | &nbsp;&nbsp;144784 | &nbsp;&nbsp;Options held: | &nbsp;&nbsp;424750 |

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***Corporate Cease Trade Orders or Bankruptcy***

Except as stated below, at the date of this Information Circular, no proposed nominee for election as a director of the Company is, or has been, within ten years before the date of this Information Circular, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity:

(a) was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days;

(b) was subject to an event that resulted, after the director or executive officer ceased to be director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period or more than 30 consecutive days; or

(c) within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

Johnson Joseph and Charles-André Tessier, as directors of the Company, were subject to a Management Cease Trade Order (the "MCTO") issued on May 1, 2013 by the Autorité des marchés financiers as a result of the Company's failure to file its 2012 Annual Disclosure Documents within the prescribed time to do so. The Company filed its 2012 Annual Disclosure Documents on May 31, 2013 and the MCTO was revoked by the Autorité des marchés financiers on June 6, 2013.

MANAGEMENT INFORMATION CIRCULAR 10

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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On June 3, 2015, Mr. Pesner resigned from the board of directors of Liquid Nutrition Group Inc. On June 12, 2015, June 24, 2015 and September 23, 2015, the securities commissions of the Provinces of Alberta, Ontario and British Columbia issued cease trade orders against Liquid Nutrition Group Inc. for default of filing its interim financial statements and management's discussion and analysis for the interim period ended March 31, 2015.

On January 31, 2017, the Autorité des marchés financiers issued a management cease trade order against Quest Rare Minerals Ltd., which cease trade order was revoked on March 14, 2017. On July 5, 2017, Quest Rare Minerals Ltd. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada). On March 2, 2018, the court approved and homologated the proposal dated January 3, 2018, as amended on January 11, 2018, which was accepted at the meeting of creditors held on January 24, 2018. Mr. Pesner resigned from the board of directors of Quest Rare Minerals Ltd. on April 4, 2018.

Mr. Pesner was a director of Le Château Inc. ("Le Château"). On October 23, 2020, Le Château obtained an Initial Order pursuant to the Companies' Creditors Arrangement Act (CCAA) to proceed with the orderly liquidation of its assets and wind down of its operations. On December 17, 2020, in accordance with its extended powers set out in the CCAA orders, the Court granted a Receivership order on a limited portion of Le Château's assets for the sole purpose of allowing employees of Le Château to benefit from those payments provided under the Wage Earner Protection Program Act (WEPPA). On January 11, 2021, Le Château received a failure-to file cease trade order issued by the Autorité des marchés financiers as a result of Le Château's delay in the filing of its unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three- and nine-month periods ended October 31, 2020. On June 25, 2021, Mr. Pesner resigned as a director of Le Chateau Inc. On September 2, 2021, 2175371Canada Inc., formerly Le Chateau Inc., filed an assignment in bankruptcy and PricewaterhouseCoopers Inc. was appointed trustee.

***Penalties or Sanctions***

At the date of this Information Circular, no proposed nominee for election as a director of the Company is, or has been, subject to any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or has entered into a settlement agreement with a Canadian securities regulatory authority or been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely to be considered important to a reasonable investor making an investment decision.

***Personal Bankruptcy***

At the date of this Information Circular, no proposed nominee for election as a director of the Company has, within the ten years before the date of this Information Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

MANAGEMENT INFORMATION CIRCULAR 11

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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***Conflicts of Interest***

The directors of the Company are required by law to act honestly and in good faith with a view to the best interest of the Company and to disclose any interests which they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director in a conflict will disclose their interest and abstain from voting on such matter. In determining whether or not the Company will participate in any project or opportunity, the directors will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time. Except as disclosed in this Information Circular, to the best of the Company's knowledge, there are no known existing or potential conflicts of interest among the Company and its promoters, directors, officers or other members of management as a result of their outside business interests except that certain of the directors, officers, promoters and other members of management serve as directors, officers, promoters and members of management of other public or private companies, and therefore it is possible that a conflict may arise between their duties as a director, officer, promoter or member of management of such other companies.

**Appointment of Auditor**

The auditors of the Company are Raymond Chabot Grant Thornton LLP. Management proposes that Raymond Chabot Grant Thornton LLP, be appointed until the next annual meeting of shareholders at the remuneration to be fixed by the directors. To be effective, an ordinary resolution appointing the auditors as aforesaid must be approved by a majority of the votes cast at the Meeting.

**The Company's management recommends that Shareholders vote IN FAVOUR of the proposed auditors. Unless you give other instructions, the persons named in the enclosed form of proxy intend to vote FOR the appointment of Raymond Chabot Grant Thornton LLP, as auditors of the Company for the ensuing year.**

**Approval and Adoption of Omnibus Incentive Plan**

The Company wishes to continue to expand the types of incentives and compensation arrangements for employees, directors, and consultants of the Company and its affiliates. To that end, the Company has prepared the Omnibus Incentive Plan (the "Plan") included as Appendix A to this Information Circular to provide the Company with flexibility in designing various equity-based compensation arrangements. At the meeting, the Shareholders will be asked at the meeting to consider and, if thought advisable, to pass a resolution that would approve and adopt the Plan.

The following is a high-level overview of selected elements of the Plan and it provided for illustrative purposes only. It should not be substituted for a review of the Plan in its entirety.

***Overview of the Plan***

<u>Plan Objectives</u>

The Plan aims to provide the Company with flexibility in designing various equity-based compensation arrangements for the employees, officers, consultants, and non-employee directors of the Company and its affiliates. The purpose of the Plan is to advance the interests of the Company by encouraging employees, officers, consultants, and non-employee directors to receive equity-based compensation and incentives, thereby (i) increasing the proprietary interests of such persons in the Company, (ii) aligning the interests of such persons with the interests of the Company's shareholders generally, (iii) encouraging such persons to remain associated with the Company, and (iv) furnishing such persons with an additional incentive in their efforts on behalf of the Company. The Plan also serves to make the Company and its affiliates better able to compete for the services of the individuals needed for their continued growth and success.

MANAGEMENT INFORMATION CIRCULAR 12

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| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

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<u>Administration of the Plan</u>

The Board has broad, general administrative powers over the Plan provide and it may delegate all or a portion of its power to the Human Capital and Compensation Committee (the "Compensation Committee"). The Compensation Committee will have specific powers with respect to awards to the Company's top executive officers.

The Board (or the Compensation Committee) shall have the power to define, among other things, eligibility requirements, terms of grants, vesting conditions, and change of control provisions.

<u>Shares Subject to the Plan</u>

The total number of Shares that may be subject to issuance, or have been previously issued, at any given time in connection with awards granted under the Plan cannot exceed 10% of the total issued and outstanding Shares of the Company at the time of granting of awards (on a non-diluted basis).

<u>Types of Awards</u>

The Plan provides a flexible approach which allows the Board (or the Compensation Committee) to grant an array of awards, such as stock options, share appreciation rights, phantom share awards, and bonus shares.

Stock options will be awarded in a similar fashion to what is contemplated under the existing stock option plan.

Share appreciation rights provides recipients with the right to be paid compensation equivalent to an increase in the Company's share price over a base value for the Shares set at the time of the award. While share appreciation rights allows recipients to receive the increase in share price, phantom stock awards entitles recipients to receive cash equal to the market value of a specified number of Shares at the end of a specified deferral period. Bonus shares are Shares granted in consideration of performance of services by the recipient without additional consideration. Performance goals may be established by the Board (or Committee), following which the grant or settlement of an award would be subject to the achievement of these performance goals.

The Plan allows for the granting of restricted share units (RSUs), which entitles recipients to receive either Shares or a cash payment equal to the market value of the Shares after a vesting period. Deferred Share Units (DSUs) provide recipients with the right to receive either Shares or a cash payment equal to the market value of the Shares that is settled, if at all, only after the recipient's retirement, death, or cessation or termination of office or employment. Performance Share Units (PSUs) provide recipients with the right to receive either Shares or a cash payment equal to the market value of the Shares that generally become vested, if at all, upon the achievement of certain defined performance criteria.

MANAGEMENT INFORMATION CIRCULAR 13

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **business of the meeting** |

---

***Effectiveness***

To be effective, the resolution authorizing the approval and adoption of the Plan must be approved by the affirmative vote of not less than the majority of the votes cast by the holders of Shares present by proxy at the Meeting. Once approved, it would replace the existing stock option plan except that any outstanding awards would continue to be governed by the terms of the previous plan.

**Unless the shareholders provide instruction to the contrary or in the absence of specific instruction in this respect, the persons named as proxyholders in the enclosed proxy form intend to vote FOR the adoption of the resolution, the text of which is set out below:**

"IT IS RESOLVED THAT:

1. the Omnibus Incentive Plan of the Company, a draft of which has been made available to the Shareholders for their review, be and is hereby approved;

2. the Company is hereby authorized to adopt the Plan, subject to any amendments and modifications as the Board, in its sole discretion, may approve from time to time; and

3. any one or more director or officer of the Company is hereby authorized, for and on behalf and in the name of the Company, to execute and deliver any documents and instruments, and to do or cause to be done all such other acts and things, as in the opinion of such director or officer may be necessary, desirable or useful for the purpose of giving effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such act or thing."

**Other Matters**

Management of the Company is not aware of any other matter to come before the Meeting other than as set forth in the Notice of the Meeting. If any other matter properly comes before the Meeting, it is the intention of the persons named in the enclosed Form of Proxy to vote the Shares represented thereby in accordance with their best judgment on such matter.

MANAGEMENT INFORMATION CIRCULAR 14

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

 **Statement of Executive Compensation**

**General**

All direct and indirect compensation provided to certain executive officers and directors for or in connection with, the services they have provided are disclosed in this section. The objective of this disclosure is to communicate the compensation the Company paid or otherwise granted to management and directors for the financial year ended December 31, 2021, and provide insight into executive compensation as a key aspect of the overall stewardship and governance of the Company to help Shareholders understand how decisions about executive compensation are made. Additional information is provided in the section "Company Governance".

For the purposes of this Statement of Executive Compensation, the following terms have the meaning defined below:

"equity incentive plan" means an incentive plan, or portion of an incentive plan, under which awards are granted and that falls within the scope of IFRS 2 Share-based Payment;

"incentive plan" means any plan providing compensation that depends on achieving certain performance goals or similar conditions within a specified period;

"incentive plan award" means compensation awarded, earned, paid, or payable under an incentive plan;

"NEO" or "named executive officer" means each of the following individuals: (i) a CEO; (ii) a CFO; (iii) each of the three most highly compensated executive officers of the Company, including any of its subsidiaries, or the three most highly compensated individuals acting in a similar capacity, other than the CEO and CFO, at the end of the most recently completed financial year whose total compensation was, individually, more than $150,000 for that financial year; and (iv) each individual who would be a NEO but for the fact that the individual was neither an executive officer of the Company, nor acting in a similar capacity, at the end of that financial year;

"non-equity incentive plan" means an incentive plan or portion of an incentive plan that is not an equity incentive plan;

"option-based award" means an award under an equity incentive plan of options, including, for greater certainty, share options, share appreciation rights, and similar instruments that have option-like features; and

"share-based award" means an award under an equity incentive plan of equity-based instruments that do not have option-like features, including, for greater certainty, common shares, restricted shares, restricted share units, deferred share units, phantom shares, phantom share units, common share equivalent units, and stock.

**Compensation Overview**

The Board's primary goal is to attract and retain quality and experienced people which are critical to the success of the Company and the implementation of its development strategy. However, the Board recognizes that the Company is not yet cash flow positive and it must therefore carefully review and consider management and director compensation as it may have an important impact on the Company's development. The Board takes into consideration the dilutive effect compensation may have on its shareholders as the Company must rely on external financing.

MANAGEMENT INFORMATION CIRCULAR 15

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

Executive compensation is comprised of three elements: base fee or salary, short-term incentive compensation (annual cash bonuses) and long-term incentive compensation (share purchase options). The Board reviews all three components in assessing the compensation of individual executive officers. In the short term, the Board's aim is to strike a balance by including "pay-for-performance" elements which supports the Company's commitment to delivering strong performance for the Shareholders. Base salaries or fees and bonuses are intended to provide current compensation and a short-term incentive for executive officer's to meet the Company's goals, as well as to remain competitive with the industry. Base salaries or fees are compensation for job responsibilities and reflect the level of skill, expertise and capabilities demonstrated by the executive officers. Executive officers are also eligible to receive discretionary bonuses as determined by the Board based on each officer's responsibilities, their achievement of corporate objectives and the Company's financial performance. Cash bonuses are intended to reward the executive officers for meeting or exceeding the individual and corporate performance objectives set by the Board.

Stock options are an important part of the Company's long-term incentive strategy for its NEOs permitting them to participate in any appreciation of the market value of the Company's Shares over a stated period of time, and is intended to reinforce commitment to long-term growth and shareholder value. Stock options reward overall corporate performance as measured through the price of the Company's Shares and enables executives to acquire and maintain a significant ownership position in the Company. The Board recognizes the importance of proper utilization of stock options but also recognizes the dilutive effect it may have, long term on the shareholders of the Company and has therefore decided to keep a tight control on the granting of stock options.

The Board will review on an annual basis the corporate goals and objectives relevant to executive compensation, evaluate each executive officer's performance in light of those goals and objectives and set the executive officer's compensation level based, in part, on this evaluation. The Board will also take into consideration the Company's overall performance, shareholder returns, the value of similar incentive awards to executive officers at comparable companies and the awards given to executive officers in past years.

Compensation recommendations to the Board are governed by the Human Capital and Compensation Committee Charter. Management directors are required to abstain from voting in respect of their own compensation thereby providing the independent members of the Board with considerable input with respect to executive compensation. The Human Capital and Compensation Committee has implemented a review of its compensation packages, including considering the implications of the risks associated with the Company's compensation policies and practices to evaluate if such compensation policies and practices could be encouraging inappropriate risk taking by the executive officers. The Human Capital and Compensation Committee has also engaged in benchmark studying and reviewing the compensation of the NEOs.

MANAGEMENT INFORMATION CIRCULAR 16

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

**Option-Based Awards**

Executive officers of the Company, as well as directors, employees, and consultants, are eligible to participate in the Company's stock option plan (the "Stock Option Plan") to receive grants of stock options. Individual stock options are granted by the Board as a whole and the size of the options is dependent on, among other things, each officer's level of responsibility, authority and importance to the Company and the degree to which such officer's long-term contribution to the Company will be crucial to its long-term success.

Stock options are normally granted by the Board when an executive officer or employee first joins the Company based on their level of responsibility within the Company or in the case of stock options awarded to consultants, upon recommendation by the CEO. Additional grants may be made periodically to ensure that the number of options granted to any particular officer is commensurate with the officer's level of ongoing responsibility within the Company. The Board also evaluates the number of options an officer has been granted, the exercise price of the options and the term remaining on those options when considering further grants. Options are usually priced at the closing trading price of the Company's Shares on the business day immediately preceding the date of grant. The current policy of the Board is that options for directors, executive officers and employees expire five years from the date of grant and are vested over a two-year period.

**Summary Compensation Table**

The following table sets out certain information respecting the compensation paid to each of the Company's NEOs during the three most recently completed financial years, including the most recently completed financial year ended December 31, 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal**<br>**Position** | **Year** | **Salary**<br>**$** | **Option-**<br>**Based**<br>**Awards**<br>**(1) (2)** | **Non-Equity Incentive**<br>**Plan Compensation** | **Non-Equity Incentive**<br>**Plan Compensation** | **Total**<br>**Compensation**<br>**($)** |
|  |  |  |  | Annual<br>Incentive<br>Plans | Long-Term<br>Incentive<br>Plans |  |
| Johnson Joseph<br>President and CEO of<br>Tenet Fintech Group | 2019<br>2020<br>2021 | 117000<br>141019<br>212500 Nil<br>Nil<br>Nil | 92551<br>106739<br>536273 | Nil<br>50,000<br>110,385 | Nil<br>Nil<br>Nil | 209551<br>297758<br>859158 |
| Jean Landreville<br>CFO of Tenet Fintech<br>Group | 2019<br>2020<br>2021 | 125000<br>145692<br>175000 Nil<br>Nil<br>Nil | 46795<br>84169<br>514235 | 25000<br>50000<br>100096 | Nil<br>Nil<br>Nil | 196795<br>279861<br>789331 |
| Liang Qiu<br>CEO, Tenet China | 2019<br>2020<br>2021 | 60000<br>70000<br>175000 Nil<br>Nil<br>Nil | 63391<br>89676<br>514235 | Nil<br>50,000<br>115,770 | Nil<br>Nil<br>Nil | 123391<br>209676<br>805005 |

---

**<u>Notes:</u>**

(1) Refer to options granted under the Stock Option Plan. See "Incentive Plans Awards" below.

(2) The Company used the Black & Scholes pricing model to estimate fair value of the share purchase options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility of 103.74%, a risk free interest rate of 0.93% and an expected life of five (5) years. Changes in these assumptions can materially affect the value estimate and, therefore, the existing models do not necessarily provide a reliable single measure of the fair value of the Company's share purchase options.

**Officers Who Also Act as Directors**

None of the NEOs who are also directors of the Company received any compensation for services relating to their role as directors.

MANAGEMENT INFORMATION CIRCULAR 17

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

**Incentive Plan Awards**

***Outstanding Share-Based Awards and Option-Based Awards***

The following table sets forth particulars of all option-based and share-based awards outstanding for each NEO at December 31, 2021:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Option-Based Awards** | **Option-Based Awards** | **Option-Based Awards** | **Option-Based Awards** | **Share-Based Awards** | **Share-Based Awards** |
| Name | &nbsp;&nbsp;&nbsp;Number of<br>Securities<br>underlying<br>unexercised<br>options (#) | Option<br>exercise price<br>($) | Option expiration date | Value of<br>unexercised in-<br>the-money-<br>options ($) <sup>(1)</sup> &nbsp;&nbsp;&nbsp;Number of<br>shares or units<br>of shares that<br>have not vested<br>(#) <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Market or<br>payout value of<br>share awards<br>that have not<br>vested ($) | Market or payout<br>value of vested<br>share-based<br>awards not paid<br>out or distributed<br>($) |
| Johnson Joseph<br>President and CEO of<br>Tenet Fintech Group | 125000<br>57500<br>110000<br>125000<br>201000<br>250000<br>182500 | 2.100<br>1.600<br>1.000<br>1.000<br>1.000<br>1.500<br>4.100 | June 1, 2022<br>December 15, 2022<br>June 5, 2023<br>May 27, 2024<br>June 11, 2025<br>October 28, 2025<br>July 7, 2026 | 631250<br>319125<br>676500<br>768750<br>1236150<br>1412500<br>556625 Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil |
| Jean Landreville<br>CFO of Tenet Fintech<br>Group | 18750<br>18750<br>37500<br>52500<br>155000<br>250000<br>175000 | 1.100<br>1.000<br>1.000<br>1.000<br>1.000<br>1.500<br>4.100 | November 27, 2022<br>June 05, 2023<br>November 28, 2023<br>May 27, 2024<br>June 11, 2025<br>October 28, 2025<br>July 07, 2026 | 113438<br>115313<br>230625<br>322875<br>953250<br>1412500<br>533750 Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil |
| Liang Qiu<br>CEO, Tenet China | 50000<br>88750<br>87500<br>90000<br>151600<br>250000<br>175000 | 2.100<br>1.600<br>1.000<br>1.000<br>1.000<br>1.500<br>4.100 | June 01, 2022<br>December 15, 2022<br>June 05, 2023<br>May 27, 2024<br>June 11, 2025<br>October 28, 2025<br>July 07, 2026 | 252500<br>492563<br>538125<br>553500<br>932340<br>1412500<br>533750 Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil |

---

**<u>Notes:</u>**

(1) Based on the difference between the closing price of the common shares of the Company on the Exchange on December 31, 2021, of $7.15 and the stock option exercise price, multiplied by the number of common shares under option. As at December 31, 2021, the exercise price of these stock options was equal, lower or higher than the closing price of the Company's shares.

(2) The Company has not granted any share-based awards.

***Incentive Plan Awards - Value Vested or Earned During the Year***

The following table sets forth particulars of the value of option-based awards and share-based awards which vested during the year ended December 31, 2021, and the value of non-equity incentive plan compensation earned during the year ended December 31, 2021, for each NEO:

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| | | |
|:---|:---|:---|
| **Name**<br>| **Option-based awards-Value**<br>**vested during the year ($) <sup>(1)</sup>** | **Non-equity incentive plan**<br>**compensation-Pay-out during**<br>**the year ($) <sup>(3)</sup>** |
| Johnson Joseph President and<br>CEO of Tenet Fintech Group | 1231482 Nil | 110385 |
| Jean Landreville<br>CFO of Tenet Fintech Group | 923675 Nil | 100096 |
| Liang Qiu<br>CEO, Tenet China | 960926 Nil | 115770 |

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MANAGEMENT INFORMATION CIRCULAR 18

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

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**<u>Notes:</u>**

(1) This amount is the aggregate dollar value that would have been realized if the options under option-based awards had been exercised on the vesting date. It is determined by the difference between the exercise price of the option and the market price on the date of vesting. If the option was not-in-the-money then a NIL value was assigned.

(2) The Company has not granted any share-based awards.

(3) The Company did not pay any non-equity incentive plan compensation during the year ended December 31, 2021.

***Applicable Vesting Periods for NEOs' Stock Options***

At present, the only Incentive Plan Awards are Option-Based Awards. Stock Options granted to NEOs vest as follows: (i) 25% of the options vest eight (8) months following the date of the grant; (ii) 35% of the options vest sixteen (16) months following the date of the grant; and (iii) the remaining 40% of the options vest twenty-four (24) months following the date of the grant.

For the Options issued in the year 2019, the following table applies:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Options vesting** | **Options vesting** | **Options vesting** | **Options vesting** | **Options vesting** | **Options vesting** | **Total** |
|  | **July 28, 2019** | **January 27,**<br>**2020** | **March 28, 2020** | **September 27,**<br>**2020** | **November 28,**<br>**2020** | **May 27,**<br>**2021** |  |
| Johnson Joseph<br>President and CEO of<br>Tenet Fintech Group | 0 | 62500 | 0 | 87500 | 0 | 100000 | 250000 |
| Jean Landreville<br>CFO of Tenet Fintech<br>Group | 18750 | 26250 | 26250 | 36750 | 30000 | 42000 | 180000 |
| Liang Qiu<br>CEO, Tenet China | 0 | 45000 | 0 | 63000 | 0 | 72000 | 180000 |

---

For the Options issued in the year 2020, the following table applies:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Options vesting** | **Options vesting** | **Options vesting** | **Options vesting** | **Options vesting** | **Options vesting** | **Total** |
|  | **February 11,**<br>**2021** | **June 28,**<br>**2021** | **October 11,**<br>**2021** | **February 28,**<br>**2022** | **June 11,**<br>**2022** | **October 28,**<br>**2022** |  |
| Johnson Joseph<br>President and CEO of<br>Tenet Fintech Group | 100500 | 125000 | 140700 | 175000 | 160800 | 200000 | 902000 |
| Jean Landreville<br>CFO of Tenet Fintech<br>Group | 77500 | 125000 | 108500 | 175000 | 124000 | 200000 | 810000 |
| Liang Qiu<br>CEO, Tenet China | 75800 | 125000 | 106120 | 175000 | 121280 | 200000 | 803200 |

---

MANAGEMENT INFORMATION CIRCULAR 19

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

For the Options issued in the year 2021, the following table applies:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Options vesting** | **Options vesting** | **Options vesting** | **Total** |
|  | **March 7,**<br>**2022** | **November 7,**<br>**2022** | **July 7, 2023** |  |
| Johnson Joseph President and<br>CEO of Tenet Fintech Group | 45625 | 63875 | 73000 | 182500 |
| Jean Landreville<br>CFO of Tenet Fintech Group | 43750 | 61250 | 70000 | 175000 |
| Liang Qiu<br>CEO, Tenet China | 43750 | 61250 | 70000 | 175000 |

---

**Pension Benefit Plans**

The Company does not have any pension, retirement, or deferred compensation plans, including defined contribution plans.

**Termination and Change of Control Benefits**

There are no compensatory plans, contracts, or arrangements in place with any NEO arising from (i) the resignation, retirement, or other termination of employment of the NEO with the Company, (ii) a change in control of the Company, or (iii) a change in the NEOs' respective responsibilities following a change in control.

**Director Compensation**

***Director Compensation Table***

The following table sets forth information regarding the compensation paid to the Company's directors, other than directors who are also NEOs, during the fiscal year ended December 31, 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees earned**<br>**($)** | **Option-based**<br>**awards ($) (1)** | **Non-equity**<br>**incentive plan**<br>**compensation ($)** | **Total ($)** |
| Dana Ades-Landy | 22917 Nil | 294782 | 30000 Nil | 347699 |
| Mark Dumas | 25000 Nil | 161617 | 10000 Nil | 196617 |
| Michael Pesner | 25000 Nil | 176309 | 47500 Nil | 248809 |
| Charles-André Tessier | 30000 Nil | 213040 | 10000 Nil | 148809 |
| **TOTALS** | **102927** **Nil** | 845748 | **97500** **Nil** | 698466 |

---

**<u>Notes</u>**

(1) The Company used the Black & Scholes pricing model to estimate fair value of the share purchase options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility of between 103.74% and 110.97%, a risk-free interest rate between 0.46% and 0.48% and an expected life of 5 years. Changes in these assumptions can materially affect the value estimate and, therefore, the existing models do not necessarily provide a reliable single measure of the fair value of the Company's share purchase options.

MANAGEMENT INFORMATION CIRCULAR 20

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

***Share-Based Awards, Option-Based Awards, and Non-Equity Incentive Plan Compensation***

*<u>Outstanding Share-Based Awards and Option-Based Awards</u>*

The following table sets forth particulars of all option-based and share-based awards outstanding for each director, who was not an NEO, at December 31, 2021:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-based Awards** | **Share-based Awards** |
| Name | Number of<br>Securities<br>underlying<br>unexercised<br>options<br>(#) | Option<br>exercise<br>price ($) | Option Expiration Date | Value of<br>unexercised<br>in-the-<br>money-<br>options ($) <sup>(1)</sup> Number of<br>shares or units<br>of shares that<br>have not<br>vested (#) <sup>(2)</sup> | Market or<br>payout value<br>of share<br>awards that<br>have not<br>vested ($) | Market or<br>payout value of<br>vested share-<br>based awards<br>not paid out or<br>distributed<br>($) |
| Dana Ades-<br>Landy | 25000<br>65000 | 5.700<br>4.100 | 28 January 2026<br>07 July 2026 | 36250<br>198250 Nil<br>Nil | Nil<br>Nil | Nil<br>Nil |
| Mark Dumas | 47500<br>32500<br>50000<br>75650<br>100000<br>55000 | 2.100<br>1.000<br>1.000<br>1.000<br>1.500<br>4.100 | 01 June 2022<br>05 June 2023<br>27 May 2024<br>11 June 2025<br>28 October 2025<br>07 July 2026 | 239875<br>199875<br>307500<br>465248<br>565000<br>167750 Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil |
| Michael Pesner | 250000<br>150000<br>60000 | 0.450<br>1.500<br>4.100 | 07 August 2025<br>28 October 2025<br>07 July 2026 | 1675000<br>847500<br>183000 Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil |
| Charles-André<br>Tessier | 50000<br>35000<br>55000<br>87250<br>125000<br>72500 | 2.100<br>1.000<br>1.000<br>1.000<br>1.500<br>4.100 | 01 June 2022<br>05 June 2023<br>27 May 2024<br>11 June 2025<br>28 October 2025<br>07 July 2026 | 252500<br>215250<br>338250<br>536588<br>706250<br>221125 Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil | Nil<br>Nil<br>Nil<br>Nil<br>Nil<br>Nil |

---

**<u>Notes</u>**

(1) Based on the difference between the closing price of the common shares of the Company on the Exchange on December 31, 2021, of $7.15 and the stock option exercise price, multiplied by the number of common shares under option.

(2) The Company has not granted any share-based awards.

*<u>Incentive Plan Awards - Value Vested or Earned During the Year</u>*

The following table sets forth particulars of the value of option-based awards and share-based awards which vested during the year ended December 31, 2021, and the value of non-equity incentive plan compensation earned during the year ended December 31, 2021, for each director of the Company who was not an NEO:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Option-based awards-Value**<br>**vested during the year ($) <sup>(1)</sup>** | **Share awards - Value**<br>**during the year on vesting**<br>**($) <sup>(2)</sup>** | **Non-equity incentive plan**<br>**compensation-Pay-out**<br>**during the year ($) <sup>(3)</sup>** |
| Dana Ades-Landy | 32188 | N/A | 30000 |
| Mark Dumas | 471290 | N/A | 10000 |
| Michael Pesner | 1090125 | N/A | 47500 |
| Charles-André Tessier | 545816 | N/A | 10000 |

---

**<u>Notes</u>**

(1) This amount is the aggregate dollar value that would have been realized if the options under option based awards had been exercised on the vesting date. It is determined by the difference between the exercise price of the option and the market price on the date of vesting. If the option was not-in-the-money then a NIL value was assigned.

(2) The Company has not granted any share-based awards.

MANAGEMENT INFORMATION CIRCULAR 21

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

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(3) The Company did not pay any non-equity incentive plan compensation during the year ended December 31, 2021.

***Applicable Vesting Periods for Directors' Stock Options***

Stock Options granted to directors vest as follows: (i) 25% of the options vest eight (8) months following the date of the grant; (ii) 35% of the options vest sixteen (16) months following the date of the grant; and (iii) the remaining 40% of the options vest twenty-four (24) months following the date of the grant.

The following table provides the vesting schedule applicable to Option-based awards granted during the year 2021 to directors that are not NEOs.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Director** | **Vesting dates** | **Vesting dates** | **Vesting dates** | **Vesting dates** | **Vesting dates** | **Vesting dates** |  |
| **Name of Director** | **March 7,**<br>**2022** | **November**<br>**7, 2022** | **May 28, 2022** | **November 7,**<br>**2022** | **January 28,**<br>**2023** | **July 7, 2023** | **Total** |
| Dana Ades-Landy | 6250 | 16250 | 8750 | 22750 | 10000 | 26000 | 72500 |
| Mark Dumas | 13750 | 19250 | Nil | Nil | Nil | 22000 | 90000 |
| Michael Pesner | 15000 | 21000 | Nil | Nil | Nil | 24000 | 55000 |
| Charles-André Tessier | 18125 | 25375 | Nil | Nil | Nil | 29000 | 60000 |

---

***Discussion***

The compensation paid to directors of the Company for the fiscal year ended December 31, 2021, has been determined on the basis of the roles and risks assumed by each director.

In addition to the fees earned, directors are entitled to participate in the Company's stock option plan, which is designed to give each option holder an interest in preserving and maximizing shareholder value in the longer term. The Board determines individual grants by an assessment of each individual director's current and expected future performance, level of responsibilities and the importance of their position and contribution to the Company. Executive officers who also act as directors of the Company do not receive any additional compensation for services rendered in their capacity as directors.

**Securities Authorized for Issuance Under Equity Compensation Plans**

The following table sets out particulars of the compensation plans under which equity securities of the Company are authorized for issuance as of December 31, 2021.

MANAGEMENT INFORMATION CIRCULAR 22

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **statement of executive compensation** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**(a) Number of securities to be**<br>**issued upon exercise of**<br>**outstanding options, warrants**<br>**and rights** | &nbsp;&nbsp;**(b) Weighted-average**<br>**exercise price of outstanding**<br>**options, warrants and rights** | &nbsp;&nbsp;**(c) Number of securities**<br>**remaining available under**<br>**equity compensation plans**<br>**(excluding securities reflected**<br>**in column (a))** |
| &nbsp;&nbsp;Plan Category | &nbsp;&nbsp;Incentive Stock Options | &nbsp;&nbsp;Incentive Stock Options | &nbsp;&nbsp;Incentive Stock Options |
| &nbsp;&nbsp;Equity compensation plans<br>approved by security holders | &nbsp;&nbsp;4689250 | &nbsp;&nbsp;$1.929 | &nbsp;&nbsp;5027468 |
| &nbsp;&nbsp;Equity compensation plans not<br>approved by security holders | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;4689250 | &nbsp;&nbsp;$1.929 | &nbsp;&nbsp;5027468 |

---

**Stock Option Re-Pricing**

During the financial year ended December 31, 2021, no stock options were re-priced by the Company.

**Indebtedness of Directors and Executive Officers**

On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. Each loan is due on December 15, 2022. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. Except for the foregoing, no director or officer, or former director or officer of the Company nor any of their associates or affiliates, is, or has been at any time since the beginning of the last completed financial year, indebted to the Company nor has any such person been indebted to any other entity where such indebtedness is the subject of a guarantee, support agreement, letter of credit or similar arrangement or understanding, provided by the Company.

**Interests of Informed Persons in Material Transactions**

Other than as set forth herein and below, or as previously disclosed, the Company is not aware of any material interests, direct or indirect, by way of beneficial ownership of securities or otherwise, of any director or officer, proposed nominee for election as a director or any Shareholder holding more than 10% of the voting rights attached to the Common Shares or any associate or affiliate of any of the foregoing in any transaction in the preceding financial year or any proposed or ongoing transaction of the Company which has or will materially affect the Company.

**Management Contracts**

There are no management functions of the Company which are to any substantial degree performed by a person or company other than the directors or executive officers of the Company.

MANAGEMENT INFORMATION CIRCULAR 23

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

---

**Corporate Governance Practices**

Corporate governance relates to the activities of the Board, the members of which are elected by and are accountable to the Shareholders, and takes into account the role of the individual members of management who are appointed by the Board and who are charged with the day-to-day management of the Company. The Board and senior management consider good corporate governance to be central to the effective and efficient operation of the Company.

National Policy 58-201 Corporate Governance Guidelines ("NP 58-201") establishes non-prescriptive corporate governance guidelines, which apply to all public companies. The Company has reviewed its own corporate governance practices in light of these guidelines. In certain cases, the Company's practices comply with the guidelines, however, the Board considers that some of the guidelines are not suitable for the Company at its current stage of development and therefore these guidelines have not been adopted. National Instrument 58-101 Disclosure of Corporate Governance Practices ("NI 58-101") also requires the Company to disclose annually in its Information Circular certain information concerning its corporate governance practices. As a "venture issuer" the Company is required to make such disclosure with reference to the requirements of Form 58-101F2, which disclosure is set forth below.

**Board of Directors**

***Structure and Composition***

The Board, at present, is composed of six directors, four of whom, Dana Ades-Landy, Mark Dumas, Michael Pesner and Charles-André Tessier, are considered independent. Johnson Joseph, who serves as President and CEO, and Liang Qiu, CEO of Tenet Group China are members of management and therefore not independent. As mentioned previously, Ms. Ades-Landy has opted not to seek re-election for personal reasons. The Company is actively recruiting a new director but has yet to complete the process.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Directors** | &nbsp;&nbsp;**Independent** | &nbsp;&nbsp;**Non-independent** | &nbsp;&nbsp;**Reasons (if non-**<br>**independent)** | &nbsp;&nbsp;**Audit Committee** |
| &nbsp;&nbsp;Dana Ades-Landy | **✓** |  |  | **✓** |
| &nbsp;&nbsp;Mark Dumas | **✓** |  |  | **✓** |
| &nbsp;&nbsp;Johnson Joseph |  | **✓** | &nbsp;&nbsp;Chief Executive<br>Officer |  |
| &nbsp;&nbsp;Michael Pesner | **✓** |  |  | **✓** |
| &nbsp;&nbsp;Liang Qiu |  | **✓** | &nbsp;&nbsp;CEO, Tenet China |  |
| &nbsp;&nbsp;Charles-André Tessier | **✓** |  |  |  |
| &nbsp;&nbsp;**Total Directors** | **4** | **2** |  | **3** |

---

In determining whether a director is independent, the Board considers, for example, whether the director has a relationship, which could, or could be perceived to, interfere with the director's ability to objectively assess the performance of management. Save and except for a specific annual amount in cash and stock options received in their capacities as directors of the Company from time to time, the independent directors do not receive any remuneration, directly or indirectly, by way of director, consulting or advisory fees or other compensation from the Company. See "Executive Compensation - Compensation of Directors". Non-independent directors do not receive any compensation for their role as Director.

MANAGEMENT INFORMATION CIRCULAR 24

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

---

Following the Meeting, the Board should continue to have a majority of "independent" directors in accordance with the objective of the Company. The Board facilitates its exercise of independent supervision over management through frequent meetings of the Board in which the independent directors exercise their responsibilities for independent oversight of management. The independent directors also have the ability to meet independently of management whenever deemed necessary and each member of the Board understands that they are entitled to seek the advice of an independent expert if they reasonably consider it warranted under the circumstances. For the year 2021, the Board did not hold meetings of independent members only, however any executive management issues were addressed during "in camera sessions" of the Board, during which the non-independent directors, were excluded. On top of these official meetings, the Board also met with regularity on an informal basis to assist the Company as it undertook new initiatives in governance, capital markets, and financing matters, among other things.

The mandate of the Board was reviewed, updated, and formalized in 2021. The new Mandate of the Board better sets forth in details the objectives of the Board, which are to manage or supervise the management of the business and affairs of the Company and to act with a view to the best interests of the Company. In doing so, the Board oversees the management of the Company's affairs directly and through its committees. In fulfilling its mandate, the Board, among other matters, is responsible for reviewing and approving the Company's overall business strategies and its annual business plan, reviewing and approving the annual corporate budget and forecast, reviewing and approving significant capital investments outside the approved budget; reviewing major strategic initiatives to ensure that the Company's proposed actions in accordance with shareholder objectives; reviewing succession planning; assessing management's performance against approved business plans and industry standards; reviewing and approving the reports and other disclosure issued to shareholders; ensuring the effective operation of the Board; and safeguarding shareholders' equity interests through the optimum utilization of the Company's capital resources. The Board also takes responsibility for identifying the principal risks of the Company's business and for ensuring these risks are effectively monitored and mitigated to the extent reasonably practicable. Among the latest governance actions taken, the Board has adopted new and revised corporate policies, such as a Code of Ethics, an Insider Trading Policy, and Whistle-Blower Policy, and authorized the hiring of key management resources to support governance initiatives, including in human resources, operations, and legal affairs.

The Board delegates to management, through the Chief Executive Officer, the Chief Financial Officer, and the General Counsel responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on the Company's business in the ordinary course, managing the Company's cash flow, evaluating new business opportunities, recruiting staff and complying with applicable regulatory requirements. The Board also looks to management to furnish recommendations respecting corporate objectives, long-term strategic plans and annual operating plans.

***Other Directorships***

At the date of this Information Circular, Michael Pesner was director of the following corporations: Dominion Water Reserves Corp., Smart Employee Benefits Inc. and Wallbridge Mining Company Limited. Dana Ades-Landy was director of the following corporations: Alithya Group Inc.

MANAGEMENT INFORMATION CIRCULAR 25

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

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***Orientation and Continuing Education***

Although there is no formal orientation for new members of the Board, new directors receive an orientation package which includes reports on operations and public disclosure filings by the Company. New directors are also encouraged, when possible, to visit operations and are briefed on strategic plans, short, medium and long term corporate objectives, business risks and mitigation strategies, corporate governance guidelines and existing corporate policies, including the Company's Insider Trading Policy (available at www.sedar.com). New directors also have the opportunity to become familiar with the Company by meeting with other directors and the Company's executive officers and attending presentations by the Company's management to give the directors additional insight into the Company's business. Orientation activities are tailored to the particular needs and experience of each director and the overall needs of the Board.

The skills and knowledge of the Board as a whole is such that no formal continuing education process is currently deemed required. The Board is comprised of individuals with varying backgrounds, who have, both collectively and individually, extensive experience in the information technology sector and in the development and management of public companies. Board members are encouraged to communicate with management, auditors and technical consultants to keep themselves current with industry trends and developments and changes in legislation, with management's assistance. Board members have full access to the Company's records.

**Audit and Risk Management Committee**

National Instrument 52-110 Audit Committees of the Canadian Securities Administrators ("NI 52-110") requires the Company, as a venture issuer, to disclose annually in its Information Circular certain information concerning the constitution of its Audit Committee (also known as the "Audit and Risk Management Committee" in this document) and its relationship with its independent auditor, as set forth in the following sections.

***Charter of the Audit Committee***

The Charter of the Audit Committee is annexed to this Information Circular as Appendix B.

***Composition of the Audit Committee***

The Audit Committee is composed as follows of the following members:

---

| | | |
|:---|:---|:---|
| **Name of Members** | **Independent** | **Financially Literate** |
| Dana Ades-Landy<br>*Meeting attendance in 2021: 5 of 5*<br>Committee member | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**✓** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**✓** |
| Mark Dumas<br>*Meeting attendance in 2021: 5 of 5*<br>Committee member | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**✓** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**✓** |
| Michael Pesner<br>*Meeting attendance in 2021: 5 of 5<br>Committee Chair*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**✓** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**✓** |

---

MANAGEMENT INFORMATION CIRCULAR 26

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

---

Under NI 52-110, a director of an audit committee is "independent" if they have no direct or indirect material relationship with the issuer, that is, a relationship which could, in the view of the Board, reasonably be expected to interfere with the exercise of the member's independent judgment. The Board has determined that all members of the Audit Committee are independent members. The Board has determined that each of the three members of the Audit Committee is "financially literate" within the meaning of NI 52-110, that is, each member has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

As mentioned previously, Ms. Ades-Landy has opted not to seek re-election for personal reasons. The Company is actively recruiting a new director but has yet to complete the process.

***Reliance on Certain Exemptions***

The Company has not relied on the De Minimis Non-Audit Services exemption.

***Pre-Approval Policies and Procedures for Audit Services***

The Audit Committee has not adopted specific policies and procedures for the engagement of non-audit services.

***Areas of Experience***

The members of the Board are considered to have the experience in the following areas:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Directors** | **Areas of Experience** | **Areas of Experience** | **Areas of Experience** | **Areas of Experience** | **Areas of Experience** | **Areas of Experience** |
| **Directors** | **Information**<br>**Technology**<br>**(a)** | **Financial**<br>**(b)** | **Executive**<br>**Management**<br>**(c)** | **International**<br>**Dealings**<br>**(d)** | **Corporate**<br>**Governance**<br>**(e)** | **Marketing /**<br>**Business**<br>**Development**<br>**(f)** |
| Dana Ades-Landy (g) | X | X | X | X | X | X |
| Mark Dumas | X | X | X |  | X | X |
| Johnson Joseph | X | X | X | X |  | X |
| Michael Pesner |  | X | X | X | X |  |
| Liang Qiu | X | X | X | X |  | X |
| Charles-André Tessier | X | X | X | X | X |  |
|  | **5** | **6** | **6** | **5** | **4** | **4** |

---

**<u>Notes</u>**

(a) *Information Technology* refers to experience as an executive officer in a major technology company.

(b) *Financial Expertise* is based on the Meaning of "financial Literacy" in NI 52-110 *Respecting Audit Committees*.

(c) *Executive Management* refers to broad business experience through senior level position.

(d) *International Dealings* refers to experience in material negotiations with parties, private companies and government entities in an international context.

(e) *Corporate Governance* refers to experience and an understanding of the Board's role in law / compliance / oversight of risk management.

(f) *Marketing & Business development* refers to senior executive experience in a major retail customer product, services or Distribution Company.

MANAGEMENT INFORMATION CIRCULAR 27

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

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(g) As mentioned previously, Ms. Ades-Landy has opted not to seek re-election for personal reasons.

**Human Capital and Compensation Committee**

The Human Capital and Compensation Committee is composed of Mark Dumas (as Chair), Michael Pesner and Dana Ades-Landy. As mentioned previously, Ms. Ades-Landy has opted not to seek re-election for personal reasons. The Company is actively recruiting a new director but has yet to complete the process.

This committee is responsible in assisting the Board in fulfilling its oversight responsibilities relating to the compensation and retention of key senior management employees having the skills and expertise needed to enable the Company to achieve its goals and strategies at a fair and competitive compensation, including appropriate performance incentives. To that end, the committee's mandate includes the following: (i) reviewing of the compensation of the executives and directors; (ii) reviewing the compensation payable to directors; (iii) overseeing the administration of the compensation plans of the Company; and (iii) reviewing of the executive and director compensation regulatory disclosure.

In Q1 of 2021, the Board implemented a new Human Capital and Compensation Committee Charter. Until then, given its then size and stage of development, (i) determining the compensation to be paid to executives officers and directors; and (ii), ensuring that such arrangements reflect the responsibilities and risks associated with each position were responsibilities performed by the Board as a whole.

Any compensation to be paid to executive officers who are also directors must be approved by the disinterested directors thereby providing the non-executive directors with significant input into compensation decisions. See "Statement on Executive Compensation" above for details of the compensation paid to the Company's Named Executive Officers.

When determining the compensation of its executive officers, the committee considers: (i) recruiting and retaining executives critical to the success of the Company and the enhancement of shareholder value; (ii) providing fair and competitive compensation; (iii) balancing the interests of management and the Company's shareholders; and (iv) rewarding performance, both on an individual basis and with respect to operations in general. The Human Capital and Compensation Committee Charter provides guidelines and processes to be followed by this Committee in establishing compensation packages.

**Governance and Nomination Committee**

The Corporate Governance and Nominating Committee is composed of Dana Ades-Landy (as Chair), Michael Pesner, and Charles-André Tessier. As mentioned previously, Ms. Ades-Landy has opted not to seek re-election for personal reasons. The Company is actively recruiting a new director but has yet to complete the process.

This standing committee is responsible for, among other things, (i) overseeing and assessing the composition and functioning of the Board and the committees of the Board, (ii) the development, recommendation to the Board, implementation and assessment of effective corporate governance principles, (iii) identifying director candidates and recommending that the Board qualified director candidates for election, and (iv) reviewing the corporate governance disclosure of the Company.

MANAGEMENT INFORMATION CIRCULAR 28

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

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**Code of Ethics**

The Company has in place a Code of Ethics that aims to form the foundation of how its conduct business. It sets a standard of high performance in the Company's research and development activities and in the delivery of its products and services to customers to allow them to create and maintain a competitive position in the marketplace.

The Code of Ethics lays out responsibilities of the Company and its employees toward other employees, customers, suppliers, shareholders, and the community at large. To other employees, there are obligations to (i) respect each other and to provide employees with a safe place to work, satisfying and rewarding employment, on-going professional development, an open team environment, and (ii) a work place without any discrimination of any type, and free of any harassment whatsoever, including sexual harassment. The Company will not tolerate any unwelcome conduct that has the purpose or effect of creating an intimidating, offensive, or hostile work environment.

With respect to third-party information, the Company must (i) obtain competitive information legally and ethically, (ii) safeguard sensitive information obtained from business partners and suppliers, and (iii) honor all contractual commitments in their regard. The Company must not attempt to obtain confidential information from competitors' current or former employees, suppliers, customers, or partners.

The Company commits to core values based on honesty and integrity in carrying out its business activities. Employees must avoid conflicts of interest between their private financial affairs and their business conduct with the Company. All business activities must be accurately and fairly reflected in the Company's financial statements, in accordance with applicable accounting principles, and shall be subject to audit.

**Whistleblower Policy**

In April 2022, the Company adopted a Whistleblower Policy. As a rule, the Company expects each director, officer, employee, and contractor to comply with all applicable laws and stock exchange requirements. The Company is committed to promoting honesty and integrity and maintaining the highest ethical standards in all its activities. Consistent with these values, the Company does not tolerate any illegal or unethical behaviour, including fraud, criminal acts, regulatory violations, manipulation of accounting and auditing records, or any breach of its Code of Ethics.

The Whistleblower Policy serves to ensure that the Company has the appropriate procedures for (i) the receipt, retention, and treatment of any violations or suspected violations of the Code of Ethics, applicable laws, or the Company's accounting, financial reporting, internal accounting controls, auditing policies or procedures, or related matters, and (ii) the confidential, anonymous reporting of concerns regarding questionable accounting or auditing matters free from potential reprisal.

MANAGEMENT INFORMATION CIRCULAR 29

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **corporate governance practices** |

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**Shareholder Engagement**

On a quarterly basis, the Company's management holds a conference call available to all shareholders to review the financial and operating results of the most recently completed quarter. Shareholders may contact also the Company about issues or questions about the Company by sending a letter to 401 Bay Street, Suite 2702, Toronto, Ontario, Canada M5H 2Y4, Attn: Corporate Secretary, or by email at Cathy@chfir.com or mark.schwalenberg@mzgroup.us. The Company's legal department will initially receive and process communications before forwarding them to the addressee, and generally will not forward a communication that it determines to be primarily commercial in nature, is related to an improper or irrelevant topic, or is a request for general information about the Company, its products or services.

MANAGEMENT INFORMATION CIRCULAR 30

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **additional information** |

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**Additional Information**

Additional documents and information relating to the Company, including the audited financial statements for the year ended December 31, 2021, and the Management Discussion and Analysis, are available at www.sedar.com or will be sent, free of charge, to any security holder of the corporation upon request.

Shareholders may contact the Company at the following address:

Tenet Fintech Group Inc.

401 Bay Street, Suite 2702

Toronto, Ontario

Canada M5H 2Y4

**Receipt of Motions From Shareholders for the Next Annual Meeting**

Shareholders with voting rights at the Company's next annual meeting who wish to submit a motion regarding any issue to be debated during that meeting must submit their motions to the Company's secretary no later than February 27, 2023.

**Board Approval**

The contents of this Information Circular have been approved, and this mailing has been authorized by the Company's Board.<br>

<u>Where information contained in this Information Circular rests specifically within the knowledge of a person other than the Company, the Company has relied upon the information furnished by such person.</u>

**TENET FINTECH GROUP INC.**

/s/ Johnson Joseph

Johnson Joseph, CEO<br>

Date: May 31, 2022

MANAGEMENT INFORMATION CIRCULAR 31

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Schedule A - Omnibus Incentive Plan** |

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**APPENDIX A**

**TENET FINTECH GROUP INC. <br>OMNIBUS INCENTIVE PLAN** <br> (Effective June 30, 2022)

MANAGEMENT INFORMATION CIRCULAR 32

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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**TENET FINTECH GROUP INC.**

**OMNIBUS INCENTIVE PLAN**

**Section 1.** **Purpose and Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Background</u>**. Subject to the provisions of Section 16, the Company now adopts this Plan on the terms and conditions herein set forth (as may be amended from time to time) in order to provide the Company with flexibility in designing various equity-based compensation arrangements for the Employees, Officers, Consultants and Non-Employee Directors of the Company and its Affiliates. Section 16 sets forth the provisions concerning the effective date of the Plan and its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Purpose</u>**. The purpose of this Plan is to advance the interests of the Company by encouraging Employees, Consultants and Non-Employee Directors to receive equity- based compensation and incentives, thereby (i) increasing the proprietary interests of such Persons in the Company, (ii) aligning the interests of such Persons with the interests of the Company's shareholders generally, (iii) encouraging such Persons to remain associated with the Company, and (iv) furnishing such Persons with an additional incentive in their efforts on behalf of the Company. The Board also contemplates that through the Plan, the Company and its Affiliates will be better able to compete for the services of the individuals needed for the continued growth and success of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Non-Application of ERISA</u>**. The Plan provides for various forms of incentive compensation and is not intended to be a plan that is subject to the Employee Retirement Income Security Act of 1974, as amended, and shall be administered accordingly.

**Section 2. Definitions**

For purposes of the Plan, the following terms shall have the meaning set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" shall mean, with respect to a Person, (i) any entity in which such Person, directly or indirectly, owns 50% or more of the combined voting power, as determined by the Granting Authority, (ii) any "parent corporation" of such Person (as defined in section 424(e) of the Code), (iii) any "subsidiary corporation" (as defined in section 424(f) of the Code) of such Person or any parent corporation of such Person and (iv) any trades or businesses, whether or not incorporated which are members of a controlled group or are under common control (as defined in Sections 414(b) or (c) of the Code) with such Person, provided that in respect of any Option granted to a Canadian Grantee, an Affiliate shall only include a corporation that does not deal at arm's length, within the meaning of the ITA, with the Company, and further provided that, in respect of any Deferred Share Unit granted to a Canadian Grantee, an Affiliate shall only include a corporation that is related to the Company, within the meaning of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Annual Retainer**" shall mean the retainer ordinarily payable in cash to a Non-Employee Director for serving as a director during a particular calendar year, and for greater certainty, does not include any additional compensation payable to a Non-Employee Director for any other employment or services to the Company or an Affiliate, including without limitation, any chairman fees, committee chair fees, travel fees, per diem meeting fees or director and committee meeting fees or reimbursed expenses.

MANAGEMENT INFORMATION CIRCULAR 33

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) "Applicable Post-Retirement Period"** and **"Applicable Post-Disability Period"** shall have the meanings given to them in Sections 9(a)(ii) and (iii) of the Plan, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Awards**" shall mean, collectively, Options, Purchased Shares, Bonus Shares, Share Appreciation Rights, Phantom Share Awards, Restricted Share Units, Deferred Share Units, Performance Awards and Other Share or Performance-Based Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Base Price**" shall mean the base dollar amount used to calculate the amount, if any, payable to a Participant with respect to a Share subject to a Stand-Alone SAR upon exercise thereof, which Base Price shall, except in the case of Substitute Awards, not be less than 100 percent of the Market Value of a Share on the Effective Date of the grant of the Stand-Alone SAR, subject to adjustment pursuant to Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Blackout Period**" shall have the meaning ascribed thereto in Section 5(b)(iii) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board**" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Bonus Share**" shall mean Shares described in Section 7(d) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Canadian Award**" shall mean an Award pursuant to which, as applicable: (i) the Exercise Price is stated and payable in Canadian dollars or the basis upon which it is to be settled (whether in cash or in Shares) is stated in Canadian dollars); (ii) in the case of Stand-Alone SARs, the Base Price is stated in Canadian dollars and any cash amount payable in settlement thereof shall be paid in Canadian dollars; (iii) in the case of Restricted Share Units, Deferred Share Units, Performance Share Units or Phantom Share Awards, any cash amount payable in settlement thereof shall be paid in Canadian dollars; or (iv) in the case of Bonus Shares or Purchased Shares the price or value of such Shares is stated in Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Canadian Grantee**" shall mean a Participant who is a resident of Canada for the purposes of the ITA, or who is granted an Award under the Plan in respect of services performed in Canada for the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Change of Control**" shall mean any of the following events (and shall be deemed to occur upon any of the following events):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except for the entities excluded by Sections 2(k)(i)(A) through (E) inclusive below, any Person or group, or the Affiliates of such Person or group, directly or indirectly, becomes the "beneficial owner" (as determined in accordance with Rules 13d-3 and 13d-5 of the Exchange Act) of securities of the Company representing more than 50% of either the then outstanding Shares ("**Outstanding Shares**") or the voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (or in the case of multiple classes, the class of voting securities entitled to elect a majority of directors) (the "**Outstanding Voting Securities**"). The following entities are excluded from this definition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Company and any of its Affiliates,

MANAGEMENT INFORMATION CIRCULAR 34

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any employee benefit plan of the Company or any of its Affiliates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a company owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Outstanding Shares and Outstanding Voting Securities, as the case may be,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) an underwriter temporarily holding securities pursuant to an offering of such securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a **Resulting Entity**, as defined below, becoming such a beneficial owner in compliance with each of the conditions set forth in Section 2(k)(iii)(A)-(D) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) individuals who, as of the Measurement Date (as defined below), constitute the Board (the "**Incumbent Board**") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election or nomination for election was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board (including for these purposes, the new members whose election or nomination was so approved, without counting the member and his predecessor twice) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board. As used in this definition,

"**Measurement Date**" means the later of the Effective Date and the date that is two years prior to the Change of Control (including a Change of Control pursuant to this Section 2(k)(ii));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consummation of any merger, reorganization, statutory or mandatory share exchange, business combination, consolidation or similar transaction involving the Company or one of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company and its subsidiaries (considered on a consolidated basis), or the acquisition of assets or shares of another entity by the Company or any of its subsidiaries (each, a "**Business Combination**"), unless in such case, following the consummation of any such transaction each of the following conditions is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all or substantially all of the Persons that were the beneficial owners of the Outstanding Shares immediately prior to such Business Combination (the "**Company Shareholders**") beneficially own, directly or indirectly, more than 50% of the then-outstanding Shares and the combined voting power of the Outstanding Shares entitled to vote generally in the election of directors, as the case may be, of the entity ("**Resulting Entity**") resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Company or all or substantially all of the assets of the Company and its subsidiaries (considered on a consolidated basis) directly or through one or more subsidiaries);

MANAGEMENT INFORMATION CIRCULAR 35

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such beneficial ownership by the Company Shareholders is in substantially the same proportions as their ownership of the Outstanding Shares and the Outstanding Voting Securities, as the case may be, immediately prior to such Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Person (excluding any Resulting Entity and any employee benefit plan (or related trust) of the Company) beneficially owns, directly or indirectly, more than 50% of, respectively, the outstanding common shares of the Resulting Entity or the combined voting power of the then-outstanding voting securities of such Resulting Entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) at least a majority of the members of the board of directors of the Resulting Entity were members (or deemed members) of the Incumbent Board (determined pursuant to Section 2(k)(ii) above using the date that is the later of the Effective Date or the date that is two years prior to the Business Combination as of the Measurement Date) at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company.

Unless written terms of an Award otherwise specifically provides, the Incumbent Board (as constituted immediately prior to any alleged Change of Control) shall have the power to determine whether a Change of Control has occurred. The Board may delegate its power to make the foregoing determination (as well as any with respect to this Plan) to the Committee or other committees pursuant to Section 3(b).

As to any given Awards or all Awards, the Granting Authority may establish, in the terms of the Award, additional conditions or events that must occur in order for a "Change of Control" to occur under such Award(s) (including the termination of employment).

Solely with respect to any Award that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable on account of a Change of Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only if such event also constitutes a "change in the ownership", "change in effective control", and/or a "change in the ownership of a substantial portion of assets" of the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time or form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for purposes of determining whether a Participant's rights to such Award become vested or otherwise unconditional upon the Change in Control.

MANAGEMENT INFORMATION CIRCULAR 36

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Code**" shall mean the United States Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Committee**" shall mean the Company's Human Capital and Compensation Committee and any other committee of the Board constituted as provided in Section 3 and authorized by the Board to take actions with respect to the Plan as provided in Section 3, provided that such Committee is composed solely of two or more Non-Employee Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Company**" shall mean Tenet Fintech Group Inc., a corporation organized under the *Canada Business Corporations Act*, or any corporate Successor thereto that assumes and continues the Plan. If the context requires, such term also refers to its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Consultant**" shall mean any individual, other than a Non-Employee Director or an Employee, who renders consulting or advisory services to the Company or its Affiliates, provided that such services are not in connection with the offer or sale of securities in a capital-raising transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Control**" shall mean, with respect to any Person, the possession, directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Covered Employee**" shall mean any of the Chief Executive Officer or Chief Financial Officer of the Company and the three highest paid officers of the Company other than the Chief Executive Officer and Chief Financial Officer, as described in Section 162(m)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Deferred Share Units**" shall mean a right, granted in accordance with Section 8 hereof, to receive a Share or a cash payment equal to the Market Value of a Share, as determined by the Granting Authority, that is settled, if at all, only after the Participant's retirement, death or cessation or termination of office or employment, as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Disability**" shall mean an inability to perform the Employee's or Non-Employee Director's material services for the Company for a period of 90 consecutive days or a total of 180 days, during any 365-day period, in either case as a result of incapacity due to mental or physical illness, which is determined to be total and permanent (under the terms of the long term disability policy of the Company applicable to the Employee). A determination of Disability shall be made by a physician satisfactory to both the Participant (or his guardian) and the Company, provided that if the Employee or Non-Employee Director (or his guardian) and the Company do not agree on a physician, the Employee or Non-Employee Director and the Company shall each select a physician and these two together shall select a third physician, whose determination as to Disability shall be final, binding and conclusive with respect to all parties. Notwithstanding the above, eligibility for disability benefits under any policy for long-term disability benefits provided to the Participant by the Company shall conclusively establish the Participant's disability. Solely with respect to any Award that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable on account of disability, a Disability shall occur only if there is a disability as defined under Section 409A(a)(2)(C) of the Code, but only to the extent necessary to establish a time of payment that complies with Section 409A of the Code, without altering the definition of Disability for purposes of determining whether a Participant's rights to such Award become vested or otherwise unconditional upon the Disability.

MANAGEMENT INFORMATION CIRCULAR 37

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**DSU Eligible Retainer**" means: (i) the Annual Retainer; and (ii) any additional compensation (other than equity based compensation or reimbursed expenses) payable to a Non-Employee Director in such person's capacity as a director, including, without limitation, any chairman fees, committee chair fees, travel fees, per diem meeting fees, director and committee meeting fees, that the Non-Employee Director may elect to have satisfied in the form of Deferred Share Units pursuant to Section 8(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Effective Date**" shall mean the date as of which an Award shall take effect, provided that the Effective Date shall not be a date prior to the date the Granting Authority determines an Award shall be made and, unless otherwise specified by the Granting Authority, the Effective Date will be the date the Granting Authority determines an Award shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Election Form**" has the meaning ascribed thereto in Section 8(f)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Employee**" shall mean any employee of the Company or its Affiliates, and for the purposes of a Canadian Grantee, has the meaning ascribed thereto in the definitions of "employee" and "employment" in subsection 248(1) of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Exchange Act**" shall mean the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Exercise Price**" shall mean, (i) with respect to an Option, the price payable by a Participant to purchase one Share on exercise of such Option, which, except in the case of Substitute Awards, shall not be less than 100 percent of the Market Value of a Share on the Effective Date of the grant of the Option covering such Share and (ii) with respect to a Tandem SAR, the Exercise Price applicable to the Option to which the Tandem SAR is associated, in each such case, subject to adjustment pursuant to Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Granting Authority**" shall mean the Board, the Committee or other committee, as applicable, that is charged with exercising the powers and responsibility as to a specific matter in question affecting this Plan or an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Incentive Stock Option**" shall mean an Option that, on the Effective Date, is intended to qualify and is designated by the Granting Authority in the applicable instrument of grant as an **Incentive Stock Option** within the meaning of Section 422 of the Code (or any successor provision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Insiders**" shall mean such Persons that are required to be considered as such as of the date of determination pursuant to the rules of the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**ITA**" shall mean the *Income Tax Act* (Canada) and any regulations thereunder as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Market Value**" of a Share as of a relevant date shall mean the fair market value as determined by the Granting Authority in accordance with the following:

MANAGEMENT INFORMATION CIRCULAR 38

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For Canadian Awards, as long as Shares are listed on the TSX, the closing price of the Shares on the TSX on the last trading day prior to the relevant date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For U.S. Awards, as long as the Shares are listed on a U.S. Exchange, the closing price of the Shares on the U.S. Exchange on the last trading day prior to the relevant date.

As to the grant of an Award, the relevant date will be the Effective Date of such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unless prohibited by applicable law or rules of a Stock Exchange, Canadian Awards or U.S. Awards may be made to a Participant without regard to such Participant's domicile or residence for tax purposes. Thus, for example, U.S. taxpayers that are Participants may receive Canadian Awards. The Company may take such actions with respect to its filings, records and reporting as it deems appropriate to reflect the conversion of Awards from Canadian dollars to U.S. dollars and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Shares are not publicly traded at the time a determination of its fair market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the Granting Authority using any fair and reasonable means selected in the Granting Authority's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Non-Employee Director**" shall mean an individual who is a member of the Board but who is not otherwise an Employee or a Consultant of the Company or of any Affiliate at the date an Award is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Officer**" shall mean any officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Option**" shall mean an option, granted in accordance with Section 6 hereof, to purchase a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Organizational Law**" shall mean the laws of the Province of Quebec and the laws of Canada applicable therein, or such other law under which a Successor is organized, as such laws may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Other Share or Performance Based Awards**" shall have the meaning given to such term in Section 7(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Participants**" shall mean those individuals to whom Awards have been granted from time to time under the Plan. The executors or administrators of such Participant's estate, any Person or Persons who acquire the right to exercise an Award directly from the Participant by bequest or inheritance or any other permitted transferee of the Participant under Section 10 hereof shall be treated as a Participant solely for the purposes of exercising and enforcing an Award according to the terms thereof and this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Performance Awards**" shall mean Awards that are, or the exercise, vesting, settlement or disposition thereof are, subject to the satisfaction of Performance Criteria. Performance Awards include Performance Share Units.

MANAGEMENT INFORMATION CIRCULAR 39

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Performance Criteria**" shall mean such financial and/or personal performance criteria as may be determined by the Granting Authority, pursuant to Section 8. Performance Criteria may be applied to either the Company as a whole or to a business unit or to a single or group of Affiliates, either individually, alternatively or in any combination, and measured either in total, incrementally or cumulatively over a specified performance period, on an absolute basis or relative to a pre-established target, to previous years' results or to a designated comparison group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Performance Share Unit**" shall mean a right, granted in accordance with Section 8 hereof, to receive one Share (or the applicable fraction or multiple of a Share as determined by the Granting Authority based on applicable Vesting Criteria) or a cash payment equal to the Market Value of the applicable number of Shares, as determined by the Granting Authority, that generally becomes Vested, if at all, subject to the attainment of Performance Criteria and satisfaction of such other conditions to Vesting, if any, as may be determined by the Granting Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Person**" shall mean, unless the context otherwise requires or unless and to the extent otherwise limited or required by applicable law or rules of a Stock Exchange, any natural person, firm, partnership, limited liability company, association, corporation, company, trust, business trust, governmental authority or other entity, and any other person, entity or group that would constitute a "person" within the meaning of Section 3(a)(9) of the Exchange Act (with any related modifications or additions in Sections 13(d) and 14(d) of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Phantom Share Award**" shall have the meaning given to such term in Section 7(c) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Plan**" shall mean this Omnibus Incentive Plan, as amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Prior Plan**" shall mean the Directors', Management, Employees' and Consultants' Stock Option Plan of the Company in effect as of the adoption of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Purchased Share**" shall mean Shares issued to Participants under Section 7(f) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Restricted Period**" shall mean the period established by the Granting Authority with respect to an Award during which the Award either remains subject to forfeiture or is not exercisable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Restricted Share Unit**" shall mean a right, granted in accordance with Section 8 hereof, to receive a Share or a cash payment equal to the Market Value of a Share, as determined by the Granting Authority, that generally becomes Vested, if at all, based on the Participant's period of employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Retirement**" shall mean a termination of Employment of an Employee, or if determined by the Granting Authority, termination of service of a Non-Employee Director, under circumstances as shall constitute retirement for age, as determined by the Granting Authority or in accordance with the written policies established by the Granting Authority as they may be amended or revised from time to time.

MANAGEMENT INFORMATION CIRCULAR 40

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Revised Expiry Date**" shall have the meaning ascribed thereto in Section 5(b)(iii) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Securities Act**" shall mean the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Shareholder Approval Date**" means the date on which this Plan is approved by shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Shares**" shall mean the common shares of the Company, subject to adjustment pursuant to Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Share Appreciation Right**" or "**SAR**" shall mean a right, granted pursuant to Section 7 hereof, representing the right to receive upon the exercise thereof payment, in cash, Shares or any combination thereof, as determined by the Granting Authority, equal to the excess of the Market Value of one Share over the Base Price or Exercise Price, whichever is applicable, on the terms and conditions and calculated in accordance with the provision of Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Stand-Alone SAR**" shall mean a Share Appreciation Right that is granted on a stand- alone basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Stock Exchanges**" shall mean the U.S. Exchange and the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Substitute Awards**" means Awards granted in assumption, substitution or exchange for previously granted awards of a Person acquired by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Successor**" shall mean, with respect to any Person, a Person that succeeds to the first Person's assets and liabilities by amalgamation, merger, liquidation, dissolution or otherwise by operation of law, or a Person to which all or substantially all the assets and/or business of the first Person are transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Tandem SAR**" shall mean a Share Appreciation Right granted in tandem and associated with and at all times a part of an Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Termination**" or "**Date of Termination**" (or any derivative thereof) shall mean the date of termination of a Participant's active employment with the Company (or Affiliate) that employs the Participant (other than in connection with the Participant's transfer to employment with any other Company), whether such termination is lawful or otherwise, but not including a Participant's absence from active employment during a period of vacation, temporary illness, authorized leave of absence or short or long-term disability, and, in the case of a Participant who does not return to active employment with the Company immediately following a period of absence due to vacation, temporary illness, authorized leave of absence or short or long-term disability, the last day of such period of absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**TSX**" shall mean The Toronto Stock Exchange or such other stock exchange in Canada on which the Company's Shares are listed.

MANAGEMENT INFORMATION CIRCULAR 41

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**U.S. Award**" shall mean an Award pursuant to which, as applicable, (i) in the case of Options (including any Tandem SARs), the Exercise Price is stated and payable in United States dollars (and, in the case of any Tandem SARs, any cash amount payable in settlement thereof shall be paid in United States dollars), (ii) in the case of Stand-Alone SARs, the Base Price is stated in United States dollars and any cash amount payable in settlement thereof shall be paid in United States dollars, (iii) in the case of Restricted Share Units, Deferred Share Units or Performance Share Units, any cash amount payable in settlement thereof shall be paid in United States dollars, or (iv) in the case of Bonus Shares or Purchased Shares the price or value of such Shares is stated in United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**U.S. Exchange**" shall mean the NASDAQ Stock Market or such securities exchange in the United States on which the Company's Shares are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**U.S. Person**" shall mean a U.S. person as defined in Rule 902(k) of the Regulations under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Vested**" or "**Vesting**" shall mean, with respect to an Award, that the applicable conditions established by the Granting Authority or this Plan have been satisfied or, to the extent permitted under the Plan, waived, whether or not the Participant's rights with respect to such Award may be conditioned upon prior or subsequent compliance with any confidentiality, non-competition or non-solicitation obligations.

**Section 3. Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Powers of the Board and the Committee</u>**. Subject to and consistent with the terms of the Plan, applicable law and applicable rules of the Stock Exchanges, and subject to the provisions of the charter adopted by the Board with respect to the powers, authority and operation of the Committee (as amended from time to time), the Board will have the general power to administer the Plan in accordance with its terms (including all powers specified in Section 3(a)(ii)) and make all determinations required or permitted to be made, provided, however, that the Board may delegate all or any portion of such powers to the Committee or to other committees; and provided, further, that with respect to Awards to the Company's executive officers and Covered Employees, the Committee shall have such powers as are set forth in Section 3(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Specific Provisions Concerning Delegation of Authority to the Committee</u>. In addition to any authority of the Committee specified under any other terms of the Plan, and notwithstanding any other provision herein to the contrary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) insofar as Awards under the Plan are being made to the Company's chief executive officer, the Committee (and not the Board as a whole) shall have full and complete discretionary authority to review and approve corporate goals and objectives relevant to Awards granted under this Plan (as well as other elements of compensation), to evaluate the chief executive officer's performance in light of those goals and objectives, and determine and approve the Awards granted to the chief executive officer based on such evaluation, provided, however, that to the extent permitted by the applicable rules of the Stock Exchanges, but subject to the provisions hereof relating to Awards to Covered Employees, the Board may direct that the final determination and approval of such Awards be made by members of the Committee along with other "independent directors" (within the meaning of the rules of the Stock Exchanges and other applicable securities legislative and regulatory requirements). As to such Awards, the Committee will have the powers specified in Section 3(a)(ii) and the Committee shall be the Granting Authority with respect to all matters relating to such Awards;

MANAGEMENT INFORMATION CIRCULAR 42

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) insofar as Awards under the Plan are to be made to executive officers, but subject to the provisions hereof relating to Awards to Covered Employees, the Committee will make recommendations to the Board with respect to Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) insofar as any Award is to be granted to a Covered Employee which is intended to be "performance-based compensation" as described in Section 162(m)(4)(C) of the Code, the Committee (and not the Board as a whole) shall determine the performance goals relating thereto.

The foregoing shall not limit the Board in delegating any other powers to the Committee or in delegating any or all determinations or other powers with respect to certain types of Awards (including Awards that are intended to be exempt pursuant to Rule 16b-3 under the Exchange Act), including the full power to make Awards and to exercise the other powers set forth in Section 3(a)(ii) and the other powers granted herein to the Granting Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Specific Powers of the Granting Authority</u>. Without limiting the lead-in paragraph of Section 3(a), the powers of the Granting Authority shall include the powers to, subject to Section 12(c):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) interpret the Plan and instruments of grant evidencing Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prescribe, amend and rescind such procedures and policies, and make all determinations, it deems necessary or desirable for the administration and interpretation of the Plan and instruments of grant evidencing Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) determine those Persons who are eligible to be Participants, grant one or more Awards to such Persons and approve or authorize the applicable form and terms of the related instrument of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) determine the terms and conditions of Awards granted to any Participant, including, without limitation, and subject always to the Plan (1) subject to Sections 4(b) and (c), the type, and number of Shares subject to, an Award, including whether the Award shall be a Canadian Award or a U.S. Award, (2) the Exercise Price or Base Price for Shares subject to an Award, if applicable, (3) the conditions to the Vesting of an Award or any portion thereof, including terms relating to lump sum or installment Vesting, the period for achievement of any applicable Performance Criteria as a condition to Vesting and the conditions, if any, upon which Vesting of any Award or portion thereof will be waived or accelerated without any further action by the Granting Authority, (4) the circumstances upon which an Award or any portion thereof shall be forfeited, cancelled or expire, (5) the consequences of a Termination with respect to an Award, (6) the manner of exercise or settlement of the Vested portion of an Award, including whether an Award shall be settled on a current or deferred basis, and (7) whether and the terms upon which any Shares delivered upon exercise or settlement of an Award must continue to be held by a Participant for any specified period;

MANAGEMENT INFORMATION CIRCULAR 43

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) set forms of consideration, if any, to be paid with respect to the exercise of an Award (except to the extent certain forms of consideration must be paid to satisfy the requirements of applicable law) and specify whether and the terms upon which an Award shall be settled in cash, Shares or a combination thereof. However, unless the Granting Authority otherwise specifically provides no consideration other than services may be required for the grant, as opposed to the exercise, of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) determine whether and the extent to which any Performance Criteria or other conditions applicable to the Vesting of an Award have been satisfied or shall be waived or modified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) amend the terms of any instrument of grant or other documents evidencing Awards; provided, however, that, subject to Section 5(d), no amendment of an Award may, without the consent of the holder of the Award, adversely affect such Person's rights with respect to such Award in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) accelerate or waive any condition to the Vesting of any Award, all Awards, any class of Awards or Awards held by any group of Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) determine whether, and the extent to which, adjustments shall be made pursuant to Section 11 and the terms of any such adjustments.

However, the Granting Authority shall not have any discretion under this Section 3(a) or any other provision of the Plan that would modify the terms or conditions of (i) any Performance Criteria or waive the satisfaction thereof with respect to any Award that is intended to qualify as "performance-based compensation" for purposes of Section 162(m) of the Code if the exercise of such discretion would cause the Award not to so qualify, (ii) any other Award that is intended to be exempt from the definition of "salary deferral arrangement" in the ITA if the exercise of such discretion would cause the Award to not be or cease to be exempt; or (iii) any Option granted to a Canadian Grantee if the exercise of such discretion would cause the Option to not be or cease to be governed by Section 7 of the ITA. The Granting Authority will also exercise its discretion in good faith in accordance with the Company's intention that the terms of Awards and the modifications or waivers permitted hereby are in compliance with applicable law and the rule of the Stock Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Effects of Granting Authority's Decision</u>. Any action taken, interpretation or determination made, or any rule or regulation adopted by the Granting Authority pursuant** to this Plan shall be made in its sole discretion and shall be final, binding and conclusive on all affected Persons, including, without limitation, the Company, any of its Affiliate, any grantee, holder or beneficiary of an Award, any shareholder and any Employee, Consultant or Non-Employee Director.

MANAGEMENT INFORMATION CIRCULAR 44

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Liability Limitation and Indemnification</u>**. No member of the Granting Authority or the Board generally shall be liable for any action or determination made in good faith pursuant to the Plan or any instrument of grant evidencing any Award granted under the Plan. To the fullest extent permitted by law, the Company shall indemnify and save harmless, and shall advance and reimburse the expenses of, each Person made, or threatened to be made, a party to any action or proceeding in respect of the Plan by reason of the fact that such Person is or was a member of the Granting Authority or is or was a member of the Board in respect of any claim, loss, damage or expense (including legal fees) arising therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Delegation and Administration</u>**. The Granting Authority may, in its discretion, delegate such of its powers, rights and duties under the Plan, in whole or in part, to such committee, Person or Persons as it may determine, from time to time, on terms and conditions as it may determine, except the Granting Authority shall not, and shall not be permitted to, delegate any such powers, rights or duties: (i) with respect to the grant, amendment, administration or settlement of any Award of a Participant subject to Section 16 of the Exchange Act; (ii) with respect to the establishment or determination of the achievement of Performance Criteria; or (iii) with respect to any matter that would be in violation of any Organizational Law or the rules of any Stock Exchange. The Granting Authority may also appoint or engage a trustee, custodian or administrator to administer or implement the Plan or any aspect of it, subject to the exception of the immediately preceding sentence hereof.

**Section 4.** **Shares Subject to the Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Aggregate Plan Limits</u>**. Subject to adjustment pursuant to Section 11, the maximum aggregate number of Shares that may be subject to issuance, or have been previously issued, at any given time in connection with Awards granted under the Plan shall not exceed a number of Shares equal to ten percent (10%) of the total issued and outstanding Shares of the Company at the time of granting of Awards (on a non-diluted basis) or such other number as may be approved by the shareholders of the Company from time to time. For the purposes of computing the foregoing limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 4(a)(ii), the following shall not be counted against the limitation above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Shares subject to any Award granted under this Plan, or award granted under the Prior Plan, (or any portion thereof) that has expired or is forfeited, surrendered, cancelled or otherwise terminated prior to, or that is otherwise settled so that there is no, issuance or transfer of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) An Award (or any portion thereof) that uses the price of Shares to determine the amount of the Award or its settlement but that provides for settlement in cash (and not by the issuance of Shares) shall be treated as covering the applicable number of Shares solely for the purposes of computing the above referred limit and only while the Award is not settled or terminated. Upon settlement in cash or termination of such Award, the Shares used as a reference for determining the amount of the Award or its settlement shall not be counted against the limit above.

MANAGEMENT INFORMATION CIRCULAR 45

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Options that lapse unexercised will be treated as not having been issued for the purposes of computing the foregoing limitation, but any issuance of Shares pursuant to the terms of an Option will reduce the number of Shares available for issuance pursuant to Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Shares withheld or tendered for payment of taxes or any exercise or purchase price in respect of Awards shall not be counted against the limitation above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any Shares not ultimately issued in settlement of SARs shall not be counted against the limitation above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any Shares issued in respect of Substitute Awards shall not be counted against the limitation above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any available shares under a pre-existing shareholder approved plan of a company acquired by the Company or an Affiliate or with which the Company or an Affiliate combines, and not adopted in contemplation of such acquisition of combination (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Non-Employee Directors prior to such acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Tax Code Limits</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The aggregate number of Shares subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Option or SAR Awards granted under this Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) issued pursuant to Performance Awards,

during any consecutive thirty-six (36) month period to any one Participant shall not exceed, in respect of each of the Awards indicated in paragraphs (A) and (B) above, a number of Shares determined by the Board to align with applicable Code limits. Notwithstanding anything to the contrary in this Plan, the foregoing limitation shall be subject to adjustment under Section 11, but only to the extent that such adjustment will not affect the status of any Award intended to qualify as "performance-based compensation" under Section 162(m) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The maximum dollar amount of cash paid pursuant to Performance Awards during any calendar year to any one Participant shall not exceed an amount determined by the Board to align with applicable Code limits.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Certain Additional Limits</u>**. For as long as the Shares are listed for trading on the TSX and the standards with respect to security holder approval, and security-based compensation arrangements apply to the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of Shares issued to Insiders (including associates of Insiders if legally required) within any one-year period and issuable to the Insiders at any time, under this Plan and all other Company security-based compensation arrangements (as determined under the rules of the TSX) shall not exceed 10% of the total issued and outstanding Shares, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of Shares issued, or reserved for issuance with respect to Awards, to any one Insider (including associates of the Insider if legally required) within any one-year period under this Plan and all other Company security-based compensation arrangements shall not exceed 5% of the total issued and outstanding Shares;

For the purposes of determining compliance with the above restrictions, the Granting Authority will take into account Shares reserved or issued pursuant to options together with Shares reserved or issued pursuant to all of the Company's security-based compensation arrangements to the extent required by applicable law and applicable rules of the TSX. Notwithstanding anything to the contrary, the additional limits set forth in this Section (c) shall apply only to the extent that such limitations are required under the TSX Company Manual or any similar governing rules of the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Source of Shares</u>**. Except as expressly provided in the Plan, Shares delivered to Participants in connection with the exercise or settlement of Awards may be authorized but unissued Shares, Shares purchased in the open-market or in private transactions. The Board shall take such action as may be necessary to authorize and reserve for issuance from unissued Shares such number of Shares as may be necessary to permit the Company to meet its obligations under the Plan; provided, however, that the Company may satisfy its obligations from treasury shares or Shares purchased in the open market or private transactions.

**Section 5.** **General Provisions Relating to Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Eligibility</u>**. Awards will be granted only to those Persons who are, at the time of the grant, Non-Employee Directors, Officers, Employees or Consultants to the Company or its Affiliates. If any Participant is (pursuant to the terms of his or her employment or otherwise) subject to a requirement that he or she not benefit personally from an Award, the Granting Authority may grant any Award to which such Person would otherwise be entitled to the Person's employer or other entity designated by them that directly or indirectly imposes such requirement on the Person. The Granting Authority shall have the power to determine other eligibility requirements with respect to Awards or types of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Terms of Grant</u>**. Subject to the other express terms of this Plan, grants of Awards under the Plan shall contain such terms and conditions as the Granting Authority may specify. Without limiting the foregoing,

MANAGEMENT INFORMATION CIRCULAR 47

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Award granted under the Plan shall be evidenced by an instrument of grant, in such form or forms as the Granting Authority shall approve from time to time, which shall set forth such terms and conditions consistent with the terms of the Plan as the Granting Authority may determine. Each instrument of grant shall set forth, at a minimum, the Exercise Price or Base Price, as applicable, the type and Effective Date of the Award evidenced thereby, the number of Shares subject to such Award, whether the Award is a Canadian Award or a U.S. Award and the applicable Vesting conditions. References in the Plan to an instrument of grant shall include any supplements or amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the term or Restricted Period of each Award that is an Option, Share Appreciation Right, Phantom Share Award, or Restricted Share Unit shall be for such period as may be determined by the Granting Authority; provided, however, that in no event shall the term of any Option exceed a period of five years or the term of any such Award that is not an Option exceed a period of ten years (or such shorter terms as may be required in respect of an Incentive Stock Option under Section 422 of the Code or as may be required in respect of an Award by the Organizational Law, the ITA or the rules of the TSX to the extent that they are applicable to such Award, or such shorter term in respect of an Award to a Canadian Grantee so that such award does not constitute a "salary deferral arrangement" as defined in subsection 248(1) of the ITA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the foregoing provisions of this Section 5(b), unless otherwise determined by the Granting Authority, or as otherwise provided in the Plan, if any Award is scheduled to vest or the term of any Award granted hereunder is scheduled to expire or any Award is scheduled to be settled: (i) at a time when the holder of the Award is subject to restrictions on trading of securities of the Company under a trading "blackout" established by the Company (pursuant to the disclosure policy of the Company then in effect or otherwise) or pursuant to any lock-up agreement or other similar trading restriction (a "**Blackout Period**"); or (ii) within ten business days after the termination of a Blackout Period, the Award shall be Vested and the term or settlement of the Award, as applicable, will, notwithstanding the scheduled expiry date of the term of such Award, vest, expire or settle as of the date that is 10 business days following the end of the applicable Blackout Period (the "**Revised Expiry Date**") and shall continue to be exercisable, convertible or otherwise remain outstanding for the benefit of the holder, as applicable, at any time up to the applicable time on the Revised Expiry Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Granting Authority may determine that payments to be made by the Company or an Affiliate upon the exercise of an Option or other Award or settlement of an Award may be made in a single payment or transfer, in installments or on a deferred basis; provided, however, that no deferral shall be required or permitted by the Granting Authority if such deferral would result in adverse tax consequences to the Participant under Section 409A of the Code or under the ITA with respect to a Canadian Grantee. The settlement of any Award may, subject to any limitations set forth in the Award agreement or the Plan, be accelerated and paid in cash in lieu of Shares in connection with such settlement, in the discretion of the Granting Authority or upon occurrence of one or more specified events, except in the case of an Award to a Canadian Grantee that was, at the date the Award was granted, intended to be governed by Section 7 of the ITA.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms, conditions and/or restrictions contained in an Award may differ from the terms, conditions and restrictions contained in any other Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Granting Authority may specify such other terms and conditions, consistent with the terms of the Plan, as the Granting Authority shall determine or as shall be required under any other provision of the Plan. Such terms may include, without limitation, provisions requiring forfeiture of Awards in the event of termination of employment by the Participant and provisions permitting a Participant to make elections relating to his or her Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Vesting Conditions</u>**. Subject to the terms of the Plan, the Granting Authority shall determine any and all conditions to the Vesting of all and/or any portion of Awards and shall specify the material terms thereof in the applicable instrument of grant on, or as soon as reasonably practicable following, the Effective Date of the Award. Vesting of an Award, or portion thereof, may be conditioned upon passage of time, continued employment, satisfaction of Performance Criteria, or any combination of the foregoing, as determined by the Granting Authority, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) performance conditions to Vesting of any portion of an Award, other than Restricted Share Units granted to Canadian Grantees, will be measured over a period of not less than one year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Award that is intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code, and whether denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares or cash, the applicable Performance Criteria shall be a measure based on one or more of the following Performance Criteria: net sales; revenue; revenue growth or product revenue growth; operating income (before or after taxes); pre-or after-tax income or loss (before or after allocation of corporate overhead and bonus); earnings or loss per share; net income or loss (before or after taxes); return on equity; total shareholder return; return on assets or net assets; attainment of strategic and operational initiatives; appreciation in and/or maintenance of the price of the Shares or any other publicly- traded securities of the Company (including by reference to publicly-traded securities of other issuers); market share; gross profits; earnings or losses (including earnings or losses before taxes, before interest and taxes, or before interest, taxes, depreciation and amortization); economic value-added models or equivalent metrics; comparisons with various stock market indices; reductions in costs; cash flow or cash flow per share (before or after dividends); return on capital (including return on total capital or return on invested capital); cash flow return on investment; improvement in or attainment of expense levels or working capital levels, including cash, inventory and accounts receivable; operating margin, gross margin; year-end cash; cash margin; debt reduction; shareholders equity; operating efficiencies; research and development achievements; manufacturing achievements (including obtaining particular yields from manufacturing runs and other measurable objectives related to process development activities); regulatory achievements (including submitting or filing applications or other documents with regulatory authorities or receiving approval of any such applications or other documents and passing pre-approval inspections (whether of the Company or the Company's third-party manufacturer) and validation of manufacturing processes (whether the Company's or the Company's third-party manufacturer's)); strategic partnerships, joint ventures or transactions (including in-licensing and out-licensing of intellectual property; establishing relationships with commercial entities with respect to the marketing, distribution and sale of the Company's products (including with group purchasing organizations, distributors and other vendors); supply chain achievements (including establishing relationships with manufacturers or suppliers of component materials and manufacturers of the Company's products); co-development, co-marketing, profit sharing, joint venture or other similar arrangements); financial ratios, including those measuring liquidity, activity, profitability or leverage; cost of capital or assets under management; financing and other capital raising transactions (including sales of the Company's equity or debt securities; factoring transactions; sales or licenses of the Company's assets, including its intellectual property, whether in a particular jurisdiction or territory or globally; or through partnering transactions); and implementation, completion or attainment of measurable objectives with respect to research, development, manufacturing, commercialization, products or projects, production volume levels, acquisitions and divestitures; factoring transactions and recruiting and maintaining personnel as determined by the Granting Authority on or prior to the Effective Date of such Award or as of any later time permitted under the applicable provisions of Section 162(m) of the Code. Subject to compliance with Section 162(m) of the Code, if applicable, the Granting Authority may modify or supplement any Performance Criteria applicable to the Vesting of an outstanding Award to the extent the Granting Authority deems appropriate to reflect any material change after the Effective Date of the Award in the relevant business operations of the Company or applicable business unit or individual or group of companies.

MANAGEMENT INFORMATION CIRCULAR 49

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Change of Control</u>**. Unless otherwise provided in the Award or by direction of the Granting Authority as to all or any type or number of Awards, in the event of a Change of Control and notwithstanding any other Vesting or other restrictions or conditions, the Granting Authority may take whatever action with respect to the Awards outstanding that it deems necessary or desirable, including following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Granting Authority may accelerate Vesting and the expiration or termination date of Options and Share Appreciation Rights then outstanding to a specified date fixed by the Granting Authority. After any accelerated expiration or termination date so specified, all unexercised Options and Share Appreciation Rights and all rights of Participants thereunder shall terminate; provided, however, that any acceleration of the expiration or termination date shall not be to a date that is earlier than thirty (30) days after notice of such acceleration. The Granting Authority may also accelerate Vesting and the time at which Options and Share Appreciation Rights may be exercised so that those types of Awards may be exercised in full for their then remaining term;

MANAGEMENT INFORMATION CIRCULAR 50

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Granting Authority may waive all restrictions and conditions of all Restricted Share Units, Deferred Share Units and Phantom Share Awards then outstanding with the result that those types of Awards shall be deemed satisfied, and the Restricted Period or other limitations on payment in full with respect thereto shall be deemed to have expired, as of the date of the Change of Control or such other date as may be determined by the Granting Authority, provided that, in no event shall a payment be made in respect of a Deferred Share Unit granted to a Canadian Grantee prior to the date such Canadian Grantee ceases to be an Employee of the Company or an Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Granting Authority may determine to amend Performance Awards and Other Share or Performance-Based Awards, or substitute new Performance Awards and Other Share or Performance-Based Awards in consideration of cancellation of outstanding Performance Awards and any Other Share or Performance-Based Awards, in order to ensure that such Awards shall become fully Vested, deemed earned in full and promptly paid to the Participants as of the date of the Change of Control or such other date as may be determined by the Granting Authority, without regard to payment schedules and notwithstanding that the applicable performance cycle, retention cycle or other restrictions and conditions shall not have been completed or satisfied.

Any acceleration of Vesting shall be deemed to have occurred immediately prior to the Change of Control, no matter when the determination of the Granting Authority occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Moreover, if approved by the Board prior to or within thirty (30) days after such time as a Change of Control shall be deemed to have occurred, the Board shall have at any time the right to require that all or any portion of the Awards be settled and discharged in cash based on the "cash value" of such Awards in lieu of settlement by issuance of Shares, except in the case of an Award to a Canadian Grantee that was, at the date the Award was granted, intended to be governed by Section 7 of the ITA. Such requirement may be specified in any arrangement relating to such Change of Control transaction to which the Company is a party or may be specified in any notice sent by the Company, which arrangement or notice may also specify the terms and timing of such settlement. If not so specified, the Board may require settlement at any time within a forty-five (45) day period immediately following the date that the Change of Control is deemed to have occurred. For the foregoing purposes, the "cash value" of an Award shall equal the sum of (i) the cash value of all benefits to which the Participant would be entitled upon settlement or exercise of any Award which is not an Option or Restricted Share Unit (other than a Restricted Share Unit that, by its terms, would be settled only in cash) or (ii) in the case of any Award that is an Option, SAR or Restricted Share Unit (other than a Restricted Share Unit that, by its terms, would be settled only in cash), the excess of the "market value" (defined below) per Share over the Exercise Price, or the market value (defined below) per Share of Restricted Share Unit, multiplied by the number of shares subject to such Award. For purposes of the preceding sentence, "market value" per Share shall mean the higher of (x) the average of the market value per Share on each of the five trading days immediately preceding the date a Change of Control is deemed to have occurred or (y) the highest price, if any, offered by the acquiring Person or the Company with respect to Shares, all as determined by Board in its discretion. The Company may require Participants to verify the amount and completeness of any settlement of Awards as a condition to the final settlement and payment.

MANAGEMENT INFORMATION CIRCULAR 51

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>No Repricing or Extension of Term</u>**. The Exercise Price for Shares subject to any Award of Options and any related Tandem SARs and the Base Price for Shares subject to any Award of Stand-Alone SARs may be reduced only if the Granting Authority specifically approves, provided that the Exercise Price for Shares subject to any Award of Options and any related Tandem SARs and the Base Price for Shares subject to any Award of Stand- Alone SARs may not be reduced after the Effective Date of the Award thereof, either directly or indirectly, without prior shareholder approval, except for adjustments pursuant to Section 11 of the Plan or in connection with a Change of Control. Other than pursuant to Section 11, the Granting Authority shall not without the approval of the Company's shareholders (i) lower the Exercise Price of an Option or SAR after it is granted, (ii) cancel an Option or SAR when the Exercise Price per Share exceeds the Market Value of one Share in exchange for cash (other than in connection with a Change of Control), or (iii) take any other action with respect to an Option or SAR that would be treated as a repricing under the rules and regulations of the Stock Exchanges. In addition, to the extent applicable rules of a Stock Exchange require shareholder approval with respect to the extension of the term of one or more Awards, then any such extension shall not be effective unless the requisite shareholder approval is obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Compliance with Section 409A</u>**. The terms and conditions applicable to any Award (or portion thereof) granted to a Participant who is subject to taxation under the Code and that constitutes "deferred compensation" subject to Section 409A of the Code are intended to comply with Section 409A of the Code. Without limiting the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of any such Award (or portion thereof) permitting the deferral of payment or other settlement thereof or providing for settlement in cash in lieu of Shares shall be subject to such requirements and shall be administered in such manner as the Granting Authority may determine to be necessary or appropriate to comply with the applicable provisions of Code Section 409A as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any elections allowed to be exercised by a Participant shall be deemed to be void or shall be deemed amended or altered so as not to (A) cause the application of Section 409A of the Code to the Award or (B) create adverse tax consequences under Section 409A of the Code should Section 409A apply to the Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any exercise of discretion by the Granting Authority with respect to any acceleration or waiver of any term or condition, including a Vesting condition or settlement, shall not be effective or shall be deemed modified to the extent that such discretion would cause the Award to have adverse tax consequences to the Participant under Section 409A of the Code.

MANAGEMENT INFORMATION CIRCULAR 52

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) <u>Stand-Alone, Additional, Tandem and Substitute Awards</u>.** Subject to Section 5(e) of the Plan, Awards granted under the Plan may, in the discretion of the Granting Authority, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate or any business entity to be acquired by the Company or an Affiliate, or any other right of a Participant to receive payment from the Company or any Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Granting Authority shall require the surrender of such other Award for cancellation in consideration for the grant of the new Award and such surrendered Award shall no longer be treated as being outstanding for the purposes of determining the aggregate plan limitations under Section 4(a). In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate. Any such action contemplated under this Section 5(g) shall be effective only to the extent that such action will not cause (i) the holder of the Award to lose the protection of Section 16(b) of the Exchange Act and rules and regulations promulgated thereunder, (ii) any Award that is designed to qualify payments thereunder as performance-based compensation as defined in Section 162(m) of the Code to fail to qualify as such performance-based compensation, (iii) any Award that is subject to Section 409A of the Code to result in adverse consequences under Section 409A of the Code, or (iv) where the holder is a Canadian Grantee, that is an Employee, Officer or Non-Employee Director, the immediate recognition of income under the ITA at the time the Award is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Securities Matters</u>**. The Company intends that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16(b) of the Exchange Act pursuant to an applicable exemption (except for transactions acknowledged by the Participant in writing to be non-exempt). Accordingly, if any provision of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 under the Exchange Act so that such Participant shall avoid liability under Section 16(b) of the Exchange Act.

No Shares will be issued or transferred pursuant to an Award unless and until all then- applicable requirements imposed by applicable securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction and by the Stock Exchanges, have been fully met. As a condition precedent to the issuance of Shares pursuant to the grant or exercise of an Award, the Company may require the grantee to take any reasonable action to meet such requirements. The Company shall not be obligated to take any affirmative action in order to cause the issuance or transfer of Shares pursuant to an Award to comply with any law or regulation, however.

Unless registered under the Securities Act, the Awards and the Shares underlying the Awards granted pursuant to the Plan to a Participant in the United States or a Participant that is a U.S. Person shall be "restricted securities" within the meaning of Rule 144(a)(3) of the Securities Act and shall not be offered, sold or transferred absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. Absent registration under the Securities Act, all certificates representing Shares issued to a Participant in the United States or a Participant that is a U.S. Person pursuant to Awards granted under the Plan shall bear a restrictive legend in substantially the following form:

MANAGEMENT INFORMATION CIRCULAR 53

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND ARE RESTRICTED SECURITIES AS THAT TERM IS DEFINED IN RULE 144 UNDER THE SECURITIES ACT. THE HOLDER HEREOF AGREES THAT THE SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (D) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AND IN THE CASE OF (D) ABOVE, WHERE THE HOLDER HAS PROVIDED A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING TO THE SATISFACTION OF THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES ACT IS NOT REQUIRED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Fractional Shares</u>**. No fractional Shares shall be issued under the Plan. Payment for any fractional Shares that would otherwise be issuable hereunder in the absence of the immediately preceding sentence shall be made in cash, provided however that as to Options granted to Canadian Grantees, there shall be no entitlement or payment for any fractional Shares and no payment shall be made in lieu of a fractional Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Compliance with the ITA</u>**. The terms and conditions applicable to any Award (or portion thereof) granted to a Participant who is a Canadian Grantee are intended to comply with the ITA. Without limiting the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of any such Award (or portion thereof) permitting the deferral of payment or other settlement thereof or providing for settlement in cash in lieu of Shares shall be subject to such requirements and shall be administered in such manner as the Committee may determine to be necessary or appropriate to comply with the applicable provisions of the ITA as in effect from time to time including without limitation all withholding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any elections allowed to be exercised by a Participant shall be deemed to be void or shall be deemed amended or altered so as not to cause the Award to be considered a "salary deferral arrangement" under the ITA, as defined in subsection 248(1) or create adverse tax consequences under the ITA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any exercise of discretion by the Committee with respect to any acceleration or waiver of any term or condition, including a Vesting condition or means of settlement, shall not be effective or shall be deemed modified to the extent that such discretion would in the opinion of the Committee, acting reasonably cause the Award to have adverse tax consequences to the Participant under the ITA.

MANAGEMENT INFORMATION CIRCULAR 54

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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**Section 6. Stock Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General</u>**. The Granting Authority may from time to time grant one or more Options to Participants on such terms and conditions, consistent with the Plan, as the Granting Authority shall determine. The instrument of grant evidencing an Option shall specify the Exercise Price for each Share subject to such Option, the maximum term of such Option, whether Tandem SARs are granted with respect to all or any such Options and whether such Options (or any portion thereof) are intended to qualify as Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Vesting Terms</u>**. Options granted under the Plan shall become Vested at such times, in such installments and subject to such terms and conditions consistent with Section 5(c) hereof (including satisfaction of Performance Criteria and/or continued employment) as may be determined by the Granting Authority and set forth in the applicable instrument of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Exercise Price</u>**. The Exercise Price for each Share subject to an Option, except in the case of Substitute Awards, shall not be less than the Market Value of a Share on the Effective Date of the Award of such Option. The Exercise Price shall be stated and payable in Canadian dollars, if a Canadian Award, and in United States dollars, if a U.S. Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Exercise of Vested Options</u>**. Vested Options may be exercised in accordance with such procedures as may be established by the Granting Authority, including procedures permitting the exercise of Options through a broker-assisted sale and remittance program authorized by the Granting Authority. The Participant must pay or satisfy, in accordance with the terms of this Plan, the full amount of the Exercise Price and any withholding amounts with respect to such exercise and the Company may require as a condition to such exercise and/or the issuance or delivery of Shares to a Participant the Participant's payment or satisfaction of such amounts in full in accordance with this Plan. The Exercise Price shall be payable on exercise of a Vested Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in Canadian dollars, if a Canadian Award, or in United States dollars, if a U.S. Award, unless the Granting Authority determines otherwise, and may be paid in cash, or by wire transfer, certified cheque, banker's cheque or bank draft or other similar methods of cash equivalent payment acceptable to the Granting Authority or any combination thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by, if the Granting Authority permits, the surrender and transfer of Shares then owned by the Participant to such Person as the Granting Authority may direct; provided, however, that the foregoing shall not apply to any Participant that is prohibited by applicable law or rules of a Stock Exchange from such surrender and transfer; and further provided that the shares may not be shares previously acquired by a Canadian Grantee on the exercise of an Option granted under this Plan or the Prior Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by, if the Granting Authority permits and in respect only of Options granted to persons who are not Canadian Grantees, the withholding of Shares otherwise issuable upon exercise of such Vested Option; provided, however, that the foregoing shall not apply to any Participant that is prohibited by applicable law or rules of a Stock Exchange from participating in such withholding;

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by payment pursuant to a broker-assisted sale and remittance program authorized by the Granting Authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in any combination of the foregoing.

Shares surrendered or withheld, if permitted by the Granting Authority and in accordance with this Section 6(d), shall be valued at the Market Value thereof on the date of exercise, determined in Canadian dollars if used to purchase a Share subject to a Vested Canadian Award or in United States dollars if used to purchase a Share subject to a Vested U.S. Award. The Granting Authority may impose, at any time, such limitations and prohibitions on the use of Shares in payment of the Exercise Price as it deems appropriate and shall determine acceptable methods of surrendering or withholding Shares as payment of the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Option Period</u>**. Unless the Granting Authority provides for a shorter option period at or after the Effective Date of an Award of Options and subject to Section 9 hereof, all or any part of the Options covered by an Award shall, to the extent Vested, be exercisable, from time to time, within the period commencing on the date such Option or part thereof becomes Vested and ending on the last day of the term of such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Incentive Stock Options</u>**. Option Awards will not be treated as Incentive Stock Options unless specifically so designated. Options intended to qualify as Incentive Stock Options will be subject to the following special provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Incentive Stock Options may only be granted to Employees of the Company or its parent or subsidiary as defined in Sections 424(e) or (f) of the Code, as applicable, while each such entity is a "corporation" described in Section 7701(a)(3) of the Code and Treas. Reg. Section 1.421-1(i)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Exercise Price per Share shall not be less than one hundred percent (100%) of the Market Value per Share on the date of grant of the Incentive Stock Option. However, if any Employee to whom an Incentive Stock Option is granted owns Share possessing more than ten percent (10%) of the total combined voting power of all classes of Share of the Company or any "parent corporation" of the Company (as defined in Section 424(e) of the Code) or any "subsidiary corporation" of the Company (as defined in Section 424(f) of the Code), then the Exercise Price per Share under such Incentive Stock Option shall not be less than one hundred ten percent (110%) of the Market Value per Share on the date of grant, and the Option term shall not exceed five (5) years measured from the date of grant. For purposes of the immediately preceding sentence, the attribution rules under Section 424(d) of the Code shall apply for purposes of determining an Employee's ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The aggregate Market Value (determined as of the respective date or dates of grant) of Shares for which one or more Options granted to any Employee under the Plan (or any other option plan of the Company or any Affiliate which is a parent or subsidiary as defined in Code Sections 424(e) or (f), as applicable) may for the first time become exercisable as Incentive Options during any one (1) calendar year shall not exceed the sum of $100,000. To the extent the Employee holds two (2) or more such Options which become exercisable for the first time in the same calendar year, the foregoing limitation on the exercisability of such Options as Incentive Options shall be applied on the basis of the order in which such Options are granted. However, if and to the extent that the aggregate Exercise Price of Options subject to any portion of any Award of Incentive Stock Options that become Vested in any calendar year exceeds the $100,000 limitation of Section 422 of the Code, such Options shall not be treated as Incentive Stock Options notwithstanding any designation otherwise.

MANAGEMENT INFORMATION CIRCULAR 56

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) An Incentive Stock Option shall be exercisable only by the Participant during his or her lifetime and shall not be assignable or transferable other than by will or by the laws of descent and distribution following the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by the Board or the Shareholder Approval Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent that the instrument of grant evidencing the Award of an Option specifies that an Option is intended to be treated as an Incentive Stock Option, the Option is intended to qualify to the greatest extent possible as an "incentive share option" within the meaning of Section 422 of the Code, and shall be so construed; provided, however, that any such designation shall not be interpreted as a representation, guarantee or other undertaking on the part of the Company that the Option is or will be determined to qualify as an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Certain decisions, amendments, interpretations or other actions by the Granting Authority and certain actions by a Participant may cause an Option to cease to qualify as an Incentive Stock Option pursuant to the Code and, by accepting an Award of Options hereunder, the Participant thereby consents and agrees in advance to any such disqualifying action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Settlement on Exercise of Option</u>**. On the exercise of any Option by a Canadian Grantee, settlement of such Option shall be made by the issuance of Shares from treasury or the transfer of previously issued Shares then held by the Company.

**Section 7.** **Share Appreciation Rights, Phantom Share Awards, Bonus Shares and Other Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General</u>**. The Granting Authority may from time to time grant one or more awards of Share Appreciation Rights, Phantom Share Awards, Bonus Shares, and Other Share or Performance Based Awards and may issue and sell Purchased Shares on such terms and conditions, consistent with the Plan, as the Granting Authority shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>SARs</u>**. The Granting Authority is authorized to grant SARs to Employees, Officers, Consultants and Non-Employee Directors subject to the terms of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Tandem SARs</u>. Tandem SARs may be granted at or after the Effective Date of the related grant of Options, and each Tandem SAR shall be subject to the same terms and conditions and denominated in the same currency as the Option to which it relates and the additional terms and conditions set forth in this Section 7. On exercise of a Tandem SAR, the related Option shall be surrendered and cancelled and the Participant shall be entitled to an amount in settlement of such Tandem SAR calculated and in such form as provided below. For the purposes of an Award to a Canadian Grantee, the Canadian Grantee shall have the sole and exclusive ability to decide whether the Option or the Tandem SAR shall be exercised and, on the exercise of a Tandem SAR, the related Option shall be surrendered and the Participant shall be entitled to an amount in settlement of such Tandem SAR calculated and in such form as provided below. Tandem SARs may be exercised only if and to the extent the Options related thereto are then Vested and exercisable and shall be exercised in accordance with such procedures as may be established by the Granting Authority.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Stand-Alone SARs</u>. Stand-Alone SARs granted under the Plan shall become Vested at such times, in such installments and subject to such terms and conditions consistent with Section 5(c) hereof (including satisfaction of Performance Criteria and/or continued employment) as may be determined by the Granting Authority and set forth in the applicable instrument of grant. The Base Price for each Share subject to a Stand-Alone SAR, other than in respect of Substitute Awards, shall not be less than 100% of the Market Value of a Share on the Effective Date of the Award of such Stand-Alone SAR. Unless the Granting Authority provides for a shorter period at or after the Effective Date of an award of Stand-Alone SARs and subject to Section 9 hereof, all or any part of the Stand- Alone SARs covered by an Award granted to a Canadian Grantee shall, to the extent Vested, be exercisable, from time to time, within the period commencing on the date such Stand-Alone SARs or part thereof becomes Vested and ending on December 15 of the calendar year in which the Stand-Alone SAR became Vested. Rights granted to a Canadian Grantee are not intended to constitute a "salary deferral arrangement" as defined in ITA subsection 248(1). In particular, notwithstanding any other provision herein, no such Share Appreciation Right granted hereunder shall have any value at the date of grant or prior to becoming Vested and the granting of a Share Appreciation Right hereunder shall be awarded solely in respect of services to be performed by the Canadian Grantee in the future. No Stand-Alone SAR may be granted to a Canadian Grantee to provide such Canadian Grantee with a payment that is in lieu of salary or wages of the Canadian Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Exercise and Settlement</u>. Upon exercise thereof and subject to payment or other satisfaction of all related withholding obligations in accordance with Section 15(b) hereof, Share Appreciation Rights (and, in the case of Tandem SARs, the related Options) shall be settled by payment or delivery, in cash, Shares or any combination thereof, as determined by the Granting Authority, of an aggregate value equal to: the product of (A) the excess of the Market Value of a Share on the date of exercise over the Exercise Price or Base Price for a Share under the applicable Share Appreciation Right, *multiplied by* (B) the number of Share Appreciation Rights exercised. In the case of payment or delivery by Shares, the number of such Shares shall be determined by dividing the aggregate value of such Shares by the Market Value of a Share at such time.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Phantom Share Awards</u>**. The Granting Authority is authorized to grant Phantom Share Awards to Employees, Officers, Consultants and Non-Employee Directors, which are rights to receive cash equal to the Market Value of a specified number of Shares at the end of a specified deferral period, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Award and Restrictions</u>. Satisfaction of a Phantom Share Award shall occur upon expiration of the deferral period specified for such Phantom Share Award by the Granting Authority or, if permitted by the Granting Authority, as elected by the Participant. In addition, Phantom Share Awards shall be subject to such restrictions (which may include a risk of forfeiture), if any, as the Granting Authority may impose in its sole discretion as set forth in the Award, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including times based on achievement of performance goals and/or future service requirements), separately or in combination, as the Granting Authority may determine in its sole discretion to be appropriate or advisable for any Award; provided, however, that Phantom Share Awards shall not be transferable (other than by will or the laws of descent and distribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Forfeiture</u>. Except as otherwise determined by the Granting Authority or as may be set forth in any Award, employment or other agreement pertaining to a Phantom Share Award, upon termination of employment or services during the applicable deferral period or portion thereof to which forfeiture conditions apply, all Phantom Share Awards that are at that time subject to deferral (other than a deferral at the election of the Participant) shall be forfeited; provided, however, that the Granting Authority may provide, by rule or regulation or in any Award agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Phantom Share Awards shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Granting Authority may in other cases which it determines appropriate or advisable waive in whole or in part the forfeiture of Phantom Share Awards; provided, however, no such waiver or other change regarding an Award shall (A) cause the application of Section 162(m) or 409A of the Code to the Award or (B) create adverse tax consequences under Section 162(m) or 409A of the Code should either or both of those Code sections apply to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ITA</u>. Notwithstanding the foregoing, Phantom Share Awards granted to a Canadian Grantee shall be on terms that will be designed to prevent them from being considered a "salary deferral arrangement" as defined in subsection 248(1) of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Bonus Shares</u>**. The Granting Authority may, from time to time and subject to the provisions of the Plan, applicable law and the rules of the Stock Exchanges, grant Shares as "Bonus Shares" to Employees, Officers, Consultants and Non-Employee Directors. Such grants of Bonus Shares shall be in consideration of performance of services by the Participant without additional consideration, except as may be required by the Granting Authority or other terms of this Plan. Bonus Shares shall be Shares that are not subject to a Restricted Period.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Other Awards</u>**. The Granting Authority is hereby authorized to grant to Employees, Non- Employee Directors and Consultants of the Company or its Affiliates, "**Other Share or Performance-Based Awards**", which shall consist of a right which (i) is not an Award described in any other provision of this Plan and (ii) is denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, units or securities convertible into Shares) or cash as are deemed by the Granting Authority to be consistent with the purposes of the Plan. Subject to the terms of the Plan, including Section 5(c) hereof for any Award intended to satisfy the requirements for "performance based compensation" under Section 162(m) of the Code, the Granting Authority shall determine the terms and conditions of any such Other Share or Performance-Based Awards, which shall be contained in a written agreement or other document covering such Awards. Notwithstanding any other provision of the Plan to the contrary, any Other Share or Performance-Based Award shall contain terms that (x) are designed to avoid application of Section 409A of the Code or (y) are designed to avoid adverse tax consequences under Section 409A should that Code section apply to such Award or (z) are designed to avoid the application of being a "salary deferral arrangement" as defined in subsection 248(1) of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Purchased Shares</u>**. The Granting Authority shall have the authority to sell Shares to such Employees, Officers, Consultants and Non-Employee Directors of the Company or its Affiliates as may be selected by it, on such terms and conditions as it may establish, subject to the further provisions of this Section 7(f). Each issuance of Shares under this Section 7(f) shall be evidenced by an agreement, which shall be subject to applicable provisions of this Plan and to such other provisions not inconsistent with this Plan as the Granting Authority may approve for the particular sale transaction. The price per Share to be purchased by a Participant under this Section 7(f) shall be determined in the sole discretion of the Granting Authority, and, subject to the requirements of the Stock Exchanges, may be less than, but shall not be greater than the Market Value per Share at the time of purchase. Payment of the purchase price of Purchased Shares under this Section 7(f) shall be made in full in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Performance Goals</u>**. To the extent the Granting Authority determines that any Award, other than SARs, granted pursuant to this Section 7 shall constitute performance-based compensation for purposes of Section 162(m) of the Code, the grant or settlement of the Award shall, in the Granting Authority's discretion, be subject to the achievement of performance goals determined and applied in a manner consistent with Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) <u>Section 409A; Salary Deferred Arrangements</u>. Notwithstanding any other provision of this Section 7 to the contrary, any SAR Award, Phantom Share Awards, Bonus Shares, and Other Share or Performance-Based Awards granted under the Plan shall contain terms that (i) are designed to avoid application of Section 409A of the Code to the Award or (ii) are designed to avoid adverse tax consequences under Section 409A of the Code should that Code section apply to the Award. Notwithstanding the foregoing, all Awards granted to Canadian Grantees shall be on terms that will be designed to prevent them from being considered a "salary deferral arrangement" as defined in subsection 248(1) of the ITA.**

**Section 8.** **Restricted Share Units, Deferred Share Units and Performance Share Units**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>General</u>.**

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Grants</u>. The Granting Authority may from time to time grant one or more Awards of Restricted Share Units, Deferred Share Units and/or Performance Share Units to Officers, Non-Employee Directors, Employees or Consultants of the Company on such terms and conditions, consistent with the Plan, as the Granting Authority shall determine. Any such Deferred Share Units granted to a Non-Employee Director shall be in addition to any grants of Deferred Share Units pursuant to Section 8(a)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Grants of Deferred Share Units in Lieu of DSU Eligible Retainer</u>. An individual who is a Non-Employee Director is eligible to elect to receive all or a portion of such Non-Employee Director's DSU Eligible Retainer through the grant of Deferred Share Units in accordance with Section 8(f). Any such election does not confer upon any Non-Employee Director a right to receive an award of Deferred Share Units in satisfaction of any other amounts or to receive any payment (whether in cash or Shares), except on settlement of any such elected Deferred Share Units, pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Vesting Terms</u>**. Restricted Share Units and/or Performance Share Units shall become Vested at such times, in such installments and subject to such terms and conditions consistent with Section 5(c) hereof as may be determined by the Granting Authority and set forth in the applicable instrument of grant, provided that the conditions to Vesting of Restricted Share Units shall be based on the Participant's continued employment, without regard to the satisfaction of any Performance Criteria and the conditions to Vesting of Performance Share Units shall be based on the satisfaction of Performance Criteria either alone or in addition to any other Vesting conditions as may be determined by the Granting Authority consistent with Section 5(c) hereof. Provided further, that except as otherwise determined by the Granting Authority, Restricted Share Units and Performance Share Units granted to a Canadian Grantee shall become vested and shall be settled no later than December 15 of the third calendar year following the calendar year in which the Canadian Grantee rendered the employment services in respect of which the Award is being made (or on such other date as the Board may determine). Unless otherwise provided at the time of grant, the Vesting of Deferred Share Units shall occur at such times, in such installments and subject to such terms and conditions as may be determined by the Granting Authority and set forth in the applicable instrument of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing provisions of this Section 8(b), unless otherwise determined by the Granting Authority, or as otherwise provided in the Plan, if the vesting of any Restricted Share Unit and/or Performance Share Unit granted hereunder is scheduled to occur during a Blackout Period, the vesting of the Restricted Share Unit and/or Performance Share Unit will, notwithstanding the scheduled vesting date of such Award, vest and be settled as of the date that is one business day following the end of the applicable Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Settlement</u>**. Unless otherwise determined by the Granting Authority (including by the terms of the Award or the Plan) and subject to the immediately succeeding sentence, Restricted Share Units and Performance Share Units shall be settled, following the Vesting thereof, upon or as soon as reasonably practicable following the Vesting thereof and Deferred Share Units shall be settled on the third Business Day following the retirement or death of the applicable Participant or at the time the applicable Participant otherwise ceases to hold office or their employment is terminated subject to payment or other satisfaction of all related withholding obligations in accordance with the provisions of this Plan. Except as may otherwise be required under Section 409A of the Code or Section 8(b), settlement and payment in respect of Restricted Share Units or Performance Share Units described in the immediately preceding sentence shall be made: (i) to Participants who are not Canadian Grantees by the later of (A) the date that is 2½ months after the end of the Participant's first taxable year in which the Restricted Share Unit and/or the Performance Share Unit is no longer subject to a substantial risk of forfeiture under the Plan and (B) the date that is 2½ months after the end of the Company's first taxable year in which the Restricted Share Unit and/or the Performance Share Unit is no longer subject to a substantial risk of forfeiture under the Plan; and (ii) to Participants who are Canadian Grantees by the date that is no later than December 15 of the third calendar year following the calendar year in which the Canadian Grantee rendered the employment services in respect of which the Award is being made (or on such other date as the Board may determine), and such payment shall not be subject to any election by the Participant to defer the payment to a later period. Subject to Section 9(a)(iv) in the event of termination for cause and Section 9(a)(iii) in the event of a Participant's death, payment in respect of Deferred Share Units shall be made within ten (10) days of the date of the Participant's retirement, or cessation or termination of office or employment. Settlement shall be made in cash, Shares or any combination thereof, as determined by the Granting Authority, which determination may be reflected in the Award, may be made on or before the date of the settlement or as otherwise specified by the Granting Authority. Settlement of Restricted Share Units, Deferred Share Units and/or Performance Share Units in Shares shall be made by delivery of one Share for each such Restricted Share Unit or Deferred Share Unit then being settled and delivery of such number of Shares as may be required based on the performance criteria associated with any Performance Share Unit. Settlement of Restricted Share Units, Deferred Share Units or Performance Share Units in cash shall be made by payment of an aggregate amount equal to:

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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the product of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the Market Value of a Share on the applicable settlement date specified by the Granting Authority in the Award,

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the number of Restricted Share Units, Deferred Share Units or Performance Share Units then being settled.

Any cash payment in settlement of Restricted Share Units, Deferred Share Units or Performance Share Units shall be payable in Canadian dollars, if made with respect to a Canadian Award, and in United States dollars, if made with respect to a U.S. Award. Upon payment of any amount pursuant to settlement of Deferred Share Units, Restricted Share Units or Performance Share Units granted under this Section 8 in cash or Shares, as the case may be, the particular Deferred Share Units, Restricted Share Units or Performance Share Units in respect of which such payment was made shall be cancelled and no further payments (whether in Shares or cash or otherwise) shall be made in relation to such Deferred Share Units, Restricted Share Units or Performance Share Units.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Dividend Equivalents</u>**. Subject to Section 8(h), the terms of an Award of Restricted Share Units, Deferred Share Units or Performance Share Units may include provision for the accrual of dividend equivalent amounts with respect to cash dividends paid in the ordinary course to shareholders in respect of outstanding Shares. If the Granting Authority determines that dividend equivalent amounts will be accrued in respect of Restricted Share Units, Deferred Share Units or Performance Share Units subject to an Award, if and when cash dividends are paid with respect to Shares (other than any extraordinary dividend) to shareholders of record as of a record date occurring during the period from the Effective Date of the applicable Award to the date of settlement thereof, a number of additional Restricted Share Units, Deferred Share Units or Performance Share Units, as the case may be, shall be granted to the holder of such Award equal to the greatest number of whole Shares having a Market Value, as of the payment date for such dividend, equal to the product of (i) the cash dividend paid with respect to a Share multiplied by (ii) the number of Restricted Share Units, Deferred Share Units or Performance Share Units subject to such Award as of the record date for the dividend. The additional Restricted Share Units, Deferred Share Units or Performance Share Units granted to a Participant shall be subject to the same terms and conditions, including Vesting and settlement terms, as the corresponding Restricted Share Units, Deferred Share Units or Performance Share Units, as the case may be. The Granting Authority may provide that, in lieu of the grant of additional Restricted Share Units, Deferred Share Units or Performance Share Units, dividend equivalent amounts may be accrued and paid in cash, at the time and on the same terms and conditions, of settlement of the corresponding Restricted Share Units, Deferred Share Units or Performance Share Units, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) <u>Special Provisions Concerning Performance Share Units</u>. The grant and/or settlement of a Performance Share Units is also subject to the following provisions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>General</u>. The performance goals for Performance Share Units shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Granting Authority. Such criteria include, without limitation, elements that reference the performance by the Company or its subsidiaries, divisions, or its business or geographical units or functions and/or elements that reflect individual performance. In the case of any Award granted to a Covered Employee, performance goals shall be designed to be objective and shall otherwise meet the requirements of Section 162(m) of the Code and the regulations thereunder (including Treasury Regulations sec. 1.162- 27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the Granting Authority are such that the achievement of performance goals is "substantially uncertain" at the time of grant. The Granting Authority may determine that such Performance Share Units shall be granted and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to the grant and/or settlement of such Performance Share Units. Performance goals may differ among Performance Share Units granted to any one Participant or for Performance Share Units granted to different Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Business Criteria</u>. To the extent required to satisfy Section 162(m) of the Code with respect to Covered Employees, the Granting Authority shall (or to the extent not so required, the Granting Authority may) set one or more of the performance goals based on one or more of the business criteria for the Company set out in Section 5(c)(iii), on a consolidated basis, and/or for specified subsidiaries, divisions or business or geographical units of the Company. A performance goal need not, however, be based upon an increase or positive result under a business criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to a specific business criterion). Unless the adjustments would affect the status of a Performance Share Unit as "performance-based compensation" under Section 162(m) of the Code, the Granting Authority may appropriately adjust any evaluation of performance under a performance goal to exclude any of the following events that occurs during a performance period: (V) asset write-downs, (W) litigation or claim judgments or settlements, (X) the effect of changes in or provisions under tax law, accounting principles or other such laws or provisions affecting reported results, (Y) accruals for reorganization and restructuring programs and (Z) any extraordinary non- recurring items as described in applicable accounting literature or the Company's management's discussion and analysis of financial condition and results of operations appearing in the Company's periodic reports under the Exchange Act or other applicable securities regulation for the applicable period. In addition, to the fullest extent allowed by law, this Plan will allow the Granting Authority to establish criteria for performance goals in respect of Performance Share Units based on individual goals and performance in addition to or in substitution for criteria specified above, as long as such goals are pre-established and objective and not based on mere continued employment.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Performance Period; Timing for Establishing Performance Goals</u>. Achievement of performance goals in respect of Performance Share Units shall be measured over a performance period of not less than one year and not more than five (5) years, as specified by the Granting Authority. Performance goals in the case of any Award granted to a Participant shall be established not later than 90 days after the beginning of any performance period applicable to such Performance Share Units, or at such other date as may be required or permitted for "performance-based compensation" under Section 162(m) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Settlement of Performance Share Units; Other Terms</u>. After the end of each performance period, the Granting Authority shall determine the amount, if any, of Performance Share Units payable to each Participant based upon achievement of business criteria over a performance period. Except as may otherwise be required under Section 409A of the Code or Section 8(a), payment described in the immediately preceding sentence shall be made to Participants who are not Canadian Grantees by the later of (i) the date that is 2 1/2 months after the end of the Participant's first taxable year in which the Performance Share Unit is earned and payable under the Plan and (ii) the date that is 2 1/2 months after the end of the Company's first taxable year in which the Performance Share Unit is earned and payable under the Plan, and such payment shall not be subject to any election by the Participant to defer the payment to a later period. The Granting Authority may not exercise discretion to increase any such amount payable in respect of a Performance Share Unit which is intended to comply with Section 162(m) of the Code. The Granting Authority shall specify the circumstances in which such Performance Share Units shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance Share Units.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Written Determinations</u>. All determinations by the Granting Authority as to the establishment of performance goals, the amount of any Performance Share Unit and the achievement of performance goals relating to Performance Share Units shall be made in a written agreement or other document covering the Performance Share Unit. The Granting Authority may not delegate any responsibility relating to such Performance Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Status of Performance Share Units under Section 162(m) of the Code</u>. It is the intent of the Company that Performance Share Units granted to Persons who are designated by the Granting Authority as likely to be Covered Employees shall constitute "performance-based compensation" within the meaning of Section 162(m) of the Code and regulations thereunder. Accordingly, the terms of this Section 8(e) shall be interpreted in a manner consistent with Section 162(m) of the Code and regulations thereunder. Notwithstanding the foregoing, because the Granting Authority cannot determine with certainty whether a given Participant will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a Person designated by the Granting Authority, at the time of grant of a Performance Share Unit, who is likely to be a Covered Employee with respect to that fiscal year. If any provision of the Plan as in effect on the date of adoption or any agreements relating to Performance Share Units that are intended to comply with Section 162(m) of the Code does not comply or is inconsistent with the requirements of Section 162(m) of the Code or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u> <u>Additional Provisions Concerning Deferred Share Units Granted in Lieu of DSU Eligible Retainer</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any individual who is, or will be, a Non-Employee Director in a particular calendar year and who wishes to elect to receive all or a portion of the Non-Employee Director's DSU Eligible Retainer satisfied by issuance of Deferred Share Units shall complete and deliver a written election in the form attached to the Plan as Schedule "A", or such similar form of election and acknowledgement acceptable to the Board or the Granting Authority (each, an "**Election Form**"). Delivery by a Non-Employee Director of an Election Form shall be construed as acceptance by the Non-Employee Director of the terms and conditions set out herein and all rules and procedures adopted hereunder and as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Non-Employee Director shall have the right to elect, in advance, the portion of his or her DSU Eligible Retainer (in increments of five percent (5%)) that the Non-Employee Director wishes to be satisfied by way of Deferred Share Units (with the remainder, if any, to be received in cash), and shall have the right to amend or revoke such election in respect of a succeeding calendar year, but only within the time periods specified below. The election or amended election, as the case may be, shall be made by completing, signing and delivering to the Granting Authority, the Election Form. In order to make such election, the Non-Employee Director must submit his Election Form to the Granting Authority, prior to December 31 immediately preceding the calendar year in respect of which the election applies, except in respect of the calendar year in which the Effective Date occurs, in the case of an existing Director, subject to subparagraph (iv) below, an election or amended election, as the case may be, must be filed within the period beginning after the third Business Day following the expiry of the Blackout Period during the fourth quarter of the calendar year immediately preceding the commencement of the calendar year in respect of which the election applies, and ending on December 31 immediately preceding the calendar year in respect to which the election applies. Such Election Form shall apply in respect of the calendar year for which it is made and thereafter until amended or revoked by the delivery of a subsequent Election Form in respect of a succeeding calendar year by such Non- Employee Director to the Granting Authority;

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any election made under this Section 8(f) shall be irrevocable in respect of the calendar year for which it is originally made and will continue in effect thereafter until amended or revoked in accordance with Section 8(f)(ii) in respect of a succeeding calendar year. If no election has been validly made in respect of a Director's DSU Eligible Retainer, the Director's full DSU Eligible Retainer shall be paid in cash in accordance with the Company's normal director compensation policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the number of Deferred Share Units (including fractional Deferred Share Units rounded to the fourth decimal place) to be granted to the Non-Employee Director in respect of such Non-Employee Director's DSU Eligible Retainer shall be determined by dividing (i) the amount of the Non-Employee Director's DSU Eligible Retainer for which an Election Form has been delivered, expressed in dollars and otherwise payable in accordance with the Company's normal director compensation policies, by (ii) the Market Value as at the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) unless otherwise specified by the Granting Authority, Deferred Share Units granted to a Non-Employee Director in accordance with this Section 8(f) shall be fully vested at the time awarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notwithstanding the provisions of Section 12, any amendment, suspension or termination of the Plan shall be such that the Plan and the Deferred Share Units granted under this Section 8(f) continuously satisfy the requirements of paragraph (d) of Regulation 6801 to the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) <u>Timing Requirements for Deferred Share Units Granted to Canadian Grantees</u>.** Notwithstanding any other provision of the Plan, all amounts payable to, or in respect of, a Canadian Grantee in respect of Deferred Share Units including, without limitation, the delivery of Shares or a lump sum cash payment, shall not be made prior to the date such Canadian Grantee ceases to be an Employee (including a Non-Employee Director) of the company or an Affiliate and shall be paid or delivered on or before December 31 of the calendar year commencing immediately following the date the Canadian Grantee ceases to be an Employee (including a Non-Employee Director) of the Company or an Affiliate. All Deferred Share Units granted to a Canadian Grantee shall have such terms and conditions as are necessary to comply with paragraph 6801(d) of the Regulations to the ITA.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) <u>Section 409A; Salary Deferred Arrangements</u>.** Notwithstanding any other provisions of this Section 8 to the contrary, any Restricted Share Units, Deferred Share Units or Performance Share Units granted under the Plan shall contain terms that (i) are designed to avoid application of Section 409A of the Code to the Award or (ii) are designed to avoid adverse tax consequences under Section 409A of the Code if that Code section applies to the Award. Notwithstanding the foregoing, all Awards of Restricted Share Units, Deferred Share Units and Performance Share Units granted to a Canadian Grantee shall be on terms that will be designed to prevent them from being considered a "salary deferral arrangement" as defined in subsection 248(1) of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) <u>No Other Benefit</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No amount will be paid to, or in respect of, a Participant (or a person with whom the Participant does not deal at arm's length within the meaning of the ITA) under the Plan to compensate for a downward fluctuation in the price of a Share or the value of any Award granted (including SARs), nor will any other form of benefit be conferred upon, or in respect of, a Participant (or a person with whom the Participant does not deal at arm's length within the meaning of the ITA), for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company makes no representations or warranties to Participants with respect to the Plan or any Deferred Share Units, Restricted Share Units or Performance Share Units whatsoever. Participants are expressly advised that the value of any Deferred Share Units, Restricted Share Units or Performance Share Units in the Plan will fluctuate as the trading price of Shares fluctuates. Participants are further expressly advised that the amount of dividends that may be paid in respect of Shares, if any, will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In seeking the benefits of participation in the Plan, a Participant agrees to exclusively accept all risks associated with a decline in the market price of Shares and all other risks associated with the holding of Deferred Share Units, Restricted Share Units or Performance Share Units.

**Section 9.** **Consequences of Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General Provisions</u>**. Unless otherwise determined by the Granting Authority (including by the terms of the Award or the Plan or any resolution of such Granting Authority),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if employment of an Employee, Officer or service of a Non-Employee Director is terminated for any reason whatsoever other than death, Disability, Retirement, for cause (in the opinion of the Company's legal counsel), or if service of a Consultant is terminated for any reason whatsoever other than death, (A) any non-Vested Award granted pursuant to the Plan outstanding at the time of such termination and all rights thereunder shall wholly and completely terminate and no further Vesting shall occur, and (B) the Participant shall be entitled to exercise his or her rights with respect to the portion of any Option or Share Appreciation Right Vested as of the date of termination for a period that shall end on the earlier of: (1) the expiration date set forth in the Award with respect to the Vested portion of such Award; or (2) the date that occurs 90 days after such termination date;

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the employment of an Employee, Officer or service of a Non-Employee Director is terminated by reason of Retirement the Participant shall be entitled to exercise his or her rights with respect to the portion of any Option or Share Appreciation Right Vested for a period (the "**Applicable Post-Retirement Period**") that shall end on the expiration date set forth in the Award with respect to the Vested portion of such Award and the Participant's Vested Phantom Share Awards, Restricted Share Units, Performance Share Units and Deferred Share Units, if any, shall be settled in accordance with Sections 7(c) or 8(c), as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon termination of employment or service from the Company as a result of Disability of an Employee, Officer or Non-Employee Director or death of an Employee, Non-Employee Director or Consultant, or with respect to a Participant who is either a retired former Employee, Officer or Non-Employee Director who dies during the Applicable Post-Retirement Period, or a disabled former Employee, Officer or Non-Employee Director who dies during the Applicable Post-Disability Period (as defined below), (A) any non-Vested portion of any outstanding Award that has not already terminated shall immediately terminate and no further Vesting shall occur, (B) any Vested Option or Share Appreciation Right shall expire upon the earlier of: (1) the expiration date set in the Award; or (2) the later of (y) the first anniversary of such termination of employment as a result of Disability or death; or (z) the first anniversary of such Person's death during the Applicable Post- Retirement Period or the Applicable Post-Disability Period. "**Applicable Post- Disability Period**" shall mean the period following termination of employment by reason of Disability that ends upon the earlier of the dates as set forth in (B)(1) or 2(y) above, and (C) the Participant's Vested Phantom Shares, Restricted Share Units, Performance Share Units and Deferred Share Units, if any, shall be settled in accordance with Sections 7(c) or 8(c), as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if employment of an Employee or Officer or service of a Non-Employee Director is terminated for cause, in the opinion of the Company's legal counsel, any non- Vested Award granted pursuant to the Plan outstanding at the time of such termination and all rights thereunder shall wholly and completely terminate and no further Vesting shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Discretion of the Granting Authority</u>**. Notwithstanding any other provision hereof and without limiting the discretion of the Granting Authority, the Granting Authority may (whether by terms of the Award or by its election notwithstanding the terms of an Award),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) allow non-Vested Awards to be treated as Vested upon termination of employment or service of a Participant, as to any or all of termination, death or Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide that the Awards with respect to certain classes, types or groups of Participants will have different acceleration, forfeiture, termination, exercise, continuation or other terms than other classes, types or groups of Participants. Without limiting the foregoing, but rather as an example of the foregoing, Awards to Non-Employee Directors may specify that they will become Vested in full upon Retirement, death, Disability or other change of status even though Awards to Employees do not provide for such acceleration; or

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide for the continuation of any Award for such period and upon such terms and conditions as are determined by the Granting Authority in the event that a Participant ceases to be an Employee, Officer, Non-Employee Director or Consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to the applicable rules of the Stock Exchanges, provide that Vested Awards may be exercised for periods longer or different from those set forth in Section 9(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) set any other terms for the exercise or termination of Awards upon termination of employment or service;

provided, however, it is the intention of the Company that no action be taken that will result in adverse tax consequences to a Participant under Section 409A of the Code and that the Granting Authority exercise its discretion accordingly. Notwithstanding the foregoing, all Awards granted to Canadian Grantees shall be on terms that will be designed to prevent them from being considered a "salary deferral arrangement" as defined in subsection 248(1) of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Leave of Absence</u>**. If an Employee is on military, sick leave or other bona fide leave of absence, such Person shall be considered an "Employee" for purposes of an outstanding Award during the period of such leave, provided that it does not exceed 90 days (or such longer period as may be determined by the Granting Authority in its sole discretion), or, if longer, so long as the Person's right to reemployment is guaranteed either by statute or by contract. If the period of leave exceeds 90 days (or such longer period as may be determined by the Granting Authority in its sole discretion), the employment relationship shall be deemed to have terminated on the ninety-first (91st) day (or the first day immediately following any period of leave in excess of 90 days as approved by the Granting Authority) of such leave, unless the Person's right to reemployment is guaranteed by statute or contract. For greater certainty, any amount payable in respect to Deferred Share Units to a Canadian Grantee shall only be payable at or following the date such Canadian Grantee effectively ceases to be an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Incentive Stock Options</u>**. Notwithstanding the foregoing provisions of this Section 9, if a Participant who has been granted Incentive Stock Options ceases to be employed by the Company and all Affiliates for any reason, whether voluntary or involuntary, other than death, permanent disability or cause, such Incentive Stock Option shall be exercisable by the Participant (to the extent such Incentive Stock Option was Vested on the date of termination of employment) at any time prior to the earlier of (i) the date that is three months after the date of termination of employment or (ii) the expiration of the term of such Incentive Stock Option. If a Participant who has been granted Incentive Stock Options ceases to be employed by the Company and all Affiliates because of the death or permanent disability, such Participant, such U.S. Participant's personal representatives or administrators, or any person or persons to whom such Incentive Stock Option is transferred by will or the applicable laws of descent and distribution, may exercise such Incentive Stock Option (to the extent such Incentive Stock Option was Vested on the date of death or permanent disability, as the case may be) at any time prior to the earlier of (i) the date that is one year after the date of death or permanent disability, as the case may be, or (ii) the expiration of the term of such Incentive Stock Option. If a Participant who has been granted Incentive Stock Options ceases to be employed by the Company and all Affiliates for cause, the right to exercise such Incentive Stock Option will terminate on the date of termination of employment, unless otherwise determined by the directors. For purposes of this paragraph, the term "permanent disability" has the meaning assigned to that term in section 422(e)(3) of the Code.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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**Section 10.** **Transferability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Transfer Restrictions</u>**. As provided in Section 10(b), unless otherwise provided in the instrument of grant evidencing an Award, no Award, and no rights or interests therein, shall or may be assigned, transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed of by a Participant other than by testamentary disposition by the Participant or the laws of intestate succession. No such interest shall be subject to execution, attachment or similar legal process including without limitation seizure for the payment of the Participant's debts, judgments, alimony or separate maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Permitted Transfers</u>**. Notwithstanding the foregoing, the Granting Authority may provide in the applicable instrument of grant or by resolution that an Award is transferable or assignable (i) in the case of a transfer without the payment of any consideration, to the Participant's spouse, former spouse, children, stepchildren, grandchildren, parent, stepparent, grandparent, sibling, Persons having one of the foregoing types of relationship with a Participant due to adoption and any entity in which these Persons (or the Participant) own more than fifty percent of the voting interests and (ii) to an entity in which more than fifty percent of the voting interests are owned by these Persons (or the Participant) in exchange for an interest in that entity. Following any such transfer or assignment, the Award shall remain subject to substantially the same terms applicable to the Award while held by the Participant to whom it was granted, as modified as the Granting Authority shall determine appropriate, and, as a condition to such transfer, the transferee shall execute an agreement agreeing to be bound by such terms. An Incentive Stock Option may be transferred or assigned only to the extent consistent with Section 422 of the Code or the ITA. Any purported assignment or transfer that does not qualify under this Section 10 shall be void and unenforceable against the Company.

**Section 11. Adjustments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>No Restrictions on Action</u>.** The existence of the Plan and/or the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Company, (ii) any merger, consolidation, amalgamation or change in ownership of the Company, (iii) any issue of bonds, debentures, capital, preferred or prior preference Shares ahead of or affecting the capital Share of the Company or the rights thereof, (iv) any dissolution or liquidation of the Company, (v) any sale or transfer of all or any part of the assets or business of the Company or (vi) any other corporate act or proceeding with respect to the Company. No Participant or any other Person shall have any claim against any member of the Board of Directors or the Granting Authority, or the Company or any employees, officers or agents of the Company as a result of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Recapitalization Adjustment</u>.**

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that (A) a dividend shall be declared upon the Shares or other securities of the Company payable in Shares or other securities of the Company, (B) the outstanding Shares shall be changed into or exchanged for a different number or kind of shares or other securities of the Company or of another corporation or entity, whether through an arrangement, plan of arrangement, amalgamation or other similar statutory procedure or a share recapitalization, subdivision, consolidation or otherwise, (C) there shall be any change, other than those specified in (A) or (B) above, in the number or kind of outstanding Shares or of any securities into which such Shares shall have been changed or for which they shall have been exchanged, or (D) there shall be a distribution of assets or shares to shareholders of the Company out of the ordinary course of business, then, the Granting Authority shall determine whether an adjustment in the number or kind of Shares theretofore authorized but not yet covered by Awards, in the number or kind of Shares theretofore subject to outstanding Awards, in the Exercise Price or Base Price applicable under any outstanding Awards, in the number or kind of Shares generally available for Awards or available in any calendar year under the Plan and/or such other adjustment as may be appropriate should be made, in order to ensure that, after any such event, the Shares subject to the Plan and each Participant's proportionate interest shall be maintained substantially as before the occurrence of the event, and if the Granting Authority determines that an adjustment should be made, such adjustment shall be made and be effective and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of any such adjustment as provided for in this Section, the Exercise Price or Base Price shall be adjusted appropriately to reflect such adjustment. No adjustment provided for in this Section shall require the Company to issue a fractional Share and the total adjustment with respect to each outstanding Award shall be limited accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any adjustment to an Option granted to a Canadian Grantee shall be such that the Option is continuously governed by Section 7 of the ITA and, if effected by way of an exchange of Options, shall comply with the requirements of subsection 7(1.4) of the ITA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any adjustment to any Award granted to a Canadian Grantee which has been designed to fall within a specific exemption to the definition of "salary deferral arrangement" in subsection 248(1) of the ITA shall be such as to ensure the continued availability of such exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any adjustment made pursuant to this Section with respect to the terms of an Option shall require a similar modification with respect to the terms of the Share Appreciation Right to which such Option relates.

**Section 12.** **Amendment and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General</u>**. Subject to the provisions of Section 12(c), the Board may amend, suspend or terminate this Plan, or any portion thereof, at any time, subject to those provisions of applicable law and the rules of the Stock Exchanges, if any, that require the approval of shareholders or any governmental regulative body.

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Amendments Specifically Permitted</u>**. Without limiting the generality of the foregoing, the Board may make the following types of amendments to the Plan without seeking shareholder approval (unless and to the extent prohibited by applicable law or rule of a Stock Exchange):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments of a technical, clerical or "housekeeping" nature including, without limiting the generality of the foregoing, any amendments for the purpose of curing any ambiguity, error or omission in the Plan or to correct or supplement any provision of the Plan that is inconsistent with any other provision of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments necessary to comply with the provisions of applicable law and the applicable rules of the Stock Exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amendments necessary in order for Awards to qualify for favorable treatment under Section 162(m), 409A or 422 of the Code, or any successor provisions or under the ITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) amendments respecting administration of the Plan including, without limitation, the method or manner of exercise of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendments to the vesting provisions of the Plan or any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any amendments to the early termination provisions of the Plan or any Award, whether or not such Award is held by an Insider, provided such amendment does not entail an extension of an Award beyond the original expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any amendments in the termination provisions of the Plan or any Award, other than an Award held by an Insider in the case of an amendment extending the term of an Award, provided any such amendment does not entail an extension of the expiry date of such Award beyond its original expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the addition of any form of financial assistance by the Company for the acquisition by all or certain categories of Participants of Shares under the Plan, and the subsequent amendment of any such provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the addition or modification of a cashless exercise feature, payable in cash or Shares, which provides for a full deduction of the member of underlying Shares from the Plan reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) adjustments to outstanding Awards in the event of a Change of Control or similar transaction entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) amendments necessary to suspend or terminate the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any other amendment, whether fundamental or otherwise, not requiring shareholder approval under applicable law or the rules of the Stock Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Shareholder Approval</u>**. To the extent required by applicable law or by the rules of any Stock Exchange, shareholder approval will be required for the following types of amendments:

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| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendments which would result in the Exercise Price or Base Price for any Award granted under the Plan being lower than the Market Value of the Shares underlying the Award at the time the Award is granted, except for purposes of maintaining an Awards value in connection with a conversion, change, reclassification, redivision, redesignation, subdivision or consolidation of Shares or a reorganization amalgamation, consolidation, merger, take over bid or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amendment which reduces the exercise price or, purchase price of an Award, except for purposes of maintaining an Awards value in connection with a conversion, change, reclassification, redivision, redesignation, subdivision or consolidation of Shares or a reorganization amalgamation, consolidation, merger, take over bid or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amendment that would result in the cancellation of an Option or SAR in exchange for an Option or SAR with a lower Exercise Price from that of the original Option or SAR or another Award or cash payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment extending the term of an Award beyond its original expiry date except as otherwise permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment extending eligibility to participate in the Plan to persons other than Officers, Employees, Non-Employee Directors or Consultants or increasing the annual limit on Awards to Non-Employee Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any amendment permitting the transfer of Awards, other than for normal estate settlement purposes or to a trust governed by a registered retirement savings plan, registered retirement income fund, tax free savings account, registered education savings plan or similar plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any amendment increasing the maximum aggregate number of Shares that may be subject to issuance at any given time in connection with Awards granted under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any amendment to these amendment provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the adoption of any option exchange involving an Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any other amendment required to be approved by shareholders under applicable law or rules of a Stock Exchange.

To the extent of any conflict between Section 12(b) and Section 12(c), Section 12(c) shall control.

**Section 13.** **Regulatory Approval**

Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be issued any Shares or cause to be issued and delivered any certificates evidencing Shares pursuant to the Plan, unless and until the Company is advised by its legal counsel that the issuance and delivery of the Shares and such Share certificates is in compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities in Canada, the United States and any other applicable jurisdiction, and the requirements of the Stock Exchanges. The Company shall in no event be obligated to take any action in order to cause the issuance or delivery of Shares or such certificates to comply with any such laws, regulations, rules, orders or requirements. The Granting Authority may require, as a condition of the issuance and delivery of such Shares or certificates and in order to ensure compliance with such laws, regulations, rules, orders and requirements, that the Participant, or any permitted transferee of the Participant under Section 9 hereof or, after his or her death, the Participant's estate, as described in Section 9 hereof, make such covenants, agreements and representations as the Granting Authority deems necessary or desirable.

MANAGEMENT INFORMATION CIRCULAR 73

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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**Section 14.** **No Additional Rights**

No Person shall have any claim or right to be granted Awards under the Plan, and the grant of any Awards under the Plan shall not be construed as giving a Participant any right to continue in the employment of the Company or affect the right of the Company to terminate the employment of a Participant. Unless otherwise determined by the Granting Authority, neither any period of notice, if any, nor any payment in lieu thereof, upon Termination shall be considered as extending the period of employment for the purposes of the Plan.

**Section 15.** **Miscellaneous Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Shareholder Rights</u>**. A Participant shall not have the right or be entitled to exercise any voting rights, receive any dividends (though this shall not limit the accruals pursuant to Section 8(d)) or have or be entitled to any other rights as a shareholder in respect of Shares subject to an Award unless and until such Shares have been paid for in full and issued and certificates therefor have been issued to the Participant. A Participant entitled to Shares as a result of the exercise of an Option or Share Appreciation Right or the settlement of a Restricted Share Unit, Deferred Share Unit or a Performance Share Unit shall not be deemed for any purpose to be, or have any such rights as a shareholder of the Company by virtue of such exercise or settlement, except to the extent a Share certificate is issued therefor and then only from the date such certificate is issued. No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date such share certificate is issued, other than adjustments for dividend equivalent amounts to the extent provided under Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Withholding</u>**. The Company or any Affiliate may withhold from any amount payable to a Participant, either under this Plan or otherwise, such amount as may be necessary so as to ensure that the Company or any Affiliate will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the withholding of tax or that any other required deductions are paid or otherwise satisfied, at the minimum statutory rate as determined by the Company in its sole discretion. Subject to the other provisions of the Plan, the Company shall also have the right in its discretion to satisfy any such liability for withholding or other required deduction amounts by retaining or acquiring any Shares, or retaining any amount payable, which would otherwise be issued or delivered, provided or paid to a Participant hereunder. The Company may require a Participant, as a condition to exercise of an Option or Share Appreciation Right, a Share issuance hereunder or the settlement of a Restricted Share Unit, Deferred Share Unit or a Performance Share Unit, to pay or reimburse the Company for any such withholding (at the minimum statutory rate) or other required deduction amounts related to the exercise of Options or Share Appreciation Rights, a Share issuance hereunder or settlement of Restricted Share Units, Deferred Share Unit or Performance Share Units.

MANAGEMENT INFORMATION CIRCULAR 74

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Governing Law</u>**. The Plan, all instruments of grant evidencing Awards granted hereunder and any other agreements or other documents relating to the Plan shall be interpreted and construed in accordance with the Organizational Law, except to the extent the terms of the Plan, any supplement to the Plan, or the Award in question expressly provides for application of the laws of another jurisdiction. The Granting Authority may provide that any dispute as to any Award shall be presented and determined in such forum as the Granting Authority may specify, including through binding arbitration. Any reference in the Plan, in any instrument of grant evidencing Awards granted hereunder or in any other agreement or document relating to the Plan to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Compliance with Laws of Other Jurisdictions</u>.** Awards may be granted to Participants who are citizens or residents of a jurisdiction other than Canada or the United States on such terms and conditions different from those under the Plan as may be determined by the Granting Authority to be necessary or advisable to achieve the purposes of the Plan while also complying with applicable local laws, customs and tax practices, including any such terms and conditions as may be set forth in any supplement to the Plan intended to govern the terms of any such Award. In no event shall the eligibility, grant, exercise or settlement of an Award constitute a term of employment, or entitlement with respect to employment, of any employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Funding</u>**. Except as would not result in adverse tax consequences to a Participant, no provision of the Plan shall require or permit the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other Employees, Officers, Consultants or Non-Employee Directors under general law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>No Guarantee of Tax Consequences</u>**. Neither the Board, nor the Company nor the Granting Authority makes any commitment or guarantee that any specific tax treatment will apply or be available to pay Person participating or eligible to participate hereunder.

MANAGEMENT INFORMATION CIRCULAR 75

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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**Section 16.** **Effective Date and Term of Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Effective Date of the Plan</u>**. The Plan shall become effective on June 30, 2022, and any subsequent amendments to the Plan, shall become effective upon their adoption by the Board, subject to approval by the shareholders of the Company at the next annual meeting of shareholders of the Company or any adjournment thereof, if required. The effective date of this Plan, as so amended, shall be the date of approval by the shareholders. If the shareholders approve the Plan, the Prior Plan will cease to be effective. If the shareholders do not approve the Plan, or any amendments to the Plan requiring shareholder approval, the Plan or such amendments shall not be effective, and any and all actions taken prior thereto under the amendments effected hereby, including the making of any Awards subject to such approval being obtained, shall be null and void or shall, if necessary, be deemed to have been fully rescinded. However, in such case the Prior Plan shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Effect on Existing Awards</u>**. Subject to Section 16(a), all new Awards granted on or after the effective date of the amendments as provided in Section 16(a) are granted under and subject to the terms of this Plan as amended and restated and all outstanding Awards granted prior to the effective date of such amendments shall continue to be governed by the terms of the Plan in effect as at the time of their grant and by the terms of their individual agreements governing such Awards. All outstanding Awards granted prior to the effective date of this Plan shall continue to be governed by the terms of the Prior Plan and by the terms of their individual agreements governing such Awards.

MANAGEMENT INFORMATION CIRCULAR 76

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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**SCHEDULE "A"**

**ELECTION FORM**

I hereby confirm that, as of the date written below, I am a member of the Board of Tenet Fintech Group Inc. and acknowledge that I may elect herein to have all or a portion of my DSU Eligible Retainer satisfied in the form of Deferred Share Units under Sections 8(a)(ii) and 8(f) of the Plan, and may be granted additional Deferred Share Units under Section 8(a)(i) of the Plan, subject to and in accordance with the terms of the Plan.

The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this Election Form and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan.

I hereby acknowledge and confirm that:

1. [select option which is applicable]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) I elect to receive my DSU Eligible Retainer for the remaining months of the current year, as applicable, as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. _______ % in Deferred Share Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. _______ % in cash

***NOTE: The total amount of A and B must equal 100%. You must elect in increments of five percent (5%) under A and B.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) I elect to receive my DSU Eligible Retainer for the calendar year commencing January 1, 20________, as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ________ % in Deferred Share Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. ________ % in cash

***NOTE: The total amount of A and B must equal 100%. You must elect in increments of five percent (5%) under A and B.***

2. I have received and reviewed a copy of the Plan and agree to be bound by the terms and conditions of the Plan. In the event of any conflict between the terms of the Plan and this Election Form, the terms of the Plan will prevail and govern.

3. I understand that any election I make with respect to my DSU Eligible Retainer shall be effective only with respect to compensation paid for services performed in the calendar year after this Election Form is filed, and shall remain in effect until modified or revoked by the filing of a new Election Form in accordance with the terms of the Plan.

4. I understand that I will not be able to cause the Company to settle Deferred Share Units granted under the Plan until I am no longer either a director or an employee of the Company or of an Affiliate.

MANAGEMENT INFORMATION CIRCULAR 77

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix A - Omnibus Incentive Plan** |

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5. I recognize that when Deferred Share Units credited pursuant to the Plan are settled in accordance with the terms of the Plan after I am no longer either a director or employee of the Company or of an Affiliate, income tax and other withholdings as required will arise at that time. Upon settlement of the Deferred Share Units, the Company will make all appropriate withholdings as required by law at that time. Neither the Company nor any Affiliate has provided me with any tax advice with respect to the Plan and I acknowledge that I should confirm the tax treatment with my own advisor(s).

6. The value of Deferred Share Units is based on the value of the Shares and therefore is not guaranteed.

7. No funds will be set aside to guarantee the payment of Deferred Share Units. Future payment of Deferred Share Units will remain an unfunded and unsecured liability recorded on the books of the Company.

8. I further acknowledge that as a Participant of the Plan, I am required to provide the Company, the Board, and the Granting Authority (either individually or all, as applicable) with all information required to administer or operate the Plan or to permit my participation in the Plan, and I hereby consent to the collection or use of all such information by the Company, the Board, and the Granting Authority. I understand that the Company, the Board, and the Granting Authority may from time to time transfer or provide access to such information to third party service providers for purposes of the administration of the Plan, and that such Persons will be provided with such information for such purposes only. I also understand that my personal information may be disclosed or transferred to another party during the course of, or completion of, a change in ownership of, or the grant of a security interest in, all or a part of the Company, provided that such party is bound by similar restrictions on its use of my personal information. I also understand that the Company, the Board, and the Granting Authority may from time to time disclose my personal information in response to regulatory filing or other requirements for the information by a regulatory body or a self-regulatory body in which the Company participates, or for the purpose of complying with a subpoena, warrant or other order by a court, Person or body having jurisdiction to compel production of the information, or as otherwise required by law. I acknowledge that withdrawal of the consent at any time may result in a delay in the administration of the Plan or in the inability of the Company, the Board or the Granting Authority to deliver a lump sum cash amount or, where applicable, Shares to me in respect of any Deferred Share Units under the Plan.

***For more complete information, reference should be made to the Plan text. In the event of any conflict between the terms of the Plan and this Election Form, the terms of the Plan will prevail and govern.***

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| | |
|:---|:---|
| _____________________________________ | _____________________________________ |
| Date | (Name of Director) [Please Print] |
|  | _____________________________________<br> (Signature of Director) |

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MANAGEMENT INFORMATION CIRCULAR 78

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix B - Audit Committee Charter** |

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**APPENDIX B**

**AUDIT COMMITTEE CHARTER**

PART 1

1.1 DEFINITIONS IN THIS CHARTER

"audit services" means the professional services rendered by the Company's external auditor for the audit and review of the Company's financial statements or services that are normally provided by the external auditor in connection with statutory and regulatory filings or engagements;

"Board" means the board of directors of the Company;

"Charter" means this Audit Committee charter;

"Company" means Tenet Fintech Group Inc.;

"Committee" means the committee established by and among the Board for the purpose of overseeing the accounting and financial reporting processes of the Company and audits of the financial statements of the Company;

"Independent" has the meaning ascribed to it in Section 1.4 of National Instrument 52-110;

"Instrument" means Multilateral Instrument 52-110 - Audit Committees;

"MD&A" has the meaning ascribed to it in Section 1.1 of National Instrument 51-102;

"Member" means a member of the Committee;

"National Instrument 51-102" means National Instrument 51-102 - Continuous Disclosure Obligations; and

"non-audit services" means services other than audit services.

PART 2

2.1 AUDIT COMMITTEE

The Board has hereby established the Committee for, among other purposes, compliance with the requirements of the Instrument.

2.2 RELATIONSHIP WITH EXTERNAL AUDITORS

The Company will henceforth require its external auditor to report directly to the Committee.

2.3 COMMITTEE RESPONSIBILITIES

MANAGEMENT INFORMATION CIRCULAR 79

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|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix B - Audit Committee Charter** |

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(a) The Committee shall be responsible for making the following recommendations to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the external auditor to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) compensation of the external auditor.

(b) The Committee shall be directly responsible for overseeing the work of the external auditor engaged for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for the Company, including the resolution of disagreements between management and the external auditor regarding financial reporting.

(c) The Committee shall pre-approve all non-audit services to be provided to the Company or its subsidiary entities by the Company's external auditor.

(d) The Committee shall review the Company's financial statements, MD&A and annual and interim earnings press releases before the Company publicly discloses this information.

(e) The Committee shall ensure that adequate procedures are in place for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, and shall periodically assess the adequacy of those procedures.

(f) The Committee shall establish procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters.

(g) The Committee shall review and approve the Company's hiring policies regarding partners, employees and former partners and employees of the present and former external auditor of the Company.

2.4 DE MINIMIS NON-AUDIT SERVICES

(a) The Committee shall satisfy the pre-approval requirement in subsection 2.3(c) of the Charter if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate amount of all the non-audit services that were not pre-approved is reasonably expected to constitute no more than five per cent (5%) of the total amount of fees paid by the Company and its subsidiary entities to the Company's external auditor during the fiscal year in which the services are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company or the subsidiary of the Company, as the case may be, did not recognize the services as non-audit services at the time of the engagement; and

MANAGEMENT INFORMATION CIRCULAR 80

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| | |
|:---|:---|
| ![](exhibit99-337x4x1.jpg) | **Appendix B - Audit Committee Charter** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the services are promptly brought to the attention of the Committee and approved, prior to the completion of the audit, by the Committee or by one or more of its Members to whom authority to grant such approvals has been delegated by the Committee.

2.5 DELEGATION OF PRE-APPROVAL FUNCTION

(a) The Committee may delegate to one or more independent Members the authority to pre-approve non-audit services in satisfaction of the requirement in subsection 2.3(c).

(b) The pre-approval of non-audit services by any Member to whom authority has been delegated pursuant to subsection 2.5(a) must be presented to the Committee at its first scheduled meeting following such preapproval.

2.6 PRE-APPROVAL POLICIES AND PROCEDURES

The Committee satisfies the pre-approval requirement in subsection 2.3(c) of the Charter if it adopts specific policies and procedures for the engagement of the non-audit services, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the pre-approval policies and procedures are detailed as to the particular service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Committee is informed of each non-audit service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the procedures do not include delegation of the Committee's responsibilities to management.

PART 3

3.1 AUTHORITY

The Committee shall have the authority:

(a) to engage independent counsel and other advisors as it determines necessary to carry out its

duties,

(b) to set and pay the compensation for any advisors employed by the Committee, and

(c) to communicate directly with the internal and external auditors.

PART 4

4.1 DISCLOSURE IN INFORMATION CIRCULAR

If management of the Company solicits proxies from the security holders of the Company for the purpose of electing directors to the Board, the Company shall include in its management information circular the disclosure required by Form 52-110F2 - Disclosure by Venture Issuers.

MANAGEMENT INFORMATION CIRCULAR 81

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## Exhibit 99.338

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| | |
|:---|:---|
| ![](exhibit99-338xu001.jpg) | ![](exhibit99-338xu002.jpg) |

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**Appointment of a proxy holder**

**I/We, being holder(s) of common shares of Tenet Fintech Group Inc. (the "Company"), hereby appoint Charles-André Tessier, Chairman, or failing him, Johnson Joseph, President and CEO, or failing him, Jean Landreville, CFO, or**

__________________________________________________________________________________________

Print the name of the person you are appointing if this person is someone other than the individuals listed above

as proxy of the undersigned, to attend, act and vote on behalf of the undersigned in accordance with the below directions (or if no directions have been given, as recommended by management of the Company) on all the following matters and any other matter that may properly be brought before the Annual and Special Meeting of Shareholders of the Company (the "**Meeting**") to be held via live webcast at <u>https://tinyurl.com/PKKAGM2022</u> , **on Thursday, June 30, 2022 at 10:00 a.m**. **(Eastern Time)** and at any adjournment or postponement thereof in the same manner, to the same extent and with the same powers as if the undersigned were personally present, with full power of substitution

**Management recommends voting FOR the following resolutions. Please use a black pencil or pen.**

**1. Election of Directors**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FOR** | **WITHHOLD** |  | **FOR** | **WITHHOLD** |
| 1. Mark Dumas | |  | 4. Liang Qiu | |  |
| 2. Johnson Joseph |  |  | 5. Charles-André Tessier |  |  |
| 3. Michael Pesner | |  |  |  |  |

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**2. Appointment of Auditors**

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| | | |
|:---|:---|:---|
|  | **FOR** | **WITHHOLD** |
| Appointment of Raymond Chabot Grant Thornton LLP, Chartered Accountants, as auditors of the Company and authorizing the directors to fix their remuneration. | |  |
| Appointment of Raymond Chabot Grant Thornton LLP, Chartered Accountants, as auditors of the Company and authorizing the directors to fix their remuneration. | |  |
| Appointment of Raymond Chabot Grant Thornton LLP, Chartered Accountants, as auditors of the Company and authorizing the directors to fix their remuneration. |  |  |

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**3. Approval and Adoption of Omnibus Incentive Plan**

---

| | | |
|:---|:---|:---|
|  | **FOR** | **AGAINST** |
| IT IS RESOLVED THAT:<br>1. the Omnibus Incentive Plan of the Company (the "**Plan**"), a draft of which has been made available to the shareholders for their review, be and is hereby approved;<br>2. the Company is hereby authorized to adopt the Plan, subject to any amendments and modifications as the Board of Directors, in its sole discretion, may approve from time to time; and<br>3. any one or more director or officer of the Company is hereby authorized, for and on behalf and in the name of the Company, to execute and deliver any documents and instruments, and to do or cause to be done all such other acts and things, as in the opinion of such director or officer may be necessary, desirable or useful for the purpose of giving effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such act or thing. |  |  |
| IT IS RESOLVED THAT:<br>1. the Omnibus Incentive Plan of the Company (the "**Plan**"), a draft of which has been made available to the shareholders for their review, be and is hereby approved;<br>2. the Company is hereby authorized to adopt the Plan, subject to any amendments and modifications as the Board of Directors, in its sole discretion, may approve from time to time; and<br>3. any one or more director or officer of the Company is hereby authorized, for and on behalf and in the name of the Company, to execute and deliver any documents and instruments, and to do or cause to be done all such other acts and things, as in the opinion of such director or officer may be necessary, desirable or useful for the purpose of giving effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such act or thing. |  |  |
| IT IS RESOLVED THAT:<br>1. the Omnibus Incentive Plan of the Company (the "**Plan**"), a draft of which has been made available to the shareholders for their review, be and is hereby approved;<br>2. the Company is hereby authorized to adopt the Plan, subject to any amendments and modifications as the Board of Directors, in its sole discretion, may approve from time to time; and<br>3. any one or more director or officer of the Company is hereby authorized, for and on behalf and in the name of the Company, to execute and deliver any documents and instruments, and to do or cause to be done all such other acts and things, as in the opinion of such director or officer may be necessary, desirable or useful for the purpose of giving effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such act or thing. |  |  |

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**Under Canadian securities legislation, you are entitled to receive certain investor documents. If you wish to receive such documents, please check the applicable boxes below. You may also go to the TSX Trust Company website** **<u>https://ca.astfinancial.com/financialstatements</u>** **and input code 6016.**

☐ I would like to receive quarterly financial statements ☐ I would like to receive annual financial statements

I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated for any particular item specified above, the shares represented by this proxy will be voted **FOR** such item or, if you appoint another proxyholder, as such other proxyholder sees fit. On any amendments or variations proposed or any new business properly submitted before the Meeting, I/We authorize you to vote as you see fit.

_______________________________________________________ __________________ <br> Signature Date

Please sign exactly as your name(s) appears on this proxy. Please see reverse for instructions. All proxies must be received by no later than 10:00 a.m. (Eastern Time) on Tuesday, June 28, 2022.

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**Proxy Form - Annual and Special Meeting of Shareholders of Tenet Fintech Group Inc. (the "Company")**

**to be held on June 30, 2022 (the "Meeting")**

**This Form of Proxy is solicited by and on behalf of Management of the Company**

**NOTES**

**1. Every holder of shares has the right to appoint some other person or company of its choice, who need not be a holder of shares, to attend and act on its behalf at the Meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the persons whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).**

2. If the securities are registered in the name of more than one holder of shares (for example, joint ownership, trustees, executors/liquidators), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual, you must sign this proxy and state your signing capacity, and you may be required to provide documentation evidencing your proxy signing authority.

3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.

4. If this proxy is not dated, it will be deemed to bear the date on which it is mailed by management to the holder of shares.

**5. The securities' voting right represented by this proxy will be voted as directed by the holder of shares, however, if such a direction is not made in respect of any matter, this proxy will be voted as recommended by Management.**

6. The proxyholder will exercise the securities' voting right represented by this proxy by voting "for", "against" or "withhold" for each of the matters described herein, as applicable, in accordance with the instructions of the holder of shares on any ballot that may be called for and, if the holder of shares has specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.

7. This proxy confers discretionary authority in respect of amendments to matters identified in the notice of meeting or other matters that may properly be brought at the Meeting or any adjournment or postponement thereof.

8. This proxy should be read in conjunction with the documentation prepared by management.

**All proxies must be received by 10:00 a.m. (Eastern Time) on Tuesday, June 28, 2022.**

**How to Vote**

**VOTE USING THE TELEPHONE 24 HOURS A DAY, 7 DAYS A WEEK!** <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**INTERNET** | **TÉLÉPHONE** |
| &nbsp;&nbsp;&nbsp;**Go to** **<u>www.tsxtrust.com/vote-proxy</u>** | Use any touch-tone phone, call toll free in Canada and the United States |
| &nbsp;&nbsp;&nbsp;Cast your vote online | **1-888-489-7352** and follow the voice instructions. |
| &nbsp;&nbsp;&nbsp;View Meeting documents |  |
| To vote by Internet or telephone you will need your control number. If you vote by Internet or telephone, DO NOT return this proxy. | To vote by Internet or telephone you will need your control number. If you vote by Internet or telephone, DO NOT return this proxy. |
| &nbsp;&nbsp;&nbsp;To vote using your smartphone, please scan this QR Code: | ![](exhibit99-338xu003.jpg) |
| **MAIL or EMAIL** |  |
| Complete and return your signed proxy in the envelope provided or send to: | Complete and return your signed proxy in the envelope provided or send to: |
| &nbsp;&nbsp;&nbsp; TSX Trust Company<br> P.O. Box 721<br> Agincourt, ON M1S 0A1 |  |
| You may alternatively scan and email to <u>proxyvote@tmx.com</u>. | You may alternatively scan and email to <u>proxyvote@tmx.com</u>. |
| An undated proxy is deemed to be dated on the day it was mailed by management to you. | An undated proxy is deemed to be dated on the day it was mailed by management to you. |

---

------

## Exhibit 99.339

------

**Tenet Launches New Corporate Website**

Toronto, Ontario--(Newsfile Corp. - June 2, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced the launch of its rebranded and redesigned website available

at <u>www.tenetfintech.com</u>.

In tandem with the launch of the new website, the Company also published a revamped Investor Presentation, which expands on the Company's operations in China in addition to its North American and global growth initiatives. A copy of the presentation can be downloaded by clicking on the following link: <u>Tenet First Quarter 2022 Investor Presentation</u>.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through its Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

------

![](exhibit99-339x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/126189</u>

------

## Exhibit 99.340

------

**Tenet Signs Cooperative Agreement with Huai'an Rural Commercial Bank**

Toronto, Ontario--(Newsfile Corp. - June 10, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that it has signed a cooperative agreement with Huai'an Rural Commercial Bank Ltd. ("HRCB") to create a program to bring better access to credit to the underserved restaurant and food services industry.

Despite the fact that the food services industry generates over USD$800 billion in annual sales in China, entrepreneurs in the restaurant and food services industry often have difficulty obtaining loans and credit from banks and other lenders, which means the sector could benefit greatly from Tenet's Business Hub™. Often seen as a high-risk sector because of its high turnover rate and other factors, lenders have typically tended to shy away from the industry. But Tenet and HRCB believe that the Business Hub™'s LendingPro™ credit management module could significantly help mitigate the risks associated with lending to restaurants and food services businesses. Specifically designed to provide greater system integration between banking systems and the Business Hub™, LendingPro™ will allow HRCB to assess the credit worthiness and monitor the activities of the city of Huai'an's restaurants and food services businesses to qualify them for credit based on a combination of HRCB's credit criteria and LendingPro™'s built-in AI functions. The businesses that qualify will obtain a revolving credit of up to 50,000 RMB (about CAD$10,000) from HRCB to purchase goods and supplies from a list of Business Hub™ approved vendors and suppliers. The credit will be made available through a mobile app to make paying suppliers as convenient as possible. While HRCB will earn interest on the credit extended, Tenet will earn a 2% one-time service fee, payable by the supplier, on each transaction paid for through the program.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-340x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/127178</u>

------

## Exhibit 99.341

------

![](exhibit99-341x1x1.jpg)

**TENET FINTECH GROUP INC.**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2021**

**JUNE 16, 2022**

**401 Bay Street, Suite 2702**

**Toronto, ON M5H 2Y4**

------

**TENET FINTECH GROUP INC.**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2021**

**<u>**TABLE OF CONTENTS**</u>** <br>

---

| | |
|:---|:---|
| [**INTRODUCTORY NOTES**](#page_3) | [**1**](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Cautionary Note Regarding Forward-Looking Statements**](#page_3) | [**1**](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Currency**](#page_3) | [**1**](#page_3) |
| &nbsp;&nbsp;[**CORPORATE STRUCTURE**](#page_4) | [**2**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Name, Address and Incorporation**](#page_4) | [**2**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Intercorporate Relationships**](#page_4) | [**2**](#page_4) |
| &nbsp;&nbsp;[**GENERAL DEVELOPMENT OF THE BUSINESS**](#page_5) | [**3**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Overview**](#page_5) | [**3**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Three Year History**](#page_5) | [**3**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Significant Acquisitions**](#page_12) | [**10**](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**General**](#page_12) | [**10**](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Risk Factors**](#page_17) | [**15**](#page_17) |
| &nbsp;&nbsp;[**DIVIDENDS AND DISTRIBUTIONS**](#page_26) | [**24**](#page_26) |
| &nbsp;&nbsp;[**DESCRIPTION OF CAPITAL STRUCTURE**](#page_26) | [**24**](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Common Shares**](#page_26) | [**24**](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Share Options**](#page_27) | [**25**](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Warrants**](#page_27) | [**25**](#page_27) |
| &nbsp;&nbsp;[**MARKET FOR SECURITIES**](#page_28) | [**26**](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Trading Price and Volume**](#page_28) | [**26**](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Prior Sales**](#page_28) | [**26**](#page_28) |
| &nbsp;&nbsp;[**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;[**DIRECTORS AND OFFICERS**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Name, Occupation and Security Holdings**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**](#page_30) | [**28**](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Conflicts of Interest**](#page_31) | [**29**](#page_31) |
| &nbsp;&nbsp;[**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Legal Proceedings**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Regulatory Actions**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**TRANSFER AGENT AND REGISTRAR**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**MATERIAL CONTRACTS**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**INTERESTS OF EXPERTS**](#page_35) | [**33**](#page_35) |
| &nbsp;&nbsp;[**AUDIT AND RISK MANAGEMENT COMMITTEE**](#page_35) | [**33**](#page_35) |
| &nbsp;&nbsp;[**ADDITIONAL INFORMATION**](#page_37) | [**35**](#page_37) |
| [SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER](#page_38) |  |

---

- i -

------

**INTRODUCTORY NOTES**

**Cautionary Note Regarding Forward-Looking Statements**

This revised annual information form (**"AIF"**) contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on reasonable assumptions that have been made by Tenet Fintech Group Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Tenet Fintech Group Inc. to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; including risks related to government and environmental regulation; industry conditions; stock market volatility; competition; as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in this AIF. Although Tenet Fintech Group Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Tenet Fintech Group Inc. does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.

**Currency**

All dollar amounts in this AIF are expressed in Canadian dollars unless otherwise indicated.

------

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

Tenet Fintech Group Inc. ("**Tenet**" or the "**Company**") was incorporated as Java Capital Inc. under the *Business Corporations Act* (Alberta) on May 13, 2008 and was continued as a federal company under the *Canada Business Corporations Act* ("**CBCA**") on April 4, 2011. The Company changed its name to Peak Positioning Technologies Inc. effective April 5, 2011. Peak Position Technologies Inc. completed a vertical amalgamation with its wholly-owned subsidiary Peak Positioning Corporation effective January 1, 2018 with the resulting entity continuing as Peak Positioning Technologies Inc. The Company changed its name to Peak Fintech Group Inc. / Groupe Peak Fintech Inc. on November 18, 2020. The Company changed its name to Tenet Fintech Group Inc. / Groupe Tenet Fintech Inc. on November 1, 2021.

Tenet's head office and registered and records offices are located at 401 Bay Street, Suite 2702, Toronto, ON M5H 2Y4.

**Intercorporate Relationships**

The following diagram sets out the intercorporate relationships amongst Tenet's subsidiaries and the percentage of voting securities held by Tenet, either directly or indirectly, of each subsidiary. The jurisdiction of incorporation of all subsidiaries is China, except for Asia Synergy Ltd., which was incorporated in the jurisdiction of Hong Kong, and Cubeler Inc. and Tenoris3 Inc., both of which were incorporated in Canada under the CBCA.

![](exhibit99-341x4x1.jpg)

------

**GENERAL DEVELOPMENT OF THE BUSINESS**

**Overview**

Tenet is the parent company of a group of innovative financial technology (fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

**Three Year History**

***Fiscal Year ended December 31, 2019***

On January 7, 2019, the Company announced that it had closed a non-brokered private placement financing by placing 51 units comprised of a $10,000 face value non-secured convertible debenture and 10,000 common share purchase warrants allowing subscribers to purchase common shares of the Company at a price of $0.10 per share for a period of two years. The $510,000 proceeds of the financing were used for working capital purposes.

In January 2019, the Company announced that its subsidiary Asia Synergy Credit Solutions ("**ASCS**") had entered into a partnership agreement with Wuxi Union SME Guarantee Co. Ltd. ("**WU**") whereby WU would guarantee bank loans to small and medium-sized enterprises (SME) serviced by ASCS for an aggregate amount of up to $1,000,000,000 for an initial period of two years.

Also in January 2019, the Company announced that the process started on January 1, 2019 to transfer all loans that were previously being serviced by Wenyi to its Asia Synergy Credit Solutions ("**ASCS**") subsidiary was successfully completed on January 18, 2019. As of the transfer completion date, ASCS was servicing a total of 232 loans worth a combined $17,800,000.

In March 2019 Tenet announced that ASCS added commercial lender XinXin Micro Loan Company Ltd. ("**XinXin**") to its growing list of loan servicing clients. Under the terms of the agreement between XinXin and ASCS, XinXin will allocate up to 100M RMB (approximately CAD$20,000,000) in loans to be serviced by ASCS.

Also in March 2019, Tenet announced that Wuxi Jinxin Internet Small Loans Ltd. would be added to its ASCS subsidiary's expanding list of loan outsourcing service clients.

In April 2019, the Company announced that its Asia Synergy Technologies ("**AST**") subsidiary had signed an agreement with Xi'an Fenghui Automobile Service Company ("**FASC**") to use AST's Gold River product procurement platform to facilitate vehicle purchase and financing transactions. FASC is a well- established automobile dealer in Xi'an, the capital of Shaanxi Province, providing automobile purchase and financing services in Western China with no online presence.

In July 2019, the Company announced that its Asia Synergy Credit Solutions ("**ASCS**") subsidiary began servicing loans to micro and small-sized enterprises on behalf of Hua Xia Bank ("**HXB**"). Headquartered in Beijing, HXB is China's 14<sup>th</sup> largest commercial bank with over $490 Billion in assets, 968 branches and over 42,000 employees in 40 cities across China.

Also in July 2019, the Company announced that its Asia Synergy Data Solutions ("**ASDS**") subsidiary, which manages the Cubeler Lending Hub commercial lending platform in China, added a new module that caters to the specific financing needs of some of China's supply-chain verticals.

In August 2019, the Company announced that ASDS had created a new company in partnership with Jiangsu Zhongpu Financial Outsourcing Service Ltd. ("ZFOS") to provide financial services to ZFOS clients and other supply-chain participants, primarily by helping them qualify for loans and financing at reasonable rates. The new company, created in June 2019 and named Asia Synergy Supply Chain ("ASSC"), uses the Company's Cubeler Lending Hub platform to collect and analyze operational and transactional data from ZFOS clients. The platform then generates a series of financial reports to help qualify the clients for loans and financing either from ZFOS or from other partnering financial institutions. In addition to the fees charged to lenders for the financial reports, ASSC also charges clients a service fee representing a percentage of the value of the transactions facilitated through the program. Under the terms of the agreement that led to the creation of ASSC, ZFOS transferred part of its supply-chain operations to ASSC while ASDS contributed a royalty-free license to the Cubeler Lending Hub platform to ASSC. ASDS owns a 51% controlling interest in ASSC and ZFOS owns the remaining 49%.

------

In September 2019, Tenet announced that that its Asia Synergy Credit Solutions ("**ASCS**") subsidiary, which provides credit outsourcing services to banks and other financial institutions, launched a WeChat Mini Program that allows potential borrowers to quickly see if they would qualify for loans from any of the ASCS lending clients.

On October 7, 2019, the Company announced the creation of a program in partnership with automobile dealer Xian Fenghui Automobile Service Company ("FASC") and Shanghai Industrial Financial Leasing ("SIFL") to allow taxi drivers in the city of Xi'An to lease vehicles from FASC, financed by SIFL based on credit analysis provided by the Company.

In December 2019, the Company announced that it had reached an agreement to acquire the popular Jinxiaoer loan brokerage and commission paying platform from Jinxiaoer Technology Ltd. Jinxiaoer (which translates to "**Financial Waiter**") is a patented platform specifically designed for loan brokerage companies and their sales representatives. Jinxiaoer gives loan brokerage companies and their sales reps the ability to earn commissions on loan leads that they generate that are not suited for their businesses and to receive leads suited to their businesses from non-affiliated sales reps registered on the platform. Eventual revenue stemming from the Jinxiaoer platform was initially expected to come to Tenet in the form of monthly registration fees paid by the reps, annual franchise fees paid by the brokerage companies (the Jinxiaoer Service Centers), and transactional referral fees paid by the banks and lenders benefiting from the platform's leads, but Tenet has since decided to revise Jinxiaoer's revenue model.

Also in December 2019, the Company announced that it had reached an agreement with holders of the secured debenture issued in December 2017 with a remaining $3,500,000 balance to extend the maturity date by an additional 12 months until December 16, 2020.

In 2019, the Company continued to make inroads into the Chinese commercial credit space through its Cubeler Lending Hub platform and the services provided by its subsidiaries. Several financial institutions, including some of China's largest banks, became members of the Hub in 2019 and extended credit to small and micro enterprises based on the platform's credit analysis capabilities. The low default rate for credit extended through the platform, coupled with its processing efficiencies and cost-savings, are value- propositions that continue to resonate with and account for its adoption rate among financial institutions.

While Tenet was focused primarily on business development initiatives during the first three quarters of 2019, more emphasis was put on research & development and enhancements to the Lending Hub in the final quarter of the year. The Company spent a large portion of the quarter on the development and implementation of features to better meet its clients' needs and discussed the best ways to integrate the Jinxiaoer loan brokerage platform into the Lending Hub.

During 2019, the Company had total revenue of $11,700,000, an adjusted EBITDA of $1,500,000, cash flow from operations of ($272,840), and a net loss of $1,800,000.

***Fiscal Year ended December 31, 2020***

On February 5, 2020, the Company announced that it had closed a non-brokered private placement financing, raising $576,000 from the sale of 14,400,000 units comprised of common shares and half warrants with each unit priced at $0.04. The proceeds of the financing were used for working capital purposes and to help the Company meet its financial obligations related to its acquisition of the Jinxiaoer loan brokerage platform.

On February 20, 2020, the Company announced that all of its Chinese operating subsidiaries, with the exception of Asia Synergy Supply Chain ("**ASSC**"), had resumed their operations following the cancellation of government- imposed limitations of non-essential business operations due to the coronavirus outbreak which began in late 2019 ("**COVID-19"**). ASSC's operations resumed subsequent to the February 20, 2020 announcement. In compliance with government regulations to help contain the spread of COVID-19, the Company's subsidiaries had been closed since January 25, 2020, the start of the Chinese New Year holiday. Shortly before February 20, 2020, the Chinese government removed the business operation restrictions and encouraged all businesses where Tenet's subsidiaries are located, and in most parts of the country, to resume their normal operations.

------

In February 2020, Tenet announced that its Asia Synergy Data Solutions ("**ASDS**") subsidiary had officially entered the Shanghai credit market through a relationship with the Midai Group, a well-established Shanghai-based financial group whose offering includes providing financing and leasing services to the automotive industry.

Effective February 29, 2020, Mr. Laval Bolduc, who retired in 2017 after serving as the Company's CFO for six years but continued to serve as a director and part-time managing consultant of Tenet, stepped aside from those roles to focus on his retirement.

In March 2020, the Company announced that its Cubeler Lending Hub platform would be used to help distribute government relief funds from the Jiangyin Municipal Government and the Jiangyin Federation of Industry and Commerce to the city's small and medium sized businesses most affected by COVID-19.

In April 2020, the Company announced that its services would now be available to small and medium sized businesses, loan brokers and financial institutions in the city of Changzhou with the arrival of the city's first Jinxiaoer Service Centre.

On July 22, 2020, the Company announced that it had closed the first tranche of a non-brokered private placement financing, raising $1,000,000 from the sale of 50,000,000 units comprised of common shares and warrants with each unit priced at $0.02. The proceeds of the financing were used for working capital purposes and to help fund the Company's expansion plan.

Effective July 28, 2020 all of the issued and outstanding common shares of the Company ("**Common Shares**") were consolidated on the basis of one (1) post-consolidation Common Share for each ten (10) pre-consolidation Common Shares.

In August 2020, the Company announced the appointment of former KPMG Partner Michael Pesner to its board of directors.

On August 24, 2020, the Company announced that it had closed the second tranche of a non-brokered private placement financing in which it raised $2,519,000 through the sale of units comprised of common shares and warrants. The units that were originally priced at $0.02 prior to the 10-to-1 consolidation of the Company's common shares, were priced at $0.20 at the time of the closing of the second tranche of the non-brokered private placement financing. The proceeds of the financing were used for working capital purposes and to help fund the Company's expansion plan.

In September 2020, the Company announced that it had qualified to have its common shares listed on the OTCQX® Best Market, upgrading from the OTCQB® Venture Market.

Also in September 2020, the Company announced that its Lending Hub platform was powering a commercial lending financial centre, featuring 30 banks, 8 insurance companies and 3 investment funds, launched by the Jiangyin municipal government to help the city's businesses gain greater access to loans and credit. The idea for the creation of the Jiangyin Financial Centre was born back in March when the city began to use the Lending Hub to help qualify and distribute government financial aid to the city's COVID- 19 affected businesses. Shortly thereafter, meetings were held between city officials, Tenet executives, and banking and insurance executives from more than 30 institutions, leading to the signing of the agreement for the creation of the Financial Centre.

In October 2020, the Company announced that its Asia Synergy Financial Capital ("**ASFC**") subsidiary had signed an agreement with Beijing Beijia Trading Company Ltd. ("**BBTC**"), the exclusive national distributor of Baidu's smart speakers, to finance BBTC's acquisition of the popular product.

Also in October 2020, the Company announced that it had signed an exclusive agreement with the parent company of national consumer electronics distributor Beijing Dianjing Company Ltd. ("**BDC**") to bring financing solutions to BDC's 60,000 online retail clients.

------

The Company announced in October 2020 that it had won a bid from the city of Nanjing to provide the software platform that will power the city's upcoming commercial lending financial centre.

On October 5, 2020, the Company announced that it had closed a non-brokered private placement financing in which it raised $500,000 through the sale of units comprised of common shares and warrants with each unit priced at $0.40. The proceeds of the financing were to be used to help the Company create a new subsidiary in partnership with the parent company of Beijing Dianjing Company Ltd., with who the Company has a strategic partnership.

In November 2020, the Company announced that it had hired former People's Bank of China senior manager, Mr. Wenjun Wu, as a special advisor to assist the Company in various business development capacities and in preparing the Company's Cubeler Lending Hub platform for China's upcoming digital currency.

Also in November 2020, the Company announced that it had signed an agreement with packaged foods wholesale distributor Beijing Jingying Corporate Management Ltd. ("**BJM**") to bring Tenet's Cubeler Lending Hub financing solution to BJM and its more than 250,000 retail clients.

Effective December 1, 2020, the Company's securities began trading under the name Peak Fintech Group Inc.

In December 2020, the Company announced that it had signed an agreement with high-end Italian retailer Gruppo Coin ("**Coin**") to provide short-term loans to Coin's social-media-influencer online sales partners. Also in December 2020, the Company announced that it had signed a memorandum of understanding (MOU) to acquire banking artificial intelligence software company Zhongke Software Intelligence Ltd. ("**Zhongke**"). Zhongke develops analytics and AI software used by banks and financial institutions in China to make decisions on loan and credit applications, as well as to process and to manage the applications. Zhongke is also a strategic partner of China UnionPay. Operating under the approval of the People's Bank of China (China's central bank), State-owned UnionPay is China's largest POS electronic funds transfer network and the only interbank network in China that links all the automatic teller machines (ATMs) of all banks throughout the country.

In December 2020, the Company also announced that its Gold River and Cubeler Lending Hub platforms were now ready to support China's new Digital Currency Electronic Payment (DC/EP). Unlike cryptocurrencies such as Bitcoin, China's DC/EP is legal tender, it's backed by yuan deposits, centralized and not anonymous. It is managed by China's Central Bank, which requires the country's banks to convert a part of their yuan holdings into DC/EP form and distribute them to businesses and citizens via mobile technology. The DC/EP took over five years to develop and is expected to help bring China's unbanked population into the mainstream economy and accelerate the country's move to a cashless society. The Company planned to run a pilot project to begin later in the month with a few supply-chain financing related transactions before making the feature available to all Gold River and Lending Hub clients.

During 2020, the Company raised $7,594,500 through the exercise of stock options, exercise of warrants and private placement financings.

***Fiscal Year ended December 31, 2021***

In January 2021, the Company announced that it has signed an agreement with China UnionPay subsidiary, Rongbang Technology Ltd. ("**Rongbang**"), that will give the Company the ability to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem. Rongbang provides technology specifically designed to optimize the efficiency of the flow of capital between financial institutions, consumers and businesses operating in a variety of industries. Its "UnionPay Supply Chain Integrated Service Platform", developed in collaboration with China UnionPay, is used by some of the country's most popular B2B and B2C e-commerce marketplace operators. UnionPay is a State-owned entity and China's largest POS electronic funds transfer network. It is also the only interbank network in China that links all the automatic teller machines (ATMs) of all banks throughout the country. Through the agreement with Rongbang, Tenet will have control over the settlement and the transfer of funds of all transactions facilitated by its Lending Hub and Gold River platforms through direct API links to the UnionPay network.

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Also in January 2021, the Company announced that beverage distributor Xiamen Guangzhui Ltd. ("Xiamen") became the third distributor after Beijing Dianjing Company Ltd. and Beijing Jingying Corporate Management Ltd. to join the Company's program specifically created to bring financing solutions to wholesale distributors and their retail clients through the Cubeler Lending Hub platform. Xiamen has over 1,100 retail clients, including e-commerce giant JD.com, and owns distribution rights to several popular beverages in China, including exclusive rights for Red Bull energy drinks at PetroChina convenience stores in Guizhou province.

In January 2021, the Company announced the appointment of former banking executive Dana Ades-Landy to its board of directors.

In February 2021, the Company also announced the launch of a new Cubeler Lending Hub financing program for JD.com ("**JD**") product suppliers that will allow them to receive cash advances on product orders they get from JD.

In February 2021, the Company announced that it had officially filed an application to have its common shares listed on the Nasdaq Capital Market stock exchange (the "**Nasdaq**").

On February 22, 2021 Tenet entered into an engagement letter with The Benchmark Company LLC ("**Benchmark**") pursuant to which Benchmark was appointed to act as the lead or book running managing underwriter in connection with the proposed registered public offering by Tenet of its Common Shares within the United States.

In March 2021, the Company announced that it had signed a strategic partnership agreement with ShopEx, China's preeminent e-commerce software provider. The strategic partnership between Tenet and ShopEx calls for an API link between the ShopEx platform and Tenet's Lending Hub platform that will allow data from online stores managed with the ShopEx applications to flow to the Lending Hub and help qualify the stores for loans and credit from the Hub's banks and financial institution lending partners. The parties will engage in joint marketing efforts and become authorized resellers of one another's products and services and earn referral fees from one another.

Also in March 2021, the Company announced that it had signed an agreement with Qiyuesuo, China's leading digital document signing service provider, that will allow members of its Lending Hub ecosystem to digitally sign legally binding agreements with one another.

Also in March 2021, the Company announced that it had engaged international investor relations specialists MZ Group (MZ) to lead a comprehensive strategic investor relations and financial communications program across all key markets. The agreement is for a term of twelve (12) months with a review after six (6) months. As compensation for the services provided, MZ Group will receive a monthly fee of US$10,000 and options to purchase 110,000 common shares of Tenet. The options will have an exercise price of $2.75 CAD and will expire five (5) years from the date of their issuance.

On July 7, 2021, the Company announced that it closed a public offering of 26,300,000 units of the Company at a price per unit of $2.00 for aggregate gross proceeds of $52,600,000 (the "**Financing**") pursuant to a short-form prospectus of the Company dated June 22, 2021. Pursuant to an agency agreement (the "Agency Agreement") between the Company and Research Capital Corporation dated June 22, 2021, Research Capital Corporation acted as lead agent and sole bookrunner for the Financing. The Financing includes the partial exercise of an over-allotment option granted to Research Capital Corporation pursuant to the Agency Agreement (the "**Over-Allotment Option**") for an aggregate of 1,300,000 additional units. The units were sold through Research Capital Corporation in the provinces of British Columbia, Alberta, Ontario, and Quebec. Each unit is comprised of one common share of the Company and one half of one common share purchase warrant of the Company. Each whole warrant is exercisable into one common share of the Company at an exercise price of $3.50 for a period of twenty-four months from the date of issuance thereof. In connection with the Financing, the Company paid the Research Capital Corporation a cash commission of $3,682,000 and issued 1,841,000 agent's warrants each exercisable at a price of $3.50 for a period of twenty-four months from the date of issuance thereof to acquire one common share of the Company.

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On July 9, 2021, the Company announced that its Cubeler Lending Hub and Gold River platforms became linked to the China UnionPay network through direct API links, allowing the Company to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem. China UnionPay is a State-owned entity and China's largest POS electronic funds transfer network, which links all the automatic teller machines of all banks throughout the country.

Effective July 27, 2021 all of the issued and outstanding common shares of the Company were consolidated on the basis of one (1) post-consolidation common share for each two (2) pre-consolidation common shares. The consolidation was done specifically to allow the Company to meet the minimum share price criteria set out by the stock exchange in order to be listed on the senior exchange.

On July 26, 2021, the Company announced a major step in its pending acquisition of banking artificial intelligence software provider Zhongke Software Intelligence Ltd. ("**Zhongke**") with the transfer of Zhongke IP to a Tenet- controlled subsidiary.

On July 29, 2021, the Company announced that it had acquired a minority stake in China UnionPay subsidiary Rongbang Technology Ltd. ("**Rongbang**").

On August 5, 2021, the Company announced that Lishui Rural Commercial Bank and Xinghua Rural Commercial Bank joined the Company's Business Hub ecosystem.

On August 16, 2021, the Company announced that it reached an agreement to acquire 100% of the issued and outstanding shares of Cubeler Inc. ("**Cubeler**"). Cubeler is the developer and owner of the technology and business model at the core of the Company's Business Hub. The Company began commercializing the technology in China in 2018 through an exclusive licensing and royalty agreement with Cubeler.

On September 2, 2021, the Company filed a Form 40-F to register its common shares with the U.S. Securities and Exchange Commission (the "**SEC**") under Section 12(b) of the Securities Exchange Act of 1934. On September 7, 2021, the Company announced that Nasdaq initially approved the listing of the Company's common shares on the Nasdaq Capital Market. Nasdaq's correspondence to the SEC of September 8, 2021 certified that our common stock was approved for listing and registration by the exchange and joined our request for acceleration of the effective date of our September 2, 2021 registration statement on Form 40-F. Nasdaq confirmed approval of our common stock for listing upon official notice of issuance. Our common shares began trading on the Nasdaq Capital Market on September 9, 2021. After Tenet's common shares began trading on the Nasdaq Capital Market, Nasdaq informed us that it had been advised that the SEC's Division of Corporate Finance had not yet accelerated the effective date of our Form 40- F registration statement and that Nasdaq was thus withdrawing its erroneous certification of approval, which had resulted in the initiation of trading of our common shares trading on the Nasdaq Capital Market on September 9, 2021. The Company voluntarily withdrew its registration statement while the SEC carried out a thorough review based on the relatively new guidance and rules regarding companies that are either based in China, are controlled by Chinese interests, or have a large portion of their operations in China. The Company has not been given a timetable as to when the SEC review process might be completed but, as of the date of this filing, Tenet continues to work in a collaborative fashion with the SEC with a view to returning to the Nasdaq.

On September 14, 2021, the Company announced that it acquired the assets of Huayan Kun Tai Technology Company Ltd. ("**Huayan**"), a private company that provides various SaaS (software as a service) solutions to insurers and insurance brokers in China, including the Heartbeat insurance platform.

On September 21, 2021, the Company announced it was advised by Nasdaq that the SEC was still in the process of reviewing the Company's registration statement, the Form 40-F. As the review process was taking longer than originally expected, trading of the Company's common shares on the Nasdaq was temporarily halted until the SEC completes its review and issues the notice of effectiveness of the Company's Form 40-F.

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On September 28, 2021, the Company announced it voluntarily withdrew its Form 40-F while it works to comply with recent disclosure guidance provided by the SEC for companies either based in China or with the majority of their operations in China.

On October 1, 2021, the Company announced it officially acquired Cubeler in exchange for $1,000,000 in cash and 11,133,012 common shares of the Company.

On October 6, 2021, the Company announced it signed an exclusive partnership agreement with pre-owned vehicle trading platform YouCKU to provide YouCKU with after-sale used car warranty policies, extended warranty policies and on-site vehicle repair and replacement policies. YouCKU is one of China's largest pre-owned vehicle trading platforms with over 42,000 affiliated car dealers, 87 physical delivery centers, servicing more than 240 cities in almost every province and region in China.

On October 27, 2021, the Company announced its name change to Tenet Fintech Group Inc. effective Monday, November 1, 2021. The Company's ticker symbol would remain "PKK" on the Canadian Securities Exchange, "PKKFF" on the OTC Markets and "TNT" on the Nasdaq Capital Market when the securities resume trading on that exchange.

On October 29, 2021, the Company announced it signed a collaborative agreement with Ping An Insurance ("**Ping An**") to distribute insurance products aimed at the auto industry through the Company's Heartbeat insurance brokerage platform. Ping An) is China's largest insurance company, and the largest insurer in the Asia-Pacific region. Ping An also offers a variety of financial services, including banking and asset management is a pioneer in the development of smart cities across China.

On November 18, 2021, the Company announced it signed a marketing cooperation agreement with Rongbang, whereby the parties will promote the other party's services to their respective clients, including through joint- marketing initiatives.

On December 9, 2021, the Company announced it signed a revenue sharing partnership agreement with PetroChina for the sale and distribution of coffee at PetroChina gas station convenience stores.

***Current Fiscal Year to the date of this AIF***

On January 6, 2022 the Company announced it signed a strategic cooperation agreement with eHi Auto Services Ltd. ("**eHi**"), China's second-largest car rental company.

On January 27, 2022, the Company unveiled a new brand identity. At the heart of this rebranding was the change of the company name to Tenet Fintech Group Inc., which was previously announced and became effective on November 1st, 2021. Along with this change, a newly redesigned corporate logo was revealed.

On February 18, 2022, the Company announced that it started to accept pre-registration of small and medium sized businesses in preparation for the launch of the Company's Canadian Business Hub As of today, Canadian business owners can visit www.cubeler.com and click on the "Preregister now" button to pre-register their businesses.

On March 21, 2022, the Company announced that it launched the Yun Fleet Platform as part of its Chinese Business Hub ecosystem to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Hub. The Yun Fleet Platform matches freight truckers with shipping opportunities based on factors such as proximity, fleet availability, whether climate control is required, and a variety of other factors to optimize cost and time efficiency for shippers and truckers alike. In addition to shipping opportunities, Yun Fleet Platform members are also eligible for other Business Hub services including financing and insurance services.

On April 13, 2022, the Company announced it signed a partnership agreement with the Industrial Bank Co. Ltd. ("**CIB**") to allow members of the Company's Chinese Business Hub to open bank accounts at CIB linked to their Business Hub accounts. The real bank accounts at CIB will provide Business Hub clients with an alternative to the Company's offering of virtual bank accounts on the China UnionPay network.

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On May 2, 2022, the Company announced its financial results for the year ended December 31, 2021. The Company reported revenues of $103.6M, an adjusted EBITDA of $2.48M, and a net loss of $48.5M for the year.

On May 16, 2022, the Company announced that it had signed an agreement with the People's Insurance Company of China and eHi Auto Services to launch the "Driver's Seat" policy, the first insurance policy to be exclusively available through Tenet's Heartbeat insurance brokerage platform.

On May 30, 2022, the Company announced its financial results for the three-month period ended March 31, 2022. The Company reported revenues of $34.7M, an adjusted EBITDA of ($568,202), and a net loss of ($3.36M).

**Significant Acquisitions**

As referenced above, on October 1, 2021, the Company concluded the acquisition of 100% of the issued and outstanding shares of Cubeler. Cubeler is the developer and owner of the technology and business model at the core of the Company's Business Hub. The Company began commercializing the technology in China in 2018 through an exclusive licensing and royalty agreement with Cubeler. Cubeler was acquired in exchange for $1,000,000 in cash and 11,133,012 common shares of the Company.

**DESCRIPTION OF THE BUSINESS**

***General***

Tenet is the parent company of a group of innovative artificial intelligence and financial technology ("fintech") subsidiaries operating primarily in the commercial lending and insurance industries. Tenet's subsidiaries bring together lending financial institutions and businesses to create the Business Hub, an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem. At the core of the Business Hub is an analytics and artificial intelligence software platform that automates credit and business transactions among ecosystem members. Among other things, the Business Hub allows lending and credit financial institutions to increase their loan portfolios while minimizing credit risk, and gives businesses significant cash flow flexibility by giving them greater access to credit and the ability to get paid much sooner by their clients, which translate to better overall business efficiency.

***Chinese Operations***

Tenet has developed the Business Hub, an analytics and artificial intelligence (AI) software platform. This commercial lending and transactional ecosystem brings together micro and small- to mid-sized enterprises (SMEs), lenders, brokers, data providers, and automated risk management capabilities for the purpose of making commercial lending and other transactions more efficient.

In 2021, the Company continued to expand its portfolio of products and services. SMEs from a wide range of industries, raw material suppliers, factories, financial institutions, insurance companies, and some local governments to transact through the Business Hub. Just as the Company expanded the reach of its offering in China, emphasizing verticals, such as the clean energy and insurance sectors, the Company is also promoting synergy between its offerings throughout the Business Hub. For instance, while Tenet's Heartbeat insurance brokerage platform originally focused on insurance products aimed at the auto industry, the Company is working with its insurance partners to design products specifically suited to the transactions facilitated on the Business Hub and offer policies along with the transactions facilitated. Similarly, the Company plans to offer shipping and logistics services with each transaction for which such services would be applicable through its Yun Fleet platform.

The Company operates its Chinese Business Hub ecosystem through several interconnected subsidiaries. The following diagram and summaries provide an overview of Tenet's Chinese subsidiaries and their respective purposes and operations.

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![](exhibit99-341x13x1.jpg)

<u>ASL (Asia Synergy Ltd.)</u> is a Hong Kong-based holding company.

<u>ASH (Asia Synergy Holdings Ltd.)</u>, a holding company, is the owner of Tenet's supply chain and technology companies.

<u>ARO (Wuxi Aorong Ltd.)</u> is a holding company, owning subsidiaries operating in the financial services and lending sectors.

<u>ASDS (Asia Synergy Data Solutions Ltd.)</u> is the manager of the Chinese portion of Tenet's Business Hub. ASDS' revenues are generated primarily through service fees related to loans and credit transactions facilitated through the Business Hub. The Business Hub offers SMEs a number of benefits, including (i) free registration, (ii) time savings because the Business Hub brings lenders to the SMEs, (iii) increased chances of obtaining credit, (iv) pre-qualification of credit that can be easily accessed, and (v) a greater likelihood of more borrowing options from multiple lenders. For banks and lending institutions, the Business Hub offers (a) streamlined access to potential clients, (b) instantly prequalified clients based on the lender's specific lending criteria, (c) minimized lending risk, (d) time and money savings, and (e) growth to the lender's loan portfolio. Loan brokers also benefit from the Business Hub, minimizing wasted leads, spending less time gathering data and building lending files, and increasing commissions.

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<u>AST (Asia Synergy Technologies Ltd.)</u> is the owner and manager of the GoldRiver e-commerce platform, which is linked to the Business Hub. GoldRiver was originally designed in 2017 as a product procurement platform for raw materials that go into the making of plastic products and for certain metals, such as copper and aluminum. In 2019, GoldRiver was modified to support the buying and selling of a variety of products between all members of the supply- chain, from materials suppliers to wholesale distributors to retailers. In addition to allowing them to place product and material purchase orders, GoldRiver allows the platform's registered users to have a portion of a purchase order or an entire purchase order placed on the platform financed through the platform's connection to Tenet's Business Hub. AST earns service fees for transactions conducted on GoldRiver.

<u>ASFC (Asia Synergy Financial Capital Ltd.)</u> is Tenet's only subsidiary licensed to directly lend funds. Tenet's platform is used to analyze data on the loan candidates before ASFC issues loans to qualified businesses. It earns interest on loans provided.

<u>LKS (Jiangsu Steel Chain Technology Co., Ltd.)</u> is a B2B trading platform for steel industry distributors and buyers and operates under the business name LinkSteel.

<u>ASST (Asia Synergy Supply-chain Technologies Ltd.)</u> is a supply chain bundle service provider for foods and beverages and other supply chain products. Its B2B trading platform is used to facilitate the sale of RedBull to Chinese gas stations, provide payment services for instant coffee machines deployed at PetroChina stores, facilitate the sale of consumer products on various ecommerce platforms China, including JD, Taobao, and Pinduoduo, and facility the buying and selling of frozen seafood between distributors and buyers.

<u>AJP (Zhejiang Xinjiupin Clean Tech-Oil & Gas Management Co.)</u> is a supply chain bundle service provider for the oil and gas sector. It operates a B2B trading platform for oil and gas distributors and buyers, integrating within Tenet's Business Hub to provide financing, logistics, market intelligence, payment services, and insurance services.

<u>ASAC (Shanghai Xinhuizhi Supply Chain Management Co., Ltd.)</u> is a supply chain bundle service provider of agricultural products, including coffee. It operates a B2B trading platform for coffee distributors and buyers, integrating within Tenet's Business Hub to provide financing, logistics, market intelligence, payment services, and insurance services.

<u>ASCS (Asia Synergy Credit Solutions Ltd.)</u> provides loan facilitation services, including loan sourcing/matching and risk management control and pairs potential borrowers with banks and other financial institutions.

<u>ASSC (Asia Synergy Supply Chain Ltd.)</u> provides logistics, warehousing, and other supply-chain related services to the steel industry.

<u>HKE (Huike Internet Technology Co., Ltd.)</u> and <u>ASSI (Xinxiang Technologies Ltd.)</u> are the owners and operators of the Heartbeat insurance product management and brokerage platform. Tenet acquired the platform in the fall of 2021 to complement its Business Hub™ service offering in China. The platform is aimed at improving the supervision of the insurance brokerage industry and enhancing the industry's collection and management of data. New Chinese insurance regulations and compliance obligations have greatly contributed to the adoption of the platform by Chinese insurance brokerage companies to connect with, access and sell insurance products.

<u>WCH (Wechain Technology Service Co., Ltd.)</u> is a micro loan facilitator operating primarily in the food industry. Through its proprietary platform, it partners with Chinese banks to facilitate the provisioning of credit to the underserved restaurant and food industries. WCH's platform is integrated with Tenet's Business Hub and allows banks to better assess the credit worthiness and monitor the activities of businesses to qualify them for loans.

<u>KLF (Kailifeng New Energy Technology Co., Ltd.)</u> is operates in the clean energy sector. It carries out R&D and is the owner of the i3060 platform. Named after China's pledge to cut carbon dioxide emissions after 2030 and be carbon neutral by 2060, the i3060 platform aims to digitize the feasibility and life cycle of clean energy projects. In early 2022, the Company began working with China Energy Engineering Corp. (CEEC) on a pilot project in four cities to install solar panels on residential and commercial roofs in a cost-effective manner. The i3060 platform is used to identify all the roof tops in each city where solar panels could potentially be installed, with each such roof identified as a mini-project. The platform then estimates the potential energy to be generated by each mini-project and its potential profitability before determining whether the mini-project should be pursued. Funding for the projects is provided through the Business Hub™. All or part of the energy generated can be used by the building owners or sold to the energy grid.

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***Sales Revenue***

For purposes of financial reporting, the Company has segmented its revenue in its two principal operating segments - revenue from its fintech platform and revenue from its financial services. The following table sets forth revenues from sales to customers outside the consolidated entity by segment for the two most recently completed fiscal years.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sales by Segment** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2020** | **December 31, 2020** |
| Fintech Platform | $100048420 | 97% | $39313632 | 92% |
| Financial Services | <u>$3584354</u> | <u>3%</u> | <u>$3384417</u> | <u>8%</u> |
|  | $103632774 | 100% | $11708653 | 100% |

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***Canadian Operations***

Since the acquisition by Tenet of Cubeler in late 2021, the Company has been adapting the platform with the intention of launching a Canadian segment of its Business Hub, which will be following by additional segments of the Business Hub in other countries and regions. Until the launch, the Company's operations in Canada consist primarily in adapting the platform for the non-Chinese markets, putting the personnel required for its Canadian operations in place, creating partnerships, and attracting potential members. The Canadian segment of the Hub will differ considerably from the Chinese segment of the Business Hub in terms of both approach and features. For instance, while the Chinese segment is industrial vertical focused with limited user interfaces, the other segments of the Business Hub (including the Canadian one) will be user interface focused. They will resemble a social network platform, promoting interactions between members and with the platform itself.

Once launched, the Canadian segment of the Business Hub is expected to generate new revenue streams. Whereas Tenet's revenue model in China is a transaction-based model in which service fees are charged for facilitating B2B transactions, the Company's revenue model outside of China will be based primarily on advertising as well as subscriptions to analytics and AI applications offered to both consumers and businesses.

***Specialized Skill and Knowledge***

Tenet requires specialized skill and knowledge to conduct its business activities. Success in the AI and fintech spaces require its personnel to possess a very high level of technological sophistication and solid experience to meet the challenges of the industry. The officers and directors of Tenet and its Chinese subsidiaries are industry professionals who have extensive expertise and highly-technical experience specific to the AI, e-commerce, and fintech sectors. They provide a strong foundation of advanced field skills and advanced knowledge, complemented by their demonstrated ability to succeed in the management and administration of a public company. Tenet has retained and will retain special advisors to provide specialized knowledge to the Company and its subsidiaries.

***Competitive Conditions***

Small- and medium-sized businesses and micro businesses in China, for the most part, are confronted with a frequent cash flow problem. A variety of lending platforms have sprung up over the past few years to help these businesses gain greater access to loans and credit to meet their short-term cash needs, making the space very competitive. Although many competing services use analytics to find loans and credit products for their business clients, most only rely on the information provided by the businesses. The analytics are often based on limited and static data. The simplicity of their registration process allows them to acquire clients quickly, but the results are not always the best for the clients or lenders. Tenet, on the other hand, requires clients to provide continuous access to their data by allowing its platform to link to their accounting or ERP systems. Tenet also requires the businesses to authorize the platform to access their bank statements and information about their business at various government agencies. Tenet's process may be more cumbersome than the competition, but the access to continuous data and more data has resulted in lower default rates for lenders who lend using Tenet's platform and in greater opportunities for businesses who use the service. Tenet hopes to use that competitive advantage to continue to expand its service offering throughout China in the coming months and years.

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***New Products***

As referenced above, on September 14, 2021, Tenet announced that it had acquired the Heartbeat insurance platform. The platform is aimed at improving the supervision of the insurance brokerage industry and enhancing the industry's collection and management of data. New Chinese insurance regulations and compliance obligations have greatly contributed to the adoption of the platform by Chinese insurance brokerage companies to connect with, access and sell insurance products.

As referenced above, on October 1, 2021, the Company concluded the acquisition of the Cubeler platform. Cubeler provides funding and credit offers from banks and other lending institutions, the ability to connect and network with other business owners, timely market intelligence on various industries, and advertising opportunities. Cubeler is also the developer and owner of the technology and business model at the core of the Company's Business Hub. The Company began commercializing the technology in China in 2018 through an exclusive licensing and royalty agreement with Cubeler. Until its acquisition, Tenet had been limited to commercializing the Cubeler platform in China. Tenet is now engaged in adapting the Cubeler platform for markets outside of China and expects to launch the platform (referred to as the Business Hub) in Canada before the end of 2022.

***Intangible Properties***

The Company's material intangible properties comprise of its AI and fintech platforms which form part of its Business Hub<sup>TM</sup> (including Cubeler, Tenoris3, Gold River, Heartbeat, i3060, and Wechain) and its trade names. Of those, the Company has filed applications for trademark protection for the tradenames Tenet, Cubeler, and Tenoris3 and considers each of the foregoing tradenames as legally protected properties.

The Company considers these intangible properties to be of vital importance to the Company. These intangible properties have assisted the Company to successfully penetrate the Chinese commercial lending space and build a solid reputation among businesses, banks, lending institutions, various levels of government and other influential stakeholders in a number of China's economic sectors. The Company plans to leverage the know-how, strategies, and technologies that it has developed and acquired in adapting its platforms for markets outside of China.

Tenet has also taken measures to secure its intellectual property, filing copyright and patents applications in China and trademark applications in Canada and the United States.

***Cycles***

Generally speaking the Company's business is not cyclical. However, because it operates in China, Tenet's business, just like most Chinese businesses is somewhat affected every year by the Chinese New Year Holiday. The holiday usually occurs sometime between the end of January and the beginning of February. Although the official holiday period usually lasts for 16 days, much of the country can shut down for as long as a month. This impacts most of the country's businesses, including Tenet's. The result is that Tenet's revenue for the first quarter of any year will typically be lower compared to revenue for the year's other three quarters simply because the Company loses almost a month of operations during the first quarter.

***Economic Dependence***

A significant portion of Tenet's 2020 revenues came from supply-chain financing related transactions thanks in part to Tenet's agreement with Ronghuitong Ltd. Ronghuitong provides shipping, warehousing and logistics services to hundreds of raw material suppliers and their manufacturing clients. Tenet originally signed a partnership agreement with Ronghuitong to bundle Tenet's purchase order financing services with Ronghuitong's services as a way for Tenet to introduce its services to Ronghuitong's clientele and allow Tenet to rapidly acquire clients. Tenet was not only able to sell its services to Ronghuitong's raw material supplier and manufacturing clients, but the Company was also able to add the manufacturers' distributor and retailer clients to its list of purchase order financing clients. The Company's agreement with Ronghuitong remains in effect, however, Tenet now has thousands of clients of its own and is no longer dependent on its agreement with Ronghuitong, which now only accounts for a small portion of the Company's revenue. Moreover, the Company has also been able to diversify its portfolio of products and services and, by extension, continues to diversify its revenues streams. The Company is also anticipating expansion outside of China in late 2022 and beyond, which will further lessen its dependence on any one contract.

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***Changes to Contracts***

There are no aspects of the Company's business that the Company reasonably expects to be affected in the current financial year by renegotiation or termination of contracts or sub-contracts.

***Environmental Protection***

The Company's operations are currently not affected by, or subject to, any environmental protection requirements, nor does Tenet expect its operations to be affected by any environmental protection requirements in the future.

***Employees***

As of the date of this AIF, Tenet had a total of 148 employees.

***Foreign Operations***

Most of Tenet's operations are in a foreign jurisdiction, namely the People's Republic of China. Foreign operations accounted for all of Tenet's revenues at the date of this AIF. Other than the commercial and intellectual property rights to the Cubeler platform, which is held directly by Tenet, most of Tenet's assets are held indirectly by Tenet's Chinese subsidiaries.

***Lending***

Tenet's ASFC subsidiary is the only one of the Company's subsidiaries that makes loans to businesses. ASFC's lending activities accounted for less than 3% of Tenet's total revenue in 2021 and are expected to account for less of Tenet's revenue in 2022. Tenet's Business Hub is used to analyze data on the loan candidates before ASFC issues loans to qualified businesses.

***Reorganizations***

There were no reorganizations of the Company or any of its subsidiaries within the three most recently completed financial years, nor are there any such reorganizations expected or being considered for the foreseeable future.

***Social or Environmental Policies***

There are no specific social or environmental policies affecting Tenet's business nor has the Company implemented any specific social or environmental policies the three most recently completed financial years.

**Risk Factors**

The risks described below are the principal risks that could have a material and adverse effect on our business, financial condition, results of operations, cash flows, future prospects or the trading price of our common shares. This AIF also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See "Cautionary Note Regarding Forward Looking Statements".

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***COVID-19 Pandemic***

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months in some parts of the world, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

**Risks Relating to Tenet**

***Negative Operating Cash Flow***

The Company had negative operating cash flow for the year ended December 31, 2021. The Company may require additional financing to fund its operations to the point where it is generating positive operating cash flow. Continued negative operating cash flow may restrict the Company's ability to pursue its business objectives.

***Financing Risk***

Since our founding, we have raised substantial equity and debt financing to support the growth of our business. Because we intend to continue to make investments to support the growth of our business, we will require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances, including increasing our marketing expenditures to improve our brand awareness, developing new products or services or further improving existing products and services, enhancing our operating infrastructure and acquiring complementary businesses and technologies. Accordingly, we will need to engage in equity or debt financings to secure additional funds. However, additional funds may not be available when we need them, on terms that are acceptable to us, or at all. In addition, our agreements with our lenders contain restrictive covenants relating to our capital raising activities and other financial and operational matters, and any debt financing that we secure in the future could involve further restrictive covenants which may make it more difficult for us to obtain additional capital and to pursue business opportunities. Volatility in the credit markets may also have an adverse effect on our ability to obtain debt financing.

If we raise additional funds through further issuances of equity or convertible debt securities, our existing shareholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common shares. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to pursue our business objectives and to respond to business opportunities, challenges or unforeseen circumstances could be significantly limited, and our business, operating results, financial condition and prospects could be adversely affected.

***If new products and platform enhancements do not achieve sufficient market acceptance, our financial results and competitive position will be harmed.***

We incur expenses and expend resources upfront to develop, acquire and market new products and platform enhancements to incorporate additional features, improve functionality or otherwise make our platforms more desirable to their users. New product or platform enhancements must achieve high levels of market acceptance in order for us to recoup our investment in developing and bringing them to market. Any new products and changes to our platform could fail to attain sufficient market acceptance for many reasons, including, without limitation, the following: our failure to predict market demand accurately and supply products that meet this demand in a timely fashion; users of our platforms may not like, find useful or agree with any changes; defects, errors or failures in our platforms; negative publicity about our products or our platforms' performance or effectiveness; delays in releasing to the market new products or platform enhancements; and the introduction or anticipated introduction of competing products by our competitors.

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If our new products or platform enhancements do not achieve adequate acceptance in the market, our competitive position, revenue and operating results could be harmed. The adverse effect on our financial results may be particularly acute because of the significant development, marketing, sales and other expenses we will have incurred in connection with new products or enhancements.

***Our business is subject to extensive and evolving regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.***

Our business is subject to numerous federal, provincial and other local laws, ordinances and regulations in each of the jurisdictions in which we operate, which are subject to change and which may impose significant costs or limitations on the way we conduct or expand our business. As we develop and introduce new products and services, we may become subject to additional laws and regulations.

If we fail to comply with regulations or prohibitions applicable to us, we could face regulatory or other enforcement actions and potential fines and other consequences.

In addition, future legislation or regulations may restrict our ability to continue our current methods of operation or expand our operations and may have a negative effect on our business, results of operations, financial condition and the price of our common shares. In addition, future legislation or regulations, or amendments to the existing regulatory regime, could require us to modify our platform and processes, which may cause us to incur additional costs and lead to a reduction in revenue.

While we have reviewed and revised our business model to ensure it complies with the applicable provincial and federal laws, the application of certain legislation to our business model remains uncertain. There is a risk that regulatory bodies or consumers could assert that certain federal or provincial laws are applicable where we have determined that they are not, and that we are not in compliance with such applicable requirements. If it is determined that we have not complied with the requirements of applicable laws, we could be subject to civil actions for nullification of contracts, rebate of some or all payments made by members, and damages, and/or subject to prosecution for violation of the laws, any of which outcomes could have a material adverse effect on the Company.

***We and our partners obtain, store and process a large amount of sensitive data. Any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material and adverse effect on our business.***

Cyber security risk is the risk of harm, loss and liability resulting from a failure or breach of information technology systems. We and our third-party partners and service providers, including third-party data centers that we use, obtain and process large amounts of sensitive data, including our clients' personal information and other sensitive data relating to our users and their transactions. We face risks, including to our reputation as a trusted brand, in the handling and protection of this data, and these risks will increase as our business continues to expand to include new products and technologies. We have administrative, technical, and physical security measures in place, and we have policies and procedures in place to contractually require third parties to whom we transfer data to implement and maintain appropriate security measures. However, if our security measures or those of the previously mentioned third parties are inadequate or are breached as a result of third-party action, employee error, malfeasance, malware, phishing, hacking attacks, system error, trickery, or otherwise, and, as a result, someone obtains unauthorized access to funds, cryptocurrencies, or sensitive information, including personally identifiable information, on our systems or our partners' systems, or if we suffer a ransomware or advanced persistent threat attack, or if any of the foregoing is reported or perceived to have occurred, our reputation and business could be damaged. Any perceived or actual breach of security, regardless of how it occurs or the extent of the breach, could have a significant impact on our reputation as a trusted brand, cause us to lose existing users, prevent us from obtaining new users, require us to expend significant funds to remedy problems caused by breaches and to implement measures to prevent further breaches, cease operations, and expose us to legal risk and potential liability including those resulting from governmental or regulatory investigations, class action litigation and costs associated with remediation, such as fraud monitoring. Any actual or perceived security breach at a company providing services to us or our customers could have similar effects.

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***Our business may be adversely affected by material changes to the interest rate charged to our clients and paid to our lenders.***

We earn a portion of our revenues from interest payments on the loans we make to our clients. Various financial institutions and other funding sources may in the future provide us with the capital to fund these term loans and lines of credit and charge us interest on funds that we draw down. In the event that the spread between the rate at which we lend to our clients and the rate at which we borrow from our lenders decreases, our financial results and operating performance will be harmed.

There are a variety of factors that could affect the interest rates we charge to our clients and which we pay to our lenders, such as access to capital based on our business performance, the volume of loans we make to our clients, competition with other lenders and regulatory requirements. Interest rate changes may adversely affect our business forecasts and expectations and are highly sensitive to many macroeconomic factors beyond our control, such as inflation, recession, the state of the credit markets, changes in market interest rates, global economic disruptions, unemployment and the fiscal and monetary policies of governments where we operate and their agencies. Any material reduction in our interest rate spread could have a material adverse effect on our business, results of operations and financial condition.

***Our services depend on debt financing products provided by third-parties, and we may not always be able to have these products, from which the vast majority of our revenues are derived, available on our platform.***

We offer debt financing products from third-party lenders to small, medium-sized and micro business borrowers and charge a fee for the service. Our services therefore depend on these third-party debt financing products. Our reliance on these products to generate the vast majority of our revenues exposes us to platform funding risks. If our lending partners decide to no longer make their debt financing products available on our platform, our business, operating results, financial condition and prospects could be adversely affected.

***The collection, processing, storage, use, and disclosure of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights.***

We receive, transmit and store a large volume of personally identifiable information and other sensitive data from clients. There are federal, provincial and foreign laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and sensitive data. Specifically, personally identifiable information is increasingly subject to legislation and regulations to protect the privacy of personal information that is collected, processed and transmitted. Any violations of these laws and regulations may require us to change our business practices or operational structure, address legal claims and sustain monetary penalties and/or other harms to our business.

The regulatory framework for privacy issues in Canada and in foreign jurisdictions is constantly evolving and is likely to remain uncertain for the foreseeable future. The interpretation and application of such laws is often uncertain, and such laws may be interpreted and applied in a manner inconsistent with our current policies and practices or require changes to the features of our platform. If either we or our third-party service providers are unable to address any privacy concerns, even if unfounded, or to comply with applicable laws and regulations, it could result in additional costs and liability, damage our reputation and harm our business.

***We may face claims by third parties for alleged infringement of their intellectual property rights, which could harm our business.***

Our competitors, as well as a number of other entities and individuals, may claim that we infringe their intellectual property rights. Claims of infringement are becoming increasingly common as the software industry develops and third parties may assert infringement claims against us in the future. Although we have developed most of our platforms, we do include third-party software in our platform. In these cases, this software is licensed from the entity holding the intellectual property rights. Although we believe that we have secured proper licenses for all third-party software that is integrated into our platform, third parties may assert infringement claims against us in the future. Any such assertion may result in litigation or may require us to obtain a license for the intellectual property rights of third parties. Such licenses may not be available, or they may not be available on reasonable terms. In addition, such litigation could be disruptive to our ability to generate revenue or enter into new market opportunities and may result in significantly increased costs as a result of our defense against those claims or our attempt to license the intellectual property rights or rework our platform to ensure it complies with judicial decisions. Even if we were to prevail, any litigation regarding our intellectual property could be costly and time-consuming and divert the attention of our management and key personnel from our business operations. Any of the foregoing could have a significant adverse effect on our business and operating results as well as our ability to generate future revenue.

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***If our software contains serious errors or defects, we may lose revenue and market acceptance.***

Software developed for our fintech platforms may contain errors, defects, security vulnerabilities or software bugs that are difficult to detect and correct, particularly when first introduced. Despite internal testing, our platforms may contain serious errors or defects, security vulnerabilities or software bugs that we may be unable to successfully correct in a timely manner or at all, which could result in lost revenue, significant expenditures of capital and damage to our reputation and brand, any of which could have an adverse effect on our business, financial condition and results of operations. Since the software we use is a critical component to our fintech platforms, errors, defects, security vulnerabilities, service interruptions or software bugs in our platforms could result in inappropriate loan decisioning and corresponding credit scores and/or interest rates.

***We rely on data from third parties for the successful operation of our platform.***

Our ability to review and select qualified clients for our lending partners depends on business performance data, business and personal identification data, and other relevant information about the clients that we collect from the clients themselves and from third parties, including credit bureaus. If this information becomes unavailable or becomes more expensive to access, it could increase our costs as we seek alternative sources of information. If third-party data we collect is incorrect, our ability to identify qualified clients or approve and price products may suffer and our business may be harmed.

***Our levels of indebtedness can have negative implications for our shareholders.***

Although we don't anticipate having a significant amount of indebtedness, any level of indebtedness could impact our operations. Our ability to make payments of principal and interest on any debt we carry will depend on our future operating performance and our ability to enter into additional debt and equity financings, which to a certain extent, is subject to economic, financial, competitive and other factors beyond our control. If, in the future, we are unable to generate sufficient cash flow to service our debt, we may be required to refinance all or a portion of our existing debt or obtain additional financing. There can be no assurance that any such refinancing would be possible or that any additional financing could be obtained on terms acceptable to us. The inability to obtain additional financing could have a material adverse effect on our operating performance and any additional equity financing would result in the dilution of shareholders.

Our indebtedness could have significant consequences to shareholders, such as increased vulnerability to adverse general economic and industry conditions. We may find it more difficult to fund future working capital, capital expenditures, general corporate purposes or other purposes and we would have to allocate a substantial portion of our cash resources to the payment on our indebtedness, which would reduce the funds available for operations and for distribution to shareholders.

***Any misconduct and/or errors by our employees and third-party service providers could harm our business and reputation.***

We are exposed to many types of operational risk, including the risk of misconduct and errors by our employees and third-party service providers. Our business depends on our employees and third-party service providers to process a large number of increasingly complex transactions, including transactions that involve significant dollar amounts and loan transactions that involve the use and disclosure of personal and business information. We could be materially adversely affected if transactions are redirected, misappropriated or otherwise improperly executed, if personal and business information is disclosed to unintended recipients or if an operational breakdown or failure in the processing of other transactions occurs, whether as a result of human error, a purposeful sabotage or by means of a fraudulent manipulation of our operations or systems. In addition, the manner in which we store and use certain personal information and interact with clients is governed by applicable laws, including those in the People's Republic of China. If any of our employees or third-party service providers take, convert or misuse funds, documents or data or fail to follow our protocol when interacting with clients, we could be liable for damages and subject to regulatory actions and penalties. As a result, we could also be perceived to have facilitated or participated in illegal misappropriation of funds, documents or data, or failed to have followed protocol, and therefore be subject to civil or criminal liability. It is not always possible to identify and deter misconduct or errors by employees or third-party service providers, and the precautions we take to detect and prevent such activities may not be effective in controlling unknown or unmanaged risks or losses. Any of these occurrences could result in our diminished ability to operate our business, potential liability to our clients, inability to attract future clients, reputational damage, regulatory intervention and financial harm, which could negatively impact our business, financial condition and results of operations.

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***Market Price of the Common Shares***

Tenet's common shares are listed and posted for trading on the CSE under the symbol 'PKK'. In addition, Tenet's common shares can be purchased in the U.S. on the OTCQX under the symbol 'PKKFF'. Tenet's business is in an early stage of development and an investment in Tenet's securities is highly speculative. There can be no assurance that an active trading market in Tenet's securities will be established and maintained. Securities of companies involved in the fintech industry have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. The price of the common shares is also likely to be significantly affected by short-term changes in Tenet's financial condition or results of operations as reflected in its quarterly earnings reports.

***Limited History of Operations***

Tenet has a limited history of operations. There can be no assurance that the business of Tenet and/or its subsidiaries will be successful and generate, or maintain, any profit.

***Foreign Subsidiaries***

Tenet conducts almost all of its operations through its Hong Kong and Chinese subsidiaries. Therefore, to the extent of these holdings, Tenet (directly and indirectly) will be dependent on the cash flows of these subsidiaries to meet its obligations. The ability of each such subsidiary to make payments to its parent company may be constrained by the following factors: the level of taxation, particularly corporate profits and withholding taxes, in the jurisdiction in which the subsidiary operates; and the introduction of exchange controls or repatriation restrictions or the availability of hard currency to be repatriated.

***China's economic, political and social conditions, as well as government policies, could affect our business, financial condition and results of operations.***

Most of our businesses, assets and operations are located in China. Accordingly, our financial condition, results of operations and business prospects are, to a significant degree, subject to the economic, political and legal developments in China. China's economy differs from the economies of most developed countries in many respects, including, among other things, government involvement, level of economic development, economic growth rate, control of foreign exchange and allocation of resources.

China's economy was a planned economy, and a substantial portion of productive assets in China is still owned or controlled by the People's Republic of China's government. The government also exercises significant control over China's economic growth by allocating resources, setting monetary policy and providing preferential treatment to particular industries or companies. Although the government has implemented economic reform measures to introduce market forces and establish sound corporate governance in business enterprises, the application of such economic reform measures may vary from industry to industry, or across different regions of the country. As a result, we may not benefit from certain of such measures.

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***Attraction and Retention of Key Personnel Including Directors***

Tenet has a small management team and the loss of a key individual or inability to attract suitably qualified staff could have a material adverse impact on the business of Tenet. Tenet may also encounter difficulties in obtaining and maintaining suitably qualified staff. The success of Tenet depends on the ability of management to interpret market data correctly and to interpret and respond to economic, market and other conditions in order to locate and adopt appropriate opportunities. No assurance can be given that individuals with the required skills will continue employment with Tenet or that replacement personnel with comparable skills can be found. Tenet will be dependent on the services of key executives, including the directors of Tenet and a small number of highly skilled and experienced executives and personnel. Due to the relatively small size of Tenet, the loss of these persons or Tenet's inability to attract and retain additional highly skilled employees may adversely affect its business and future operations.

***Growth Management***

Tenet may have difficulty identifying or acquiring suitable acquisition targets and maintaining the organic growth which is a significant aspect of its business model**.** If it is unable to manage growth, Tenet may be unable to achieve its expansion strategy**,** which could adversely impact its earnings per share and its revenue and profits.

***Dilution***

Tenet will require additional funds in respect of the further development of Tenet's business. If Tenet raises funds by issuing additional equity securities, such financing will dilute the equity interests of its shareholders.

***Future Sales of Shares by Existing Shareholders***

Sales of a large number of Tenet's common shares in the public markets, or the potential for such sales, could decrease the trading price of the common shares and could impair Tenet's ability to raise capital through future sales of its common shares. Tenet may from time to time have previously issued securities at an effective price per share which will be lower than the market price of its common shares. Accordingly, certain shareholders of Tenet may have an investment profit in the Company's common shares that they may seek to liquidate.

***Competition***

We face increasing competition and, if we do not compete effectively, our operating results could be harmed. We not only compete with traditional companies that provide financial services to businesses, but also with other fintech companies have begun focusing their efforts on targeting micro, small and medium businesses. In some cases, some competitors may offer a broader range of financial products to those businesses, and some competitors may offer a specialized set of specific products or services. Many of these competitors have significantly more resources and greater brand recognition than we do and may be able to attract customers more effectively than we do. When new competitors seek to enter one of our markets, or when existing market participants seek to increase their market share, they sometimes undercut the pricing and/or credit terms prevalent in that market, which could adversely affect our market share or ability to exploit new market opportunities. Our pricing and credit terms could deteriorate if we act to meet these competitive challenges. All of the foregoing could adversely affect our business, results of operations, financial condition and future growth.

***Reliance on Key Individuals***

Tenet's success depends to a certain degree upon certain key members of the management. It is expected that these individuals will be a significant factor in Tenet's growth and success. The loss of the service of members of the management could have a material adverse effect on Tenet.

***Dividend Policy***

No dividends on common shares have been paid by Tenet to date. Tenet anticipates that it will retain all earnings and other cash resources for the foreseeable future for the operation and development of its business. Tenet does not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future dividends will be at the discretion of Tenet's board of directors after taking into account many factors, including Tenet's operating results, financial condition and current and anticipated cash needs.

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***Conflicts of Interest***

Directors and officers of Tenet also serve or may also serve as directors and/or officers of other fintech companies and consequently there exists the possibility for such directors and officers to be in a position of conflict. Any decision made by any of such directors and officers will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of Tenet and its shareholders. In addition, each of the directors is required to declare and refrain from voting on any matter in which such directors may have a conflict of interest in accordance with the procedures set forth in the CBCA and other applicable laws.

***Global Financial Conditions***

In recent years, global financial markets have experienced increased volatility and global financial conditions have been subject to increased instability, resulting in a profound impact on the global economy. Many industries are impacted by these market conditions. Some of the key impacts of financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market liquidity. These factors may impact the ability of the Company to obtain equity or debt financing and, if available, to obtain such financing on terms favourable to the Company. If these increased levels of volatility and market instability continue, the Company's operations and planned growth could be adversely impacted and the trading price of the securities of the Company may be adversely affected.

***Holding Company With Significant Operations in China***

Investors should be aware as a holding company that is currently dependent on the operations of its subsidiaries in China, the Company is subject to risks that could cause the value of its common shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of its common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

***Regulatory Permissions***

To operate its business as currently conducted in China, each of the Company's subsidiaries in China is required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

***Repatriation of Profits or Transfer of Funds from China to Canada***

As of the date of this AIF, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits which the Company might want to repatriate from China to Canada, or the transfer any funds from any of its Chinese subsidiaries to Canada, are subject to the rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with the regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise adversely impact the Company in the future.

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In order to test its ability to transfer funds from its Chinese subsidiaries to the Tenet parent company, the Company initiated two management fee payments totaling US$300,000 from its Chinese subsidiaries (Asia Synergy Data Solution Ltd. and Asia Synergy Credit Solutions Ltd.) during the 2021 fiscal year. The funds representing these management fees were successfully transferred to a bank account the Company maintained in Montreal, Canada. The transfer of these funds did not attract tax consequences in China or in Canada other than in respect of income which the Company received and an expense to the noted Chinese subsidiaries. Although this test of payments from China to Canada was successful, there can be no assurance that the Company will be able to continue to do so again in the future or that the existing regulations allowing it to do so will not change. In the coming fiscal year, the Company intends to transfer earnings (additional funds) from China to Canada in the same manner on the basis of payments for management fees for services to be performed. No other assets, including cash, were transferred within the organization. The Company has not made any transfers, paid any dividends or made any distributions from earnings to its shareholders as at the date of this AIF, and the Chinese government has not impeded the Company from doing so.

***Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest***

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporary or permanently suspend some of its operations in China, which would adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favours that would advance the Company's business interests in exchange for cash or other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behaviour, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

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As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would negatively impact the Company's operations, revenue and profits.

***Insurance and Uninsured Risks***

Tenet's business is subject to a number of risks and hazards generally, including general liability. Such occurrences could result in damage to property, facilities, personal injury or death, damage to the properties of Tenet, or the properties of others, monetary losses and possible legal liability. Tenet may be subject to product liability claims, which may adversely affect its operations. Tenet's industry is highly regulated, and we may be subject to regulatory scrutiny for violations of regulations and laws. Tenet could be adversely affected by the time and cost involved with regulatory investigations even if it has operated in compliance with all laws. Investigations could also adversely affect the timely payment of receivables.

Although Tenet will maintain insurance to protect against certain risks in such amounts as it considers reasonable, its insurance will not cover all the potential risks associated with its operations. Tenet may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Tenet might also become subject to liability which may not be insured against or which Tenet may elect not to insure against because of premium costs or other reasons. Losses from these events may cause Tenet to incur significant costs that could have a material adverse effect upon its financial performance and results of operations.

***Currency Risk***

Currency fluctuations may affect the costs Tenet incurs at its operations. The majority of Tenet's operations is conducted in China. Fluctuations in the renminbi may have an adverse effect on Tenet's earnings.

**DIVIDENDS AND DISTRIBUTIONS**

Tenet has not paid any cash dividends or distributions since its incorporation. Tenet currently intends to retain future earnings, if any, for use in its business and does not anticipate paying dividends on its common shares in the foreseeable future. Any determination to pay any future dividends will remain at the discretion of Tenet's board of directors and will be made taking into account its financial condition and other factors deemed relevant by the board. There are no restrictions that prevent Tenet from paying dividends or distributions. Tenet is limited in its ability to pay dividends on its common shares by generally applicable restrictions under corporate law referred to "solvency tests".

**DESCRIPTION OF CAPITAL STRUCTURE**

**Common Shares**

The authorized share capital of Tenet consists of an unlimited number of common shares without par value. As of June 9, 2022, there were 98,812,183 common shares issued and outstanding.

Holders of common shares are entitled to receive notice of any meetings of shareholders of Tenet, to attend and to cast one vote per common share at all such meetings. Holders of common shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of the common shares entitled to vote in any election of directors may elect all directors standing for election. Holders of common shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by Tenet's board of directors at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of Tenet are entitled to receive on a pro rata basis the net assets of Tenet after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of common shares with respect to dividends or liquidation. The common shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

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**Share Options**

The following table sets out the number of common shares issuable pursuant to outstanding share options as of the date hereof, along with the exercise price and expiry of the share options.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Number of Share Options<sup>1,2</sup>** | &nbsp;&nbsp;**Exercise Price per Share Option<sup>1,2</sup>** | &nbsp;&nbsp;**Expiry Date** |
| 18750 | $1.10 | 27 November 2022 |
| 171250 | $1.60 | 15 December 2022 |
| 5000 | $1.00 | 16 April 2023 |
| 288750 | $1.00 | 05 June 2023 |
| 37500 | $1.00 | 28 November 2023 |
| 50000 | $1.00 | 01 May 2024 |
| 447500 | $1.00 | 27 May 2024 |
| 10000 | $1.00 | 05 September 2024 |
| 50000 | $1.10 | 01 November 2024 |
| 5000 | $1.00 | 12 November 2024 |
| 745500 | $1.00 | 11 June 2025 |
| 250000 | $0.45 | 07 August 2025 |
| 1225000 | $1.50 | 28 October 2025 |
| 50000 | $2.70 | 06 November 2025 |
| 25000 | $5.70 | 28 January 2026 |
| 55000 | $5.50 | 22 March 2026 |
| 10000 | $4.80 | 13 May 2026 |
| 825000 | $4.10 | 07 July 2026 |
| 5000 | $8.00 | 10 August 2026 |
| 25000 | $11.50 | 28 October 2026 |
| 32725 | $7.50 | 01 January 2027 |
| 42881 | $5.60 | 01 February 2027 |
| 2941 | $4.10 | 01 March 2027 |
| 15627 | $4.16 | 01 April 2027 |
| 13585 | $5.13 | 01 May 2027 |
| 2842 | $2.55 | 01 June 2027 |

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1 The number and exercise price of any options granted prior to July 28, 2020 have been adjusted for the consolidation of the Company's common shares on the basis of 10 old shares for one new share effective July 28, 2020 and for the consolidation of the Company's common shares on the basis of two old shares for

one new share effective July 27, 2021.

2 The number and exercise price of any options granted on or after July 28, 2020 and prior to July 27, 2021 have been adjusted for the Company's consolidation of its common shares on the basis of two old shares for one new share effective July 27, 2021.

**Warrants**

The following table sets out the number of common shares issuable pursuant to outstanding share purchase warrants as of the date hereof, along with the exercise price and expiry date of the warrants.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Number of Warrants<sup>1</sup>** | &nbsp;&nbsp; **Exercise Price per Warrant<sup>1, 2</sup>** | &nbsp;&nbsp; **Expiry Date** |
| 585000 | $0.50 | July 2022 |
| 731190 | $0.50 | August 2022 |
| 13328 | $1.00 | May 2023 |
| 3500 | $2.00 | May 2023 |
| 12870149 | $3.50 | July 7, 2023 |
| 1601837 | $3.50 | July 7, 2023 |

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1 The number and exercise price of any warrants issued prior to July 28, 2020 have been adjusted for the consolidation of the Company's common shares on the basis of 10 old shares for one new share effective July 28, 2020 and for the consolidation of the Company's common shares on the basis of two old shares for

one new share effective July 27, 2021.

2 The number and exercise price of any warrants issued on or after July 28, 2020 and prior to July 27, 2021 have been adjusted for the Company's consolidation of its common shares on the basis of two old shares for one new share effective July 27, 2021.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The common shares of the Company are listed and posted for trading in Canada on the CSE under the symbol "PKK". The following table sets forth information relating to the trading of the common shares on the CSE for the months indicated since the beginning of the most recently completed financial year.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Month<sup>1</sup>** | &nbsp;&nbsp;**High ($)<sup>1</sup>** | &nbsp;&nbsp;**Low ($)<sup>1</sup>** | **Volume<sup>1</sup>** |
| &nbsp;&nbsp;May 2022 | $4.89 | $1.81 | 9485828 |
| &nbsp;&nbsp;April 2022 | $5.40 | $3.68 | 4622150 |
| &nbsp;&nbsp;March 2022 | $4.88 | $3.05 | 5086143 |
| &nbsp;&nbsp;February 2022 | $5.38 | $2.40 | 7408649 |
| &nbsp;&nbsp;January 2022 | $7.49 | $4.48 | 10435198 |
| &nbsp;&nbsp;December 2021 | $9.66 | $6.38 | 4665139 |
| &nbsp;&nbsp;November 2021 | $11.31 | $7.45 | 5141040 |
| &nbsp;&nbsp;October 2021 | $11.78 | $7.02 | 8872836 |
| &nbsp;&nbsp;September 2021 | $14.50 | $9.02 | 11030108 |
| &nbsp;&nbsp;August 2021 | $11.40 | $5.84 | 14450099 |
| &nbsp;&nbsp;July 2021 | $6.05 | $3.72 | 9253615 |
| &nbsp;&nbsp;June 2021 | $5.08 | $3.76 | 4960003 |
| &nbsp;&nbsp;May 2021 | $5.80 | $4.30 | 3568152 |
| &nbsp;&nbsp;April 2021 | $6.04 | $5.24 | 3920958 |
| &nbsp;&nbsp;March 2021 | $6.30 | $4.10 | 7348030 |
| &nbsp;&nbsp;February 2021 | $6.28 | $4.92 | 6893267 |
| &nbsp;&nbsp;January 2021 | $6.40 | $3.20 | 11624761 |

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1 The high price, the low price and the volume of Common Shares traded prior to the Company's July 27, 2021 consolidation of its Common Shares on the basis of two pre-consolidation Common Shares for one post- consolidation Common Share have been adjusted to the post-consolidated number of Common Shares and trading price.

**Prior Sales**

Since the beginning of the most recently completed financial year, Tenet has issued the following securities that are not listed or quoted on any marketplace:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issuance** | &nbsp;&nbsp;**Type of Security** | &nbsp;&nbsp;**Exercise Price<sup>1</sup>** | &nbsp;&nbsp;**Number of Securities<sup>1</sup>** |
| &nbsp;&nbsp;January 28, 2021 | Share Options | $5.70 | 25000 |
| &nbsp;&nbsp;March 22, 2021 | Share Options | $5.50 | 55000 |
| &nbsp;&nbsp;May 13, 2021 | Share Options | $4.80 | 10000 |
| &nbsp;&nbsp;July 07, 2021 | Share Options | $4.10 | 825000 |
| &nbsp;&nbsp;July 7, 2021 | Share Purchase Warrants<sup>**2**</sup> | $3.50 | 14990999 |
| &nbsp;&nbsp;August 10, 2021 | Share Options | $8.00 | 5000 |
| &nbsp;&nbsp;October 28, 2021 | Share Options | $11.50 | 25000 |
| &nbsp;&nbsp;January 01, 2022 | Share Options | $7.50 | 32725 |
| &nbsp;&nbsp;February 01, 2022 | Share Options | $5.60 | 42881 |
| &nbsp;&nbsp;March 01, 2022 | Share Options | $4.10 | 2941 |
| &nbsp;&nbsp;April 01, 2022 | Share Options | $4.16 | 15627 |
| &nbsp;&nbsp;May 01, 2022 | Share Options | $5.13 | 13585 |
| &nbsp;&nbsp;June 01, 2022 | Share Options | $2.55 | 2842 |

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1 The number and exercise price of any securities issued prior to the prior to the Company's July 27, 2021 consolidation of its common shares on the basis of two old shares for one new share have been adjusted to the post-consolidated number of securities and exercise price.

2 On July 7, 2021, the Company closed a short-form prospectus financing consisting of the sale of 13,149,999 units (a "Unit"). Each unit consists of one (1) common share and half (0.5) common share purchase warrant. The share consolidation of 2 for 1 made on July 27, 2021 does not affect the actual warrants linked to this prospectus. Two (2) warrants entitle the holder to purchase one (1) share of the Company at the price of $7.00 each for a period of twenty-four (24) months from the date of issuance.

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO**

**CONTRACTUAL RESTRICTION ON TRANSFER**

As of the date hereof, 7,758,504 shares of the Company were held in escrow by TSX Trust Company (the "Escrow Agent") in accordance with the terms of the Security Escrow Agency Agreement dated October 1, 2021, between the Escrow Agent, the Company and securityholders of Cubeler Inc. ("Cubeler"). Cubeler securityholders agreed to deposit with the Escrow Agent 11,133,012 shares in the Company received a partial consideration for the sale by said securityholders of the issued and outstanding shares of Cubeler. On February 2, 2022, 3,374,508 shares of the Company were released by the Escrow Agent. On October 1, 2022, 3,879,271 shares held in escrow are scheduled to be released and the remaining 3,879,233 shares held in escrow are scheduled to be released on October 1, 2023.

**DIRECTORS AND OFFICERS**

**Name, Occupation and Security Holdings**

The following table sets forth the name, province/state and country of residence, position held with Tenet and principal occupation for the past five years of each person who is a director and/or an officer of Tenet.

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| | | |
|:---|:---|:---|
| **Name,**<br>**Province/State and**<br>**Country of**<br>**<u>Residence</u>** | **Position(s) with**<br>**<u>Tenet Fintech Group Inc.</u>** | **<u>Principal Occupation for the Past Five Years</u>** |
| **Johnson Joseph**<br>*Québec, Canada* | CEO, President & Director since February 8, 2011 | CEO and President of Tenet Fintech Group Inc. |
| **Mark Dumas**<br>*Virginia, USA* | Director since February 27, 2014; Member of the Audit and Risk Management Committee and<br>Compensation Committee | Chief Strategy Officer for Culmen International and head of M&A and Technology Operations since 2018; CEO, CSO and founder of PlanetRisk from 2014 to 2018 |
| **Liang Qiu**<br>*Québec, Canada* | Director since June 23, 2017; CEO of Chinese Operations | CEO of the Company's Chinese operations |
| **Charles-André Tessier**<br>*Québec, Canada* | Director and Chairman of the Board since February 8, 2011; Member of the Compensation Committee | Advisor; business lawyer from 1980 to retiring in 2020 |
| **Michael Pesner**<br>*Québec, Canada* | Director since August 7, 2020 Chair of the Audit and Risk Management Committee and Member of the Compensation Committee | CPA, CA; President of Hermitage Canada Finance Inc. (financial advisory services); Senior Partner, Financial Advisory Services at the Montreal offices of KMPG from 1976 to 2002; director of Smart Employee Benefits Inc. since May 2017; director of Wallbridge Mining Company Limited since Jan. 2019; director of Dominion Water Reserves Corp. since March 2021; EVP Capital Markets for Novipro Inc. since April 2022 |
| **Dana Ades-Landy**<br>*Québec, Canada* | Director since January 28, 2021; Member of the Audit and Risk Management Committee | Senior Manager, Special Loans at the National Bank of Canada; CEO of the Heart & Stroke Foundation of Canada (Québec) from 2016 to August 2020 |
| **Jean Landreville** <br>*Québec, Canada* | CFO since January 31, 2018 | CFO of Tenet Fintech Group Inc., previously Finance Director for Morneau Shepell health and safety division in Montreal |

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Directors of Tenet hold office until the conclusion of each annual general meeting. Officers are appointed by the Board and serve at the pleasure of the Board.

As of the date hereof, all directors and executive officers, as a group, directly or indirectly, beneficially owned, or controlled or directed, 7,720,890 Shares representing 7.81% off the currently issued and outstanding common shares before giving effect to the exercise of share options, share purchase warrants, or restricted share units held by such directors and executive officers.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Except as disclosed below, no director or executive officer of Tenet:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, or within ten years prior to the date hereof has been, a director, chief executive officer or chief financial officer of any company (including Tenet) that, (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or (ii) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) or a shareholder holding a sufficient number of securities of Tenet to affect materially control of Tenet, (i) is, or within ten years prior to the date hereof has been, a director or executive officer of any company (including Tenet) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (ii) has, within ten years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) or a shareholder holding a sufficient number of securities of Tenet to affect materially the control of Tenet, has been subject to (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

Johnson Joseph and Charles-André Tessier, as directors of the Company, were subject to a Management Cease Trade Order (the "MCTO") issued on May 1, 2013 by the Autorité des marchés financiers as a result of the Company's failure to file its 2012 Annual Disclosure Documents within the prescribed time to do so. The Company filed its 2012 Annual Disclosure Documents on May 31, 2013 and the MCTO was revoked by the Autorité des marchés financiers on June 6, 2013.

On June 3, 2015, Mr. Pesner resigned from the board of directors of Liquid Nutrition Group Inc. On June 12, 2015, June 24, 2015 and September 23, 2015, the securities commissions of the Provinces of Alberta, Ontario and British Columbia issued cease trade orders against Liquid Nutrition Group Inc. for default of filing its interim financial statements and management's discussion and analysis for the interim period ended March 31, 2015.

On January 31, 2017, the Autorité des marchés financiers issued a management cease trade order against Quest Rare Minerals Ltd., which cease trade order was revoked on March 14, 2017. On July 5, 2017, Quest Rare Minerals Ltd. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada). On March 2, 2018, the court approved and homologated the proposal dated January 3, 2018, as amended on January 11, 2018, which was accepted at the meeting of creditors held on January 24, 2018. Mr. Pesner resigned from the board of directors of Quest Rare Minerals Ltd. on April 4, 2018.

Mr. Pesner was a director of Le Château Inc. ("Le Château") until June 25, 2021. On October 23, 2020, Le Château obtained an Initial Order pursuant to the Companies' Creditors Arrangement Act (CCAA) to proceed with the orderly liquidation of its assets and wind down of its operations. On December 17, 2020, in accordance with its extended powers set out in the CCAA orders, the Court granted a Receivership order on a limited portion of Le Château's assets for the sole purpose of allowing employees of Le Château to benefit from those payments provided under the Wage Earner Protection Program Act (WEPPA). On January 11, 2021, Le Château received a failure-to file cease trade order issued by the Autorité des marchés financiers as a result of Le Château's delay in the filing of its unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three- and nine-month periods ended October 31, 2020. On June 25, 2021, Mr. Pesner resigned as a director of Le Chateau Inc. On September 2, 2021, 2175371 Canada Inc., formerly Le Chateau Inc., filed an assignment in bankruptcy and PricewaterhouseCoopers Inc. was appointed trustee.

**Conflicts of Interest**

Some of the proposed directors and officers of Tenet or a subsidiary of Tenet are or may be engaged in business activities on their own behalf and on behalf of other corporations, and situations may arise where some of the directors may be in potential conflict of interest with Tenet. Conflicts, if any, will be subject to the procedures and remedies under the CBCA. This legislation states that where a director has such a conflict, that director must, at a meeting of Tenet's directors, disclose his or her interest and refrain from voting for or against the approval of such participation or such terms unless otherwise permitted. In accordance with the CBCA, the directors and officers of Tenet are required to act honestly, in good faith and in the best interests of shareholders.

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**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

**Legal Proceedings**

As of the date hereof, the following legal proceedings have been instituted against the Company:

A class action lawsuit has been brought against Tenet and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case has been brought on behalf of Tenet shareholders who traded securities of Tenet between September 2, 2021, and October 13, 2021, on Nasdaq. The complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 by making false or misleading statements regarding (i) Tenet's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) Tenet's acquisitions of the Huayan Kun Tai Technology Company Ltd., the Heartbeat insurance platform, and Cubeler Inc., (iii) Tenet's listing on Nasdaq, (iv) Tenet's Form 40-F submission to the SEC, and (v) statements published about Tenet by Grizzly Reports. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022. The Company has retained external counsel and is defending itself vigorously against all claims.

**Regulatory Actions**

No penalties or sanctions were imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the year ended December 31, 2021.

No penalties or sanctions were imposed by a court or regulatory body against Tenet that would likely be considered important to a reasonable investor in making an investment decision.

Tenet did not enter into any settlement agreements before a court relating to securities legislation or with a securities regulatory authority during the year ended December 31, 2021.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Tenet's CEO and the CEO of its Chinese operations are the founders and controlling shareholders of Cubeler Inc., which has licenced its software as the centerpiece of Tenet's Lending Hub commercial lending platform. Except as otherwise disclosed herein, no other directors, executive officers, or shareholders beneficially owning or exercising control or direction over, directly or indirectly, common shares of the Company carrying more than 10% of the voting rights attached to all common shares outstanding, and no associate or affiliate of the foregoing persons, has or has had any material interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year which has materially affected or is reasonably expected to materially affect Tenet or any of its subsidiaries.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar for the Company's common shares is AST Trust Company (Canada) at its principal offices located in Toronto, Ontario and in Montréal, Québec.

**MATERIAL CONTRACTS**

Except for contracts made in the ordinary course of business, Tenet entered into the following material contracts (i) during the most recently completed financial year, or (ii) before the most recently completed financial year if such material contract is still in effect.

• Registrar and Transfer Agent Agreement between the Company and AST Trust Company (Canada) dated July 15, 2011;

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• Agreement dated October 18, 2017 between Tenet's subsidiary ASDS and China Auto Industry Development Ltd ("**CAID"**) pursuant to which CAID agreed to use the Cubeler commercial lending platform, managed by ASDS, as a solution to have its purchase orders financed.

• Agreement dated November 1, 2017 between Tenet and Jiu Dong Limited ("**Jiu Dong**") pursuant to which Tenet and Jiu Dong agreed to create a financial services subsidiary to be named Asia Synergy Financial Capital ("**ASFC**"). Under the terms of the agreement between the parties, Jiu Dong agreed to invest $9.8M directly into ASFC for a 49% equity stake, while Tenet agreed to invest $10.2M for a 51% stake in the financial services company.

• Lender Partnership Agreement dated June 6, 2018 between Tenet's subsidiary ASDS and Wuxi Jinxin Internet Small Loans Ltd. ("**WJISL**") pursuant to which WJISL agreed to become a registered lender on the Cubeler platform.

• Lender Partnership Agreement dated June 14, 2018 between Tenet's subsidiary ASDS and Hua Xin Lending Company ("**Hua Xin**"), pursuant to which Hua Xin agreed to become a registered lender on the Cubeler platform.

• Agreement dated December 20, 2018 between Tenet and Wenyi Financial Services Co. Ltd. ("**Wenyi**") pursuant to which Wenyi agreed to effectively transfer its operations, including most of its 20 employees, service agreements and assets, to newly created wholly-owned Tenet subsidiary Asia Synergy Credit Solutions ("**ASCS**").

• Partnership agreement dated January 20, 2019 between Tenet's subsidiary ASCS, Wuxi Union SME Guarantee Co. Ltd. ("**WU**") and the Wuxi Rural Commercial Bank ("**WRCB**") pursuant to which WU agreed to guarantee WRCB bank loans to SMEs serviced by ASCS for an aggregate amount of up to $1,000,000,000. Under the terms of the agreement, ASCS agreed to provide WU with a security deposit representing 10% of the continuous aggregate value of the loans it services.

• Agreement dated March 30, 2019 between Tenet's subsidiary AST and Xi'an Fenghui Automobile Service Company ("**FASC**") pursuant to which FASC agreed to use AST's Gold River product procurement platform to facilitate vehicle purchase and financing transactions.

• Agreement dated June 1, 2019 between Tenet's subsidiary ASDS and Jiangsu Zhongpu Financial Outsourcing Service Ltd. ("**ZFOS**") pursuant to which ASDS agreed to provide financial services to ZFOS clients and other supply-chain participants. Under the terms of the agreement, a company named Asia Synergy Supply Chain ("**ASSC**") was created of which ASDS owns a 51% controlling interest in ASSC and ZFOS owns the remaining 49%. ZFOS transferred part of its supply-chain operations to ASSC while ASDS contributed a royalty-free license to the Cubeler Lending Hub platform to ASSC.

• Agreement dated June 29, 2019 between Tenet's subsidiary ASSC and Ronghuitong Supply Chain Management Company Ltd. ("Ronghuitong") whereby ASSC agreed to outsource certain supply- chain financing related services to Ronghuitong.

• Agreement dated November 7, 2019 between Tenet and Jinxiaoer Technology Ltd. pursuant to which Tenet agreed to acquire the Jinxiaoer loan brokerage and commission paying platform.

• Agreement dated March 11, 2020 between Tenet's subsidiary ASSC and Jiangyin Gaoxinqu SME Development and Investment Ltd. pursuant to which Tenet agreed to provide the software platform that will power the city of Jiangyin's new commercial lending financial centre.

• Agreement dated September 21, 2020 between Tenet's subsidiary ASFC, Wuxi Industry Development Group ("**Wuxi IDG**") and Beijing Beijia Trading Company Ltd. ("**BBTC**") pursuant to which ASFC agreed to finance up to 10% of the value of BBTC's orders for Baidu smart speakers and Wuxi IDG agreed to provide logistics and warehousing and to finance up to 90% of BBTC's smart speaker orders.

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• Agreement dated October 20, 2020 between Tenet and Beijing Youxiangtong Group ("**BYG**"), the parent company of national consumer electronics distributor Beijing Dianjing Company Ltd. ("**BDC**"), pursuant to which Tenet agreed to provide financing to BDC's 60,000 online retail clients for up to 90% of the price of the products the clients purchase from BDC. The agreement provides for the new purchase order financing program to be offered to BDCs 60,000 clients through the creation of a new company by Tenet and BYG, in which Tenet will own a 51% controlling stake.

• Agreement dated November 18, 2020 between Tenet and Beijing Jingying Corporate Management Ltd. ("**BJM**") pursuant to which Tenet agreed to bring Tenet's Cubeler Lending Hub financing solution to BJM and its more than 250,000 retail clients, allowing for retailers to have up to 90% of the price of the products they purchase from participating distributors financed by the Lending Hub's banks and lending institutions.

• Agreement dated November 26, 2020 between Tenet and Gruppo Coin ("Coin") pursuant to which Tenet has agreed to provide short-term loans to Coin's social-media-influencer online sales partners.

• Agreement dated December 12, 2016, between Tenet and Qiyuesuo, a Chinese digital document signing service provider, that will allow members of the Business Hub ecosystem to digitally sign legally binding agreements with one another.

• Agreement dated January 7, 2021, between Tenet and China UnionPay subsidiary, Rongbang Technology Ltd. ("Rongbang"), which gives Tenet the ability to process payments, settle transactions, and transfer funds between lending institutions, banks and the businesses that are part of its Business Hub ecosystem. Through the agreement with Rongbang, Tenet will have control over the settlement and the transfer of funds of all transactions facilitated by its Business Hub and Gold River platforms through direct API links to the UnionPay network.

• Agreement dated January 28, 2021, between Tenet and beverage distributor Xiamen Guangzhui Ltd. ("Xiamen"), in which Tenet will provide financing solutions to the distributor and their retail clients through the Business Hub platform.

• Engagement letter dated February 22, 2021, Tenet entered into an engagement letter with Benchmark Company LLC ("Benchmark") pursuant to which Benchmark was appointed to act as the lead or book running managing underwriter in connection with the proposed registered public offering by Tenet of its Common Shares within the United States.

• Strategic Partnership Agreement dated February 24, 2021, between Tenet and ShopEx, a Chinese e-commerce software provider, which calls for an API link between the ShopEx platform and Tenet's Business Hub platform that will allow data from online stores managed with the ShopEx applications to flow to the Business Hub and help qualify the stores for loans and credit from the Hub's banks and financial institution lending partners. The parties will engage in joint marketing efforts and become authorized resellers of one another's products and services and earn referral fees from one another.

• Agreement on March 23, 2021, between Tenet and international investor relations specialists MZ Group (MZ), in which MZ would lead a comprehensive strategic investor relations and financial communications program across all key markets.

• Agency Agreement dated June 22, 2021, between Tenet and Research Capital Corporation Research ("RCC"), in which RCC agreed to act as lead agent and sole bookrunner in respect of a public offering of 26,300,000 units of the Company at a price per unit of $2.00 for aggregate gross proceeds of $52,600,000 pursuant to a short-form prospectus of the Company dated June 22, 2021.

• Warrant indenture dated as of July 7, 2021 between Tenet and AST Trust Company in connection with the Offering and the Over-Allotment Option.

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• Agreement dated July 26, 2021, between Tenet and banking artificial intelligence software provider Zhongke Software Intelligence Ltd. ("Zhongke"), in which Zhongke transferred its intellectual property to a Tenet- controlled subsidiary.

• Agreement dated July 29, 2021, between Tenet and China UnionPay, in which Tenet acquired a minority stake in China UnionPay subsidiary Rongbang.

• Agreement dated August 16, 2021, between Tenet, Cubeler Inc. ("Cubeler") and the shareholders of Cubeler, in which the Company announced that it reached an agreement to acquire 100% of the issued and outstanding shares of Cubeler. At the time, Cubeler provided funding and credit offers from banks and other lending institutions, the ability to connect and network with other business owners, timely market intelligence on various industries, and advertising opportunities.

• Agreement dated September 14, 2021, between Tenet and Huayan Kun Tai Technology Company Ltd. ("Huayan"), in which Tenet acquired all of the assets of Huayan, a private company that provides various SaaS (software as a service) solutions to insurers and insurance brokers in China, including the Heartbeat insurance platform.

• Agreement dated October 1, 2021, between Tenet, Cubeler Inc. ("Cubeler") and the shareholders of Cubeler, in which the Company finalized the purchase of all issued and outstanding securities of Cubeler in exchange for $1,000,000 in cash and 11,133,012 common shares of the Company.

• Exclusive partnership agreement dated October 6, 2021, between Tenet and pre-owned vehicle trading platform YouCKU, in which Tenet will provide YouCKU with after-sale used car warranty policies, extended warranty policies and on-site vehicle repair and replacement policies.

• Agreement dated October 29, 2021, between Tenet and Ping An Insurance ("Ping An") to distribute insurance products aimed at the auto industry through the Company's Heartbeat insurance brokerage platform.

• Marketing cooperation agreement dated November 18, 2021, between Tenet and Rongbang, whereby the parties will promote the other party's services to their respective clients, including through joint-marketing initiatives.

• Revenue sharing partnership agreement dated December 9, 2021, between Tenet and PetroChina for the sale and distribution of coffee at PetroChina gas station convenience stores.

**INTERESTS OF EXPERTS**

Raymond Chabot Grant Thornton LLP are the independent auditors for Tenet who have issued an independent auditor's report dated April 30, 2022 in respect of the Company's financial statements and the notes related thereto at December 31, 2021 and for each of the fiscal years ended December 31, 2020 and December 31, 2019. Raymond Chabot Grant Thornton LLP have confirmed that they are independent with respect to Tenet within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations.

**AUDIT AND RISK MANAGEMENT COMMITTEE**

Tenet's audit and risk management committee (the **"Audit and Risk Management Committee"**) is responsible for monitoring Tenet's systems and procedures for financial reporting and internal control, reviewing certain public disclosure documents and monitoring the performance and independence of Tenet's external auditors. The committee is also responsible for reviewing Tenet's annual audited financial statements, unaudited quarterly financial statements and management's discussion and analysis of financial results of operations for both annual and interim financial statements and review of related operations prior to their approval by the full board of directors of Tenet.

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The Audit and Risk Management Committee's charter sets out its responsibilities and duties, qualifications for membership, procedures for committee member removal and appointment and reporting to Tenet's board of directors. A copy of the charter is attached hereto as Schedule "A".

The following are the current members of the committee:

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| | | |
|:---|:---|:---|
| Mark Dumas | Independent | Financially literate |
| Dana Ades-Landy | Independent | Financially literate |
| Michael Pesner | Independent | Financially literate |

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All three members of the Audit and Risk Management Committee are "independent" and "financially literate" as those terms are defined by National Instrument 52-110 *Audit Committees* (**"NI 52-110"**).

Note that Ms. Ades-Landy has opted not to seek re-election to the Board at the Company's 2022 annual shareholders meeting for personal reasons. The Company is actively recruiting a new director but has yet to complete the process.

**Relevant Education and Experience**

Set out below is a description of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member.

***Mark Dumas*** - Mr. Dumas is an experienced executive and entrepreneur, having founded and been a key part of several companies and organizations. Mr. Dumas is currently Chief Strategy Officer at Culmen International, a private equity backed multinational corporation which has grown significantly since Culmen hired Mr. Dumas through its acquisition of a subsidiary of one of Mr. Dumas's companies. Prior to Culmen, Mr. Dumas founded, grew, and sold PlanetRisk (2014-2018), which provided solutions for commercial and government customers such as Apple and Starbucks to forecast and manage security risk. Prior to PlanetRisk, Mr. Dumas was a key part of the Corporate Development team as a Vice President at then Nasdaq-listed GeoEye (2010-2013) where he played an active role in M&A. Prior to GeoEye, Mr. Dumas founded, grew, and sold SPADAC (2002-2010), which was a technical sciences company that developed machine learning solutions and provided services to forecast risks and threats for the US Government. SPADAC paced the Inc.500 for several years of rapid growth. Since its founding in 2016, Mr. Dumas has been the Managing Director of Riverbend Capital 96, a venture capital firm. Mark is a seasoned M&A executive on buy side, sell side, and general fundraising, and has been a part of over 45 M&A deals and counting. Mr. Dumas holds 2 patents and 1 pending patent, is a Distinguished Fellow from the Bagley College of Engineering at Mississippi State University, where he graduated with a Bachelor of Science degree in Electrical Engineering.

***Dana Ades-Landy*** - Ms. Ades-Landy is a Corporate Director with over 25 years of experience in strategic development and governance in the banking and financial services sector, currently holding a position with the National Bank of Canada. Prior to that she has held senior positions at KPMG, Laurentian Bank of Canada and Scotiabank before serving as CEO of the Quebec chapter of the Heart and Stroke Foundation of Canada. Ms. Ades- Landy is a well-known advocate for the advancement of women in business, acting as the President and Chair of the Financial Women's Association of Quebec for 10 years, named one of Canada's Top 100 Most Powerful Women in 2007 and 2009. Ms. Ades-Landy sits on the board of several high-profile organizations, including Alithya Group Inc., a leader in digital transformation and strategy, and BFL Insurance, the largest private insurance brokerage in Canada.

***Michael Pesner*** - Mr. Pesner is President of Hermitage Canada Finance Inc., a company he founded in 2002 that provides financial advisory, mergers and acquisitions as well as financial advisory services to public and private corporations in diverse industries and effective April 1, 2022, EVP of Capital Markets with Novipro Inc. Prior to that, he spent 26 years at KPMG and predecessor firms where he accumulated a considerable amount of experience in financial management, corporate governance, and investment banking, including M&A transactions as well as debt and equity financing. His past and present directorship experience includes KPMG, David's Tea, Fonds Régional de Montréal, FTQ, Well.ca, SAQ (Société des alcools du Québec) and Wallbridge Mining to name just a few. His roles included Lead Director, Audit Committee Chair, and Governance Committee Chair.

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**Pre-Approval Policies and Procedures**

The Audit and Risk Management Committee's charter sets out responsibilities regarding the provision of non-audit services by Tenet's external auditors. This policy encourages consideration of whether the provision of services other than audit services is compatible with maintaining the auditor's independence and requires Audit and Risk Management Committee pre-approval of permitted audit and audit-related services.

**External Auditor Service Fees**

The aggregate fees charged for audit and non-audit services provided by Tenet's external auditors during the two most recently completed financial years are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Financial Year*<br>*Ending* | *Audit Fees* | *Audit Related Fees* | *Tax Fees* | *All Other Fees* |
| 2021 | $625000 |  |  |  |
| 2020 | $216940 |  |  |  |

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**Exemption in Section 6.1 of NI 52-110**

Section 6.1 of NI 52-110 provides an exemption for a venture issuer from the requirements of Parts 3 (Composition of the Audit Committee) and 5 (Reporting Obligations) of NI 52-110. Tenet is voluntarily filing this AIF.

**ADDITIONAL INFORMATION**

Additional information relating to Tenet Fintech Group Inc. can be found on SEDAR at <u>www.sedar.com</u>. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of Tenet's securities and securities authorized for issuance under equity compensation plans is contained in the management information circular of Tenet filed on SEDAR at www.sedar.com. Additional financial information is provided in Tenet's audited financial statements and management's discussion and analysis for the financial year ended December 31, 2021.

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**SCHEDULE "A"**

![](exhibit99-341x38x1.jpg)

**AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER**

**2021-03-15**

**1 PURPOSE**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1** The Audit and Risk Management Committee (the "**Committee**") is a standing committee appointed by the board of directors (the "**Board**") of Tenet Fintech Group Inc. (the "**Corporation**"). The Committee is established to fulfil applicable public Corporation obligations relating to audit committees and to assist the Board in fulfilling its oversight responsibilities with respect to financial reporting including responsibility to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) oversee the integrity of the Corporation's financial statements and financial reporting process, including the audit process and the Corporation's internal accounting controls and procedures and compliance with related legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(b) oversee the qualifications and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;(c) oversee the work of the Corporation's financial management, internal auditors and external auditors in these areas; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) provide an open avenue of communication between the external auditors, the internal auditors, the Board and management, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2** In addition, the Committee shall prepare, if required, an audit committee report for inclusion in the Corporation's annual management information circular, in accordance with applicable rules and regulations. The Committee is also responsible for assisting the Board in fulfilling its responsibilities relating to pension matters.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3** The function of the Committee is oversight. It is not the duty or responsibility of the Committee or its members: (i) to plan or conduct audits, (ii) to determine that the Corporation's financial statements are complete and accurate and are in accordance with generally accepted accounting principles, or (iii) to conduct other types of auditing or accounting reviews or similar procedures or investigations. The Committee, its Chair and its audit committee financial expert members are members of the Board of the Corporation, appointed to the Committee to provide broad oversight of the financial, risk and control related activities of the Corporation, and are specifically not accountable or responsible for the day-to-day operation or performance of such activities.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4** Management is responsible for the preparation, presentation and integrity of the Corporation's financial statements. Management is also responsible for maintaining appropriate accounting and financial reporting principles and policies and systems of risk assessment and internal controls and procedures designed to provide reasonable assurance that assets are safeguarded and transactions are properly authorized, recorded and reported and to assure the effectiveness and efficiency of operations, the reliability of financial reporting and compliance with accounting standards and applicable laws and regulations. Management is also responsible for monitoring and reporting on the adequacy and effectiveness of the system of internal controls. The external auditors are responsible for planning and carrying out an audit of the Corporation's annual financial statement in accordance with generally accepted auditing standards to provide reasonable assurance that, among other things, such financial statements are in accordance with generally accepted accounting principles.

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**2 PROCEDURES AND POWERS General**

The Committee shall have the following procedures and powers:

&nbsp;&nbsp;&nbsp;&nbsp;**2.1 *Composition*** *-* The Committee shall be composed of a minimum of three members. None of the members of the Committee shall be an officer or employee of the Corporation or any of its subsidiaries and each member of the Committee shall be an independent director within the meaning of applicable Canadian and United States securities laws and the TSX and NASDAQ (or any other exchanges the Corporation may be listed for trade) corporate governance standards.

All members of the Committee must be able to read and understand fundamental financial statements, including the Corporation's balance sheet, income statement, and cash flow statement and be "financially literate" (as that term is defined from time to time under the requirements or guidelines for audit committee service under applicable Canadian and United States securities laws and the rules of the Toronto Stock Exchange). At least one member of the Committee must also be an audit committee financial expert (as that term is defined from time to time under the requirements or guidelines for audit committee service under applicable Canadian and United States securities laws and the rules of the Toronto Stock Exchange and the NASDAQ).

&nbsp;&nbsp;&nbsp;&nbsp;**2.2 *Appointment and Replacement of Committee Members*** - Any member of the Committee may be removed or replaced at any time by the Board and shall automatically cease to be a member of the Committee upon ceasing to be a director. The Board may fill vacancies on the Committee by appointing another director to the Committee. The Board shall fill any vacancy if the membership of the Committee is less than three directors. Whenever there is a vacancy on the Committee, the remaining members may exercise all its power as long as a quorum remains in office. Subject to the foregoing, the members of the Committee shall be appointed by the Board annually and each member of a Committee shall remain on the Committee until the next annual meeting of shareholders after his or her appointment or until his or her successor shall be duly appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3 *Committee Chair*** - The Board shall designate the Chair by majority vote. If the Chair is absent from a meeting, the members shall select a Chair from those in attendance to act as Chair of the meeting. The Chair of the Committee shall be responsible for leadership of the Committee assignments and reporting to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**2.4 *Conflicts of Interest*** - If a Committee member faces a potential or actual conflict of interest relating to a matter before the Committee, other than matters relating to the compensation of directors, that member shall be responsible for alerting the Committee Chair. If the Committee Chair faces a potential or actual conflict of interest, the Committee Chair shall advise the Chair of the Board. If the Committee Chair, or the Chair of the Board, as the case may be, concurs that a potential or actual conflict of interest exists, the member faced with such conflict shall disclose to the Committee his or her interest and shall not participate in consideration of the matter and shall not vote on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;**2.5 *Compensation of Committee Members*** - The members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;**2.6 *Meetings*** - The Committee shall meet regularly at times necessary to perform the duties described herein in a timely manner, but not less than four times a year and any time the Corporation proposes to issue a press release with its quarterly or annual earnings information. The Committee shall also meet without management present at every meeting. Meetings may be held at any time deemed appropriate by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Calling of Meetings* - The Committee shall meet as often as it deems appropriate to discharge its responsibilities. Notice of the time and place of every meeting shall be given in writing, by any means of transmitted or recorded communication, including facsimile, email or other electronic means that produces a written copy, to each member of the Committee at least 48 hours prior to the time fixed for such meeting, with a copy to the Chair of the Board, the Chief Executive Officer and the Corporate Secretary of the Corporation. However, a member may in any manner waive a notice of a meeting. Attendance of a member at a meeting constitutes a waiver of notice of the meeting, except where a member attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. Whenever practicable, the agenda for the meeting and the meeting materials shall be provided to members before each Committee meeting in sufficient time to provide adequate opportunity for their review.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) *Quorum* - A majority of the members constitute a quorum for the transaction of the Committee business.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Secretary of Meeting* - The Chair of the Committee shall designate a person who need not be a member of the Committee to act as secretary or, if the Chair of the Committee fails to designate such a person, the Corporate Secretary of the Corporation shall be secretary of the Committee. The agenda of the Committee meeting will be prepared by the secretary of the Committee and, whenever reasonably practicable, circulated to each member prior to each meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Minutes* - Minutes of the proceedings of the Committee shall be kept in a minute book provided for that purpose. The minutes of the Committee meetings shall accurately record the discussions of and decisions made by the Committee, including all recommendations to be made by the Committee to the Board and shall be distributed to all Committee members.

&nbsp;&nbsp;&nbsp;&nbsp;**2.7 *Separate Executive and In-Camera Meetings*** - The Committee shall meet periodically with the Chief Financial Officer, the head of the internal audit function (if other than the Chief Financial Officer) and the external auditors in separate executive sessions to discuss any matters that the Committee or each of these groups believes should be discussed privately and such persons shall have access to the Committee to bring forward matters requiring its attention. The Committee shall also meet periodically without management present.

&nbsp;&nbsp;&nbsp;&nbsp;**2.8 *Professional Assistance*** - The Committee may require the external auditors and internal auditors to perform such supplemental reviews or audits as the Committee may deem desirable. In addition, the Committee may retain such special legal, accounting, financial or other consultants as the Committee may determine to be necessary to carry out the Committee's duties at the Corporation's expense.

&nbsp;&nbsp;&nbsp;&nbsp;**2.9 *Reliance*** - Absent actual knowledge to the contrary (which shall be promptly reported to the Board), each member of the Committee shall be entitled to rely on: (i) the integrity of those persons or organizations within and outside the Corporation from which it receives information; (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations; and (iii) representations made by management and the external auditors as to any information technology, audit and other non-audit services provided by the external auditors to the Corporation and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**2.10 *Reporting to the Board*** *-* The Committee will report through the Committee Chair to the Board following meetings of the Committee on matters considered by the Committee, its activities and compliance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;**2.11 *Outsiders May Attend Meetings*** - The Committee may invite members of management or others to attend meetings or to provide information, as necessary. The Corporation's external auditors will have direct access to the Committee at their own initiative.

**Powers**

&nbsp;&nbsp;&nbsp;&nbsp;**2.12** The Committee shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;**(a) *Access* -** The Committee is entitled to full access to all books, records, facilities, and personnel of the Corporation and its subsidiaries. The Committee may require such officers, directors and employees of the Corporation and its subsidiaries and others as it may see fit from time to time to provide any information about the Corporation and its subsidiaries it may deem appropriate and to attend and assist at meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**(b) *Delegation* -** The Committee may delegate from time to time to any person or committee of persons any of the Committee's responsibilities that lawfully may be delegated.

(**c**) ***Adoption of Policies and Procedures* -** The Committee may adopt policies and procedures for carrying out its responsibilities.

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**3 AUDIT RESPONSIBILITIES OF THE COMMITTEE Selection and Oversight of the External Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The external auditors are ultimately accountable to the Committee and the Board as the representatives of the shareholders of the Corporation and shall report directly to the Committee who shall so instruct the external auditors. The Committee shall annually evaluate the performance of the external auditors and propose the appointment of the external auditors of the Corporation in the Corporation's management information circular for shareholder approval. If the Committee deems it in the best interest of the Corporation to proceed with a change in external auditors, the Committee shall report to the Board the reasons for the change and any other significant issues related to the change, including the response of the incumbent external auditors, and enquire on the qualifications of the proposed external auditors before approving or rejecting the proposed change in external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Committee shall approve in advance the terms of engagement and the compensation to be paid by the Corporation to the external auditors with respect to the conduct of the annual audit. The Committee may approve policies and procedures for the pre-approval of services to be rendered by the external auditors, which policies and procedures shall include reasonable detail with respect to the services covered. All non-audit services to be provided to the Corporation or any of its affiliates by the external auditors or any of their affiliates which are subject to pre- approval by the Committee shall be approved by the Committee or the Chair of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** The Committee shall annually review the independence of the external auditors and shall make recommendations to the Board on appropriate actions to be taken which the Committee deems necessary to protect and enhance the independence of the external auditors. In connection with such review, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actively engage in a dialogue with the external auditors about all relationships or services that may impact the objectivity and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require that the external auditors submit to it on a periodic basis, and at least annually, a formal written statement delineating all relationships between the Corporation and its subsidiaries, on the one hand, and the external auditors and their affiliates on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consider whether there should be a regular rotation of the external audit firm itself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) consider the external auditor independence standards promulgated by applicable auditing regulatory and professional bodies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4** The external auditor and its affiliates, with the prior approval the Committee in writing, may provide certain non-audit services to the Corporation and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5** The Committee shall establish and monitor clear policies for the hiring by the Corporation of employees or former employees of the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;**3.6** The Committee shall require the external auditors to provide to the Committee, and the Committee shall review and discuss with the external auditors, all reports which the external auditors are required to provide to the Committee or the Board under rules, policies or practices of professional or regulatory bodies applicable to the external auditors, and any other reports which the Committee may require.

&nbsp;&nbsp;&nbsp;&nbsp;**3.7** The Committee shall review the performance of the external auditors, including assessing their effectiveness and quality of service, annually and, every 5 years, perform a comprehensive review of the performance of the external auditors over multiple years to provide further insight on the audit firm, its independence and application of professional skepticism.

&nbsp;&nbsp;&nbsp;&nbsp;**3.8** The Committee is responsible for resolving disagreements between management and the external auditors regarding financial reporting.

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**Appointment and Oversight of Internal Auditors (applicable only if such function is not performed by the Chief Financial Officer)**

&nbsp;&nbsp;&nbsp;&nbsp;**3.9** The appointment, terms of engagement, compensation, replacement or dismissal of internal auditors shall be subject to prior review and approval by the Committee. When the internal audit function is performed by employees of the Corporation, the Committee may delegate responsibility for approving the employment, term of employment, compensation and termination of employees engaged in such function other than the head of the Corporation's internal audit function.

&nbsp;&nbsp;&nbsp;&nbsp;**3.10** The Committee shall obtain from the internal auditors and shall review summaries of the significant reports to management prepared by the internal auditors, or the actual reports if requested by the Committee, and management's responses to such reports, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**3.11** The Committee shall, as it deems necessary and applicable, communicate with the internal auditors with respect to their reports and recommendations, the extent to which prior recommendations have been implemented and any other matters that the internal auditor brings to the attention of the Committee. The head of the internal audit function shall have unrestricted access to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.12** The Committee shall, annually or more frequently as it deems necessary and applicable, evaluate the internal auditors including their activities, organizational structure and qualifications and effectiveness.

**Oversight and Monitoring of Audits**

&nbsp;&nbsp;&nbsp;&nbsp;**3.13** The Committee shall review with the external auditors, the internal auditors and management, as applicable, the audit function generally, the objectives, staffing, locations, co-ordination, reliance upon management and internal audit and general audit approach and scope of proposed audits of the financial statements of the Corporation and its subsidiaries, the overall audit plans, the responsibilities of management, the internal auditors and the external auditors, the audit procedures to be used and the timing and estimated budgets of the audits.

&nbsp;&nbsp;&nbsp;&nbsp;**3.14** The Committee shall meet periodically or as it deems necessary and applicable, with the internal auditors to discuss the progress of their activities and any significant findings stemming from internal audits and any difficulties or disputes that arise with management and the adequacy of management's responses in correcting audit-related deficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.15** The Committee shall discuss with the external auditors any difficulties or disputes that arose with management or the internal auditors during the course of the audit and the adequacy of management's responses in correcting audit- related deficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.16** The Committee shall review with management the results of internal and external audits.

&nbsp;&nbsp;&nbsp;&nbsp;**3.17** The Committee shall take such other reasonable steps as it may deem necessary to satisfy itself that the audit was conducted in a manner consistent with all applicable legal requirements and auditing standards of applicable professional or regulatory bodies.

**Oversight and Review of Accounting Principles and Practices**

&nbsp;&nbsp;&nbsp;&nbsp;**3.18** The Committee shall, as it deems necessary, oversee, review and discuss with management, the external auditors and the internal auditors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the quality, appropriateness and acceptability of the Corporation's accounting principles and practices used in its financial reporting, changes in the Corporation's accounting principles or practices and the application of particular accounting principles and disclosure practices by management to new transactions or events;

&nbsp;&nbsp;&nbsp;&nbsp;(b) all significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including the effects of alternative methods within generally accepted accounting principles on the financial statements and any "second opinions" sought by management from an external auditor with respect to the accounting treatment of a particular item;

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&nbsp;&nbsp;&nbsp;&nbsp;(c) any material change to the Corporation's auditing and accounting principles and practices as recommended by management, the external auditors or the internal auditors or which may result from proposed changes to applicable generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the effect of regulatory and accounting initiatives on the Corporation's financial statements and other financial disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any reserves, accruals, provisions, estimates or management programs and policies, including factors that affect asset and liability carrying values and the timing of revenue and expense recognition, that may have a material effect upon the financial statements of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(f) the use of special purpose entities and the business purpose and economic effect of off-balance sheet transactions, arrangements, obligations, guarantees and other relationships of the Corporation and their impact on the reported financial results of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(g) any legal matter, claim or contingency that could have a significant impact on the financial statements, the Corporation's compliance policies and any material reports, inquiries or other correspondence received from regulators or governmental agencies and the manner in which any such legal matter, claim or contingency has been disclosed in the Corporation's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;(h) the treatment for financial reporting purposes of any significant transactions which are not a normal part of the Corporation's operations;

&nbsp;&nbsp;&nbsp;&nbsp;(i) the use of any "pro forma" or "adjusted" information not in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;(j) management's determination of goodwill impairment, if any, as required by applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;**3.19** The Committee will review and resolve disagreements between management and the external auditors regarding financial reporting or the application of any accounting principles or practices.

**Oversight and Monitoring of Internal Controls**

&nbsp;&nbsp;&nbsp;&nbsp;**3.20** The Committee shall, as it deems necessary, exercise oversight of, review and discuss with management, the external auditors and the internal auditors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy and effectiveness of the Corporation's internal accounting and financial controls and the recommendations of management, the external auditors and the internal auditors for the improvement of accounting practices and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any significant deficiency and material weakness in the design or operation of internal control over financial reporting, including with respect to computerized information system controls and security; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) management's compliance with the Corporation's processes, procedures and internal controls.

**Oversight and Monitoring of Reported Unethical Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;**3.21** In accordance with the Corporation's Whistleblower Policy (currently part of the Code of Ethics of the Corporation), the Committee shall establish and monitor procedures for the receipt and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or audit matters and the anonymous submission by employees of concerns regarding questionable accounting or auditing matters and review periodically or as it deems necessary and applicable, with management and the internal auditors these procedures and any significant complaints received.

**Oversight and Monitoring of the Corporation's Financial Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;**3.22** The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) review with the external auditors and management and recommend to the Board for approval the annual audited financial statements and notes relating thereto and the Management Discussion and Analysis accompanying such financial statements, the Corporation's annual report and any financial information of the Corporation contained in any prospectus or information circular of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) review with the external auditors and management each set of interim unaudited financial statements and notes related thereto and Management Discussion and Analysis accompanying such financial statements and any other disclosure documents or regulatory filings of the Corporation containing or accompanying such financial information of the Corporation.

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Such reviews shall be conducted prior to the release of any summary of the financial results or the filing of such reports with applicable regulators.

&nbsp;&nbsp;&nbsp;&nbsp;**3.23** Prior to their distribution, the Committee shall discuss earnings press releases, as well as financial information and earnings guidance provided to analysts and any ratings agencies, it being understood that such discussions may, in the discretion of the Committee, be done generally (i.e., by discussing the types of information to be disclosed and the type of presentation to be made) and that the Committee need not discuss in advance each earnings release or each instance in which the Corporation gives earning guidance.

&nbsp;&nbsp;&nbsp;&nbsp;**3.24** The Committee shall review the disclosure with respect to its pre-approval of audit and non-audit services provided by the external auditors.

**Oversight of Finance Matters**

&nbsp;&nbsp;&nbsp;&nbsp;**3.25** Appointments of the key financial executives involved in the financial reporting process of the Corporation, including the Chief Financial Officer and any business unit's controller or most senior individual, shall require the prior review of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.26** The Committee shall receive and review:

&nbsp;&nbsp;&nbsp;&nbsp;(a) periodic reports on compliance with requirements regarding statutory deductions and remittances;

&nbsp;&nbsp;&nbsp;&nbsp;(b) material policies and practices of the Corporation respecting cash management and material financing strategies or policies or proposed financing arrangements and objectives of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) material tax policies and tax planning initiatives, tax payments and reporting and any pending tax audits or assessments.

&nbsp;&nbsp;&nbsp;&nbsp;**3.27** The Committee shall meet periodically with management to review and discuss the Corporation's major financial risk exposures and the policy steps management has taken to monitor and control such exposures, including the use of financial derivatives and hedging activities.

&nbsp;&nbsp;&nbsp;&nbsp;**3.28** The Committee shall receive and review the financial statements and other financial information of material subsidiaries of the Corporation and any auditor recommendations concerning such subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**3.29** The Committee shall meet with management to review the process and systems in place for ensuring the reliability of public disclosure documents that contain audited and unaudited financial information and their effectiveness.

**Risk Oversight and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;**3.30** The Committee shall assess risk tolerance of the Corporation, management's program of risk assessment and steps taken to address significant risks or exposures, including insurance coverage, and obtain the external auditors' opinion of management's assessment of significant financial risks facing the Corporation and how effectively such risks are being managed or controlled.

&nbsp;&nbsp;&nbsp;&nbsp;**3.31** The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Review and monitor: (i) management's practices and policies with respect to the Corporation's major security risks, including physical, information, and cybersecurity risks, and control thereof, in accordance with applicable legal and regulatory requirements; (ii) security trends that may impact the Corporation's operations and business and evolving environment; (iii) contingency plans in the event of a security threat or breach; and (iv) initiatives in terms of development and implementation of appropriate communications and trainings; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) report to the Board on the Corporation's compliance with such practices and policies and progress in remedying any significant deficiencies related thereto and, where appropriate, make recommendations.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.32** Obtain regular updates from management and others, including internal and external auditors and legal counsel, concerning the Corporation's compliance with financial related laws and regulations such as tax and financial reporting laws and regulations and legal withholding requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**3.33** Review the findings of any examination by regulatory agencies.

**Committee Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;**3.34** If required by applicable laws or regulations or stock exchange requirements, the Committee shall prepare, review and approve a report to shareholders and others (the "**Report**"). In the Report, the Committee shall state whether it has:

&nbsp;&nbsp;&nbsp;&nbsp;(a) reviewed and discussed the audited or unaudited financial statements with management, the external auditors and the internal auditors, where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;(b) received from the external auditors all reports and disclosures required under legal, listing and regulatory requirements and this Charter and have discussed such reports with the external auditors, including reports with respect to the independence of the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) based on the reviews and discussions referred to in clauses (a) and (b) above, recommended to the Board that the audited financial statements be included in the Corporation's annual report.

**Additional Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;**3.35** The Committee shall review and make recommendations to the Board concerning the financial structure, condition and strategy of the Corporation and its subsidiaries, including with respect to annual budgets, long-term financial plans, corporate borrowings, investments, capital expenditures, long-term commitments, and the issuance and/or repurchase of stock.

&nbsp;&nbsp;&nbsp;&nbsp;**3.36** The Committee shall review and/or approve any other matter specifically delegated to the Committee by the Board and undertake on behalf of the Board such other activities as may be necessary or desirable to assist the Board in fulfilling its oversight responsibilities with respect to financial reporting.

**4 THE CHARTER**

The Committee shall review and reassess the adequacy of this Charter at least annually and otherwise as it deems appropriate and recommend changes to the Board. The performance of the Committee shall be evaluated with reference to this Charter annually.

The Committee shall ensure that this Charter is disclosed on the Corporation's website and that this Charter or a summary of it which has been approved by the Committee is disclosed in accordance with all applicable securities laws or regulatory requirements in the management information circular or annual report of the Corporation.

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## Exhibit 99.342

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**TENET FINTECH GROUP INC.**

**Form 52-109F1 - AIF**

**Certification of annual filings**

**in connection with voluntarily filed AIF**

This certificate is being filed on the same date that **Tenet Fintech Group Inc.** (the "Issuer") has voluntarily filed an AIF.

I, Johnson Joseph, Chief Executive Officer of **Tenet Fintech Group Inc.**, certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "Annual Filings") of the Issuer for the financial year ended **December 31, 2021**.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the Annual Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Annual Filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the Annual Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Annual Filings.

Date: June 16, 2022.

*"Johnson Joseph"*

_______________________

**Johnson Joseph**

Chief Executive Officer

 **<u>NOTE TO READER</u>**<br> In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.<br> The Issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

------

## Exhibit 99.343

------

**TENET FINTECH GROUP INC.**

**Form 52-109F1 - AIF**

**Certification of annual filings**

**in connection with voluntarily filed AIF**

This certificate is being filed on the same date that **Tenet Fintech Group Inc.** (the "Issuer") has voluntarily filed an AIF.

I, Jean Landreville, Chief Financial Officer of **Tenet Fintech Group Inc.**, certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "Annual Filings") of the Issuer for the financial year ended **December 31, 2021**.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the Annual Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Annual Filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the Annual Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Annual Filings.

Date: June 16, 2022.

*"Jean Landreville"*

_______________________

**Jean Landreville**

Chief Financial Officer

&nbsp;&nbsp; **<u>NOTE TO READER</u>**<br> In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.<br> The Issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

------

## Exhibit 99.344

------

![](exhibit99-344xu001.jpg)

**TENET FINTECH GROUP INC.**

**REVISED ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2021**

**JUNE 16, 2022**

**401 Bay Street, Suite 2702**

**Toronto, ON M5H 2Y4**

------

**TENET FINTECH GROUP INC.**

**REVISED ANNUAL INFORMATION FORM<br>FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2021<br><u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [**INTRODUCTORY NOTES**](#page_3) | [**1**](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Cautionary Note Regarding Forward-Looking Statements**](#page_3) | [**1**](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Currency**](#page_3) | [**1**](#page_3) |
| &nbsp;&nbsp;[**CORPORATE STRUCTURE**](#page_4) | [**2**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Name, Address and Incorporation**](#page_4) | [**2**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Intercorporate Relationships**](#page_4) | [**2**](#page_4) |
| &nbsp;&nbsp;[**GENERAL DEVELOPMENT OF THE BUSINESS**](#page_5) | [**3**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Overview**](#page_5) | [**3**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Three Year History**](#page_5) | [**3**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Significant Acquisitions**](#page_12) | [**10**](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**General**](#page_12) | [**10**](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Risk Factors**](#page_17) | [**15**](#page_17) |
| &nbsp;&nbsp;[**DIVIDENDS AND DISTRIBUTIONS**](#page_26) | [**24**](#page_26) |
| &nbsp;&nbsp;[**DESCRIPTION OF CAPITAL STRUCTURE**](#page_26) | [**24**](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Common Shares**](#page_26) | [**24**](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Share Options**](#page_27) | [**25**](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Warrants**](#page_28) | [**26**](#page_28) |
| &nbsp;&nbsp;[**MARKET FOR SECURITIES**](#page_28) | [**26**](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Trading Price and Volume**](#page_28) | [**26**](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Prior Sales**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;[**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;[**DIRECTORS AND OFFICERS**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Name, Occupation and Security Holdings**](#page_29) | [**27**](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**](#page_30) | [**28**](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Conflicts of Interest**](#page_31) | [**29**](#page_31) |
| &nbsp;&nbsp;[**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Legal Proceedings**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Regulatory Actions**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**TRANSFER AGENT AND REGISTRAR**](#page_32) | [**30**](#page_32) |
| &nbsp;&nbsp;[**MATERIAL CONTRACTS**](#page_33) | [**31**](#page_33) |
| &nbsp;&nbsp;[**INTERESTS OF EXPERTS**](#page_35) | [**33**](#page_35) |
| &nbsp;&nbsp;[**AUDIT AND RISK MANAGEMENT COMMITTEE**](#page_36) | [**34**](#page_36) |
| &nbsp;&nbsp;[**ADDITIONAL INFORMATION**](#page_37) | [**35**](#page_37) |
| [SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER](#page_38) |  |

---

- i -

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**INTRODUCTORY NOTES**

**Cautionary Note Regarding Forward-Looking Statements**

This revised annual information form (**"AIF"**) contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on reasonable assumptions that have been made by Tenet Fintech Group Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Tenet Fintech Group Inc. to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; including risks related to government and environmental regulation; industry conditions; stock market volatility; competition; as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in this AIF. Although Tenet Fintech Group Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Tenet Fintech Group Inc. does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws.

**Currency**

All dollar amounts in this AIF are expressed in Canadian dollars unless otherwise indicated.

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**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

Tenet Fintech Group Inc. ("**Tenet**" or the "**Company**") was incorporated as Java Capital Inc. under the *Business Corporations Act* (Alberta) on May 13, 2008 and was continued as a federal company under the *Canada Business Corporations Act* ("**CBCA**") on April 4, 2011. The Company changed its name to Peak Positioning Technologies Inc. effective April 5, 2011. Peak Position Technologies Inc. completed a vertical amalgamation with its wholly-owned subsidiary Peak Positioning Corporation effective January 1, 2018 with the resulting entity continuing as Peak Positioning Technologies Inc. The Company changed its name to Peak Fintech Group Inc. / Groupe Peak Fintech Inc. on November 18, 2020. The Company changed its name to Tenet Fintech Group Inc. / Groupe Tenet Fintech Inc. on November 1, 2021.

Tenet's head office and registered and records offices are located at 401 Bay Street, Suite 2702, Toronto, ON M5H 2Y4.

**Intercorporate Relationships**

The following diagram sets out the intercorporate relationships amongst Tenet's subsidiaries and the percentage of voting securities held by Tenet, either directly or indirectly, of each subsidiary. The jurisdiction of incorporation of all subsidiaries is China, except for Asia Synergy Ltd., which was incorporated in the jurisdiction of Hong Kong, and Cubeler Inc. and Tenoris3 Inc., both of which were incorporated in Canada under the CBCA.

![](exhibit99-344xu002.jpg)

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**GENERAL DEVELOPMENT OF THE BUSINESS**

**Overview**

Tenet is the parent company of a group of innovative financial technology (fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™ (hereinafter referred to as Business Hub), a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

**Three Year History**

***Fiscal Year ended December 31, 2019***

On January 7, 2019, the Company announced that it had closed a non-brokered private placement financing by placing 51 units comprised of a $10,000 face value non-secured convertible debenture and 10,000 common share purchase warrants allowing subscribers to purchase common shares of the Company at a price of $0.10 per share for a period of two years. The $510,000 proceeds of the financing were used for working capital purposes.

In January 2019, the Company announced that its subsidiary Asia Synergy Credit Solutions ("**ASCS**") had entered into a partnership agreement with Wuxi Union SME Guarantee Co. Ltd. ("**WU**") whereby WU would guarantee bank loans to small and medium-sized enterprises (SME) serviced by ASCS for an aggregate amount of up to $1,000,000,000 for an initial period of two years.

Also in January 2019, the Company announced that the process started on January 1, 2019 to transfer all loans that were previously being serviced by Wenyi to its Asia Synergy Credit Solutions ("**ASCS**") subsidiary was successfully completed on January 18, 2019. As of the transfer completion date, ASCS was servicing a total of 232 loans worth a combined $17,800,000.

In March 2019 Tenet announced that ASCS added commercial lender XinXin Micro Loan Company Ltd. ("**XinXin**") to its growing list of loan servicing clients. Under the terms of the agreement between XinXin and ASCS, XinXin will allocate up to 100M RMB (approximately CAD$20,000,000) in loans to be serviced by ASCS.

Also in March 2019, Tenet announced that Wuxi Jinxin Internet Small Loans Ltd. would be added to its ASCS subsidiary's expanding list of loan outsourcing service clients.

In April 2019, the Company announced that its Asia Synergy Technologies ("**AST**") subsidiary had signed an agreement with Xi'an Fenghui Automobile Service Company ("**FASC**") to use AST's Gold River product procurement platform to facilitate vehicle purchase and financing transactions. FASC is a well-established automobile dealer in Xi'an, the capital of Shaanxi Province, providing automobile purchase and financing services in Western China with no online presence.

In July 2019, the Company announced that its Asia Synergy Credit Solutions ("**ASCS**") subsidiary began servicing loans to micro and small-sized enterprises on behalf of Hua Xia Bank ("**HXB**"). Headquartered in Beijing, HXB is China's 14<sup>th</sup> largest commercial bank with over $490 Billion in assets, 968 branches and over 42,000 employees in 40 cities across China.

Also in July 2019, the Company announced that its Asia Synergy Data Solutions ("**ASDS**") subsidiary, which manages the Cubeler Lending Hub commercial lending platform in China, added a new module that caters to the specific financing needs of some of China's supply-chain verticals.

In August 2019, the Company announced that ASDS had created a new company in partnership with Jiangsu Zhongpu Financial Outsourcing Service Ltd. ("ZFOS") to provide financial services to ZFOS clients and other supply-chain participants, primarily by helping them qualify for loans and financing at reasonable rates. The new company, created in June 2019 and named Asia Synergy Supply Chain ("ASSC"), uses the Company's Cubeler Lending Hub platform to collect and analyze operational and transactional data from ZFOS clients. The platform then generates a series of financial reports to help qualify the clients for loans and financing either from ZFOS or from other partnering financial institutions. In addition to the fees charged to lenders for the financial reports, ASSC also charges clients a service fee representing a percentage of the value of the transactions facilitated through the program. Under the terms of the agreement that led to the creation of ASSC, ZFOS transferred part of its supply-chain operations to ASSC while ASDS contributed a royalty-free license to the Cubeler Lending Hub platform to ASSC. ASDS owns a 51% controlling interest in ASSC and ZFOS owns the remaining 49%.

------

In September 2019, Tenet announced that that its Asia Synergy Credit Solutions ("**ASCS**") subsidiary, which provides credit outsourcing services to banks and other financial institutions, launched a WeChat Mini Program that allows potential borrowers to quickly see if they would qualify for loans from any of the ASCS lending clients.

On October 7, 2019, the Company announced the creation of a program in partnership with automobile dealer Xian Fenghui Automobile Service Company ("FASC") and Shanghai Industrial Financial Leasing ("SIFL") to allow taxi drivers in the city of Xi'An to lease vehicles from FASC, financed by SIFL based on credit analysis provided by the Company.

In December 2019, the Company announced that it had reached an agreement to acquire the popular Jinxiaoer loan brokerage and commission paying platform from Jinxiaoer Technology Ltd. Jinxiaoer (which translates to "**Financial Waiter**") is a patented platform specifically designed for loan brokerage companies and their sales representatives. Jinxiaoer gives loan brokerage companies and their sales reps the ability to earn commissions on loan leads that they generate that are not suited for their businesses and to receive leads suited to their businesses from non-affiliated sales reps registered on the platform. Eventual revenue stemming from the Jinxiaoer platform was initially expected to come to Tenet in the form of monthly registration fees paid by the reps, annual franchise fees paid by the brokerage companies (the Jinxiaoer Service Centers), and transactional referral fees paid by the banks and lenders benefiting from the platform's leads, but Tenet has since decided to revise Jinxiaoer's revenue model.

Also in December 2019, the Company announced that it had reached an agreement with holders of the secured debenture issued in December 2017 with a remaining $3,500,000 balance to extend the maturity date by an additional 12 months until December 16, 2020.

In 2019, the Company continued to make inroads into the Chinese commercial credit space through its Cubeler Lending Hub platform and the services provided by its subsidiaries. Several financial institutions, including some of China's largest banks, became members of the Hub in 2019 and extended credit to small and micro enterprises based on the platform's credit analysis capabilities. The low default rate for credit extended through the platform, coupled with its processing efficiencies and cost-savings, are value-propositions that continue to resonate with and account for its adoption rate among financial institutions.

While Tenet was focused primarily on business development initiatives during the first three quarters of 2019, more emphasis was put on research & development and enhancements to the Lending Hub in the final quarter of the year. The Company spent a large portion of the quarter on the development and implementation of features to better meet its clients' needs and discussed the best ways to integrate the Jinxiaoer loan brokerage platform into the Lending Hub.

During 2019, the Company had total revenue of $11,700,000, an adjusted EBITDA of $1,500,000, cash flow from operations of ($272,840), and a net loss of $1,800,000.

***Fiscal Year ended December 31, 2020***

On February 5, 2020, the Company announced that it had closed a non-brokered private placement financing, raising $576,000 from the sale of 14,400,000 units comprised of common shares and half warrants with each unit priced at $0.04. The proceeds of the financing were used for working capital purposes and to help the Company meet its financial obligations related to its acquisition of the Jinxiaoer loan brokerage platform.

On February 20, 2020, the Company announced that all of its Chinese operating subsidiaries, with the exception of Asia Synergy Supply Chain ("**ASSC**"), had resumed their operations following the cancellation of government-imposed limitations of non-essential business operations due to the coronavirus outbreak which began in late 2019 ("**COVID-19"**). ASSC's operations resumed subsequent to the February 20, 2020 announcement. In compliance with government regulations to help contain the spread of COVID-19, the Company's subsidiaries had been closed since January 25, 2020, the start of the Chinese New Year holiday. Shortly before February 20, 2020, the Chinese government removed the business operation restrictions and encouraged all businesses where Tenet's subsidiaries are located, and in most parts of the country, to resume their normal operations.

------

In February 2020, Tenet announced that its Asia Synergy Data Solutions ("**ASDS**") subsidiary had officially entered the Shanghai credit market through a relationship with the Midai Group, a well-established Shanghai-based financial group whose offering includes providing financing and leasing services to the automotive industry.

Effective February 29, 2020, Mr. Laval Bolduc, who retired in 2017 after serving as the Company's CFO for six years but continued to serve as a director and part-time managing consultant of Tenet, stepped aside from those roles to focus on his retirement.

In March 2020, the Company announced that its Cubeler Lending Hub platform would be used to help distribute government relief funds from the Jiangyin Municipal Government and the Jiangyin Federation of Industry and Commerce to the city's small and medium sized businesses most affected by COVID-19.

In April 2020, the Company announced that its services would now be available to small and medium sized businesses, loan brokers and financial institutions in the city of Changzhou with the arrival of the city's first Jinxiaoer Service Centre.

On July 22, 2020, the Company announced that it had closed the first tranche of a non-brokered private placement financing, raising $1,000,000 from the sale of 50,000,000 units comprised of common shares and warrants with each unit priced at $0.02. The proceeds of the financing were used for working capital purposes and to help fund the Company's expansion plan.

Effective July 28, 2020 all of the issued and outstanding common shares of the Company ("**Common Shares**") were consolidated on the basis of one (1) post-consolidation Common Share for each ten (10) pre-consolidation Common Shares.

In August 2020, the Company announced the appointment of former KPMG Partner Michael Pesner to its board of directors.

On August 24, 2020, the Company announced that it had closed the second tranche of a non-brokered private placement financing in which it raised $2,519,000 through the sale of units comprised of common shares and warrants. The units that were originally priced at $0.02 prior to the 10-to-1 consolidation of the Company's common shares, were priced at $0.20 at the time of the closing of the second tranche of the non-brokered private placement financing. The proceeds of the financing were used for working capital purposes and to help fund the Company's expansion plan.

In September 2020, the Company announced that it had qualified to have its common shares listed on the OTCQX® Best Market, upgrading from the OTCQB® Venture Market.

Also in September 2020, the Company announced that its Lending Hub platform was powering a commercial lending financial centre, featuring 30 banks, 8 insurance companies and 3 investment funds, launched by the Jiangyin municipal government to help the city's businesses gain greater access to loans and credit. The idea for the creation of the Jiangyin Financial Centre was born back in March when the city began to use the Lending Hub to help qualify and distribute government financial aid to the city's COVID-19 affected businesses. Shortly thereafter, meetings were held between city officials, Tenet executives, and banking and insurance executives from more than 30 institutions, leading to the signing of the agreement for the creation of the Financial Centre.

In October 2020, the Company announced that its Asia Synergy Financial Capital ("**ASFC**") subsidiary had signed an agreement with Beijing Beijia Trading Company Ltd. ("**BBTC**"), the exclusive national distributor of Baidu's smart speakers, to finance BBTC's acquisition of the popular product.

Also in October 2020, the Company announced that it had signed an exclusive agreement with the parent company of national consumer electronics distributor Beijing Dianjing Company Ltd. ("**BDC**") to bring financing solutions to BDC's 60,000 online retail clients.

------

The Company announced in October 2020 that it had won a bid from the city of Nanjing to provide the software platform that will power the city's upcoming commercial lending financial centre.

On October 5, 2020, the Company announced that it had closed a non-brokered private placement financing in which it raised $500,000 through the sale of units comprised of common shares and warrants with each unit priced at $0.40. The proceeds of the financing were to be used to help the Company create a new subsidiary in partnership with the parent company of Beijing Dianjing Company Ltd., with who the Company has a strategic partnership.

In November 2020, the Company announced that it had hired former People's Bank of China senior manager, Mr. Wenjun Wu, as a special advisor to assist the Company in various business development capacities and in preparing the Company's Cubeler Lending Hub platform for China's upcoming digital currency.

Also in November 2020, the Company announced that it had signed an agreement with packaged foods wholesale distributor Beijing Jingying Corporate Management Ltd. ("**BJM**") to bring Tenet's Cubeler Lending Hub financing solution to BJM and its more than 250,000 retail clients.

Effective December 1, 2020, the Company's securities began trading under the name Peak Fintech Group Inc.

In December 2020, the Company announced that it had signed an agreement with high-end Italian retailer Gruppo Coin ("**Coin**") to provide short-term loans to Coin's social-media-influencer online sales partners. Also in December 2020, the Company announced that it had signed a memorandum of understanding (MOU) to acquire banking artificial intelligence software company Zhongke Software Intelligence Ltd. ("**Zhongke**"). Zhongke develops analytics and AI software used by banks and financial institutions in China to make decisions on loan and credit applications, as well as to process and to manage the applications. Zhongke is also a strategic partner of China UnionPay. Operating under the approval of the People's Bank of China (China's central bank), State-owned UnionPay is China's largest POS electronic funds transfer network and the only interbank network in China that links all the automatic teller machines (ATMs) of all banks throughout the country.

In December 2020, the Company also announced that its Gold River and Cubeler Lending Hub platforms were now ready to support China's new Digital Currency Electronic Payment (DC/EP). Unlike cryptocurrencies such as Bitcoin, China's DC/EP is legal tender, it's backed by yuan deposits, centralized and not anonymous. It is managed by China's Central Bank, which requires the country's banks to convert a part of their yuan holdings into DC/EP form and distribute them to businesses and citizens via mobile technology. The DC/EP took over five years to develop and is expected to help bring China's unbanked population into the mainstream economy and accelerate the country's move to a cashless society. The Company planned to run a pilot project to begin later in the month with a few supply-chain financing related transactions before making the feature available to all Gold River and Lending Hub clients.

During 2020, the Company raised $7,594,500 through the exercise of stock options, exercise of warrants and private placement financings.

***Fiscal Year ended December 31, 2021***

In January 2021, the Company announced that it has signed an agreement with China UnionPay subsidiary, Rongbang Technology Ltd. ("**Rongbang**"), that will give the Company the ability to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem. Rongbang provides technology specifically designed to optimize the efficiency of the flow of capital between financial institutions, consumers and businesses operating in a variety of industries. Its "UnionPay Supply Chain Integrated Service Platform", developed in collaboration with China UnionPay, is used by some of the country's most popular B2B and B2C e-commerce marketplace operators. UnionPay is a State-owned entity and China's largest POS electronic funds transfer network. It is also the only interbank network in China that links all the automatic teller machines (ATMs) of all banks throughout the country. Through the agreement with Rongbang, Tenet will have control over the settlement and the transfer of funds of all transactions facilitated by its Lending Hub and Gold River platforms through direct API links to the UnionPay network.

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Also in January 2021, the Company announced that beverage distributor Xiamen Guangzhui Ltd. ("Xiamen") became the third distributor after Beijing Dianjing Company Ltd. and Beijing Jingying Corporate Management Ltd. to join the Company's program specifically created to bring financing solutions to wholesale distributors and their retail clients through the Cubeler Lending Hub platform. Xiamen has over 1,100 retail clients, including e-commerce giant JD.com, and owns distribution rights to several popular beverages in China, including exclusive rights for Red Bull energy drinks at PetroChina convenience stores in Guizhou province.

In January 2021, the Company announced the appointment of former banking executive Dana Ades-Landy to its board of directors.

In February 2021, the Company also announced the launch of a new Cubeler Lending Hub financing program for JD.com ("**JD**") product suppliers that will allow them to receive cash advances on product orders they get from JD.

In February 2021, the Company announced that it had officially filed an application to have its common shares listed on the Nasdaq Capital Market stock exchange (the "**Nasdaq**").

On February 22, 2021 Tenet entered into an engagement letter with The Benchmark Company LLC ("**Benchmark**") pursuant to which Benchmark was appointed to act as the lead or book running managing underwriter in connection with the proposed registered public offering by Tenet of its Common Shares within the United States.

In March 2021, the Company announced that it had signed a strategic partnership agreement with ShopEx, China's preeminent e-commerce software provider. The strategic partnership between Tenet and ShopEx calls for an API link between the ShopEx platform and Tenet's Lending Hub platform that will allow data from online stores managed with the ShopEx applications to flow to the Lending Hub and help qualify the stores for loans and credit from the Hub's banks and financial institution lending partners. The parties will engage in joint marketing efforts and become authorized resellers of one another's products and services and earn referral fees from one another.

Also in March 2021, the Company announced that it had signed an agreement with Qiyuesuo, China's leading digital document signing service provider, that will allow members of its Lending Hub ecosystem to digitally sign legally binding agreements with one another.

Also in March 2021, the Company announced that it had engaged international investor relations specialists MZ Group (MZ) to lead a comprehensive strategic investor relations and financial communications program across all key markets. The agreement is for a term of twelve (12) months with a review after six (6) months. As compensation for the services provided, MZ Group will receive a monthly fee of US$10,000 and options to purchase 110,000 common shares of Tenet. The options will have an exercise price of $2.75 CAD and will expire five (5) years from the date of their issuance.

On July 7, 2021, the Company announced that it closed a public offering of 26,300,000 units of the Company at a price per unit of $2.00 for aggregate gross proceeds of $52,600,000 (the "**Financing**") pursuant to a short-form prospectus of the Company dated June 22, 2021. Pursuant to an agency agreement (the "Agency Agreement") between the Company and Research Capital Corporation dated June 22, 2021, Research Capital Corporation acted as lead agent and sole bookrunner for the Financing. The Financing includes the partial exercise of an over-allotment option granted to Research Capital Corporation pursuant to the Agency Agreement (the "**Over-Allotment Option**") for an aggregate of 1,300,000 additional units. The units were sold through Research Capital Corporation in the provinces of British Columbia, Alberta, Ontario, and Quebec. Each unit is comprised of one common share of the Company and one half of one common share purchase warrant of the Company. Each whole warrant is exercisable into one common share of the Company at an exercise price of $3.50 for a period of twenty-four months from the date of issuance thereof. In connection with the Financing, the Company paid the Research Capital Corporation a cash commission of $3,682,000 and issued 1,841,000 agent's warrants each exercisable at a price of $3.50 for a period of twenty-four months from the date of issuance thereof to acquire one common share of the Company.

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On July 9, 2021, the Company announced that its Cubeler Lending Hub and Gold River platforms became linked to the China UnionPay network through direct API links, allowing the Company to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem. China UnionPay is a State-owned entity and China's largest POS electronic funds transfer network, which links all the automatic teller machines of all banks throughout the country.

Effective July 27, 2021 all of the issued and outstanding common shares of the Company were consolidated on the basis of one (1) post-consolidation common share for each two (2) pre-consolidation common shares. The consolidation was done specifically to allow the Company to meet the minimum share price criteria set out by the Nasdaq in order to be listed on that exchange.

On July 26, 2021, the Company announced a major step in its pending acquisition of banking artificial intelligence software provider Zhongke Software Intelligence Ltd. ("**Zhongke**") with the transfer of Zhongke IP to a Tenet-controlled subsidiary.

On July 29, 2021, the Company announced that it had acquired a minority stake in China UnionPay subsidiary Rongbang Technology Ltd. ("**Rongbang**").

On August 5, 2021, the Company announced that Lishui Rural Commercial Bank and Xinghua Rural Commercial Bank joined the Company's Business Hub ecosystem.

On August 16, 2021, the Company announced that it reached an agreement to acquire 100% of the issued and outstanding shares of Cubeler Inc. ("**Cubeler**"). Cubeler is the developer and owner of the technology and business model at the core of the Company's Business Hub. The Company began commercializing the technology in China in 2018 through an exclusive licensing and royalty agreement with Cubeler.

On September 2, 2021, the Company filed a Form 40-F to register its common shares with the U.S. Securities and Exchange Commission (the "**SEC**") under Section 12(b) of the Securities Exchange Act of 1934. On September 7, 2021, the Company announced that Nasdaq initially approved the listing of the Company's common shares on the Nasdaq Capital Market. Nasdaq's correspondence to the SEC of September 8, 2021 certified that our common stock was approved for listing and registration by the exchange and joined our request for acceleration of the effective date of our September 2, 2021 registration statement on Form 40-F. Nasdaq confirmed approval of our common stock for listing upon official notice of issuance. Our common shares began trading on the Nasdaq Capital Market on September 9, 2021. After Tenet's common shares began trading on the Nasdaq Capital Market, Nasdaq informed us that it had been advised that the SEC's Division of Corporate Finance had not yet accelerated the effective date of our Form 40-F registration statement and that Nasdaq was thus withdrawing its erroneous certification of approval, which had resulted in the initiation of trading of our common shares trading on the Nasdaq Capital Market on September 9, 2021. The Company voluntarily withdrew its registration statement while the SEC carried out a thorough review based on the relatively new guidance and rules regarding companies that are either based in China, are controlled by Chinese interests, or have a large portion of their operations in China. The Company has not been given a timetable as to when the SEC review process might be completed but, as of the date of this filing, Tenet continues to work in a collaborative fashion with the SEC with a view to returning to the Nasdaq.

On September 14, 2021, the Company announced that it acquired the assets of Huayan Kun Tai Technology Company Ltd. ("**Huayan**"), a private company that provides various SaaS (software as a service) solutions to insurers and insurance brokers in China, including the Heartbeat insurance platform.

On September 21, 2021, the Company announced it was advised by Nasdaq that the SEC was still in the process of reviewing the Company's registration statement, the Form 40-F. As the review process was taking longer than originally expected, trading of the Company's common shares on the Nasdaq was temporarily halted until the SEC completes its review and issues the notice of effectiveness of the Company's Form 40-F.

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On September 28, 2021, the Company announced it voluntarily withdrew its Form 40-F while it works to comply with recent disclosure guidance provided by the SEC for companies either based in China or with the majority of their operations in China.

On October 1, 2021, the Company announced it officially acquired Cubeler in exchange for $1,000,000 in cash and 11,133,012 common shares of the Company.

On October 6, 2021, the Company announced it signed an exclusive partnership agreement with pre-owned vehicle trading platform YouCKU to provide YouCKU with after-sale used car warranty policies, extended warranty policies and on-site vehicle repair and replacement policies. YouCKU is one of China's largest pre-owned vehicle trading platforms with over 42,000 affiliated car dealers, 87 physical delivery centers, servicing more than 240 cities in almost every province and region in China.

On October 27, 2021, the Company announced its name change to Tenet Fintech Group Inc. effective Monday, November 1, 2021. The Company's ticker symbol would remain "PKK" on the Canadian Securities Exchange, "PKKFF" on the OTC Markets and "TNT" on the Nasdaq Capital Market when the securities resume trading on that exchange.

On October 29, 2021, the Company announced it signed a collaborative agreement with Ping An Insurance ("**Ping An**") to distribute insurance products aimed at the auto industry through the Company's Heartbeat insurance brokerage platform. Ping An) is China's largest insurance company, and the largest insurer in the Asia-Pacific region. Ping An also offers a variety of financial services, including banking and asset management is a pioneer in the development of smart cities across China.

On November 18, 2021, the Company announced it signed a marketing cooperation agreement with Rongbang, whereby the parties will promote the other party's services to their respective clients, including through joint - marketing initiatives.

On December 9, 2021, the Company announced it signed a revenue sharing partnership agreement with PetroChina for the sale and distribution of coffee at PetroChina gas station convenience stores.

***Current Fiscal Year to the date of this AIF***

On January 6, 2022 the Company announced it signed a strategic cooperation agreement with eHi Auto Services Ltd. ("**eHi**"), China's second-largest car rental company.

On January 27, 2022, the Company unveiled a new brand identity. At the heart of this rebranding was the change of the company name to Tenet Fintech Group Inc., which was previously announced and became effective on November 1st, 2021. Along with this change, a newly redesigned corporate logo was revealed.

On February 18, 2022, the Company announced that it started to accept pre-registration of small and medium sized businesses in preparation for the launch of the Company's Canadian Business Hub. As of today, Canadian business owners can visit www.cubeler.com and click on the "Preregister now" button to pre-register their businesses.

On March 21, 2022, the Company announced that it launched the Yun Fleet Platform as part of its Chinese Business Hub ecosystem to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Hub. The Yun Fleet Platform matches freight truckers with shipping opportunities based on factors such as proximity, fleet availability, whether climate control is required, and a variety of other factors to optimize cost and time efficiency for shippers and truckers alike. In addition to shipping opportunities, Yun Fleet Platform members are also eligible for other Business Hub services including financing and insurance services.

On April 13, 2022, the Company announced it signed a partnership agreement with the Industrial Bank Co. Ltd. ("**CIB**") to allow members of the Company's Chinese Business Hub to open bank accounts at CIB linked to their Business Hub accounts. The real bank accounts at CIB will provide Business Hub clients with an alternative to the Company's offering of virtual bank accounts on the China UnionPay network.

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On May 2, 2022, the Company announced its financial results for the year ended December 31, 2021. The Company reported revenues of $103.6M, an adjusted EBITDA of $2.48M, and a net loss of $48.5M for the year.

On May 16, 2022, the Company announced that it had signed an agreement with the People's Insurance Company of China and eHi Auto Services to launch the "Driver's Seat" policy, the first insurance policy to be exclusively available through Tenet's Heartbeat insurance brokerage platform.

On May 30, 2022, the Company announced its financial results for the three-month period ended March 31, 2022. The Company reported revenues of $34.7M, an adjusted EBITDA of ($568,202), and a net loss of ($3.36M).

**Significant Acquisitions**

As referenced above, on October 1, 2021, the Company concluded the acquisition of 100% of the issued and outstanding shares of Cubeler. Cubeler is the developer and owner of the technology and business model at the core of the Company's Business Hub. The Company began commercializing the technology in China in 2018 through an exclusive licensing and royalty agreement with Cubeler. Cubeler was acquired in exchange for $1,000,000 in cash and 11,133,012 common shares of the Company.

**DESCRIPTION OF THE BUSINESS**

***General***

Tenet is the parent company of a group of innovative artificial intelligence and financial technology ("fintech") subsidiaries operating primarily in the commercial lending and insurance industries. Tenet's subsidiaries bring together lending financial institutions and businesses to create the Business Hub, an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem. At the core of the Business Hub is an analytics and artificial intelligence software platform that automates credit and business transactions among ecosystem members. Among other things, the Business Hub allows lending and credit financial institutions to increase their loan portfolios while minimizing credit risk, and gives businesses significant cash flow flexibility by giving them greater access to credit and the ability to get paid much sooner by their clients, which translate to better overall business efficiency.

***Chinese Operations***

Tenet has developed the Business Hub, an analytics and artificial intelligence (AI) software platform. This commercial lending and transactional ecosystem brings together micro and small- to mid-sized enterprises (SMEs), lenders, brokers, data providers, and automated risk management capabilities for the purpose of making commercial lending and other transactions more efficient.

In 2021, the Company continued to expand its portfolio of products and services. SMEs from a wide range of industries, raw material suppliers, factories, financial institutions, insurance companies, and some local governments to transact through the Business Hub. Just as the Company expanded the reach of its offering in China, emphasizing verticals, such as the clean energy and insurance sectors, the Company is also promoting synergy between its offerings throughout the Business Hub. For instance, while Tenet's Heartbeat insurance brokerage platform originally focused on insurance products aimed at the auto industry, the Company is working with its insurance partners to design products specifically suited to the transactions facilitated on the Business Hub and offer policies along with the transactions facilitated. Similarly, the Company plans to offer shipping and logistics services with each transaction for which such services would be applicable through its Yun Fleet platform.

The Company operates its Chinese Business Hub ecosystem through several interconnected subsidiaries. The following diagram and summaries provide an overview of Tenet's Chinese subsidiaries and their respective purposes and operations.

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![](exhibit99-344x13x1.jpg)

<u>ASL (Asia Synergy Ltd.)</u> is a Hong Kong-based holding company.

<u>ASH (Asia Synergy Holdings Ltd.)</u>, a holding company, is the owner of Tenet's supply chain and technology companies.

<u>ARO (Wuxi Aorong Ltd.)</u> is a holding company, owning subsidiaries operating in the financial services and lending sectors.

<u>ASDS (Asia Synergy Data Solutions Ltd.)</u> is the manager of the Chinese portion of Tenet's Business Hub. ASDS' revenues are generated primarily through service fees related to loans and credit transactions facilitated through the Business Hub. The Business Hub offers SMEs a number of benefits, including (i) free registration, (ii) time savings because the Business Hub brings lenders to the SMEs, (iii) increased chances of obtaining credit, (iv) pre-qualification of credit that can be easily accessed, and (v) a greater likelihood of more borrowing options from multiple lenders. For banks and lending institutions, the Business Hub offers (a) streamlined access to potential clients, (b) instantly prequalified clients based on the lender's specific lending criteria, (c) minimized lending risk, (d) time and money savings, and (e) growth to the lender's loan portfolio. Loan brokers also benefit from the Business Hub, minimizing wasted leads, spending less time gathering data and building lending files, and increasing commissions.

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<u>AST (Asia Synergy Technologies Ltd.)</u> is the owner and manager of the GoldRiver e-commerce platform, which is linked to the Business Hub. GoldRiver was originally designed in 2017 as a product procurement platform for raw materials that go into the making of plastic products and for certain metals, such as copper and aluminum. In 2019, GoldRiver was modified to support the buying and selling of a variety of products between all members of the supply-chain, from materials suppliers to wholesale distributors to retailers. In addition to allowing them to place product and material purchase orders, GoldRiver allows the platform's registered users to have a portion of a purchase order or an entire purchase order placed on the platform financed through the platform's connection to Tenet's Business Hub. AST earns service fees for transactions conducted on GoldRiver.

<u>ASFC (Asia Synergy Financial Capital Ltd.)</u> is Tenet's only subsidiary licensed to directly lend funds. Tenet's platform is used to analyze data on the loan candidates before ASFC issues loans to qualified businesses. It earns interest on loans provided.

<u>LKS (Jiangsu Steel Chain Technology Co., Ltd.)</u> is a B2B trading platform for steel industry distributors and buyers and operates under the business name LinkSteel.

<u>ASST (Asia Synergy Supply-chain Technologies Ltd.)</u> is a supply chain bundle service provider for foods and beverages and other supply chain products. Its B2B trading platform is used to facilitate the sale of RedBull to Chinese gas stations, provide payment services for instant coffee machines deployed at PetroChina stores, facilitate the sale of consumer products on various ecommerce platforms China, including JD, Taobao, and Pinduoduo, and facility the buying and selling of frozen seafood between distributors and buyers.

<u>AJP (Zhejiang Xinjiupin Clean Tech-Oil & Gas Management Co.)</u> is a supply chain bundle service provider for the oil and gas sector. It operates a B2B trading platform for oil and gas distributors and buyers, integrating within Tenet's Business Hub to provide financing, logistics, market intelligence, payment services, and insurance services.

<u>ASAC (Shanghai Xinhuizhi Supply Chain Management Co., Ltd.)</u> is a supply chain bundle service provider of agricultural products, including coffee. It operates a B2B trading platform for coffee distributors and buyers, integrating within Tenet's Business Hub to provide financing, logistics, market intelligence, payment services, and insurance services.

<u>ASCS (Asia Synergy Credit Solutions Ltd.)</u> provides loan facilitation services, including loan sourcing/matching and risk management control and pairs potential borrowers with banks and other financial institutions.

<u>ASSC (Asia Synergy Supply Chain Ltd.)</u> provides logistics, warehousing, and other supply-chain related services to the steel industry.

<u>HKE (Huike Internet Technology Co., Ltd.)</u> and <u>ASSI (Xinxiang Technologies Ltd.)</u> are the owners and operators of the Heartbeat insurance product management and brokerage platform. Tenet acquired the platform in the fall of 2021 to complement its Business Hub service offering in China. The platform is aimed at improving the supervision of the insurance brokerage industry and enhancing the industry's collection and management of data. New Chinese insurance regulations and compliance obligations have greatly contributed to the adoption of the platform by Chinese insurance brokerage companies to connect with, access and sell insurance products.

<u>WCH (Wechain Technology Service Co., Ltd.)</u> is a micro loan facilitator operating primarily in the food industry. Through its proprietary platform, it partners with Chinese banks to facilitate the provisioning of credit to the underserved restaurant and food industries. WCH's platform is integrated with Tenet's Business Hub and allows banks to better assess the credit worthiness and monitor the activities of businesses to qualify them for loans.

<u>KLF (Kailifeng New Energy Technology Co., Ltd.)</u> is operates in the clean energy sector. It carries out R&D and is the owner of the i3060 platform. Named after China's pledge to cut carbon dioxide emissions after 2030 and be carbon neutral by 2060, the i3060 platform aims to digitize the feasibility and life cycle of clean energy projects. In early 2022, the Company began working with China Energy Engineering Corp. (CEEC) on a pilot project in four cities to install solar panels on residential and commercial roofs in a cost-effective manner. The i3060 platform is used to identify all the roof tops in each city where solar panels could potentially be installed, with each such roof identified as a mini-project. The platform then estimates the potential energy to be generated by each mini-project and its potential profitability before determining whether the mini-project should be pursued. Funding for the projects is provided through the Business Hub. All or part of the energy generated can be used by the building owners or sold to the energy grid.

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***Sales Revenue***

For purposes of financial reporting, the Company has segmented its revenue in its two principal operating segments - revenue from its fintech platform and revenue from its financial services. The following table sets forth revenues from sales to customers outside the consolidated entity by segment for the two most recently completed fiscal years.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sales by Segment** | **Year Ended** |  | **Year Ended** |  |
|  | **December 31, 2021** |  | **December 31, 2020** |  |
| &nbsp;&nbsp;Fintech Platform | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100048420 | 97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39313632 | 92% |
| &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>$3584354</u> | <u>3%</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>$3384417</u> | <u>8%</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$103632774 | 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42698049 | 100% |

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***Canadian Operations***

Since the acquisition by Tenet of Cubeler in late 2021, the Company has been adapting the platform with the intention of launching a Canadian segment of its Business Hub, which will be following by additional segments of the Business Hub in other countries and regions. Until the launch, the Company's operations in Canada consist primarily in adapting the platform for the non-Chinese markets, putting the personnel required for its Canadian operations in place, creating partnerships, and attracting potential members. The Canadian segment of the Hub will differ considerably from the Chinese segment of the Business Hub in terms of both approach and features. For instance, while the Chinese segment is industrial vertical focused with limited user interfaces, the other segments of the Business Hub (including the Canadian one) will be user interface focused. They will resemble a social network platform, promoting interactions between members and with the platform itself.

Once launched, the Canadian segment of the Business Hub is expected to generate new revenue streams. Whereas Tenet's revenue model in China is a transaction-based model in which service fees are charged for facilitating B2B transactions, the Company's revenue model outside of China will be based primarily on advertising as well as subscriptions to analytics and AI applications offered to both consumers and businesses.

***Specialized Skill and Knowledge***

Tenet requires specialized skill and knowledge to conduct its business activities. Success in the AI and fintech spaces require its personnel to possess a very high level of technological sophistication and solid experience to meet the challenges of the industry. The officers and directors of Tenet and its Chinese subsidiaries are industry professionals who have extensive expertise and highly-technical experience specific to the AI, e-commerce, and fintech sectors. They provide a strong foundation of advanced field skills and advanced knowledge, complemented by their demonstrated ability to succeed in the management and administration of a public company. Tenet has retained and will retain special advisors to provide specialized knowledge to the Company and its subsidiaries.

***Competitive Conditions***

Small- and medium-sized businesses and micro businesses in China, for the most part, are confronted with a frequent cash flow problem. A variety of lending platforms have sprung up over the past few years to help these businesses gain greater access to loans and credit to meet their short-term cash needs, making the space very competitive. Although many competing services use analytics to find loans and credit products for their business clients, most only rely on the information provided by the businesses. The analytics are often based on limited and static data. The simplicity of their registration process allows them to acquire clients quickly, but the results are not always the best for the clients or lenders. Tenet, on the other hand, requires clients to provide continuous access to their data by allowing its platform to link to their accounting or ERP systems. Tenet also requires the businesses to authorize the platform to access their bank statements and information about their business at various government agencies. Tenet's process may be more cumbersome than the competition, but the access to continuous data and more data has resulted in lower default rates for lenders who lend using Tenet's platform and in greater opportunities for businesses who use the service. Tenet hopes to use that competitive advantage to continue to expand its service offering throughout China in the coming months and years.

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***New Products***

As referenced above, on September 14, 2021, Tenet announced that it had acquired the Heartbeat insurance platform. The platform is aimed at improving the supervision of the insurance brokerage industry and enhancing the industry's collection and management of data. New Chinese insurance regulations and compliance obligations have greatly contributed to the adoption of the platform by Chinese insurance brokerage companies to connect with, access and sell insurance products.

As referenced above, on October 1, 2021, the Company concluded the acquisition of the Cubeler platform. Cubeler provides funding and credit offers from banks and other lending institutions, the ability to connect and network with other business owners, timely market intelligence on various industries, and advertising opportunities. Cubeler is also the developer and owner of the technology and business model at the core of the Company's Business Hub. The Company began commercializing the technology in China in 2018 through an exclusive licensing and royalty agreement with Cubeler. Until its acquisition, Tenet had been limited to commercializing the Cubeler platform in China. Tenet is now engaged in adapting the Cubeler platform for markets outside of China and expects to launch the platform (referred to as the Business Hub) in Canada before the end of 2022.

***Intangible Properties***

The Company's material intangible properties comprise of its AI and fintech platforms which form part of its Business Hub<sup>TM</sup> (including Cubeler, Tenoris3, Gold River, Heartbeat, i3060, and Wechain) and its trade names. Of those, the Company has filed applications for trademark protection for the tradenames Tenet, Cubeler, and Tenoris3 and considers each of the foregoing tradenames as legally protected properties.

The Company considers these intangible properties to be of vital importance to the Company. These intangible properties have assisted the Company to successfully penetrate the Chinese commercial lending space and build a solid reputation among businesses, banks, lending institutions, various levels of government and other influential stakeholders in a number of China's economic sectors. The Company plans to leverage the know-how, strategies, and technologies that it has developed and acquired in adapting its platforms for markets outside of China.

Tenet has also taken measures to secure its intellectual property, filing copyright and patents applications in China and trademark applications in Canada and the United States.

***Cycles***

Generally speaking the Company's business is not cyclical. However, because it operates in China, Tenet's business, just like most Chinese businesses is somewhat affected every year by the Chinese New Year Holiday. The holiday usually occurs sometime between the end of January and the beginning of February. Although the official holiday period usually lasts for 16 days, much of the country can shut down for as long as a month. This impacts most of the country's businesses, including Tenet's. The result is that Tenet's revenue for the first quarter of any year will typically be lower compared to revenue for the year's other three quarters simply because the Company loses almost a month of operations during the first quarter.

***Economic Dependence***

A significant portion of Tenet's 2020 revenues came from supply-chain financing related transactions thanks in part to Tenet's agreement with Ronghuitong Ltd. Ronghuitong provides shipping, warehousing and logistics services to hundreds of raw material suppliers and their manufacturing clients. Tenet originally signed a partnership agreement with Ronghuitong to bundle Tenet's purchase order financing services with Ronghuitong's services as a way for Tenet to introduce its services to Ronghuitong's clientele and allow Tenet to rapidly acquire clients. Tenet was not only able to sell its services to Ronghuitong's raw material supplier and manufacturing clients, but the Company was also able to add the manufacturers' distributor and retailer clients to its list of purchase order financing clients. The Company's agreement with Ronghuitong remains in effect, however, Tenet now has thousands of clients of its own and is no longer dependent on its agreement with Ronghuitong, which now only accounts for a small portion of the Company's revenue. Moreover, the Company has also been able to diversify its portfolio of products and services and, by extension, continues to diversify its revenues streams. The Company is also anticipating expansion outside of China in late 2022 and beyond, which will further lessen its dependence on any one contract.

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***Changes to Contracts***

There are no aspects of the Company's business that the Company reasonably expects to be affected in the current financial year by renegotiation or termination of contracts or sub-contracts.

***Environmental Protection***

The Company's operations are currently not affected by, or subject to, any environmental protection requirements, nor does Tenet expect its operations to be affected by any environmental protection requirements in the future.

***Employees***

As of the date of this AIF, Tenet had a total of 148 employees.

***Foreign Operations***

Most of Tenet's operations are in a foreign jurisdiction, namely the People's Republic of China. Foreign operations accounted for all of Tenet's revenues at the date of this AIF. Other than the commercial and intellectual property rights to the Cubeler platform, which is held directly by Tenet, most of Tenet's assets are held indirectly by Tenet's Chinese subsidiaries.

***Lending***

Tenet's ASFC subsidiary is the only one of the Company's subsidiaries that makes loans to businesses. ASFC's lending activities accounted for less than 3% of Tenet's total revenue in 2021 and are expected to account for less of Tenet's revenue in 2022. Tenet's Business Hub is used to analyze data on the loan candidates before ASFC issues loans to qualified businesses.

***Reorganizations***

There were no reorganizations of the Company or any of its subsidiaries within the three most recently completed financial years, nor are there any such reorganizations expected or being considered for the foreseeable future.

***Social or Environmental Policies***

There are no specific social or environmental policies affecting Tenet's business nor has the Company implemented any specific social or environmental policies the three most recently completed financial years.

**Risk Factors**

The risks described below are the principal risks that could have a material and adverse effect on our business, financial condition, results of operations, cash flows, future prospects or the trading price of our common shares. This AIF also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See "Cautionary Note Regarding Forward Looking Statements".

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***COVID-19 Pandemic***

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months in some parts of the world, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

**Risks Relating to Tenet**

***Negative Operating Cash Flow***

The Company had negative operating cash flow for the year ended December 31, 2021. The Company may require additional financing to fund its operations to the point where it is generating positive operating cash flow. Continued negative operating cash flow may restrict the Company's ability to pursue its business objectives.

***Financing Risk***

Since our founding, we have raised substantial equity and debt financing to support the growth of our business. Because we intend to continue to make investments to support the growth of our business, we will require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances, including increasing our marketing expenditures to improve our brand awareness, developing new products or services or further improving existing products and services, enhancing our operating infrastructure and acquiring complementary businesses and technologies. Accordingly, we will need to engage in equity or debt financings to secure additional funds. However, additional funds may not be available when we need them, on terms that are acceptable to us, or at all. In addition, our agreements with our lenders contain restrictive covenants relating to our capital raising activities and other financial and operational matters, and any debt financing that we secure in the future could involve further restrictive covenants which may make it more difficult for us to obtain additional capital and to pursue business opportunities. Volatility in the credit markets may also have an adverse effect on our ability to obtain debt financing.

If we raise additional funds through further issuances of equity or convertible debt securities, our existing shareholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common shares. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to pursue our business objectives and to respond to business opportunities, challenges or unforeseen circumstances could be significantly limited, and our business, operating results, financial condition and prospects could be adversely affected.

***If new products and platform enhancements do not achieve sufficient market acceptance, our financial results and competitive position will be harmed.***

We incur expenses and expend resources upfront to develop, acquire and market new products and platform enhancements to incorporate additional features, improve functionality or otherwise make our platforms more desirable to their users. New product or platform enhancements must achieve high levels of market acceptance in order for us to recoup our investment in developing and bringing them to market. Any new products and changes to our platform could fail to attain sufficient market acceptance for many reasons, including, without limitation, the following: our failure to predict market demand accurately and supply products that meet this demand in a timely fashion; users of our platforms may not like, find useful or agree with any changes; defects, errors or failures in our platforms; negative publicity about our products or our platforms' performance or effectiveness; delays in releasing to the market new products or platform enhancements; and the introduction or anticipated introduction of competing products by our competitors.

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If our new products or platform enhancements do not achieve adequate acceptance in the market, our competitive position, revenue and operating results could be harmed. The adverse effect on our financial results may be particularly acute because of the significant development, marketing, sales and other expenses we will have incurred in connection with new products or enhancements.

***Our business is subject to extensive and evolving regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.***

Our business is subject to numerous federal, provincial and other local laws, ordinances and regulations in each of the jurisdictions in which we operate, which are subject to change and which may impose significant costs or limitations on the way we conduct or expand our business. As we develop and introduce new products and services, we may become subject to additional laws and regulations.

If we fail to comply with regulations or prohibitions applicable to us, we could face regulatory or other enforcement actions and potential fines and other consequences.

In addition, future legislation or regulations may restrict our ability to continue our current methods of operation or expand our operations and may have a negative effect on our business, results of operations, financial condition and the price of our common shares. In addition, future legislation or regulations, or amendments to the existing regulatory regime, could require us to modify our platform and processes, which may cause us to incur additional costs and lead to a reduction in revenue.

While we have reviewed and revised our business model to ensure it complies with the applicable provincial and federal laws, the application of certain legislation to our business model remains uncertain. There is a risk that regulatory bodies or consumers could assert that certain federal or provincial laws are applicable where we have determined that they are not, and that we are not in compliance with such applicable requirements. If it is determined that we have not complied with the requirements of applicable laws, we could be subject to civil actions for nullification of contracts, rebate of some or all payments made by members, and damages, and/or subject to prosecution for violation of the laws, any of which outcomes could have a material adverse effect on the Company.

***We and our partners obtain, store and process a large amount of sensitive data. Any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material and adverse effect on our business.***

Cyber security risk is the risk of harm, loss and liability resulting from a failure or breach of information technology systems. We and our third-party partners and service providers, including third-party data centers that we use, obtain and process large amounts of sensitive data, including our clients' personal information and other sensitive data relating to our users and their transactions. We face risks, including to our reputation as a trusted brand, in the handling and protection of this data, and these risks will increase as our business continues to expand to include new products and technologies. We have administrative, technical, and physical security measures in place, and we have policies and procedures in place to contractually require third parties to whom we transfer data to implement and maintain appropriate security measures. However, if our security measures or those of the previously mentioned third parties are inadequate or are breached as a result of third-party action, employee error, malfeasance, malware, phishing, hacking attacks, system error, trickery, or otherwise, and, as a result, someone obtains unauthorized access to funds, cryptocurrencies, or sensitive information, including personally identifiable information, on our systems or our partners' systems, or if we suffer a ransomware or advanced persistent threat attack, or if any of the foregoing is reported or perceived to have occurred, our reputation and business could be damaged. Any perceived or actual breach of security, regardless of how it occurs or the extent of the breach, could have a significant impact on our reputation as a trusted brand, cause us to lose existing users, prevent us from obtaining new users, require us to expend significant funds to remedy problems caused by breaches and to implement measures to prevent further breaches, cease operations, and expose us to legal risk and potential liability including those resulting from governmental or regulatory investigations, class action litigation and costs associated with remediation, such as fraud monitoring. Any actual or perceived security breach at a company providing services to us or our customers could have similar effects.

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***Our business may be adversely affected by material changes to the interest rate charged to our clients and paid to our lenders.***

We earn a portion of our revenues from interest payments on the loans we make to our clients. Various financial institutions and other funding sources may in the future provide us with the capital to fund these term loans and lines of credit and charge us interest on funds that we draw down. In the event that the spread between the rate at which we lend to our clients and the rate at which we borrow from our lenders decreases, our financial results and operating performance will be harmed.

There are a variety of factors that could affect the interest rates we charge to our clients and which we pay to our lenders, such as access to capital based on our business performance, the volume of loans we make to our clients, competition with other lenders and regulatory requirements. Interest rate changes may adversely affect our business forecasts and expectations and are highly sensitive to many macroeconomic factors beyond our control, such as inflation, recession, the state of the credit markets, changes in market interest rates, global economic disruptions, unemployment and the fiscal and monetary policies of governments where we operate and their agencies. Any material reduction in our interest rate spread could have a material adverse effect on our business, results of operations and financial condition.

***Our services depend on debt financing products provided by third-parties, and we may not always be able to have these products, from which the vast majority of our revenues are derived, available on our platform.***

We offer debt financing products from third-party lenders to small, medium-sized and micro business borrowers and charge a fee for the service. Our services therefore depend on these third-party debt financing products. Our reliance on these products to generate the vast majority of our revenues exposes us to platform funding risks. If our lending partners decide to no longer make their debt financing products available on our platform, our business, operating results, financial condition and prospects could be adversely affected.

***The collection, processing, storage, use, and disclosure of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights.***

We receive, transmit and store a large volume of personally identifiable information and other sensitive data from clients. There are federal, provincial and foreign laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and sensitive data. Specifically, personally identifiable information is increasingly subject to legislation and regulations to protect the privacy of personal information that is collected, processed and transmitted. Any violations of these laws and regulations may require us to change our business practices or operational structure, address legal claims and sustain monetary penalties and/or other harms to our business.

The regulatory framework for privacy issues in Canada and in foreign jurisdictions is constantly evolving and is likely to remain uncertain for the foreseeable future. The interpretation and application of such laws is often uncertain, and such laws may be interpreted and applied in a manner inconsistent with our current policies and practices or require changes to the features of our platform. If either we or our third-party service providers are unable to address any privacy concerns, even if unfounded, or to comply with applicable laws and regulations, it could result in additional costs and liability, damage our reputation and harm our business.

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***We may face claims by third parties for alleged infringement of their intellectual property rights, which could harm our business.***

Our competitors, as well as a number of other entities and individuals, may claim that we infringe their intellectual property rights. Claims of infringement are becoming increasingly common as the software industry develops and third parties may assert infringement claims against us in the future. Although we have developed most of our platforms, we do include third-party software in our platform. In these cases, this software is licensed from the entity holding the intellectual property rights. Although we believe that we have secured proper licenses for all third-party software that is integrated into our platform, third parties may assert infringement claims against us in the future. Any such assertion may result in litigation or may require us to obtain a license for the intellectual property rights of third parties. Such licenses may not be available, or they may not be available on reasonable terms. In addition, such litigation could be disruptive to our ability to generate revenue or enter into new market opportunities and may result in significantly increased costs as a result of our defense against those claims or our attempt to license the intellectual property rights or rework our platform to ensure it complies with judicial decisions. Even if we were to prevail, any litigation regarding our intellectual property could be costly and time-consuming and divert the attention of our management and key personnel from our business operations. Any of the foregoing could have a significant adverse effect on our business and operating results as well as our ability to generate future revenue.

***If our software contains serious errors or defects, we may lose revenue and market acceptance.***

Software developed for our fintech platforms may contain errors, defects, security vulnerabilities or software bugs that are difficult to detect and correct, particularly when first introduced. Despite internal testing, our platforms may contain serious errors or defects, security vulnerabilities or software bugs that we may be unable to successfully correct in a timely manner or at all, which could result in lost revenue, significant expenditures of capital and damage to our reputation and brand, any of which could have an adverse effect on our business, financial condition and results of operations. Since the software we use is a critical component to our fintech platforms, errors, defects, security vulnerabilities, service interruptions or software bugs in our platforms could result in inappropriate loan decisioning and corresponding credit scores and/or interest rates.

***We rely on data from third parties for the successful operation of our platform.***

Our ability to review and select qualified clients for our lending partners depends on business performance data, business and personal identification data, and other relevant information about the clients that we collect from the clients themselves and from third parties, including credit bureaus. If this information becomes unavailable or becomes more expensive to access, it could increase our costs as we seek alternative sources of information. If third-party data we collect is incorrect, our ability to identify qualified clients or approve and price products may suffer and our business may be harmed.

***Our levels of indebtedness can have negative implications for our shareholders.***

Although we don't anticipate having a significant amount of indebtedness, any level of indebtedness could impact our operations. Our ability to make payments of principal and interest on any debt we carry will depend on our future operating performance and our ability to enter into additional debt and equity financings, which to a certain extent, is subject to economic, financial, competitive and other factors beyond our control. If, in the future, we are unable to generate sufficient cash flow to service our debt, we may be required to refinance all or a portion of our existing debt or obtain additional financing. There can be no assurance that any such refinancing would be possible or that any additional financing could be obtained on terms acceptable to us. The inability to obtain additional financing could have a material adverse effect on our operating performance and any additional equity financing would result in the dilution of shareholders.

Our indebtedness could have significant consequences to shareholders, such as increased vulnerability to adverse general economic and industry conditions. We may find it more difficult to fund future working capital, capital expenditures, general corporate purposes or other purposes and we would have to allocate a substantial portion of our cash resources to the payment on our indebtedness, which would reduce the funds available for operations and for distribution to shareholders.

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***Any misconduct and/or errors by our employees and third-party service providers could harm our business and reputation.***

We are exposed to many types of operational risk, including the risk of misconduct and errors by our employees and third-party service providers. Our business depends on our employees and third-party service providers to process a large number of increasingly complex transactions, including transactions that involve significant dollar amounts and loan transactions that involve the use and disclosure of personal and business information. We could be materially adversely affected if transactions are redirected, misappropriated or otherwise improperly executed, if personal and business information is disclosed to unintended recipients or if an operational breakdown or failure in the processing of other transactions occurs, whether as a result of human error, a purposeful sabotage or by means of a fraudulent manipulation of our operations or systems. In addition, the manner in which we store and use certain personal information and interact with clients is governed by applicable laws, including those in the People's Republic of China. If any of our employees or third-party service providers take, convert or misuse funds, documents or data or fail to follow our protocol when interacting with clients, we could be liable for damages and subject to regulatory actions and penalties. As a result, we could also be perceived to have facilitated or participated in illegal misappropriation of funds, documents or data, or failed to have followed protocol, and therefore be subject to civil or criminal liability. It is not always possible to identify and deter misconduct or errors by employees or third-party service providers, and the precautions we take to detect and prevent such activities may not be effective in controlling unknown or unmanaged risks or losses. Any of these occurrences could result in our diminished ability to operate our business, potential liability to our clients, inability to attract future clients, reputational damage, regulatory intervention and financial harm, which could negatively impact our business, financial condition and results of operations.

***Market Price of the Common Shares***

Tenet's common shares are listed and posted for trading on the CSE under the symbol 'PKK'. In addition, Tenet's common shares can be purchased in the U.S. on the OTCQX under the symbol 'PKKFF'. Tenet's business is in an early stage of development and an investment in Tenet's securities is highly speculative. There can be no assurance that an active trading market in Tenet's securities will be established and maintained. Securities of companies involved in the fintech industry have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. The price of the common shares is also likely to be significantly affected by short-term changes in Tenet's financial condition or results of operations as reflected in its quarterly earnings reports.

***Limited History of Operations***

Tenet has a limited history of operations. There can be no assurance that the business of Tenet and/or its subsidiaries will be successful and generate, or maintain, any profit.

***Foreign Subsidiaries***

Tenet conducts almost all of its operations through its Hong Kong and Chinese subsidiaries. Therefore, to the extent of these holdings, Tenet (directly and indirectly) will be dependent on the cash flows of these subsidiaries to meet its obligations. The ability of each such subsidiary to make payments to its parent company may be constrained by the following factors: the level of taxation, particularly corporate profits and withholding taxes, in the jurisdiction in which the subsidiary operates; and the introduction of exchange controls or repatriation restrictions or the availability of hard currency to be repatriated.

***China's economic, political and social conditions, as well as government policies, could affect our business, financial condition and results of operations.***

Most of our businesses, assets and operations are located in China. Accordingly, our financial condition, results of operations and business prospects are, to a significant degree, subject to the economic, political and legal developments in China. China's economy differs from the economies of most developed countries in many respects, including, among other things, government involvement, level of economic development, economic growth rate, control of foreign exchange and allocation of resources.

China's economy was a planned economy, and a substantial portion of productive assets in China is still owned or controlled by the People's Republic of China's government. The government also exercises significant control over China's economic growth by allocating resources, setting monetary policy and providing preferential treatment to particular industries or companies. Although the government has implemented economic reform measures to introduce market forces and establish sound corporate governance in business enterprises, the application of such economic reform measures may vary from industry to industry, or across different regions of the country. As a result, we may not benefit from certain of such measures.

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***Attraction and Retention of Key Personnel Including Directors***

Tenet has a small management team and the loss of a key individual or inability to attract suitably qualified staff could have a material adverse impact on the business of Tenet. Tenet may also encounter difficulties in obtaining and maintaining suitably qualified staff. The success of Tenet depends on the ability of management to interpret market data correctly and to interpret and respond to economic, market and other conditions in order to locate and adopt appropriate opportunities. No assurance can be given that individuals with the required skills will continue employment with Tenet or that replacement personnel with comparable skills can be found. Tenet will be dependent on the services of key executives, including the directors of Tenet and a small number of highly skilled and experienced executives and personnel. Due to the relatively small size of Tenet, the loss of these persons or Tenet's inability to attract and retain additional highly skilled employees may adversely affect its business and future operations.

***Growth Management***

Tenet may have difficulty identifying or acquiring suitable acquisition targets and maintaining the organic growth which is a significant aspect of its business model**.** If it is unable to manage growth, Tenet may be unable to achieve its expansion strategy**,** which could adversely impact its earnings per share and its revenue and profits.

***Dilution***

Tenet will require additional funds in respect of the further development of Tenet's business. If Tenet raises funds by issuing additional equity securities, such financing will dilute the equity interests of its shareholders.

***Future Sales of Shares by Existing Shareholders***

Sales of a large number of Tenet's common shares in the public markets, or the potential for such sales, could decrease the trading price of the common shares and could impair Tenet's ability to raise capital through future sales of its common shares. Tenet may from time to time have previously issued securities at an effective price per share which will be lower than the market price of its common shares. Accordingly, certain shareholders of Tenet may have an investment profit in the Company's common shares that they may seek to liquidate.

***Competition***

We face increasing competition and, if we do not compete effectively, our operating results could be harmed. We not only compete with traditional companies that provide financial services to businesses, but also with other fintech companies have begun focusing their efforts on targeting micro, small and medium businesses. In some cases, some competitors may offer a broader range of financial products to those businesses, and some competitors may offer a specialized set of specific products or services. Many of these competitors have significantly more resources and greater brand recognition than we do and may be able to attract customers more effectively than we do. When new competitors seek to enter one of our markets, or when existing market participants seek to increase their market share, they sometimes undercut the pricing and/or credit terms prevalent in that market, which could adversely affect our market share or ability to exploit new market opportunities. Our pricing and credit terms could deteriorate if we act to meet these competitive challenges. All of the foregoing could adversely affect our business, results of operations, financial condition and future growth.

***Reliance on Key Individuals***

Tenet's success depends to a certain degree upon certain key members of the management. It is expected that these individuals will be a significant factor in Tenet's growth and success. The loss of the service of members of the management could have a material adverse effect on Tenet.

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***Dividend Policy***

No dividends on common shares have been paid by Tenet to date. Tenet anticipates that it will retain all earnings and other cash resources for the foreseeable future for the operation and development of its business. Tenet does not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future dividends will be at the discretion of Tenet's board of directors after taking into account many factors, including Tenet's operating results, financial condition and current and anticipated cash needs.

***Conflicts of Interest***

Directors and officers of Tenet also serve or may also serve as directors and/or officers of other fintech companies and consequently there exists the possibility for such directors and officers to be in a position of conflict. Any decision made by any of such directors and officers will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of Tenet and its shareholders. In addition, each of the directors is required to declare and refrain from voting on any matter in which such directors may have a conflict of interest in accordance with the procedures set forth in the CBCA and other applicable laws.

***Global Financial Conditions***

In recent years, global financial markets have experienced increased volatility and global financial conditions have been subject to increased instability, resulting in a profound impact on the global economy. Many industries are impacted by these market conditions. Some of the key impacts of financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market liquidity. These factors may impact the ability of the Company to obtain equity or debt financing and, if available, to obtain such financing on terms favourable to the Company. If these increased levels of volatility and market instability continue, the Company's operations and planned growth could be adversely impacted and the trading price of the securities of the Company may be adversely affected.

***Holding Company With Significant Operations in China***

Investors should be aware as a holding company that is currently dependent on the operations of its subsidiaries in China, the Company is subject to risks that could cause the value of its common shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of its common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

***Regulatory Permissions***

To operate its business as currently conducted in China, each of the Company's subsidiaries in China is required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

***Repatriation of Profits or Transfer of Funds from China to Canada***

As of the date of this AIF, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits which the Company might want to repatriate from China to Canada, or the transfer any funds from any of its Chinese subsidiaries to Canada, are subject to the rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with the regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise adversely impact the Company in the future.

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In order to test its ability to transfer funds from its Chinese subsidiaries to the Tenet parent company, the Company initiated two management fee payments totaling US$300,000 from its Chinese subsidiaries (Asia Synergy Data Solution Ltd. and Asia Synergy Credit Solutions Ltd.) during the 2021 fiscal year. The funds representing these management fees were successfully transferred to a bank account the Company maintained in Montreal, Canada. The transfer of these funds did not attract tax consequences in China or in Canada other than in respect of income which the Company received and an expense to the noted Chinese subsidiaries. Although this test of payments from China to Canada was successful, there can be no assurance that the Company will be able to continue to do so again in the future or that the existing regulations allowing it to do so will not change. In the coming fiscal year, the Company intends to transfer earnings (additional funds) from China to Canada in the same manner on the basis of payments for management fees for services to be performed. No other assets, including cash, were transferred within the organization. The Company has not made any transfers, paid any dividends or made any distributions from earnings to its shareholders as at the date of this AIF, and the Chinese government has not impeded the Company from doing so.

***Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest***

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporary or permanently suspend some of its operations in China, which would adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favours that would advance the Company's business interests in exchange for cash or other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behaviour, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

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As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would negatively impact the Company's operations, revenue and profits.

***Insurance and Uninsured Risks***

Tenet's business is subject to a number of risks and hazards generally, including general liability. Such occurrences could result in damage to property, facilities, personal injury or death, damage to the properties of Tenet, or the properties of others, monetary losses and possible legal liability. Tenet may be subject to product liability claims, which may adversely affect its operations. Tenet's industry is highly regulated, and we may be subject to regulatory scrutiny for violations of regulations and laws. Tenet could be adversely affected by the time and cost involved with regulatory investigations even if it has operated in compliance with all laws. Investigations could also adversely affect the timely payment of receivables.

Although Tenet will maintain insurance to protect against certain risks in such amounts as it considers reasonable, its insurance will not cover all the potential risks associated with its operations. Tenet may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Tenet might also become subject to liability which may not be insured against or which Tenet may elect not to insure against because of premium costs or other reasons. Losses from these events may cause Tenet to incur significant costs that could have a material adverse effect upon its financial performance and results of operations.

***Currency Risk***

Currency fluctuations may affect the costs Tenet incurs at its operations. The majority of Tenet's operations is conducted in China. Fluctuations in the renminbi may have an adverse effect on Tenet's earnings.

**DIVIDENDS AND DISTRIBUTIONS**

Tenet has not paid any cash dividends or distributions since its incorporation. Tenet currently intends to retain future earnings, if any, for use in its business and does not anticipate paying dividends on its common shares in the foreseeable future. Any determination to pay any future dividends will remain at the discretion of Tenet's board of directors and will be made taking into account its financial condition and other factors deemed relevant by the board. There are no restrictions that prevent Tenet from paying dividends or distributions. Tenet is limited in its ability to pay dividends on its common shares by generally applicable restrictions under corporate law referred to "solvency tests".

**DESCRIPTION OF CAPITAL STRUCTURE**

**Common Shares**

The authorized share capital of Tenet consists of an unlimited number of common shares without par value. As of June 9, 2022, there were 98,812,183 common shares issued and outstanding.

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Holders of common shares are entitled to receive notice of any meetings of shareholders of Tenet, to attend and to cast one vote per common share at all such meetings. Holders of common shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of the common shares entitled to vote in any election of directors may elect all directors standing for election. Holders of common shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by Tenet's board of directors at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of Tenet are entitled to receive on a pro rata basis the net assets of Tenet after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of common shares with respect to dividends or liquidation. The common shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

**Share Options**

The following table sets out the number of common shares issuable pursuant to outstanding share options as of the date hereof, along with the exercise price and expiry of the share options.

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| | | |
|:---|:---|:---|
| **Number of Share Options<sup>1,2</sup>** | **Exercise Price per Share Option<sup>1,2</sup>** | **Expiry Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18750 | $1.10 | 27 November 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171250 | $1.60 | 15 December 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $1.00 | 16 April 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288750 | $1.00 | 05 June 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | $1.00 | 28 November 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $1.00 | 01 May 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447500 | $1.00 | 27 May 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | $1.00 | 05 September 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $1.10 | 01 November 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $1.00 | 12 November 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745500 | $1.00 | 11 June 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | $0.45 | 07 August 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225000 | $1.50 | 28 October 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $2.70 | 06 November 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | $5.70 | 28 January 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | $5.50 | 22 March 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | $4.80 | 13 May 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | $4.10 | 07 July 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $8.00 | 10 August 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | $11.50 | 28 October 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32725 | $7.50 | 01 January 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42881 | $5.60 | 01 February 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | $4.10 | 01 March 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15627 | $4.16 | 01 April 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13585 | $5.13 | 01 May 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842 | $2.55 | 01 June 2027 |

---

<sup>1</sup> The number and exercise price of any options granted prior to July 28, 2020 have been adjusted for the consolidation of the Company's common shares on the basis of 10 old shares for one new share effective July 28, 2020 and for the consolidation of the Company's common shares on the basis of two old shares for one new share effective July 27, 2021.

<sup>2</sup> The number and exercise price of any options granted on or after July 28, 2020 and prior to July 27, 2021 have been adjusted for the Company's consolidation of its common shares on the basis of two old shares for one new share effective July 27, 2021.

------

**Warrants**

The following table sets out the number of common shares issuable pursuant to outstanding share purchase warrants as of the date hereof, along with the exercise price and expiry date of the warrants.

---

| | | |
|:---|:---|:---|
| **Number of Warrants<sup>1</sup>** | **Exercise Price per Warrant<sup>1, 2</sup>** | **Expiry Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | $0.50 | July 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731190 | $0.50 | August 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13328 | $1.00 | May 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | $2.00 | May 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12870149 | $3.50 | July 7, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601837 | $3.50 | July 7, 2023 |

---

<sup>1</sup> The number and exercise price of any warrants issued prior to July 28, 2020 have been adjusted for the consolidation of the Company's common shares on the basis of 10 old shares for one new share effective July 28, 2020 and for the consolidation of the Company's common shares on the basis of two old shares for one new share effective July 27, 2021.

<sup>2</sup> The number and exercise price of any warrants issued on or after July 28, 2020 and prior to July 27, 2021 have been adjusted for the Company's consolidation of its common shares on the basis of two old shares for one new share effective July 27, 2021.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The common shares of the Company are listed and posted for trading in Canada on the CSE under the symbol "PKK". The following table sets forth information relating to the trading of the common shares on the CSE for the months indicated since the beginning of the most recently completed financial year.

---

| | | | |
|:---|:---|:---|:---|
| **Month<sup>1</sup>** | **High ($)<sup>1</sup>** | **Low ($)<sup>1</sup>** | **Volume<sup>1</sup>** |
| May 2022 | $4.89 | $1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9485828 |
| April 2022 | $5.40 | $3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622150 |
| March 2022 | $4.88 | $3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086143 |
| February 2022 | $5.38 | $2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7408649 |
| January 2022 | $7.49 | $4.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10435198 |
| December 2021 | $9.66 | $6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665139 |
| November 2021 | $11.31 | $7.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141040 |
| October 2021 | $11.78 | $7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8872836 |
| September 2021 | $14.50 | $9.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030108 |
| August 2021 | $11.40 | $5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450099 |
| July 2021 | $6.05 | $3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253615 |
| June 2021 | $5.08 | $3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960003 |
| May 2021 | $5.80 | $4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568152 |
| April 2021 | $6.04 | $5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920958 |
| March 2021 | $6.30 | $4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348030 |
| February 2021 | $6.28 | $4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893267 |
| January 2021 | $6.40 | $3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11624761 |

---

<sup>1</sup> The high price, the low price and the volume of Common Shares traded prior to the Company's July 27, 2021 consolidation of its Common Shares on the basis of two pre-consolidation Common Shares for one post-consolidation Common Share have been adjusted to the post-consolidated number of Common Shares and trading price.

------

**Prior Sales**

Since the beginning of the most recently completed financial year, Tenet has issued the following securities that are not listed or quoted on any marketplace:

---

| | | | |
|:---|:---|:---|:---|
| **Date of Issuance** | **Type of Security** | **Exercise Price<sup>1</sup>** | **Number of Securities<sup>1</sup>** |
| January 28, 2021 | Share Options | $5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| March 22, 2021 | Share Options | $5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 |
| May 13, 2021 | Share Options | $4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| July 07, 2021 | Share Options | $4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 |
| July 7, 2021 | Share Purchase Warrants<sup>**2**</sup> | $3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14990999 |
| August 10, 2021 | Share Options | $8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
| October 28, 2021 | Share Options | $11.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| January 01, 2022 | Share Options | $7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32725 |
| February 01, 2022 | Share Options | $5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42881 |
| March 01, 2022 | Share Options | $4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 |
| April 01, 2022 | Share Options | $4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15627 |
| May 01, 2022 | Share Options | $5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13585 |
| June 01, 2022 | Share Options | $2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842 |

---

<sup>1</sup> The number and exercise price of any securities issued prior to the prior to the Company's July 27, 2021 consolidation of its common shares on the basis of two old shares for one new share have been adjusted to the post-consolidated number of securities and exercise price.

<sup>2</sup> On July 7, 2021, the Company closed a short-form prospectus financing consisting of the sale of 13,149,999 units (a "Unit"). Each unit consists of one (1) common share and half (0.5) common share purchase warrant. The share consolidation of 2 for 1 made on July 27, 2021 does not affect the actual warrants linked to this prospectus. Two (2) warrants entitle the holder to purchase one (1) share of the Company at the price of $7.00 each for a period of twenty-four (24) months from the date of issuance.

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO**

**CONTRACTUAL RESTRICTION ON TRANSFER**

As of the date hereof, 7,758,504 shares of the Company were held in escrow by TSX Trust Company (the "Escrow Agent") in accordance with the terms of the Security Escrow Agency Agreement dated October 1, 2021, between the Escrow Agent, the Company and securityholders of Cubeler Inc. ("Cubeler"). Cubeler securityholders agreed to deposit with the Escrow Agent 11,133,012 shares in the Company received a partial consideration for the sale by said securityholders of the issued and outstanding shares of Cubeler. On February 2, 2022, 3,374,508 shares of the Company were released by the Escrow Agent. On October 1, 2022, 3,879,271 shares held in escrow are scheduled to be released and the remaining 3,879,233 shares held in escrow are scheduled to be released on October 1, 2023.

**DIRECTORS AND OFFICERS**

**Name, Occupation and Security Holdings**

The following table sets forth the name, province/state and country of residence, position held with Tenet and principal occupation for the past five years of each person who is a director and/or an officer of Tenet.

------

---

| | | |
|:---|:---|:---|
| **Name,<br>Province/State and<br>Country of<br><u>Residence</u>** | **Position(s) with<br><u>Tenet Fintech Group Inc.</u>** | **<u>Principal Occupation for the Past Five Years</u>** |
| **Johnson Joseph**<br>*Québec, Canada* | CEO, President & Director since February 8, 2011 | CEO and President of Tenet Fintech Group Inc. |
| **Mark Dumas**<br>*Virginia, USA* | Director since February 27, 2014; Member of the Audit and Risk Management Committee and<br>Compensation Committee | Chief Strategy Officer for Culmen International and head of M&A and Technology Operations since 2018; CEO, CSO and founder of<br>PlanetRisk from 2014 to 2018 |
| **Liang Qiu**<br>*Québec, Canada* | Director since June 23, 2017; CEO of Chinese Operations | CEO of the Company's Chinese operations |
| **Charles-André Tessier**<br>*Québec, Canada* | Director and Chairman of the Board since February 8, 2011; Member of the Compensation Committee | Advisor; business lawyer from 1980 to retiring in 2020 |
| **Michael Pesner**<br>*Québec, Canada* | Director since August 7, 2020 Chair of the Audit and Risk Management Committee and Member of the<br>Compensation Committee | CPA, CA; President of Hermitage Canada Finance Inc. (financial advisory services); Senior Partner, Financial Advisory Services at<br>the Montreal offices of KMPG from 1976 to 2002; director of Smart Employee Benefits Inc. since May 2017; director of Wallbridge Mining Company Limited since Jan. 2019; director of Dominion Water Reserves Corp. since March 2021; EVP Capital Markets for Novipro Inc. since April 2022 |
| **Dana Ades-Landy**<br>*Québec, Canada* | Director since January 28, 2021; Member of the Audit and Risk Management Committee | Senior Manager, Special Loans at the National Bank of Canada; CEO of the Heart & Stroke Foundation of Canada (Québec) from 2016 to August 2020 |
| **Jean Landreville**<br>*Québec, Canada* | CFO since January 31, 2018 | CFO of Tenet Fintech Group Inc., previously Finance Director for Morneau Shepell health and safety division in Montreal |

---

Directors of Tenet hold office until the conclusion of each annual general meeting. Officers are appointed by the Board and serve at the pleasure of the Board.

As of the date hereof, all directors and executive officers, as a group, directly or indirectly, beneficially owned, or controlled or directed, 7,720,890 Shares representing 7.81% off the currently issued and outstanding common shares before giving effect to the exercise of share options, share purchase warrants, or restricted share units held by such directors and executive officers.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Except as disclosed below, no director or executive officer of Tenet:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, or within ten years prior to the date hereof has been, a director, chief executive officer or chief financial officer of any company (including Tenet) that, (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or (ii) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) or a shareholder holding a sufficient number of securities of Tenet to affect materially control of Tenet, (i) is, or within ten years prior to the date hereof has been, a director or executive officer of any company (including Tenet) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (ii) has, within ten years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) or a shareholder holding a sufficient number of securities of Tenet to affect materially the control of Tenet, has been subject to (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

Johnson Joseph and Charles-André Tessier, as directors of the Company, were subject to a Management Cease Trade Order (the "MCTO") issued on May 1, 2013 by the Autorité des marchés financiers as a result of the Company's failure to file its 2012 Annual Disclosure Documents within the prescribed time to do so. The Company filed its 2012 Annual Disclosure Documents on May 31, 2013 and the MCTO was revoked by the Autorité des marchés financiers on June 6, 2013.

On June 3, 2015, Mr. Pesner resigned from the board of directors of Liquid Nutrition Group Inc. On June 12, 2015, June 24, 2015 and September 23, 2015, the securities commissions of the Provinces of Alberta, Ontario and British Columbia issued cease trade orders against Liquid Nutrition Group Inc. for default of filing its interim financial statements and management's discussion and analysis for the interim period ended March 31, 2015.

On January 31, 2017, the Autorité des marchés financiers issued a management cease trade order against Quest Rare Minerals Ltd., which cease trade order was revoked on March 14, 2017. On July 5, 2017, Quest Rare Minerals Ltd. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada). On March 2, 2018, the court approved and homologated the proposal dated January 3, 2018, as amended on January 11, 2018, which was accepted at the meeting of creditors held on January 24, 2018. Mr. Pesner resigned from the board of directors of Quest Rare Minerals Ltd. on April 4, 2018.

Mr. Pesner was a director of Le Château Inc. ("Le Château") until June 25, 2021. On October 23, 2020, Le Château obtained an Initial Order pursuant to the Companies' Creditors Arrangement Act (CCAA) to proceed with the orderly liquidation of its assets and wind down of its operations. On December 17, 2020, in accordance with its extended powers set out in the CCAA orders, the Court granted a Receivership order on a limited portion of Le Château's assets for the sole purpose of allowing employees of Le Château to benefit from those payments provided under the Wage Earner Protection Program Act (WEPPA). On January 11, 2021, Le Château received a failure-to file cease trade order issued by the Autorité des marchés financiers as a result of Le Château's delay in the filing of its unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three- and nine-month periods ended October 31, 2020. On June 25, 2021, Mr. Pesner resigned as a director of Le Chateau Inc. On September 2, 2021, 2175371 Canada Inc., formerly Le Chateau Inc., filed an assignment in bankruptcy and PricewaterhouseCoopers Inc. was appointed trustee.

**Conflicts of Interest**

Some of the proposed directors and officers of Tenet or a subsidiary of Tenet are or may be engaged in business activities on their own behalf and on behalf of other corporations, and situations may arise where some of the directors may be in potential conflict of interest with Tenet. Conflicts, if any, will be subject to the procedures and remedies under the CBCA. This legislation states that where a director has such a conflict, that director must, at a meeting of Tenet's directors, disclose his or her interest and refrain from voting for or against the approval of such participation or such terms unless otherwise permitted. In accordance with the CBCA, the directors and officers of Tenet are required to act honestly, in good faith and in the best interests of shareholders.

------

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

**Legal Proceedings**

As of the date hereof, the following legal proceedings have been instituted against the Company:

A class action lawsuit has been brought against Tenet and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case has been brought on behalf of Tenet shareholders who traded securities of Tenet between September 2, 2021, and October 13, 2021, on Nasdaq. The complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 by making false or misleading statements regarding (i) Tenet's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) Tenet's acquisitions of the Huayan Kun Tai Technology Company Ltd., the Heartbeat insurance platform, and Cubeler Inc., (iii) Tenet's listing on Nasdaq, (iv) Tenet's Form 40-F submission to the SEC, and (v) statements published about Tenet by Grizzly Reports. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022. The Company has retained external counsel and is defending itself vigorously against all claims.

**Regulatory Actions**

No penalties or sanctions were imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the year ended December 31, 2021.

No penalties or sanctions were imposed by a court or regulatory body against Tenet that would likely be considered important to a reasonable investor in making an investment decision.

Tenet did not enter into any settlement agreements before a court relating to securities legislation or with a securities regulatory authority during the year ended December 31, 2021.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Tenet acquired one hundred percent (100%) of the issued and outstanding equity of Cubeler Inc. on October 1, 2021. Tenet's CEO and the CEO of its Chinese operations were the founders of and, until acquired by Tenet, the controlling shareholders of Cubeler Inc.. The software of Cubeler Inc. is the centerpiece of Tenet's Lending Hub commercial lending platform.

Except as otherwise disclosed herein, no other directors, executive officers, or shareholders beneficially owning or exercising control or direction over, directly or indirectly, common shares of the Company carrying more than 10% of the voting rights attached to all common shares outstanding, and no associate or affiliate of the foregoing persons, has or has had any material interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year which has materially affected or is reasonably expected to materially affect Tenet or any of its subsidiaries.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar for the Company's common shares is TSX Trust Company (formerly AST Trust Company (Canada)) at its principal offices located in Toronto, Ontario and in Montréal, Québec.

------

**MATERIAL CONTRACTS**

Except for contracts made in the ordinary course of business, Tenet entered into the following material contracts (i) during the most recently completed financial year, or (ii) before the most recently completed financial year if such material contract is still in effect.

• Registrar and Transfer Agent Agreement between the Company and AST Trust Company (Canada) dated July 15, 2011;

• Agreement dated October 18, 2017 between Tenet's subsidiary ASDS and China Auto Industry Development Ltd ("**CAID"**) pursuant to which CAID agreed to use the Cubeler commercial lending platform, managed by ASDS, as a solution to have its purchase orders financed.

• Agreement dated November 1, 2017 between Tenet and Jiu Dong Limited ("**Jiu Dong**") pursuant to which Tenet and Jiu Dong agreed to create a financial services subsidiary to be named Asia Synergy Financial Capital ("**ASFC**"). Under the terms of the agreement between the parties, Jiu Dong agreed to invest $9.8M directly into ASFC for a 49% equity stake, while Tenet agreed to invest $10.2M for a 51% stake in the financial services company.

• Lender Partnership Agreement dated June 6, 2018 between Tenet's subsidiary ASDS and Wuxi Jinxin Internet Small Loans Ltd. ("**WJISL**") pursuant to which WJISL agreed to become a registered lender on the Cubeler platform.

• Lender Partnership Agreement dated June 14, 2018 between Tenet's subsidiary ASDS and Hua Xin Lending Company ("**Hua Xin**"), pursuant to which Hua Xin agreed to become a registered lender on the Cubeler platform.

• Agreement dated December 20, 2018 between Tenet and Wenyi Financial Services Co. Ltd. ("**Wenyi**") pursuant to which Wenyi agreed to effectively transfer its operations, including most of its 20 employees, service agreements and assets, to newly created wholly-owned Tenet subsidiary Asia Synergy Credit Solutions ("**ASCS**").

• Partnership agreement dated January 20, 2019 between Tenet's subsidiary ASCS, Wuxi Union SME Guarantee Co. Ltd. ("**WU**") and the Wuxi Rural Commercial Bank ("**WRCB**") pursuant to which WU agreed to guarantee WRCB bank loans to SMEs serviced by ASCS for an aggregate amount of up to $1,000,000,000. Under the terms of the agreement, ASCS agreed to provide WU with a security deposit representing 10% of the continuous aggregate value of the loans it services.

• Agreement dated March 30, 2019 between Tenet's subsidiary AST and Xi'an Fenghui Automobile Service Company ("**FASC**") pursuant to which FASC agreed to use AST's Gold River product procurement platform to facilitate vehicle purchase and financing transactions.

• Agreement dated June 1, 2019 between Tenet's subsidiary ASDS and Jiangsu Zhongpu Financial Outsourcing Service Ltd. ("**ZFOS**") pursuant to which ASDS agreed to provide financial services to ZFOS clients and other supply-chain participants. Under the terms of the agreement, a company named Asia Synergy Supply Chain ("**ASSC**") was created of which ASDS owns a 51% controlling interest in ASSC and ZFOS owns the remaining 49%. ZFOS transferred part of its supply-chain operations to ASSC while ASDS contributed a royalty-free license to the Cubeler Lending Hub platform to ASSC.

• Agreement dated June 29, 2019 between Tenet's subsidiary ASSC and Ronghuitong Supply Chain Management Company Ltd. ("Ronghuitong") whereby ASSC agreed to outsource certain supply-chain financing related services to Ronghuitong.

• Agreement dated November 7, 2019 between Tenet and Jinxiaoer Technology Ltd. pursuant to which Tenet agreed to acquire the Jinxiaoer loan brokerage and commission paying platform.

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• Agreement dated March 11, 2020 between Tenet's subsidiary ASSC and Jiangyin Gaoxinqu SME Development and Investment Ltd. pursuant to which Tenet agreed to provide the software platform that will power the city of Jiangyin's new commercial lending financial centre.

• Agreement dated September 21, 2020 between Tenet's subsidiary ASFC, Wuxi Industry Development Group ("**Wuxi IDG**") and Beijing Beijia Trading Company Ltd. ("**BBTC**") pursuant to which ASFC agreed to finance up to 10% of the value of BBTC's orders for Baidu smart speakers and Wuxi IDG agreed to provide logistics and warehousing and to finance up to 90% of BBTC's smart speaker orders.

• Agreement dated October 20, 2020 between Tenet and Beijing Youxiangtong Group ("**BYG**"), the parent company of national consumer electronics distributor Beijing Dianjing Company Ltd. ("**BDC**"), pursuant to which Tenet agreed to provide financing to BDC's 60,000 online retail clients for up to 90% of the price of the products the clients purchase from BDC. The agreement provides for the new purchase order financing program to be offered to BDCs 60,000 clients through the creation of a new company by Tenet and BYG, in which Tenet will own a 51% controlling stake.

• Agreement dated November 18, 2020 between Tenet and Beijing Jingying Corporate Management Ltd. ("**BJM**") pursuant to which Tenet agreed to bring Tenet's Cubeler Lending Hub financing solution to BJM and its more than 250,000 retail clients, allowing for retailers to have up to 90% of the price of the products they purchase from participating distributors financed by the Lending Hub's banks and lending institutions.

• Agreement dated November 26, 2020 between Tenet and Gruppo Coin ("Coin") pursuant to which Tenet has agreed to provide short-term loans to Coin's social-media-influencer online sales partners.

• Agreement dated December 12, 2020 between Tenet and Qiyuesuo, a Chinese digital document signing service provider, that will allow members of the Business Hub ecosystem to digitally sign legally binding agreements with one another.

• Agreement dated January 7, 2021, between Tenet and China UnionPay subsidiary, Rongbang Technology Ltd. ("Rongbang"), which gives Tenet the ability to process payments, settle transactions, and transfer funds between lending institutions, banks and the businesses that are part of its Business Hub ecosystem. Through the agreement with Rongbang, Tenet will have control over the settlement and the transfer of funds of all transactions facilitated by its Business Hub and Gold River platforms through direct API links to the UnionPay network.

• Agreement dated January 28, 2021 between Tenet and beverage distributor Xiamen Guangzhui Ltd. ("Xiamen") pursuant to which Tenet will provide financing solutions to the distributor and their retail clients through the Business Hub platform.

• Engagement letter dated February 22, 2021 between Tenet and Benchmark Company LLC ("Benchmark") pursuant to which Benchmark was appointed to act as the lead or book running managing underwriter in connection with the proposed registered public offering by Tenet of its Common Shares within the United States.

• Strategic Partnership Agreement dated February 24, 2021 between Tenet and ShopEx, a Chinese e-commerce software provider, which calls for an API link between the ShopEx platform and Tenet's Business Hub platform that will allow data from online stores managed with the ShopEx applications to flow to the Business Hub and help qualify the stores for loans and credit from the Hub's banks and financial institution lending partners. The parties will engage in joint marketing efforts and become authorized resellers of one another's products and services and earn referral fees from one another.

• Agreement on March 23, 2021 between Tenet and international investor relations specialists MZ Group (MZ), pursuant to which MZ would lead a comprehensive strategic investor relations and financial communications program across all key markets.

• Agency Agreement dated June 22, 2021, between Tenet and Research Capital Corporation Research ("RCC"), pursuant to which RCC agreed to act as lead agent and sole bookrunner in respect of a public offering of 26,300,000 units of the Company at a price per unit of $2.00 for aggregate gross proceeds of $52,600,000 pursuant to a short-form prospectus of the Company dated June 22, 2021.

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• Warrant indenture dated as of July 7, 2021 between Tenet and AST Trust Company in connection with the Offering and the Over-Allotment Option.

• Agreement dated July 26, 2021, between Tenet and banking artificial intelligence software provider Zhongke Software Intelligence Ltd. ("Zhongke") pursuant to which Zhongke transferred its intellectual property to a Tenet-controlled subsidiary.

• Agreement dated July 29, 2021 between Tenet and China UnionPay pursuant to which Tenet acquired a minority stake in China UnionPay subsidiary Rongbang.

• Agreement dated August 16, 2021, between Tenet, Cubeler Inc. ("Cubeler") and the shareholders of Cubeler, in which the Company announced that it reached an agreement to acquire 100% of the issued and outstanding shares of Cubeler. At the time, Cubeler provided funding and credit offers from banks and other lending institutions, the ability to connect and network with other business owners, timely market intelligence on various industries, and advertising opportunities.

• Agreement dated September 14, 2021 between Tenet and Huayan Kun Tai Technology Company Ltd. ("Huayan") pursuant to which Tenet acquired all of the assets of Huayan, a private company that provides various SaaS (software as a service) solutions to insurers and insurance brokers in China, including the Heartbeat insurance platform.

• Agreement dated October 1, 2021 between Tenet, Cubeler Inc. ("Cubeler") and the shareholders of Cubeler pursuant to which the Company finalized the purchase of all issued and outstanding securities of Cubeler in exchange for $1,000,000 in cash and 11,133,012 common shares of the Company.

• Exclusive partnership agreement dated October 6, 2021 between Tenet and pre-owned vehicle trading platform YouCKU pursuant to which Tenet will provide YouCKU with after-sale used car warranty policies, extended warranty policies and on-site vehicle repair and replacement policies.

• Agreement dated October 29, 2021 between Tenet and Ping An Insurance ("Ping An") to distribute insurance products aimed at the auto industry through the Company's Heartbeat insurance brokerage platform.

• Marketing cooperation agreement dated November 18, 2021 between Tenet and Rongbang whereby the parties will promote the other party's services to their respective clients, including through joint-marketing initiatives.

• Revenue sharing partnership agreement dated December 9, 2021 between Tenet and PetroChina for the sale and distribution of coffee at PetroChina gas station convenience stores.

**INTERESTS OF EXPERTS**

Raymond Chabot Grant Thornton LLP are the independent auditors for Tenet who have issued an independent auditor's report dated April 30, 2022 in respect of the Company's financial statements and the notes related thereto at December 31, 2021 and for each of the fiscal years ended December 31, 2020 and December 31, 2019. Raymond Chabot Grant Thornton LLP have confirmed that they are independent with respect to Tenet within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations.

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**AUDIT AND RISK MANAGEMENT COMMITTEE**

Tenet's audit and risk management committee (the **"Audit and Risk Management Committee"**) is responsible for monitoring Tenet's systems and procedures for financial reporting and internal control, reviewing certain public disclosure documents and monitoring the performance and independence of Tenet's external auditors. The committee is also responsible for reviewing Tenet's annual audited financial statements, unaudited quarterly financial statements and management's discussion and analysis of financial results of operations for both annual and interim financial statements and review of related operations prior to their approval by the full board of directors of Tenet.

The Audit and Risk Management Committee's charter sets out its responsibilities and duties, qualifications for membership, procedures for committee member removal and appointment and reporting to Tenet's board of directors.

A copy of the charter is attached hereto as Schedule "A".

The following are the current members of the committee:

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| | | |
|:---|:---|:---|
| Mark Dumas | Independent | Financially literate |
| Dana Ades-Landy | Independent | Financially literate |
| Michael Pesner | Independent | Financially literate |

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All three members of the Audit and Risk Management Committee are "independent" and "financially literate" as those terms are defined by National Instrument 52-110 *Audit Committees* (**"NI 52-110"**).

Note that Ms. Ades-Landy has opted not to seek re-election to the Board at the Company's 2022 annual shareholders' meeting for personal reasons. The Company is actively recruiting a new director but has yet to complete the process.

**Relevant Education and Experience**

Set out below is a description of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member.

***Mark Dumas*** - Mr. Dumas is an experienced executive and entrepreneur, having founded and been a key part of several companies and organizations. Mr. Dumas is currently Chief Strategy Officer at Culmen International, a private equity backed multinational corporation which has grown significantly since Culmen hired Mr. Dumas through its acquisition of a subsidiary of one of Mr. Dumas's companies. Prior to Culmen, Mr. Dumas founded, grew, and sold PlanetRisk (2014-2018), which provided solutions for commercial and government customers such as Apple and Starbucks to forecast and manage security risk. Prior to PlanetRisk, Mr. Dumas was a key part of the Corporate Development team as a Vice President at then Nasdaq-listed GeoEye (2010-2013) where he played an active role in M&A. Prior to GeoEye, Mr. Dumas founded, grew, and sold SPADAC (2002-2010), which was a technical sciences company that developed machine learning solutions and provided services to forecast risks and threats for the US Government. SPADAC paced the Inc.500 for several years of rapid growth. Since its founding in 2016, Mr. Dumas has been the Managing Director of Riverbend Capital 96, a venture capital firm. Mark is a seasoned M&A executive on buy side, sell side, and general fundraising, and has been a part of over 45 M&A deals and counting. Mr. Dumas holds 2 patents and 1 pending patent, is a Distinguished Fellow from the Bagley College of Engineering at Mississippi State University, where he graduated with a Bachelor of Science degree in Electrical Engineering.

***Dana Ades-Landy*** - Ms. Ades-Landy is a Corporate Director with over 25 years of experience in strategic development and governance in the banking and financial services sector, currently holding a position with the National Bank of Canada. Prior to that she has held senior positions at KPMG, Laurentian Bank of Canada and Scotiabank before serving as CEO of the Quebec chapter of the Heart and Stroke Foundation of Canada. Ms. Ades-Landy is a well-known advocate for the advancement of women in business, acting as the President and Chair of the Financial Women's Association of Quebec for 10 years, named one of Canada's Top 100 Most Powerful Women in 2007 and 2009. Ms. Ades-Landy sits on the board of several high-profile organizations, including Alithya Group Inc., a leader in digital transformation and strategy, and BFL Insurance, the largest private insurance brokerage in Canada.

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***Michael Pesner*** - Mr. Pesner is President of Hermitage Canada Finance Inc., a company he founded in 2002 that provides financial advisory, mergers and acquisitions as well as financial advisory services to public and private corporations in diverse industries and effective April 1, 2022, EVP of Capital Markets with Novipro Inc. Prior to that, he spent 26 years at KPMG and predecessor firms where he accumulated a considerable amount of experience in financial management, corporate governance, and investment banking, including M&A transactions as well as debt and equity financing. His past and present directorship experience includes KPMG, David's Tea, Fonds Régional de Montréal, FTQ, Well.ca, SAQ (Société des alcools du Québec) and Wallbridge Mining to name just a few. His roles included Lead Director, Audit Committee Chair, and Governance Committee Chair.

**Pre-Approval Policies and Procedures**

The Audit and Risk Management Committee's charter sets out responsibilities regarding the provision of non-audit services by Tenet's external auditors. This policy encourages consideration of whether the provision of services other than audit services is compatible with maintaining the auditor's independence and requires Audit and Risk Management Committee pre-approval of permitted audit and audit-related services.

**External Auditor Service Fees**

The aggregate fees charged for audit and non-audit services provided by Tenet's external auditors during the two most recently completed financial years are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Financial Year*<br>*Ending* | *Audit Fees* | *Audit Related Fees* | *Tax Fees* | *All Other Fees* |
| 2021 | $625000 |  |  |  |
| 2020 | $216940 |  |  |  |

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**Exemption in Section 6.1 of NI 52-110**

Section 6.1 of NI 52-110 provides an exemption for a venture issuer from the requirements of Parts 3 (Composition of the Audit Committee) and 5 (Reporting Obligations) of NI 52-110. Tenet is voluntarily filing this AIF.

**ADDITIONAL INFORMATION**

Additional information relating to Tenet Fintech Group Inc. can be found on SEDAR at <u>www.sedar.com</u>. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of Tenet's securities and securities authorized for issuance under equity compensation plans is contained in the management information circular of Tenet filed on SEDAR at www.sedar.com. Additional financial information is provided in Tenet's audited financial statements and management's discussion and analysis for the financial year ended December 31, 2021.

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**SCHEDULE "A"**

![](exhibit99-344xu003.jpg)

**AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER**

**2021-03-15**

**1 PURPOSE**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1** The Audit and Risk Management Committee (the "**Committee**") is a standing committee appointed by the board of directors (the "**Board**") of Tenet Fintech Group Inc. (the "**Corporation**"). The Committee is established to fulfil applicable public Corporation obligations relating to audit committees and to assist the Board in fulfilling its oversight responsibilities with respect to financial reporting including responsibility to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) oversee the integrity of the Corporation's financial statements and financial reporting process, including the audit process and the Corporation's internal accounting controls and procedures and compliance with related legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(b) oversee the qualifications and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;(c) oversee the work of the Corporation's financial management, internal auditors and external auditors in these areas; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) provide an open avenue of communication between the external auditors, the internal auditors, the Board and management, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2** In addition, the Committee shall prepare, if required, an audit committee report for inclusion in the

Corporation's annual management information circular, in accordance with applicable rules and regulations. The

Committee is also responsible for assisting the Board in fulfilling its responsibilities relating to pension matters.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3** The function of the Committee is oversight. It is not the duty or responsibility of the Committee or its members: (i) to plan or conduct audits, (ii) to determine that the Corporation's financial statements are complete and accurate and are in accordance with generally accepted accounting principles, or (iii) to conduct other types of auditing or accounting reviews or similar procedures or investigations. The Committee, its Chair and its audit committee financial expert members are members of the Board of the Corporation, appointed to the Committee to provide broad oversight of the financial, risk and control related activities of the Corporation, and are specifically not accountable or responsible for the day-to-day operation or performance of such activities.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4** Management is responsible for the preparation, presentation and integrity of the Corporation's financial statements. Management is also responsible for maintaining appropriate accounting and financial reporting principles and policies and systems of risk assessment and internal controls and procedures designed to provide reasonable assurance that assets are safeguarded and transactions are properly authorized, recorded and reported and to assure the effectiveness and efficiency of operations, the reliability of financial reporting and compliance with accounting standards and applicable laws and regulations. Management is also responsible for monitoring and reporting on the adequacy and effectiveness of the system of internal controls. The external auditors are responsible for planning and carrying out an audit of the Corporation's annual financial statement in accordance with generally accepted auditing standards to provide reasonable assurance that, among other things, such financial statements are in accordance with generally accepted accounting principles.

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**2 PROCEDURES AND POWERS General**

The Committee shall have the following procedures and powers:

&nbsp;&nbsp;&nbsp;&nbsp;**2.1 *Composition*** *-* The Committee shall be composed of a minimum of three members. None of the members of the Committee shall be an officer or employee of the Corporation or any of its subsidiaries and each member of the Committee shall be an independent director within the meaning of applicable Canadian and United States securities laws and the TSX and NASDAQ (or any other exchanges the Corporation may be listed for trade) corporate governance standards.

All members of the Committee must be able to read and understand fundamental financial statements, including the Corporation's balance sheet, income statement, and cash flow statement and be "financially literate" (as that term is defined from time to time under the requirements or guidelines for audit committee service under applicable Canadian and United States securities laws and the rules of the Toronto Stock Exchange). At least one member of the Committee must also be an audit committee financial expert (as that term is defined from time to time under the requirements or guidelines for audit committee service under applicable Canadian and United States securities laws and the rules of the Toronto Stock Exchange and the NASDAQ).

&nbsp;&nbsp;&nbsp;&nbsp;**2.2 *Appointment and Replacement of Committee Members*** - Any member of the Committee may be removed or replaced at any time by the Board and shall automatically cease to be a member of the Committee upon ceasing to be a director. The Board may fill vacancies on the Committee by appointing another director to the Committee. The Board shall fill any vacancy if the membership of the Committee is less than three directors. Whenever there is a vacancy on the Committee, the remaining members may exercise all its power as long as a quorum remains in office. Subject to the foregoing, the members of the Committee shall be appointed by the Board annually and each member of a Committee shall remain on the Committee until the next annual meeting of shareholders after his or her appointment or until his or her successor shall be duly appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3 *Committee Chair*** - The Board shall designate the Chair by majority vote. If the Chair is absent from a meeting, the members shall select a Chair from those in attendance to act as Chair of the meeting. The Chair of the Committee shall be responsible for leadership of the Committee assignments and reporting to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**2.4 *Conflicts of Interest*** - If a Committee member faces a potential or actual conflict of interest relating to a matter before the Committee, other than matters relating to the compensation of directors, that member shall be responsible for alerting the Committee Chair. If the Committee Chair faces a potential or actual conflict of interest, the Committee Chair shall advise the Chair of the Board. If the Committee Chair, or the Chair of the Board, as the case may be, concurs that a potential or actual conflict of interest exists, the member faced with such conflict shall disclose to the Committee his or her interest and shall not participate in consideration of the matter and shall not vote on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;**2.5 *Compensation of Committee Members*** - The members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;**2.6 *Meetings*** - The Committee shall meet regularly at times necessary to perform the duties described herein in a timely manner, but not less than four times a year and any time the Corporation proposes to issue a press release with its quarterly or annual earnings information. The Committee shall also meet without management present at every meeting. Meetings may be held at any time deemed appropriate by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Calling of Meetings* - The Committee shall meet as often as it deems appropriate to discharge its responsibilities. Notice of the time and place of every meeting shall be given in writing, by any means of transmitted or recorded communication, including facsimile, email or other electronic means that produces a written copy, to each member of the Committee at least 48 hours prior to the time fixed for such meeting, with a copy to the Chair of the Board, the Chief Executive Officer and the Corporate Secretary of the Corporation. However, a member may in any manner waive a notice of a meeting. Attendance of a member at a meeting constitutes a waiver of notice of the meeting, except where a member attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. Whenever practicable, the agenda for the meeting and the meeting materials shall be provided to members before each Committee meeting in sufficient time to provide adequate opportunity for their review.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) *Quorum* - A majority of the members constitute a quorum for the transaction of the Committee business.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Secretary of Meeting* - The Chair of the Committee shall designate a person who need not be a member of the Committee to act as secretary or, if the Chair of the Committee fails to designate such a person, the Corporate Secretary of the Corporation shall be secretary of the Committee. The agenda of the Committee meeting will be prepared by the secretary of the Committee and, whenever reasonably practicable, circulated to each member prior to each meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Minutes* - Minutes of the proceedings of the Committee shall be kept in a minute book provided for that purpose. The minutes of the Committee meetings shall accurately record the discussions of and decisions made by the Committee, including all recommendations to be made by the Committee to the Board and shall be distributed to all Committee members.

&nbsp;&nbsp;&nbsp;&nbsp;**2.7 *Separate Executive and In-Camera Meetings*** - The Committee shall meet periodically with the Chief Financial Officer, the head of the internal audit function (if other than the Chief Financial Officer) and the external auditors in separate executive sessions to discuss any matters that the Committee or each of these groups believes should be discussed privately and such persons shall have access to the Committee to bring forward matters requiring its attention. The Committee shall also meet periodically without management present.

&nbsp;&nbsp;&nbsp;&nbsp;**2.8 *Professional Assistance*** - The Committee may require the external auditors and internal auditors to perform such supplemental reviews or audits as the Committee may deem desirable. In addition, the Committee may retain such special legal, accounting, financial or other consultants as the Committee may determine to be necessary to carry out the Committee's duties at the Corporation's expense.

&nbsp;&nbsp;&nbsp;&nbsp;**2.9 *Reliance*** - Absent actual knowledge to the contrary (which shall be promptly reported to the Board), each member of the Committee shall be entitled to rely on: (i) the integrity of those persons or organizations within and outside the Corporation from which it receives information; (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations; and (iii) representations made by management and the external auditors as to any information technology, audit and other non-audit services provided by the external auditors to the Corporation and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**2.10 *Reporting to the Board*** *-* The Committee will report through the Committee Chair to the Board following meetings of the Committee on matters considered by the Committee, its activities and compliance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;**2.11 *Outsiders May Attend Meetings*** - The Committee may invite members of management or others to attend meetings or to provide information, as necessary. The Corporation's external auditors will have direct access to the Committee at their own initiative.

**Powers**

&nbsp;&nbsp;&nbsp;&nbsp;**2.12** The Committee shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;**(a) *Access* -** The Committee is entitled to full access to all books, records, facilities, and personnel of the Corporation and its subsidiaries. The Committee may require such officers, directors and employees of the Corporation and its subsidiaries and others as it may see fit from time to time to provide any information about the Corporation and its subsidiaries it may deem appropriate and to attend and assist at meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**(b) *Delegation* -** The Committee may delegate from time to time to any person or committee of persons any of the Committee's responsibilities that lawfully may be delegated.

(**c**) ***Adoption of Policies and Procedures* -** The Committee may adopt policies and procedures for carrying out its responsibilities.

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**3 AUDIT RESPONSIBILITIES OF THE COMMITTEE Selection and Oversight of the External Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The external auditors are ultimately accountable to the Committee and the Board as the representatives of the shareholders of the Corporation and shall report directly to the Committee who shall so instruct the external auditors. The Committee shall annually evaluate the performance of the external auditors and propose the appointment of the external auditors of the Corporation in the Corporation's management information circular for shareholder approval. If the Committee deems it in the best interest of the Corporation to proceed with a change in external auditors, the Committee shall report to the Board the reasons for the change and any other significant issues related to the change, including the response of the incumbent external auditors, and enquire on the qualifications of the proposed external auditors before approving or rejecting the proposed change in external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Committee shall approve in advance the terms of engagement and the compensation to be paid by the Corporation to the external auditors with respect to the conduct of the annual audit. The Committee may approve policies and procedures for the pre-approval of services to be rendered by the external auditors, which policies and procedures shall include reasonable detail with respect to the services covered. All non-audit services to be provided to the Corporation or any of its affiliates by the external auditors or any of their affiliates which are subject to pre-approval by the Committee shall be approved by the Committee or the Chair of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** The Committee shall annually review the independence of the external auditors and shall make recommendations to the Board on appropriate actions to be taken which the Committee deems necessary to protect and enhance the independence of the external auditors. In connection with such review, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actively engage in a dialogue with the external auditors about all relationships or services that may impact the objectivity and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require that the external auditors submit to it on a periodic basis, and at least annually, a formal written statement delineating all relationships between the Corporation and its subsidiaries, on the one hand, and the external auditors and their affiliates on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consider whether there should be a regular rotation of the external audit firm itself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) consider the external auditor independence standards promulgated by applicable auditing regulatory and professional bodies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4** The external auditor and its affiliates, with the prior approval the Committee in writing, may provide certain non-audit services to the Corporation and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5** The Committee shall establish and monitor clear policies for the hiring by the Corporation of employees or former employees of the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;**3.6** The Committee shall require the external auditors to provide to the Committee, and the Committee shall review and discuss with the external auditors, all reports which the external auditors are required to provide to the Committee or the Board under rules, policies or practices of professional or regulatory bodies applicable to the external auditors, and any other reports which the Committee may require.

&nbsp;&nbsp;&nbsp;&nbsp;**3.7** The Committee shall review the performance of the external auditors, including assessing their effectiveness and quality of service, annually and, every 5 years, perform a comprehensive review of the performance of the external auditors over multiple years to provide further insight on the audit firm, its independence and application of professional skepticism.

&nbsp;&nbsp;&nbsp;&nbsp;**3.8** The Committee is responsible for resolving disagreements between management and the external auditors regarding financial reporting.

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**Appointment and Oversight of Internal Auditors (applicable only if such function is not performed by the Chief Financial Officer)**

&nbsp;&nbsp;&nbsp;&nbsp;**3.9** The appointment, terms of engagement, compensation, replacement or dismissal of internal auditors shall be subject to prior review and approval by the Committee. When the internal audit function is performed by employees of the Corporation, the Committee may delegate responsibility for approving the employment, term of employment, compensation and termination of employees engaged in such function other than the head of the Corporation's internal audit function.

&nbsp;&nbsp;&nbsp;&nbsp;**3.10** The Committee shall obtain from the internal auditors and shall review summaries of the significant reports to management prepared by the internal auditors, or the actual reports if requested by the Committee, and management's responses to such reports, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**3.11** The Committee shall, as it deems necessary and applicable, communicate with the internal auditors with respect to their reports and recommendations, the extent to which prior recommendations have been implemented and any other matters that the internal auditor brings to the attention of the Committee. The head of the internal audit function shall have unrestricted access to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.12** The Committee shall, annually or more frequently as it deems necessary and applicable, evaluate the internal auditors including their activities, organizational structure and qualifications and effectiveness.

**Oversight and Monitoring of Audits**

&nbsp;&nbsp;&nbsp;&nbsp;**3.13** The Committee shall review with the external auditors, the internal auditors and management, as applicable, the audit function generally, the objectives, staffing, locations, co-ordination, reliance upon management and internal audit and general audit approach and scope of proposed audits of the financial statements of the Corporation and its subsidiaries, the overall audit plans, the responsibilities of management, the internal auditors and the external auditors, the audit procedures to be used and the timing and estimated budgets of the audits.

&nbsp;&nbsp;&nbsp;&nbsp;**3.14** The Committee shall meet periodically or as it deems necessary and applicable, with the internal auditors to discuss the progress of their activities and any significant findings stemming from internal audits and any difficulties or disputes that arise with management and the adequacy of management's responses in correcting audit-related deficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.15** The Committee shall discuss with the external auditors any difficulties or disputes that arose with management or the internal auditors during the course of the audit and the adequacy of management's responses in correcting audit-related deficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.16** The Committee shall review with management the results of internal and external audits.

&nbsp;&nbsp;&nbsp;&nbsp;**3.17** The Committee shall take such other reasonable steps as it may deem necessary to satisfy itself that the audit was conducted in a manner consistent with all applicable legal requirements and auditing standards of applicable professional or regulatory bodies.

**Oversight and Review of Accounting Principles and Practices**

&nbsp;&nbsp;&nbsp;&nbsp;**3.18** The Committee shall, as it deems necessary, oversee, review and discuss with management, the external auditors and the internal auditors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the quality, appropriateness and acceptability of the Corporation's accounting principles and practices used in its financial reporting, changes in the Corporation's accounting principles or practices and the application of particular accounting principles and disclosure practices by management to new transactions or events;

&nbsp;&nbsp;&nbsp;&nbsp;(b) all significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including the effects of alternative methods within generally accepted accounting principles on the financial statements and any "second opinions" sought by management from an external auditor with respect to the accounting treatment of a particular item;

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&nbsp;&nbsp;&nbsp;&nbsp;(c) any material change to the Corporation's auditing and accounting principles and practices as recommended by management, the external auditors or the internal auditors or which may result from proposed changes to applicable generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the effect of regulatory and accounting initiatives on the Corporation's financial statements and other financial disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any reserves, accruals, provisions, estimates or management programs and policies, including factors that affect asset and liability carrying values and the timing of revenue and expense recognition, that may have a material effect upon the financial statements of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(f) the use of special purpose entities and the business purpose and economic effect of off-balance sheet transactions, arrangements, obligations, guarantees and other relationships of the Corporation and their impact on the reported financial results of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(g) any legal matter, claim or contingency that could have a significant impact on the financial statements, the Corporation's compliance policies and any material reports, inquiries or other correspondence received from regulators or governmental agencies and the manner in which any such legal matter, claim or contingency has been disclosed in the Corporation's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;(h) the treatment for financial reporting purposes of any significant transactions which are not a normal part of the

Corporation's operations;

&nbsp;&nbsp;&nbsp;&nbsp;(i) the use of any "pro forma" or "adjusted" information not in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;(j) management's determination of goodwill impairment, if any, as required by applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;**3.19** The Committee will review and resolve disagreements between management and the external auditors regarding financial reporting or the application of any accounting principles or practices.

**Oversight and Monitoring of Internal Controls**

&nbsp;&nbsp;&nbsp;&nbsp;**3.20** The Committee shall, as it deems necessary, exercise oversight of, review and discuss with management, the external auditors and the internal auditors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy and effectiveness of the Corporation's internal accounting and financial controls and the recommendations of management, the external auditors and the internal auditors for the improvement of accounting practices and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any significant deficiency and material weakness in the design or operation of internal control over financial reporting, including with respect to computerized information system controls and security; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) management's compliance with the Corporation's processes, procedures and internal controls.

**Oversight and Monitoring of Reported Unethical Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;**3.21** In accordance with the Corporation's Whistleblower Policy (currently part of the Code of Ethics of the

Corporation), the Committee shall establish and monitor procedures for the receipt and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or audit matters and the anonymous submission by employees of concerns regarding questionable accounting or auditing matters and review periodically or as it deems necessary and applicable, with management and the internal auditors these procedures and any significant complaints received.

**Oversight and Monitoring of the Corporation's Financial Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;**3.22** The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) review with the external auditors and management and recommend to the Board for approval the annual audited financial statements and notes relating thereto and the Management Discussion and Analysis accompanying such financial statements, the Corporation's annual report and any financial information of the Corporation contained in any prospectus or information circular of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) review with the external auditors and management each set of interim unaudited financial statements and notes related thereto and Management Discussion and Analysis accompanying such financial statements and any other disclosure documents or regulatory filings of the Corporation containing or accompanying such financial information of the Corporation.

- A6 -

------

Such reviews shall be conducted prior to the release of any summary of the financial results or the filing of such reports with applicable regulators.

&nbsp;&nbsp;&nbsp;&nbsp;**3.23** Prior to their distribution, the Committee shall discuss earnings press releases, as well as financial information and earnings guidance provided to analysts and any ratings agencies, it being understood that such discussions may, in the discretion of the Committee, be done generally (i.e., by discussing the types of information to be disclosed and the type of presentation to be made) and that the Committee need not discuss in advance each earnings release or each instance in which the Corporation gives earning guidance.

&nbsp;&nbsp;&nbsp;&nbsp;**3.24** The Committee shall review the disclosure with respect to its pre-approval of audit and non-audit services provided by the external auditors.

**Oversight of Finance Matters**

&nbsp;&nbsp;&nbsp;&nbsp;**3.25** Appointments of the key financial executives involved in the financial reporting process of the Corporation, including the Chief Financial Officer and any business unit's controller or most senior individual, shall require the prior review of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**3.26** The Committee shall receive and review:

&nbsp;&nbsp;&nbsp;&nbsp;(a) periodic reports on compliance with requirements regarding statutory deductions and remittances;

&nbsp;&nbsp;&nbsp;&nbsp;(b) material policies and practices of the Corporation respecting cash management and material financing strategies or policies or proposed financing arrangements and objectives of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) material tax policies and tax planning initiatives, tax payments and reporting and any pending tax audits or assessments.

&nbsp;&nbsp;&nbsp;&nbsp;**3.27** The Committee shall meet periodically with management to review and discuss the Corporation's major financial risk exposures and the policy steps management has taken to monitor and control such exposures, including the use of financial derivatives and hedging activities.

&nbsp;&nbsp;&nbsp;&nbsp;**3.28** The Committee shall receive and review the financial statements and other financial information of material subsidiaries of the Corporation and any auditor recommendations concerning such subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**3.29** The Committee shall meet with management to review the process and systems in place for ensuring the reliability of public disclosure documents that contain audited and unaudited financial information and their effectiveness.

**Risk Oversight and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;**3.30** The Committee shall assess risk tolerance of the Corporation, management's program of risk assessment and steps taken to address significant risks or exposures, including insurance coverage, and obtain the external auditors' opinion of management's assessment of significant financial risks facing the Corporation and how effectively such risks are being managed or controlled.

&nbsp;&nbsp;&nbsp;&nbsp;**3.31** The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Review and monitor: (i) management's practices and policies with respect to the Corporation's major security risks, including physical, information, and cybersecurity risks, and control thereof, in accordance with applicable legal and regulatory requirements; (ii) security trends that may impact the Corporation's operations and business and evolving environment; (iii) contingency plans in the event of a security threat or breach; and (iv) initiatives in terms of development and implementation of appropriate communications and trainings; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) report to the Board on the Corporation's compliance with such practices and policies and progress in remedying any significant deficiencies related thereto and, where appropriate, make recommendations.

- A7 -

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&nbsp;&nbsp;&nbsp;&nbsp;**3.32** Obtain regular updates from management and others, including internal and external auditors and legal counsel, concerning the Corporation's compliance with financial related laws and regulations such as tax and financial reporting laws and regulations and legal withholding requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**3.33** Review the findings of any examination by regulatory agencies.

**Committee Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;**3.34** If required by applicable laws or regulations or stock exchange requirements, the Committee shall prepare, review and approve a report to shareholders and others (the "**Report**"). In the Report, the Committee shall state whether it has:

&nbsp;&nbsp;&nbsp;&nbsp;(a) reviewed and discussed the audited or unaudited financial statements with management, the external auditors and the internal auditors, where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;(b) received from the external auditors all reports and disclosures required under legal, listing and regulatory requirements and this Charter and have discussed such reports with the external auditors, including reports with respect to the independence of the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) based on the reviews and discussions referred to in clauses (a) and (b) above, recommended to the Board that the audited financial statements be included in the Corporation's annual report.

**Additional Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;**3.35** The Committee shall review and make recommendations to the Board concerning the financial structure, condition and strategy of the Corporation and its subsidiaries, including with respect to annual budgets, long-term financial plans, corporate borrowings, investments, capital expenditures, long-term commitments, and the issuance and/or repurchase of stock.

&nbsp;&nbsp;&nbsp;&nbsp;**3.36** The Committee shall review and/or approve any other matter specifically delegated to the Committee by the Board and undertake on behalf of the Board such other activities as may be necessary or desirable to assist the Board in fulfilling its oversight responsibilities with respect to financial reporting.

**4 THE CHARTER**

The Committee shall review and reassess the adequacy of this Charter at least annually and otherwise as it deems appropriate and recommend changes to the Board. The performance of the Committee shall be evaluated with reference to this Charter annually.

The Committee shall ensure that this Charter is disclosed on the Corporation's website and that this Charter or a summary of it which has been approved by the Committee is disclosed in accordance with all applicable securities laws or regulatory requirements in the management information circular or annual report of the Corporation.

- A8 -

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## Exhibit 99.345

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**TENET FINTECH GROUP INC.**

**Form 52-109F1R - AIF**

**Certification of refiled annual filings<br>in connection with voluntarily filed AIF**

This certificate is being filed on the same date that **Tenet Fintech Group Inc.** (the "Issuer") has refiled its revised Annual Information Form (AIF) dated June 16, 2022.

I, Johnson Joseph, Chief Executive Officer of **Tenet Fintech Group Inc.**, certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "Annual Filings") of the Issuer for the financial year ended **December 31, 2021**.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the Annual Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Annual Filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the Annual Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Annual Filings.

Date: June 17, 2022.

*"Johnson Joseph"*

_______________________

**Johnson Joseph**

Chief Executive Officer

 **<u>NOTE TO READER</u>**<br> In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.<br> The Issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

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## Exhibit 99.346

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**TENET FINTECH GROUP INC.**

**Form 52-109F1R - AIF**

**Certification of refiled annual filings <br>in connection with voluntarily filed AIF**

This certificate is being filed on the same date that **Tenet Fintech Group Inc.** (the "Issuer") has refiled its revised Annual Information Form (AIF) dated June 16, 2022.

I, Jean Landreville, Chief Financial Officer of **Tenet Fintech Group Inc.**, certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "Annual Filings") of the Issuer for the financial year ended **December 31, 2021**.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the Annual Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Annual Filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the Annual Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Annual Filings.

Date: June 17, 2022.

*"Jean Landreville"*

_______________________

**Jean Landreville**

Chief Financial Officer

 **<u>NOTE TO READER</u>**<br> In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.<br> The Issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

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## Exhibit 99.347

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**Cover Letter to Tenet Fintech Group Inc. Amended 2021 Annual Information Form**

Notice to reader:

Tenet Fintech Group Inc. (the "**Company**") is hereby filing an amended version of the 2021 Annual Information Form ("**AIF**").

We have corrected some typographical errors in the previously filed version of the AIF including (i) on page 13 regarding the sum of sales revenue for the year ended December 2020 being $42,698,049, based on Fintech Platform sales revenues of $39,313,632 and Financial Services sales revenues of $3,384,417; (ii) on page 30 under Interest of Management and Others in Material Transactions to clarify that Tenet's CEO and the CEO of its Chinese operations were the founders and controlling shareholders of Cubeler Inc. until Tenet acquired one hundred percent (100%) of the outstanding equity of Cubeler Inc. on October 1, 2021; and (iii) on page 30 under Transfer Agent and Registrar regarding the transfer agent being TSX Trust Company Inc. (formerly AST Trust Company (Canada)).

The matters identified above in the AIF have been addressed in the amended version of the document.

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## Exhibit 99.348

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**Tenet Signs National Clean Energy Strategic Cooperation Agreement with State Owned Power Company**

Toronto, Ontario--(Newsfile Corp. - June 23, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that it has signed a national strategic cooperation agreement with China's Shanghai Electric Power Company (SEPC) to help the country with the implementation of its policy to have its carbon emissions peak by 2030 and achieve carbon neutrality by 2060.

Ever since China's pledge to the world in 2020 to be carbon neutral by 2060, the government has adopted policies and allocated significant resources to promote and develop clean energy projects and initiatives throughout the country. Naturally, state-owned energy and engineering companies such as SEPC are expected to play major roles in helping slowly wean China off fossil fuels. Those companies have been investing heavily in technology and partnering with clean energy solution providers such as Tenet to advance the country's renewable energy agenda. Named after China's 2020 pledge, Tenet's i3060 clean energy platform was introduced to SEPC as a tool used to digitize the feasibility and life cycle of a variety of clean energy projects. For instance, with i3060, virtually every rooftop in the country could potentially be converted into a small solar power plant not only potentially capable of meeting the energy needs of the business or residence under the roof, but also able to sell any excess energy produced to the energy grid.

SEPC and Tenet have agreed to partner up to prepare, present and promote nationwide solar power project proposals to the entities responsible for awarding the implementation of such projects. The proposed projects will run through the i3060 platform while SEPC will fund, manage and operate them.

<u>SEPC</u> is a century old subsidiary of <u>State Power Investment Corporation</u> and one of China's most important energy corporations. From its very beginning, SEPC has been dedicated to providing the Chinese population with clean alternative sources of energy. Although today's announced agreement is between Tenet and SEPC, the Company is currently working with <u>China Energy Engineering Corp.</u> (CEEC) on an ongoing pilot project in six cities highlighting i3060's capabilities and expects to have a similar strategic cooperation agreement in place with CEEC in the near future.

"When it comes to the renewable energy sector, competition must be put aside for the greater good of achieving our national objectives," said Mr. Jinbo Li, SEPC's General Chief Engineer. "We are excited about this partnership with Tenet and we look forward to potentially working with other energy and technology companies to continue to move the country's renewable energy commitment forward and possibly explore opportunities beyond China". According to *Engineering News-Record*, <u>8 of the top 10 global contractors were from China in 2021</u>, with CEEC's contracting division coming in just outside of the top 10 at number 13.

"This partnership has been several months in the making and I want to thank Mr. Li and SEPC for their patience and this opportunity to allow us to showcase our value proposition to China's renewable energy sector," commented Liang Qiu, CEO of Tenet Asia. "Given the increasingly important roles that energy and engineering companies like SEPC and CEEC and their contractors play in clean energy projects around the world, and i3060's capabilities, we look forward to working with our renewable energy partners for projects in China and firmly expect to also obtain our fair share of projects outside of China in the coming months and years".

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**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-348x2x1.jpg)

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/128694</u>

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## Exhibit 99.349

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**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 98,937,683

Date: June 30, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*Although there were lingering effects form the measures taken by the government in the first two months of the second quarter to try to control the resurgence of Covid-19 in China, the Chinese economy slowly began to get back on track during the month of June when the measures were lifted. The lifting of the Covid-19 measures occurred in time to allow the preparations for the 618*

*Shopping festival to proceed as planned. While this year's festival, which the*

*Issuer once again took part in, posted a slower growth rate than in previous years, overall sales numbers from this year's festival participants still exceeded their sales totals for the 2021 event. The Issuer expects to publish the financial highlights resulting from its participation in this year's 618 event shortly following the filing of this report.*

*During the reporting period, the Issuer signed a cooperative agreement with Huai'an Rural Commercial Bank Ltd. ("HRCB") to create a program to bring better access to credit to the Chinese restaurant and food services industry. Often seen as a high-risk sector because of its high turnover rate and other factors, lenders have typically tended to shy away from the Chinese food services industry. The LendingPro™ credit management (part of the Issuer's Business Hub™) aims to mitigate the risks associated with lending to restaurants and food services businesses. Specifically designed to provide greater system integration between banking systems and the Business Hub™, LendingPro™ will allow HRCB to assess the credit worthiness and monitor the activities of the city of Huai'an's restaurants and food services businesses to qualify them for credit based on a combination of HRCB's credit criteria and LendingPro™'s built-in AI functions. The businesses that qualify will obtain a revolving credit of up to 50,000 RMB (about CAD$10,000) from HRCB to purchase goods and supplies from a list of Business Hub™ approved vendors and suppliers. While HRCB will earn interest on the credit extended, the Issuer will earn a 2% one-time service fee, payable by the supplier, on each transaction paid for through the program.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 1<br>

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*During the reporting period, the Issuer also announced the signing of a national strategic cooperation agreement with China's Shanghai Electric Power Company ("SEPC") to help the country with the implementation of its policy to have its carbon emissions peak by 2030 and achieve carbon neutrality by 2060. SEPC and the Issuer have agreed to partner up to prepare, present and promote nationwide solar power project proposals to the entities responsible for awarding the implementation of such projects. The proposed projects will run through the Issuer's i3060 platform while SEPC will fund, manage and operate them.*

*The Issuer also launched a new corporate website during the reporting period. The new website provides the public with a better understanding of the Issuer's business, including the Business Hub, company culture, management team, and investor information.*

2. Provide a general overview and discussion of the activities of management.

*The development and marketing of the Business Hub within Canada continued to make strides. Additional resources continued to be hired during the reporting period and the adaption of the platform for a Canadian market advanced. The*

*Issuer's management team also continued to expand its business reach in the various sectors of the Chinese market, as indicated in Section 1 above.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*Please see the description of the agreements described in Section 1 above.*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the

Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*Please see the description of the agreements described in Section 1 above. This agreement is not with a Related Person of the Issuer.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 2<br>

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6. Describe the expiry or termination of any contracts or agreements between the

Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers. *N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development and adaption of the Cubeler Business Hub for the North American market.*

11. Report on any labour disputes and resolutions of those disputes if applicable. *N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

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14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security** | &nbsp;&nbsp; **Number Issued** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Details of Issuance** | &nbsp;&nbsp;&nbsp;&nbsp; **Use of Proceeds** |
| &nbsp;&nbsp; *Stock Options* | *2842* | &nbsp;&nbsp; *Incentive options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $2.55 per share.* | &nbsp;&nbsp; *N/A* |
| &nbsp;&nbsp; *Common shares* | *125500* | &nbsp;&nbsp; *Exercise of 125,500 warrants for a consideration of $63,500* | &nbsp;&nbsp; *Business development and working capital* |

---

15. Provide details of any loans to or by Related Persons.

*During the reporting period, the Issuer loaned the amount of $130,462 to a member of the board of directors. The borrower issued a promissory note to the Issuer in the same amount plus interest at the prescribed rates. The promissory note must be repaid no later than December 31, 2022.*

16. Provide details of any changes in directors, officers or committee members.

*Michael Pesner resigned as a director of the Issuer on June 29, 2022, for personal reasons. Dana Ades-Landy opted not to seek re-election as a director for personal reasons and her mandate as a director ended on June 30, 2022.*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

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**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated June 8, 2022.

---

| |
|:---|
| &nbsp;&nbsp; Johnson Joseph |
| &nbsp;&nbsp; Name of Director or Senior Officer |
| *(s) Johnson Joseph* |
| &nbsp;&nbsp; Signature |
| &nbsp;&nbsp; Chief Executive Officer |
| &nbsp;&nbsp; Official Capacity |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Issuer Details*** |  |  |
| &nbsp;&nbsp; Name of Issuer | For Month End | Date of Report |
| &nbsp;&nbsp; *Tenet Fintech Group Inc.* | *June 2022* | *June 8, 2022* |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; *550 Sherbrooke West, West Tower, Suite 265* | &nbsp;&nbsp; *550 Sherbrooke West, West Tower, Suite 265* |  |
| &nbsp;&nbsp; City/Province/Postal Code | Issuer Fax No. | Issuer Telephone No. |
| &nbsp;&nbsp; *Montreal, QC H3A 1B9* | *(514) 340-2228* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Name | Contact Position | Contact Telephone No. |
| &nbsp;&nbsp; *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Email Address | Web Site Address | Web Site Address |
| &nbsp;&nbsp; *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

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## Exhibit 99.350

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**Tenet Provides Highlights of its Annual General Meeting of Shareholders**

Toronto, Ontario--(Newsfile Corp. - June 30, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today provided the following highlights of its annual general and special meeting of shareholders (the "AGM"). Held virtually on June 30, 2022, the AGM saw the re-election of Mark Dumas, Johnson Joseph, Liang Qiu, and Charles-André Tessier as directors of the Company. Dana Ades-Landy did not seek re-election while Michael Pesner announced his resignation on June 29, 2022 and was removed from the list of director candidates prior to the meeting. Tenet is actively seeking to add replacement members to its board of directors.

The shareholders also approved the reappointment of Raymond Chabot Grant Thornton as the Company's auditors and the adoption of the Omnibus Incentive Plan that had been circulated for review prior to the meeting.

The AGM was followed by a brief presentation by Tenet's President and CEO, Johnson Joseph.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

------

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-350x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/129693</u>

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## Exhibit 99.351

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**Tenet Publishes Results of Its Participation in This Year's "618 Shopping Festival"**

Toronto, Ontario--(Newsfile Corp. - July 14, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today published the results of its operations related to this year's 618 Shopping Festival ("618").

Much has been made about the government-imposed lockdowns that occurred in China during the months of April and May 2022 to try to stem the resurgence of Covid-19 in the country. But despite the economic damage caused by the lockdowns, it wasn't enough to keep Chinese consumers from the deals and discounts offered during 618. While this year's event saw a slower growth rate than in previous years, overall sales numbers from this year's festival participants still exceeded their sales totals for the 2021 event.

According to data monitoring firm Syntun, China's major e-commerce platforms sold approximately

695.9 billion RMB (about CAD$134 billion) worth of goods (measured in gross merchandise value) during this year's 618. Sales of consumer electronics and household appliances led the way, followed by skincare products, sports and outdoor equipment and apparel, personal hygiene products, and makeup and fragrances rounding up the top five sales categories. Those five categories accounted for approximately 177.5 billion RMB (about CAD$34 billion) or 25.5% of total sales during the event.

Tenet once again worked primarily with JD.com retailers and suppliers in preparation for the event and ensured that their short-term financing needs would be met to get the maximum out of this year's festival. Tenet's services were used in connection with transactions exceeding 500 million RMB, generating approximately CAD$10.1 million in revenue for the Company during the event.

"After we launch the Canadian portion of the Business Hub™ later this fall, we believe that shopping festivals like 618 will provide a great opportunity to slowly introduce products from Canadian Hub members to China," commented Tenet CEO Johnson Joseph. "Our goal is to work with Canadian retail and manufacturing associations and our Chinese channel partners to make our Canadian members' products available at the 618 event in 2023. Our partners in China indicate that Chinese consumers would have a significant appetite for certain Canadian products. We're sure that our Canadian Hub members wouldn't mind getting in on those billions of dollars spent at 618 and other shopping festivals in China every year."

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-351x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/130870</u>

------

## Exhibit 99.352

------

**Tenet Adopts Enhanced Compliance Measures Following Internal Review**

Toronto, Ontario--(Newsfile Corp. - July 21, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced the adoption of recommendations of an ad hoc committee (the "Special Committee") comprised of independent members of the Board of Directors of Tenet (the "Board") to adopt new compliance measures following an internal review conducted into securities-related matters (the "Review").

In December 2021, the Company received a *Demande de document/renseignement* [Request for Documents/Information] (the "Request Letter") from the Autorité des marchés financiers (the "AMF"), Quebec's securities regulator. Since that time, the Company has been cooperating with the AMF in all respects and has provided the AMF with all documents and information requested. Tenet was bound by a confidentiality order of the AMF prohibiting the disclosure of the Request Letter or any related information.

In the course of collecting information to respond to the Request Letter, the Company identified potential compliance issues relating to certain past correspondence between Tenet CEO Johnson Joseph and certain former advisors. The Board created the Special Committee and Norton Rose Fulbright Canada ("NRF") was mandated to carry out the Review. NRF submitted its final report to the Special Committee on July 19, 2022 and, at Tenet's request, the AMF's confidentiality order was then partially lifted to allow for this press release.

Based on the findings of the Review, the Special Committee concluded that inappropriate actions were likely to have occurred. The Special Committee further concluded that Mr. Joseph (i) was the only person at the Company who was a party to this correspondence, (ii) was transparent and cooperative throughout the Review process, (iii) believed he was acting in the best interests of the Company and its shareholders at all times, and (iv) has strongly denied any wrongdoing.

The Board has adopted the enhanced compliance measures proposed by the Special Committee following the results of the Review, including enhancing Board oversight over executive communications and interactions with financial and capital markets advisors and regular reporting by CEO Johnson Joseph to the Board on the same. These additional enhanced compliance measures demonstrate the Company's ongoing commitment to ensuring its corporate governance meets the highest standards. These measures are in addition to important governance initiatives the Company has already recently undertaken, including: (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, and (iii) the adoption of new and revised governance policies, including a strengthened code of ethics.

"We recognize the seriousness of this matter and have adopted new compliance measures," said Charles-André Tessier, Chairman of the Board and of the Special Independent Committee. "Over the last few years, Tenet has developed and implemented a successful business plan and is currently preparing to deploy its Business Hub concept globally. We remain confident that our expanded leadership team will continue to hit Tenet's objectives moving forward."

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

------

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/131601</u>

------

## Exhibit 99.353

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**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 99,215,183

Date: July 31, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*Business was essentially back to normal in China in July after some lingering effects of the impact of the Covid-19 related shutdowns during the previous month. The Issuer observed a noticeable increase in activity on its platforms in China during the period compared to the previous month as businesses around the country try to make up for lost time.*

*While its Chinese operations were getting back on track, the preparations leading up to the launch of the Canadian segment of the Issuer's Business Hub kicked into high gear during the period. Pre-registrations of both SMEs and lending financial institutions ahead of the launch continued to go well. And after a slow start to the process earlier in 2022, the Issuer's employee recruitment process contributed to a record number of new employees joining the organization during the period, bringing the Issuer's total number of employees in Canada, split between its Montreal and Toronto offices, to almost 60 with the objective of having approximately 100 employees by the time of the launch well within reach.*

*An announcement on the date of the official launch of the Canadian segment of the Issuer's Hub and on some of the business development initiatives related to the launch of the Hub is expected within days of the filing of this report.*

2. Provide a general overview and discussion of the activities of management.

*After spending over three months in Canada participating in strategic meetings related to the joining of the Chinese segment of the Issuer's Business Hub to the upcoming global segments of the Hub, the CEO of the Issuer's Chinese operations headed back to China during the period to help prepare the Chinese segment of the Hub to be linked to its upcoming Canadian segment. A total of four senior level managers, two in Canada and two in China, were tasked with the responsibility of ensuring that the business and networking opportunities expected to be created when the two initial segments of the Hub are linked are in fact created and well understood by Hub members both in China and in Canada.*

**FORM 7 - MONTHLY PROGRESS REPORT** <br>Page 1

------

*The Issuer's executive management believes that the launch of the Canadian segment of the Business Hub will be a major turning point for the Issuer in several respects. That belief is also shared by the president of the Asia-Pacific Association of Small and Medium Enterprises ("APASME"), who met with the Issuer's CEO during the period to discuss a strategic alliance between the APASME and the Issuer. The terms of the proposed alliance were still being discussed as of the date of this report.*

*Finally, the Issuer's management also spent time during the period on preparing for the filing of its financial results for the second quarter of 2022 and on finalizing the terms of its upcoming prospectus financing offering. Management expects to file the prospectus with the Issuer's provincial regulator within days of the filing of the monthly progress report.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*N/A*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*N/A*

6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT** <br>Page 2

------

8. Describe the acquisition of new customers or loss of customers.

*N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development, adaptation and planned launch of the Cubeler Business Hub in North America.*

11. Report on any labour disputes and resolutions of those disputes if applicable.

*N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Number Issued** | **Details of Issuance** | **Use of Proceeds** |
| *Stock Options* | *5763* | *Incentive options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $1.65 per share.*  | *N/A* |
| *Common shares* | *277500* | *Exercise of 277,500 warrants for a consideration of $138,750* | *Business development and working capital* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

------

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

------

**Certificate Of Compliance**

The undersigned hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

&nbsp;&nbsp;&nbsp;&nbsp;4. All of the information in this Form 7 Monthly Progress Report is true.

Dated August 8, 2022.

---

| |
|:---|
| &nbsp;&nbsp;Johnson Joseph |
| &nbsp;&nbsp;Name of Director or Senior Officer |
| &nbsp;&nbsp;*(s) Johnson Joseph* |
| &nbsp;&nbsp;Signature |
| &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;Official Capacity |

---

---

| | | |
|:---|:---|:---|
| ***Issuer Details*** | | |
| Name of Issuer | For Month End | Date of Report |
| *Tenet Fintech Group Inc.* | *July 2022* | *August 8, 2022* |
| Issuer Address |  |  |
| *550 Sherbrooke West, West Tower, Suite 265* | *550 Sherbrooke West, West Tower, Suite 265* |  |
| City/Province/Postal Code | Issuer Fax No. | Issuer Telephone No. |
| *Montreal, QC H3A 1B9* | *(514) 340-2228* | *(514) 340-7775* |
| Contact Name | Contact Position | Contact Telephone No. |
| *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| Contact Email Address | Web Site Address |  |
| *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

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## Exhibit 99.354

------

**Tenet Comments on Market Activity at the Request of IIROC**

Toronto, Ontario--(Newsfile Corp. - August 9, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, at the request of IIROC, wishes to confirm that the Company's management is unaware of any material change in the Company's operations that would account for the recent increase in market activity.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

------

![](exhibit99-354x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/133303</u>

------

## Exhibit 99.355

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**Tenet Makes Changes to Board of Directors as Company Prepares to Expand Beyond China**

Toronto, Ontario--(Newsfile Corp. - August 17, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that Chairman Charles-André Tessier and fellow director Mark Dumas have agreed to resign from the Company's board of directors to make way for the appointments of Carol Penhale and Dylan Tinker, who will respectively chair the Company's governance and audit committees.

The change to Tenet's board comes at a time when the Company's operations are transitioning from a China-focused, Fintech, and transaction fee model to more of a global, data and AI services focused model. Tenet's executive management believes the Company and its shareholders will be best served with new directors whose skillsets and professional experiences are better aligned with the evolution of Tenet's business.

Ms. Penhale brings more than 25 years of leadership in Information Technology (IT), the financial services industry, and consulting for multiple Fortune 500 companies. She currently serves as Head of North America for Shoreline Consulting, which provides strategic consulting and program implementation with specific expertise in Operating Model Design, IT Strategy & Architecture, Data Management, Solution & Service Provider Selection, and Digital Transformation, through offices in Sydney, Melbourne, Singapore, and Toronto. In her prior role as Managing Director at Broadridge Financial Solutions a global financial services provider that processes approximately USD$9.0 trillion in financial transactions daily, she helped launch a boutique-style consulting entity inside the firm and helped build-out operational teams globally. Ms. Penhale has authored many thought-leadership white papers in addition to being a compelling and highly sought-after speaker on industry issues for financial services, digital transformation, and recalibration.

"I'm very excited about the opportunity to contribute to the forward-thinking team at Tenet and their vision for data, AI and analytics in business," said Ms. Penhale. "I see much potential and look forward to applying my experience and skill set to help the company achieve its long-term objectives."

Mr. Tinker is currently the CEO, Head of Technology Banking at AsiaTech Capital, where he works with select Asia-based technology companies on strategy, capital raising, and business development. Just prior to joining AsiaTech, he served as Head of Asian Technology Banking at Singapore-based Avista, the Asian arm of Houlihan Lokey, which is a top-rated US boutique investment bank in technology. His 29-year investment banking career began as Head of Asian Telecom and Internet at JPMorgan Chase and Co. in Hong Kong where he led and managed a team of 15 investment bankers that was ranked number one in the sector in *AsiaMoney* for two of the six years he was there. He went on to occupy the same position at UBS where he spent another six years. During his combined time at JPMorgan and UBS, Dylan worked on over 12 IPOs and 20 secondary market TMT (technology, media and telecom) transactions that raised over US$5B, including sourcing and helping lead the US$2B secondary offering of China Telecom while at UBS, which at the time was one of the largest secondary market deals in Hong Kong. Currently based in Los Angeles, Dylan is passionate about technology, particularly AI, and has an extensive network of technology and capital markets contacts in both the US and Asia that Tenet believes will be extremely valuable to the Company going forward as it embarks on the next phase of its expansion.

"Carol and Dylan both bring unique skills and experiences in technology, international business, capital markets and networking that I believe will be tremendous value-adds in helping us achieve our objective of building a global network that redefines what it means to be an SME," commented Tenet CEO Johnson Joseph. "I also want to personally thank Charles and Mark for their valuable contributions. While they will no longer be directors of the Company, I know that they will continue to have the best interests of Tenet at heart, and therefore I plan to continue to lean on them from time to time to advise on select, specific matters. Meanwhile, I'd like to wish them both the very best in their future projects."

------

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>.

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-355x2x1.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/134081</u>

------

## Exhibit 99.356

------

**Tenet Announces Date and Event for Launch of its Business Hub(TM) in Canada**

Toronto, Ontario--(Newsfile Corp. - August 19, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced the launch date for its Business Hub™ in Canada, set to coincide with the

opening of its new Montreal office at a special event to be held on November 30<sup>th</sup>, 2022.

Having already hired more than 50 employees in 2022 and expecting a staff of nearly 100 employees by the end of the year, the Company needed more space in Montreal to go along with its Toronto office in order to accommodate its rapidly growing workforce in Canada.

The guest list to the launch event marking this historic milestone for the Company is expected to include important stakeholders such as shareholders, investment banking partners, strategic partners, select members of the media, business association and financial institution executives, as well as government officials. The event is being organized in collaboration with the Asia-Pacific Association of Small and Medium Enterprises ("APASME").

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

------

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-356x2x1.jpg)

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/134304</u>

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## Exhibit 99.357

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**1. Name and Address of Company**

Tenet Fintech Group Inc. (**"Tenet"** or the **"Company"**)

119 Spadina Avenue, Suite 705

Toronto, ON. M5V 2L1

**2. Date of Material Change**

August 11, 2022.

**3. News Release**

News release was disseminated on August 17, 2022 through PRNewswire and can be found under the Company's SEDAR profile at <u>www.sedar.com</u>.

**4. Summary of Material Change**

On August 17, 2022, the Company announced that Chairman Charles-André Tessier and fellow director Mark Dumas have agreed to resign from the Company's board of directors to make way for the appointments of Carol Penhale and Dylan Tinker, who will respectively chair the Company's governance and audit committees.

**5. Full Description of Material Change**

On August 17, 2022, the Company announced that Chairman Charles-André Tessier and fellow director Mark Dumas have agreed to resign from the Company's board of directors to make way for the appointments of Carol Penhale and Dylan Tinker, who will respectively chair the Company's governance and audit committees.

The change to Tenet's board comes at a time when the Company's operations are transitioning from a China-focused, Fintech, and transaction fee model to more of a global, data and AI services focused model. Tenet's executive management believes the Company and its shareholders will be best served with new directors whose skillsets and professional experiences are better aligned with the evolution of Tenet's business. Ms. Penhale brings more than 25 years of leadership in Information Technology (IT), the financial services industry, and consulting for multiple Fortune 500 companies. She currently serves as Head of North America for Shoreline Consulting, which provides strategic consulting and program implementation with specific expertise inOperating Model Design, IT Strategy & Architecture, Data Management, Solution & Service Provider Selection, and Digital Transformation, through offices in Sydney, Melbourne, Singapore, and Toronto. In her prior role as Managing Director at Broadridge Financial Solutions a global financial services provider that processes approximately USD$9.0 trillion in financial transactions daily, she helped launch a boutique-style consulting entity inside the firm and helped build-out operational teams globally. Ms. Penhale has authored many thought-leadership white papers in addition to being a compelling and highly sought-after speaker on industry issues for financial services, digital transformation, and recalibration.

Mr. Tinker is currently the CEO, Head of Technology Banking at AsiaTech Capital, where he works with select Asia-based technology companies on strategy, capital raising, and business development. Just prior to joining AsiaTech, he served as Head of Asian Technology Banking at Singapore-based Avista, the Asian arm of Houlihan Lokey, which is a top-rated US boutique investment bank in technology. His 29-year investment banking career began as Head of Asian Telecom and Internet at JPMorgan Chase and Co. in Hong Kong where he led and managed a team of 15 investment bankers that was ranked number one in the sector in AsiaMoney for two of the six years he was there. He went on to occupy the same position at UBS where he spent another six years. During his combined time at JPMorgan and UBS, Dylan worked on over 12 IPOs and 20 secondary market TMT (technology, media and telecom) transactions that raised over US$5B, including sourcing and helping lead the US$2B secondary offering of China Telecom while at UBS, which at the time was one of the largest secondary market deals in Hong Kong. Currently based in Los Angeles, Dylan is passionate about technology, particularly AI, and has an extensive network of technology and capital markets contacts in both the US and Asia that Tenet believes will be extremely valuable to the Company going forward as it embarks on the next phase of its expansion.

------

**6. Reliance on subsection 7.1(2) of National Instrument 51-102**

This Report is not being filed on a confidential basis in reliance on subsection 7.1(2) of National Instrument 51-102.

**7. Omitted Information**

No information has been omitted on the basis that it is confidential information.

**8. Executive Officer**

For more information, contact Johnson Joseph, President and CEO at 514-340-7775 ext.: 501 or <u>investors@tenetfintech.com</u>.

**9. Date of Report**

August 22, 2022

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## Exhibit 99.358

------

**Tenet Fintech Group Inc.**

**Condensed Interim Consolidated <br>Financial Statements (Unaudited)**

**For the three and six-month periods ended**

**June 30, 2022, and 2021**

---

| | |
|:---|:---|
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Comprehensive Profit and Loss](#page_2) | [2](#page_2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Changes in Equity](#page_3) | [3](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Cash Flows](#page_4) | [4](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Financial Position](#page_5) | [5](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Interim Consolidated Financial Statements](#page_29) | [6 - 29](#page_29) |

---

------

**2**

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Comprehensive Profit and Loss**

For the three six-month periods ended June 30, 2022 and 2021

(In Canadian dollars, except weighted average number of outstanding shares) <br>(Unaudited)

------

---

| | |
|:---|:---|
|  | **Note** |
| **Revenues** |  |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of service |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and fringe benefits |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty on software |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Board remuneration |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Outsourced services |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public relations and press releases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Office supplies, software and hardware |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss | 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel and entertainment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock exchange and transfer agent costs |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation cost and others |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of impairment loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on foreign exchange |  |
| Profit (loss) before income taxes |  |
| Income taxes |  |
| Net profit (loss) |  |
| Net profit (loss) attributable to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Owners of the parent) |  |
| **Item that will be reclassified subsequently to profit or loss**) |  |
| Currency translation adjustment) |  |
| **Total comprehensive profit (loss)** |  |
| Total comprehensive profit (loss) attributable to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Owners of the parent) |  |
| Weighted average number of outstanding shares |  |
| Basic and diluted profit (loss) per share |  |

---

Going concern uncertainty (note 2)

Subsequent events (note 22)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

------

**3**

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Changes in Equity**

For the six-month periods ended June 30, 2022 and 2021

(In Canadian dollars) <br>(Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Capital stock | Capital stock |
|  |  | Number of |  |
|  |  | common |  |
|  | Note | shares | Amount |
|  |  |  | $|
| Balance as of January 1, 2022 |  | 97167183 | 208219490) |
| Exercise of warrants and broker warrants | 14 | 1653000 | 2154496) |
| Exercise of options | 1415 | 117500 | 464170) |
| Share-based compensation | 15 |  |  |
| Subscription for shares by non-controlling interest |  |  |  |
| Transactions with owners |  | 98937683 | 210838156) |
| Net profit (loss) |  |  |  |
| Other comprehensive loss) |  |  |  |
| Total comprehensive loss for the period |  |  | -) |
| **Balance as of June 30, 2022** |  | 98937683 | 210838156) |
| Balance as of January 1, 2021 |  | 59012095 | 39131010) |
| Issuance of shares and warrants to settle debts <br>&nbsp;&nbsp;&nbsp;&nbsp; owed for services provided | 14 | 16675 | 50850 |
| Issuance of shares re business acquisition | 4 | 511169 | 403610) |
| Exercise of warrants and broker warrants | 14 | 7157732 | 8129647) |
| Conversion of convertible debentures | 11 | 25000 | 27483 |
| Exercise of options | 1415 | 82500 | 162090) |
| Share-based compensation | 15 |  |  |
| Transactions with owners |  | 66805170 | 47904690) |
| Net profit (loss) |  |  |  |
| Other comprehensive loss) |  |  |  |
| Total comprehensive profit (loss) for the year. |  |  |  |
| **Balance as of June 30, 2021** |  | 66805170 | 47904690) |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

------

**4**

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Cash Flows**

For the three and six-month periods ended June 30, 2022 and 2021 <br>(In Canadian dollars)

(Unaudited)

---

| | |
|:---|:---|
|  | Note |
| ***OPERATING ACTIVITIES*** |  |
| Net profit (loss) |  |
| Non-cash items |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss | 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of impairment loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on debentures and bonds | 1217.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease interest | 1017.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares and warrants for settlement of debt | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration payable | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability |  |
| Loans Receivable maturing in more than 12 months | 5) |
| Net changes in working capital items |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits made to third parties regarding transactions on platforms | 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment to third party subcontractors | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debtors | 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans Receivable maturing in less than 12 months | 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for resale) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits received for transactions on platforms |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 9) |
| Cash flows from operating activities |  |
| ***INVESTING ACTIVITIES*** |  |
| Debtors) |  |
| Investment in third party entity) |  |
| Property and equipment - additions | 7) |
| Property and equipment - disposals | 7 |
| Intangible asset - additions | 8) |
| Cash flows from investing activities) |  |
| ***FINANCING ACTIVITIES*** |  |
| Repayments of advances from third parties) |  |
| Repayment of advances made from affiliates) |  |
| Repayments of advances made from a Director) |  |
| Repayments of lease liabilities | 10) |
| Proceeds from the exercise of warrants | 14 |
| Proceeds from the exercise of options | 15 |
| Cash flows from financing activities) |  |
| ***IMPACT OF FOREIGN EXCHANGE***) |  |
| **Net decrease in cash**) |  |
| Cash, beginning of period |  |
| Cash, end of period |  |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

------

**5**

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Financial Position**

As at June 30, 2022 and December 31, 2021 <br>(In Canadian dollars)

(Unaudited)

------

---

| | |
|:---|:---|
|  | Note |
| ***ASSETS*** |  |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans Receivable | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debtors | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets |  |
| Loans receivable | 6 |
| Property and equipment | 7 |
| Investments |  |
| Intangible assets | 8 |
| Goodwill | 8 |
| Deferred tax assets |  |
| ***LIABILITIES*** |  |
| Current |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities |  |
| Bonds | 12 |
| CEBA Loan | 13 |
| Lease liabilities | 10 |
| Foreign deferred tax liability |  |
| Canadian deferred tax liability |  |
| Contingent consideration payable | 4 |
| ***SHAREHOLDERS' EQUITY*** |  |
| Capital stock | 14 |
| Shares to be issued | 14 |
| Contributed surplus |  |
| Accumulated other comprehensive income) |  |
| Deficit) |  |
| Shareholders' equity attributable to owners of the parent |  |
| Non-controlling interest |  |
| Total shareholders' equity |  |

---

Going concern uncertainty (note 2)

Subsequent events (note 22)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

---

| | |
|:---|:---|
| On behalf of the Board, |  |
| /S/ Johnson Joseph | /S/ Dylan Tinker |
| Director | Director |

---

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| |
|:---|
| **6** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***1 - GOVERNING STATUTES, NATURE OF OPERATIONS AND GENERAL INFORMATION***

Tenet Fintech Group Inc. (hereinafter "Tenet'' or the "Company"), formerly named Peak Fintech Group Inc. until November 1, 2021, was incorporated pursuant to the provisions of the Business Corporations Act (Alberta) on May 13, 2008, and continued under the Canada Business Corporations Act on April 4, 2011. Tenet Fintech Group Inc.'s head office is located at 119 Spadina Avenue, Suite 705, Toronto, Ontario,. Its shares are traded on the Canadian Stock Exchange (CSE) under the symbol "PKK". Its shares are quoted in the U.S. on the OTC Market's Groups (OTCQX) under the symbol ''PKKFF''.

Tenet is the parent company of a group of innovative artificial intelligence (AI) and financial technology (Fintech) subsidiaries operating in Canada and China. Tenet's subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of small- and medium-sized enterprises (SMEs) carry out a range of interactions and transactions, including in the commercial lending space, in a rapid, safe, efficient, and transparent manner.

***2 - GOING CONCERN UNCERTAINTY AND COVID-19***

These condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will continue in operation and will be able to realize its assets and discharge its liabilities in the normal course of operations. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to twelve months from the end of the reporting period. The use of these principles may not be appropriate.

The level of revenue currently being generated is not presently sufficient to meet the Company's working capital requirements and business growth initiatives . The Company's ability to continue as a going concern is dependent upon its ability to raise additional financing. Even if the Company has been successful in the past in doing so, including a financing by prospectus that generated a net cash inflow of $47,981,290 in the third quarter of 2021, there is no assurance that it will manage to obtain additional financing in the future. Also, the Company incurred a net loss of $9,692,273, for the six-month period ended June 30, 2022 (year ended December 31, 2021 - $48,561,968), it has an accumulated deficit of $89,848,691 as at June 30, 2022 (year ended December 31, 2021 - $79,997,442) and it has not yet generated positive cash flows from operations on a regular basis. Until that happens, the company will continue to assess its working capital needs and undertake whatever initiatives it deems necessary to ensure that it continues to be in a position to meet its financial obligations. These material uncertainties cast some significant doubt regarding the Company's ability to continue as a going concern.

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to- day operations without interruption.

These consolidated financial statements do not include any adjustments or disclosures that may be necessary should the Company not be able to continue as a going concern. If this were the case, these adjustments could be material.

***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***

**3.1 Statement of compliance with IFRS**

These condensed interim consolidated financial statements for the six-month period ended June 30, 2022, have been prepared in accordance with the International Accounting Standard 34, Interim Financial Reporting (''IAS 34''). Since they are condensed financial statements, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (''IFRS'') as issued by the International Accounting Standards Board (''IASB''), have been voluntarily omitted or summarized.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements have been set out in note 5 of the Company's consolidated financial statements for the year ended December 31, 2021. There have not been any significant changes in judgments, estimates or assumptions since then. These condensed interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2021.

The same accounting policies and methods of computation were used in the preparation of these condensed interim consolidated financial statements as were followed in the preparation of the consolidated financial statements for the year ended December 31, 2021 except for new standards and interpretations effective January 1, 2022.

These condensed interim consolidated financial statements for the six-month periods ended June 30, 2022 (including comparative figures) were approved by the Board of Directors on August 25, 2022.

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| |
|:---|
| **7** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**3.2 Basis of measurement**

These condensed interim consolidated financial statements are prepared on an accrual basis using the historical cost method.

**3.3 Basis of Consolidation**

These condensed interim consolidated financial statements include the accounts of Tenet and all of its subsidiaries. The Company attributes total comprehensive profit or loss of the subsidiary between the owners of the parent company and the non-controlling interests based on their respective ownership interests.

The following entities have been consolidated within these condensed interim consolidated financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Entities** | <br>**Registered** | **% of ownership**<br>**and voting right** | <br>**Principal activity** | **Functional**<br>**Currency** |
| Tenet Fintech Group Inc. | Canada |  | Holding and parent company | Canadian dollar |
| Cubeler Inc. | Canada | 100% | Technology based product developer and procurement facilitator | Canadian dollar |
| Asia Synergy Limited | Hong Kong | 100% | Holding | U.S. $ |
| Asia Synergy Holdings | China | 100% | Holding | Renminbi |
| Asia Synergy Technologies Ltd. | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Supply Chain Technologies Ltd | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Solar-Gas & Oil Supply Chain Management Co.,Ltd | China | 100% | Technology based product procurement facilitator | Renminbi |
| Asia Synergy Data Solutions Ltd. | China | 100% | Fintech | Renminbi |
| Asia Synergy Credit Solutions Ltd | China | 100% | Credit outsourcing services | Renminbi |
| Asia Synergy Supply Chain Ltd | China | 51% | Supply chain services | Renminbi |
| Asia Synergy Insurance Services Co.,Ltd | China | 100% | Fintech | Renminbi |
| Wuxi Aorong Ltd. | China | 100% | Holding | Renminbi |
| Asia Synergy Financial Capital Ltd | China | 51% | Financial institution | Renminbi |
| Beijing Huike Internet Technology | China | 100% | Technology based product facilitator | Renminbi |
| Wechain (Nanjing) Technology Service Co., Ltd. | China | 51% | Fintech | Renminbi |
| Beijing Kailifeng New Energy Technology Co., Ltd. | China | 51% | Technology based product facilitator | Renminbi |
| Shanghai Xinhuizhi Supply Chain Management Co.,Ltd. | China | 51% | Technology based product procurement facilitator | Renminbi |

---

**3.3 Basis of Consolidation (continued)**

The Company's subsidiaries each have an annual reporting date of December 31 and are incorporated in either Canada, Hong Kong or China. All intercompany transactions and accounts were eliminated upon consolidation, including unrealized gains or losses on intercompany transactions. Where unrealized losses on intercompany asset sales are reversed upon consolidation, the underlying asset is also tested for impairment from the Company's perspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

Profit or loss of subsidiaries acquired or disposed of during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**3.4 Functional and presentation currency**

The consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the parent company.

------

---

| |
|:---|
| **8** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***4 - BUSINESS COMBINATIONS***

**4.1** ***Subsequent Accounting***

At each balance date, the Company revises its estimation of the fair value of the contingent consideration payable under the Heartbeat Acquisition and records an accretion entry accordingly. The re-evaluation process takes into account the historical performance of the operations of Huike and Heartbeat platform assets compared to agreed targets and discount the resultant estimate of the value of share instalments payable. As at June 30, 2022, the value of contingent consideration payable was estimated as $2,622.479 (December 31, 2021 - $1,921,000). During the three and six-month periods ended June 30, 2022 amounts totalling $303,448 and 701,479 respectively (2021 - $Nil and $Nil respectively) were recorded as an expense in the condensed interim consolidated statements of comprehensive profit and loss with a corresponding credit recorded in the consolidated statement of financial position to contingent consideration payable.

The intangible assets recorded as part of the Heartbeat and Cubeler purchase price allocations, excluding goodwill, are being amortized to the profit and loss account over their remaining useful lives, estimated to be 8 years. During the three and six-month periods ended June 30, 2022, amounts totalling $851,769 and $1,706,159 respectively (2021 - $Nil and $Nil respectively) have been charged to the condensed interim consolidated statement of comprehensive loss in respect of amortization of these intangible assets acquired under business combinations (refer note 8).

**5 - *LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES***

One of the Company's subsidiaries in China, Asia Synergy Financial Capital ("ASFC"), provides various financial services to small- and medium-sized enterprises.

ASFC provides loans that are either guaranteed by a third party and/or collateral assets. The loans secured with collateral are either secured by second-hand vehicles or by the residential property of the borrower. Loans that are not guaranteed by collateral assets are guaranteed by a third party.

*Loans guaranteed by second-hand vehicles.*

The second-hand vehicles are valued by the company credit department before approving a loan. The loan value at inception represents typically between 40% to 80% of the collateral value with an average of 79% as at June 30, 2022 (76% as at December 31, 2021). The second-hand vehicles collateral value is evaluated at the beginning of the loan and periodically during the life of the loan, based on an industry recognized used car guide which has been validated by company personnel, their knowledge, experience and the inspection process before approval of the loan.

*Loans guaranteed by second rank mortgage on residential property*

Before approving a loan, the Company's credit department will assess the value of any other mortgages taken out on the residential property and put as collateral by the prospective borrower. The loan value at inception typically represents between 25% and 50% of the collateral value exceeding the first rank mortgage taken by the borrower. The value of the residential property is evaluated at the beginning of the loan and periodically during the life of the loan based on a residential broker site, which is validated by the Company personnel, their knowledge, experience and inspection process before approval of the loan.

All the loans secured by collateral assets are registered on the appropriate government regulated system.

*Credit Loans guaranteed by a third party*

The Company makes loans to small and medium enterprises in the technology sector. Before approving a loan, the Company performs an initial credit evaluation of the borrower. The credit evaluation includes: the borrower company's credit profile, operating performance, financial statements, tax payments/receipt records, shareholders' structure and their individual credit rating. Based on the result of this initial evaluation, the Company will then proceed to sign a loan agreement with the SMEs borrowers. To mitigate the default risk in the case of any overdue situation incurred re these credit loans, a letter of guarantee must also be signed before the loan is finally granted to SMEs borrowers. Accordingly, a 3rd party must accept to provide a full guarantee to cover any overdue principal and interest on behalf of the borrowers. The company will also perform on-going monitoring of SMEs borrowers in the tech industry through visits, phone calls and follow-up on business models development.

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| |
|:---|
| **9** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

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***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

For the majority of loans granted, principal and interest are payable by the borrower on a monthly basis.

Loans receivables are described as follows : <br>

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| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
| Principal balance loans receivable | 20990383 | 20989935 |
| Less expected credit loss (ECL) | (286749) | (166244) |
| Loans receivable net | 20703634 | 20823691 |
| Loans receivables maturing in less than 12 months | 19022907 | 17553358 |
| Loans receivables maturing in more than 12 months | 1680727 | 3270333 |
| Total loans | 20703634 | 20823691 |

---

***Impaired loans and allowances for credit loss***

The Company performed a three-stage forward looking impairment approach to its loan portfolio to measure the expected credit loss as described in detail in note 4.11 of the annual consolidated financial statements for the year ended December 31, 2021.

*Credit quality of loans*

The following table presents the gross carrying amount of loans receivables as at June 30, 2022 and December 31, 2021, according to credit quality and ECL impairment stages.

ECL is calculated on loan value at the period end that are not insured by a third party with an assumption of a credit loss allocation provision applied as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Credit loss** | **Credit loss** |
|  |  | **allocation** | **allocation applied -** |
|  | **Credit loss** | **applied -** | **Credit and supply** |
|  | **allocation** | **Residential** | **chain finance** |
|  | **applied - Auto** | **Property** | **credit** |
| Stage 1 : 1% | 1.0% | 1.0% | 2.0% |
| Stage 2: 30% | 7.0% | 1.0% | 2.0% |
| Stage 3 :100% | 12.0% | 1.0% | 2.0% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Gross Carrying** | **Net Carrying** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***June 30, 2022*** | **%** | **amount** | **Amount** |
|  |  | **$** | **$** |
| Stage 1 Not overdue <= 30 Days | 89.3% | 18747008 | 18743343 |
| Stage 2 Overdue 30-90 days | 0.2% | 43005 | 42934 |
| Stage 3 Overdue> 90 days | 10.5% | 2200369 | 1917356 |
| Total | 100.0% | 20990383 | 20703634 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Gross Carrying** | **Net Carrying** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***December 31, 2021*** | **%** | **amount** | **Amount** |
|  |  | **$** | **$** |
| Stage 1 Not overdue <= 30 Days | 85.2% | 17882518 | 17879156 |
| Stage 2 Overdue 30-90 days | 2.6% | 540283 | 537283 |
| Stage 3 Overdue> 90 days | 12.2% | 2567134 | 2407252 |
| Total | 100.0% | 20989935 | 20823691 |

---

------

---

| |
|:---|
| **10** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

The loss allowance for loans to customers as at June 30, 2022, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

---

| |
|:---|
| **Loss allowance as at December 31, 2021** |
| Originations net of repayments and other derecognitions) |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| Write-offs) |
| Foreign exchange and other) |
| **Loss allowance as at June 30, 2022)** |

---

---

| |
|:---|
| **Loss allowance as at December 31, 2021** |
| Originations net of repayments and other derecognitions) |
| **Change in model** |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| Foreign exchange and other) |
| **Loss allowance as at June 30, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 2** | **Stage 3** |
|  | **$** | **$** |
| **Loss allowance as at December 31, 2021** |  |  |
| Originations net of repayments and other derecognitions |  |  |
| Foreign exchange and other) |  | -) |
| **Loss allowance as at June 30, 2022** | **-** | **-** |

---

The loss allowance for loans to customers as at December 31, 2021, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

---

| |
|:---|
| **Loss allowance as at December 31, 2020** |
| Originations net of repayments and other derecognitions) |
| Net remeasurement) |
| Transfers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) |
| Write-offs) |
| Foreign exchange and other) |
| **Loss allowance as at December 31, 2021** |

---

------

---

| |
|:---|
| **11** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

---

| | | |
|:---|:---|:---|
|  | **Product Type - Residential property** |  |
|  | **Stage 3** | **Total ECL** |
|  | **$** | **$** |
| **Loss allowance as at December 31, 2020** | 4994 | 6741 |
| Originations net of repayments and other derecognitions) | 90 | 801 |
| Net remeasurement | 3645 | 3645 |
| Transfers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired) | 907 |  |
| Foreign exchange and other | 120 | 158 |
| **Loss allowance as at December 31, 2021** | **9756** | **11345** |

---

---

| | | |
|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 2** | **Stage 3** |
|  | **$** | **$** |
| **Loss allowance as at December 31, 2020** |  |  |
| Originations net of repayments and other derecognitions |  |  |
| Net remeasurement) |  | -) |
| Foreign exchange and other |  |  |
| **Loss allowance as at December 31, 2021** | **-** | **-** |

---

***6 - DEBTORS***

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
|  | **$** | **$** |
| Sales tax receivable | 156508 | 271514 |
| Advances to companies | 58843 | 141184 |
| Deposit on investment (1) | 367157 | 498750 |
| Deposits made for transactions on platforms with guarantee (2) | 23994657 | 31142201 |
| Deposits made for transactions on platforms (3) | 1452620 | 1506225 |
| Accounts receivable | 8099746 | 9632651 |
| Safety deposits with guarantor (4) | 577200 | 712412 |
| Subscriptions receivable from non-controlling interests | 581124 | 98239 |
| Promissory note (5) | 244470 | 113193 |
| Prepayments to third party subcontractors (6) | 11007633 | 11885106 |
|  | 46539957 | 56001475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As at June 30, 2022 as per agreement signed with third parties, AST, a subsidiary of the Company, agreed to participate in a future partnership agreement. AST provided a deposit representing $367,157. At December 31, 2021, as per agreement signed with third parties, ASDS, a subsidiary of the Company, agreed to participate in a future partnership agreement. ASDS provided 25% of the deposit representing $498,750.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 10 to 20% of the merchandise in guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 5 to 8% of the merchandise in guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;(4) As per an agreement with a loan insurance provider, ASCS, a subsidiary of the Company, agreed to maintain a deposit with the loan insurance provider, representing 10% of the value of loans serviced by ASCS, on behalf of certain commercial bank guarantees by loan insurer providers. ASCS's third party financial partners and the Company's ASFC subsidiary have a three-way agreement in place with ASCS under which third party financial partners and ASFC are jointly responsible for providing and maintaining the 10% safety deposit with the loan insurance provider on behalf of ASCS in exchange for a service fee representing a percentage of the amount of the safety deposit provided. The agreement indicates that in case of default by the borrowers, ASCS will retrieve all the rights to realize the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;(5) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. On June 3, 2022, an additional loan was issued to a board member of $130,462. The loans are due on December 15, 2022 and December 31 2022 respectively. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of June 30, 2022, the aggregate outstanding principal amount due for said loans is $244,470 (December 31, 2021 - $113,193).

------

---

| |
|:---|
| **12** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***6 - DEBTORS (CONTINUED)***

&nbsp;&nbsp;&nbsp;&nbsp;(6) Subsidiaries of the Company active in supply chain activity made prepayments to suppliers to support operational supply chain processes. These prepayments will be reverted to Company's subsidiaries when services or merchandise transactions are executed.

Debtors amounts are presented on the consolidated statements of financial position net of the allowance for doubtful accounts. In measuring the expected credit losses, the accounts receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. The expected loss rates are based on the payment profile for sales based on historical credit losses. Accounts receivables are written off by taking in consideration third party guarantee on payment of debtors and if there is no reasonable expectation of recovery.

When measuring the expected credit losses of other debtors, Advances to companies, Deposits made for transaction on platforms with guarantees, Deposits made for transaction on platforms, Accounts receivable, Service deposits, Subscriptions receivable from non- controlling interests, Promissory note, Other subscriptions receivable and Prepayment to third party subcontractors are assessed individually due to the low number of accounts. The expected loss rates are based on the payment profile of debtor, assessed by the company's lending hub system.

Debtors are written off (i.e. de-recognized) when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice date and failure to engage with the Issuer on alternative payment arrangements, amongst other things, are considered indicators of no reasonable expectation of recovery. As at June 30, 2022 an amount of $318,517 (December 31, 2021 - $317,778) was registered for expected credit loss for debtors.

***7 - PROPERTY AND EQUIPMENT*** <br>

---

| |
|:---|
| **Gross carrying amount** |
| Balance as at January 1, 2022 |
| Adjustments |
| Additions |
| Disposals) |
| **Balance as at June 30, 2022** |
| **Accumulated amortization** |
| Balance as at January 1, 2022 |
| Adjustments |
| Amortization |
| Exchange differences |
| **Balance as at June 30, 2022** |
| **Net carrying amount as at June 30, 2022** |
| **Gross carrying amount** |
| Balance as at January 1, 2021 |
| Amounts acquired in a business combination |
| Additions |
| Disposals) |
| **Balance as at December 31, 2021** |
| **Accumulated amortization** |
| Balance as at January 1, 2021 |
| Amortization |
| Other adjustments |
| Revaluation of Right-of-use assets |
| Disposals) |
| Exchange differences) |
| Balance as at December 31, 2021 |
| **Net carrying amount as at December 31, 2021** |

---

------

---

| |
|:---|
| **13** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***8- INTANGIBLE ASSETS***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loan servicing** |  |  |  |
|  | **agreement** | **Cubeler Platform** | **Heartbeat Platform** | **Goodwill** |
|  | **$** | **$** | **$** | **$** |
| **Gross carrying amount** |  |  |  |  |
| Balance as at January 1, 2022 | 1430000 | 23862000 | 8368063 | 103908976 |
| Addition |  | 648362 |  |  |
| **Balance as at June 30, 2022** | **1430000** | **24510362** | **8368063** | **103908976** |
| **Accumulated amortization** |  |  |  |  |
| Balance as at January 1, 2022 | 429000 | 10228688 | 410966 | 41386422 |
| Amortization | 71500 | 927677 | 611127 |  |
| Exchange differences | -) |  | 28378) |  |
| **Balance as at June 30, 2022** | **500500** | **11156365** | **1050471** | **41386422** |
| **carryin** | **929500** | **13353997** | **7317592** | **62522554** |
| **Gross carrying amount** |  |  |  |  |
| Balance as at January 1, 2021 | 1430000 |  |  |  |
| Amounts arising from business combinations |  | 23862000 | 7471000 | 103908976 |
| Addition |  |  | 897063 |  |
| Transferred in |  |  |  |  |
| Transferred out | -) | -) | -) |  |
| **Balance as at December 31, 2021** | **1430000** | **23862000** | **8368063** | **103908976** |
| **Accumulated amortization** |  |  |  |  |
| Balance as at January 1, 2021 | 286000 |  |  |  |
| Amortization | 143000 | 745688 | 410966 |  |
| Impairment loss on intangible | -) | 9483000 |  | 41386422 |
| Exchange differences | -) |  | -) |  |
| **Balance as at December 31, 2021** | **429000** | **10228688** | **410966** | **41386422** |
| **Net carrying amount as at December 31, 2021** | **1001000** | **13633312** | **7957097** | **62522554** |

---

***9 - ACCOUNTS PAYABLE, ADVANCES AND ACCRUED LIABILITIES***

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
| Trade accounts payable and accruals | 3357104 | 5224124 |
| Advance from third party customers, no interest (1) | 8452069 | 11044172 |
|  | 11809173 | 16268296 |

---

(1) Advance from downstream corporative clients for supply chain bundle service fee.

***10 - LEASE LIABILITIES***

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
| Balance - beginning of period | 1747984 | 239507 |
| Adjustment | 20170 | 1977352 |
| Additions | 409237 | 1977352 |
| Accretion interest | 75401 | 65908 |
| Lease payments | (298237) | (565880) |
| Effect of exchange rate change on obligation |  | 31097 |
| Balance - end of period | 1954555 | 1747984 |
| Current Portion | 473118 | 432621 |
|  | 1481437 | 1315363 |

---

Following is a summary of the Company's obligations regarding lease payments:

As at June 30, 2022, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** |  |  |
|  | **1 year** | **2-5 years** | **Beyond 5 years** | **Total** |
|  | **$** | **$** | **$** | **$** |
| As at June 30, 2022 |  |  |  |  |
| Lease payments | 611578 | 1215159 | 629393 | 2456130 |
| As at December 31, 2021 |  |  |  |  |
| Lease payments | 561677 | 951334 | 729289 | 2242301 |

---

------

---

| |
|:---|
| **14** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***11 - DEBENTURES***

**Debenture issuance of April 24, 2019**

The movement during the six-month period ended June 30, 2022 and the year ended December 31, 2021, relating to this debenture can be summarised as follows:

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
| Balance at the beginning period / year |  | 23311 |
| Accretion of debentures |  | 683 |
| Conversion of debentures |  | (23994) |
| Balance at the end of period / year | - | - |

---

***12 - BONDS***

On May 29, 2020, the Company has placed 400 units of secured corporate bonds at $1,000 per unit. Each unit sold was comprised of $1,000 face value bonds, redeemable on June 10, 2023, bearing interest at a nominal rate of 10% payable monthly, plus 20 purchase warrants exercisable into Company common share at $2.00 per share for a period of 36 months from the date of issuance.

The Bonds will be redeemable after 36 months from the date of issuance (the "Initial Maturity Date"). Each holder has a right (the "Initial Extension Right") at the end of the Initial Maturity Date to extend the Bond for another 12 months (the "Initial Extension Period") by giving written notice to that effect to the Company no later than sixty (60) days prior to the Initial Maturity Date. Any holder that has elected to exercise its Initial Extension Right will also have a further right at the end of the Initial Extension Period to extend its Bond for another 12 months (the "Second Extension Period") under the same notice conditions as stated in the Initial Extension.

If a holder elects to extend its Bonds, the Company may redeem such holder's Bonds at any time on payment of a 5% premium to redeem the Bonds ("Penalty").

The Company has set aside an amount equal to two years of interest in a separate bank account, which will be used to pay interest payable on the Bonds. Any interest accrued on such sum will be in favour of the Company. The amount set aside as at June 30, 2022, is $33,333 (December 31, 2021 - $53,333) and is presented under Restricted Cash in the Condensed Interim Consolidated statements of Financial position.

Bonds are secured by a pledge on the aggregate assets of the Company, maturing on May 29, 2023. The Company used the residual value method to allocate the principal amount of the bond between the liability and the contributed surplus. Under this method, an amount of $64,896 (net of transaction costs) related to the warrants issued was applied to the contributed surplus. The fair value of the liability component was $227,569 computed as the present value of future principal and interest payments discounted at a rate of 22%.

The movement during the six-month period ended June 30, 2022 and the year ended December 31, 2021, relating to these bonds can be summarised as follows:

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
|  | **$** | **$** |
| Balance at the beginning period / year | 313234 | 258933 |
| Addition |  |  |
| Accretion on debentures and bonds | 15703 | 27327 |
| Amortization of initial costs | 13376 | 26974 |
| Balance at the end period / year | 342313 | 313234 |

---

(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

***13 - CEBA LOAN (Canada Emergency Business Account)***

On April 20, 2020, the Company applied for and received $40,000 under the Canada Emergency Business Account (CEBA). Further, on September 1, 2021, through its acquisition of Cubeler, the Company acquired an additional CEBA loan totalling $60,000. Under this program providing interest-free loans, repaying the balance of the loan on or before December 31, 2023, will result in loan forgiveness of 33% ($33,000), which is the intention of the Company. Subsequent to year-end 2021, the Government of Canada announced that the deadline to repay loans under the Canada Emergency Business Account program would be extended by one year (that is from December 31, 2022 to December 31, 2023). As of January 1, 2024, the loan balance will bear interest at 5% and will be repayable on maturity on December 31, 2025.

***14 - SHAREHOLDERS' EQUITY***

**14.1 Authorized share capital**

The share capital of the Company consists of an unlimited number of common shares without par value.

**Share Consolidation**

Effective July 27, 2021, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidation share for two pre- consolidation shares. Unless otherwise stated, all share amounts have been restated retrospectively to reflect this share consolidation.

------

---

| |
|:---|
| **15** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***14 - SHAREHOLDERS' EQUITY (CONTINUED)***

**14.2 Description of the shareholders' equity operations during the six-month period ended June 30, 2022**

a) During the six-month period ended June 30, 2022, the Company issued 1,653,000 common shares at an average exercise price of $1.04 per share for total proceeds of $1,722,250 upon the exercise of share purchase warrants, out of which, $150,000 was received in 2021. An amount of $459,818 related to exercised warrants were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 14.4).

b) During the six-month period ended June 30, 2022, the Company issued 117,500 common shares at an average exercise price of $2.10 per share for total proceeds of $246,750 upon the exercise of stock options, and $217,420 related to exercised stock options were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 15).

**14.3 Description of the shareholders' equity operations during the six-month period ended June 30, 2021**

a) During the six-month period ended June 30, 2021, $25,000 of secured debentures with a conversion price of $1.00 per share were converted into common shares of the Company. At the date of conversion these debentures had an amortized cost totalling $23,994. The Company therefore issued 50,000 common shares to the debenture holders and recorded $23,994 in share capital. In addition, amounts of $3,489 related to these debenture conversions, were transferred to capital stock from conversion options in the condensed interim consolidated statements of financial position.

b) During the six-month period ended June 30, 2021, the Company issued 16,675 common shares at an average price of $3.05 per share to settle $50,850 of debts related to services received by the Company, of which $15,000 was recorded in public relations fees in the condenssed interim consolidated statements of comprehensive profit and loss, $35,850 was recorded against accounts payable and accruals in the condensed interim consolidated statements of financial position.

c) During the six-month period ended June 30, 2021, the Company issued 7,157,732 common shares at an average exercise price of $0.84 per share for total proceeds of $5,993,925 upon the exercise of share purchase warrants, and $2,135,722 related to exercised warrants were transferred from contributed surplus to share capital in the condensed interim statements of consolidated equity.

d) During the six-month period ended June 30, 2021, the Company issued 82,500 common shares at an average exercise price of $1.00 per share for total proceeds of $82,500 upon the exercise of stock options, and $79,590 related to exercised stock options were transferred from contributed surplus to share capital in the condensed interim statements of consolidated equity.

e) On April 8, 2021 the Company issued the final tranche of 511,169 common shares at $0.79 per share with a total consideration of $403,610 in relation to a business combination (refer note 4). Consequently $403,610 was credited to share capital with the offset being debited to equity to issue in the condensed interim statement of consolidated equity.

**14.4 Warrants**

The outstanding warrants as at June 30, 2022 and December 31, 2021 and the respective changes during the six-month period and the year then ended, are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2021-12-31** |
|  |  |  | **Weighted** |
|  | **Number of** | **Number of** | **average** |
|  | **warrants** | **warrants** | **exercise price** |
|  |  | $— | **$** |
| Outstanding, beginning of period | 17332504 | 14662750 | 0.966 |
| Granted |  | 14990999 | 3.500 |
| Expired |  | (15000) | 1.333 |
| Exercised | (1653001) | (12306245) | 1.107 |
| Outstanding and exercisable, |  |  |  |
| end of period | 15679503 | 17332504 | 3.057 |

---

As of June 30, 2022 and December 31, 2021, the number of outstanding warrants which could be exercised for an equivalent number of common shares at the exception of the warrants expiring on July 23, 2023 which two warrants are needed to be exercised for one common share, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2021-12-31** |
|  | **Number** | **Number** | **Exercise price** |
|  |  | $— | **$** |
| Expiration date |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February, 2022 |  | 360000 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July, 2022 | 460000 | 585000 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August, 2022 | 731190 | 1298690 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2022 |  | 350000 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2022 |  | 250000 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May, 2023 | 3000 | 3500 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May, 2023 | 13328 | 13328 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July, 2023 | 12870149 | 12870149 | 3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July, 2023 | 1601836 | 1601837 | 3.50 |
|  | 15679503 | 17332504 |  |

---

------

---

| |
|:---|
| **16** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS***

The Company has adopted an incentive stock option plan which provides that the Board of Directors of the Company may, from time to time, at its discretion and in accordance with the Exchange regulations, grant to directors, officers, employees and others providing similar services to the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares exercisable for a period of up to 5 years from the date of grant. The options reserved for issuance to any individual director, officer or employee will not exceed 5% of the issued and outstanding common shares and the number of common shares reserved for issuance to others providing services will not exceed 2% of the issued and outstanding common shares. Options may be exercised as of the grant date for a period determined by the Board, but shall not be greater than 5 years from the date of the grant and 90 days following cessation of the optionee's position with the Company. Provided that the cessation of office, directorships or employment or other similar service arrangement was by reason of death (in the case of an individual), the option may be exercised within a maximum period of one year after such death, subject to the expiry date of such option.

The outstanding options as at June 30, 2022 and December 31, 2021 and the respective changes during the six-month period and the year then ended, are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2021-12-31** |
|  |  |  | **Weighted** |
|  | **Number of** | **Number of** | **average** |
|  | **options** | **options** | **exercise price** |
|  |  | $— | **$** |
| Outstanding, beginning of period | 4689250 | 4351750 | 1.336 |
| Granted | 110601 | 945000 | 4.448 |
| Exercised (1) | (117500) | (607500) | 1.594 |
| Expired | (272500) |  |  |
| Forfeited | (5000) |  |  |
| Outstanding end of period | 4404851 | 4689250 | 1.929 |
| Exercisable end of period | 3050500 | 2488550 | 1.390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of the shares was $3.96 and $2.95 on the exercise date of these options

The table below summarizes the information related to outstanding share options as at June 30, 2022.

---

| | | |
|:---|:---|:---|
|  | **Number of** | **Weighted average remaining** |
| **Maturity date** | **options** | **contractual life (years)** |
|  | $— |  |
| November 27, 2022 | 18750 | 4 months |
| December 15, 2022 | 171250 | 5 months |
| April 16, 2023 | 5000 | 9 months |
| June 5, 2023 | 288750 | 11 months |
| November 28, 2023 | 37500 | 1 years and 4 months |
| May 1, 2024 | 50000 | 1 years and 10 months |
| May 27, 2024 | 447500 | 1 years and 10 months |
| September 5, 2024 | 10000 | 2 years and 2 months |
| November 1, 2024 | 50000 | 2 years and 4 months |
| November 12, 2024 | 5000 | 2 years and 4 months |
| June 11, 2025 | 745500 | 2 years and 11 months |
| August 7, 2025 | 250000 | 3 years and 1 months |
| October 28, 2025 | 1225000 | 3 years and 3 months |
| November 6, 2025 | 50000 | 3 years and 4 months |
| January 28, 2026 | 25000 | 3 years and 6 months |
| March 22, 2026 | 55000 | 3 years and 8 months |
| May 13, 2026 | 5000 | 3 years and 10 months |
| July 7, 2026 | 825000 | 4 years and 0 months |
| August 10, 2026 | 5000 | 4 years and 1 months |
| October 28, 2026 | 25000 | 4 years and 3 months |
| January 1, 2027 | 32725 | 4 years and 6 months |
| February 1, 2027 | 42881 | 4 years and 7 months |
| March 1, 2027 | 2941 | 4 years and 8 months |
| April 1, 2027 | 15627 | 4 years and 9 months |
| May 1, 2027 | 13585 | 4 years and 10 months |
| June 1, 2027 | 2842 | 4 years and 11 months |
|  | 4404851 |  |

---

------

---

| |
|:---|
| **17** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS (CONTINUED)***

The table below summarizes the information related to outstanding share options as at December 31, 2021.

---

| | | |
|:---|:---|:---|
|  | **Number of** | **Weighted average remaining** |
| **Maturity date** | **options** | **contractual life (years)** |
|  | $— |  |
| June 1, 2022 | 390000 | 5 months |
| November 27, 2022 | 18750 | 10 months |
| December 15, 2022 | 171250 | 11 months |
| April 16, 2023 | 5000 | 1 year and 3 months |
| June 5, 2023 | 288750 | 1 year and 5 months |
| November 28, 2023 | 37500 | 1 year and 10 months |
| May 1, 2024 | 50000 | 2 years and 4 months |
| May 27, 2024 | 447500 | 2 years and 4 months |
| September 5, 2024 | 10000 | 2 years and 8 months |
| November 1, 2024 | 50000 | 2 years and 10 months |
| November 12, 2024 | 5000 | 2 years and 10 months |
| June 11, 2025 | 745500 | 3 years and 5 months |
| August 7, 2025 | 250000 | 3 years and 7 months |
| October 28, 2025 | 1225000 | 3 years and 9 months |
| November 6, 2025 | 50000 | 3 years and 10 months |
| January 28, 2026 | 25000 | 4 years and 0 months |
| March 22, 2026 | 55000 | 4 years and 2 months |
| May 13, 2026 | 10000 | 4 years and 4 months |
| July 7, 2026 | 825000 | 4 years and 6 months |
| August 10, 2026 | 5000 | 4 years and 7 months |
| October 28, 2026 | 25000 | 4 years and 9 months |
|  | 4689250 |  |

---

During the three and six-month period ended June 30, 2022 the Company recorded an expense of $570,757 and $1,112,302 respectively related to share-based payments (periods ended June 30, 2021- $396,515 and $741,205). The offset was credited to contributed surplus.

**15.1 Share-based payments granted to directors and employees during the six-month period ended June 30, 2022**

a) On January 1, 2022 the Company granted options to acquire 32,725 common shares of the Company at an average exercise price of $7.50 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $179,183 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $7.15 |
| Expected life | 5 years |
| Risk-free interest rate | 1.25% |
| Volatility | 106% |
| Exercise price at the date of grant | $7.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On February 1, 2022 the Company granted options to acquire 42,881 common shares of the Company at an average exercise price of $5.60 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $173,796 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.28 |
| Expected life | 5 years |
| Risk-free interest rate | 1.63% |
| Volatility | 106% |
| Exercise price at the date of grant | $5.6 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

------

---

| |
|:---|
| **18** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS (CONTINUED)***

c) On March 1, 2022 the Company granted options to acquire 2,941 common shares of the Company at an average exercise price of $4.10 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $8,455 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.82 |
| Expected life | 5 years |
| Risk-free interest rate | 1.61% |
| Volatility | 104% |
| Exercise price at the date of grant | $4.1 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

d) On April 1, 2022 the Company granted options to acquire 10,627 common shares of the Company at an average exercise price of $4.16 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $37,748, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.96 |
| Expected life | 5 years |
| Risk-free interest rate | 2.50% |
| Volatility | 109% |
| Exercise price at the date of grant | $4.16 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

e) On May 1, 2022 the Company granted options to acquire 13,585 common shares of the Company at an average exercise price of $5.13 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $50,605, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $4.67 |
| Expected life | 5 years |
| Risk-free interest rate | 2.80% |
| Volatility | 103% |
| Exercise price at the date of grant | $5.13 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

f) On June 1, 2022 the Company granted options to acquire 2,842 common shares of the Company at an average exercise price of $2.55 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $5,440, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $2.14 |
| Expected life | 5 years |
| Risk-free interest rate | 2.86% |
| Volatility | 109% |
| Exercise price at the date of grant | $2.55 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

------

---

| |
|:---|
| **19** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS (CONTINUED)***

**15.2 Options granted to consultants during the six-month period ended June 30, 2022**

a) On April 1, 2022 the Company granted options to acquire 5,000 common shares of the Company at an average exercise price of $4.16 to a consultant.

The options vest over a period of nine months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $15,526 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.96 |
| Expected life | 5 years |
| Risk-free interest rate | 2.50% |
| Volatility | 109% |
| Exercise price at the date of grant | $416 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**15.3 Share-based payments granted to directors and employees during the six-month period ended June 30, 2021**

a) During the six-month period ended June 30, 2021 the Company granted options to acquire 25,000 common shares of the Company at an average exercise price of $5.70 to a director.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $103,780, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.32 |
| Expected life | 5 years |
| Risk-free interest rate | 0.46% |
| Volatility | 111% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.70 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On May 13, 2021, the Company granted 10,000 options to new employees at an exercise price of $4.80 per share. The options are vesting over a periods of eight, sixteen and twenty-four-month following the date of granting and will be exercisable over a period of five years expiring in May 2026.

The options vest over a two-year period and are exercisable over a period of five years .

------

---

| |
|:---|
| **20** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***15 - SHARE-BASED PAYMENTS (CONTINUED)***

The fair value of the options granted, amounting to $33,764, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $4.40 |
| Expected life | 5 years |
| Risk-free interest rate | 0.95% |
| Volatility | 108% |
| Dividend | 0% |
| Exercise price at the date of grant | $4.80 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**15.4 Options granted to consultants during the six-month period ended June 30, 2021**

a) During the six-month period ended June 30, 2021 the Company granted options to acquire 55,000 common shares of the Company at an average exercise price of $5.50 to one of its service providers as part of an investors relations agreement.

The options vest over a period of nine months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $235,434, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.48 |
| Expected life | 5 years |
| Risk-free interest rate | 0.92% |
| Volatility | 109% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

***16 - CAPITAL MANAGEMENT POLICIES AND PROCEDURES***

The Company's capital management objectives are as follows:

- To ensure the Company's ability to continue its development;

- To provide an adequate return to shareholders.

The Company monitors capital on the basis of the carrying amount of equity which represents $156,951,777 as at June 30, 2022 (December 31, 2021 - $165,590,366).

The Company manages its capital structure and makes adjustments to it to ensure it has sufficient liquidity and raises capital through stock markets to continue its development.

The Company is not subject to any externally imposed capital requirements.

------

---

| |
|:---|
| **21** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***17 - FINANCIAL INSTRUMENTS***

**17.1 Classification of financial instruments**

As at June 30, 2022, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2022-06-30** |
|  | **Assets and** | **Assets and** |  |
|  | **liabilities** | **liabilities** |  |
|  | **carried at** | **carried at** | **Total** |
|  | **fair value** | **amortized cost** | **carrying value** |
|  | **$** | **$** | **$** |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 15048547 | 15048547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 33333 | 33333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 46383449 | 46383449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 20703634 | 20703634 |
|  | - | 82168963 | 82168963 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 11387923 | 11387923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 342313 | 342313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 2622479 |  | 2622479 |
|  | 2622479 | 11830236 | 14452715 |

---

As at December 31, 2021, the carrying amount of financial assets and financial liabilities were as follows: <br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **2021-12-31** |
|  | **Assets and** | **Assets and** |  |
|  | **liabilities** | **liabilities** |  |
|  | **carried at** | **carried at** | **Total** |
|  | **fair value** | **amortized cost** | **carrying value** |
|  | **$** | **$** | **$** |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 18796914 | 18796914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 53333 | 53333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 55729961 | 55729961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable |  | 20823691 | 20823691 |
|  | - | 95403898 | 95403899 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 15903158 | 15903158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 313234 | 313234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 1921000 |  | 1921000 |
|  | 1921000 | 16316392 | 18237392 |

---

------

---

| |
|:---|
| **22** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***17 - FINANCIAL INSTRUMENTS (CONTINUED)***

**17.2 Financial risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main risks the Company is exposed to are credit risk (see note 5), market risk and liquidity risk.

The Company does not actively engage in the trading of financial instruments for speculative purposes.

No changes were made in the objectives, policies and processes related to financial instrument risk management during the reporting periods.

The most significant financial risks to which the Company is exposed are described below.

**17.3 Financial risks**

*17.3.1 Liquidity risk*

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk management serves to maintain a sufficient amount of cash and to ensure that the Company has financing sources for a sufficient amount. The Company's objective is to maintain a cash position sufficient to cover the next twelve-month obligations (note 2).

The Company's non-derivative financial liabilities have contractual maturities (including interest payments where applicable) as summarized below:

---

| | | |
|:---|:---|:---|
|  |  | **2022-06-30** |
|  | **Current** | **Long-term** |
|  | **Within** | **More** |
|  | **6 months** | **than 12 months** |
|  | **$** | $— |
| Accounts payable and accrued liabilities | 11387923 |  |
| Bonds |  |  |
| Contingent consideration payable |  | 1947000 |
| CEBA loan |  | 100000 |
|  | 11387923 | 2047000 |

---

---

| | | |
|:---|:---|:---|
|  |  | **2021-12-31** |
|  | **Current** | **Long-term** |
|  | **Within** | **More** |
|  | **6 months** | **than 12 months** |
|  | **$** | $— |
| Accounts payable and accrued liabilities | 15903158 |  |
| Bonds |  | 400000 |
| Contingent consideration payable |  | 2386125 |
| CEBA loan |  | 100000 |
|  | 15903158 | 2886125 |

---

------

---

| |
|:---|
| **23** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***17 - FINANCIAL INSTRUMENTS (CONTINUED)***

**17.4 Finance costs**

The breakdown in Finance costs during the three and six-month periods ended June 30, 2022 and 2021 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6/30/2022** | **6/30/2021** | **6/30/2022** | **6/30/2021** |
|  | **(3 months)** | **(3 months)** | **(6 months)** | **(6 months)** |
| Interest on debentures |  |  |  | 333.00 |
| Interest on lease liabilities (note 10) | 38268 | 7535 | 75401 | 13970 |
| Interest on security deposit and advances | (4327) | 25926 |  | 54158 |
| Interest on bonds | 10000 | 10000 | 20000 | 20000 |
| Interest income | (23329) | (1449) | (38495) | (10606) |
| Accretion on debentures and bonds | 8089 | 6630 | 15703 | 13554 |
| Accretion of contingent consideration payable | 303448 |  | 701479 |  |
| **Total interest expense** | 332148 | 48641 | 774087 | 91410 |
| Miscellaneous | 17428 | 2294 | 22472 | 4358 |
|  | 349576 | 50935 | 796559 | 95768 |

---

**17.5 Fair value**

The following methods and assumptions were used to determine the estimated fair value for each class of financial instruments:

- The fair value of cash, restricted cash, loans receivable on short and long term and debtors (except sales tax receivables), accounts payable, advances and accrued liabilities approximate their carrying amount, given the short-term maturity;

- The fair value of the debentures and the bonds is estimated using a discounted cash flow approach and approximate their carrying amount. CEBA loan is recognized as it cost which is close from its fair value;

- The fair value of contingent compensation payable related to the acquisition of certain assets and personnel from Heartbeat. (note 4) is estimated by probability-weighted cash outflows and reflect management's estimate of a 85% probability that the contract's target level will be achieved and the expected Company's share price.

The Company categorized its financial instruments based on the following three levels of inputs used for fair value measurements:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the assets and liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Bonds are level 3 under the fair value hierarchy.

Contingent consideration payable, the CEBA loan, loans receivable on short and long term are level 3 under the fair value hierarchy.

------

---

| |
|:---|
| **24** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***18 - RELATED PARTY TRANSACTIONS***

The Company's related party transactions do not include, unless otherwise stated, special terms and conditions. No guarantees were given or received. Outstanding balances are usually settled in cash.

**Transactions with key management personnel, officers and directors**

The Company's key management personnel are, the CEO, the CFO , the China CEO and the members of the Board. Their remuneration includes the following expenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022-06-30** | **2021-06-30** | **2022-06-30** | **2021-06-30** |
|  | **(3 months)** | **(3 months)** | **(6 months)** | **(6 months)** |
|  | **$** | **$** | **$** | **$** |
| Salaries and fringe benefits | 340013 | 167034 | 540210 | 308453 |
| Share-based payments | 408797 | 331262 | 821848 | 643420 |
| Royalty- Cubeler |  | 43902 |  | 74678 |
| Total | 748810 | 542198 | 1362058 | 1026551 |

---

These transactions occurred in the normal course of operations and have been measured at fair value.

As at June 30, 2022 and December 31, 2021 the condensed interim consolidated statement of financial position includes the following amounts with related parties:

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
|  | **$** | **$** |
| Loans, with interest (1) | 244470 | 113193 |
|  | 244470 | 113193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. On June 3, 2022, an additional loan was issued to a board member of $130,462. The loans are due on December 15, 2022 and December 31, 2022 respectively. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of June 30, 2022, the aggregate outstanding principal amount due for said loans is $244,470 (December 31, 2021 - $113,193).

***19 - SEGMENT REPORTING***

The Company has determined that it has two operating segments, which are defined below. For presentation purposes, other activities are grouped in the 'Other' heading. Each operating segment is distinguished by the type of products and services it offers and is managed separately as each requires different business processes, marketing approaches and resources. All inter-segment transfers are carried out at arm's length prices based on prices charged to unrelated customers in stand-alone sales of identical goods and services.

The operating segments are detailed as follows:

Fintech Platform

The Fintech Platform segment comprises the procurement and distribution of products within supply chain or facilitating transactions in the commercial lending industry through technology platforms.

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---

| |
|:---|
| **25** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***19 - SEGMENT REPORTING (CONTINUED)***

***Financial Services***

The Financial Services segment encompasses providing commercial loans to entrepreneurs and SMEs and the activity of providing turn-key credit outsourcing services to banks and other lending institutions.

The Fintech Platform segment operates in North America and China, the Financial Services segment operates in China.

***Other***

The "other" category includes the activity and unallocated portion of the Canadian parent company's services and all non-operating holdings registered in Hong Kong and China.

The segment information for the six-month periods ended June 30, 2022, and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended 2022-06-30** | **Six months ended 2022-06-30** |
|  | **Fintech** | **Financial** |
|  | **Platform** | **Services** |
|  |  | **$** |
| *Revenues (1)* |  |  |
| Financial service revenue from |  |  |
| external customers |  | 1056357 |
| Fees/sales from external customers | 2493320 | 343900 |
| Supply chain services | 63331470 | -) |
| Inter-segment | 2739713 | 187590) |
| Total revenues | **68564503** | **1587847))** |
| *Expenses* |  |  |
| Depreciation and amortization | 3266737 | 90064 |
| Interest expense | 782247 | 15348) |
| Write down of accounts receivable |  |  |
| All other expenses | 63238164 | 878379) |
| Total expenses | **67287149** | **983790)** |
| Profit (loss) before tax | 1277353 | 604057) |
| Income tax | 1709638 | 193901 |
| Net profit (loss) | **(432284)** | **410156))** |
| Non-controlling interest | (123348) | 282324 |
| Net profit (loss) attributable to Owners of the parent | (308936) | 127832) |
| Segmented assets | **146563034** | **24354950)** |

---

------

---

| |
|:---|
| **26** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***19 - SEGMENT REPORTING (CONTINUED)***

---

| | | |
|:---|:---|:---|
|  | **Six months ended 2021-06-30** | **Six months ended 2021-06-30** |
|  | **Fintech** | **Financial** |
|  | **Platform** | **Services** |
|  |  | **$** |
| *Revenues (1)* |  |  |
| Financial service revenue from |  |  |
| external customers |  | 1202401 |
| Fees/sales from external customers | 1792397 | 602843 |
| Supply chain services | 41177420 |  |
| Inter-segment | 558830 | 53503) |
| Total revenues | **43528648** | **1858747)** |
| *Expenses* |  |  |
| Depreciation and amortization | 257120 | 111679 |
| Interest expense | 56600 | 3215 |
| All other expenses | 41128057 | 785485) |
| Total expenses | **41441777** | **900380)** |
| Profit (loss) before tax | 2086871 | 958367) |
| Income tax | 582564 | 357495 |
| Net profit (loss) | **1504306** | **600872))** |
| Non-controlling interest | 413076 | 278484 |
| Net profit (loss) attributable to owners of the parent | 1091231 | 322389) |
| Segmented assets | **45457236** | **23633063)** |

---

*(1): Revenues from external customers have been identified on the basis of the customer's geographical location, which is China.*

The Company's non-current assets are located in the following geographic regions: <br>

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **12/31/2021** |
|  | **Non-current** | **Non-current** |
|  | **Assets** | **Assets** |
|  | **$** | **$** |
| China | 14242976 | 10900348 |
| Canada | 87007578 | 89991187 |
| **Total** | 101250554 | 100891535 |

---

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---

| |
|:---|
| **27** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***20 - NON-CONTROLLING INTERESTS***

The Company controls the following subsidiaries that have significant non-controlling interests (NCIs).

---

| | | |
|:---|:---|:---|
|  | **2022-06-30** | **2021-12-31** |
|  | **% ownership** | **% ownership** |
|  | **and voting rights** | **and voting rights** |
| **Entities** | **held the by NCIs** | **held the by NCIs** |
| Asia Synergy Supply Chain Ltd ("ASSC") | 49% | 49% |
| Asia Synergy Financial Capital Ltd ("ASFC") | 49% | 49% |
| Wechain (Nanjing) Technology Service Co., Ltd | 49% | 49% |
| Beijing Kailifeng New Energy Technology Co., Ltd | 49% | 49% |
| Shanghai Xinhuizhi Supply Chain ManagementCo.,Ltd | 49% | 49% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total comprehensive profit and loss** | **Total comprehensive profit and loss** |  |  |
|  | **allocated to NCI** | **allocated to NCI** | **Accumulated NCI** | **Accumulated NCI** |
|  | **Six-month period** | **Six-month period** |  |  |
|  | **ended** | **ended** | **As at** | **As at** |
|  | **2022-06-30** | **2021-06-30** | **2022-06-30** | **2021-12-31** |
| Asia Synergy Supply Chain Ltd | 40695 | 464568 | 2023495 | 1951538 |
| Asia Synergy Financial Capital Ltd | 91989 | 150028 | 11581586 | 11520859 |
| Wechain (Nanjing) Technology Service Co., Ltd | (159261) |  | 624021 | 783281 |
| Beijing Kailifeng New Energy Technology Co., Ltd | (52392) |  | 495195 | 64703 |
| Shanghai Xinhuizhi Supply Chain ManagementCo.,Ltd | (15) |  | 959 |  |
|  | (78984) | 614596 | 14725256 | 14320381 |

---

No dividends were paid to NCIs during the six-month periods ended June 30, 2022 and 2021.

------

---

| |
|:---|
| **28** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021<br> (In Canadian dollars) <br>(Unaudited) |

---

***20 - NON-CONTROLLING INTERESTS (CONTINUED)***

Summarised financial information for subsidiaries with NCIs, before intragroup eliminations are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ASSC | ASSC | ASFC | ASFC | Wechain | Wechain | Kailifeng | Kailifeng | ASAC | ASAC | Total | Total |
|  | 2022-06-30 | 2021-12-31 | 2022-06-30 | 2021-12-31 | 2022-06-30 | 2021-12-31 | 2022-06-30 | 2021-12-31 | 2022-06-30 | 2021-12-31 | 2022-06-30 | 2021-12-31 |
|  | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| Current assets | 6135160 | 8454526 | 24527563 | 26519686 | 531291 | 446330 | 598744 | 130545 | 1927 | **-** | 31794684 | 35551087 |
| Non-current assets | 782 | 391 | 222757 | 124846 | 838214 | 1283169 | 476197 | 59760 |  | **-** | 1537950 | 1468166 |
|  | 6135941 | 8454917 | 24750320 | 26644532 | 1369505 | 1729498 | 1074941 | 190305 | 1927 | **-** | 33332634 | 37019252 |
| Current liabilities | 1900908 | 4238109 | 989667 | 2584145 | 21824 | 67363 | 71981 | 56091 | 0 | **-** | 2984381 | 6945708 |
| Non-current liabilities | **-** | **-** | 60081 | 69209 | 88661 | 66128 |  | **-** |  | **-** | 148742 | 135337 |
| Total liabilities | 1900908 | 4238109 | 1049748 | 2653354 | 110485 | 133491 | 71981 | 56091 |  | **-** | 3133124 | 7081045 |
| Equity attributable to owners of the parent | 2106087 | 2031193 | 12054304 | 11991098 | 649491 | 815252 | 515407 | 67344 | 998 | **-** | 15326286 | 14904886 |
| Non-controlling interests | 2023495 | 1951538 | 11581586 | 11520859 | 624021 | 783281 | 495195 | 64703 | 959 | **-** | 14725256 | 14320**,**381 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | WechainKailifeng | Kailifeng | ASAC |
|  | Six-month period ending | Six-month period ending | Six-month period ending |
|  | 2021-06-30 | 2021-06-30 | 2021-06-30 |
|  | $| $| $|
| Revenue |  |  |  |
| Profit for the year attributable to owners of the parent) | -) |  |  |
| Profit for the year attributable to NCIs) | -) |  |  |
| **Profit (loss) for the year** | -) |  |  |
| Other comprehensive income ("OCI") for the year |  |  |  |
| OCI attributable to the owners of the parent) |  | -) | -) |
| OCI attributable to NCIs) |  | -) | -) |
| **OCI for the year**) |  | -) | -) |
| Total comprehensive income for the year attributable to the owners of the parent) | -) | -) | -) |
| Total comprehensive income for the year attributable to NCIs) | -) | -) | -) |
| **Total comprehensive profit and loss for the year**) | -) | -) | -) |
| Net cash used in operating activities) | -) |  | -) |
| Net cash used in investing activities) | -) |  | -) |
| Net cash from financing activities) |  |  | -) |
| Foreign exchange differences) | -) | -) | -) |
| **Net cash (outflow) inflow for the year** | - | - | -) |

---

------

---

| |
|:---|
| **29** |
| **TENET FINTECH GROUP INC. <br>(Formerly Peak Fintech Group Inc.)**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the six-month periods ended June 30, 2022 and 2021s<br> (In Canadian dollars) <br>(Unaudited) |

---

***20 - NON-CONTROLLING INTERESTS (CONTINUED)***

During the six-month period ended June 30, 2022, the Company's subsidiaries, ASDS and AST along with the non-controlling interests of Kalifeng and Shanghai Xinhuizhi Supply Chain Management Co.,Ltd. ("ASAC") respectively, subscribed for additional share capital in the ratio of their relevant ownership percentages. The total value of capital agreed to be injected by NCIs in Kalifeng totalled $482,884 (six-months ended June 30, 2021 - $Nil) and in ASAC totalled $975 (six-months ended June 30, 2021 - $Nil). As at June 30, 2022 the amount of the NCI's portion of the capital injection agreed for these NCI's that was outstanding was $581,124 (December 31, 2021 - $98,239) (refer to note 6).

***21 - CONTINGENCIES***

Through the normal course of operations, the Company may be exposed to a number of lawsuits, claims and contingencies. Provisions are recognized as liabilities in instances when there are present obligations and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and where such liabilities can be reliably estimated. No provision has been recognized in these consolidated financial statements. Although it is possible that liabilities may be incurred in instances where no provision has been made, the Company has no reason to believe that the ultimate resolution of such matters will have a material impact on its financial position.

***22 - SUBSEQUENT EVENTS***

During the period from July 1, 2022, and August 25, 2022, the Company issued 41,655 share purchase options to new employees with an average strike price of $1.44. Stock options are vested between a period of 8 to 24 months and mature 5 years after the issuance date.

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## Exhibit 99.359

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**TENET FINTECH GROUP INC.**

(Formerly Peak Fintech Inc.)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The following Management's Discussion and Analysis (MD&A) provides Management's point of view on the financial position and results of operations of Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.), on a consolidated basis, for the three and six-month periods ended June 30, 2022 (fiscal 2022) and June 30, 2021 (fiscal 2021).

Unless otherwise indicated or unless the context requires otherwise, all references in this MD&A to "Tenet", the "Company", "we", "us", "our" or similar terms refer to Tenet Fintech Group Inc. on a consolidated basis. This MD&A is dated August 25, 2022 and should be read in conjunction with the Audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2021. Unless specified otherwise, all amounts are in Canadian dollars.

The financial information contained in this MD&A relating to the Unaudited Condensed Interim Consolidated Financial Statements for the three and six-month periods ended June 30, 2022, and June 30, 2021, has been prepared in accordance with International Financial Reporting Standards (IFRS).

The Unaudited Condensed Interim Consolidated Interim Financial Statements and MD&A have been reviewed by our Audit and Risk Management Committee and approved by our Board of Directors as of August 25, 2022.

**Forward looking information**

Certain statements contained in this MD&A may constitute forward-looking information, which can generally be identified as such because of the context of the statements including words such as believes, anticipates, expects, plans, estimates, or words of similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results. We refer potential investors to the "Risks and Uncertainties" section of this MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this MD&A and represents the Company's expectations as of that date.

The Company undertakes no obligation to update or revise the information contained in this MD&A, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

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**Structure**

The following chart summarizes the corporate structure of the Company.

![](exhibit99-359x2x1.jpg)

**BUSINESS OVERVIEW**

Tenet (CSE: PKK) (OTC: PKKFF), is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hub™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

**OPERATING HIGHLIGHTS FOR THE QUARTER**

**<u>Chinese Operations</u>**

Covid-19 and the Chinese government's zero-covid policy continued to have a major impact on the country's economy during the second quarter of 2022. Government-imposed lockdowns in several major cities meant that much of the country's economy was at a standstill for practically all of April and May, leaving many businesses with June as the only month left to make their numbers for the entire quarter. Tenet was no exception to that reality. Add to this that a drop in some commodities prices during the quarter contributed to a slowdown in commodities-related transactions on the Business Hub™ and the quarter would best be described as difficult from a revenue standpoint. However, the Company does not measure success simply by the amount of revenue it generates in a particular quarter, especially at this stage in the execution of its business plan and where its Chinese operations fall within that plan. Tenet considers it far more important to continue to build on a foundation that will allow the Company to service virtually every industrial vertical in China through its Business Hub™, integrated modules, and developing a synergetic value proposition between its service offerings to small and medium-sized businesses. While opportunities for business development and expansion were limited during the quarter, Tenet focused on its R&D efforts during the period and on making the necessary investments in the insurance sector, which were deferred in the fourth quarter of 2021 when the Company reassessed the allocation of its capital resources. Tenet believes that the allocation of the Company's time and resources on those activities during the quarter will begin to pay dividends as early as in the third quarter of 2022 and will continue to do so for years to come.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **2** of **18**

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But even from a revenue perspective, there are reasons to be optimistic about what took place in the second quarter. While the Company's Chinese operations were essentially on pause for most of April and May, it was able to take full advantage of the 618 Shopping Festival ("618") which is held in June. Tenet's participation at this year's event brought in $10.1M, accounting for about one third of the Company's revenue for the quarter and showing increasing demand for its services despite the economic slowdown being experienced by China. The Company also observed that an increasing percentage of Business Hub™ clients took advantage of value-added services, such as insurance and transportation related to their transactions, during the period along with the Hub's financing services. The fact that Tenet generated $32.4M in the equivalent of a little over a month of operations puts the Company on a revenue run rate for 2022 in line with its latest revenue guidance.

The two-month lockdown in China had more impact on some industries than others. For example, while people still bought groceries during the period, travel restrictions meant that the automotive, more particularly the vehicle rental industry, saw a sharp decline in business. With less travel also came less demand for oil and gas. This had a trickle-down effect on commodities prices and the demand for insurance products related to transportation and the automotive sector, which are key components of Tenet's offerings through its Heartbeat insurance brokerage platform. However, the Company still recorded a 9.8% increase in revenue in its insurance related services in the second quarter compared to the first quarter of 2022. Other than services provided to the insurance vertical and the consumer goods supply chain sector, all other revenue-generating industrial verticals serviced by the Company experienced a decline in revenue from Q1 to Q2 in 2022.

The second quarter of 2022 continued to reinforce Tenet's belief that China's clean energy sector will eventually become one of the most important verticals for the Company's business in that country. The Company made significant investments in the quarter in R&D and adjustments and upgrades to its i3060 platform, potentially positioning itself to work on clean energy projects in China and Europe with giant state-owned companies such as China Energy Engineering Corp. ("CEEC"), who Tenet was working on two pilot projects with as of the end of the quarter, and Shanghai Electric Power Company ("SEPC"), who Tenet signed a national strategic cooperation agreement with during the quarter to help the country with the implementation of its policy to have its carbon emissions peak by 2030 and achieve carbon neutrality by 2060. Given the Chinese government's commitment to clean energy, the resources being allocated to projects across the country and the fact that Tenet's technology and business model have caught the attention of some of the country's largest state-owned energy corporations all combine to indicate that the Company may be able position itself to play an important role in one of China's most promising industrial sectors.

In summary, the Company's Chinese operations generated $32,432,228 in revenue while cost of services related to providing those services amounted to $29,196,028 resulting in a gross profit margin before salaries expenses of $3,236,200 (9.98%). More details about the Company's revenue and expenses are provided in the "Results of Operations" section below.

**<u>Canadian Operations</u>**

The launch of Tenet's Cubeler Business Hub™ in Canada is still planned for the fall of 2022. The Company continued to work on every aspect in preparation of that launch during the second quarter of 2022. Taking a page from successful online social networks, Tenet believes that allowing business owners and executives to connect with one another locally as well as globally, will be one of the most attractive features of its Cubeler Business Hub™. While launching the Hub in Canada will allow for business owners in Canada and China to connect with each other, the Company began preparing the Business Hub™ for allowing connections well beyond just China and Canada during the quarter. AI-based instant messaging translation apps and international partnership recommendations are just some of the features to be available to encourage networking and the exploration of business development opportunities among members of the Hub based in different countries.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **3** of **18**

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Members of the Company's Canadian product and development teams weren't the only ones busy during the quarter. Coordinated efforts between Tenet's marketing and business development departments generated promising results in the number of pre-registrations of both SMEs and financial institutions and led to several strategic partnership discussions during the quarter that are still ongoing as of the date of this MD&A. For example, the Company made a concerted effort during the quarter to get its name circulated among the Canadian small business community by attending a handful of small business association trade shows. Tenet also stepped up its recruiting efforts in Q2 and filled a number of important positions in preparation for the start of the Company's Canadian operations.

As of the second quarter of 2022, Tenet's Canadian operations had not yet generated any revenue for the Company. The expenses associated with the Company's Canadian operations, which included both the expenses incurred by its Cubeler subsidiary for the preparation of the launch of its Business Hub™ and Tenet's general and administrative expenses in Canada amounted to $5,049,020 for the second quarter.

**BUSINESS PLAN AND OUTLOOK FOR REST OF 2022**

**<u>North America</u>**

The launch of Tenet's Cubeler Business Hub™ in Canada remains the most important milestone for the Company to achieve in 2022. Tenet expects the platform to launch in Canada in time to allow the Company to begin generating revenue from its services prior to the end of 2022, officially ushering in the next crucial phase of the Company's vision, which includes the introduction of several new revenue streams. Between now and then, the Company's product and development teams will continue to work behind the scenes to prepare the platform for its Canadian debut. The marketing and business development departments however are not expected to be as discrete for the remainder of 2022, especially as the platform gets closer to launch. Various marketing efforts will be undertaken in the second half of 2022, both online and offline, to promote the Cubeler Business Hub™ in Canada and its value proposition to small and medium sized business owners and executives, as well as to the country's financial institutions. Strategic partnerships and alliances with business associations, service providers and others with ties to the Canadian small business space will also be featured prominently in the Company's plans for the rest of the year.

As Tenet prepares to take the next steps in the evolution of its business and expand its service offering beyond China, the Company felt the need to bring in new members to its board of directors whose skillsets and professional experiences would be better aligned with that evolution. While the changes to Tenet's board of directors is expected to be beneficial to the Company going forward, the process led to delays in the filing of Tenet's prospectus offering and its application to have its securities listed on a senior stock exchange in Canada as those documents could not be finalized until the process had been completed. With the new directors formally appointed as of the date of this MD&A, Tenet will officially submit its application for its securities to be listed on a senior exchange in Canada and file its short form prospectus offering within days of the filing of its second quarter 2022 financial statements. Tenet expects to close on its prospectus offering financing and to have its securities listed on a Canadian senior exchange prior to the end of 2022 and continue to have its securities re-instated for trading on the Nasdaq stock exchange.

Tenet will also look to create a US subsidiary prior to the end of 2022 to set the table for the launch of its Cubeler Business Hub™ in the US sometime in 2023.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **4** of **18**

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**<u>China</u>**

With a population of 1.4B consumers, the reputation of being the world's factory, and the ability to move goods efficiently from factory to consumer, China and its consumer goods supply chain vertical continue to offer incredible opportunities for the expansion of Tenet's Business Hub™. SMEs from a wide range of industries, raw material suppliers, factories, financial institutions, insurance companies and even local governments have all recognized the Hub's value add and have bought in to the concept of the Business Hub™. As a result, the Company's plans in China for the remainder of 2022 will be to continue to expand the reach of its offering while emphasizing verticals, such as the clean energy and insurance sectors, where Tenet's services benefit from better profit margins. In addition to the continued expansion of its services, the Company will also work on promoting the synergy between its offerings throughout the Business Hub™, including offering shipping and logistics services with each transaction for which such services would be applicable through its Yun Fleet platform.

**<u>Capital Markets Strategy</u>**

The Company's capital markets strategy for the balance of 2022 will continue to focus on getting its securities listed on senior exchanges in both Toronto and London while it continues to work with the US Securities and Exchange Commission to have its common shares reinstated for listing on the Nasdaq stock exchange.

As the Company plans to expand its Cubeler Business Hub™ to Europe following the launch of Hubs in North America, Tenet believes it will be important to connect with European capital markets participants. Assuming Tenet is successful in having its securities on a senior Canadian stock exchange prior to the end of Q3 2022, the Company would expect to have its securities listed on the London Stock Exchange prior to the end of 2022.

**Selected Quarterly Information**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2022** | **June 30,**<br>**2021** | **June 30,**<br>**2022** | **June 30,**<br>**2021** |
|  | **Three months** | **Three months** | **Six months** | **Six months** |
| Revenues | $32432228 | $30649179 | $67173688 | $44888955 |
| Expenses before finance costs, tax, depreciation and amortization | $35428207 | $29411980 | $70737872 | $43530019 |
| EBITDA (1) | ($2995979) | $1237199 | ($3564184) | $1358936 |
| *Reversal of impairment loss* |  | ($193717) |  | ($193717) |
| Adjusted EBITDA (2) | ($2995979) | $1043482 | ($3564184) | $1165219 |
| Finance costs, tax, depreciation, amortization and reversal of impairment loss | $3336693 | $747411 | $6128089 | $1258850 |
| Net profit (loss) | ($6332672) | $296071 | ($9692273) | (93631) |
| Net profit (loss) attributable to: |  |  |  |  |
| Non-controlling interest | $136306 | $315630 | $158976 | $691559 |
| Owners of the parent | ($6468978) | ($19559) | ($9851249) | ($785190) |
| Basic and diluted loss per share | ($0.065) | $0.000 | ($0.100) | ($0.012) |

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Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **5** of **18**

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(1) EBITDA is provided as supplementary earnings measure to assist readers in determining the Company's ability to generate cash-flows from operations and to cover finance charges. It is also widely used for business valuation purposes. This measure does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

EBITDA equals the results before finance cost, as defined in Note 17 of the Unaudited Condensed Interim Consolidated Financial Statements for the three and six-month periods ended June 30, 2022, income tax, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets and financing of initial costs.

(2) Adjusted EBITDA equals EBITDA as described above adjusted for reversal of impairment loss for the period.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of**<br>**EBITDA to net profit**<br>**(loss)** | &nbsp;&nbsp;**Three-month periods ended** | &nbsp;&nbsp;**Three-month periods ended** | &nbsp;&nbsp;**Six-month periods ended** | &nbsp;&nbsp;**Six-month periods ended** |
| **Reconciliation of**<br>**EBITDA to net profit**<br>**(loss)** | &nbsp;&nbsp;**June 30, 2022** | &nbsp;&nbsp;**June 30, 2021** | &nbsp;&nbsp;**June 30, 2022** | &nbsp;&nbsp;&nbsp;**June 30, 2021** |
| &nbsp;&nbsp;Net profit (loss) for the<br>period | &nbsp;&nbsp;&nbsp;&nbsp;($6332672) | &nbsp;&nbsp;$296071 | &nbsp;&nbsp;($9692273) | &nbsp;&nbsp;($93631) |
| &nbsp;&nbsp;*Add:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax | &nbsp;&nbsp;&nbsp;&nbsp;$1253276 | &nbsp;&nbsp;$661806 | &nbsp;&nbsp;$1957458 | &nbsp;&nbsp;$963783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | &nbsp;&nbsp;&nbsp;&nbsp;$349576 | &nbsp;&nbsp;$50935 | &nbsp;&nbsp;$796559 | &nbsp;&nbsp;$95768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;$1733841 | &nbsp;&nbsp;$228387 | &nbsp;&nbsp;$3374072 | &nbsp;&nbsp;$393016 |
| &nbsp;&nbsp;EBITDA | &nbsp;&nbsp;&nbsp;&nbsp;($2995979) | &nbsp;&nbsp;$1237199 | &nbsp;&nbsp;($3564184) | &nbsp;&nbsp;$1358936 |
| &nbsp;&nbsp;*Add (less):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of impairment loss |  | &nbsp;&nbsp;($193717) |  | &nbsp;&nbsp;($193717) |
| Adjusted EBITDA | &nbsp;&nbsp;&nbsp;&nbsp;($2995979) | &nbsp;&nbsp;$1043482 | &nbsp;&nbsp;($3564184) | &nbsp;&nbsp;$1165219 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2022** | **June 30, 2021** |
| &nbsp;&nbsp;Total assets | $183395094 | $70549430 |
| &nbsp;&nbsp;Total liabilities | $26443317 | $31461540 |
| &nbsp;&nbsp;Long-term liabilities | $9930476 | $466089 |
| &nbsp;&nbsp;Total equity | $156951777 | $39087890 |
| &nbsp;&nbsp;*To Non-controlling interest* | $14725256 | $12385116 |
| &nbsp;&nbsp;&nbsp;*To Owners of parent* | $142226521 | $26702774 |

---

**Results of Operations**

<u>Revenue for the three-month period ended June 30, 2022</u>

The Company generated $32,432,228 in revenue during the three-month period ended June 30, 2022, compared to $30,649,179 for the same period in 2021. The year-over-year increase in revenue is consistent with the path of the increasing demand for the Company's services observed over the past four years, particularly the demand for the Company's supply-chain services, where the Company provides material suppliers, factories, product distributors and retailers an all- encompassing service offering that includes product sourcing, financing, and logistics. Those services once again led all segments, accounting for over 93.6% (ASCC, ASST & AJP) of Tenet's revenue during the second quarter of 2022.

Non-supply-chain related services, including but not limited to loans made by the Company's ASFC financial services subsidiary (ASFC) and insurance related services from the Heartbeat acquisition, combined to generate $2,082,562 in revenue, representing about 6.4% of Tenet's revenue during the second quarter of 2022.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **6** of **18**

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<u>Revenue for the six-month period ended June 30, 2022</u>

The Company generated $67,173,688 in revenue during the six-month period ended June 30, 2022, compared to $44,888,955 for the same period in 2021. The revenue growth continues to be paced by demand for the Company's supply chain financing and logistics services, which contributed $63,280,111 to the total revenue in the first half of 2022 compared to $41,291,314 for the period in 2021.

<u>Total expenses before taxes</u>

The following schedule summarizes the Company's total expenses before taxes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**June 30, 2022**<br>&nbsp;&nbsp;**(3 months)** | &nbsp;&nbsp;**June 30, 2021**<br>&nbsp;&nbsp;**(3 months)** | &nbsp;&nbsp;**June 30, 2022**<br>&nbsp;&nbsp;**(6 months)** | &nbsp;&nbsp;**June 30, 2021**<br>&nbsp;&nbsp;**(6 months)** |
| &nbsp;&nbsp;Cost of service | &nbsp;&nbsp;$29196028 | &nbsp;&nbsp;$27442884 | &nbsp;&nbsp;$59220893 | &nbsp;&nbsp;$39790055 |
| &nbsp;&nbsp;Salaries and fringe benefits | &nbsp;&nbsp;$2734471 | &nbsp;&nbsp;$692610 | &nbsp;&nbsp;$5079739 | &nbsp;&nbsp;$1416469 |
| &nbsp;&nbsp;Service fees | &nbsp;&nbsp;$55092 | &nbsp;&nbsp;$148987 | &nbsp;&nbsp;$158018 | &nbsp;&nbsp;$306638 |
| &nbsp;&nbsp;Royalty on software |  | &nbsp;&nbsp;$43902 |  | &nbsp;&nbsp;$74678 |
| &nbsp;&nbsp;Board remuneration | &nbsp;&nbsp;$151080 | &nbsp;&nbsp;$146302 | &nbsp;&nbsp;$343004 | &nbsp;&nbsp;$270829 |
| &nbsp;&nbsp;Consulting fees | &nbsp;&nbsp;$369745 | &nbsp;&nbsp;$118873 | &nbsp;&nbsp;$713483 | &nbsp;&nbsp;$181742 |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;$11580 | &nbsp;&nbsp;$14356 | &nbsp;&nbsp;$23544 | &nbsp;&nbsp;$27174 |
| &nbsp;&nbsp;Outsourced services | &nbsp;&nbsp;$1000158 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1000158 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Professional fees | &nbsp;&nbsp;$666320 | &nbsp;&nbsp;$581227 | &nbsp;&nbsp;$1698784 | &nbsp;&nbsp;$912882 |
| &nbsp;&nbsp;Public relations and press releases | &nbsp;&nbsp;$201164 | &nbsp;&nbsp;$134987 | &nbsp;&nbsp;$517236 | &nbsp;&nbsp;$256480 |
| &nbsp;&nbsp;Office supplies, software and hardware | &nbsp;&nbsp;$339018 | &nbsp;&nbsp;$58272 | &nbsp;&nbsp;$516076 | &nbsp;&nbsp;$88486 |
| &nbsp;&nbsp;Lease expenses | &nbsp;&nbsp;$25648 | &nbsp;&nbsp;$11247 | &nbsp;&nbsp;$85809 | &nbsp;&nbsp;$22817 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$316735 | &nbsp;&nbsp;$27277 | &nbsp;&nbsp;$648381 | &nbsp;&nbsp;$42173 |
| &nbsp;&nbsp;Finance costs | &nbsp;&nbsp;$349576 | &nbsp;&nbsp;$50935 | &nbsp;&nbsp;$796559 | &nbsp;&nbsp;$95768 |
| &nbsp;&nbsp;Expected credit loss | &nbsp;&nbsp;$101555 | &nbsp;&nbsp;($10647) | &nbsp;&nbsp;$189173 | &nbsp;&nbsp;$9246 |
| &nbsp;&nbsp;Travel and entertainment | &nbsp;&nbsp;$95734 | &nbsp;&nbsp;$43664 | &nbsp;&nbsp;$174219 | &nbsp;&nbsp;$77666 |
| &nbsp;&nbsp;Stock exchange and transfer agent costs | &nbsp;&nbsp;$114545 | &nbsp;&nbsp;$62656 | &nbsp;&nbsp;$159577 | &nbsp;&nbsp;$153370 |
| &nbsp;&nbsp;Translation cost and others | &nbsp;&nbsp;$57171 | &nbsp;&nbsp;$81573 | &nbsp;&nbsp;$83191 | &nbsp;&nbsp;$120883 |
| &nbsp;&nbsp;Reversal of impairment loss |  | &nbsp;&nbsp;($193717) |  | &nbsp;&nbsp;($193717) |
| &nbsp;&nbsp;Depreciation of property and equipment | &nbsp;&nbsp;$21437 | &nbsp;&nbsp;$20965 | &nbsp;&nbsp;$42988 | &nbsp;&nbsp;$43302 |
| &nbsp;&nbsp;Depreciation of right-of-use assets | &nbsp;&nbsp;$142752 | &nbsp;&nbsp;$44749 | &nbsp;&nbsp;$252534 | &nbsp;&nbsp;$113906 |
| &nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;$1562827 | &nbsp;&nbsp;$155948 | &nbsp;&nbsp;$3065174 | &nbsp;&nbsp;$222432 |
| &nbsp;&nbsp;Amortization of initial financing costs | &nbsp;&nbsp;$6825 | &nbsp;&nbsp;$6725 | &nbsp;&nbsp;$13376 | &nbsp;&nbsp;$13376 |
| &nbsp;&nbsp;(Gain) Loss on foreign exchange | &nbsp;&nbsp;($7837) | &nbsp;&nbsp;$7527 | &nbsp;&nbsp;$126587 | &nbsp;&nbsp;($27852) |
| &nbsp;&nbsp;**Total expenses before income tax**  | &nbsp;&nbsp;$37511624 | &nbsp;&nbsp;$29691302 | &nbsp;&nbsp;$74908503 | &nbsp;&nbsp;$44018803 |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **7** of **18**

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<u>Expenses for the three-month period ended June 30, 2022</u>

Cost of service amounted to $29,196,028 for the three-month period ended June 30, 2022 compared to $27,442,884 in fiscal 2021. The ratio of those expenses to revenue specifically generated from the supply-chain financing service bundle continued to decline in 2022 with a reduction of 1.7% compared to the same period in 2021.

Salaries and fringe benefits amounted to $2,734,471 for the three-month period ended June 30, 2022, compared to $692,610 for the same period in 2021. The increase in salary expenses for the three-month period ended June 30, 2022, is attributable to the hiring of new employees in the first semester of 2022 in Canada, the creation of new subsidiaries in Beijing and Guangzhou and base salary and bonus adjustments for key employees in 2022. The variation is also partially due to the increase in the share-based remuneration that is included within this caption, which amounted to $392,566 for the three-month period ended June 30, 2022, compared to $190,577 for the same period in 2021.

Service fees relate to consulting and business development services provided to three of the Company's subsidiaries (ASFC, AST and ASCS) by third-party companies and amounted to $55,092 in the second quarter of fiscal 2022, which is less than the expense incurred of $148,988 for the same period of 2021 mostly due to referral fee adjustments.

Royalty expenses of $Nil for the three-month period ended June 30, 2022, compared to $43,902 for the same period in 2021, represent royalties on software payable to Cubeler for the licensing and use of its technology. The royalty expense is calculated on revenue primarily generated by ASDS. Tenet acquired Cubeler on October 1, 2021, ending these royalty expenses.

Board remuneration refers to share-based and attendance fee remuneration received by members of the Company's board of directors and amounted to $151,080 in in the second quarter of 2022 compared to $146,302 or the same period in 2021. Within this caption, shared-based remuneration amounted to $138,391 in the three-month ended June 30, 2022, compared to $110,877 for the same period in 2021.

Consulting fees incurred during the three-month period ended June 30, 2022, totalled $369,745 compared to $118,873 in the same period of 2021, mainly relate to capital markets consulting fees incurred in fiscal 2022. The Company's plans to list its securities on the London Stock Exchange and to access the European capital markets is part of a long-term global capital markets strategy being developed and implemented with the assistance of European advisors and consultants. Share-based remuneration expenses related to consultants amounted to $39,746 in the three- month ended June 30, 2022 compared to $95,060 for the same period of fiscal 2021.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **8** of **18**

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Outsourced services amounted to $1,000,158 in the second quarter of 2022 compared to $Nil for the same period of fiscal 2021. These expenses are mostly non-recurring research and maintenance costs paid to third party providers for the delivery of various modules and interfaces in ASDS, ASSI & Cubeler. There was no such expense for the same period in 2021.

Professional fees, such as audit and legal fees, totalled $666,320 for the three-month ended June 30, 2022, compared to $581,227 for the same period in 2021. The increase is mainly due to additional legal fees incurred in Canada, the United States and China relating to listing upgrades in North America, additional governance initiatives and opening of new subsidiaries in China. Audit fees increased between fiscal 2022 and 2021 for the period following the growth of the Company in both operating countries. The increase in professional fees was also attributed to Company initiatives, in Canada and China, to document and implement additional internal controls in order to comply with the high financial standards and requirements of major stock exchanges.

Public relations and press release expenses amounted to $201,164 in the second quarter of 2022 compared to $134,987 for the same period in 2021. The increase is mainly due to fees related to the upgrade of the Tenet website and on several activities related to the launch of the Company's Cubeler Business Hub™ platform in Canada expected to occur prior to the end of 2022.

Office supplies, software and hardware expenses amounted to $339,018 in the second quarter of 2022 compared to $58,272 for the same period in 2021. The increase is mainly driven by the steady increase of employees in both China and Canada requiring additional equipment, the need of additional maintenance and servers to support business growth, and different supplies purchased to accommodate the new leased space in Canada (head office in Toronto, Canada).

Insurance expenses amounted to $316,735 in the second quarter of 2022 compared to $27,277 for the same period in 2021. The increase is mainly attributable to the increase in the directors and officers (D&O) insurance coverage following our introduction to a major stock exchange in 2021 and a general market price increase in D&O insurance market.

Finance costs were $349,576 for the second quarter of fiscal 2022 compared to $50,935 for the same period in 2021. They mainly include interest charges accretion on contingent consideration payable and interests on lease liabilities. The overall net increase is mainly attributable to the accretion on contingent consideration payable that amounted to $303,448 for the three-month ended June 30, 2022, compared to $Nil for the same period in fiscal 2021. The accretion on contingent payable is related to the acquisition of Heartbeat in fiscal 2021.

Expected credit loss of $101,555 for the second quarter of fiscal 2022 compared to a recovery of $10,647 for the same period in fiscal 2021 relates to the variation in allowance for credit loss provision on ASFC's loan balance for the year as described in Note 5 of the Company's Unaudited Condensed Interim Consolidated Financial Statements for the three and six-month periods ended June 30, 2022

Amortization of intangible assets amounted to $1,562,827 for the three-month period ended June 30, 2022, compared to $155,948 for the same period in 2021. This increase is due to the amortization of the acquired Cubeler and Heartbeat platforms during the second half of 2021 and several capitalized costs on platform improvements of assets in China (Business Hub™, Gold River, and others).

<u>Expenses for the six-month period ended June 30, 2022</u>

Cost of service amounted to $59,220,893 for the first half of 2022 compared to $39,790,055 for the same period in 2021.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **9** of **18**

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Salaries and fringe benefits amounted to $5,079,739 for the six-month period ended June 30, 2022, compared to $1,416,469 for the same period in 2021. Share-based remuneration, which is included within this caption, amounted to $759,854 in the first half of 2022 compared to $379,801 for the same period in 2021.

Service fees related to consulting and business development services provided to the Company's subsidiaries by third-party companies amounted to $158,018 for the six-month period ended June 30, 2022, compared to $306,638 for the corresponding period of 2021.

Royalty expenses of $Nil for the first six months of 2022 compared to $74,678 for the same period in 2021 relate to royalty on software payable to Canadian software company Cubeler Inc., a related company.

Board remuneration refers to share-based and attendance fee remuneration received by members of the Company's board of directors and amounted to $343,004 in the first two quarters of 2022 compared to $270,829 for the same period in 2021. Within that caption, share-based expenses amounted to $277,814 in the first half of fiscal 2022 compared to $220,357 for the same period in 2021.

Consulting fees totalling $713,483 incurred during the six-month period ended June 30, 2022, compared to $181,742 for the same period in 2021, mainly relate to corporate strategic financing consulting fees. Share-based remuneration expenses related to consultants amounted to $74,634 in the first two quarters of 2022 compared to $141,047 for the same period of fiscal 2021.

Management fees of $23,544 for the first six-month period ended June 30, 2022, relate to services rendered to the Company in Canada and to its subsidiaries in China compared to $27,174 for the same period in 2021.

Outsourced services amounted to $1,000,158 in the first quarter of 2022 compared to $Nil for the same period of fiscal 2021. These expenses are mostly non-recurring research and maintenance costs paid to third party providers for the delivery of various modules and interfaces in ASDS, ASSI & Cubeler. There was no such expense for the same period in 2021.

Professional fees such as audit fees, legal fees and human resources consulting totalled $1,698,784 for the first six-month of 2022 compared to $912,882 for the same period in 2021.

Public relations and press release expenses amounted to $517,236 for the first two quarters of 2022 compared to $256,480 in the same period of 2021.

Finance costs amounted to $796,559 for the six-month period ended June 30, 2022, compared to $95,768 for the same period in 2021.

Expected credit loss of $189,173 for the six-month period ended June 30, 2022 compared to $9,246 for the same period in 2021 relates to the allowance for a credit loss provision on ASFC's loan balance for the period as described in Note 5 of the Company's Condensed Interim Consolidated Financial Statements for the three and six-month periods ended June 30, 2022.

Travel and entertainment expenses amounted to $174,219 for the first two quarters of fiscal 2022 compared to $77,666 for the same period in 2021.

Stock exchange and transfer agent expenses were $159,577 for the first half of 2022 compared to $153,370 in the same period of 2021.

The Company reported, in other comprehensive income, a currency translation adjustment loss of $2,361,477 for the six-month period ended June 30, 2022 compared to a gain of $221,081 for the same period in 2021 reflecting the variation of the Chinese renminbi against the Canadian dollar during the period.

Depreciation of right-of use assets of $252,534 in the first six months of 2022 compared to $113,906 for the same period of fiscal 2021 follows the adoption of IFRS 16 on January 1, 2021 and relates to the depreciation of right-of-use assets associated with new office lease agreements of the Company's operating subsidiaries in China and in Canada.

Amortization of intangible assets amounted to $3,065,174 for the six-month period ended June 30, 2022, compared to $222,432 for the same period in 2021. The increase is mostly due to the amortization of intangibles relating to the acquisitions of the Heartbeat and Cubeler fintech platforms

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **10** of **18**

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<u>Net Results</u>

The Company made a net loss of $6,332,672 in the second quarter of 2022 compared to a net profit of $296,071 in the corresponding period of 2021. For the six-month period ending June 30, 2022, the Company incurred a net loss of $9,692,273 compared to a net loss of $93,631 for the corresponding period of 2021.

**Summary of Quarterly Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**June 30, 2022** | &nbsp;&nbsp;**June 30, 2021** | &nbsp;&nbsp;**March 31, 2022** | &nbsp;&nbsp;**March 31, 2021** |
| | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** |
| &nbsp;&nbsp;Revenues | &nbsp;&nbsp;$32432228 | &nbsp;&nbsp;$30649179 | &nbsp;&nbsp;$34741460 | &nbsp;&nbsp;$14239776 |
| &nbsp;&nbsp;Expenses (1) | &nbsp;&nbsp;$38764900 | &nbsp;&nbsp;$30353108 | &nbsp;&nbsp;$38101060 | &nbsp;&nbsp;$14629478 |
| &nbsp;&nbsp;Net Profit (loss) | &nbsp;&nbsp;($6332672) | &nbsp;&nbsp;$296071 | &nbsp;&nbsp;($3359601) | &nbsp;&nbsp;($389702) |
| &nbsp;&nbsp;*Net profit (loss) attributable to:*  |  |  |  |  |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;$136306 | &nbsp;&nbsp;$315630 | &nbsp;&nbsp;$22670 | &nbsp;&nbsp;$375929 |
| &nbsp;&nbsp;Owners of the parent | &nbsp;&nbsp;($6468978) | &nbsp;&nbsp;($19559) | &nbsp;&nbsp;($3382271) | &nbsp;&nbsp;($765631) |
| &nbsp;&nbsp;Earnings per Share (2) | &nbsp;&nbsp;($0.065) | &nbsp;&nbsp;$0.000 | &nbsp;&nbsp;($0.045) | &nbsp;&nbsp;($0.012) |
|  | &nbsp;&nbsp;**December 31,**<br>**2021** | &nbsp;&nbsp;**December 31,**<br>**2020** | &nbsp;&nbsp;**September**<br>**30, 2021**<br>**Restated** | &nbsp;&nbsp;**September 30,**<br>**2020**<br>**Restated** |
|  | &nbsp;&nbsp;**December 31,**<br>**2021** | &nbsp;&nbsp;**December 31,**<br>**2020** | &nbsp;&nbsp;**September**<br>**30, 2021**<br>**Restated** | &nbsp;&nbsp;**September 30,**<br>**2020**<br>**Restated** |
|  | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** |
| &nbsp;&nbsp;Revenues | &nbsp;&nbsp;$33048249 | &nbsp;&nbsp;$16368779 | &nbsp;&nbsp;$25695570 | &nbsp;&nbsp;$15116369 |
| &nbsp;&nbsp;Expenses (1) | &nbsp;&nbsp;$83042872 | &nbsp;&nbsp;$19569280 | &nbsp;&nbsp;$24169284 | &nbsp;&nbsp;$16084781 |
| &nbsp;&nbsp;Net Profit (Loss) | &nbsp;&nbsp;($49994623) | &nbsp;&nbsp;($3200501) | &nbsp;&nbsp;$1526286 | &nbsp;&nbsp;($968412) |
| &nbsp;&nbsp;*Net profit (loss) attributable to:*  |  |  |  |  |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;$333791 | &nbsp;&nbsp;$487831 | &nbsp;&nbsp;$169752 | &nbsp;&nbsp;$350015 |
| &nbsp;&nbsp;Owners of the parent | &nbsp;&nbsp;($50328414) | &nbsp;&nbsp;($3668332) | &nbsp;&nbsp;$1356534 | &nbsp;&nbsp;($1318427) |
| &nbsp;&nbsp;Earnings per Share (2) | &nbsp;&nbsp;($0.776) | &nbsp;&nbsp;($0.020) | &nbsp;&nbsp;$0.017 | &nbsp;&nbsp;($0.020) |

---

*Note (1): Including income tax expenses*

*Note (2): Earnings per share is calculated using the net profit (loss) and the weighted average number of outstanding shares.*

**<u>Second Quarter Ending June 30, 2022</u>**

**Liquidity**

The level of revenue currently being generated by the Company is not presently sufficient to meet its working capital requirements and investing activities. Until that happens, the Company will continue to use financing means to help meet its financial obligations. As of August 25, 2022, the cash available to manage the Company's Canadian operations and meet its obligations amounted to approximately $5,300,000. The Company's cash flow position is expected to improve significantly as its operating subsidiaries grow their revenue and generate new revenue streams and eventual profits for the Company. However, until that happens, the Company will continue to assess its capital needs and undertake whatever initiative it deems necessary to ensure that it continues to be in a position to meet its financial obligations. In the opinion of management, the Company's current cash position and its access to additional capital, will be sufficient to meet its current obligations and allow it to continue as a going concern for the next 12 months.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **11** of **18**

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**Financing activities**

From January 1, 2022 to August 25, 2022, the Company issued 2,259,500 common shares for total proceeds of $2,025,500 upon the exercise of share purchase warrants.

From January 1, 2021 to August 25, 2022, the Company issued 117,500 common shares for total proceeds of $246,750 upon the exercise of options.

**Capital Stock**

The Company's capital stock as of June 30, 2022, was $210,838,156 compared to $208,219,490 as of December 31, 2021. The variation is explained by the common shares issued in connection with, the market value (per grant date) of warrants exercised of $2,154,496 and the fair market value (per grant date) of the exercise of options for $464,170.

**Common Shares**

As of August 25, 2022, the Company had 99,544,183 common shares outstanding. The following table summarizes the changes in shares outstanding from January 1, 2022, until August 25, 2022.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**97167183** | &nbsp;&nbsp;**97167183** |
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Cumulative<br>number**  |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;700000 | &nbsp;&nbsp;97867183 |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;827500 | &nbsp;&nbsp;98694683 |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Exercise of options | &nbsp;&nbsp;100000 | &nbsp;&nbsp;98794683 |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Exercise of options | &nbsp;&nbsp;17500 | &nbsp;&nbsp;98812183 |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;125500 | &nbsp;&nbsp;98937683 |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;277500 | &nbsp;&nbsp;99215183 |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;329000 | &nbsp;&nbsp;99469183 |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **12** of **18**

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**Share Purchase Options**

As of August 25, 2022, the Company had 4,446,506 common share purchase options outstanding. The following table summarizes the options outstanding as of August 25, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**4689250** | &nbsp;&nbsp;**4689250** |
| &nbsp;&nbsp;**Date of grant** | &nbsp;&nbsp;**Optionee** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise Price** | &nbsp;&nbsp;**Expiration** |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;32725 | &nbsp;&nbsp;$7.50 | &nbsp;&nbsp;1-Jan-27 |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;42881 | &nbsp;&nbsp;$5.60 | &nbsp;&nbsp;1-Feb-27 |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;2941 | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;1-Mar-27 |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Exercised | &nbsp;&nbsp;(100000) | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;April 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;10627 | &nbsp;&nbsp;$4.16 | &nbsp;&nbsp;1-Apr-27 |
| &nbsp;&nbsp;April 2022 | &nbsp;&nbsp;Consultant | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$4.16 | &nbsp;&nbsp;1-Apr-27 |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Exercised | &nbsp;&nbsp;(17500) | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;13585 | &nbsp;&nbsp;$5.13 | &nbsp;&nbsp;1-May-27 |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;2842 | &nbsp;&nbsp;$2.55 | &nbsp;&nbsp;1-Jun-27 |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Expired | &nbsp;&nbsp;(272500) | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(5000) | &nbsp;&nbsp;$4.80 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;5763 | &nbsp;&nbsp;$1.65 | &nbsp;&nbsp;1-Jul-27 |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;35892 | &nbsp;&nbsp;$1.41 | &nbsp;&nbsp;1-Aug-27 |

---

**Share Purchase Warrants**

As of August 25, 2022, the Company had 14,488,313 common share purchase warrants outstanding. The following table summarizes the changes in warrants outstanding as of August 25, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**17332504** | &nbsp;&nbsp;**17332504** |
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise Price** | &nbsp;&nbsp;**Expiration** |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(100000) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(350000) | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(250000) | &nbsp;&nbsp;$1.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(467500) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(360000) | &nbsp;&nbsp;$2.00 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(125000) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(500) | &nbsp;&nbsp;$2.00 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(277500) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Expiration | &nbsp;&nbsp;(282500) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(329000) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Expiration | &nbsp;&nbsp;(302190) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |

---

**Segment Reporting**

The Company presents and discloses segmental information, as disclosed in Note 19, of the Company's Unaudited Condensed Interim Consolidated Financial Statements for the period ended June 30, 2022, based on information that is regularly reviewed by the chief operating decision maker who has been identified as the Company's senior management team, which makes strategic and operational decisions.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **13** of **18**

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**Escrowed shares**

As of August 25, 2022, 7,758,504 shares of the Company were held in escrow by TSX Trust Company (the "Escrow Agent") in accordance with the terms of the Security Escrow Agency Agreement dated October 1, 2021, between the Escrow Agent, the Company, and securityholders of Cubeler Inc. ("Cubeler"). Cubeler securityholders agreed to deposit with the Escrow Agent 11,133,012 shares in the Company and received a partial consideration for the sale by said securityholders of the issues and outstanding shares of Cubeler. On February 2, 2022, 3,374,508 shares of the Company were released by the Escrow Agent. On October 1, 2022, 3,879,271 shares held in escrow are scheduled to be released and the remaining 3,879,233 shares held in escrow are scheduled to be released on October 1, 2023.

**Related Party Transactions**

Salaries paid and accrued to officers and directors amounted to $340,013 and $540,210 during the first three and six-months respectively of fiscal 2022 compared to $167,034 and $308,453 for the same period in fiscal 2021.

During the three and six-month period ended June 30, 2022, share-based expenses associated with officers and board members amounted to $408,797 and $821,848 respectively compared to $331,262 and $643,420 for the same period of 2021.

During the first three and six-month period of fiscal 2022, the Company charged interest revenue on promissory notes to Directors of $329 and $486 respectively ($Nil for the three-month and six- month period ended June 30, 2021).

Cubeler Inc. ("Cubeler"), a Canadian company, created a software platform called Cubeler (the "Platform"). In 2017, Cubeler entered into a Software and Royalty License Agreement with Tenet (then Peak Positioning Technologies Inc.), according to which Cubeler granted Tenet an exclusive, assignable, transferable license to, among other things, use, market, distribute, and sell the Platform in Mainland China. On August 15, 2021, Tenet, Cubeler, and Cubeler's shareholders entered a Binding Memorandum of Understanding on the Acquisition of Cubeler Shares, pursuant to which Tenet conditionally agreed to purchase Cubeler. Four Cubeler shareholders were identified as Tenet insiders and, as such, the acquisition was conditional on, among other things, receipt of an independent favorable fairness opinion satisfactory to the special committee of Tenet's board (having no conflicts of interest) as to the purchase price and the transaction. Shares in Tenet paid in consideration were subject to an escrow hold and released gradually over 24 months as well as non-compete undertakings for shareholders holding 5% or more of Cubeler. As found in a Final Pricing Report dated August 15, 2021, Evans and Evans carried out an independent assessment and determined that, as of June 30, 2021, the value of Cubeler to Tenet was between $94.73M-$103.102M. Moreover, a Fairness Opinion by Harris Capital Corporation dated September 23, 2021, concluded that the proposed transaction was fair from a financial point of view to the shareholders of Tenet. The sale was concluded pursuant to a Share Purchase Agreement between Tenet and the shareholders of Cubeler dated October 1, 2021.

During the six-month period ended June 30, 2021 (before the acquisition of Cubeler), the Company incurred $70,678 of royalty expense for the use of Cubeler's technology.

On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000 for withholding taxes paid by the Company on the exercise of stock options by the two directors. On June 3, 2022, an additional loan was issued to a board member of $130,462. The loans are due on December 15, 2022 and December 31, 2022 respectively. Each loan bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of June 30, 2022, the aggregate outstanding principal amount due for said loans is $244,470 (December 31, 2021 - $113,193).

**Off-Balance-Sheet Arrangements**

The Company has not entered into any off-balance sheet financing arrangements.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

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**Accounting policies**

The principal IFRS accounting policies set out in Note 4 of the Audited Consolidated Financial Statements for the year ending December 31, 2021, have been consistently applied to all periods presented in such financial statements including the Unaudited Condensed Interim Consolidated Financial Statements for the three and six-month periods ended June 30, 2022.

**Legal proceedings**

As of August 25, 2022, the following legal proceedings have been instituted against the Company:

A class action lawsuit has been brought against Tenet and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case has been brought on behalf of Tenet shareholders who traded securities of Tenet between September 2, 2021, and October 13, 2021, on the Nasdaq. The complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 by making false or misleading statements regarding (i) Tenet's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) Tenet's acquisitions of the Huayan Kun Tai Technology Company Ltd., the Heartbeat insurance platform, and Cubeler Inc., (iii) Tenet's listing on Nasdaq, (iv) Tenet's Form 40-F submission to the SEC, and (v) statements published about Tenet by Grizzly Reports. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022. The Company has retained external counsel and is defending itself vigorously against all claims. The Company filed a motion to have the case dismissed on August 8, 2022. A ruling on that motion is expected by the end of September 2022.

**Financial Instruments**

For the period ending June 30, 2022, the Company has classified its financial instruments as described in note 4.11 of the Audited Consolidated Financial Statements for the period ending December 31, 2022. For the period ending June 30, 2022, the Company is exposed to various risks as described in note 17.3 of the Unaudited Condensed Interim Consolidated Financial Statements for the period ended June 30, 2022.

**Governance**

To better equip the Company with the right tools to manage the current growth of its business and to properly pursue its strategic plan, the Company is taking steps to continuously to bolster its governance measures. These steps include (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, with respect to discrimination and harassment, health and safety, and personal data, (iii) the adoption of a corporate whistleblower policy, and (iv) the Company retained Richter LLP in Canada and Ernst & Young in China to help implement general internal control over its processes and operations, as well as to carry out a Sarbanes Oxley compliance review and diagnostic, both of which were still ongoing as of the date of this MD&A. The Company aims to continue to improve upon its corporate governance throughout 2022 to bring it to the highest standards.

**RISKS AND UNCERTAINTIES**

Risk factors that may adversely affect or prevent the Corporation from carrying out all or portions of its business strategy are discussed in the Corporation's Filing Statement dated January 6, 2011, available on SEDAR at <u>www.sedar.com</u>. Other risks include:

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **15** of **18**

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**Liquidity and Capital Resources**

The Company will require financing in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of common shares. Factors that could affect the availability of financing include, but are not limited to, evidence of continued demand for the Company's services, the Chinese geopolitical climate, the Company's ability to expand its services beyond China, the state of international debt and equity markets, and investor perceptions and expectations of the fintech space. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company.

**Holding Company With Significant Operations in China**

As a holding company that is currently dependent on the operations of its subsidiaries in China, Tenet is subject to risks that could cause the value of its common shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of its common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

**Regulatory Permissions**

To operate its business as currently conducted in China, each of the Company's subsidiaries in China are required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of our subsidiaries are revoked, this would hinder our ability to operate our business, which could materially and adversely affect our business, financial condition, and results of operations.

**Repatriation of Profits or Transfer of Funds from China to Canada**

As of the date of this MD&A, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits generated by the Company, which the Company might want to repatriate from China to Canada, or the transfer any funds that the Company's Chinese might want to transfer from its subsidiaries to Canada, is subject to the rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise adversely impact the Company in the future.

**Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest**

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offence, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **16** of **18**

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Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporary or permanently suspend some of its operations in China, which would adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favors that would advance the Company's business interests in exchange for cash, other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would negatively impact the Company's operations, revenue and profits.

**COVID-19**

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months in some parts of the world, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **17** of **18**

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**FURTHER INFORMATION**

Additional information about the Company can be found at <u>www.sedar.com</u>

August 25, 2022<br>

---

| | |
|:---|:---|
| ***(s) Jean Landreville*** | ***(s) Johnson Joseph*** |
| Jean Landreville, Chief Financial Officer | Johnson Joseph, President & CEO |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, August 25, 2022

Page **18** of **18**

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## Exhibit 99.360

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**FORM 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Johnson Joseph, Chief Executive Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "**interim filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the interim period ended June 30, 2022.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: August 25, 2022

/s/ Johnson Joseph

_______________________

Johnson Joseph

Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NOTE TO READER**<br> In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.<br> The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement<br> on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

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## Exhibit 99.361

------

**FORM 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Jean Landreville, Chief Financial Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "**interim filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the interim period ended June 30, 2022.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: August 25, 2022

/s/ Jean Landreville

_______________________

Jean Landreville <br>Chief Financial Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

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## Exhibit 99.362

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**Tenet Second Quarter 2022 Financial Results in Line with Company Expectations with Revenue of $32.4M**

Toronto, Ontario--(Newsfile Corp. - August 25, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced its financial results and operating highlights for the three-month and six-month periods ended June 30, 2022. Even though most of China's major cities were at an economic standstill for almost two months during the quarter due to government-imposed Covid-19 restrictions, Tenet generated $32.4M in revenue and had a net loss of $6.3M for the period. The numbers are in line with the Company's expectations as it steps up its Research & Development (R&D) and expansion efforts in both China and Canada. All amounts expressed are in Canadian dollars.

**Q2 Financial Highlights:**

* Total Revenue of $32.4M<br>

* Adjusted EBITDA of ($2.9M)<br>

* Net Loss of ($6.3M)

**Summary of Quarterly Evolution of Revenue, Adjusted EBITDA and Net Income (Loss)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** |
| Revenue | $32432228 | $34741460 | $33048247 | $25695570 | $30649179 |
| Expenses<sup>1</sup> | $35428207 | $35309662 | $33226492 | $22672271 | $29411980 |
| Adjusted EBITDA<sup>2</sup> | ($2995979) | ($568202) | ($178245) | $1500554 | $1043482 |
| Net Income (Loss)<sup>3</sup> | ($6332672) | ($3359601) | ($49994623) | $1526286 | $296071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Expenses, for the calculation of Adjusted EBITDA, do not include finance costs, interest, taxes, depreciation (including impairment of intangible assets) loss on settlement of debt, gain on bargain purchase and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation, amortization and impairment of intangible assets, loss on extinction of debt, gain on bargain purchase and amortization. Adjusted EBITDA is provided as a supplementary earnings measure to assist readers in determining the Company's ability to generate cash flows fromoperations and to cover finance charges. Adjusted EBITDA and EBITDA are also widely used for business valuation purposes. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

&nbsp;&nbsp;&nbsp;&nbsp;3. The net loss for Q4 2021 included a total of $53,364,705 in impairment charges related to the Company's acquisition of Cubeler for which forecasted revenues shifted by almost a year due to the delayed launch of the Company's Canadian Business Hub™. Part of the impairment charges may be reversed in the future following the launch of the Company's Canadian operations.

**Q2 Operating Highlights:**

* Launch of "Driver's Seat", first insurance policy to be exclusively available through Tenet's Heartbeat insurance brokerage platform<br>

* $10.1M in revenue generated from participation in 618 Shopping Festival<br>

* National strategic cooperation agreement with Shanghai Electric Power Company<br>

* Cooperative Agreement with Huai'an Rural Commercial Bank

------

**ABOUT SECOND QUARTER FINANCIAL AND OPERATING RESULTS SUMMARY**

Most of Tenet's revenue for the second quarter of 2022 was generated in the month of June as China's major economic hubs were under Covid-19 lockdown for virtually all of April and May. The Company's participation in this year's 618 Shopping Festival accounted for almost one-third of its total revenue for the quarter. Also contributing to the Company's revenue in Q2, was an increasing percentage of Business Hub™ clients taking advantage of value-added services, such as insurance and transportation, related to their financing transactions.

From an operational standpoint in China, Tenet focused on furthering its involvement in the clean energy space during the quarter. This contributed to the signing of a national strategic cooperation agreement with Shanghai Electric Power Company to help the country with the implementation of its policy to have its carbon emissions peak by 2030 and achieve carbon neutrality by 2060.

While Tenet has not formally launched its Canadian Hub, the Company was very active in Canada during the quarter on several fronts, including business development initiatives. The Company took steps to become more visible and promote the upcoming Canadian launch of its Cubeler Business Hub™ among the Canadian SME community. It also began strategic partnership discussions with business associations and software vendors connected with large numbers of small- and medium-sized businesses. While these activities contributed to Tenet's net loss for the quarter, the Company believes those initiatives set the foundation in Canada for a formula that will allow Tenet to expand its Cubeler Business Hub™ globally.

In summary, the Company generated revenue of $32,432,228 for the three-month period and $67,173,688 for the six-month period ended June 30, 2022, compared to $30,649,179 for the three- month period and $44,888,955 for the six-month period ended June 30, 2021.

Total expenses before taxes for the quarter amounted to $37,511,624, compared to $29, 691,302 for the same period in 2021. Net loss for the second quarter of 2022 was $6,332,672 compared to a net profit of $296,071 for the same period of 2021.

Full details of the Company's second quarter 2022 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and six-month periods ended June 30, 2022 and 2021, which are available at <u>www.sedar.com</u>.

Tenet will host an investor webinar on **Monday, August 29 at 4:00 pm EDT**, where President & CEO Johnson Joseph and CFO Jean Landreville will discuss the Q2 2022 financial results. Registration for the event is available at: <u>https://bit.ly/3dUED2T</u>

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

------

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-362xu001.jpg)

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/134879</u>

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## Exhibit 99.363

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**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 99,544,183

Date: August 31, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*After regaining some sense of operational normalcy in July, the focus of the Issuer's Chinese operations was back on expansion in August. The Issuer explored a number of business development opportunities in Guangzhou during the period and the possibility of opening a satellite office in the city. With existing offices in Beijing and Shanghai allowing it to service most of the eastern and northern parts of the country, the Issuer believes that an office in the southern China port city would give it a presence in an area of the country where its Business Hub services remain virtually unknown. The Issuer believes that this would potentially accelerate the rate of growth of its Hub's services in the country, particularly its consumer goods supply chain related services.*

*Along with the potential geographical expansion, the period also saw the Issuer continue to work of the industrial vertical expansion of its service offering in China with concerted efforts made to advance its offering to the clean energy sector. Working with unofficial partner China Energy Engineering Corp., the Issuer took part in project negotiations during the period where its i3060 Clean Energy platform would play central roles in the realization of the projects. The Issuer continues to believe that its i3060 platform will not only have an impact on clean energy projects in China, but also in other markets around the world.*

*On the Canadian operational front, the Issuer celebrated the inauguration of its new Toronto office during the period and announced the date for the launch of its Business Hub in Canada, which has been set for November 30, 2022. The*

*Canadian launch of the Hub is set to coincide with the opening of the Issuer's new Montreal office, which was needed to help accommodate the Issuer's growing personnel in preparation for the start of its North American operations. Aside from that, all activities continued to be geared towards the preparation of the Canadian launch of the Hub, with an emphasis during the period on the recruitment of sales and business development representatives to help the Issuer generate its first Business Hub revenues outside of China.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 1<br>

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2. Provide a general overview and discussion of the activities of management.

*The changes to the Issuer's board of directors and the replacement of the Issuer's General Counsel during the period led to minor delays in finalizing the Issuer's short form prospectus offering and in completing the associated due diligence required before the prospectus could be filed. The Issuer's management therefore spent time during the period ensuring that all was in order to be able to proceed with the filing of the prospectus. As of the date of this report, all of the elements were in place to allow the Issuer to obtain the approval of its underwriting agent to file the prospectus, which the Issuer expects to file during the week of September 12, 2022.*

*Along with the work done on the prospectus during the period, the Issuer's management prepared and completed the Issuer's application to have its securities listed on a Canadian senior stock exchange. The Issuer's management expects to formally submit the listing application to the exchange in question during the week of September 12, 2022.*

*The Issuer's management also filed the Issuer's second quarter 2022 financial results during the period and held an investor webinar to discuss the financial results and answer shareholders' questions.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*N/A*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the

Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*N/A*

6. Describe the expiry or termination of any contracts or agreements between the

Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 2<br>

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7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers.

*N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development, adaptation and planned launch of the Cubeler Business Hub™ in North America. The Issuer parted ways with its General Counsel during the period and hired a new General Counsel set to take over the role on September 12, 2022.*

11. Report on any labour disputes and resolutions of those disputes if applicable.

*N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

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14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Number Issued** | **Details of Issuance** | **Use of Proceeds** |
| &nbsp;&nbsp; *Stock Options* | &nbsp;&nbsp; *35892* | &nbsp;&nbsp; *Incentive options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $1.41 per share.* | &nbsp;&nbsp; *N/A* |
| &nbsp;&nbsp; *Common shares* | &nbsp;&nbsp; *329000* | &nbsp;&nbsp; *Exercise of 329,000 warrants for a consideration of $164,500* | &nbsp;&nbsp; *Business development and working capital* |

---

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*Chairman Charles-André Tessier and fellow director Mark Dumas agreed to resign from the Issuer's board of directors to make way for the appointments of Carol Penhale and Dylan Tinker, who will respectively chair the Issuer's governance and audit committees.*

17. Discuss any trends which are likely to impact the Issuer including trends in the

Issuer's market(s) or political/regulatory trends.

*The Public Company Accounting Oversight Board (PCAOB) reached a preliminary agreement with China since trading of Chinese companies and many companies operating in China was prohibited on American stock exchanges. The agreement lays the groundwork for the next phase of cooperation to inspect and investigate registered public accounting firms in mainland China and Hong Kong. This is an important step for companies with significant operations in China, such as the Issuer, to be able to trade on the Nasdaq and other US exchanges.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

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**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated August 8, 2022.

---

| |
|:---|
| &nbsp;&nbsp; Johnson Joseph |
| &nbsp;&nbsp; Name of Director or Senior Officer |
| *(s) Johnson Joseph* |
| &nbsp;&nbsp; Signature |
| &nbsp;&nbsp; Chief Executive Officer |
| &nbsp;&nbsp; Official Capacity |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Issuer Details*** |  |  |
| &nbsp;&nbsp; Name of Issuer | For Month End | Date of Report |
| &nbsp;&nbsp; *Tenet Fintech Group Inc.* | *August 2022* | *August 8, 2022* |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; *550 Sherbrooke West, West Tower, Suite 265* | &nbsp;&nbsp; *550 Sherbrooke West, West Tower, Suite 265* |  |
| &nbsp;&nbsp; City/Province/Postal Code | Issuer Fax No. | Issuer Telephone No. |
| &nbsp;&nbsp; *Montreal, QC H3A 1B9* | *(514) 340-2228* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Name | Contact Position | Contact Telephone No. |
| &nbsp;&nbsp; *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Email Address | Web Site Address | Web Site Address |
| &nbsp;&nbsp; *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

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## Exhibit 99.364

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**Tenet's Cubeler Business Hub(TM) Reaches Canadian SME Pre-Registration Milestone**

Toronto, Ontario--(Newsfile Corp. - September 19, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC

Pink: PKKFF) ("Tenet" or the "Company"), an innovative artificial intelligence (AI) service provider and operator of the Cubeler Business Hub™, announced today that the number of pre-registrations for its Business Hub in Canada has reached over 1,100 small and medium-sized enterprises (SME).

"We are delighted by the great reception of the Cubeler Business Hub™ from Canadian entrepreneurs and SME executives thus far," says Luc Godard, Vice President of Marketing at Cubeler. "Considering that 1,100 pre-registrations was our objective going into the campaign, and that we have now exceeded that number with over two months to go before the November launch, we may end up with double or even triple the number of our pre-registration target by the time of the launch. We are also very excited by the fact that the pre-registrations come from businesses from coast to coast and cover a wide range of industries, including everything from retail to technology companies and everything in between. We very much look forward to launching the Hub in Canada to provide our members with the tools and resources they need to help redefine what it means to be an SME."

The official launch of the Company's Cubeler Business Hub™ in Canada is scheduled for November 30<sup>th</sup>, 2022.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**Tenet Fintech Group Inc.**

Branka Petrovic, Investor Relations & Marketing<br>437-778-7238<br><u>bpetrovic@tenetfintech.com</u>

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

------

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-364x2x1.jpg)

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/137622</u>

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## Exhibit 99.365

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***A copy of this preliminary short form prospectus has been filed with the securities regulatory authorities in the provinces of Alberta, British Columbia, Ontario and Québec but has not yet become final for the purpose of the sale of securities. Information contained in this preliminary short form prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the short form prospectus is obtained from the securities regulatory authorities.***

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.** This preliminary short form prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and, as such, cannot be offered, sold or delivered within the United States except in compliance with an exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This preliminary short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Plan of Distribution".*

***Information has been incorporated by reference in this preliminary short form prospectus from documents filed with securities commissions or similar regulatory authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Tenet Fintech Group Inc. at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1, telephone (514) 340-7775, and are also available electronically at www.sedar.com.*

**PRELIMINARY SHORT FORM PROSPECTUS**

---

| | |
|:---|:---|
| ***<u>New Issue</u>*** | September 27, 2022 |

---

**TENET FINTECH GROUP INC.**

**Minimum Public Offering: $20,000,000 / ● Units**

**Maximum Public Offering: $30,000,000 / ● Units**

**$● per Unit**

This preliminary short form prospectus (this "**Prospectus**") qualifies the distribution of a minimum of ● units (the "**Units**") of Tenet Fintech Group Inc. (the "**Company**" or "**Tenet**") (the "Minimum Offering") and a maximum of ● Units of the Company (the "**Maximum Offering**" and collectively with the Minimum Offering, the "**Offering**") at a price of $● per Unit (the "**Offering Price**").

The Offering is expected to be made on a commercially reasonable "best efforts" agency basis without underwriter liability pursuant to the terms and conditions of an agency agreement (the "**Agency Agreement**") to be entered into between by the Company with Research Capital Corporation (the "**Agent**"). The Units will be offered in the provinces of Alberta, British Columbia, Ontario and Québec through the Agent, its affiliates and such other registered dealers as may be designated by the Agent. The Offering Price will be determined by arm's length negotiation between the Company and the Agent with reference to the prevailing market price of the common shares of the Company (the "Common Shares"). See "Plan of Distribution".

Each Unit consists of one Common Share of the Company (a "**Unit Share**") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture (as defined herein), one additional Common Share of the Company (a "**Warrant Share**") at a price of $● per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the date that is twenty-four months following the Closing Date (as defined herein) (the "**Expiry Date**"). The Warrants will be governed by a warrant indenture (the "**Warrant Indenture**") to be entered into on or before the Closing Date between the Company and TSX Trust Company (the "**Warrant Agent**"). The Units will be immediately separated into Unit Shares and Warrants upon issuance. See "Description of Securities Being Distributed".

------

- ii -

The outstanding Common Shares are listed and posted for trading on the Canadian Securities Exchange (the "**CSE**") under the symbol "PKK". On September 26, 2022, the last trading day prior to the public announcement of the Offering, the closing price of the Common Shares on the CSE was $1.46. On September 26, 2022, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the CSE was $1.46.

**There is currently no market through which the Warrants and Over-Allotment Warrants (as defined below) may be sold and purchasers may not be able to resell the Warrants and Over-Allotment Warrants that are purchased under this Prospectus. This may affect the pricing of the Warrants and Over-Allotment Warrants in the secondary market, the transparency and availability of trading prices, the liquidity of the Warrants and Over-Allotment Warrants and the extent of issuer regulation. See "Risk Factors".** The Company is anticipating filing documents to apply to list its Common Shares on the Toronto Stock Exchange (the "**TSX**") shortly (the "**Uplist**"). Subject to receipt of TSX approval in respect of the Uplist, the Company will apply to list the Unit Shares, Warrants, Warrant Shares, Over-Allotment Unit Shares (as defined below), Over-Allotment Warrants and Over- Allotment Warrant Shares (as defined below) distributed under this Prospectus as well as the Common Shares (the "**Broker Warrant Shares**") which may be issued upon exercise of the Broker Warrants (as defined below) on the TSX. Listing on the TSX will be subject to the Company fulfilling all of the listing requirements of the TSX. **There is no assurance that the TSX will approve the Uplist - See "Risk Factors"**. In the event that the Company is unable to fulfill all of the listing requirements of the TSX in respect of the Uplist, the Company will give notice to list the Unit Shares, Warrants, Warrant Shares, Over-Allotment Unit Shares, Over-Allotment Warrants, Over-Allotment Warrant Shares, and Broker Warrant Shares on the CSE. Listing on the CSE is subject to the Company fulfilling all of the listing requirements of the CSE.

**_______________________________________________**

**Price: $● per Unit<br>_______________________________________________**

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to the** | **Agent's** | **Net Proceeds to the** |
|  | **Public** | **Fee<sup>(1), (2)</sup>** | **Company<sup>(2)</sup>** |
| Per Unit | $● | $● | $● |
| Minimum Offering<sup>(3)</sup> | $20000000 | $1500000 | $18500000 |
| Maximum Offering<sup>(3)</sup> | $30000000 | $2250000 | $27750000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company has agreed to pay the Agent, together with its sub-agents, an aggregate cash fee equal to 7.5% of the gross proceeds of the Offering (the "**Agent's Fee**"), including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option (as defined below), being $● per Unit. The Agent, together with its sub-agents, will also receive, on the Closing Date, as additional compensation, non-transferable broker warrants (the "**Broker Warrants**") equal to 7.5% of the aggregate number of Units issued by the Company under the Offering (including pursuant to the exercise of the Over-Allotment Option). Each Broker Warrant is exercisable into one (1) Broker Warrant Share at $● for twenty- four (24) months following the date of issuance thereof. This Prospectus qualifies the distribution of the Broker Warrants. See "Plan of Distribution".

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes no exercise of the Over-Allotment Option. After deducting the Agent's Fee, but before deducting the expenses of the Offering (estimated to be $●), which will be paid from the proceeds of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has granted the Agent an over-allotment option (the "**Over-Allotment Option**"), exercisable in whole or in part, at the sole discretion of the Agent, by giving written notice of the exercise of the Over-Allotment Option to the Company at any time up to 48 hours prior to the Closing Date, when the Maximum Offering is achieved, enabling it to offer for sale up to such additional number of Units (the "**Over-Allotment Units**") as is equal to 15% of the number of Units sold under the Maximum Offering at the Offering Price.

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- iii -

Each Over-Allotment Unit consists of one additional Common Share (the "**Over-Allotment Unit Share**") and one additional Warrant (the "**Over-Allotment Warrant**"). Each Over-Allotment Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Common Share of the Company (an "**Over- Allotment Warrant Share**") at a price of $● per Over-Allotment Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date.

This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Units, Over- Allotment Unit Shares and Over-Allotment Warrants to be issued and sold upon exercise of the Over-Allotment Option. A purchaser who acquires securities forming part of the Agent's over-allocation position acquires those securities under this Prospectus, regardless of whether the Agent's over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

Assuming the Over-Allotment Option has been exercised in full for Over-Allotment Units, the total number of Units sold pursuant to the Offering will be ●, the total Price to the Public will be $34,500,000, the total Agent's Fee will be $2,587,500, and the proceeds to the Company will be $31,912,500 (before deducting the estimated expenses of the Offering of $●, which will be paid from the proceeds of the Offering).

The following table sets out the number of Over-Allotment Units and Broker Warrants that may be issued by the Company in connection with the Offering assuming the maximum Units under this Offering are sold:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of Securities** |  |  |
| **Agent's Position** | **Available** | **Exercise Period** | **Exercise Price** |
| Over-Allotment Option | Up to ● Over-Allotment<br>Units | Any time up to forty-eight<br>(48) hours prior to the<br>Closing Date | $● per Over-<br>Allotment Unit |
| Agent's Broker Warrants | Up to ● Broker Warrant<br>Shares<sup>(1)</sup> | Any time for a period of<br>twenty-four (24) months<br>following the Closing<br>Date | $● per Broker<br>Warrant Share |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes no exercise of the Over-Allotment Option. Assuming the Over-Allotment Option has been exercised in full for Over-Allotment Units, the total number of Broker Warrant Shares issued pursuant to the Offering will be ●.

Unless the context otherwise requires, when used herein, all references to the "Offering", the "Units", the "Unit Shares", the "Warrants" and the "Warrant Shares" shall include the Over-Allotment Option, the Over-Allotment Units, the Over-Allotment Unit Shares, the Over-Allotment Warrants and the Over-Allotment Warrant Shares, respectively.

The Offering is being conducted on a commercially reasonable "best efforts" agency basis without underwriter liability by the Agent who conditionally offers the Units for sale, if, as and when issued by the Company and accepted by the Agent, in accordance with the conditions contained in the Agency Agreement referred to under "Plan of Distribution", and subject to the approval of certain legal matters on behalf of the Company by Dentons Canada LLP and on behalf of the Agent by MLT Aikins LLP.

Subject to applicable laws, the Agent may, in connection with the Offering, over-allot or effect transactions that stabilize or maintain the market price of the Units at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be discontinued at any time. **The Agent may offer the Units at prices lower than stated above. See "Plan of Distribution"**.

Subscriptions for Units will be received subject to rejection or allotment in whole or in part and the Agent reserves the right to close the subscription books at any time without notice. Closing of the Offering is expected to occur on or about ●, 2022 (the "**Closing Date**"), or such later date as the Company and the Agent may agree. Pending closing of the Offering, all subscription funds will be deposited and held by the Agent in trust, until the Minimum Offering is raised, pursuant to the terms and conditions of the Agency Agreement. If the Closing Date does not occur within ninety (90) days from the date a receipt is issued for the (final) short form prospectus or such other time as may be permitted by applicable securities legislation and consented to by persons or companies who subscribed within that period and the Agent, the Offering will be discontinued and all subscription monies will be returned to subscribers without interest, set-off or deduction. See "Plan of Distribution".

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- iv -

It is expected that the Company will arrange for the instant deposit of the Units under the book-based system of registration, to be registered to CDS Clearing and Depository Services Inc. ("CDS") or its nominee and deposited with CDS on the Closing Date, or as may otherwise be agreed to among the Company and the Agent. No certificates evidencing the Units will be issued to purchasers of the Units. Accordingly, a purchaser of the Units will receive only a customer confirmation from the Agent or other registered dealer or broker which is a CDS participant from or through whom a beneficial interest in the Units is purchased. See "Plan of Distribution".

Prospective investors should rely only on the information contained in this Prospectus, including documents incorporated by reference herein. The Company and the Agent have not authorized anyone to provide prospective investors with information different from that contained or incorporated by reference in this Prospectus. The information contained in this Prospectus is accurate only as of the date of this Prospectus and information contained in any document incorporated by reference herein is accurate only as of the date of that document, regardless of the time of delivery of this Prospectus or any sale of the Units. The Company's business, financial condition, results of operations and prospects may have changed since such date or dates.

Dylan Tinker, a director of the Company, resides outside of Canada. Mr. Tinker has appointed Tenet at its head office location at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1 as his agent for service of process. Purchasers are advised that it may not be possible for investors to enforce judgements obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of process.

**An investment in the Units is highly speculative and involves a high degree of risk that should be carefully considered by prospective investors before purchasing such securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with an investment in such securities. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in this Prospectus before purchasing the Units.**

The Company's head office and registered and records offices are located at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#page_6) | [1](#page_6) |
| [FINANCIAL INFORMATION](#page_8) | [3](#page_8) |
| [ELIGIBILITY FOR INVESTMENT](#page_8) | [3](#page_8) |
| [DOCUMENTS INCORPORATED BY REFERENCE](#page_9) | [4](#page_9) |
| [THE COMPANY](#page_10) | [5](#page_10) |
| [SUMMARY DESCRIPTION OF THE BUSINESS](#page_10) | [5](#page_10) |
| [RECENT DEVELOPMENTS](#page_11) | [6](#page_11) |
| [CONSOLIDATED CAPITALIZATION](#page_14) | [9](#page_14) |
| [USE OF PROCEEDS](#page_15) | [10](#page_15) |
| [PLAN OF DISTRIBUTION](#page_19) | [14](#page_19) |
| [DESCRIPTION OF SECURITIES BEING DISTRIBUTED](#page_22) | [17](#page_22) |
| [PRIOR SALES](#page_25) | [20](#page_25) |
| [TRADING VOLUME AND PRICE](#page_27) | [22](#page_27) |
| [INTERESTS OF EXPERTS](#page_27) | [22](#page_27) |
| [AUDITOR, TRANSFER AGENT AND REGISTRAR](#page_28) | [23](#page_28) |
| [CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#page_28) | [23](#page_28) |
| [RISK FACTORS](#page_32) | [27](#page_32) |
| [OTHER MATERIAL FACTS](#page_39) | [34](#page_39) |
| [STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION](#page_40) | [35](#page_40) |
| [CERTIFICATE OF THE COMPANY](#page_41) | [36](#page_41) |
| [CERTIFICATE OF THE AGENT](#page_42) | [37](#page_42) |

---

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus and documents incorporated by reference herein contain "forward looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information contained herein is provided as of the date of this Prospectus and the Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by applicable securities law.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on opinions, estimates and reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks related to: possible changes to the use of proceeds of the Offering; the impact of general business and economic conditions; risks related to government and environmental regulation; industry conditions, including fluctuations in foreign exchange rates and fluctuations in interest rates; stock market volatility; competition; community relations; risks, uncertainties and other factors relating to public health crises, including the evolving COVID-19 coronavirus ("**COVID-19**") pandemic and health crisis; as well as those factors discussed in the section entitled "Risk Factors" in this Prospectus and in the section entitled "General Development of the Business - Risk Factors" in the AIF (as defined below) and identified elsewhere in other disclosure documents of the Company filed at www.sedar.com.

Forward-looking information in this Prospectus includes, among other things, disclosure regarding: the Company's future outlook, the Offering, the closing of the Offering, the issuance of the Units pursuant to the Offering, the Uplist, the listing of the Warrants on the CSE or TSX, the satisfaction of the conditions precedent to the listing of the Unit Shares, Warrants, Warrant Shares, and Broker Warrant Shares on the CSE or the TSX, the use of the net proceeds of the Offering, the expected performance of the Company's business and operations, the Company's business objectives, milestones and anticipated timing of execution, as well as the information under the heading "Use of Proceeds". Forward-looking information has also been incorporated by reference through the AIF and other documents incorporated by reference herein, which include forward-looking information with respect to, among other things, the Company's corporate development and strategy.

Statements containing forward-looking information are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Company will be able to meet its future capital commitments; the Company will be able to obtain additional financing on reasonable terms if and when needed; the Company will be able to recruit and retain the services of its key technical, sales, marketing, operations and management personnel; the Company will be able to develop commercially viable solutions as a result of its research and development activities; and that the risks referenced above and herein, collectively or individually, will not have a material impact on the Company. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. However, given the evolving circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the Company's clients and the business, operations and financial position of the Company. Many risks, uncertainties and other factors could cause the actual results of Tenet to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to the following: overall economic conditions, rapid technological changes, demand for the Company's products and services, the introduction of competing technologies, competitive pressures, network restrictions, fluctuations in foreign currency exchange rates, and other similar factors that may cause the actual results, performance or achievements to differ materially from those expressed or implied in these forward-looking statements. In addition, the effects of COVID-19, including the duration, spread and severity of the pandemic, create additional risks and uncertainties for the Company. In particular, the impact of the virus and government authorities' and public health officials' responses thereto may affect: the Company's actual results, performance, prospects or opportunities; domestic and global credit and capital markets and our ability to access capital on favourable terms, or at all; and the health and safety of our employees.

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By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein and those discussed in the documents incorporated by reference herein. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned to not place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by the above cautionary statement. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to, any future sales or issuances of securities of the Company, and the risk factors described under the heading "General Development of the Business - Risk Factors" in the AIF. The Company cautions that the foregoing list of factors is not exhaustive, and that, when relying on forward-looking statements to make decisions with respect to the Company or the Units, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Such information is based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including expected revenues from certain contracts, client roll-out plans for specific products and ability to achieve goals. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are provided as of the date of this Prospectus or such other date specified herein, and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.

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**FINANCIAL INFORMATION**

The financial statements of the Company incorporated by reference in this Prospectus have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and are reported in Canadian dollars.

All currency amounts in this Prospectus are expressed in Canadian dollars, unless otherwise indicated. References to "US$" are to United States dollars. On September 26, 2022, the last business day prior to the date of this Prospectus, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = $1.3716 or $1.00 = US$0.7291.

**ELIGIBILITY FOR INVESTMENT**

In the opinion of Dentons Canada LLP, counsel to the Company, and MLT Aikins LLP, counsel to the Agent, based on current provisions of the Income Tax Act (Canada) and the regulations thereunder, as amended, (the "**Tax Act**") in force on the date hereof, the Unit Shares, the Warrants and the Warrant Shares, if issued on the date hereof, would be qualified investments under the Tax Act for a trust governed by a registered retirement savings plan, a registered retirement income fund, a registered education savings plan, a registered disability savings plan, a tax-free savings account (each a "**Registered Plan**") or a deferred profit sharing plan ("**DPSP**"), each as defined in the Tax Act, provided that: (i) in the case of the Unit Shares and Warrant Shares, such Unit Shares or Warrant Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the CSE and the TSX); and (ii) in the case of the Warrants, the Warrant Shares are listed on a "designated stock exchange" as defined in the Tax Act and neither the Company, nor any person with whom the Company does not deal at arm's length for the purposes of the Tax Act, is an annuitant, a beneficiary, an employer or a subscriber under, or a holder of, such Registered Plan or DPSP.

Notwithstanding the foregoing, the annuitant, holder or subscriber of a Registered Plan, as the case may be (each, a "**Registered Holder**"), will be subject to a penalty tax if the Unit Shares, Warrants or Warrant Shares held in a Registered Plan are a "prohibited investment" as defined in the Tax Act for the particular Registered Plan. The Unit Shares, Warrants or Warrant Shares will generally be a "prohibited investment" for a particular Registered Plan if the Registered Holder in respect thereof does not deal at arm's length with the Company for the purposes of the Tax Act or has a "significant interest" (as defined in the Tax Act) in the Company. However, the Unit Shares and Warrant Shares will not be a "prohibited investment" if such securities are "excluded property," as defined in the Tax Act, for trusts governed by a Registered Plan.

Based on Tax Proposals (as hereinafter defined) released on August 9, 2022 to implement tax measures applicable to first home savings accounts (referred to as "**FHSA**") first proposed by the 2022 Federal Budget (Canada), FHSAs would be subject to the rules described above for Registered Plans for purposes of the Tax Act (such amendments are referred to as the "**FHSA Amendments**"). In particular, pursuant to the FHSA Amendments, it is expected that the Unit Shares, the Warrants and the Warrant Shares will be qualified investments for an FHSA provided the conditions discussed above in relation to Registered Plans are satisfied. In addition, the rules in respect of a "prohibited investment" are also proposed to apply to FHSAs and the holders thereof. The FHSA Amendments are proposed to come into force on January 1, 2023.

**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular holder. Individuals who intend to hold Unit Shares, Warrants or Warrant Shares in a Registered Plan or a DPSP should consult their own tax advisors having regard to their own particular circumstances.**

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**DOCUMENTS INCORPORATED BY REFERENCE**

Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar regulatory authorities in the provinces of Alberta, British Columbia, Québec and Ontario. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of the Company at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1, telephone (514) 340-7775, and are also available electronically at www.sedar.com under the Company's profile.

The following documents of the Company are specifically incorporated by reference into, and form an integral part of, this Prospectus:

(a) revised annual information form of the Company dated June 16, 2022 for the year ended December 31, 2021 (the "**AIF**");

(b) audited annual consolidated financial statements of the Company for the year ended December 31, 2021;

(c) management's discussion and analysis of the Company for the year ended December 31, 2021;

(d) unaudited condensed interim consolidated financial statements of the Company for the three and six-month periods ended June 30, 2022, together with the notes thereto;

(e) management's discussion and analysis of the Company for the three and six-month periods ended June 30, 2022;

(f) management's information circular of the Company dated January 26, 2021 with respect to the special meeting of shareholders of the Company held on February 16, 2021;

(g) management's information circular of the Company dated October 6, 2021 with respect to the special meeting of shareholders of the Company held on October 27, 2021;

(h) management information circular of the Company dated May 31, 2022 with respect to the annual meeting of shareholders of the Company held on June 30, 2022;

(i) material change report of the Company dated August 22, 2022 with respect to the resignations of Charles-André Tessier and Mark Dumas from the Company's board of directors and the appointments of Carol Penhale and Dylan Tinker to the Company's board of directors;

(j) material change report of the Company dated ●, 2022 with respect to the Offering; and

(k) press release of the Company dated July 21, 2022 with respect to enhanced compliance measures adopted by the Company following an internal review conducted into securities-related matters.

**Any document of the type referred to in section 11.1 of Form 44-101F1 Short Form Prospectus, if filed by the Company after the date of this Prospectus and prior to the termination of the distribution under the Offering, shall be deemed to be incorporated by reference in this Prospectus.**

**Any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded, for purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated by reference herein modifies, replaces or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.**

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**The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

**THE COMPANY**

The Company was incorporated as Java Capital Inc. under the Business Corporations Act (Alberta) on May 13, 2008, and was continued as a federal company under the Canada Business Corporations Act ("**CBCA**") on April 4, 2011. The Company changed its name to "Peak Positioning Technologies Inc." effective April 5, 2011. Peak Position Technologies Inc. completed a vertical amalgamation with its wholly-owned subsidiary Peak Positioning Corporation effective January 1, 2018 with the resulting entity continuing as "Peak Positioning Technologies Inc.". The Company changed its name to "Peak Fintech Group Inc." on November 18, 2020. The Company changed its name to "Tenet Fintech Group Inc." on November 1, 2021.

The Company is a reporting issuer in the provinces of Alberta, British Columbia, Ontario and Québec, and its outstanding Common Shares are listed and posted for trading on the CSE under the symbol "PKK".

Tenet's head office and registered and records offices are located at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1.

**SUMMARY DESCRIPTION OF THE BUSINESS**

Tenet is the parent company of a group of innovative artificial intelligence and financial technology ("**fintech**") subsidiaries. Tenet's subsidiaries bring together lending financial institutions and businesses to create the "**Business Hub**", an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem. At the core of the Business Hub is an analytics and artificial intelligence software platform that automates credit and business transactions among ecosystem members. Among other things, the Business Hub allows lending and credit financial institutions to increase their loan portfolios while minimizing credit risk, and gives businesses significant cash flow flexibility by giving them greater access to credit and the ability to get paid much sooner by their clients, which translate to better overall business efficiency.

The following diagram sets out the intercorporate relationships amongst Tenet's subsidiaries and the percentage of voting securities held by Tenet, either directly or indirectly, of each subsidiary. The jurisdiction of incorporation of all subsidiaries is China, except for Asia Synergy Ltd., which is a holding company incorporated in the jurisdiction of Hong Kong, and Cubeler Inc. and Tenoris 3 Inc., which are operating companies incorporated in Canada.

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![](exhibit99-365x11x1.jpg)

**RECENT DEVELOPMENTS**

On July 7, 2021, Tenet closed a public offering of 26,300,000 units (the "**July Units**") of the Company at a price per July Unit of $2.00 for aggregate gross proceeds of $52,600,000 pursuant to a short-form prospectus of the Company dated June 22, 2021 ("**2021 Short-Form Financing**"). Pursuant to an agency agreement between the Company and Research Capital Corporation ("**RCC**") dated June 22, 2021, RCC acted as lead agent and sole bookrunner for the 2021 Short-Form Financing. Each July Unit is comprised of one Common Share as well as one half of one Common Share purchase warrant of the Company. Each whole warrant is exercisable into one Common Share of the Company at an exercise price of $3.50 for a period of twenty-four (24) months from the date of issuance thereof.

On July 9, 2021, the Company announced that its Business Hub and Gold River platform, which is the ecommerce and order processing platform used as the gateway to the Business Hub for the Company's supply chain clients, were successfully linked to the China UnionPay network, China's largest banking and electronic funds transfer network, through direct application program interface links, allowing the Company to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Business Hub ecosystem.

On July 26, 2021, the Company announced that it had started the process to acquire banking AI software provider Zhongke Intelligence Ltd. ("**Zhongke**"). As of the date of this Prospectus, the Company is still in the process of assessing the right revenue model under which to operate Zhongke's software within its Business Hub ecosystem. As part of this assessment, the Company and Zhongke created a new entity called Weilian Technology Services Ltd. ("**Weilian**" or "**Wechain**") in which the Company has a 51% ownership stake and Zhongke has a 49% ownership stake and to which Zhongke's intellectual property was transferred. The terms of the acquisition of Zhongke by the Company are still not defined as of the date of this Prospectus and the Company is considering the possibility of simply acquiring Zhongke's stake in Weilian rather than acquiring Zhongke itself. Therefore the Company's planned acquisition of Zhongke remains pending.

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On July 27, 2021, all of the issued and outstanding Common Shares were consolidated on the basis of one (1) post-consolidation Common Share for each two (2) pre-consolidation Common Shares.

On July 29, 2021, Tenet made a nominal investment in China UnionPay's subsidiary, Rongbang Technology Ltd. ("**Rongbang**"), in the amount of approximately $500,000, to further future collaboration and business development.

On August 3, 2021, Tenet announced that it had launched Link-Steel, a new steel trading platform as part of its Cubeler Business Hub to cater to the specific needs of the steel industry in China. The new platform allows steel industry participants to buy and sell a large variety of steel products, and obtain value-added services related to their transactions such as financing, transportation, warehousing, fund transfer and payment settlement.

On September 14, 2021, Tenet announced that it had acquired the "Heartbeat" insurance product management and brokerage platform as well as various ancillary SaaS (software as a service) solutions for insurers and insurance brokers in China. The platforms were owned and operated by Huike Technology Co. Ltd. and Huayan Kun Tai Technology Company Ltd. As compensation for the acquisition, the Company agreed to pay the sellers a total of up to $31.0M, of which $11.0M was paid in cash to be used in various business development and marketing initiatives for the platforms as the sellers agreed to stay on to manage and operate the platforms. The remaining up to $20.0M is payable in Common Shares, of which $6.9M was paid by the issuance of 600,000 Common Shares at a deemed price of $11.50 per share on October 5, 2021. A further two share instalments with a maximum combined value of $13.1M are payable as at December 31, 2022, and December 31, 2023, respectively, contingent on achieving additional net profit targets agreed for each calendar year.

On October 1, 2021, Tenet announced that it had acquired 100% of the issued and outstanding shares of Cubeler Inc. for $1,000,000 in cash and 11,133,012 Common Shares of Tenet, which represented approximately 10% of Tenet's issued and outstanding Common Shares on a fully-diluted basis following the closing of the transaction. As a result of the acquisition of Cubeler Inc., Tenet owns the worldwide commercial rights to the Business Hub concept, which the Company is looking to commercialize beyond China's borders.

On October 6, 2021, the Company announced that it had signed an exclusive partnership agreement with pre-owned vehicle trading platform YouCKU to provide YouCKU with after sale used car warranty policies, extended warranty policies and on-site vehicle repair and replacement policies. The partnership agreement between YouCKU and the Company was the first that is directly linked to the Company's Heartbeat insurance brokerage platform, through which the Company's services are provided to YouCKU.

On October 27, 2021, the Company announced that it had filed a new registration statement (Form 40-F) to address recent disclosure guidance provided by the U.S. Securities and Exchange Commission (the "**SEC**") for companies either based in China or with a significant portion of their operations in China (the "**Guidance**"). Tenet had originally filed a Form 40-F with the SEC on September 2, 2021, and trading in the Common Shares on the Nasdaq Capital Market (the "**NASDAQ**") was halted on September 21, 2021, pending review of the Form 40-F by the SEC. The Company subsequently voluntarily withdrew its former Form 40-F on September 28, 2021, while it worked to comply with the Guidance. If and when the new Form 40-F is declared effective by the SEC, Tenet intends to eventually contact the NASDAQ to have its Common Shares reinstated for trading on the NASDAQ.

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On October 29, 2021, the Company announced that it had signed a collaborative agreement with Ping An Insurance ("**Ping An**") to distribute insurance products aimed at the auto industry through the Company's Heartbeat insurance brokerage platform. Ping An is now leveraging the Company's Heartbeat insurance platform, which is connected to over 300 car dealerships throughout China, to offer insurance policies specifically designed for the auto industry.

On November 1, 2021, the Company, previously known as "Peak Fintech Group Inc.", changed its name to "Tenet Fintech Group Inc.".

On November 5, 2021, the Company moved its registered offices to Toronto to, among other reasons, continue its quest to attract some of Canada's top tech talent.

On November 18, 2021, the Company announced that it had signed a marketing cooperation agreement with Rongbang, whereby the parties would promote the other party's services to their respective clients, including through joint-marketing initiatives. The agreement was set for an initial term of three years with an automatic renewal clause for additional one-year terms following the initial term, unless terminated by either party as provided in the agreement.

On December 9, 2021, the Company announced that it had signed a revenue sharing partnership agreement with PetroChina for the sale and distribution of coffee at PetroChina gas station convenience stores. The Company committed to work with automated coffee machine distributor Mellower Coffee Ltd. to have coffee distribution machines financed and installed at PetroChina uSmile stores. Under the terms of the agreement, Mellower Coffee is responsible for providing, installing and maintaining the machines, while the Company collects, monitors and manages all data related to the sale of coffee.

On January 6, 2022, the Company announced that it had signed a strategic cooperation agreement with vehicle rental company eHi Auto Services Ltd. ("**eHi**"). The Company uses its Heartbeat insurance brokerage platform and the platform's direct link to the country's top insurers to offer the various insurance products to go along with the vehicles rented by eHi.

On January 27, 2022, the Company launched a new brand identity, including a new corporate logo, in response to accelerated company growth, including outside of China, and a renewal to its corporate vision.

On February 18, 2022, the Company announced that it started to accept pre-registration of small and medium sized businesses in preparation for the launch of the Company's Canadian Business Hub.

On March 21, 2022, the Company announced that it launched the Yun Fleet Platform as part of its Chinese Business Hub ecosystem to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Chinese Business Hub. The Yun Fleet Platform matches freight truckers with shipping opportunities based on factors such as proximity, fleet availability, whether climate control is required, and a variety of other factors to optimize cost and time efficiency for shippers and truckers alike. In addition to shipping opportunities, Yun Fleet Platform members are also eligible for other Business Hub services, including financing and insurance services.

On April 13, 2022, the Company announced it signed a partnership agreement with the Industrial Bank Co. Ltd. ("**CIB**") to allow members of the Company's Chinese Business Hub to open bank accounts at CIB linked to their Business Hub accounts. The real bank accounts at CIB will provide a business alternative to the Company's offering of virtual bank accounts on the China UnionPay network.

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On May 16, 2022, the Company announced that it had signed an agreement with the People's Insurance Company of China and eHi Auto Services to launch the "Driver's Seat", an insurance policy product to be exclusively available through Tenet's Heartbeat insurance brokerage platform.

At the Company's annual general meeting held June 30, 2022, Mark Dumas, Johnson Joseph, Liang Qiu and Charles-André Tessier were re-elected as directors of the Company, Raymond Chabot Grant Thornton was reappointed as auditors of the Company, and the Company's new omnibus incentive plan was approved for adoption by shareholders of the Company.

On July 21, 2022, the Company announced having received a Request for Documents/Information (the "**Request Letter**") from the Autorité des marchés financiers (the "**AMF**"), Quebec's securities regulator, which included a confidentiality order of the AMF prohibiting the disclosure of the Request Letter or any related information. In the course of collecting information to respond to the Request Letter, the Company identified potential compliance issues relating to certain past correspondence between the Tenet Chief Executive Officer (the "**CEO**") and certain former advisors. The Board of Directors of Tenet (the "**Board**") created an ad hoc committee (the "**Special Committee**") comprised of independent members of the Board and outside legal counsel was mandated to carry out an internal review into securities-related matters (the "**Review**"). For the conclusions of the Review, we refer you to the Company's press release dated July 21, 2022, which is incorporated by reference to this Prospectus. Following the Review, the Board adopted new compliance measures which demonstrate the Company's ongoing commitment to ensuring its corporate governance meets the highest standards. Those measures include enhanced Board oversight over executive communications and interactions with financial and capital markets advisors and regular reporting by the CEO to the Board on the same. The new measures are in addition to important governance initiatives the Company had already recently implemented and which were in effect as of the date of this Prospectus, including: (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, and (iii) the adoption of new and revised governance policies, including a strengthened code of ethics. The Company has been cooperating with the AMF in all respects and has provided the AMF with all documents and information requested.

On August 17, 2022, the Company announced that Chairman Charles-André Tessier and fellow director Mark Dumas had agreed to resign from the Company's board of directors to make way for the appointments of Carol Penhale and Dylan Tinker, who would respectively chair the Company's governance and audit committees. The Company's executive management believed that the Company and its shareholders would be best served with new directors whose skillsets and professional experiences are better aligned with the evolution of the Company's business.

On August 19, 2022, the Company announced that it was going to hold an event at its new offices in Montréal, Québec, on November 30, 2022, to mark the official launch of the Canadian segment of its Business Hub.

**CONSOLIDATED CAPITALIZATION**

The following table sets forth the consolidated capitalization of the Company as at June 30, 2022, the date of the Company's most recently-filed financial statements, both before and after giving effect to the Offering as well as the issuance of other Common Shares subsequent to June 30, 2022. The table should be read in conjunction with the unaudited condensed interim consolidated financial statements of the Company for the three and six-month period ended June 30, 2022, together with the notes thereto and the related management's discussion and analysis, incorporated by reference into this Prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **As at June 30, 2022,**<br>**before giving effect to**<br>**the Offering**<br>**(Unaudited)** | **After giving effect to**<br>**the Minimum**<br>**Offering (assuming**<br>**no exercise of Over-**<br>**Allotment**<br>**Option)<sup>(1)(2)(3)</sup>**<br>**(Unaudited)** | **After giving effect to**<br>**the Maximum**<br>**Offering (assuming**<br>**no exercise of Over-**<br>**Allotment**<br>**Option)<sup>(1)(2)(3)</sup>**<br>**(Unaudited)** | **After giving effect to**<br>**the Maximum**<br>**Offering (assuming**<br>**exercise of Over-**<br>**Allotment Option in**<br>**full) <sup>(1)(2)(3)</sup>**<br>**(Unaudited)** |
| Common Shares | 98937683 | ● | ● | ● |
| Share Purchase<br>Warrants | 15679503 | ● | ● | ● |
| Share Options | 4404851 | 4461297 | 4461297 | 4461297 |
| Share Capital | $210838156 | ● | ● | ● |
| Contributed surplus | $21993821 | $● | $● | $● |
| Current Liabilities | $16512841 | $16512841 | $16512841 | $16512841 |
| Total Liabilities | $26443317 | $26443317 | $26443317 | $26443317 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects the issuances of Common Shares, Share Purchase Warrants and Share Options subsequent to June 30, 2022 and unrelated to the Offering (see "Prior Sales - Common Shares").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Share capital dollar amount reflects the deduction of the applicable Agent's Fee and the estimated expenses of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Assuming issuance of the Units and the Broker Warrants, but no exercise of the Broker Warrants, Warrants or any other outstanding convertible securities. See "Plan of Distribution".

There have been no material changes in the share and loan capital of the Company, on a consolidated basis, since June 30, 2022, except: (i) 56,446 Share Options were issued between July and September 2022 at an average price of $1.61 per Common Share, (ii) 606,500 Common Shares were issued between July and September 2022 as the result of the exercise of 606,500 share purchase warrants, (iii) 584,690 Share purchase warrants expired between July and September 2022. See "Prior Sales".

**USE OF PROCEEDS**

The estimated net proceeds to be received by the Company from the Offering (before giving effect to any exercise of the Over-Allotment Option) will be $18,500,000 in the case of the Minimum Offering, $27,750,000 in the case of the Maximum Offering and $31,912,500 in the case of the Maximum Offering and assuming the exercise of the Over-Allotment Option in full, and after deducting the Agent's Fee of $1,500,000 in the case of the Minimum Offering, $2,250,000 in the case of the Maximum Offering and $2,587,500 in the case of the Maximum Offering and assuming the exercise of the Over-Allotment Option in full, but before deducting the expenses of the Offering estimated to be $●.

The net proceeds from the Offering are expected to be used by the Company as set out in the table below.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Maximum Offering** |
|  |  |  | **assuming the** |
|  |  |  | **exercise of the Over-** |
|  |  |  | **Allotment Option in** |
| **Use of Proceeds** | **Minimum Offering** | **Maximum Offering** | **full** |
| Business development and expansion in China | **$[6,000,000]** | **$[9,000,000]** | **$[11,000,000]** |
| Business expansion to North America | **$[12,000,000]** | **$[14,000,000]** | **$[15,000,000]** |
| Business expansion to Europe | **$0** | **$[3,000,000]** | **$[3,800,000]** |
| Working capital and general corporate matters | **$[500,000]** | **$[1,750,000]** | **$[2,112,500]** |
| Expenses of the Offering | **$●** | **$●** | **$●** |
| **Total :** | **$18500000** | **$27750000** | **$31912500** |

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The Company estimates expenses payable by the Company in connection with the Offering, other than the Agent's Fee referred to above, will be approximately $●. The Company has agreed to reimburse the Agent for all reasonable expenses related to the Offering, regardless of whether the Offering is completed, including the fees and disbursements of legal counsel to the Agent up to an agreed maximum.

As of the date of this Prospectus, the Company's North American monthly cash burn rate is approximately $2,000,000 and, based on the Company's current cash burn rate, it has enough cash reserved in North America to fund its North American operations for the next three months. **Based on the Company's current cash burn rate and assuming completion of the Minimum Offering, the Company will have sufficient cash reserved in North America to fund its North American operations for more than one fiscal year if no additional investments are made in China. This does not take into account the potential of approximately $50 million in cash that could be received by the Company during that period through the exercise of common share purchase warrants issued pursuant to the 2021 Short- Form Financing.** While the Company's Chinese operations are generating enough cash to meet the financial obligations of its Chinese operations, the Company plans to continue to invest to grow and expand its Chinese operations for the foreseeable future. The Company therefore intends to spend the net proceeds of the Offering to help fund its North American operations for at least an additional six month period, which would allow for the launch of its Business Hub in both Canada and the US, and to continue to invest in the expansion of its Chinese operations following the closing of the Offering and as stated in this Prospectus. However, there may be circumstances where, for sound business reasons, a reallocation of funds may be deemed prudent or necessary. The actual amount that the Company spends in connection with each of the intended uses of proceeds may vary significantly from the amounts specified above and will depend on a number of factors, including fluctuations in the Company's consolidated working capital, which stood at $65,631,699 as of June 30, 2022, and factors referred to under the "Risk Factors" section of this Prospectus.

Following the closing of the 2021 Short-Form Financing, the use of proceeds varied from the intended use of proceeds, as disclosed in the Company's final short form prospectus dated June 22, 2021. From the net proceeds of approximately $48 million of that offering, the Company had planned to spend $21 million on business development and expansion in China, $12 million on business expansion to North America, most of which was to be spent prior to the end of 2021 to launch the Canadian segment of the Business Hub, $5 million on business expansion to Europe with the remaining $10 million reserved for working capital and general corporate matters. However, the halt of trading of the Common Shares on the NASDAQ in September of 2021, meant that the Company wouldn't be able to raise additional capital in the United States by the end of 2021 as it had intended. This resulted in the Company revising its intended use of funds with respect to the 2021 Short-Form Financing. The funds that were earmarked for business expansion to Europe, together with approximately $2 million worth of funds earmarked for business expansion to North America, were instead sent to China. But while a total of approximately $28 million was sent to China, only approximately $18 million was actually used for business development and expansion, with the rest going towards working capital and cash reserves. The planned investment toward the launch of the Company's North American operations was both delayed and reduced to approximately $7 million, and the Company allocated the remaining balance of $13 million in North America to working capital, general corporate matters and cash reserves.

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Until applied, the net proceeds will be held as cash balances in the Company's bank account or invested in certificates of deposit and other instruments issued by banks or obligations of or guaranteed by the Government of Canada or any province thereof. Unallocated funds from the Offering will be added to the working capital of the Company, and will be expended at the discretion of management.

During the fiscal year ended December 31, 2021, the Company had negative cash flow from operating activities, but generated positive cash flow from operations for the three and six-month periods ended June 30, 2022. The Company had first projected that it would be profitable by the end of the 2021 fiscal year, however, a combination of delays in the start of certain projects in China and the delay of the launch of the Company's Business Hub in Canada caused the Company to revise its cash allocation in 2021. This, in turn, has delayed the Company's forecasted profitability. While the Company had positive operating cash flow in the first semester of 2022, due to the fact that many Chinese cities were on government mandated COVID-19 lockdown, which prevented the Company from spending to grow its business and reduced its expenses, the Company now anticipates it will continue to have negative cash flow from operating activities in future periods until profitability is achieved, forecasted to be by the end of fiscal year 2023, as it resumes investing to expand and grow its operations in both China and North America. As a result, certain of the net proceeds from the Offering may be used to fund such negative cash flow from operating activities in future periods. See "Risk Factors - Negative Operating Cash Flow and Additional Funding".

**Performance Analysis, Expansion and Business Objectives**

The Company has segmented and reports its revenue under two operating categories, namely "Fintech Platform" and "Financial Services". For presentation purposes, any revenue generated that falls outside of those two operating segments are grouped in a third category called "Other". Each operating segment is distinguished by the type of products and services it offers and is managed separately as each requires different business processes, marketing approaches and resources.

For the six-month period ended June 30, 2022, the Company's Fintech Platform segment generated revenues (before intra-group eliminations) of approximately $68.5 million compared to revenues of approximately $43.5 million for the same period in 2021. The year-over-year increase can be attributed to the consistent increase in demand for the Company's services over the past three years, particularly the demand for the Company's supply-chain services. The Financial Services segment saw revenues of the first semester of fiscal 2022 amount to approximately $1.6 million compared to $1.8 million for the first semester of fiscal 2021. The Company's net loss for the first semester of 2022 was approximately $9.7 million compared to a net loss of $0.1 million in the first semester of fiscal 2021. Although the Company generated positive cash flows from operating activities of approximately 4.7 million in the first semester of 2022, it is not expected to do so on a consistent basis until sometime in 2023. The Company is hopeful that, if the demand for its services continues to increase, it will generate positive cash flow from its operations consistently beginning sometime in 2023.

The overall increase in the Company's revenue from fiscal year 2020 to 2021 came primarily from the increase in revenue in its Fintech Platform segment. The vast majority of the revenue generated in that segment comes from the supply-chain service bundle. The Company only began to offer these services in the second half of 2019 and revenue generated by these services in 2020 was still being impacted by clients' lack of familiarity with the offerings. In 2021, however, the Company saw a strong increase in repeat business from clients who were now familiar with the services. In addition, the Company's marketing efforts and investments led to new clients and new vertical segments. The Company's offerings to the insurance industry through its Heartbeat platform and to the oil and gas sector began to show great promise in the first quarter of 2022. While the Company's offering to the supply-chain is expected to account for a large share of its revenue in China for the next two to three years, offerings to other segments, such as the insurance, oil and gas, and clean energy segments are expected to account for an increasingly larger percentage of the Company's revenues in the future and help to diversify its revenue stream in China.

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The Company's supply-chain service bundle serves both as a source of revenue and as a client acquisition tool for the Company. By providing services to material suppliers and factories at the top of the supply- chain, the Company has been able to connect with and acquire as clients many of the product distributors and retailers who are themselves clients of the factories serviced by the Company. The Company's strategy initially consisted of accepting lower margins related to its supply-chain service bundle in exchange for the acquisition of distributor and retailer clients. That strategy has led to an overall increase in both clients and profit margins on the supply-chain service bundle since 2019. Cost of service expenses, which refer only to direct costs associated with the provision of the Company's supply-chain service bundle, is gradually representing a smaller percentage of the revenue generated by the services. That trend is expected to continue as more services related to the supply-chain service bundle provided by third parties continue to be assumed through the Company's proprietary platforms and modules, such as its Gold River e-commerce and logistics platform and its Yun Fleet shipping platform.

Despite the impact of the COVID-19-related lockdowns in China through the second quarter of 2022, the Company is still expecting overall revenue in 2022 to more than double 2021 revenue. Assuming the Company is able to raise enough capital to expand its service offering in China, even as it starts to operate in Canada, it believes that it can reasonably expect to be profitable by the end of 2023. The Company expects the Minimum Offering will provide sufficient capital to achieve these goals.

The Company will continue to focus on the expansion of its Business Hub ecosystem in China as well as on the launch of a new segment of the Business Hub in Canada. The Company had previously planned for the North American expansion of its Business Hub to occur by the end of 2021, but a reallocation of its capital resources following the halt in the trading of the Common Shares on the NASDAQ led to a delay in the planned expansion. Therefore the Company's main near-term objectives to be pursued with the net proceeds in the case of the Minimum Offering, and which the Company expects to occur during the next 12 months, are (i) to launch the Canadian segment of its Business Hub: When launched in Canada, the Business Hub will feature 5 main services pillars to keep members coming back to the Hub, one of which will be the ability to connect and network with other members of the ecosystem both locally and internationally. Given the strict rules of Internet behavior in China and the importance of allowing Hub members in and out of China to connect with each other, the completion of the Hub's networking module will mark a turning point for its Canadian launch; (ii) continue its business development and service expansion activities in China: Business development and expansion in China is expected to take place across various industrial verticals including insurance, clean energy and consumer goods, in collaboration with the Company's existing and future partners; and (iii) the launch of the US segment of its Business Hub: The launch of the US Hub is expected somewhere between the end of the first quarter of 2023 and the end of second quarter of 2023. Once the Canadian segment of the Business Hub has been launched, launching the US segment should not carry a great deal of complexity since both segments will operate in essentially the same fashion with on a few minor variations to account for the differences in the countries' banking and financial systems, particularly surrounding commercial loans and credit. Just like it has done prior to the launch of the Canadian segment, the Company will embark on a pre-registration campaign of US small and medium enterprises and financial institutions several months prior to the expected launch date of the US Hub to ensure a sufficient number of members are present to allow all members to get the most out of their Business Hub experiences from the very first day the platform goes live in the US. Assuming the Maximum Offering, the Company intends to use available funds towards the expansion of its Business Hub to Europe by the end of 2023.

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There is no assurance the foregoing goals and objectives will be achieved. The Company's business is subject to a number of risks and uncertainties. See "Risk Factors".

**PLAN OF DISTRIBUTION**

Pursuant to the Agency Agreement, the Company has appointed the Agent to act as its agent to conduct the Offering on a commercially reasonable "best efforts" agency basis, of a Minimum Offering of ● Units at the Offering Price per Unit for gross proceeds of $20,000,000 and Maximum Offering of ● Units at the Offering Price per Unit for gross proceeds of $30,000,000. The Agent has agreed to assist with the Offering on an agency basis and is not obligated to purchase any of the Units for its own account. The Offering Price will be determined by arm's length negotiation between the Company and the Agent. The Units are being offered to the public in the provinces of Alberta, British Columbia, Ontario and Québec, through the Agent or its affiliates who is registered to offer and sell the Units in such provinces and such other registered dealers as may be designated by the Agent. Subject to applicable law and the provisions of the Agency Agreement, the Agent may offer the Units outside of Canada.

The Company has agreed to pay to the Agent, together with its sub-agents and advisors (including The Benchmark Company, LLC which is serving as an independent financial advisor to the Agent and will receive a fee from the Agent following this offering), the Agent's Fee, in consideration for its services rendered in connection with the Offering, in the amount equal to 7.5% of the gross proceeds of the Offering, subject to the terms and conditions of the Agency Agreement, including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option, being $● per Unit. The aggregate Agent's Fee will be $1,500,000 in the case of the Minimum Offering and $2,250,000 in the case of the Maximum Offering ($2,587,500 assuming the Over-Allotment Option has been exercised in full for Over-Allotment Units).

The Agent will also receive, as additional compensation, non-transferable Broker Warrants equal to 7.5% of the aggregate number of Units issued by the Company under the Offering (including pursuant to the exercise of the Over-Allotment Option). Each Broker Warrant is exercisable into one (1) Broker Warrant Share at $● for twenty-four (24) months following the date of issuance thereof. The Broker Warrants will be registered in the name or names specified by the Agent. This Prospectus qualifies the distribution of the Broker Warrants.

The Company has agreed to reimburse the Agent for all reasonable expenses related to the Offering, regardless of whether the Offering is completed, including the fees and disbursements of legal counsel to the Agent up to an agreed maximum.

Each Unit consists of one Unit Share and one Warrant. Each Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Warrant Share at an exercise price of $● per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date, which is the date that is twenty-four months following the Closing Date. The Warrants will be created and issued pursuant to the terms of the Warrant Indenture to be dated as of the Closing Date between the Company and the Warrant Agent. The Warrant Indenture will contain provisions designed to protect holders of the Warrants against dilution upon the happening of certain events.

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The Company has granted the Agent an Over-Allotment Option, exercisable in whole or in part, at the sole discretion of the Agent, at any time up to the Closing Date, enabling it to offer for sale up to such additional number of Over-Allotment Units as is equal to 15% of the number of Units sold under the Maximum Offering at $● per Over-Allotment Unit. Each Over-Allotment Unit consists of one Over-Allotment Unit Share and one Over-Allotment Warrant. Each Over-Allotment Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Over-Allotment Warrant Share at an exercise price of $● per Over-Allotment Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date.

This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Units, Over-Allotment Unit Shares and Over-Allotment Warrants to be issued and sold upon exercise of the Over-Allotment Option. A purchaser who acquires securities forming part of the Agent's over- allocation position acquires those securities under this Prospectus, regardless of whether the Agent's over- allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

The price at which the Units are being offered hereunder and the terms of the Offering were determined by arm's length negotiation between the Company and the Agent. The Agent proposes to offer the Units initially at the Offering Price.

Under the terms of the Agency Agreement, the obligations of the Agent may be terminated at its discretion on the basis of "disaster out", "regulatory out", "market out", "due diligence out", "material change out" and "breach out" and may also be terminated upon the occurrence of certain stated events. The Agency Agreement also provides that the Company will indemnify the Agent and its directors, officers, partners, shareholders, agents, employees and controlling persons against certain liabilities and expenses, including, as the case may be, liabilities under Canadian securities legislation.

Orders for Units will be received subject to rejection or allotment in whole or in part and the right is reserved to close the order books at any time without notice.

If the Minimum Offering is not completed within ninety (90) days of the issuance of a receipt for the final prospectus, the Offering will cease. The Agent, pending closing of the Offering, will hold in trust all subscription funds received pursuant to the provisions of the Agency Agreement. If the Minimum Offering is not completed, the subscription proceeds received by the Agent in connection with the Offering will be returned to the subscribers without interest or deduction, unless the subscribers have otherwise instructed the Agent.

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The Company has agreed that it will not issue, announce any issue or agree to issue any securities of the Company, other than issuances (i) under existing director, officer, employee or consultant stock options or awards granted under current or future equity incentive plans of the Company, and any share issued on conversion or exercise of such options or awards, (ii) as a result of the exercise of currently convertible securities, outstanding share purchase warrants or options, (iii) as a result of an internal reorganization of the Company, or (iv) as a result of any previously announced obligation, until thirty days after the Closing Date without the written consent of the Agent, such consent not to be unreasonably withheld.

The Units, the Unit Shares and the Warrants comprising the Units, and the Warrants Shares issuable upon exercise of the Warrants have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States except in transactions registered under the U.S. Securities Act or exempt from the registration requirements of the U.S. Securities Act and in accordance with all applicable U.S. state securities laws. The Agent has agreed pursuant to the terms of the Agency Agreement that it will not offer or sell the Units within the United States, except pursuant to available exemptions from the registration requirements under the U.S. Securities Act and in compliance with applicable U.S. state securities laws. The Units, the Unit Shares and the Warrants comprising the Units, and the Warrants Shares issuable upon exercise of the Warrants that are sold in the United States will be restricted securities within the meaning of Rule 144(a)(3) under the U.S. Securities Act and may only be offered, sold or otherwise transferred pursuant to certain exemptions from the registration requirements of the U.S. Securities Act. In addition, until 40 days after the commencement of the Offering, an offer or sale of Units, Unit Shares or Warrants within the United States by a dealer (whether or not participating in the Offering) may violate the registration requirements of the U.S. Securities Act unless made in compliance with an exemption thereunder. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the Units to, or for the account or benefit of, a person in the United States or a U.S. person as defined in Regulation S under the U.S. Securities Act (a "**U.S. Person**").

**There is no market through which the Warrants may be sold and purchasers may not be able to resell the Warrants that are purchased under this Prospectus. This may affect the pricing of the Warrants in the secondary market, the transparency and availability of trading prices, the liquidity of the Warrants and the extent of issuer regulation. See** "**Risk Factors**". Assuming the completion of the Uplist, the Company will apply to list the Unit Shares, Warrants, and Warrant Shares, as well as the Broker Warrant Shares on the TSX. **Listing on the TSX is subject to the Company fulfilling all of the listing requirements of the TSX. There is no assurance that the TSX will approve the Uplist - See "Risk Factors**". In the event that the Company is unable to fulfill all of the listing requirements of the TSX, the Company will give notice to list the Unit Shares, Warrants, and Warrant Shares, as well as the Broker Warrant Shares, on the CSE. Listing on the CSE is subject to the Company fulfilling all of the listing requirements of the CSE.

**Lock-Up Agreements**

Pursuant to the Agency Agreement, each of the Company's directors, senior officers and other insiders will enter into a lock-up agreement ("Lock-Up Agreement") prior to Closing, pursuant to which such persons will agree not to, for a period of 30 days following the Closing Date, directly or indirectly, offer, sell, contract to sell, lend, swap, or enter into any other agreement to transfer the economic consequences of, or otherwise dispose of or deal with, or publicly announce any intention to offer, sell, contract to sell, grant or sell any option to purchase, hypothecate, pledge, transfer, assign, purchase any option or contract to sell, lend, swap or enter into any agreement to transfer the economic consequences of, or otherwise dispose of or deal with, whether through the facilities of a stock exchange, by private placement or otherwise securities of the Company held by them, directly or indirectly, without prior consent of the Agent, which consent will not be unreasonably withheld or delayed, provided that the Agent's consent shall not be required in connection with (a) the exercise of previously issued options, restricted share units, performance share units, deferred share units or other convertible securities, (b) transfers among a shareholder's affiliates for tax or other planning purposes, or (c) a tender or sale by a shareholder of securities of the Company in or pursuant to a take-over bid or similar transaction involving a change of control of the Company.

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**Non-Certificated Inventory System**

Subscriptions for the Units will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is anticipated that the Units will be delivered under the book-based system through CDS Clearing and Depository Services Inc. ("**CDS**") or its nominee and deposited in registered or electronic form with CDS on the Closing Date, or such other date as may be agreed upon by the Company and the Agent. No certificates evidencing the Unit Shares or Warrants will be issued to subscribers, except in certain limited circumstances, and as such a purchaser of Units will receive only a customer confirmation from the registered dealer through which the Units are purchased.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**

**Units**

Each Unit is comprised of one Unit Share (being a Common Share forming a part of each Unit) and one Warrant, subject to adjustment in certain circumstances in accordance with the Warrant Indenture. The Units will separate into Unit Shares and Warrants immediately upon issue.

**Common Shares**

The authorized share capital of the Company consists of an unlimited number of Common Shares without par value. As of the date hereof, there are 99,544,183 Common Shares issued and outstanding. As of the Closing Date of the Offering, assuming the Maximum Offering and exercise in full of the Over-Allotment Option, and assuming no further Common Shares are issued upon the exercise of outstanding warrants or options, including Broker Warrants and Warrants, the Company will have ● Common Shares issued and outstanding. See "Consolidated Capitalization".

All of the authorized Common Shares are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets. Shareholders are entitled to receive notice of meetings of shareholders and to attend and vote at those meetings. Shareholders are entitled to one vote for each Common Share held of record on all matters to be acted upon by the shareholders. Shareholders are entitled to receive such dividends as may be declared from time to time by the board of directors of the Company, in its discretion, out of funds legally available therefore.

Upon liquidation, dissolution or winding up of the Company, shareholders are entitled to receive pro rata the assets of the Company, if any, remaining after payments of all debts and liabilities. No Common Shares have been issued subject to call or assessment. There are no pre-emptive, conversion or exchange rights and no provisions for redemption, retraction, purchase for cancellation, surrender, or sinking or purchase funds. There are no provisions restricting the issuance of additional Common Shares or requiring a shareholder to contribute additional capital.

Provisions as to the modification, amendment or variation of such shareholder rights or provisions are contained in the CBCA.

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As of the date of this Prospectus, the Company has not declared dividends and has no current intention to declare dividends on its Common Shares in the foreseeable future. Any decision to pay dividends on its Common Shares in the future will be at the discretion of the Company's board of directors and will depend on, among other things, the Company's results of operations, current and anticipated cash requirements and surplus, financial condition, any future contractual restrictions and financing agreement covenants, solvency tests imposed by corporate law and other factors that the board of directors may deem relevant.

**Warrants**

The Warrants will be governed by the terms of the Warrant Indenture to be entered into on or before the Closing Date between the Company and TSX Trust Company, as Warrant Agent. Under the Warrant Indenture, each Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Warrant Share at an exercise price of $● per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date, which is the date that is twenty-four months following the Closing Date, after which time the Warrants shall be void and of no value or effect.

**Warrant Indenture**

The following summary of certain anticipated provisions of the Warrant Indenture does not purport to be complete and is subject in its entirety to the detailed provisions of the executed Warrant Indenture. Reference is made to the Warrant Indenture for the full text of the attributes of the Warrants which, following the closing of the Offering, (i) will be filed on SEDAR under the issuer profile of the Company at www.sedar.com, or (ii) may be obtained on request without charge from the Corporate Secretary of the Company at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1, telephone (514) 340-7775. A register of holders of Warrants will be maintained at the principal offices of the Warrant Agent in Montréal, at 2001 boulevard Robert-Bourassa, Suite 1600, Montréal, QC H3A 2A6.

The Warrant Indenture will provide, in the event of certain alterations of the Common Shares, that the number of Common Shares which may be acquired by a holder of Warrants upon the exercise thereof will be subject to standard anti-dilution provisions governed by the Warrant Indenture, including provisions for the appropriate adjustment of the class, number and price of the securities issuable under the Warrant Indenture upon the occurrence of certain events including any subdivision, consolidation, or reclassification of the shares, payment of dividends outside of the ordinary course, or amalgamation/merger of the Company.

No fractional Warrant Shares will be issuable to any holder of Warrants upon the exercise thereof, and no cash or other consideration will be paid in lieu of fractional shares. The holding of Warrants will not make the holder thereof a shareholder of the Company or entitle such holder to any right or interest in respect of the Warrant Shares except as expressly provided in the Warrant Indenture. Holders of Warrants will not have any voting or preemptive rights or any other rights of a holder of Common Shares.

The Company will also covenant in the Warrant Indenture, during the period in which the Warrants are exercisable, to give notice to holders of Warrants of certain stated events, including events that would result in an adjustment to the exercise price for the Warrants or the number of Warrant Shares issuable upon exercise of the Warrants, at least two days prior to the record date or effective date, as the case may be, of such event.

The Warrant Indenture will provide that the Warrants will only be exercisable: (i) by, or for the account or benefit of, persons that are in the United States or are U.S. Persons by the original purchaser of the Units who is a "qualified institutional buyer" (as defined in Rule 144A under the U.S. Securities Act), exercising the Warrants for its own account or the account of a "qualified institutional buyer" over which it exercises sole investment discretion; or (ii) by a holder that is not in the United States, a U.S. Person, or acting for the account or benefit of a person in the United States or a U.S. Person; was not offered and did not acquire the Warrants in the United States; and did not execute or deliver the notice of exercise in the United States.

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The Warrant Indenture will provide that, from time to time, the Warrant Agent and the Company, without the consent of the holders of Warrants, may be able to amend or supplement the Warrant Indenture for certain purposes, including rectifying any ambiguities, defective provisions, clerical omissions or mistakes, or other errors contained in the Warrant Indenture or in any deed or indenture supplemental or ancillary to the Warrant Indenture, provided that, in the opinion of the Warrant Agent, relying on counsel, the rights of the holders of Warrants are not prejudiced, as a group.

The Warrant Indenture will also contain provisions making binding upon the holders of Warrants all resolutions passed at meetings of such holders in accordance with such provisions or by instruments in writing signed by holders of Warrants holding a specified percentage of the Warrants. Any amendment or supplement to the Warrant Indenture that is prejudicial to the interests of the holders of Warrants, as a group, will be subject to approval by an "Extraordinary Resolution", which will be defined in the Warrant Indenture as a resolution either: (i) passed at a meeting of the holders of Warrants at which there are holders of Warrants present in person or represented by proxy representing at least 25% of the aggregate number of the then outstanding Warrants and passed by the affirmative vote of holders of Warrants representing not less than 66 ⅔% of the aggregate number of all the then outstanding Warrants represented at the meeting in person or by proxy and voted on the poll upon such resolution, or (ii) adopted by an instrument in writing signed by the holders of Warrants representing not less than 66 ⅔% of the number of all of the then outstanding Warrants.

The principal transfer office of the Warrant Agent in Montréal, at 2001 boulevard Robert-Bourassa, Suite 1600, Montréal, QC H3A 2A6 is the location at which Warrants may be surrendered for exercise or transfer.

**Broker Warrants**

The Company has agreed to issue to the Agent such number of Broker Warrants as is equal to 7.5% of the number of Units issued under the Offering (including any Over-Allotment Units issued upon the exercise of the Over-Allotment Option), the distribution of which are qualified by this Prospectus. Each Broker Warrant is exercisable into one (1) Common Share at $● for twenty-four (24) months following the date of issuance thereof. This Prospectus qualifies the distribution of the Broker Warrants.

The Broker Warrants may be exercised by the Agent on or before the expiration date by delivering (i) notice of exercise, appropriately completed and duly signed, and (ii) payment of the exercise price for the number of Broker Warrant Shares with respect to which the Broker Warrant is being exercised. The Broker Warrants may be exercised in whole or in part, but only for full Broker Warrant Shares.

The Broker Warrant Shares will be, when issued and paid for in accordance with the Broker Warrants, duly authorized, validly issued and fully paid and non-assessable. The Company will authorize and reserve at least that number of Common Shares equal to the number of Broker Warrant Shares issuable upon exercise of all outstanding Broker Warrants.

The exercise price and the number of Broker Warrant Shares issuable upon the exercise of each Broker Warrant are subject to adjustment upon the happening of certain events, such as a distribution on the Common Shares, or a subdivision, consolidation or reclassification of the Common Shares. In addition, upon any fundamental transaction, such as a merger, arrangement, consolidation, sale of all or substantially all of the Company's assets, share exchange or business combination, the Broker Warrants will thereafter evidence the right of the holder to receive the securities, property or cash deliverable in exchange for or on the conversion of or in respect of the Common Shares to which the holder of a Common Share would have been entitled immediately on such event.

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The Broker Warrants are non-transferable, and will not be listed or quoted on any securities exchange. The holder of the Broker Warrants does not have the rights or privileges of holders of Common Shares and any voting rights until they exercise its Broker Warrants and receive Broker Warrant Shares.

**PRIOR SALES**

**Common Shares**

The following table summarizes details of Common Shares issued by the Company during the twelve (12) months prior to the date of this Prospectus:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Date of Issuance** | **Type of Security** | **Details of Issuance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Price<sup>(1)</sup>** | **Number of Securities<sup>(1)</sup>** |
| September 27, 2021 | Common Shares | Exercise of warrants | $1.60 | 50000 |
| September 30, 2021 | Common Shares | Exercise of warrants | $7.00 | 25000 |
| October 01, 2021 | Common Shares | Business acquisition <sup>(2)</sup> | $9.58 | 11133012 |
| October 04, 2021 | Common Shares | Exercise of warrants | $0.50 | 75000 |
| October 05, 2021 | Common Shares | Business acquisition<sup>(3)</sup> | $11.50 | 600000 |
| October 05, 2021 | Common Shares | Exercise of warrants | $0.50 | 62500 |
| October 05, 2021 | Common Shares | Shares for debt | $6.00 | 2825 |
| October 12, 2021 | Common Shares | Exercise of warrants | $1.60 | 60000 |
| October 15, 2021 | Common Shares | Exercise of warrants | $1.50 | 125000 |
| November 09, 2021 | Common Shares | Exercise of warrants | $0.50 | 41500 |
| November 11, 2021 | Common Shares | Exercise of warrants | $1.60 | 40000 |
| November 17, 2021 | Common Shares | Exercise of warrants | $1.60 | 100000 |
| November 24, 2021 | Common Shares | Exercise of warrants | $1.60 | 20000 |
| November 30, 2021 | Common Shares | Exercise of warrants | $1.60 | 50000 |
| December 01, 2021 | Common Shares | Exercise of warrants | $1.60 | 80000 |
| December 03, 2021 | Common Shares | Exercise of warrants | $0.80 | 325000 |
| December 07, 2021 | Common Shares | Exercise of warrants | $1.60 | 40000 |
| December 08, 2021 | Common Shares | Exercise of warrants | $1.60 | 100000 |
| December 10, 2021 | Common Shares | Exercise of warrants | $0.80 | 75000 |
| December 13, 2021 | Common Shares | Exercise of warrants | $1.60 | 70000 |
| December 14, 2021 | Common Shares | Shares for debt | $7.81 | 2170 |
| December 15, 2021 | Common Shares | Exercise of warrants | $1.60 | 250000 |
| December 16, 2021 | Common Shares | Exercise of warrants | $1.60 | 1120000 |
| December 30, 2021 | Common Shares | Exercise of warrants | $0.80 | 200000 |
| January 05, 2022 | Common Shares | Exercise of warrants | $1.50 | 100000 |
| January 10, 2022 | Common Shares | Exercise of warrants | $0.80 | 200000 |
| January 12, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| January 12, 2022 | Common Shares | Exercise of warrants | $0.80 | 150000 |
| January 20, 2022 | Common Shares | Exercise of warrants | $1.50 | 150000 |
| February 01, 2022 | Common Shares | Exercise of warrants | $0.50 | 467500 |
| February 01, 2022 | Common Shares | Exercise of warrants | $2.00 | 360000 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of Issuance** | **Type of Security** | **Details of Issuance** | **Price<sup>(1)</sup>** | **Number of Securities<sup>(1)</sup>** |
| March 22, 2022 | Common Shares | Exercise of options | $2.00 | 100000 |
| May 24, 2022 | Common Shares | Exercise of options | $2.10 | 17500 |
| June 21, 2022 | Common Shares | Exercise of warrants | $0.50 | 125000 |
| June 21, 2022 | Common Shares | Exercise of warrants | $2.00 | 500 |
| July 13, 2022 | Common Shares | Exercise of warrants | $0.50 | 12500 |
| July 19, 2022 | Common Shares | Exercise of warrants | $0.50 | 65000 |
| July 20, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| July 28, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| August 12, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| August 16, 2022 | Common Shares | Exercise of warrants | $0.50 | 54000 |
| August 17, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| August 19, 2022 | Common Shares | Exercise of warrants | $0.50 | 75000 |

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(1) The number and exercise price of any warrants granted prior to the Company's July 28, 2020 and July 27, 2021 consolidation of its Common Shares on the basis of 10 pre-consolidation Common Shares for one post-consolidation Common Shares and 2 pre-consolidation Common Shares for one post-consolidation Common Shares respectively, have been adjusted to the post-consolidated number of warrants and exercise price.

(2) On October 1, 2021, Tenet announced that it had acquired 100% of the issued and outstanding shares of Cubeler Inc. for $1.0M in cash and 11,133,012 Common Shares of Tenet as disclosed in section "Recent Developments".

(3) On September 1, 2021, the Company, through its ASDS subsidiary, executed an agreement to purchase the assets and business known as the Heartbeat platform. The purchase price for the Heartbeat Business totaled up to $31.0M, split between up front consideration totaling $17.9M, comprising cash of $11.0M and the issuance of 600,000 common shares of Tenet as disclosed in section "Recent Developments".

**Warrants**

The Company has not issued any share purchase warrants during the twelve (12) months prior to the date of this Prospectus.

**Share Options**

The following table summarizes details of share options issued by the Company during the twelve (12) months prior to the date of this Prospectus:

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| | | |
|:---|:---|:---|
| **Date of Issuance** | **Exercise Price** | **Number of Securities** |
| October 28, 2021 Share Options<sup>(1)</sup> | $11.50 | 25000 |
| January 1, 2022 Share Options<sup>(2)</sup> | $7.50 | 32725 |
| February 1, 2022 Share Options<sup>(3)</sup> | $5.60 | 42881 |
| March 1, 2022 Share Options<sup>(4)</sup> | $4.10 | 2941 |
| April 1, 2022 Share Options<sup>(5)</sup> | $4.16 | 15627 |
| May 1, 2022 Share Options<sup>(6)</sup> | $5.13 | 13585 |
| June 1, 2022 Share Options<sup>(7)</sup> | $2.55 | 2842 |
| July 1, 2022 Share Options<sup>(8)</sup> | $1.65 | 5763 |
| August 1, 2022 Share Options<sup>(9)</sup> | $1.41 | 35892 |
| September 1, 2022 Share Options<sup>(10)</sup> | $2.08 | 14791 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exercisable on or before October 28, 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exercisable on or before January 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Exercisable on or before February 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Exercisable on or before March 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Exercisable on or before April 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Exercisable on or before May 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Exercisable on or before June 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Exercisable on or before July 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Exercisable on or before August 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Exercisable on or before September 1, 2027.

**TRADING VOLUME AND PRICE**

There is currently no market for the Warrants. The Company intends to list the Warrants on the TSX subject to the completion of the Uplist and the satisfaction of all conditions precedent thereto and the rules and policies of the TSX, or the CSE in the event the Uplist is not completed by the Closing Date, subject to the rules and policies of the CSE. See "Plan of Distribution" and "Risk Factors".

The Common Shares of the Company are listed and posted for trading in Canada on the CSE under the symbol "PKK". The following table sets forth information relating to the trading of the Common Shares on the CSE during the twelve (12) months preceding the date of this Prospectus:

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| | | | |
|:---|:---|:---|:---|
| **Month** | **High ($)** | **Low ($)** | **Volume** |
| September 1-26, 2022 | $2.03 | $1.42 | 848303 |
| August, 2022 | $2.94 | $1.19 | 5491287 |
| July, 2022 | $1.65 | $1.21 | 2654339 |
| June, 2022 | $2.36 | $1.32 | 5696413 |
| May, 2022 | $4.89 | $1.81 | 9845828 |
| April, 2022 | $5.40 | $3.68 | 4622150 |
| March, 2022 | $4.88 | $3.05 | 5086943 |
| February, 2022 | $5.38 | $2.40 | 7408649 |
| January, 2022 | $7.49 | $4.48 | 10435198 |
| December, 2021 | $9.66 | $6.38 | 4665139 |
| November, 2021 | $11.31 | $7.45 | 5141040 |
| October, 2021 | $11.78 | $7.02 | 8872836 |
| September, 2021 | $14.50 | $9.02 | 11030108 |

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On September 26, 2022, the last trading day prior to the public announcement of the Offering, the closing price of the Common Shares on the CSE was $1.46. On September 26, 2022, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the CSE was $1.46.

**INTERESTS OF EXPERTS**

Certain Canadian legal matters relating to the Common Shares qualified hereunder will be passed upon by Dentons Canada LLP on behalf of Tenet and by MLT Aikins LLP on behalf of the Agent. None of Dentons Canada LLP, MLT Aikins LLP or any officer, employee or partner thereof, as applicable, received or has received a direct or indirect interest in the property of the Company or of any associate or affiliate of the Company. As at the date hereof, the designated professionals (as such term is defined in section 16.2(1.1) Form 51-102F2 - Annual Information Form) of each of the aforementioned partnerships beneficially own, directly or indirectly, in the aggregate, less than 1% of the securities of the Company.

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Raymond Chabot Grant Thornton LLP provided an auditor's report in respect of the Company's consolidated financial statements for the year ended December 31, 2021. Raymond Chabot Grant Thornton LLP has confirmed that it is independent of the Company within the meaning of the Code of Ethics of Chartered Professional Accountants (Québec).

**AUDITOR, TRANSFER AGENT AND REGISTRAR**

The auditors of the Company are Raymond Chabot Grant Thornton LLP at its offices located at Suite 2000 National Bank Tower, 600 De La Gauchetière Street West, Montréal, Québec H3B 4L8.

The registrar and transfer agent for the Common Shares is TSX Trust Company at its offices at 100 Adelaide Street West, Suite 301, Toronto, ON M5H 1S3.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following is, as at the date of this Prospectus, a summary of the principal Canadian federal income tax considerations under the Tax Act generally applicable to an investor who acquires Units pursuant to the Offering and who, for the purposes of the Tax Act and at all relevant times, (i) deals at arm's length with the Company and the Agent, (ii) is not affiliated with the Company or the Agent, and (iii) acquires and holds the Unit Shares and Warrants, and will hold the Warrant Shares issuable on the exercise of the Warrants, (the Unit Shares and Warrant Shares hereinafter sometimes collectively referred to as "**Shares**") as capital property (a "**Holder**"). Generally, the Shares and Warrants will be considered as capital property of a Holder thereof provided that the Holder does not hold the Shares or Warrants in the course of carrying on a business of trading or dealing in securities and such Holder has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a Holder (i) that is a "financial institution" for the purposes of the mark- to-market rules contained in the Tax Act, (ii) that is a "specified financial institution" as defined in the Tax Act, (iii) an interest in which would be a "tax shelter investment" as defined in the Tax Act, (iv) that has made a functional currency reporting election under the Tax Act, (v) that is exempt from tax under Part I of the Tax Act, (vi) that has entered into or will enter into a "synthetic disposition arrangement" or a "derivative forward agreement", as defined in the Tax Act, with respect to the Shares or Warrants, (vii) that receives dividends on Shares under or as part of a "dividend rental arrangement", as defined in the Tax Act, or (viii) that is a corporation resident in Canada that is, or does not deal at arm's length with a corporation that is, at any time controlled by a non-resident person, or a group of non-resident persons not dealing with each other at arm's length, in each case for purposes of the "foreign affiliate dumping" rules in the Tax Act. All such Holders should consult their own tax advisors with respect to an investment in the Units. In addition, this summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of Units.

This summary is based on the current provisions of the Tax Act in force on the date hereof and our understanding of the current administrative policies and assessing practice of the Canada Revenue Agency (the "**CRA**") made publicly available in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**") and assumes that the Tax Proposals will be enacted in the manner and form proposed. However, no assurance can be given that the Tax Proposals will be enacted in their current form or at all. This summary does not otherwise take into account any changes in law or in the administrative policies or assessing practice of the CRA, whether by legislative, governmental or judicial decision or action, nor does it take into account or consider any other federal or any provincial, territorial or foreign tax considerations, which considerations may differ significantly from the Canadian federal income tax considerations discussed in this summary.

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**This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder. Prospective investors should consult their own tax advisors with respect to their particular circumstances.**

**Allocation of Cost**

The total purchase price of a Unit to a Holder must be allocated on a reasonable basis between the Unit Share and the Warrant comprising a Unit to determine the cost of each to the Holder for purposes of the Tax Act.

For its purposes, the Company intends to allocate $● of the Offering Price of each Unit as consideration for the issue of each Unit Share and $● of the Offering Price of each Unit as consideration for the issue of each Warrant. Although the Company believes its allocation is reasonable, it is not binding on the CRA or the Holder. The Holder's adjusted cost base of the Unit Share comprising a part of each Unit will be determined by averaging the cost allocated to the Unit Share with the adjusted cost base to the Holder of all Common Shares (if any) owned by the Holder as capital property immediately prior to such acquisition.

**Exercise of Warrants**

The exercise of a Warrant to acquire a Warrant Share will be deemed not to constitute a disposition of property for purposes of the Tax Act. As a result, no gain or loss will be realized by a Holder upon the exercise of a Warrant to acquire a Warrant Share. When a Warrant is exercised, the Holder's cost of the Warrant Share acquired thereby will be equal to the aggregate of the Holder's adjusted cost base of such Warrant and the exercise price paid for the Warrant Share. The Holder's adjusted cost base of the Warrant Share so acquired will be determined by averaging the cost of the Warrant Share with the adjusted cost base to the Holder of all Common Shares (if any) owned by the Holder as capital property immediately prior to such acquisition.

**Holders Resident in Canada**

The following section of this summary applies to Holders who, for the purposes of the Tax Act, are or are deemed to be resident in Canada at all relevant times ("**Resident Holders**"). Certain Holders who are resident in Canada for the purposes of the Tax Act and whose Shares might not otherwise constitute capital property may be eligible to make an irrevocable election permitted by subsection 39(4) of the Tax Act to deem the Shares, and every other "Canadian security" as defined in the Tax Act, held by such Holder, in the taxation year of the election and each subsequent taxation year, to be capital property. Resident Holders should consult their own tax advisors regarding this election.

*Expiry of Warrants*

In the event of the expiry of an unexercised Warrant, a Resident Holder generally will realize a capital loss equal to the adjusted cost base of such Warrant to the Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "Capital Gains and Capital Losses".

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*Dividends*

Dividends received or deemed to be received on Shares held by a Resident Holder will be included in computing the Resident Holder's income. In the case of an individual (other than certain trusts), such dividends will be subject to the gross-up and dividend tax credit rules normally applicable in respect of "taxable dividends" received from "taxable Canadian corporations" (as defined in the Tax Act), including the enhanced gross-up and dividend tax credit in respect of dividends designated by the Company as "eligible dividends". There may be restrictions on the Company's ability to so designate any dividends as "eligible dividends", and the Company has made no commitments in this regard. Dividends received or deemed to be received by a Resident Holder that is a corporation must be included in computing its income but may be deductible in computing its taxable income, subject to certain restrictions and special rules under the Tax Act. A Resident Holder that is a "private corporation" or "subject corporation" (as defined in the Tax Act) generally will be liable to pay a refundable tax under Part IV of the Tax Act on dividends received or deemed to be received on the Shares to the extent such dividends are deductible in computing taxable income. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received or deemed to be received by a Resident Holder that is a corporation as proceeds of disposition or a capital gain, and Resident Holders that are corporations should consult their own tax advisors in this regard.

*Dispositions of Shares and Warrants*

Upon a disposition or deemed disposition of a Share (except to the Company unless purchased by the Company in the open market in the manner in which shares are normally purchased by any member of the public in the open market) or a Warrant (other than a disposition arising on the exercise or expiry of a Warrant), a Resident Holder generally will realize a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of such security, as applicable, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base of such security to the Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "Capital Gains and Capital Losses".

*Capital Gains and Capital Losses*

Generally, one-half of any capital gain (a "**taxable capital gain**") realized by a Resident Holder in a taxation year must be included in such Resident Holder's income for the year. One-half of any capital loss (an "**allowable capital loss**") realized by a Resident Holder in a taxation year must be deducted from taxable capital gains realized by such Resident Holder in such year. Allowable capital losses in excess of taxable capital gains realized in a taxation year generally may be carried back and deducted from taxable capital gains in any of the three preceding taxation years or carried forward and deducted from taxable capital gains in any subsequent taxation year, to the extent and under the circumstances described in the Tax Act.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of a Share may be reduced by the amount of dividends received or deemed to be received by it on such Share (or on a share for which the Share has been substituted) to the extent and under the circumstances described by the Tax Act. Similar rules may apply where a Share is owned by a partnership or a trust of which a corporation, partnership or trust is a member or beneficiary, as applicable.

*Additional Refundable Tax*

A Resident Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation", as defined in the Tax Act, or a "substantive CCPC" (as proposed to be defined in the Tax Act in the draft legislation released by the Minister of Finance (Canada) on August 9, 2022) may be liable to pay an additional refundable tax on its "aggregate investment income" for the year, which is defined in the Tax Act to include amounts in respect of taxable capital gains.

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*Alternative Minimum Tax*

Capital gains realized (or deemed to be realized) and dividends received (or deemed to be received) by a Resident Holder that is an individual or a trust, other than certain specified trusts, may give rise to alternative minimum tax under the Tax Act. Such Resident Holders should consult their own advisors with respect to the application of the alternative minimum tax.

**Holders Not Resident in Canada**

The following section of this summary is generally applicable to a Holder who, for the purposes of the Tax Act and at all relevant times, (i) is not, and is not deemed to be, resident in Canada, and (ii) does not use or hold the Shares or Warrants in carrying on a business in Canada (a "**Non-Resident Holder**"). Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that carries on or is deemed to carry on an insurance business in Canada and elsewhere or that is an "authorized foreign bank" (as defined in the Tax Act). Such Holders should consult their own tax advisors.

*Dividends*

Dividends paid or credited, or deemed to be paid or credited, to a Non-Resident Holder by the Company are subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend unless such rate is reduced by the terms of an applicable income tax treaty or convention. For example, under the Canada-United States Tax Convention (1980), as amended (the "**Treaty**"), the rate of withholding tax on dividends paid or credited to a Non-Resident Holder that is the beneficial owner of the dividend and who is resident in the United States for purposes of the Treaty and entitled to full benefits thereunder, is generally limited to 15% of the gross amount of the dividend (or 5% in the case of a resident of the United States that is a corporation beneficially owning at least 10% of the Company's voting shares). Non-Resident Holders should consult their own tax advisors in this regard.

*Dispositions of Shares and Warrants*

A Non-Resident Holder generally will not be subject to tax under the Tax Act in respect of a capital gain realized on the disposition or deemed disposition of a Share or a Warrant, nor will capital losses arising therefrom be recognized under the Tax Act, unless the Share or Warrant, as applicable, constitutes "taxable Canadian property" to the Non-Resident Holder thereof for purposes of the Tax Act at the time of disposition, and the gain is not exempt from tax pursuant to the terms of an applicable tax treaty.

Provided the Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the CSE and the TSX) at the time of disposition, the Shares and Warrants generally will not constitute taxable Canadian property of a Non-Resident Holder at that time unless, at any time during the sixty (60) month period immediately preceding the disposition or deemed disposition, the following two conditions are simultaneously met: (i) the Non-Resident Holder, persons with whom the Non-Resident Holder did not deal at arm's length, partnerships in which the Non-Resident Holder or such non-arm's length person holds a membership interest (either directly or indirectly through one or more partnerships), or the Non-Resident Holder together with all such persons, owned 25% or more of the issued shares of any class or series of shares of the Company; and (ii) more than 50% of the fair market value of the shares of the Company was derived directly or indirectly from one or any combination of real or immovable property situated in Canada, Canadian resource properties (as defined in the Tax Act), timber resource properties (as defined in the Tax Act) or an option, an interest or right in such property, whether or not such property exists.

------

Notwithstanding the foregoing, a Share or Warrant may also be deemed to be taxable Canadian property to a Non-Resident Holder in certain cases under other provisions of the Tax Act. In cases where a Non- Resident Holder disposes (or is deemed to have disposed) of a Share or Warrant that is taxable Canadian property to that Non-Resident Holder, and the Non-Resident Holder is not entitled to an exemption under an applicable tax treaty, the consequences described above under the headings "Holders Resident in Canada - Dispositions of Shares and Warrants" and "*Holders Resident in Canada - Capital Gains and Capital Losses*" will generally be applicable to such disposition.

Non-Resident Holders whose Shares or Warrants are taxable Canadian property should consult their own tax advisors with respect to the tax consequences applicable in their particular circumstances.

**RISK FACTORS**

An investment in the Company's securities is speculative and involves a high degree of risk. In addition to the other information included or incorporated by reference in this Prospectus, you should carefully consider the risks and uncertainties described in the documents incorporated by reference in this Prospectus, before purchasing the Company's securities. The occurrence of any of such risks could have a material adverse effect on the Company's business, financial condition, results of operations and future prospects. In these circumstances, the market price of the Company's securities, including the Common Shares, could decline, and you may lose all or part of your investment. The risks described herein are not the only risks the Company faces; risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial may also materially and adversely affect its business, financial condition and results of operations. Investors should also refer to the other information set forth or incorporated by reference in this Prospectus, including the Company's consolidated financial statements and related notes. This Prospectus also contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described herein. See "Cautionary Note Regarding Forward-Looking Statements".

In particular, investors should carefully consider the risks described under the Company's AIF under the heading "General Development of the Business - Risk Factors", and in other publicly filed documents which are incorporated herein by reference. See "Documents Incorporated by Reference".

***Holding Company With Significant Operations in China***

Investors should be aware as a holding company that is currently dependent on the operations of its subsidiaries in China, the Company is subject to risks that could cause the value of its Common Shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of the Common Shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

***Regulatory Permissions***

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To operate its business as currently conducted in China, each of the Company's subsidiaries in China is required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of the Company's subsidiaries are revoked, this would hinder the Company's ability to operate its business, which could materially and adversely affect its business, financial condition, and results of operations.

***COVID-19***

New diseases and epidemics (such as COVID-19) may materially and adversely impact the Company's business. China, where the Company operates, has one of the more aggressive approaches when it comes to trying to stem the progress of COVID-19 by adopting a "zero COVID" policy where large segments of the population are locked down at the first sight of a potential outbreak. The second quarter of 2022 was particularly difficult for the Company's operation as large a handful of large cities, including Beijing and Shanghai, were locked down for almost the entire months of April and May. If the negative impact of COVID-19 on the operations of businesses in China and around the world is prolonged, the Company may experience a significant decrease in the number of transactions conducted on its platforms and thus experience a significant loss of revenue in the future.

***Global Financial Conditions***

In recent years, global financial markets have experienced increased volatility and global financial conditions have been subject to increased instability, resulting in a profound impact on the global economy. Many industries are impacted by these market conditions. Some of the key impacts of financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market liquidity. These factors may impact the ability of the Company to obtain equity or debt financing and, if available, to obtain such financing on terms favourable to the Company. If these increased levels of volatility and market instability continue, the Company's operations and planned growth could be materially and adversely impacted and the trading price of the securities of the Company may be materially and adversely affected.

***Repatriation of Profits or Transfer of Funds from China to Canada***

As of the date of this Prospectus, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits generated by the Company from China to Canada, or the transfer of any funds from the Company's Chinese subsidiaries to Canada, is subject to rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with the regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise materially and adversely impact the Company in the future.

***Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest***

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

------

Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporarily or permanently suspend some of its operations in China, which would materially and adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favors that would advance the Company's business interests in exchange for cash or other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behaviour, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would materially negatively impact the Company's operations, revenue and profits.

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***Completion of the Offering***

The completion of the Offering remains subject to a number of conditions. There can be no certainty that the Offering will be completed. Failure by the Company to satisfy all of the conditions precedent to the Offering would result in the Offering not being completed. If the Offering is not completed, the Company may not be able to raise the funds required for the purposes contemplated under "Use of Proceeds" from other sources on commercially reasonable terms or at all.

***Discretion in the Use of Proceeds***

The Company currently intends to allocate the net proceeds received from this Offering as described under "Use of Proceeds" and such allocations are based on current expectations of management of the Company. However, management will have discretion in the actual application of the net proceeds and may elect to allocate net proceeds differently than is described under "Use of Proceeds" if management believes that it would be in the Company's best interests to do so. Shareholders may not agree with the manner in which management chooses to allocate and spend the net proceeds. Failure by management to apply these funds effectively could have a material adverse effect on the Company's business.

***No Assurance that there will be Market Through Which the Warrants May be Sold***

The price offered to the public for the Units will be determined by arm's length negotiations between the Company and the Agent. The price paid for each Units and the value ascribed to each Warrant may bear no relationship to the price at which the Warrants will trade in the public market subsequent to this Offering. Although the Company plans to apply or provide notice for the Warrants to be listed on the TSX or the CSE, there can be no assurance that the Company will successfully list the Warrants or that an active market for the Warrants will develop or be sustained after this Offering. If an active market for the Warrants does not develop, the liquidity of an investor's investment in the Warrants may be limited and the price may decline below the portion of the Offering Price allocated to the Warrants. If the Warrants are traded after their initial issuance, they may trade at a discount from their initial value depending on the market for similar securities, the Company's performance and other factors.

***Holders of Warrants have no Rights as Shareholders***

Until a holder of Warrants acquires Warrant Shares upon exercise of Warrants, such holder will have no rights with respect to the Warrant Shares underlying such Warrants. Upon exercise of such Warrants, such holder will be entitled to exercise the rights of a common shareholder only as to matters for which the record date occurs after the exercise date.

***Dilution from Further Financings***

The Company may sell additional equity securities or convertible debt securities in subsequent offerings and may issue additional equity securities or convertible debt securities to finance operations, development, acquisitions and other projects. If the Company raises additional funding by issuing additional equity securities or convertible debt securities, such financings may substantially dilute the interests of shareholders of the Company and reduce the value of their investment. Without limiting the generality of the foregoing, if the Company is able to have the Common Shares reinstated for trading on NASDAQ, the Company would expect to pursue additional funding in the U.S. market, which could also dilute the interests of its shareholders.

***Future Sales or Issuances of Securities***

------

As stated above, the Company may sell additional equity securities or convertible debt securities in subsequent offerings and may issue additional equity securities or convertible debt securities to finance operations, development, acquisitions and other projects. As of the date hereof, the Company had 18,949,610 convertible securities outstanding, consisting of 14,488,313 warrants and 4,461,297 share options. These securities may be exercised by the holders from time to time in accordance with their respective terms. Often holders of such securities will sell the underlying Common Shares following exercise of such securities. Further, the Company's shareholders may sell substantial amounts of securities of the Company following the Offering.

The Company cannot predict the size of future sales or issuances of equity securities or convertible debt securities or the effect, if any, that future sales and issuances of equity securities or convertible debt securities may have on the market price of the Common Shares. However, sales or issuances of a substantial number of equity securities or convertible debt securities, or the perception that such sales could occur, may materially and adversely affect prevailing market prices for the Common Shares.

***Liquidity and Capital Resources***

The Company expects that the majority of the net proceeds from the Offering will be used to further develop its commercial lending ecosystem in China. The Company will require additional financing over and above the Offering in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of Common Shares. Factors that could affect the availability of financing include, but are not limited to, evidence of continued demand for the Company's services, the Chinese geopolitical climate, the Company's ability to expand its services beyond China, the state of international debt and equity markets, and investor perceptions and expectations of the fintech space. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company.

***Negative Operating Cash Flow and Additional Funding***

The Company has limited financial resources and has not generated positive cash flow from operations on a consistent basis. During the fiscal year ended December 31, 2021, the Company had negative cash flow from operating activities. The Company anticipates it will continue to have negative cash flow from operating activities in future periods untilprofitability is achieved by increasing its revenues and reducing its expenses including, in particular, the expenses the Company incurs from outsourcing services. The Company is devoting significant resources to the further development of its commercial lending ecosystem in China and elsewhere, however, there can be no assurance that it will generate positive cash flow from operations in the future. To the extent that the Company has negative operating cash flow in future periods, it may need to allocate a portion of its cash reserves to fund such negative cash flow. There can be no assurance that the Company will be able to generate a positive cash flow from its operations. In addition, there can be no assurance that additional funding will be available to the Company for the development of its projects. Furthermore, significant additional financing, whether through the issuance of additional securities and/or debt, will be required to continue the development of the Company's commercial lending ecosystem in China and beyond. There can be no assurance that the Company will be able to obtain adequate additional financing in the future or that the terms of such financing will be favorable. Failure to obtain such additional financing could result in delay or indefinite postponement of further development of the Company's commercial lending ecosystem in China and elsewhere.

------

***Financial Performance and Timing of Capital***

The Company's net loss for its most recently reported annual financial results, the year ended December 31, 2021, amounted to $48,561,968 while it generated negative cash flow from operations of $40,888,751 during the same period. Since it is not generating enough cash from its operations to meet its working capital needs, the Company's ability to continue as a going concern is dependent on its ability to raise capital at commercially reasonable terms. Even if the Company has been successful in the past in doing so, there is no assurance that it will manage to do so in the future. These material uncertainties cast significant doubt regarding the Company's ability to continue as a going concern.

Assuming the Company is successful in raising the proposed Maximum Offering amount, the Company will have sufficient capital to fund its operations for a period of approximately ● months during which the Company expects to use part of the proceeds of the financing to partially fund certain growth and expansion opportunities. Being able to have access to the necessary capital in a timely manner in order to grow and expand its operations is critical to the Company as certain commitments were either made or will have to be made to strategic partners. The Company has identified a number of initiatives, such as the launch of the Canadian segment of its Business Hub, which require additional investments and must be achieved during the next six months to allow the Company to achieve some of its longer term objectives. Failure to have access to this capital in a timely manner could have a considerable negative impact on the Company's ability to grow and expand its operations.

***Paying for Services through the Issuance of Securities***

The Company regularly issued securities to pay for certain services in the past and may continue to do so after the Offering. If the Company continues this practice, the additional securities thus issued would have a dilutive effect for the Company's shareholders.

***Active Liquid Market for and Market Price of Common Shares***

There can be no assurance that an active market for the Common Shares will be sustained after the Offering and that the Corporation will meet the listing requirements of the TSX (or otherwise be approved for listing on the TSX), that it will continue to meet the listing requirements of the CSE or that it will achieve listing on any other public listing exchange.

Securities of technology and AI companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance, underlying asset values or prospects of the companies involved. These factors include macroeconomic developments in North America and globally and market perceptions of the attractiveness of particular industries. There can be no assurance that continual fluctuations in the market price of the Common Shares will not occur.

It may be anticipated that any quoted market for the Common Shares will be subject to market trends generally, notwithstanding any potential success of or developments with respect to the Company. The value of the Common Shares may be affected by such volatility. The market price of the Common Shares is also likely to be significantly affected by currency exchange fluctuations and the Company's financial condition and results of operations as reflected in the Company's continuous disclosure. Further, the market price for the Common Shares may increase or decrease in response to a number of events and factors, including the performance of competitors and other similar companies, public reaction to the Company's public announcements and public filings with securities regulatory authorities, recommendations by research analysts who track the Company's securities or other companies in its sector, changes in general economic and/or political conditions, the arrival or departure of key personnel, the factors listed under the heading "Cautionary Note Regarding Forward-Looking Statements" and acquisitions, strategic alliances or joint ventures involving the Company or its competitors.

------

The Offering Price may not necessarily reflect the prevailing market price of the Common Shares following the Offering. If an active market for the Common Shares is not maintained, the liquidity of a shareholder's investment may be limited and the price of the Common Shares may decline below the Offering Price. If such a market is not maintained, investors may lose their entire investment in the Units.

As a result of any of these factors, the market price for the Common Shares at any given point in time may not accurately reflect the long-term value of the Company. Securities class-action litigation has often been brought against companies following periods of volatility in the market price of their securities. The Company could in the future be the target of similar litigation and such litigation could result in substantial costs and damages and divert management's attention and resources, all of which could have a material adverse effect on the business, results of operations and financial condition of the Company.

***Pending Investigation of the AMF, Québec's Securities Regulator***

As of the date of this Prospectus, the Company is aware, from publicly accessible Court materials, a courtesy copy of which were provided to the Company by the AMF, that there is an ongoing investigation by the AMF targeting an alleged stock market manipulation scheme on the securities of the Company and of another issuer unrelated to the Company. The alleged scheme involves the Company's CEO, certain Company advisors and a small group of investors made up of individuals and related companies between April 1, 2020 to November 22, 2021 (the "**AMF Investigation**"). A summary and a detailed description of the AMF Investigation, including of the AMF beliefs as to the role played by the Company's CEO in the alleged scheme, is included in an affidavit from an AMF investigator dated August 3, 2022 in support of an application from the AMF for authorisation to seize and search electronic devices belonging to the aforementioned Company advisors (previously seized in November 2021 and held in the AMF's secure vault) for communications relevant to the AMF investigation in Court file 500-26-133074-223. This authorisation was granted by the Court on August 3, 2022. As a courtesy, the AMF informed the Company that the search warrant was executed on August 11, 2022.

Based on the summary of the AMF Investigation found in the AMF investigator's affidavit, the latter believes that:

o the alleged scheme on the securities of the Company would have begun on or about April 1, 2020 when the Company's CEO engaged an advisor to the Company in connection with a private placement. This role would have allowed that advisor, another individual and the investors related to them to receive, directly or indirectly, a sufficient number of shares of the Company to be able to influence its share price and trading volume.

o the Company's CEO and these two individuals would then have set up a marketing plan to coordinate promotional activities aimed at influencing the price as well as the volume of the Company's shares. These activities would have included the publication of numerous press releases, promotion on social media, the hiring of stock market promoters, the communication of privileged information and organized transactions. The Company would have failed to adequately communicate to the market the role of promoters and advisers in the execution of the marketing plan intended to influence the price and volume of the Company's shares.

o These two individuals, directly or indirectly, would then have taken advantage of the interest and the rise in the share price to sell their shares of the Company in a coordinated and opportunistic fashion in parallel to the promotion of the Company's shares.

------

In light of the above, the AMF investigator indicates in his affidavit having reasonable grounds to believe that i) the two aforementioned individuals participated in influencing or attempted to influence the price or value of the Company through unfair, abusive or fraudulent practices and that ii) they also, directly or indirectly, participated in a series of transactions in the Company's securities when they knew, or reasonably should have known, that the series of transactions was intended to create or contribute to creating a misleading appearance of trading activity. trading in a security, or an artificial price for a security, the whole in breach of sections 195.2 and 199.1 (1) of the Quebec Securities Act.

The beliefs of the AMF investigator as set out in his affidavit have not been proven in Court.

To the Company's knowledge, the AMF investigation is ongoing. Although the AMF has not commenced legal enforcement or other proceedings against the Company or the Company's CEO, nor laid any charges against them in connection with the AMF Investigation as of the date hereof, the AMF may in the future commence legal enforcement or other proceedings against the Company and/or the Company's CEO, or lay charges against them in connection with the AMF Investigation, the outcome of which could have a material adverse effect on the Company's share price, as well as on the business, results of operations and financial condition of the Company.

**OTHER MATERIAL FACTS**

A class action lawsuit was brought against the Company and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case was brought on behalf of Company shareholders who traded securities of the Company between September 2, 2021, and October 13, 2021, on the Nasdaq. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022. The Company has retained external counsel and is defending itself vigorously against all claims. The Company filed a motion to have the case dismissed on August 8, 2022. A ruling on that motion is expected by the end of September 2022.

There are no other material facts relating to the securities offered in this Prospectus that have not been disclosed elsewhere in this Prospectus.

**TEMPORARY EXEMPTIVE RELIEF**

Pursuant to decision N<sup>o</sup> 2022-FS-1055810 issued by the Autorité des marchés financiers dated September 27, 2022, the Company was granted temporary relief from the requirement to file, with this Prospectus, French language versions of the following documents, which documents are incorporated by reference in this Prospectus, provided that the French language versions of such documents are filed no later than the time of filing of the final short form prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the AIF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) audited annual consolidated financial statements of the Company for the year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) management's discussion and analysis of the Company for the year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) unaudited condensed interim consolidated financial statements of the Company for the three and six-month periods ended June 30, 2022, together with the notes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) management's discussion and analysis of the Company for the three and six-month periods ended June 30, 2022; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) management information circular of the Company dated May 31, 2022 with respect to the annual meeting of shareholders of the Company held on June 30, 2022.

**STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories in Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two (2) business days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal adviser.

In an offering of warrants, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in the prospectus is limited, in certain provincial securities legislation, to the price at which the warrants are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces, if the purchaser pays additional amounts upon exercise of the warrants, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of this right of action for damages or consult with a legal adviser.

Under the Warrant Indenture, original purchasers of Warrants pursuant to the Offering will have a non- assignable contractual right of rescission if this Prospectus (including documents incorporated herein by reference) or any amendment hereto contains a misrepresentation (within the meaning of the Securities Act (Ontario)). This contractual right of rescission shall be subject to the defences, limitations and other provisions described under part XXIII of the Securities Act (Ontario), and is in addition to any other right or remedy available to original purchasers under section 130 of the Securities Act (Ontario) or otherwise at law. For greater certainty, the contractual right of rescission will entitle such original purchasers to receive the amount paid upon conversion, exchange or exercise, as well as the amount paid for the original Warrant, upon surrender of the underlying securities acquired thereby, in the event that this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of the purchase of the Units under this Prospectus; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of the Units under this Prospectus. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of this right of action for damages, or consult with a legal adviser.

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**CERTIFICATE OF THE COMPANY**

Dated: September 27, 2022

This preliminary short form prospectus, together with the documents incorporated by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this preliminary short form prospectus as required by the securities legislation of the provinces of Alberta, British Columbia, Ontario and Québec.

<u> "Johnson Joseph" </u> <u> "Jean Landreville" </u> <br> Johnson Joseph Jean Landreville <br> Chief Executive Officer and Director Chief Financial Officer

On behalf of the Board of Directors of the Company

<u> "Carol Penhale" </u> <u> "Liang Qiu" </u> <br> Carol Penhale Liang Qiu <br> Director Director

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**CERTIFICATE OF THE AGENT**

Dated: September 27, 2022

To the best of our knowledge, information and belief, this preliminary short form prospectus, together with the documents incorporated by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this preliminary short form prospectus as required by the securities legislation of the provinces of Alberta, British Columbia, Ontario and Québec.

RESEARCH CAPITAL CORPORATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>"Jovan Stupar"</u> 

Name: Jovan Stupar

Title: Managing Director

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## Exhibit 99.366

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**QUALIFICATION CERTIFICATE** <br>

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| | |
|:---|:---|
| **To:** | **Ontario Securities Commission, as principal regulator** |
|  | **British Columbia Securities Commission** |
|  | **Alberta Securities Commission** |
|  | **Autorité des marchés financiers** |

---

**RE: Tenet Fintech Group Inc. (the "Corporation") - Preliminary Short Form Prospectus dated September 27, 2022 in Connection with the Corporation's Minimum Offering of $20,000,000 and Maximum Offering of $30,000,000 of Units**

The undersigned hereby certifies for and on behalf of the Corporation that:

1. this certificate is delivered pursuant to section 4.1(1)(a)(ii) of National Instrument 44-101 - Short Form Prospectus Distributions ("NI 44-101");

2. the Corporation is relying on the qualification criteria set forth in section 2.2 of NI 44-101 in order to be qualified to file a prospectus in the form of a short form prospectus;

3. all of the qualification criteria set forth in section 2.2 of NI 44-101 have been satisfied by the Corporation; and

4. all of the material incorporated by reference in the preliminary short form prospectus and not previously filed is being filed with the preliminary short form prospectus.

[Remainder of page intentionally left blank - signature page to follow.]

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DATED as of September 27, 2022.

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| | |
|:---|:---|
| **TENET FINTECH GROUP INC.** | **TENET FINTECH GROUP INC.** |
| By: | (signed) "Johnson Joseph" |
|  | Name: Johnson Joseph |
|  | Title: President and Chief Executive Officer |

---

[*Signature page to NI 44-101*]

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## Exhibit 99.367

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**FORM 8**

**<u>NOTICE OF PROPOSED PROSPECTUS OFFERING</u>**

Please complete the following:

Name of Listed Issuer: <u>Tenet Fintech Group Inc.</u> (the "**Issuer**").

Trading Symbol: <u>TNT</u>

Date: <u>September 28, 2022</u>

Is this an updating or amending Notice:  Yes ☑ No

If yes provide date(s) of prior Notices: <u>N/A</u>.

Issued and Outstanding Securities of Issuer Prior to Proposed Prospectus Offering: <u>99,544,183 common shares of the Issuer (the "</u>**<u>Shares</u>**<u>")</u>.

Date of News Release Announcing Proposed Prospectus Offering: <u>September 28, 2022</u>. (or provide explanation if news release not disseminated yet and expected date or circumstances that are expected to trigger news release dissemination)

**1. Prospectus Offering**

1. Description of securities to be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class <u>Offering of units of the Issuer (each, a "</u>**<u>Unit</u>**<u>"), each Unit consisting of one Share and one Share purchase warrant (each, a</u>

**<u>"Warrant").</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Number Minimum offering (the "**Minimum Offering**") of ● Units and <u>a maximum offering of ● Units (the "</u>**<u>Maximum Offering</u>**<u>" and collectively with the Minimum Offering, the "</u>**<u>Offering</u>**<u>") (up to ● Units if the Over-Allotment Option (as defined herein) is exercised in full). The Issuer has granted the Agent (as defined herein) an over- allotment option (the "</u>**<u>Over-Allotment Option</u>**<u>") to arrange for the sale of up to an additional 15% of the Units at the Offering Price (as defined herein), which Over-Allotment Option is exercisable in whole or in part, at the sole discretion of the Agent, by giving written notice of the exercise of the Over-Allotment Option to the Company at any time up to 48 hours prior to the closing of the Offering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Price per security <u>To be determined in the context of the prevailing market price of the Shares (the "</u>**<u>Offering Price</u>**<u>")</u>.

**<br>FORM 8**<br> **NOTICE OF PROPOSED PROSPECTUS OFFERING**<br> January 2015<br> Page 1<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Voting rights <u>Each Share is entitled to one vote.</u>

2. Provide details of the net proceeds to the Issuer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Per security: <u>C$● per Unit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate proceeds: <u>Up to C$● in the case of the Minimum Offering and up to C$● in the case of the Maximum Offering (up to C$● if the Over-Allotment Option is exercised in full).</u>

3. Provide description of any Warrants (or options) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Number <u>Up to ● Warrants in the case of the Minimum Offering and up to ● Warrants in the case of the Maximum Offering (up to ● Warrants if the Over-Allotment Option is exercised in full).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Number of securities eligible to be purchased on exercise of Warrants (or options) <u>Up to ● Shares in the case of the Minimum Offering and up to ● Shares in the case of the Maximum Offering (up to ● Shares if the Over-Allotment Option is exercised in full).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Exercise price <u>C$● per Warrant, subject to adjustment in certain events.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expiry date <u>The date that is 24 months following the closing of the Offering.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other significant terms <u>N/A</u>.

4. Provide the following information if debt securities are to be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Aggregate principal amount <u>N/A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maturity date <u>N/A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest rate <u>N/A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Conversion terms <u>N/A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Default provisions <u>N/A</u>.

5. Details of currently issued and outstanding shares of each class of shares of the Issuer: <u>The authorized share capital of the Issuer consists of an unlimited number of Shares without par value. All of the authorized Shares are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets. Shareholders are entitled to receive notice of meetings</u> <u>of shareholders and to attend and vote at those meetings. Shareholders are entitled to one vote for each Share held of record on all matters to be acted upon by the shareholders. Shareholders are entitled to receive such dividends as may be declared from time to time by the board of directors of the Issuer, in its discretion, out of funds legally available therefore. Upon liquidation, dissolution or winding up of the Issuer, shareholders are entitled to receive pro rata the assets of the Issuer, if any, remaining after payments of all debts and liabilities. No Shares have been issued subject to call or assessment. There are no pre-emptive, conversion or exchange rights and no provisions for redemption, retraction, purchase for cancellation, surrender, or sinking or purchase funds. There are no provisions restricting the issuance of additional Shares or requiring a shareholder to contribute additional capital.</u> .

**<br>FORM 8**<br> **NOTICE OF PROPOSED PROSPECTUS OFFERING**<br> January 2015<br> Page 2<br>

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6. Describe any unusual particulars of the offering (i.e. tax "flow through" shares, special warrants, etc.). <u>N/A</u>.

7. Provide details of the use of the proceeds: <u>The Issuer intends to use the net proceeds of the Offering for (i) business development and expansion in China,</u> <u>(ii)</u> <u>business expansion to North America, (iii) business expansion to Europe, and (iv) working capital and general corporate matters.</u>.

8. Provide particulars of any proceeds of the offering which are to be paid to Related Persons of the Issuer: <u>N/A</u>.

9. Provide details of the amounts and sources of any other funds that will be available to the Issuer prior to or concurrently with the completion of the offering: <u>N/A</u>.

10. Provide the following information for any agent's fee, commission, bonus or finder's fee, or other compensation paid or to be paid in connection with the offering (including warrants, options, etc.):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of any dealer, agent, broker, finder or other person receiving compensation in connection with the offering (name, address, beneficial ownership where applicable) <u>Research Capital Corporation, 1075 W. Georgia Street, Suite 1920, Vancouver, BC,</u>

<u>Canada V6E 3C9 (the "**Agent**").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash <u>An aggregate cash fee equal to 7.5% of the gross proceeds of the Offering ("</u>**<u>Agent's Fee</u>**<u>").</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities <u>Such number of broker warrants ("</u>**<u>Broker Warrants</u>**<u>") as is equal to 7.5% of the number of Units issued and sold by the Issuer pursuant to the Offering.</u>

**<br>FORM 8**<br> **NOTICE OF PROPOSED PROSPECTUS OFFERING**<br> January 2015<br> Page 3<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other <u>The issuer will be responsible for all reasonable expenses related to the Offering up to an agreed amount.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expiry date of any options, warrants etc. <u>Each Broker Warrant will be exercisable for a period of 24 months following the closing date of the Offering to acquire one Share of the Issuer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Exercise price of any options, warrants etc. <u>C$</u><u>⚫</u> <u>per Broker Warrant, subject to adjustment in certain events.</u>

9. State whether the sales agent, broker, dealer, finder, or other person receiving compensation in connection with the offering is a Related Person of the Issuer with details of the relationship: <u>N/A</u>.

10. Provide details of the manner in which the securities being offered are to be distributed. Include details of agency agreements and sub-agency agreements outstanding or proposed to be made including any assignments or proposed assignments of any such agreements and any rights of first refusal on future offerings: <u>The Offering is made on a commercially reasonable "best efforts" agency basis without underwriter liability pursuant to the terms and conditions of an agency agreement (the "</u>**<u>Agency Agreement</u>**<u>") to be entered into between the Issuer and the Agent. The Units will be offered in the provinces of Alberta, British Columbia, Ontario and Québec, through the Agent, its affiliates and such other registered dealers as may be designated by the Agent. Under the terms of the Agency Agreement, the obligations of the Agent may be terminated at its discretion on the basis of "disaster out", "regulatory out", "market out", "due diligence out", "material change out" and "breach out" and may also be terminated upon the occurrence of certain stated events. The Agency Agreement also provides that the Issuer will indemnify the Agent and its respective directors, officers, partners, shareholders, agents, employees and controlling persons against certain liabilities and expenses, including, as the case may be, liabilities under Canadian securities legislation.</u>

11. Attach any term sheet, engagement letter or other document setting out terms, conditions or features of the proposed offering. <u>Term sheet attached herewith.</u>

**<br>FORM 8**<br> **NOTICE OF PROPOSED PROSPECTUS OFFERING**<br> January 2015<br> Page 4<br>

------

**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance on behalf of the Issuer.

2. As of the date hereof there is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 8 Notice of Proposed Prospectus Offering is true.

Dated <u>September 28, 2022</u>.

<u>Johnson Joseph</u> Name of Director or Senior Officer <u>(Signed)</u> Signature <u>President</u> Official Capacity

**<br>FORM 8**<br> **NOTICE OF PROPOSED PROSPECTUS OFFERING**<br> January 2015<br> Page 5<br>

------

**SCHEDULE B**

**TERM SHEET - PROPSECTUS OFFERING OF COMMON SHARES**

*A preliminary short form prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in British Columbia, Alberta, Ontario, and Quebec. A copy of the preliminary short form prospectus is required to be delivered to any investor that received this document and expressed an interest in acquiring the securities. Copies of the preliminary short form prospectus may be obtained from Research Capital Corp., Attention: Savio Chiu: schiu@researchcapital.com). The preliminary prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final short form prospectus has been issued.*

*This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary short form prospectus, final short form prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.*

***"COMMERCIALLY REASONABLE BEST EFFORTS" OFFERING OF COMMON SHARES BY***

***WAY OF SHORT FORM PROSPECTUS***

---

| | |
|:---|:---|
| **Issuer:** | Tenet Fintech Group ("**Tenet**" or the "**Company**"). |
| **Gross Proceeds:** | Minimum $20,000,000 and up to a maximum of $30,000,000. |
| **Offering:** | Short-form prospectus offering (the "**Offering**") of Common Shares ("**Common Shares**"). |
| **Offering Price:** | $● per Common Share. |
| **Agents' Option:** | The Company will grant the Agents an option (the "**Agents' Option**") exercisable at any time up to and including the Closing to increase the size of the Offering by up to 15% in Common Shares by giving written notice of the exercise of the Agents' Option, or a part thereof, to the Company at any time up to 48 hours prior to Closing |
| **Offering Jurisdictions:** | British Columbia, Alberta, Ontario, Quebec, the United States and such other jurisdictions as the Agents and the Company may agree. |
| **Compensation:** | At Closing, the Company will pay to the Agents a cash commission of 7.5% of the aggregate gross proceeds arising from the Offering (the **"Commission"**), such Commission also being applicable on gross proceeds arising from the exercise of the Agents' Option, where such exercise occurs. In addition, and subject to regulatory approval (where any such approval is required), the Agents will receive options (the **"Broker Warrants"**) exercisable at the Offering Price at any time up to 24 months following Closing to purchase Common Shares of the Company in an amount equal to 7.5% of the number of Common Shares sold in connection with the Offering, including the amount subscribed for pursuant to the exercise of the Agents' Option, where any such exercise occurs. |
| **Agents:** | Research Capital Corporation (the "**Agent**") as lead agent and sole bookrunner, and including such other selling group or syndicate members as may be determined to the mutual satisfaction of the Agents and the Company. All references to "Agents" herein shall be deemed to include Research Capital Corporation and any and all such other selling group or syndicate members, unless indicated otherwise. |

---

---

| |
|:---|
| Page 13 |
| www.researchcapital.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1920 - 1075 W. Georgia St., Vancouver, BC V6E 3C9 T. (604) 662-1800 F. (778) 373-4101** |

---

------

---

| | |
|:---|:---|
| **Eligibility:** | Eligible for RRSPs, RRIFs, RESPs, DPSPs, and TFSAs. |
| **Listing:** | The Common Shares currently trade on the Canadian Securities Exchange (the "**CSE**") under the symbol "PKK". Closing of the Offering will be subject to the receipt of all necessary corporate and regulatory approvals, including the conditional approval of the CSE for the Offering prior to the Closing Date. |
| **Use of Proceeds:** | Expansion, working capital and general corporate purposes. |
| **Closing Date:** | October 21, 2022 or such other date as the Agents and the Company agree. |

---

---

| |
|:---|
| Page 14 |
| www.researchcapital.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1920 - 1075 W. Georgia St., Vancouver, BC V6E 3C9 T. (604) 662-1800 F. (778) 373-4101** |

---

------

## Exhibit 99.368

------

**Tenet Announces Short Form Prospectus Public Offering**

Toronto, Ontario--(Newsfile Corp. - September 28, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC

Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that it has obtained a receipt for a preliminary short form prospectus dated September 27, 2022 (the "**Prospectus**") from the securities regulatory authority in the province of Ontario in connection with a marketed public offering (the "**Offering**") of units of the Company (the "**Units**") for aggregate gross proceeds of a minimum of $20,000,000 and a maximum of $30,000,000. The Offering is being led by Research Capital Corporation (the "**Agent**") as lead agent and sole bookrunner on a 'commercially reasonable efforts' basis.

The net proceeds raised under the Offering will be used by the Company to launch, market and operate its Business Hub™ in North America, to help with the continuing expansion of its services in China, as well as for working capital and general corporate purposes.

Each Unit shall be comprised of one common share of the Company (a "**Unit Share**") and one common share purchase warrant of the Company (a "**Warrant**"). Each Warrant will be exercisable into one common share of the Company (a "**Warrant Share**") at an exercise price to be determined in the context of the market for a period of twenty-four months from the date of issuance thereof. The offering price of each Unit (the "**Offering Price**"), and the exercise price of each Warrant will be determined in the context of the market prior to the filing of the final short form prospectus in respect of the Offering.

The Company has granted the Agent an option (the "**Over-Allotment Option**") to purchase such number of additional Units as is equal to 15% of number of Units sold pursuant to the maximum Offering at the Offering Price, which Over-Allotment Option will be exercisable at any time up to 48 hours prior to the Closing Date (as defined below).

The Offering is expected to close on October 21, 2022 or such other date or dates as may be determined by the Company and the Agent (the "**Closing Date**") and is subject to certain conditions including, but not limited to the execution of an agency agreement in respect of the Offering and the receipt of all necessary regulatory approvals including the approval of the Canadian Securities Exchange (the "**Exchange**") and the applicable securities regulatory authorities.

The Company has given notice to list the Unit Shares and the Warrant Shares (including the Unit Shares and Warrant Shares issuable upon exercise of the Over-Allotment Option) on the Exchange. Listing will be subject to the Company fulfilling all of the requirements of the Exchange. A copy of the Prospectus is available under the Company's profile at <u>www.sedar.com</u>.

The Units are to be offered on a commercially reasonable efforts agency basis through the Agent by way of short form prospectus to be filed in the provinces of Ontario, Quebec, British Columbia and Alberta.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

------

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. 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, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>.

**For more information, please contact:**

**Tenet Fintech Group Inc.**

Branka Petrovic, Investor Relations & Marketing<br>437-778-7238<br><u>bpetrovic@tenetfintech.com</u>

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA<br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

**On behalf of the board of directors of Tenet Fintech Group Inc.**

Johnson Joseph

CEO and Director

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: @Tenetfintech

Facebook: @Tenetfintech

LinkedIn: Tenet Fintech

YouTube: Tenet Fintech

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

\*\*\*NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\*\*\*

![](exhibit99-368x2x1.jpg)

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/138682</u>

------

## Exhibit 99.369

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](exhibit99-369xu001.jpg) | Ontario<br>Securities<br>Commission | Commission des<br>valeurs mobilières<br>de l'Ontario | 22nd Floor<br>20 Queen Street West<br>Toronto ON M5H 3S8 | 22e étage<br>20, rue Queen ouest<br>Toronto ON M5H 3S8 |

---

RECEIPT

**Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.)** <br>

**This is the receipt of the Ontario Securities Commission for the Preliminary Short Form Prospectus of the above Issuer dated September 27, 2022 (the preliminary prospectus).**

The preliminary prospectus has been filed under Multilateral Instrument 11-102 *Passport System* in **British Columbia, Alberta and Quebec**. A receipt for the preliminary prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the Instrument have been satisfied.

**September 28, 2022**

---

| |
|:---|
| <u>*Winnie Sanjoto&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</u>  |
| Winnie Sanjoto |
| Acting Director, Corporate Finance Branch |
| SEDAR Project # 3440891 |

---

------

## Exhibit 99.370

------

**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 99,544,183

Date: September 30, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*After regaining some sense of operational normalcy from COVID related lockdowns, the focus of the Issuer's Chinese operations was on promoting synergy in September. Travel remained difficult in China. As a result, the Issuer tried to minimize travel risk in China by using technology for business development, allowing for a greater focus on promoting synergy across businesses and research and development.*

*The period also saw the Issuer continue to work on the industrial vertical expansion of its service offering in China with concerted efforts made to advance its offering to the clean energy sector. The i3060 platform received its first order for a substantial project. The Issuer's management began putting together a list of requirements for the due diligence of the international project along with a major city-level developer as well as working on recruiting other similar developers. The Issuer also worked on integrating the Heartbeat platform into i3060 to be able to match businesses with insurance opportunities for renewable assets. The Issuer continues to believe that its i3060 platform will not only have an impact on clean energy projects in China, but also in other markets around the world as small businesses look to set up solar panels to offset growing energy costs.*

*A significant amount of work was done during the period around setting and standardising internal controls for China and global expansion.*

*Aside from that, all activities continued to be geared towards the preparation of the Canadian launch of the Hub, with an emphasis during the period on the recruitment of sales and business development representatives to help the Issuer generate its first Business Hub revenues outside of China.*

2. Provide a general overview and discussion of the activities of management.

**FORM 7 - MONTHLY PROGRESS REPORT**<br>Page 1

------

*The changes to the Issuer's board of directors and the replacement of the Issuer's General Counsel led to minor delays in finalizing the Issuer's short form prospectus offering and in completing the associated due diligence required before the prospectus could be filed. Additional delays occurred with the unexpected need to continue to professionally translate documents even after moving the head office to English speaking Toronto, Ontario. The Issuer's management therefore spent time during the period ensuring that all was in order to be able to proceed with the filing of the prospectus, which took place on September 28, 2022.*

*Along with the work done on the prospectus during the period, the Issuer's management prepared the Issuer's application to have its securities listed on a Canadian senior stock exchange as well as responding to SEC comments for a potential reinstatement of the listing of the Issuer's common shares on the NASDAQ.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*Launch of new Cubeler corporate website and branding.*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*Became member of the Canadian Chamber of Commerce. This key organization encompasses more than 450 Chambers of Commerce, 100 association members and more than 200,000 businesses.*

*Cubeler became a member of the Ontario Chamber of Commerce. The organization has 157 member chambers of commerce and boards of trade and over 60,000 members.*

6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br>Page 2

------

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers.

*The number of pre-registrations for the Cubeler Business Hub™ in Canada surpassed 1,100 small and medium-sized enterprises (SME) during the period.*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development, adaptation and planned launch of the Cubeler Business Hub™ in North America including Wendy Kennish who started as General Counsel on September 12, 2022.*

11. Report on any labour disputes and resolutions of those disputes if applicable.

*N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br>Page 3

------

14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Number Issued** | **Details of Issuance** | **Use of Proceeds** |
| *Stock Options* | *14791* | *Incentive options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $2.08 per share.*  | *N/A* |

---

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*Some of the lockdowns in Chengdu, China were lifted. As it varies from city-to- city, certain areas are allowed to go back to work while others are still at a standstill in Chengdu and Hainan. Travel is still restricted, and testing is required daily so moving products and people is difficult.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br>Page 4

------

**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated October 7, 2022.

---

| |
|:---|
| &nbsp;&nbsp;Johnson Joseph |
| &nbsp;&nbsp;Name of Director or Senior Officer |
| &nbsp;&nbsp;*(s) Johnson Joseph* |
| &nbsp;&nbsp;Signature |
| &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;Official Capacity |

---

---

| | | |
|:---|:---|:---|
| ***Issuer Details*** | | |
| Name of Issuer | For Month End | Date of Report |
| *Tenet Fintech Group Inc.* | *September 2022* | *October 7, 2022* |
| Issuer Address |  |  |
| *550 Sherbrooke West, West Tower, Suite 265* | *550 Sherbrooke West, West Tower, Suite 265* |  |
| City/Province/Postal Code | Issuer Fax No. | Issuer Telephone No. |
| *Montreal, QC H3A 1B9* | *(514) 340-2228* | *(514) 340-7775* |
| Contact Name | Contact Position | Contact Telephone No. |
| *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| Contact Email Address | Web Site Address |  |
| *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br>Page 5

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## Exhibit 99.371

------

**Tenet's New Chinese Subsidiary to Manage Shipping and Transportation Platform**

Toronto, Ontario--(Newsfile Corp. - October 7, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that it has taken ownership control of Asia Synergy Transportation Hub ("ASTH"), the Company's latest Chinese subsidiary, which will now manage its recently launched <u>Yun Fleet Platform</u> ("Yun Fleet") shipping and transportation platform.

ASTH was created back in November 2021 when Tenet first began to look at the possibility of bringing Business Hub™ related services to China's freight and transportation industry. The Company initially took a minority position in ASTH with the understanding that it would become its majority owner once ASTH had acquired the necessary licences to operate in the industry and built a management and executive team with the knowledge and experience needed to succeed in the space.

Yun Fleet was <u>launched back in March 2022</u> as part of Tenet's Business Hub™ in China to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Business Hub™. While the platform recorded its first activities shortly following its launch, the Company spent the past six months working with Yun Fleet's early adopters to ensure the platform would meet the needs of China's owner-operator truckers, whose trucks stand empty about 40% of the time without the opportunities provided by Yun Fleet. Having now taken control of ASTH, managed by a team of experts in China's freight trucking industry, Tenet now expects activity on the platform to immediately begin contributing to both its top and bottom lines.

**<u>Update on Canadian and Chinese Operations</u>**

Tenet also announced today that Company CEO Johnson Joseph will be granting a series of interviews and make appearances on various webcasts in the coming weeks to provide general updates on the Company's operations, its planned use of proceeds for its announced prospectus financing and discuss the upcoming expansion of the Business Hub™, including plans to launch in the US in 2023.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. 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 provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**Tenet Fintech Group Inc.**

Branka Petrovic, Investor Relations & Marketing <br>437-778-7238 <br><u>bpetrovic@tenetfintech.com</u>

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251 <br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430 <br><u>mark.schwalenberg@mzgroup.us</u>

------

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: <u>@Tenetfintech</u>

Facebook: <u>@Tenetfintech</u>

LinkedIn: <u>Tenet Fintech</u>

YouTube: <u>Tenet Fintech</u>

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-371x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/139828</u>

------

## Exhibit 99.372

------

**Tenet CEO Conducts Q&A Interview to Address AMF Allegations**

Toronto, Ontario--(Newsfile Corp. - October 27, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC

Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today published a Q&A interview granted to ***Pioneering Markets*** by Tenet CEO Johnson Joseph to address allegations made by Quebec Securities Regulator the *Autorité des marchés financiers* (the "**AMF**") against Mr. Joseph and the Company in a public affidavit filed by the AMF in August 2022.

The Q&A can be accessed by clicking on the following link: <u>Tenet Response to AMF Allegations</u>

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. 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 provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**Tenet Fintech Group Inc.**

Branka Petrovic, Investor Relations & Marketing

437-778-7238

<u>bpetrovic@tenetfintech.com</u>

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251

<u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA

312-261-6430

<u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: <u>@Tenet_Fintech</u>

Facebook: <u>@Tenet</u>

LinkedIn: <u>Tenet</u>

YouTube: <u>Tenet Fintech</u>

------

![](exhibit99-372x2x1.jpg)

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/142178</u>

------

## Exhibit 99.373

------

![](exhibit99-373x1x1.jpg)

**Q&A with Tenet Fintech Group Inc. CEO and**<br> **Pioneering Markets to Address AMF Allegations**

**From Tenet Fintech Group Inc.**

**Johnson Joseph** **(JJ)<br>**

<br> **From Pioneering Markets**

**Mike Mullen** **(MM)<br>**

<br> **Introduction**

Ever since Tenet mentioned in a news release back in July 2022 that Quebec securities regulator, the *Autorité des marchés financiers* (the "**AMF**"), had addressed to Tenet a Demande de document/renseignement [Request for Documents/Information] (the "**Request Letter**"), there has been a lot of speculation from investors as to what this Request for Documents/Information was all about. Tenet was bound by a confidentiality order of the AMF prohibiting the disclosure of the Request Letter or any related information. Therefore, Tenet nor its CEO were able to comment on the matter, which only added to the speculation. A couple of weeks ago, we learned that the AMF made allegations as to the role played by Tenet's CEO in an alleged stock market manipulation scheme on the securities of Tenet (the "**AMF Investigation**"), the details of which are included in a publicly available affidavit from an AMF investigator dated August 3, 2022 (the "**Affidavit**"). We contacted Tenet to see if the Company would be willing to comment on the now-public allegations made by the AMF. The Company's CEO, Johnson Joseph, agreed to sit down with us for this Q&A interview and to have an opportunity to address the allegations made by the AMF in its Affidavit.

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**MM**

***Hi Johnson, this is obviously a matter of interest to the investors and I'm sure you had many options to choose from to address the allegations made by the AMF in its Affidavit. So, I'd like to start by saying thank you for choosing to do this with Pioneering Markets.***

**JJ**

Absolutely Mike and thank you for the opportunity.

**MM**

***1. I understand that Tenet has provided the AMF with all documents and information the AMF requested in December 2021. Is that right?***

**JJ**

The answer is yes, we did provide the requested information. Before we continue, I should point out that I consulted counsel before agreeing to this interview and understand that the AMF's confidentiality order is still in effect. So although I would want to be as transparent as possible, my answers in some cases will have to be measured to ensure that I continue to respect the confidentiality order. That being said, I can tell you that to my knowledge, the AMF has not commenced legal enforcement or other proceedings against Tenet or myself, nor laid any charges against us in connection with its Investigation, and I cannot speculate as to what it will or will not do.

**MM**

***2. Fair enough, I'll keep that in mind. In the affidavit, the AMF claims that the alleged stock market manipulation scheme on the securities of Tenet started when you hired consultants to help with a private placement financing. Could you please explain why you hired consultants?***

**JJ**

One thing I do want to make very clear with this interview is that I did not take part in any alleged scheme.

The reason why we hired the consultants had nothing to do with a private placement financing or a scheme.

------

By April 1<sup>st</sup>, 2020, Tenet's stock had been stuck in neutral for at least the previous three years. While most Fintech companies comparable to Tenet were trading at 10X to 20X revenue, for example, MOGO and UPST at the time were trading at 13X and 19X 2019 revenues respectively, Tenet was trading at barely 1.5X 2019 revenue with a market cap of about $18M. This was despite the fact that we had shown revenue growth going from $1.6M in 2018 to $11.7M in 2019.

So in my opinion, Tenet was seriously undervalued despite our best efforts.

In April 2020, I was approached by a consultant who said that he had ideas to have the true value of Tenet reflected in the market. The consultant eventually convinced me that he, along with other consultants that he would be introducing to the Company, could help bring a new audience of investors to Tenet and completely change the market perception of Tenet.

**MM**

***3. I'm guessing that what this consultant proposed wasn't a stock market manipulation scheme?***

**JJ**

Of course not. He pointed out issues that were causing certain investors to stay away from the stock, such as the fact that we had almost 900 million shares in circulation, and offered ideas to help address them. Essentially, he explained how his proposed strategies would bring a whole new audience of investors to Tenet and change the market perception of the Company.

**MM**

***4. Ok, if there was no market manipulation scheme, what do you believe contributed to the rapid rise in the Company's market cap and stock price?***

**JJ**

Most importantly, we continued to deliver on our business plan. In addition, we implemented advice and strategies provided by the consultants to address the issues that were preventing certain investors from buying our stock, connected with U.S. investors and increased our shareholder base.

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**MM**

***5. Can you elaborate a little on that?***

**JJ**

We were convinced that connecting with U.S. investors was what was going to allow the Company to increase its shareholder base and be valued fairly. So in June 2020, we listed the Company on the OTCQB/OTCQX Markets as the first step to make that happen.

As I mentioned earlier, back in the spring of 2020 we had close to 900 million shares outstanding. That was sending a very negative message to the markets and kept many potential investors away from our stock. So, in July 2020, following the listing of our common shares on the OTC Markets, we did a 10 to 1 stock consolidation.

We followed up the stock consolidation by becoming DTC eligible to enhance liquidity in the U.S. by accelerating the settlement period for transfers and reducing costs for investors. This played a major role in facilitating seamless trading of Tenet's common shares for U.S. investors, and made it much easier for them to become Tenet shareholders.

Of all the initiatives to connect with U.S. investors that summer, I believe nothing we did was as effective as the 3-month agreement we signed in August 2020 to appear on Wall Street Reporter's "Next Super Stock" webcasts, which was renewed for another 3-month period in November 2020. I made my first appearance on the show in September, and by January 2021, we were exceeding 4,000 views per webcast. These viewers were for the most part, investors that had never heard of the Company before, including to our surprise, some Canadian investors. Our message seemed to resonate with them and that began to spread across various social media platforms.

Of course, we also had a marketing and communication plan to inform the market of the relevant developments of our business.

The impact of all of this is that we went from having about 2,000 shareholders at the end of 2019 to having over 17,000 shareholders by the end of 2021. So, I have no doubt that the appreciation of Tenet's market cap for the period identified in the Affidavit was due to the implementation of those strategies. I would add that while the strategies exposed Tenet to a new audience of potential investors, they were ultimately successful because Tenet is a company with a proven business model, upside potential and financial statements audited by respected international accounting firm Grant Thornton. We generated $106M in revenue in 2021 and are forecasting exceeding $1B in revenue by 2024 with operations in at least 3 countries. The Company has successfully transitioned from being a penny stock company focused on survival, to a company meeting the listing requirements of the NASDAQ Capital Market. During the past year alone, we went from having less than five full-time employees in Canada to almost seventy employees located in offices in Montreal and Toronto. We've been able to assemble an experienced and talented executive team and attract new board members with the skillsets to help the Company become a global data, analytics and AI services leader.

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**MM**

***6. The AFM alleges that you paid consultants with common shares of Tenet and that they sold these shares to create artificial volume. Is that really the reason why they were paid in shares?***

**JJ**

Absolutely not. Everyone knows that selling drives prices down. Had I known that the shares paid to the consultants would have been sold in the market, I never would have hired them in the first place.

**MM**

***7. So why then would you pay the consultants with shares as opposed to paying them with cash?***

**JJ**

Up until we closed last year's $52M prospectus financing, as a penny stock CEO, I would say that 60% to 70% of my time was spent on activities related to making sure we had enough money to keep the lights on. So, cash was a very scarce and precious commodity. That is why, whenever possible, we tried to pay our suppliers in shares rather than cash. I was also pleased that the consultants were willing to be paid in shares because I genuinely believed that they were invested with Tenet for the long term.

**MM**

***8. And why didn't you publicly disclose the fact that you were working with these consultants?***

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**JJ**

We mentioned working with capital markets advisors/consultants in our public disclosure materials, such as our MD&A and monthly progress reports.

**MM**

***9. In several places in the Affidavit, the document claims that you shared confidential information with the consultants, suggesting they may have used that information to trade your stock. Can you please explain?***

**JJ**

I did not disclose any privileged information, except in compliance with the applicable laws and regulations. At the time, these consultants had a working relationship with the Company and needed to have access to this information to perform their duties. Obviously, I was not expecting the consultants to use any information shared with them as an advantage to trade the stock, just like I do not expect our investor relations partners to do that.

**MM**

***10. What about the claim that the releases were sent in rapid succession with exaggerated titles and contents for the purpose of catching the attention of investors?***

**JJ**

I know that this is something that some penny stock companies frequently do, but putting releases out to attract investors is not something we do at Tenet. Every news release we issued was issued because it was real and mattered to our business. The dissemination of the news releases was always in line with the regular and constant activities and operations of Tenet as being a growing company in its early stages. It was entirely part of the normal process of the growth and development of Tenet.

**MM**

***11. There is a section in the Affidavit where we see you in a WhatsApp exchange with consultants and you appear to be helping coordinate the buying of Tenet's stock. Are you able to shed some light on what exactly was going on there?***

------

**JJ**

In order to address this particular issue, it would have to be put in its proper context. Unfortunately, there is no way I can provide that context without violating the confidentiality order still in effect. The only thing I believe I am able to say at this stage is that when everything that needs to be taken into consideration has been factored in, I believe that my actions that day do not amount to market manipulation.

**MM**

***12. If what is claimed in that Affidavit about the consultants taking advantage of the rising stock price is true, those guys made a lot of money. I understand that you never sold any shares even though the stock ran all the way up to $14. Did you consider selling some of your shares back then or feel as if you missed an opportunity as some Tenet investors do today?***

**JJ**

No one has a better understanding of what this Company's potential is than I do, and for me to have sold any of my shares back then would have been senseless as far as I am concerned. So no, the idea of selling never crossed my mind.

**MM**

***13. Before I let you go, would you have any final words for Tenet's shareholders?***

**JJ**

I would just like to reiterate that everything I have done as the Company's CEO has always been in the best interest of all Tenet shareholders, and that I will continue to do that for as long as I'm in that role. The Company now has a strong executive team and board of directors with the skills, experience and integrity to lead Tenet to success.

**MM**

***Thank you for taking the time to answer these questions, Johnson. I'm sure Tenet's shareholders will appreciate getting your perspective on things.***

**JJ**

Thanks again for the opportunity Mike. I appreciate it.

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## Exhibit 99.374

------

**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 99,544,183

Date: October 31, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*The beginning of October was marked by National Day, also known as Golden Week, which is a weeklong national holiday in China when most of the country's businesses are closed. Furthermore, the government COVID restrictions, including travel restrictions and daily testing, remained in effect in many cities during the month, which also disrupted the Issuer's operations during the period, particularly its consumer goods supply chain business activities. To help compensate for the slowdown in that portion of its operations, the Issuer took a more aggressive expansion approach during the month into other already serviced sectors such as the oil and gas and steel verticals. Despite the volatility in commodities prices in 2022, the Issuer's oil and gas and steel trading platforms continued to experience a high level of activity and benefitted from the extra attention paid to them by the Issuer during the period, continuing to provide the Issuer with a steady and somewhat predictable revenue stream.* 

*After months of planning and working with one of China's largest retailers with physical outlets throughout the country, the Issuer launched a pilot project in the city of Chengdu during the period aimed at bringing better distribution and delivery efficiency to online consumer goods retailers and distributors. The parties signed up 145 retail outlets for the pilot project. Those outlets will keep a special inventory of certain goods, allowing for the goods to be quickly delivered and distributed locally as they are ordered online from consumers across the country. Among other important features, participating online retailers will be able to access critical market data, such as best-selling products and decentralize the shipping of their wares. If successful, the Issuer would be looking to expand the project to major cities and provinces in China, starting with Beijing, Shanghai and Guangzhou.*

*Still on the subject of distribution, but unrelated to the aforementioned pilot project, the Issuer took ownership control during the period of a subsidiary called Asia Synergy Transportation Hub ("ASTH") in which the Issuer was previously a minority shareholder. Following its takeover of ASTH, the Issuer mandated ASTH to manage its Yun Fleet shipping and transportation platform. Yun Fleet was launched back in March 2022 as part of Tenet's Business Hub in China to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Business Hub. As of the date of this progress report, there were over 2,000 registered truckers on the Yun Fleet platform.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 1<br>

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*As for its Canadian operations, the Issuer's pre-registration campaign to get Canadian SME owners and executives to sign up to become members of the Business Hub continued to show encouraging signs during the period. With an anticipated 4,000 pre-registered Canadian SMEs on the platform by the time of the launch in November, the Issuer worked on building its advertising media kit during the month. The Issuer now expects to have a sufficient number of members on the platform by the time it launches to warrant the production of the media kit, which would help generate the platform's first revenue in Canada once it launches.*

2. Provide a general overview and discussion of the activities of management.

*While the Issuer's management in China was focussed on strategic expansion and taking measures to counter the impact of Covid-19 on the Issuer's operations in the country, other than the continuous attention being paid to the Canadian launch of the Business Hub, the Issuer's management's attention in Canada was primarily focussed on capital markets related matters during the period. Following the filing of the Issuer's preliminary short form prospectus at the end of the previous month, the Issuer's management received comments from the Ontario Securities Commission (the "OSC") on the prospectus during the period and spent time addressing and preparing a response to those comments. The Issuer's management also filed an application to have the Issuer's securities listed on a senior Canadian exchange (the "Exchange") during the period, so time was also spent during the period on preparing to respond to follow up questions received from the Exchange as part of the application review process. The third and final capital markets related matter to garner the Issuer's management's attention during the period was the potential reinstatement of the listing of the Issuer's securities on the Nasdaq Capital Market exchange (the "NASDAQ"). The Issuer's management and external counsel spent time during the period preparing to file and submit new correspondence to the U.S. Securities and Exchange Commission*

*(the "SEC"), who has been reviewing the Issuer's registration statement. The SEC must first give its approval and make the Issuer's registration statement "effective" before the listing of the Issuer's securities can be reinstated on the NASDAQ. The Issuer's management had that correspondence filed with the SEC on the day of the filing of this progress report.*

*Finally, the Issuer's management spent time during the period preparing for the filing of its financial results for the third quarter of 2022.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 2<br>

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4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the

Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*N/A*

6. Describe the expiry or termination of any contracts or agreements between the

Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*During the period, the Issuer acquired the following legal entities in China:*

*- Asia Synergy SureBid ("ASB")*

*The Issuer paid a non-significant cash consideration amount to acquire 100% of the company. The consideration paid was determined based on the target's net book value, as it does not hold significant operations.*

*- Asia Synergy Transportation Hub ("ASTH")*

*The Issuer paid a non-significant cash consideration amount to acquire 80% of the company. The consideration paid was determined based on the target's net book value and the Issuer's added value in the business structure.*

*The Issuer invested in minority shares in the following legal entities:*

*- Wuxi Xincheng Venture Capital Partnership*

*The Issuer invested 2.5M RMB into the legal partnership.*

8. Describe the acquisition of new customers or loss of customers.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

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9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire several new employees in Canada during the reporting period in connection with its development, adaptation and planned launch of the Cubeler Business Hub™ in North America.*

11. Report on any labour disputes and resolutions of those disputes if applicable. *N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

14. Provide details of any securities issued and options or warrants granted.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;**Number Issued** | &nbsp;&nbsp;**Details of Issuance** | &nbsp;&nbsp;**Use of Proceeds** |
| &nbsp;&nbsp;*Stock Options* | &nbsp;&nbsp;*82465* | &nbsp;&nbsp;*Incentive options issued to employees. Each option allows its holder to acquire common shares of the Issuer at a price of $1.24 per share.* | &nbsp;&nbsp;*N/A* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

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15. Provide details of any loans to or by Related Persons. *N/A*

16. Provide details of any changes in directors, officers or committee members. *N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the

Issuer's market(s) or political/regulatory trends.

*The president of the European Commission, Ursula von der Leyen, has announced a mandate for rooftop solar on commercial and public buildings by 2027, and for residential buildings by 2029. The EU target for renewable energy has been increased from 40% to 45%.The Issuer's clean energy platform helps identify roofs for solar panels and provides real time energy usage data among other features and so could position the Issuer to take advantage of this global opportunity.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

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**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated November 7, 2022.

---

| |
|:---|
| &nbsp;&nbsp; Johnson Joseph |
| &nbsp;&nbsp; Name of Director or Senior Officer |
| *(s) Johnson Joseph* |
| &nbsp;&nbsp; Signature |
| &nbsp;&nbsp; Chief Executive Officer |
| &nbsp;&nbsp; Official Capacity |

---

---

| | | |
|:---|:---|:---|
| ***Issuer Details*** |  |  |
| &nbsp;&nbsp; Name of Issuer | For Month End | &nbsp;&nbsp; Date of Report |
| &nbsp;&nbsp; *Tenet Fintech Group Inc.* | *October 2022* | &nbsp;&nbsp; November *7, 2022* |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; *119 Spadina Avenue, Suite 705* |  |  |
| &nbsp;&nbsp; City/Province/Postal Code | Issuer Fax No. | &nbsp;&nbsp; Issuer Telephone No. |
| &nbsp;&nbsp; *Toronto, Ontario M5V 2L1* | *(514) 340-2228* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Name | Contact Position | &nbsp;&nbsp; Contact Telephone No. |
| &nbsp;&nbsp; *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Email Address | Web Site Address | Web Site Address |
| &nbsp;&nbsp; *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 6<br>

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## Exhibit 99.375

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**Tenet Fintech Group Inc.**

**Condensed Interim Consolidated**

**Financial Statements (Unaudited)**

**For the three and nine-month periods ended**

**September 30, 2022 and 2021**

![](exhibit99-375x1x1.jpg)

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| | |
|:---|:---|
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Comprehensive Profit and Loss](#page_2) | [2](#page_2) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Changes in Equity](#page_3) | [3](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Cash Flows](#page_4) | [4](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Interim Consolidated Statements of Financial Position](#page_5) | [5](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Interim Consolidated Financial Statements](#page_34) | [6 - 34](#page_6) |

---

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**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Comprehensive Profit and Loss**

For the three and nine-month periods ended September 30, 2022 and 2021

(In Canadian dollars, except weighted average number of outstanding shares) (Unaudited)

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | *Three-month periods ended* | *Three-month periods ended* | *Nine-month periods ended* | *Nine-month periods ended* |
|  |  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | Note | **2022** | **2021** | **2022** | **2021** |
| **Revenues** |  | 21585258 | 25695570 | 88758946 | 70584525 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of service |  | 16976733 | 21120835 | 74973340 | 60910889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software delivery services |  | 942837 |  | 1928235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and fringe benefits |  | 3201274 | 1375954 | 8281013 | 2792424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees |  | 534087 | 161859 | 930993 | 468497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty on software |  |  | 32524 |  | 107202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Board remuneration |  | 175958 | 278191 | 518962 | 549020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees |  | 369112 | 118310 | 1082595 | 300052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees |  | 11430 | 11670 | 34974 | 38844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outsourced services, software and maintenance |  | 346832 |  | 1346990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |  | 1095143 | 417868 | 2793927 | 1330750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing, public relations and press releases |  | 420335 | 421775 | 937571 | 678256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office supplies, software and hardware |  | 381835 | (1517) | 897911 | 86968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expenses |  | 40045 | 11510 | 125854 | 34327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  | 316758 | 35637 | 965139 | 77809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | 18.4 | 23656 | 41606 | 118736 | 137374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss | 56 | 388396 | (44286) | 577569 | (35040) |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel and entertainment |  | 98581 | 77510 | 272800 | 155176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock exchange and transfer agent costs |  | 54282 | 165154 | 213859 | 318523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation cost and others |  | 30259 | 16150 | 113450 | 137035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of impairment loss |  |  |  |  | (193717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 7 | 22397 | 22545 | 65385 | 65847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 7 | 182687 | 105972 | 435221 | 219878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9 | 1754964 | 462831 | 4820138 | 685263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs | 13 | 6799 | 6799 | 20175 | 20175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill | 9 |  | 216421 |  | 216421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 9 | 4218826 |  | 4218826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration payable | 4.4 | (1305068) | 171432 | (603589) | 171432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase | 4.2 | (109605) | (1910597) | (109605) | (1910597) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on foreign exchange |  | (13932) | (4129) | 112655 | (31981) |
|  |  | 30164621 | 23312024 | 105073124 | 67330827 |
| Profit (loss) before income taxes |  | (8579363) | 2383546 | (16314178) | 3253698 |
| Income taxes (recovery) |  | (864154) | 857260 | 1093304 | 1821043 |
| Net profit (loss) |  | (7715209) | 1526286 | (17407482) | 1432655 |
| Net profit (loss) attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-controlling interest |  | 77064 | 169752 | 236040 | 861311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent |  | (7792273) | 1356534 | (17643522) | 571344 |
|  |  | (7715209) | 1526286 | (17407482) | 1432655 |
| **Item that will be reclassified subsequently to profit or loss** |  |  |  |  | (782277 |
| Currency translation adjustment |  | (91291) | (1003357) | (2452768) | (782277 |
| **Total comprehensive profit (loss)** |  | (7806500) | 2529643 | (19860250) | 2214932 |
| **Total comprehensive profit (loss) attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |  | 66864 | 205593 | (12120) | 820190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent |  | (7873364) | 2324050 | (19848130) | 1394742 |
|  |  | (7806500) | 2529643 | (19860250) | 2214932 |
| Weighted average number of outstanding shares |  | 99310145 | 80351626 | 98819297 | 69298789 |
| Basic and diluted profit (loss) per share |  | (0.078) | 0.017 | (0.179) | 0.008 |
| Going concern uncertainty(note 2) |  |  |  |  |  |
| Subsequent events (note 24) |  |  |  |  |  |

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The accompanying notes are an integral part of these condensed interim consolidated financial statements

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| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>2</sub> |

---

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**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Changes in Equity**

For the nine-month periods ended September 30, 2022 and 2021

(In Canadian dollars) (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Capital stock | Capital stock | | | | | | | |
| | <br>Note | <br>Number of<br>common shares | <br>Amount | <br>Equity to<br>issue | <br>Contributed<br>surplus | <br>Accumulated other<br>comprehensive<br>income | <br>Deficit | <br>Total attributable<br>to owners of parent | <br>Non controlling<br>interest | <br>Shareholders'<br>equity |
| **Balance as of January 1, 2022** |  | 97167183 | 208219490 | 150000 | 21531185 | 1366752 | (79997442) | 151269985 | 14320381 | 165590366 |
| Exercise of warrants and broker warrants | 15 | 2259500 | 2548471 | (150000) | (522971) |  |  | 1875500 |  | 1875500 |
| Exercise of options | 1516 | 117500 | 464170 |  | (217420) |  |  | 246750 |  | 246750 |
| Share-based compensation | 16 |  |  |  | 1672237 |  |  | 1672237 |  | 1672237 |
| Subscription for shares by non-controlling interest |  | - | - | - | - | - | - | - | 791007 | 791007 |
| Transactions with owners |  | 99544183 | 211232131 |  | 22463031 | 1366752 | (79997442) | 155064472 | 15111388 | 170175860 |
| Net profit (loss) |  |  |  |  |  |  | (17643522) | (17643522) | 236040 | (17407482) |
| Other comprehensive loss |  | - | - | - | - | (2204608) | - | (2204608) | (248160) | (2452768) |
| Total comprehensive loss for the period |  | - | - | - | - | (2204608) | (17643522) | (19848130) | (12120) | (19860250) |
| **Balance as at September 30, 2022** |  | 99544183 | 211232131 | - | 22463031 | (837856) | (97640964) | 135216342 | 15099268 | 150315610 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Capital stock | Capital stock | | | | | | | |
|  | <br>Note | <br>Number of<br>common shares | <br>Amount | <br>Equity to<br>issue | <br>Contributed<br>surplus | <br>Accumulated other<br>comprehensive<br>income | <br>Deficit | <br>Total attributable<br>to owners of parent | <br>Non controlling<br>interest | <br>Shareholders'<br>equity |
| **Balance as at January 1, 2021** |  | 59012095 | 39131010 | 511221 | 11582653 | (140782) | (30240372) | 20843730 | 11770520 | 32614250 |
| Issuance of shares and warrants | 15 | 13149999 | 41922442 |  | 10677558 |  |  | 52600000 |  | 52600000 |
| Issuance of shares and warrants to settle debts |  |  |  |  |  |  |  |  |  |  |
| owed for services provided | 15 | 16676 | 67800 |  |  |  |  | 67800 |  | 67800 |
| Shares to be issued for business acquisition | 4 | 600000 |  | 6000000 |  |  |  | 6000000 |  | 6000000 |
| Issuance of shares re business acquisition | 4 | 511169 | 403610 | (403610) |  |  |  |  |  |  |
| Issuance costs - shares and warrants | 15 |  | (4618710) |  |  |  |  | (4618710) |  | (4618710) |
| Issuance costs - broker compensation warrants | 15 |  | (1875595) |  | 1875595 |  |  |  |  |  |
| Exercise of warrants and broker warrants | 15 | 9272738 | 12310172 | (107611) | (2527705) |  |  | 9674857 |  | 9674857 |
| Conversion of convertible debentures | 12 | 25000 | 27483 |  |  |  |  | 27483 |  | 27483 |
| Exercise of options | 1516 | 607500 | 1890443 |  | (921690) |  |  | 968753 |  | 968753 |
| Share-based compensation | 16 |  |  |  | 1557006 |  |  | 1557006 |  | 1557006 |
| Subscription for shares by non-controlling interest |  | - | - | - | - | - | - | - | 473443 | 473443 |
| Transactions with owners |  | 83195176 | 89258655 | 6000000 | 22243418 | (140782) | (30240372) | 87120919 | 12243963 | 99364882 |
| Net profit |  |  |  |  |  |  | 571344 | 571344 | 861311 | 1432655 |
| Other comprehensive profit (loss) |  | - | - | - | - | 823398 | - | 823398 | (41121) | 782277 |
| Total comprehensive profit for the year |  | - | - | - | - | 823398 | 571344 | 1394742 | 820190 | 2214932 |
| **Balance as at September 30, 2021** |  | 83195176 | 89258655 | 6000000 | 22243418 | 682616 | (29669028) | 88515661 | 13064153 | 101579814 |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>3</sub> |

---

------

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Cash Flows**

For the three and nine-month periods ended September 30, 2022 and 2021

(In Canadian dollars) (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | *Three-month periods ended* | *Three-month periods ended* | *Nine-month periods ended* | *Nine-month periods ended* |
|  |  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | Note | **2022** | **2021** | **2022** | **2021** |
| ***OPERATING ACTIVITIES*** |  |  |  |  |  |
| Net profit (loss) |  | (7715209) | 1526286 | (17407482) | 1432655 |
| Non-cash items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss | 56 | 388396 | (44286) | 577569 | (35040) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 7 | 22397 | 22545 | 65385 | 65847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 7 | 182687 | 105972 | 435221 | 219878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9 | 1754964 | 462831 | 4820138 | 685263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs | 13 | 6799 | 6799 | 20175 | 20175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  |  | 216421 |  | 216421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 9 | 4218826 |  | 4218826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of impairment loss |  |  |  |  | (193717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on debentures and bonds | 1318.4 | 8596 | 7047 | 24299 | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease interest | 1118.4 | 38598 | 26277 | 113999 | 40247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares and warrants for settlement of debt | 15 |  |  |  | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration payable |  | (1305068) | 171432 | (603589) | 171432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 16 | 559935 | 815801 | 1672237 | 1557006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability |  | (53818) | (527047) | 53744 | (527047) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase | 4.3 | (109605) | (1910597) | (109605) | (1910597) |
| Loans receivable maturing in more than 12 months | 5 | 424693 | 949511 | 2014300 | (19639) |
| Net changes in working capital items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 10000 | 16838 | 30000 | 16758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable |  | (880910) | 2485727 | (618356) | 2096549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 6 | (201413) | 20543495 | 1331492 | 16047029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits made to third parties regarding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transactions on platforms | 6 | (1941456) | (11148198) | 5259693 | (11148198) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment to third party subcontractors | 6 | (2555966) | (11595993) | (1678493) | (11595993) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debtors | 6 | 196579 | 8300247 | 530429 | 1436001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable maturing in less than 12 months | 5 | 2753875 | (158996) | 1095153 | (892309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for resale |  | (88707) |  | (23949) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses |  | 480507 | 110930 | 912461 | 792184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits received for transactions on platforms |  |  | (3113772) |  | 819378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 9 | 346509 | (18308786) | (1520511) | (18838504) |
| Cash flows from operating activities |  | (3458791) | (11039513) | 1213136 | (19508622) |
| ***INVESTING ACTIVITIES*** |  |  |  |  |  |
| Investments | 8 | (480448) |  | (1061496) |  |
| Property and equipment - additions | 7 | (19007) | (24167) | (44441) | (28480) |
| Property and equipment - disposals | 7 |  | 159 | 2344 | 6148 |
| Intangible assets - additions | 9 | (3136950) | (8630952) | (7842398) | (9420160) |
| Cash, acquired on acquisition of subsidiaries |  | 93277 | 494697 | 93277 | 494697 |
| Cash flows from investing activities |  | (3543128) | (8160263) | (8852714) | (8947795) |
| ***FINANCING ACTIVITIES*** |  | 717351 | - | (1874752 | - |
| Repayments of advances from third parties |  | 717351 | - | (1874752 | - |
| Repayment of advances made from affiliates |  |  | (30050) |  | (40133) |
| Repayments of advances made from a Director |  |  |  |  | (270911) |
| Repayments of lease liabilities | 11 | (205441) | (195050) | (503678) | (271233) |
| Proceeds from the issuance of shares and warrants |  |  | 47981290 |  | 47981290 |
| Proceeds from the exercise of warrants | 15 | 303250 | 3708557 | 1875500 | 9594871 |
| Proceeds from the exercise of options | 16 |  | 886253 | 246750 | 1003753 |
| Subscriptions for shares from non-controlling interest |  | - | 189532 | - | 189532 |
| Cash flow from financing activities |  | 815160 | 52540532 | (256180) | 58187169 |
| ***IMPACT OF FOREIGN EXCHANGE*** |  | (373541) | 967068 | (2412909) | 794200 |
| **Net decrease in cash** |  | (6560300) | 34307824 | (10308667) | 30524952 |
| Cash, beginning of period |  | 15048547 | 2091004 | 18796914 | 5873876 |
| Cash, end of period |  | 8488247 | 36398828 | 8488247 | 36398828 |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>4</sub> |

---

------

**TENET FINTECH GROUP INC.**

**Condensed Interim Consolidated Statements of Financial Position**

As at September 30, 2022 and December 31, 2021 <br>(In Canadian dollars) (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Note | **As at**<br>**September 30,**<br>**2022** | **As at**<br>**December 31,**<br>**2021** |
| ***ASSETS*** |  | Unaudited | Unaudited |
| ***ASSETS*** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 8488247 | 18796914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 23333 | 53333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | 5 | 15880636 | 17553358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  | 344908 | 320959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debtors | 6 | 52003213 | 56001475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets |  | 795396 | 1675549 |
|  |  | 77535733 | 94401588 |
| Loans receivable | 5 | 1256033 | 3270333 |
| Property and equipment | 7 | 2085094 | 2062014 |
| Investments | 8 | 1061496 |  |
| Intangible assets | 9 | 31935847 | 32845799 |
| Goodwill | 9 | 61265980 | 62522554 |
| Deferred tax assets |  | 137091 | 190835 |
|  |  | 175277274 | 195293123 |
| ***LIABILITIES*** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advances and accrued liabilities | 10 | 13856525 | 16268296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 11 | 486037 | 432621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 13 | 357708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities |  | 3005865 | 3625683 |
|  |  | 17706135 | 20326600 |
| Bonds | 13 |  | 313234 |
| CEBA Loan | 14 | 100000 | 100000 |
| Lease liabilities | 11 | 1368132 | 1315363 |
| Foreign deferred tax liability |  | 1922556 | 1922556 |
| Canadian deferred tax liability |  | 3804004 | 3804004 |
| Contingent consideration payable | 4.4 | 60837 | 1921000 |
|  |  | 24961664 | 29702757 |
| ***SHAREHOLDERS' EQUITY*** |  |  |  |
| Capital stock | 15 | 211232131 | 208219490 |
| Shares to be issued | 15 |  | 150000 |
| Contributed surplus |  | 22463031 | 21531185 |
| Accumulated other comprehensive income |  | (837856) | 1366752 |
| Deficit |  | (97640964) | (79997442) |
| Shareholders' equity attributable to owners of the parent |  | 135216342 | 151269985 |
| Non-controlling interest |  | 15099268 | 14320381 |
| Total shareholders' equity |  | 150315610 | 165590366 |
|  |  | 175277274 | 195293123 |

---

Going concern uncertainty (note 2)

Subsequent events (note 23)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

---

| | |
|:---|:---|
| On behalf of the Board, |  |
| /S/ Johnson Joseph | /S/ Dylan Tinker |
| Director | Director |

---

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>5</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***1 - GOVERNING STATUTES, NATURE OF OPERATIONS AND GENERAL INFORMATION***

Tenet Fintech Group Inc. (hereinafter "Tenet'' or the "Company"), formerly named Peak Fintech Group Inc. until November 1, 2021, was incorporated pursuant to the provisions of the Business Corporations Act (Alberta) on May 13, 2008, and continued under the Canada Business Corporations Act on April 4, 2011. Tenet Fintech Group Inc.'s head office is located at 119 Spadina Avenue, Suite 705, Toronto, Ontario,. Its shares are traded on the Canadian Stock Exchange (CSE) under the symbol "PKK". Its shares are quoted in the U.S. on the OTC Market's Groups (OTC) under the symbol ''PKKFF''.

Tenet is the parent company of a group of innovative artificial intelligence (AI) and financial technology (Fintech) subsidiaries operating in Canada and China. Tenet's subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of small and medium-sized enterprises (SMEs) to carry out a range of interactions and transactions, including in the commercial lending space, in a rapid, safe, efficient, and transparent manner.

***2 - GOING CONCERN UNCERTAINTY AND COVID-19***

These condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will continue in operation and will be able to realize its assets and discharge its liabilities in the normal course of operations. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to twelve months from the end of the reporting period. The use of these principles may not be appropriate.

The level of revenue currently being generated is not presently sufficient to meet the Company's working capital requirements and business growth initiatives. The Company's ability to continue as a going concern depends upon its ability to raise additional financing. Even if the Company has been successful in the past in doing so, including financing by a prospectus that generated a net cash inflow of $47,981,290 in the third quarter of 2021, there is no assurance that it will manage to obtain additional financing in the future. Also, the Company incurred a net loss of $17,407,482 for the nine-month period ended September 30, 2022 (year ended December 31, 2021 - $48,561,968), it has an accumulated deficit of $97,640,964 as at September 30, 2022 (year ended December 31, 2021 - $79,997,442) and it has not yet generated positive cash flows from operations on a regular basis. Until that happens, the company will continue to assess its working capital needs and undertake whatever initiatives it deems necessary to ensure that it continues to be in a position to meet its financial obligations. These material uncertainties cast some significant doubt regarding the Company's ability to continue as a going concern.

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

These consolidated financial statements do not include any adjustments or disclosures that may be necessary should the Company not be able to continue as a going concern. If this were the case, these adjustments could be material.

***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***

**3.1 Statement of compliance with IFRS**

These condensed interim consolidated financial statements for the nine-month period ended September 30, 2022, have been prepared in accordance with the International Accounting Standard 34, Interim Financial Reporting (''IAS 34''). Since they are condensed financial statements, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (''IFRS'') as issued by the International Accounting Standards Board (''IASB''), have been voluntarily omitted or summarized.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity or areas where assumptions and estimates are significant to the financial statements have been set out in note 5 of the Company's consolidated financial statements for the year ended December 31, 2021. There have not been any significant changes in judgments, estimates or assumptions since then. These condensed interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2021.

The same accounting policies and methods of computation were used in the preparation of these condensed interim consolidated financial statements as were followed in the preparation of the consolidated financial statements for the year ended December 31, 2021 except for new standards and interpretations effective January 1, 2022 and the new Company accounting policies mentioned in 3.5 and 3.6.

These condensed interim consolidated financial statements for the nine-month periods ended September 30, 2022, and 2021 were approved by the Board of Directors on November 29, 2022.

**3.2 Basis of measurement**

These condensed interim consolidated financial statements are prepared on an accrual basis using the historical cost method.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>6</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**3.3 Basis of Consolidation**

These condensed interim consolidated financial statements include the accounts of Tenet and all of its subsidiaries. The Company attributes the total comprehensive profit or loss of the subsidiary between the owners of the parent company and the non-controlling interests based on their respective ownership interests.

The following entities have been consolidated within these condensed interim consolidated financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**% of ownership** |  | **Functional** |
| **Entities** | &nbsp;&nbsp;&nbsp;**Registered** | &nbsp;&nbsp;&nbsp;**and voting right** | &nbsp;&nbsp;&nbsp;**Principal activity** | **Currency** |
| Tenet Fintech Group Inc. | &nbsp;&nbsp;&nbsp;Canada |  | &nbsp;&nbsp;&nbsp;Holding and parent company | Canadian dollar |
| Cubeler Inc. | &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Technology based product developer and procurement<br>facilitator | Canadian dollar |
| Tenoris3 Inc. | &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Technology based product developer<br>(currently with no operations) | Canadian dollar |
| Asia Synergy Limited ("ASL") | &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Holding | US dollar |
| Asia Synergy Holdings ("ASH") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Holding | Renminbi |
| Asia Synergy Technologies Ltd. ("AST") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Technology based product procurement facilitator | Renminbi |
| Asia Synergy Supply Chain Technologies Ltd. ("ASSC") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Technology based product procurement facilitator | Renminbi |
| Asia Synergy Solar-Gas & Oil Supply Chain Management Co., Ltd. ("AJP") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Technology based product procurement facilitator | Renminbi |
| Asia Synergy Data Solutions Ltd. ("ASDS") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Fintech | Renminbi |
| Asia Synergy Credit Solutions Ltd. ("ASCS") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Credit outsourcing services | Renminbi |
| Asia Synergy Supply Chain Ltd. ("ASSA") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;Supply chain services | Renminbi |
| Asia Synergy Insurance Services ("ASSI") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Fintech | Renminbi |
| Wuxi Aorong Ltd. ("AORONG") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Holding | Renminbi |
| Asia Synergy Financial Capital Ltd. ("ASFC") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;Financial institution | Renminbi |
| Beijing Huike Internet Technology ("HUIKE") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Technology based product facilitator | Renminbi |
| Wechain (Nanjing) Technology Service Co., Ltd. ("WECHAIN") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;Fintech | Renminbi |
| Beijing Kailifeng New Energy Technology Co., Ltd. ("KALIFENG") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;Technology based clean energy trading platform facilitator | Renminbi |
| Shanghai Xinhuizhi Supply Chain Management Co., Ltd. ("ASAC") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;Technology based product procurement facilitator | Renminbi |
| Tianjin Wodatong Technology Co., Ltd. ("ASB") | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Fintech | Renminbi |
| Jiangsu Supairui IOT Technology Co., Ltd. ("ASTH") (1) | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;Technology based product procurement facilitator | Renminbi |
| Wuxi Suyetong Supply Chain Management Co., Ltd. ("SST") (1) | &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;Technology based product procurement facilitator | Renminbi |

---

(1) Creation of new subsidiaries

In August 2022, the Company acquired a company called Jiangsu Supairui IOT Technology Co., Ltd. ("ASTH"), becoming a new partly owned subsidiary of

AST. Following the transaction, the Company created, Wuxi Suyetong Supply Chain Management Co., Ltd. ("SST"), a wholly owned subsidiary of ASTH

(note 4).

The Company's subsidiaries each have an annual reporting date of December 31 and are incorporated in either Canada, Hong Kong or China. All intercompany transactions and accounts were eliminated upon consolidation, including unrealized gains or losses on intercompany transactions. Where unrealized losses on intercompany asset sales are reversed upon consolidation, the underlying asset is also tested for impairment from the Company's perspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.

Profit or loss of subsidiaries acquired or disposed of during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**3.4 Functional and presentation currency**

The consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the parent company.

**3.5 Investments in associates**

The Company applies the equity method in accounting investments in companies subject to significant influence ("associate company"). The share of the operating results of an associate company is recorded in the consolidated statements of comprehensive profit and loss. The cumulative Company's share of the associate company losses is limited to the recorded equity interest, except for obligation or payments assumed for another party. An impairment loss is recognized if any facts and circumstances indicate that the investment's fair value exceeds its carrying value.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>7</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)***

**3.6 Financial assets at fair value through profit or loss**

Equity investments, other than subsidiaries controlled by the Company or associate companies, are recorded at fair value through profit or loss. The equity investments are measured at fair value, following IFRS 13 guidelines, using either active market transactions to value its investment or other valuation methods whenever no active market exists. Variation in fair value is recorded in the consolidated statements of comprehensive profit and loss.

***4 - BUSINESS COMBINATIONS***

**4.1 Acquisition of subsidiary - Jiangsu Supairui IOT Technology Co., Ltd. ("ASTH")**

On August 1, 2022, the Company, through its AST subsidiary, acquired 80% of ASTH share capital and voting rights, effectively obtaining control of the company on that date. ASTH owns and operates a technology based product procurement platform that will be integrated into the Company supply chain technology service offering and is expected to benefit the Company by enabling it to reach and develop additional markets in Mainland China. No consideration was paid upon the acquisition as the Company's business network is expected to benefit the non-controlling interest shareholder.

As at the acquisition date, the fair value of ASTH net assets acquired was estimated at $137,007, based on management's valuation, resulting in a $109,605 bargain purchase attributable to the owners of the parent, recorded through the consolidated statements of comprehensive profit and loss. The Company was able to obtain a bargain purchase on the transaction as its business network is expected to impact the acquired business's expected growth and benefit the investment of the non-controlling shareholder. The non-controlling interest recognized on the acquisition date was measured at its proportionate share of the acquiree's identifiable net assets of 20%.

From the date of acquisition, ASTH contributed $1,120,254 in revenues and $92,730 to profit before tax from continuing operations of the Company. If the combination had taken place at the beginning of the year, pro forma revenue from continuing operations would have been$3,039,391 and pro forma loss before tax for the Company would have been$91,558. The pro forma results of operations are not intended to reflect the results that would have actually occurred had the acquisition closed on January 1, 2022. Further, the pro forma results of operations are not necessarily indicative of the results that may be generated by the Company in the future or reflect future events that may occur following the acquisition in a subsequent period or periods. As at the transaction date, the other receivables' gross contractual amount, included in the identifiable net assets acquired, was $682,717. Based on management's review of the account, the total other receivables amount is recoverable.

**4.2 Accounting for business combinations**

The ASTH acquisition has been determined to constitute a business combination and, accordingly, it has been accounted for using the acquisition method of accounting. During the reporting period, the Company also finalized its purchase price allocation for the Heartbeat acquisition, that occured on September 1, 2021.

---

| | | | |
|:---|:---|:---|:---|
|  | **Heartbeat** | **Heartbeat** | **ASTH** |
| **Fair value of consideration transferred** | *Preliminary* | *Final* | *Preliminary* |
| **Fair value of consideration transferred** |  |  |  |
| ***Consideration paid*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 11000000 | 11000000 |  |
| ***Contingent consideration paid*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of 600,000 shares of the Company at $11.50/share | 6900000 | 6900000 | - |
| Total consideration paid as at year end | 17900000 | 17900000 | - |
| ***Contingent consideration payable*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of the Company on December 31, 2022 - up to $7.1m in value | 3717074 | 2916000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of the Company on December 31, 2023 - up to $6.0m in value | 1760500 | 1305000 | - |
| Total estimated contingent consideration payable | 5477574 | 4221000 | - |
| Total consideration (paid and contingent consideration) | 23377574 | 22121000 | - |
| **Identifiable net assets acquired** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 185830 | 185830 | 93277 |
| &nbsp;&nbsp;&nbsp;Other receivables |  |  | 682717 |
| &nbsp;&nbsp;&nbsp;Other current assets | 292547 | 292547 | 32308 |
| &nbsp;&nbsp;&nbsp;Property and equipment | 1574 | 1574 | 46937 |
| &nbsp;&nbsp;&nbsp;Heartbeat Platform | 7471000 | 7471000 |  |
| &nbsp;&nbsp;&nbsp;Tradename | 4000 | 4000 |  |
| &nbsp;&nbsp;&nbsp;Other ERP Platforms |  |  | 285150 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (1204036) | (1204036) | (983492) |
| &nbsp;&nbsp;&nbsp;Lease liabilities |  |  | (19890) |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | (1868750) | (1868750) | - |
| Identifiable total net assets | 4882165 | 4882165 | 137007 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |  |  | (27402) |
| **Goodwill (Bargain purchase) arising on acquisition** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill (Bargain purchase) attributable to Owners of the parent | 18495409 | 17238835 | (109605) |
|  | 23377574 | 22121000 | 0 |
| Consideration paid in cash | 11000000 | 11000000 |  |
| Cash and cash equivalents acquired | 185830 | 185830 | 93277 |
|  | 11185830 | 11185830 | 93277 |

---

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>8</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***4 - BUSINESS COMBINATIONS (CONTINUED)***

The Company initially recognized, in its unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2021, and 2020, a preliminary gain on bargain purchase of $1,910,598, being the difference between the fair value of the identifiable assets acquired net of the pre-acquisition expenses incurred by Huike, and the estimated fair value of the consideration paid and payable. An adjusted purchase price allocation of the Heartbeat acquisition was reflected in note 6 of Consolidated Financial Statements for the year ended December 31, 2021, resulting in a Goodwill of $18,495,409.

During the period, the calculation of the purchase price allocation relating to the Heartbeat Platform acquisition was finalized. The final fair value of the contingent consideration payable under this agreement was estimated using a discount rate of 80%, at $22,121,000. This resulted in a Goodwill reduction adjustment arising from the transaction of $1,256,574 and an equivalent amount was debited in Contingent consideration payable.

The bargain purchase of $109,605 from the ASTH acquisition arises from the difference in the fair value of the net assets acquired over the purchase price. The Company was able to acquire ASTH with $Nil consideration as its current network is expected to benefit the NCI shareholder in the future.

***4.3 Acquisitions and accounting treatment of subsidiaries during the previous year***

On September 1, 2021, the Company, through its subsidiary ASDS, acquired 100% of the share capital of Beijing Huike Internet Technology ("HUIKE") and also 51% of the issued share capital of Wechain (Nanjing) Technology Service Co., Ltd ("WECHAIN"). WECHAIN, which was incorporated on September 16, 2020, was acquired to operate the Weiliangou (BBC) platform, which will develop analytics and AI software used by banks and financial institutions in China. As of the date of its acquisition by ASDS, WECHAIN had traded and incurred retained losses and had accrued outstanding net liabilities totalling $216,422. The acquisition of WECHAIN was completed for no additional consideration and the net liabilities assumed gave rise to goodwill on consolidation totalling $216,421.

On September 1, 2021, the Company, through its ASDS, executed an agreement with shareholders of Huayan Kun Tai Technology Company Ltd ("Huayan") and Huike to purchase the assets and business known as the Heartbeat platform. The Heartbeat platform provides various solutions to insurers and insurance brokers in China and, in return, earns service fees based on the value of transactions occurring on the platform. The assets acquired comprised the platform technology itself, owned by Huayan, and the operating assets of the business, owned by Huike. Huike also outsourced all employee functions to Huayan. Under the agreement, ASDS first acquired 100% of the share capital of Huike and then Huike acquired the Heartbeat platform from Huayan. At the same time, all Huayan employees associated with the operation of the Heartbeat platform were transferred to Huike. Prior to the acquisition date, Huike, which was incorporated on March 13, 2019, operated the Heartbeat platform through a licensing arrangement with Huayan. Huayan and Huike were related companies, having common shareholders. Together, the acquisition of Huike, the Heartbeat platform assets, and the Huayan employees operating the Heartbeat platform are collectively referred to as the "Heartbeat Business".

The purchase price for the Heartbeat Business totalled up to $31,000,000, split between up front consideration totalling $17,900,000, comprising cash of $11,000,000 and the issuance of 600,000 common shares of the company valued at $11.50 per share ($6,900,000). The initial equity consideration, while paid upfront, is contingent on achieving certain financial metrics related to net profit targets set for the business for the 4-month period ended December 31, 2021 and the year ended December 31, 2022. A further two share instalments with a maximum combined value of $13,100,000 are payable as at December 31, 2022, and December 31, 2023, respectively, contingent on achieving additional net profit targets agreed for each calendar year. Consequently the total potential undiscounted payments Tenet may be required to make under this arrangement range between $Nil and $20,000,000. As at September 1, 2021, the fair value of consideration payable under this agreement was estimated using a discount rate of 66%, at $23,377,574.

The fair value of the Heartbeat platform assets acquired was estimated at $7,475,000 based on management's financial projections for those assets over the first 28 months of operations and an external valuation commissioned by management. The Company used probability weighted estimates, assumptions about certain financial performance metrics and an appropriate discount rate to estimate the net present value of projected cashflows. The intangible assets acquired under the agreement have been identified as the Heartbeat insurance product management and brokerage platform amounting to $7,471,000 and the Heartbeat tradename for $4,000. These assets are each considered to have a useful life of 8 years.

From the date of acquisition to December 31, 2021, the Heartbeat platform had contributed $255,627 of revenue and $479,652 to loss before tax from continuing operations of the Company.

***4.4 Subsequent Accounting***

At each balance date, the Company revises its estimation of the fair value of the contingent consideration payable under the Heartbeat Acquisition and records an accretion entry accordingly. The re-evaluation process takes into account the historical performance of the operations of Huike and Heartbeat platform assets compared to agreed targets and discounts the resultant estimate of the value of share instalments payable. As at September 30, 2022, the value of contingent consideration payable was estimated at $60,837 (December 31, 2021 - $1,921,000). During the three and nine-month periods ended September 30, 2022, amounts totalling $1,305,068 and $603,589, respectively (2021 - $Nil and $Nil, respectively) were recorded as a gain in the condensed interim consolidated statements of comprehensive profit and loss with a corresponding credit recorded in the consolidated statement of financial position to contingent consideration payable.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>9</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES***

One of the Company's subsidiaries in China, Asia Synergy Financial Capital ("ASFC"), provides various financial services to small- and medium-sized enterprises.

ASFC provides loans that are either guaranteed by a third party, collateral assets or a combination of both. The loans secured with collateral are either secured by second-hand vehicles or by the residential property of the borrower. Loans that are not guaranteed by collateral assets are guaranteed by a third party.

***Loans guaranteed by second-hand vehicles.***

The second-hand vehicles are valued by the company credit department before approving a loan. The loan value at inception represents typically between 40% to 80% of the collateral value with an average of 79% as at September 30, 2022 (76% as at December 31, 2021). The second-hand vehicles collateral value is evaluated at the beginning of the loan and periodically during the life of the loan, based on an industry recognized used car guide which has been validated by company personnel, their knowledge, experience and the inspection process before approval of the loan.

***Loans guaranteed by second rank mortgage on residential property***

Before approving a loan, the Company's credit department will assess the value of any other mortgages taken out on the residential property and put as collateral by the prospective borrower. The loan value at inception typically represents between 25% and 50% of the collateral value exceeding the first rank mortgage taken by the borrower. The value of the residential property is evaluated at the beginning of the loan and periodically during the life of the loan based on a residential broker site, which is validated by the Company personnel, their knowledge, experience and inspection process before approval of the loan.

All the loans secured by collateral assets are registered on the appropriate government regulated system.

***Credit Loans guaranteed by a third party***

The Company makes loans to small and medium enterprises in the technology sector. Before approving a loan, the Company performs an initial credit evaluation of the borrower. The credit evaluation includes the review of the borrower company's credit profile, operating performance, financial statements, tax payments/receipt records, shareholders' structure and their individual credit rating. Based on this initial evaluation, the Company will then proceed to sign a loan agreement with the SMEs borrowers. To mitigate the default risk in the case of any overdue situation incurred re these credit loans, a letter of guarantee must also be signed before the loan is finally granted to SMEs borrowers. Accordingly, a third party must agree to provide a full guarantee to cover any overdue principal and interest on behalf of the borrowers. The company will also perform ongoing monitoring of SMEs borrowers in the tech industry through visits, phone calls and follow-up on business models development.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>10</sub> |

---

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**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

For the majority of loans granted, principal and interest are payable by the borrower on a monthly basis.

Loans receivable are summarized as follows :

---

| | | |
|:---|:---|:---|
|  | **2022**<br>**September 30** | **2021**<br>**December 31** |
| Principal balance loans receivable | 17624337 | 20989935 |
| Less expected credit loss (ECL) | (487668) | (166244) |
| Loans receivable net | 17136669 | 20823691 |
| Loans receivable maturing in less than 12 months | 15880636 | 17553358 |
| Loans receivable maturing in more than 12 months | 1256033 | 3270333 |
|  | 17136669 | 20823691 |

---

***Impaired loans and allowances for credit loss***

The Company performed a three-stage forward looking impairment approach to its loan portfolio to measure the expected credit loss as described in detail in note 4.11 of the annual consolidated financial statements for the year ended December 31, 2021.

***Credit quality of loans***

The following table presents the gross carrying amount of loans receivable as at September 30, 2022 and December 31, 2021 according to credit quality and ECL impairment stages.

ECL is calculated at the period end on loans that are not insured by a third party with an assumption of a credit loss allocation provision applied as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Credit Loss Allocation Applied** | **Credit Loss Allocation Applied** | **Credit Loss Allocation Applied** |
|  |  |  |  | **Credit and Supply** |
|  |  |  | **Residential** | **Chain Finance** |
|  |  | **Autos** | **Property** | **Credit** |
| Stage 1 : 1% |  | 1.0% | 1.0% | 2.0% |
| Stage 2: 30% |  | 6.8% | 1.0% | 2.0% |
| Stage 3 :100% |  | 40.0% | 1.0% | 2.0% |
|  |  | **Gross Carrying** | **Allowance for** | **Net Carrying** |
| **September 30, 2022** | **%** | **Amount** | **Credit Loss** | **Amount** |
| Stage 1 Not overdue <= 30 Days | 88.2% | 15544450 | (3062) | 15541388 |
| Stage 2 Overdue 30-90 days | 0.7% | 117594 | (353) | 117241 |
| Stage 3 Overdue> 90 days | 11.1% | 1962293 | (484253) | 1478040 |
|  | 100.0% | 17624337 | (487668) | 17136669 |
|  |  | **Gross Carrying** | **Allowance for** | **Net Carrying** |
| **December 31, 2021** | **%** | **Amount** | **Credit Loss** | **Amount** |
| Stage 1 Not overdue <= 30 Days | 85.2% | 17882518 | (3362) | 17879156 |
| Stage 2 Overdue 30-90 days | 2.6% | 540283 | (3000) | 537283 |
| Stage 3 Overdue> 90 days | 12.2% | 2567134 | (159882) | 2407252 |
|  | 100.0% | 20989935 | (166244) | 20823691 |

---

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>11</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

The loss allowance for loans to customers as at September 30, 2022, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Autos** | **Product Type - Autos** | **Product Type - Autos** | **Product Type - Autos** |
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
| **Loss allowance as at December 31, 2021** | 1 | 1618 | 150126 | 151745 |
| Originations net of repayments and other derecognitions | (21) | (578) | (21955) | (22554) |
| Net remeasurement | (0) |  | 328398 | 328398 |
| Transfers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired |  | (301) | 301 |  |
| Write-offs |  |  | 44797 | 44797 |
| Foreign exchange and other | 21 | (739) | (25123) | (25841) |
| **Loss allowance as at September 30, 2022** | 1 | - | 476544 | 476545 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Residential property** | **Product Type - Residential property** | **Product Type - Residential property** | **Product Type - Residential property** |
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
| **Loss allowance as at December 31, 2021** | 207 | 1382 | 9756 | 11345 |
| Originations net of repayments and other derecognitions | (140) | (668) | (4076) | (4884) |
| **Change in model** | - | (478 | 1550 | 1072 |
| Net remeasurement | - | (478 | 1550 | 1072 |
| Transfers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to 12-month ECL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL performing | (3) | 831 | (828) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired | (10) | (664) | 674 |  |
| Foreign exchange and other | (8) | (50) | 633 | 575 |
| **Loss allowance as at September 30, 2022** | 46 | 353 | 7709 | 8108 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
| **Loss allowance as at December 31, 2021** | 3154 |  |  | 3154 |
| Originations net of repayments and other derecognitions | 220 |  |  | 220 |
| Foreign exchange and other | (359) | - | - | (359) |
| **Loss allowance as at September 30, 2022** | 3015 | - | - | 3015 |

---

The loss allowance for loans to customers as at December 31, 2021, broken down by product type, reconciles to the opening loss allowance for that provision as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Autos** | **Product Type - Autos** | **Product Type - Autos** | **Product Type - Autos** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
| **Loss allowance as at December 31, 2020** | 148 | 1880 | 351293 | 353321 |
| Originations net of repayments and other derecognitions | (139) | (1535) | (156264) | (157938) |
| Net remeasurement | 7 | 894 | (33302) | (32401) |
| Transfers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired | (13) | (144) | 156 | (1) |
| Write-offs |  |  | (22147) | (22147) |
| Foreign exchange and other | (2) | 523 | 10390 | 10911 |
| **Loss allowance as at December 31, 2021** | 1 | 1618 | 150126 | 151745 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Residential property** | **Product Type - Residential property** | **Product Type - Residential property** | **Product Type - Residential property** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
| **Loss allowance as at December 31, 2020** | 295 | 1452 | 4994 | 6741 |
| Originations net of repayments and other derecognitions | (79) | 790 | 90 | 801 |
| Net remeasurement |  |  | 3645 | 3645 |
| Transfers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- to lifetime ECL credit-impaired | (13) | (894) | 907 |  |
| Foreign exchange and other | 4 | 34 | 120 | 158 |
| **Loss allowance as at December 31, 2021** | 207 | 1382 | 9756 | 11345 |

---

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>12</sub> |

---

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**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***5 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (CONTINUED)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** | **Product Type - Credit & Supply Chain Finance Credit** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total ECL** |
| **Loss allowance as at December 31, 2020** | 224355 |  |  | 224355 |
| Originations net of repayments and other derecognitions | 33328 |  |  | 33328 |
| Net remeasurement | (259815) |  |  | (259815) |
| Foreign exchange and other | 5286 | - | - | 5286 |
| **Loss allowance as at December 31, 2021** | 3154 | - | - | 3154 |

---

***6 - DEBTORS***

<br> ---

| | | |
|:---|:---|:---|
|  | **2022**<br>**September 30** | **2021**<br>**December 31** |
| Sales tax receivable | 244157 | 271514 |
| Advances to companies | 198738 | 141184 |
| Deposit on investment (1) | 519210 | 498750 |
| Deposits made for transactions on platforms with guarantee (2) | 26177243 | 31142201 |
| Deposits made for transactions on platforms (3) | 1211490 | 1506225 |
| Accounts receivable | 8982413 | 9632651 |
| Safety deposits with a guarantor |  | 712412 |
| Subscriptions receivable from non-controlling interests | 860870 | 98239 |
| Promissory notes (4) | 245493 | 113193 |
| Prepayments to third party subcontractors (5) | 13563599 | 11885106 |
|  | 52003213 | 56001475 |

---

(1) As at September 30, 2022, as per agreement signed with third parties, AST, a subsidiary of the Company, agreed to participate in a future partnership agreement. AST provided a deposit representing $519,210. As at December 31, 2021, as per agreement signed with third parties, ASDS, a subsidiary of the Company, agreed to participate in a future partnership agreement and provided 25% of the deposit representing $498,750.

(2) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China. As collateral, the Company kept 10 to 20% of the merchandise in guarantee.

(3) As per agreements signed with third parties, subsidiaries of the Company have provided deposits in order to facilitate capital support from financial institutions such as banks and lenders in mainland China.

(4) On December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. On June 3, 2022, an additional loan was issued to a board member of $130,462. The loans are due on December 15, 2022 and December 31 2022 respectively. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of September 30, 2022, the aggregate outstanding principal amount due for said loans is $245,493 (December 31, 2021 - $113,193). In August 2022, one of the board members owing the Company $40,000 resigned and ceased to be a related party.

(5) Subsidiaries of the Company active in supply chain activity made prepayments to suppliers to support operational supply chain processes. These prepayments will be reverted to Company's subsidiaries when services or merchandise transactions are executed.

Debtors' amounts are presented on the consolidated statements of financial position net of the allowance for doubtful accounts. In measuring the expected credit losses, the accounts receivable have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. The expected loss rates are based on the payment profile for sales based on historical credit losses. Accounts receivable are written off by taking into consideration third party guarantees on payment of debtors and if there is no reasonable expectation of recovery.

When measuring the expected credit losses of other debtors, Advances to companies, Deposits made for transactions on platforms with guarantees, Deposits made for transactions on platforms, Accounts receivable, Safety deposits with a guarantor, Subscriptions receivable from non-controlling interests, Promissory notes and Prepayment to third party subcontractors are assessed individually due to the low number of accounts. The expected loss rates are based on the payment profile of debtors, assessed by the company's lending hub system.

Debtors are written off (i.e. de-recognized) when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice date and failure to engage with the Issuer on alternative payment arrangements, amongst other things, are considered indicators of no reasonable expectation of recovery. As at September 30, 2022 an amount of $616,416 (December 31, 2021 - $317,778) was registered for expected credit loss.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>13</sub> |

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**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***7 - PROPERTY AND EQUIPMENT***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Right-of-Use**<br>**Assets** | <br>**IT & Office**<br>**Equipment** | **Vehicles &**<br>**Other**<br>**Equipment** | <br>**Total** |
| **Gross carrying amount** |  |  |  |  |
| Balance as of January 1, 2022 | 3067626 | 201858 | 191393 | 3460877 |
| Amounts acquired in a business combination | 26308 | 20629 |  | 46937 |
| Adjustments | 19626 |  |  | 19626 |
| Additions | 455803 | 44441 |  | 500244 |
| Disposals | (2344) | - | - | (2344) |
| **Balance as at September 30, 2022** | 3567019 | 266928 | 191393 | 4025340 |
| **Accumulated amortization** |  |  |  |  |
| Balance as of January 1, 2022 | 1186255 | 110873 | 101736 | 1398864 |
| Adjustments | 1153 |  |  | 1153 |
| Amortization | 435221 | 30586 | 34799 | 500606 |
| Exchange differences | 34248 | 2139 | 3236 | 39623 |
| **Balance as at September 30, 2022** | 1656877 | 143598 | 139771 | 1940246 |
| **carrying amount as at September 30, 2022** | 1910142 | 123330 | 51622 | 2085094 |
| **Gross carrying amount** |  |  |  |  |
| Balance as at January 1, 2021 | 1136485 | 122336 | 205358 | 1464179 |
| Amounts acquired in a business combination | 179812 | 25312 |  | 205124 |
| Additions | 1808761 | 54210 |  | 1862971 |
| Disposals | (57432) | - | (13965) | (71397) |
| **Balance as at December 31, 2021** | 3067626 | 201858 | 191393 | 3460877 |
| **Accumulated amortization** |  |  |  |  |
| Balance as at January 1, 2021 | 800068 | 70353 | 64391 | 934812 |
| Amortization | 286850 | 41726 | 48413 | 376989 |
| Other adjustments | 99715 |  |  | 99715 |
| Revaluation of Right-of-use assets | 9978 |  |  | 9978 |
| Disposals |  | 21 | (7739) | (7718) |
| Exchange differences | (10356) | (1227) | (3329) | (14912) |
| Balance as at December 31, 2021 | 1186255 | 110873 | 101736 | 1398863 |
| **Net carrying amount as at December 31, 2021** | 1881371 | 90985 | 89657 | 2062014 |

---

***8 - INVESTMENTS***

---

| | | |
|:---|:---|:---|
|  | **2022**<br>September 30 | **2021**<br>December 31 |
| Associate company (1) | 99996 |  |
| Other equity investments (23) | 961500 | - |
|  | 1061496 | - |

---

(1) The Company holds, through its ASFC subsidiary, a 26% equity interest in Wuxi Deyuan Management Consulting Co., Ltd. ("DEYUAN"), a China-registered company that provides credit outsourcing services.

(2) The Company holds, through its ASDS subsidiary, a 25% equity interest in Jiangyin Xinshang Enterprise Management Partnership ("AXS"), a China-registered company that provides payment services. The equity investment is valued at $480,750 as at September 30, 2022.

(3) The Company holds, through its ASFC subsidiary, a 5% equity interest in Wuxi Xincheng Venture Capital Partnership ("AVC"), a China-registered investment partnership. The equity investment is valued at $480,750 as at September 30, 2022.

---

| | |
|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements2022-09-30<sub>14</sub> |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

 ***9 - INTANGIBLE ASSETS***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Loan** | | | | | | | |  | |
|  | **Loan** | | | | | | | |  | |
|  | **Servicing** | | | | | | | |  | |
| | **Agreement** | <br>**Gold River** | **Gold River**<br>**Supply-**<br>**Chain**<br>**Service**<br>**Platforms** | <br>**Cubeler**<br>**Interface** | <br>**Cubeler**<br>**Platform** | <br>**Other ERP**<br>**Platforms** | <br>**Heartbeat**<br>**Platform** | <br>**Tradenames** | **Total** | <br>**Goodwill** |
| **Gross carrying amount** |  |  |  |  |  |  |  |  |  |  |
| Balance as at January 1, 2022 | 1430000 | 2461348 | 4254973 | 2084893 | 23862000 | 2438062 | 8368063 | 5287000 | 50186339 | 103908976 |
| Amounts arising from business combination |  |  |  |  |  | 285150 |  |  | 285150 | (1256574) |
| Addition |  |  | 4467059 | 155494 | 1163495 | 1544298 | 797202 |  | 8127548 |  |
| Transferred in (out) | - | - | - | - | - | (367365) | 367365 | - | - | - |
| **Balance as at September 30, 2022** | 1430000 | 2461348 | 8722032 | 2240387 | 25025495 | 3900145 | 9532630 | 5287000 | 58599037 | 102652402 |
| **Accumulated amortization and impairment loss** |  |  |  |  |  |  |  |  |  |  |
| Balance as at January 1, 2022 | 429000 | 2461348 | 231217 | 643496 | 10228688 | 81731 | 410966 | 2854095 | 17340541 | 41386422 |
| Amortization | 107250 |  | 1267490 | 318953 | 1391516 | 567320 | 916578 | 251031 | 4820138 |  |
| Impairment loss on intangible |  |  |  |  |  |  | 4218826 |  | 4218826 |  |
| Exchange differences | - | - | 123500 | 49666 | - | 68483 | 42036 | - | 283685 | - |
| **Balance as at September 30, 2022** | 536250 | 2461348 | 1622207 | 1012115 | 11620204 | 717534 | 5588406 | 3105126 | 26663190 | 41386422 |
| **Net carrying amount as at September 30, 2022** | 893750 | - | 7099825 | 1228272 | 13405291 | 3182611 | 3944224 | 2181874 | 31935847 | 61265980 |
| **Gross carrying amount** |  |  |  |  |  |  |  |  |  |  |
| Balance as at January 1, 2021 | 1430000 | 2461348 |  | 2413059 |  |  |  |  | 6304407 |  |
| Amounts arising from business combinations |  |  |  |  | 23862000 |  | 7471000 | 5287000 | 36620000 | 103908976 |
| Addition |  |  | 3926807 |  |  | 2438061 | 897063 |  | 7261931 |  |
| Transferred in |  |  | 3006491 | 1942735 |  | 234381 |  |  | 5183607 |  |
| Transferred out | - | - | (2678325) | (2270901) | - | (234381) | - | - | (5183607) | - |
| **Balance as at December 31, 2021** | 1430000 | 2461348 | 4254973 | 2084893 | 23862000 | 2438061 | 8368063 | 5287000 | 50186338 | 103908976 |
| **Accumulated amortization and impairment loss** |  |  |  |  |  |  |  |  |  |  |
| Balance as at January 1, 2021 | 286000 | 2461348 |  | 393182 |  |  |  |  | 3140530 |  |
| Amortization | 143000 | 193717 | 231217 | 295868 | 745688 | 81731 | 410966 | 165095 | 2267281 |  |
| Impairment loss on intangible |  | (193717) |  |  | 9483000 |  |  | 2689000 | 11978283 | 41386422 |
| Exchange differences | - | - | - | (45554) | - | - | - | - | (45554) | - |
| **Balance as at December 31, 2021** | 429000 | 2461348 | 231217 | 643496 | 10228688 | 81731 | 410966 | 2854095 | 17340540 | 41386422 |
| **Net carrying amount as at December 31, 2021** | 1001000 | - | 4023756 | 1441397 | 13633312 | 2356331 | 7957097 | 2432905 | 32845798 | 62522554 |

---

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 15 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

 ***9 - INTANGIBLE ASSETS (CONTINUED)***

***Impairment testing - Goodwill and other intangible assets***

Individual intangible assets or CGUs are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

For the purpose of impairment testing, goodwill is allocated to the operating segments expected to benefit from the synergies of the business combinations in which the goodwill arises as set out below, and is compared to its recoverable amount.

For the purpose of impairment testing, at the time of the purchase price allocation, when goodwill arises it is allocated to the operating segments (Cash Generating Units ("CGUs")) expected to benefit from the synergies of the business combinations in which the goodwill arises. Impairment of goodwill is assessed by estimating the recoverable amount of the CGU to which goodwill has been allocated compared to the net carrying value of CGU assets (after any Stage 1 assessment is completed).

***Indicators of impairment - Heartbeat***

As at September 30, 2022, management revised downward its Heartbeat's business forecasted growth and net generated cash flows following the CGU latest operating performance. Management concluded that Heartbeat's economic performance during the last quarters met the criteria to assess the CGU and related intangible assets for impairment.

***Stage 1 impairment review - Heartbeat***

The recoverable amounts of the intangible assets were determined individually, applying the Relief from Royalty Method, and compared to their respective carrying amounts. Where the carrying amount of any intangible asset exceeds its recoverable amount it was concluded that the intangible was impaired.

As at September 30, 2022, the recoverable amounts and related carrying values of the intangible assets in the Heartbeat CGUs were assessed to be as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Recoverable**<br>**amount** | **Carrying**<br>**value** | <br>**Impairment** |
| &nbsp;&nbsp;Heartbeat platform | 3944224 | 8163050 | (4218826) |
| &nbsp;&nbsp;Heartbeat tradename | 16000 | 4000 |  |

---

***Stage 2 impairment review - Heartbeat***

As at September 2022, the goodwill, recoverable amounts and related carrying values of the Heartbeat CGUs were assessed to be as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Goodwill**<br>**included in CGU** | | **Recoverable**<br>**amount** | | **Carrying**<br>**value** | <br>**Impairment** |
| &nbsp;&nbsp;Heartbeat CGU | 17238835 | 21,955,899 | 21,955,899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,838,108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,838,108 |  |

---

The recoverable amount of the Heartbeat's CGU was determined based on fair value less cost to sell, using the discounted cash flow method of a five-year financial budget approved by management. The Heartbeat's CGU fair value less cost to sell model, considers a post-tax discount rate of 20.5% that reflects current market conditions and the specific risks to the CGUs.

The key assumptions used by management in setting the financial budgets for the initial five-year period are as follows: forecast sales growth rates are based on actual or expected contractual agreements, adjusted for market share gain due to new industry regulations in China, forecast operating profits based on historical experience, adjusted for expected increased operationnal efficiency and market level margins.

Cash flows, beyond that five-year period, consider a steady 3% per annum growth rate, based on the long-term average growth rate for the relevant markets as estimated by management.

The Heartbeat CGU's recoverable amount estimate is particularly sensitive to the discount rate due to significant uncertainties in the forecast, which are reflected in the selected discount rate. A 2.0% discount rate increase would result in a recognized goodwill impairment loss of $7,274. Management is not aware of any other reasonable change in key assumptions that would significantly vary the recoverable amount for the valuation.

***10 - ACCOUNTS PAYABLE, ADVANCES AND ACCRUED LIABILITIES***

---

| | | |
|:---|:---|:---|
|  | **2022**<br>September 30 | **2021**<br>December 31 |
| Trade accounts payable and accruals | 4687105 | 5224124 |
| Advance from third party customers, no interest (1) | 9169420 | 11044172 |
|  | 13856525 | 16268296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Advance from downstream corporative clients for supply chain bundle service fee.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 16 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***11 - LEASE LIABILITIES***

---

| | | |
|:---|:---|:---|
|  | **2022**<br>September 30 | **2021**<br>December 31 |
| Balance - beginning of period | 1747984 | 239507 |
| Amounts arising from business combination | 19890 |  |
| Additions | 455803 | 1977352 |
| Accretion interest | 113999 | 65908 |
| Lease payments | (503678) | (565880) |
| Effect of exchange rate change on obligation | 20171 | 31097 |
| Balance - end of period | 1854169 | 1747984 |
| Current Portion | 486037 | 432621 |
| Non-current Portion | 1368132 | 1315363 |

---

Following is a summary of the Company's obligations regarding lease payments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| As at September 30, 2022 | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | 1 year | 2 - 5 years | Beyond 5 years | Total |
| Lease payments | 625213 | 1067314 | 629066 | 2321593 |
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
| As at December 31, 2021 | 1 year | 2 - 5 years | Beyond 5 years | Total |
| Lease payments | 561677 | 951334 | 729289 | 2242301 |

---

***12 - DEBENTURES***

**Debenture issuance of April 24, 2019**

The movement during the nine-month period ended September 30, 2022 and the year ended December 31, 2021, relating to this debenture is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **2022**<br>**September 30** | **2021**<br>**December 31** |
| Balance at the beginning period / year |  | 23311 |
| Accretion of debentures |  | 683 |
| Conversion of debentures | - | (23994) |
| Balance at the end of period / year | - | - |

---

***13 - BONDS***

On May 29, 2020, the Company has placed 400 units of secured corporate bonds at $1,000 per unit. Each unit sold was comprised of $1,000 face value bonds, redeemable on June 10, 2023, bearing interest at a nominal rate of 10% payable monthly, plus 20 purchase warrants exercisable into Company common share at $2.00 per share for a period of 36 months from the date of issuance.

The Bonds will be redeemable after 36 months from the date of issuance (the "Initial Maturity Date"). Each holder has a right (the "Initial Extension Right") at the end of the Initial Maturity Date to extend the Bond for another 12 months (the "Initial Extension Period") by giving written notice to that effect to the Company no later than sixty (60) days prior to the Initial Maturity Date. Any holder that has elected to exercise its Initial Extension Right will also have a further right at the end of the Initial Extension Period to extend its Bond for another 12 months (the "Second Extension Period") under the same notice conditions as stated in the Initial Extension.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 17 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***13 - BONDS (CONTINUED)***

If a holder elects to extend its Bonds, the Company may redeem such holder's Bonds at any time on payment of a 5% premium to redeem the Bonds ("Penalty").

The Company has set aside an amount equal to two years of interest in a separate bank account, which will be used to pay interest payable on the Bonds. Any interest accrued on such sum will be in favour of the Company. The amount set aside as at September 30, 2022, is $23,333 (December 31, 2021 - $53,333) and is presented under Restricted Cash in the Condensed Interim Consolidated statements of Financial position.

Bonds are secured by a pledge on the aggregate assets of the Company, maturing on May 29, 2023. The Company used the residual value method to allocate the principal amount of the bond between the liability and the contributed surplus. Under this method, an amount of $64,896 (net of transaction costs) related to the warrants issued was applied to the contributed surplus. The fair value of the liability component was $227,569 computed as the present value of future principal and interest payments discounted at a rate of 22%.

The movement during the nine-month period ended September 30, 2022 and the year ended December 31, 2021, relating to these bonds can be summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **2022**<br>**September 30** | **2021**<br>**December 31** |
| Balance at the beginning period / year | 313234 | 258933 |
| Addition |  |  |
| Accretion on debentures and bonds | 24299 | 27327 |
| Amortization of initial costs | 20175 | 26974 |
| Balance at the end period / year | 357708 | 313234 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

***14 - CEBA LOAN (Canada Emergency Business Account)***

On April 20, 2020, the Company applied for and received $40,000 under the Canada Emergency Business Account (CEBA). Further, on September 1, 2021, through its acquisition of Cubeler, the Company acquired an additional CEBA loan totaling $60,000. Under this program providing interest-free loans, repaying the balance of the loan on or before December 31, 2023, will result in loan forgiveness of 33% ($33,000), which is the intention of the Company. Subsequent to year-end 2021, the Government of Canada announced that the deadline to repay loans under the Canada Emergency Business Account program would be extended by one year (that is from December 31, 2022 to December 31, 2023). As of January 1, 2024, the loan balance will bear interest at 5% and will be repayable on maturity on December 31, 2025.

***15 - SHAREHOLDERS' EQUITY***

**15.1 Authorized share capital**

The share capital of the Company consists of an unlimited number of common shares without par value.

**Share Consolidation**

Effective July 27, 2021, the Company consolidated its issued and outstanding common shares on the basis of one post-consolidation share for two pre- consolidation shares. Unless otherwise stated, all share amounts have been restated retrospectively to reflect this share consolidation.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 18 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***15 - SHAREHOLDERS' EQUITY (CONTINUED)***

**15.2 Description of the shareholders' equity operations during the nine-month period ended September 30, 2022**

a) During the nine-month period ended September 30, 2022, the Company issued 2,259,500 common shares at an average exercise price of $0.90 per share for total proceeds of $2,025,500 upon the exercise of share purchase warrants, out of which, $150,000 was received in 2021. An amount of $522,971 related to exercised warrants were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 14.4).

b) During the nine-month period ended September 30, 2022, the Company issued 117,500 common shares at an average exercise price of $2.10 per share for total proceeds of $246,750 upon the exercise of stock options, and $217,420 related to exercised stock options were transferred from contributed surplus to share capital in the consolidated statements of changes in equity (note 16).

**15.3 Description of the shareholders' equity operations during the nine-month period ended September 30, 2021**

a) During the nine-month period ended September 30, 2021, $25,000 of secured debentures with a conversion price of $1.00 per share were converted into common shares of the Company. At the date of conversion these debentures had an amortized cost totalling $23,994. The Company therefore issued 50,000 common shares to the debenture holders and recorded $23,994 in share capital. In addition, amounts of $3,489 related to these debenture conversions, were transferred to capital stock from conversion options in the consolidated statement of financial position.

b) During the nine-month period ended September 30, 2021, the Company issued 16,675 common shares at an average price of $3.05 per share to settle $50,850 of debts related to services received by the Company, of which $15,000 was recorded in public relations fees in the condenssed interim consolidated statements of comprehensive profit and loss, $35,850 was recorded against accounts payable and accruals in the condensed interim consolidated statements of financial position.

c) During the nine-month period ended September 30, 2021, the Company issued 7,157,732 common shares at an average exercise price of $0.84 per share for total proceeds of $5,993,925 upon the exercise of share purchase warrants, and $2,135,722 related to exercised warrants were transferred from contributed surplus to share capital in the condensed interim statements of consolidated equity.

d) During the nine-month period ended September 30, 2021, the Company issued 82,500 common shares at an average exercise price of $1.00 per share for total proceeds of $82,500 upon the exercise of stock options, and $79,590 related to exercised stock options were transferred from contributed surplus to share capital in the condensed interim statements of consolidated equity.

e) On April 8, 2021 the Company issued the final tranche of 511,169 common shares at $0.79 per share with a total consideration of $403,610 in relation to a business combination (refer note 4). Consequently $403,610 was credited to share capital with the offset being debited to equity to issue in the condensed interim statement of consolidated equity.

f) On July 7, 2021, the Company closed a short-form prospectus financing consisting of the sale of 13,149,999 units (a "Unit") at a price of $4,00 per Unit for poceeds of $52,600,000 (net proceeds of $46,105,695 after related expenses). Each unit consists of one (1) common share and half (0.5) common share purchase warrant. Each warrant entitles the holder to purchase one (1) share of the Company at the price of $7.00 each for a period of twenty- four (24) months from the date of issuance.

The fair value of the 6,575,000 warrants was $13,397,109. The value attributed to contributed surplus was $10,677,558. The fair value was calculated using the Black & Scholes option pricing model and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.90 |
| Expected life | 2 years |
| Risk-free interest rate | 0.48% |
| Volatility | 127% |
| Exercise price at the date of grant | $7.00 |

---

The Company also granted 920,500 compensation warrants to eligible persons who helped place the private placements entitling them to purchase a number of the Company common shares at a price of $7.00 per common share for a twenty-four-month period from the issuance.

The fair value of the 920,500 compensation warrants was $1,875,595 which was recorded in share issue costs and have been disclosed as a reduction in share capital in the interim condensed consolidated statements of changes in equity with the credit recorded in contributed surplus. The fair value of the warrants was calculated using the Black & Scholes option pricing models and the following weighted average assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.90 |
| Expected life | 2 years |
| Risk-free interest rate | 0.48% |
| Volatility | 127% |
| Exercise price at the date of grant | $7.00 |

---

In connection with the shot-form prospectus financing, the Company incurred share issue costs totalling $6,247,135 which have been disclosed as a reduction in share capital in the interim condensed consolidated statements of changes in equity.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 19 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***15 - SHAREHOLDERS' EQUITY (CONTINUED)***

**15.4 Warrants**

The outstanding warrants as at September 30, 2022 and December 31, 2021 and the respective changes during the nine-month period and the year then ended, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | | |  | Weighted |
|  | | | Number of | average |
|  | <br>Number of<br>warrants | Weighted<br>average<br>exercise price | warrants | exercise price |
| Outstanding, beginning of period | 17332504 | 3.06 | 14662750 | 0.97 |
| Granted |  |  | 14990999 | 3.50 |
| Expired | (584690) |  | (15000) | 1.33 |
| Exercised | (2259501) | 0.90 | (12306245) | 1.11 |
| Outstanding and exercisable, end of period | 14488313 | 3.50 | 17332504 | 3.06 |

---

As of September 30, 2022 and December 31, 2021, the number of outstanding warrants which could be exercised for an equivalent number of common shares at the exception of the warrants expiring on July 23, 2023 which two warrants are needed to be exercised for one common share, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | Number | Exercise price | Number | Exercise price |
| Expiration date |  |  |  |  |
| February, 2022 |  |  | 360000 | 2.00 |
| July, 2022 |  |  | 585000 | 0.50 |
| August, 2022 |  |  | 1298690 | 0.50 |
| October, 2022 |  |  | 350000 | 0.80 |
| October, 2022 |  |  | 250000 | 1.50 |
| May, 2023 | 3000 | 2.00 | 3500 | 2.00 |
| May, 2023 | 13328 | 1.00 | 13328 | 1.00 |
| July, 2023 | 12870149 | 3.50 | 12870149 | 3.50 |
| July, 2023 | 1601836 | 3.50 | 1601837 | 3.50 |
|  | 14488313 |  | 17332504 |  |

---

***16 - SHARE-BASED PAYMENTS***

The Company has adopted an incentive stock option plan which provides that the Board of Directors of the Company may, from time to time, at its discretion and in accordance with the Exchange regulations, grant to directors, officers, employees and others providing similar services to the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares exercisable for a period of up to 5 years from the date of grant. The options reserved for issuance to any individual director, officer or employee will not exceed 5% of the issued and outstanding common shares and the number of common shares reserved for issuance to others providing services will not exceed 2% of the issued and outstanding common shares. Options may be exercised as of the grant date for a period determined by the Board, but shall not be greater than 5 years from the date of the grant and 90 days following cessation of the optionee's position with the Company. Provided that the cessation of office, directorships or employment or other similar service arrangement was by reason of death (in the case of an individual), the option may be exercised within a maximum period of one year after such death, subject to the expiry date of such option.

The outstanding options as at September 30, 2022 and December 31, 2021 and the respective changes during the nine-month period and the year then ended, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  |  | Weighted |  | Weighted |
|  | Number of | average | Number of | average |
|  | options | exercise price | options | exercise price |
| Outstanding, beginning of period | 4689250 | 1.93 | 4351750 | 1.34 |
| Granted | 167047 | 4.37 | 945000 | 4.45 |
| Exercised (1) | (117500) | 2.10 | (607500) | 1.59 |
| Expired | (272500) | 2.10 |  |  |
| Forfeited | (560000) | 3.23 | - | - |
| Outstanding end of period | 3906297 | 2.02 | 4689250 | 1.93 |
| Exercisable end of period | 2764750 | 1.50 | 2488550 | 1.39 |

---

(1) Market value of the shares was $3.96 and $2.95 on the exercise date of these options

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 20 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***16 - SHARE-BASED PAYMENTS (CONTINUED)***

The table below summarizes the information related to outstanding share options as at September 30, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | Range of | Number of | Weighted average remaining |
| Maturity date | exercise price | options | contractual life (years) |
| November 27, 2022 | 1.10 | 18750 | 1 months |
| December 15, 2022 | 1.60 | 171250 | 2 months |
| April 16, 2023 | 1.00 | 5000 | 6 months |
| June 5, 2023 | 1.00 | 288750 | 8 months |
| November 28, 2023 | 1.00 | 37500 | 1 years and 1 months |
| May 1, 2024 | 1.00 | 50000 | 1 years and 7 months |
| May 27, 2024 | 1.00 | 447500 | 1 years and 7 months |
| September 5, 2024 | 1.00 | 10000 | 1 years and 11 months |
| November 1, 2024 | 1.10 | 50000 | 2 years and 1 months |
| November 12, 2024 | 1.00 | 5000 | 2 years and 1 months |
| June 11, 2025 | 1.00 | 745500 | 2 years and 8 months |
| October 28, 2025 | 1.50 | 1075000 | 3 years and 0 months |
| November 6, 2025 | 2.70 | 50000 | 3 years and 1 months |
| March 22, 2026 | 5.50 | 55000 | 3 years and 5 months |
| May 13, 2026 | 4.80 | 5000 | 3 years and 7 months |
| July 7, 2026 | 4.10 | 700000 | 3 years and 9 months |
| October 28, 2026 | 11.50 | 25000 | 4 years and 0 months |
| January 1, 2027 | 7.50 | 32725 | 4 years and 3 months |
| February 1, 2027 | 5.60 | 42881 | 4 years and 4 months |
| March 1, 2027 | 4.10 | 2941 | 4 years and 5 months |
| April 1, 2027 | 4.16 | 15627 | 4 years and 6 months |
| May 1, 2027 | 5.13 | 13585 | 4 years and 7 months |
| June 1, 2027 | 2.55 | 2842 | 4 years and 8 months |
| July 1, 2027 | 1.65 | 5763 | 4 years and 9 months |
| August 1, 2027 | 1.41 | 35892 | 4 years and 10 months |
| September 1, 2027 | 2.08 | 14791 | 4 years and 11 months |
|  |  | 3906297 |  |

---

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 21 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***16 - SHARE-BASED PAYMENTS (CONTINUED)***

The table below summarizes the information related to outstanding share options as at December 31, 2021.

---

| | | | |
|:---|:---|:---|:---|
|  | Range of | Number of | Weighted average remaining |
| Maturity date | exercise price | options | contractual life (years) |
| June 1, 2022 | 2.10 | 390000 | 5 months |
| November 27, 2022 | 1.10 | 18750 | 10 months |
| December 15, 2022 | 1.60 | 171250 | 11 months |
| April 16, 2023 | 1.00 | 5000 | 1 year and 3 months |
| June 5, 2023 | 1.00 | 288750 | 1 year and 5 months |
| November 28, 2023 | 1.00 | 37500 | 1 year and 10 months |
| May 1, 2024 | 1.00 | 50000 | 2 years and 4 months |
| May 27, 2024 | 1.00 | 447500 | 2 years and 4 months |
| September 5, 2024 | 1.00 | 10000 | 2 years and 8 months |
| November 1, 2024 | 1.10 | 50000 | 2 years and 10 months |
| November 12, 2024 | 1.00 | 5000 | 2 years and 10 months |
| June 11, 2025 | 1.00 | 745500 | 3 years and 5 months |
| August 7, 2025 | 0.45 | 250000 | 3 years and 7 months |
| October 28, 2025 | 1.50 | 1225000 | 3 years and 9 months |
| November 6, 2025 | 2.70 | 50000 | 3 years and 10 months |
| January 28, 2026 | 5.70 | 25000 | 4 years and 0 months |
| March 22, 2026 | 5.50 | 55000 | 4 years and 2 months |
| May 13, 2026 | 4.80 | 10000 | 4 years and 4 months |
| July 7, 2026 | 4.10 | 825000 | 4 years and 6 months |
| August 10, 2026 | 8.00 | 5000 | 4 years and 7 months |
| October 28, 2026 | 11.50 | 25000 | 4 years and 9 months |
|  |  | 4689250 |  |

---

During the three and nine-month period ended September 30, 2022 the Company recorded an expense of $559,935 and $1,672,237 respectively related to share-based payments (periods ended September 30, 2021 - $815,801 and $1,557,006). The offset was credited to contributed surplus.

**16.1 Share-based payments granted to directors and employees during the nine-month period ended September 30, 2022**

a) On January 1, 2022 the Company granted options to acquire 32,725 common shares of the Company at an average exercise price of $7.50 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $179,183, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $7.15 |
| Expected life | 5 years |
| Risk-free interest rate | 1.25% |
| Volatility | 106% |
| Exercise price at the date of grant | $7.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On February 1, 2022 the Company granted options to acquire 42,881 common shares of the Company at an average exercise price of $5.60 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $173,796 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.28 |
| Expected life | 5 years |
| Risk-free interest rate | 1.63% |
| Volatility | 106% |
| Exercise price at the date of grant | $5.6 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 22 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***16 - SHARE-BASED PAYMENTS (CONTINUED)***

c) On March 1, 2022 the Company granted options to acquire 2,941 common shares of the Company at an average exercise price of $4.10 to employees.

The options vest over a two-year period and are exercisable over a period of five years.

The fair value of the options granted, amounting to $8,455 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.82 |
| Expected life | 5 years |
| Risk-free interest rate | 1.61% |
| Volatility | 104% |
| Exercise price at the date of grant | $4.1 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

d) On April 1, 2022 the Company granted options to acquire 10,627 common shares of the Company at an average exercise price of $4.16 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $37,748, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.96 |
| Expected life | 5 years |
| Risk-free interest rate | 2.50% |
| Volatility | 109% |
| Exercise price at the date of grant | $4.16 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

e) On May 1, 2022 the Company granted options to acquire 13,585 common shares of the Company at an average exercise price of $5.13 to employees. The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $50,605, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $4.67 |
| Expected life | 5 years |
| Risk-free interest rate | 2.80% |
| Volatility | 103% |
| Exercise price at the date of grant | $5.13 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

f) On June 1, 2022 the Company granted options to acquire 2,842 common shares of the Company at an average exercise price of $2.55 to employees.

The options vest over a two-year period and are exercisable over a period of five years.

The fair value of the options granted, amounting to $5,440, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $2.14 |
| Expected life | 5 years |
| Risk-free interest rate | 2.86% |
| Volatility | 109% |
| Exercise price at the date of grant | $2.55 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 23 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***16 - SHARE-BASED PAYMENTS (CONTINUED)***

g) On July 1, 2022 the Company granted options to acquire 5,763 common shares of the Company at an average exercise price of $1.65 to employees.

The options vest over a two-year period and are exercisable over a period of five years.

The fair value of the options granted, amounting to $6,589, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $1.46 |
| Expected life | 5 years |
| Risk-free interest rate | 3.06% |
| Volatility (1) | 110% |
| Exercise price at the date of grant | $1.65 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

h) On August 1, 2022 the Company granted options to acquire 35,892 common shares of the Company at an average exercise price of $1.41 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $34,636, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $1.24 |
| Expected life | 5 years |
| Risk-free interest rate | 2.80% |
| Volatility (1) | 109% |
| Exercise price at the date of grant | $1.41 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

i) On September 1, 2022 the Company granted options to acquire 14,791 common shares of the Company at an average exercise price of $2.08 to employees.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $22,581 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $1.90 |
| Expected life | 5 years |
| Risk-free interest rate | 3.37% |
| Volatility (1) | 114% |
| Exercise price at the date of grant | $2.08 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**16.2 Options granted to consultants during the nine-month period ended September 30, 2022**

a) On April 1, 2022 the Company granted options to acquire 5,000 common shares of the Company at an average exercise price of $4.16 to a consultant.

The options vest over a period of nine months and are exercisable over a period of five years.

The fair value of the options granted, amounting to $15,526 was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.96 |
| Expected life | 5 years |
| Risk-free interest rate | 2.50% |
| Volatility | 109% |
| Exercise price at the date of grant | $4.16 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options. <br>

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 24 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***16 - SHARE-BASED PAYMENTS (CONTINUED)***

**16.3 Share-based payments granted to directors and employees during the nine-month period ended September 30, 2021**

a) During the nine-month period ended September 30, 2021 the Company granted options to acquire 25,000 common shares of the Company at an average exercise price of $5.70 to a director.

The options vest over a two-year period and are exercisable over a period of five years .

The fair value of the options granted, amounting to $103,780, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.32 |
| Expected life | 5 years |
| Risk-free interest rate | 0.46% |
| Volatility | 111% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.70 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

b) On May 13, 2021, the Company granted 10,000 options to new employees at an exercise price of $4.80 per share. The options are vesting over a periods of eight, sixteen and twenty-four-month following the date of granting and will be exercisable over a period of five years expiring in May 2026.

The options vest over a two-year period and are exercisable over a period of five years.

The fair value of the options granted, amounting to $33,764, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $4.40 |
| Expected life | 5 years |
| Risk-free interest rate | 0.95% |
| Volatility | 108% |
| Dividend | 0% |
| Exercise price at the date of grant | $4.80 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

c) On July 7, 2021, the Company granted 825,000 options to certain diectors, officers and key employees at an exercise price of $4.10 per share. The options are vesting over a twenty-four-month period following the date of granting and will be exercisable over a period of five years expiring in July 2026.

The options vest over a period of eight, sixteen and twenty-four months and are exercisable over a period of five years.

The fair value of the options granted, amounting to $2,424,249, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $3.90 |
| Expected life | 5 years |
| Risk-free interest rate | 0.93% |
| Volatility | 104% |
| Dividend | 0% |
| Exercise price at the date of grant | $4.10 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 25 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***16 - SHARE-BASED PAYMENTS (CONTINUED)***

d) On August 10, 2021, the Company granted 5,000 options to a new employee at an exercise price of $8.00 per share. The options are vesting over a twenty-four-month period following the date of granting and will be exercisable over a period of five years expiring in August 2026.

The options vest over a period of eight, sixteen and twenty-four months and are exercisable over a period of five years.

The fair value of the options granted, amounting to $28,459, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $7.57 |
| Expected life | 5 years |
| Risk-free interest rate | 0.41% |
| Volatility | 104% |
| Dividend | 0% |
| Exercise price at the date of grant | $8.00 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

**16.4 Options granted to consultants during the nine-month period ended September 30, 2021**

a) During the nine-month period ended September 30, 2021 the Company granted options to acquire 55,000 common shares of the Company at an average exercise price of $5.50 to one of its service providers as part of an investors relations agreement.

The options vest over a period of nine months and are exercisable over a period of five years .

The fair value of the options granted, amounting to $235,434, was calculated using the Black & Scholes option pricing model using the following assumptions:

---

| | |
|:---|:---|
| Share price at the date of grant | $5.48 |
| Expected life | 5 years |
| Risk-free interest rate | 0.92% |
| Volatility | 109% |
| Dividend | 0% |
| Exercise price at the date of grant | $5.50 |

---

The volatility was determined by using the Company's own historical volatility over a period corresponding to expected life of the share options.

***17 - CAPITAL MANAGEMENT POLICIES AND PROCEDURES***

The Company's capital management objectives are as follows:

- To ensure the Company's ability to continue its development;

- To provide an adequate return to shareholders.

The Company monitors capital on the basis of the carrying amount of equity which represents $150,315,610 as at September 30, 2022 (December 31, 2021 - $165,590,366).

The Company manages its capital structure and makes adjustments to it to ensure it has sufficient liquidity and raises capital through stock markets to continue its development.

The Company is not subject to any externally imposed capital requirements. <br>

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 26 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***18 - FINANCIAL INSTRUMENTS***

**18.1 Classification of financial instruments**

As at September 30, 2022, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** |
|  | Assets and | Assets and |  |
|  | liabilities | liabilities |  |
|  | carried at | carried at | Total |
| | fair value | amortized cost | carrying value |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 8488247 | 8488247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash |  | 23333 | 23333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 51759056 | 51759056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | - | 17136669 | 17136669 |
|  | - | 77407305 | 77407305 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 13373093 | 13373093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 357708 | 357708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 60837 | - | 60837 |
|  | 60837 | 13830801 | 13891638 |

---

As at December 31, 2021, the carrying amount of financial assets and financial liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | Assets and | Assets and |  |
|  | liabilities | liabilities |  |
|  | carried at | carried at | Total |
|  | fair value | amortized cost | carrying value |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 18796914 | 18796914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 53333 | 53333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debtors |  | 55729961 | 55729961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | - | 20823691 | 20823691 |
|  | - | 95403899 | 95403899 |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 15903158 | 15903158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds |  | 313234 | 313234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEBA Loan |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 1921000 | - | 1921000 |
|  | 1921000 | 16316392 | 18237392 |

---

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 27 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***18 - FINANCIAL INSTRUMENTS (CONTINUED)***

**18.2 Financial risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main risks the Company is exposed to are credit risk and liquidity risk.

The Company does not actively engage in the trading of financial instruments for speculative purposes.

No changes were made in the objectives, policies and processes related to financial instrument risk management during the reporting periods. The most significant financial risks to which the Company is exposed are described below.

**18.3 Financial risks**

**18.3.1 Liquidity risk**

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk management serves to maintain a sufficient amount of cash and to ensure that the Company has financing sources for a sufficient amount. The Company's objective is to maintain a cash position sufficient to cover the next twelve-month obligations (note 2).

The Company's non-derivative financial liabilities have contractual maturities (including interest payments where applicable) as summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** |
|  | Current | Current | Long-term |
|  | Within 6 months | 6 to 12 months | More than 12 months |
| Accounts payable and accrued liabilities | 13373093 |  |  |
| Bonds |  | 400000 |  |
| Contingent consideration payable |  |  | 152573 |
| CEBA loan | - | - | 100000 |
|  | 13373093 | 400000 | 252573 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | Current | Current | Long-term |
|  | Within 6 months | 6 to 12 months | More than 12 months |
| Accounts payable and accrued liabilities | 15903158 |  |  |
| Bonds |  |  | 400000 |
| Contingent consideration payable |  | 1317375 | 2386125 |
| CEBA loan | - | - | 100000 |
|  | 15903158 | 1317375 | 2886125 |

---

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 28 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***18 - FINANCIAL INSTRUMENTS (CONTINUED)***

**18.4 Finance costs**

The breakdown in Finance costs during the three and nine-month periods ended September 30, 2022 and 2021 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2021** | **2022** | **2021** |
|  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | *Three-month* | *Three-month* | *Nine-month* | *Nine-month* |
| Interest on debentures |  |  |  | 333 |
| Interest on lease liabilities (note 11) | 38598 | 26277 | 113999 | 40247 |
| Interest on security deposit and advances |  | 22697 |  | 76856 |
| Interest on bonds | 10000 | 10000 | 30000 | 30000 |
| Interest income | (34310) | (26343) | (72805) | (36949) |
| Accretion on debentures and bonds | 8596 | 7047 | 24299 | 20601 |
| **Total interest expense** | 22884 | 39678 | 95493 | 131089 |
| Miscellaneous | 772 | 1928 | 23243 | 6285 |
| Total Finance costs | 23656 | 41606 | 118736 | 137374 |

---

**18.5 Fair value**

The following methods and assumptions were used to determine the estimated fair value for each class of financial instruments:

- The fair value of cash, restricted cash, loans receivable on short and long term and debtors (except sales tax receivables), accounts payable, advances and accrued liabilities approximate their carrying amount, given the short-term maturity;

- The fair value of the debentures and the bonds is estimated using a discounted cash flow approach and approximate their carrying amount. CEBA loan is recognized as it cost which is close from its fair value;

- The fair value of contingent compensation payable related to the acquisition of certain assets and personnel from Heartbeat (note 4) is estimated using a discounted cash flow method and reflects management's estimate that the contract's target level will be achieved and the expected Company's share price.

The Company categorized its financial instruments based on the following three levels of inputs used for fair value measurements:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the assets and liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Bonds are level 3 under the fair value hierarchy.

Contingent consideration payable, the CEBA loan, loans receivable on short and long term are level 3 under the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 29 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***19 - RELATED PARTY TRANSACTIONS***

The Company's related party transactions do not include, unless otherwise stated, special terms and conditions. No guarantees were given or received. Outstanding balances are usually settled in cash.

**Transactions with key management personnel, officers and directors**

The Company's key management personnel are, the CEO, the CFO , the China CEO and the members of the Board. Their remuneration includes the following expenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2021** | **2022** | **2021** |
|  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | *Three-month* | *Three-month* | *Nine-month* | *Nine-month* |
| Salaries and fringe benefits | 348163 | 197232 | 1067998 | 553546 |
| Share-based payments | 385324 | 747880 | 1207171 | 1391300 |
| Royalty- Cubeler | - | 32524 | - | 107202 |
|  | 733487 | 977636 | 2275169 | 2052048 |

---

These transactions occurred in the normal course of operations and have been measured at fair value.

As at September 30, 2022 and December 31, 2021 the condensed interim consolidated statement of financial position includes the following amounts with related parties:

---

| | | |
|:---|:---|:---|
|  | **2022**<br>**September 30** | **2021**<br>**December 31** |
| Loans, with interest (1) | 245493 | 113193 |
|  | 245493 | 113193 |

---

(1) POn December 15, 2021, loans were issued to two board members of the Company in the amounts of $72,793 and $40,000. On June 3, 2022, an additional loan was issued to a board member of $130,462. The loans are due on December 15, 2022 and December 31, 2022 respectively. Each loans bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of September 30, 2022, the aggregate outstanding principal amount due for said loans is $245,493 (December 31, 2021 - $113,193).

***20 - SEGMENT REPORTING***

The Company has determined that it has two operating segments, which are defined below. For presentation purposes, other activities are grouped in the 'Other' heading. Each operating segment is distinguished by the type of products and services it offers and is managed separately as each requires different business processes, marketing approaches and resources. All inter-segment transfers are carried out at arm's length prices based on prices charged to unrelated customers in stand-alone sales of identical goods and services.

The operating segments are detailed as follows:

***Fintech Platform***

The Fintech Platform segment comprises the procurement and distribution of products within supply chain or facilitating transactions in the commercial lending industry through technology platforms.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 30 |

---

------

**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***20 - SEGMENT REPORTING (CONTINUED)***

***Financial Services***

The Financial Services segment encompasses providing commercial loans to entrepreneurs and SMEs and the activity of providing turn-key credit outsourcing services to banks and other lending institutions.

The Fintech Platform segment operates in North America and China, the Financial Services segment operates in China.

***Other***

The "Other" category includes the activity and unallocated portion of the Canadian parent company's services and all non-operating holdings registered in Hong Kong and China.

The segment information for the nine-month periods ended September 30, 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nine-month period ended September 30, 2022** | **Nine-month period ended September 30, 2022** | **Nine-month period ended September 30, 2022** | **Nine-month period ended September 30, 2022** | **Nine-month period ended September 30, 2022** |
|  | Fintech | Financial |  |  |  |
|  | Platform | Services | Other | Elimination | Total |
| **Revenues (1)** |  |  |  |  |  |
| &nbsp;&nbsp;Financial service revenue from external customers |  | 1452487 |  |  | 1452487 |
| &nbsp;&nbsp;Fees and sales from external customers | 5287021 | 514368 |  |  | 5801389 |
| &nbsp;&nbsp;Supply chain services | 81555932 |  | (50862) |  | 81505070 |
| &nbsp;&nbsp;Inter-segment | 5386177 | 271724 | - | (5657901) | - |
| **Total revenues** | 92229130 | 2238579 | (50862) | (5657901) | 88758946 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 5185746 | 129213 | 5785 |  | 5320744 |
| &nbsp;&nbsp;Interest expense | 97813 | 21685 | (762) |  | 118736 |
| &nbsp;&nbsp;All other expenses | 87322076 | 1097673 | 16871796 | (5657901) | 99633644 |
| **Total expenses** | 92605635 | 1248571 | 16876819 | (5657901) | 105073124 |
| &nbsp;&nbsp;Profit (loss) before tax | (376505) | 990008 | (16927681) |  | (16314178) |
| &nbsp;&nbsp;Income tax | 818705 | 274599 | - | - | 1093304 |
| **Net profit (loss)** | (1195210) | 715409 | (16927681) |  | (17407482) |
| Non-controlling interest | (131114) | 367154 | - | - | 236040 |
| Net profit (loss) attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;Owners of the parent | (1064096) | 348255 | (16927681) | - | (17643522) |
| **Segmented assets** | 146761792 | 21846676 | 6881299 | (212494) | 175277274 |

---

(1) Revenues from external customers have been identified on the basis of the customer's geographical location, which is China.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nine-month period ended September 30, 2021** | **Nine-month period ended September 30, 2021** | **Nine-month period ended September 30, 2021** | **Nine-month period ended September 30, 2021** | **Nine-month period ended September 30, 2021** |
|  | Fintech | Financial |  |  |  |
|  | Platform | Services | Other | Elimination | Total |
| **Revenues (1)** |  |  |  |  |  |
| &nbsp;&nbsp;Financial service revenue from external customers |  | 1835609 |  |  | 1835609 |
| &nbsp;&nbsp;Fees and sales from external customers | 3022671 | 827237 |  |  | 3849908 |
| &nbsp;&nbsp;Supply chain services | 64730021 |  | 168988 |  | 64899009 |
| &nbsp;&nbsp;Inter-segment | 669460 | 119034 | - | (788494) | - |
| **Total revenues** | 68422152 | 2781879 | 168988 | (788494) | 70584525 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 475874 | 189470 | 15386 |  | 680730 |
| &nbsp;&nbsp;Interest expense | 98471 | 4830 | (2644) |  | 100657 |
| &nbsp;&nbsp;All other expenses | (475874) | (95829) | 67909637 | (788494) | 66549440 |
| **Total expenses** | 98471 | 98471 | 67922378 | (788494) | 67330827 |
| &nbsp;&nbsp;Profit (loss) before tax | 68323680 | 2683408 | (67753390) |  | 3253698 |
| &nbsp;&nbsp;Income tax | 1359718 | 456969 | 4356 |  | 1821043 |
| **Net profit (loss)** | 66963963 | 2226439 | (67757746) |  | 1432655 |
| Non-controlling interest | 364311 | 497000 | - | - | 861311 |
| Net profit (loss) attributable to: owners of the parent | 66599652 | 1729439 | (67757746) | - | 571344 |
| **Segmented assets** | 37622440 | 24588687 | 19368327 | 49162711 | 130742165 |

---

(1) Revenues from external customers have been identified on the basis of the customer's geographical location, which is China.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 31 |

---

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**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***20 - SEGMENT REPORTING (CONTINUED)***

The Company's non-current assets are located in the following geographic regions:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  | **September 30** | **December 31** |
|  | Non-current<br>Assets | Non-current<br>Assets |
| China | 16543725 | 10900348 |
| Canada | 81,197,816 | 89,991,187 |
| | 97,741,541 | 100,891,535 |

---

***21 - NON-CONTROLLING INTERESTS***

The Company controls the following subsidiaries that have significant non-controlling interests.

---

| | | |
|:---|:---|:---|
|  | **2022**<br>**September 30** | **2021**<br>**December 31** |
|  | % ownership | % ownership |
|  | and voting rights | and voting rights |
| Entities | held the by NCIs | held the by NCIs |
| Asia Synergy Supply Chain Ltd. ("ASSA") | 49% | 49% |
| Asia Synergy Financial Capital Ltd. ("ASFC") | 49% | 49% |
| Wechain (Nanjing) Technology Service Co., Ltd. ("WECHAIN") | 49% | 49% |
| Beijing Kailifeng New Energy Technology Co., Ltd. ("KALIFENG") | 49% | 49% |
| Shanghai Xinhuizhi Supply Chain Management Co., Ltd. ("ASAC") | 49% | 49% |
| Jiangsu Supairui IOT Technology Co., Ltd. ("ASTH") | 20% | - |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total comprehensive profit and loss | Total comprehensive profit and loss |  |  |
| | allocated to NCI | allocated to NCI | Accumulated NCI | Accumulated NCI |
| | Nine-month period ended | Nine-month period ended | As at | As at |
| <br>Entities | **2022**<br>**September 30** | **2021**<br>**September 30** | **2022**<br>**September 30** | **2021**<br>**December 31** |
| Asia Synergy Supply Chain Ltd. ("ASSA") | 148721 | 491538 | 2131520 | 1951538 |
| Asia Synergy Financial Capital Ltd. ("ASFC") | 172592 | 453500 | 11662189 | 11520859 |
| Wechain (Nanjing) Technology Service Co., Ltd. ("WECHAIN") | (235754) | (120766) | 547527 | 783281 |
| Beijing Kailifeng New Energy Technology Co., Ltd. ("KALIFENG") | (112520) | (4082) | 714815 | 64703 |
| Shanghai Xinhuizhi Supply Chain Management Co., Ltd. ("ASAC") | (25) |  | 950 |  |
| Jiangsu Supairui IOT Technology Co., Ltd. ("ASTH") | 14866 | - | 42267 | - |
|  | (12120) | 820190 | 15099268 | 14320381 |

---

No dividends were paid to NCIs during the nine-month periods ended September 30, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 32 |

---

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**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***21 - NON-CONTROLLING INTERESTS (CONTINUED)***

Summarized financial information for subsidiaries with NCIs, before intragroup eliminations are as follows:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ASSC** | **ASSC** | **ASFC** | **ASFC** | **Wechain** | **Wechain** | **Kailifeng** | **Kailifeng** | **ASAC** | **ASAC** | **ASTH** | **ASTH** | **Total** | **Total** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  | **September 30** | **December 31** | **September 30** | **December 31** | **September 30** | **December 31** | **September 30** | **December 31** | **September 30** | **December 31** | **September 30** | **December 31** | **September 30** | **December 31** |
| Current assets | 6125772 | 8454526 | 24350960 | 26519686 | 590967 | 446330 | 893222 | 130545 | 1904 |  | 1247011 |  | 33209837 | 35551087 |
| Non-current assets | 610 | 391 | 635622 | 124846 | 747335 | 1283169 | 658359 | 59760 | - | - | 313475 | - | 2355401 | 1468166 |
|  | 6126383 | 8454917 | 24986581 | 26644532 | 1338302 | 1729499 | 1551582 | 190305 | 1904 | - | 1560486 | - | 35565238 | 37019252 |
| Current liabilities | 1665226 | 4238109 | 1064895 | 2584145 | 187419 | 67363 | 88071 | 56091 |  |  | 1206161 |  | 4211773 | 6945708 |
| Non-current liabilities | - | - | 56596 | 69209 | 46318 | 66128 | 9601 | - | - | - | 20540 | - | 133055 | 135337 |
|  | 1665226 | 4238109 | 1121492 | 2653354 | 233737 | 133491 | 97672 | 56091 | - | - | 1226701 | - | 4344828 | 7081045 |
| Equity attributable to owners of the parent | 2218521 | 2031193 | 12138197 | 11991098 | 569875 | 815252 | 743991 | 67344 | 988 |  | 169067 |  | 15840639 | 14904886 |
| Non-controlling interests | 2131520 | 1951538 | 11662189 | 11520859 | 547527 | 783281 | 714815 | 64703 | 950 |  | 42267 |  | 15099268 | 14320381 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ASSC** | **ASSC** | **ASFC** | **ASFC** | **Wechain** | **Wechain** | **Kailifeng** | **Kailifeng** | **ASAC** | **ASAC** | **ASTH** | **ASTH** | **Total** | **Total** |
|  | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* | *Nine-month period ended* |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** | **September 30** |
| Revenue | 2935957 | 20968703 | 1724211 | 1954642 | 569428 |  |  |  |  |  | 1122012 |  | 6351608 | 22923345 |
| Profit for the year attributable to the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| owners of the parent | 196283 | 507742 | 382140 | 517286 | (232621) | (124313) | (119546) | (4249) | (10) |  | 74662 |  | 300908 | 896466 |
| Profit for the year attributable to NCIs | 188585 | 487831 | 367154 | 497000 | (223498) | (119438) | (114858) | (4082) | (9) | - | 18666 | - | 236040 | 861311 |
| **Profit (loss) for the year** | 384869 | 995573 | 749294 | 1014286 | (456119) | (243751) | (234404) | (8331) | (19) | - | 93328 | - | 536948 | 1757777 |
| Other comprehensive income ("OCI") for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| OCI attributable to the owners of the parent | (41491) | 3858 | (202503) | (45276) | (12756) | (1382) | 2434 |  | (16) |  | (3955) |  | (258289) | (42800) |
| OCI attributable to NCIs | (39864) | 3707 | (194562) | (43500) | (12256) | (1328) | 2338 | - | (16) | - | (3800) | - | (248160) | (41121) |
| **OCI for the year** | (81356) | 7565 | (397065) | (88776) | (25012) | (2710) | 4772 | - | (32) | - | (7755) | - | (506448) | (83921) |
| Total comprehensive income for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| attributable to the owners of the parent | 154792 | 511600 | 179637 | 472010 | (245377) | (125695) | (117112) | (4249) | (26) |  | 70707 |  | 42619 | 853666 |
| Total comprehensive income for |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| the year attributable to NCIs | 148721 | 491538 | 172592 | 453500 | (235754) | (120766) | (112520) | (4082) | (25) | - | 14866 | - | (12120) | 820190 |
| **Total comprehensive profit and** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **loss for the year** | **303513** | **1003138** | **352229** | **925510** | **(481131)** | **(246461)** | **(229631)** | **(8331)** | **(51)** | **-** | **85572** | **-** | **30500** | **1673856** |
| Net cash used in operating activities | 2107979 | 1489543 | 3167764 | (1424832) | (148235) | (142353) | (831556) |  | (19) |  | (318066) |  | 3977866 | (77642) |
| Net cash used in investing activities | (645) | (2) | (459554) | (3035) | 44099 | (141532) | (610199) |  |  |  | 98977 |  | (927322) | (144569) |
| Net cash from financing activities | (1993590) | (1355533) | (794560) | 118304 | (47219) | 256409 | 1447156 |  | 1989 |  | 312757 |  | (1073467) | (980820) |
| Foreign exchange differences | (26776) | 36123 | (875382) | 254608 | (35324) | (4940) | (2292) | - | (66) | - | (12472) | - | (952311) | 285791 |
| **Net cash (outflow) inflow for the year** | **86967** | **170131** | **1038269** | **(1054955)** | **(186679)** | **(32416)** | **3109** | **-** | **1904** | **-** | **81196** | **-** | **1024767** | **(917240)** |

---

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 33 |

---

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**TENET FINTECH GROUP INC.**<br> **Notes to Condensed Interim Consolidated Financial Statements**<br> For the nine-month periods ended September 30, 2022 and 2021<br> (In Canadian dollars) (Unaudited)<br>

***21 - NON-CONTROLLING INTERESTS (CONTINUED)***

During the nine months period ended September 30, 2022, the Company's subsidiaries, ASDS and AST along with the non-controlling interests of KALIFENG and ASAC respectively, subscribed for additional share capital in the ratio of their relevant ownership percentages. The total value of capital agreed to be injected by NCIs totaled $762,631 in KALIFENG (nine months ended September 30, 2021 - $Nil), totaled $975 in ASAC (nine months ended September 30, 2021 - $Nil) and $27,401 in ASTH (nine months ended September 30, 2021 - $Nil). As at September 30, 2022 the amount of the NCI's portion of the capital injection agreed for these NCI's that was outstanding was $860,870 (December 31, 2021 - $98,239) (note 6).

***22 - CONTINGENCIES***

Through the normal course of operations, the Company may be exposed to a number of lawsuits, claims and contingencies. Provisions are recognized as liabilities in instances when there are present obligations and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and where such liabilities can be reliably estimated. No provision has been recognized in these consolidated financial statements.

Although it is possible that liabilities may be incurred in instances where no provision has been made, the Company has no reason to believe that the ultimate resolution of such matters will have a material impact on its financial position.

***23 - COMPARATIVE FIGURES***

Certain comparative figures have been reclassified in order to comply with the basis of presentation adopted in the current year.

***24 - SUBSEQUENT EVENTS***

On October 3, 2022, the Company signed an office lease agreement in Montreal, Quebec, with a total rentable area of 15,000 square feet to accommodate the growing workforce in Canada. The lease begins on October 1, 2022, and engages the Company for minimum monthly rental payments starting on November 1, 2023, totalling $3,375,000 over a ten-year lease term.

On October 1, 2022, through its AST subsididary, the Company acquired and became the sole owner of Jiangsu Steel Chain Technology Co., Ltd. ("LINKSTEEL"), a fintech platform.

During the period from October 1, 2022 to November 29, 2022, the Company issued 82,465 share purchase options to new employees with an average strike price of $1.24. Stock options are vested between a period of 8 to 24 months and mature 5 years after the issuance date.

---

| | | |
|:---|:---|:---|
| ![](exhibit99-375xu001.jpg) | Condensed Interim Consolidated Financial Statements<br>2022-09-30 | 34 |

---

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## Exhibit 99.376

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**TENET FINTECH GROUP INC.**

(Formerly Peak Fintech Inc.)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The following Management's Discussion and Analysis (MD&A) provides Management's point of view on the financial position and results of operations of Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.), on a consolidated basis, for the three and nine-month periods ended September 30, 2022 (fiscal 2022) and September 30, 2021 (fiscal 2021).

Unless otherwise indicated or unless the context requires otherwise, all references in this MD&A to "Tenet", the "Company", "we", "us", "our" or similar terms refer to Tenet Fintech Group Inc. on a consolidated basis. This MD&A is dated November 29, 2022 and should be read in conjunction with the Audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2021. Unless specified otherwise, all amounts are in Canadian dollars.

The financial information contained in this MD&A relating to the Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022, and September 30, 2021, has been prepared in accordance with International Financial Reporting Standards (IFRS).

The Unaudited Condensed Interim Consolidated Interim Financial Statements and MD&A have been reviewed by our Audit and Risk Management Committee and approved by our Board of Directors as of November 29, 2022.<br>

**Forward Looking Information**

Certain statements included in this MD&A constitute "forward-looking statements" under Canadian securities law, including statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of this MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.

------

Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

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**Structure**

The following chart summarizes the corporate structure of the Company as at November 29, 2022.

![](exhibit99-376xu001.jpg)

**BUSINESS OVERVIEW**

Tenet (CSE: PKK) (OTC: PKKFF), is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

**OPERATING HIGHLIGHTS FOR THE QUARTER**

**<u>Chinese Operations</u>**

The quarter began with a promising start for Tenet's operations in China. After an uneven performance in the previous quarter due to sporadic COVID-19 related lockdowns, there was an increase in activity on Tenet's Business Hub™ in July as businesses in China seemed to be slowly returning to normal activity levels following the most recent lifting of the government-imposed restrictions. Unfortunately, the promising start was muted as random lockdowns quickly returned and continued to plague the Chinese economy and the Company's operations throughout the entire quarter. Even when the lockdowns were temporarily lifted, negative COVID- 19 test results were often required before individuals were able to enter office buildings, shops and other public places, including malls. Chinese businesses and non-China based companies with significant operations in China (like Tenet) continue to see business interruptions and revenue impacts due to ongoing COVID-19 outbreaks.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

Page **3** of **21**

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While the lockdowns' impacts were felt by many companies conducting business in China, certain industries were impacted more than others. The demand for insurance products related to transportation and the automotive sector, which are key components of Tenet's offerings through its Heartbeat insurance brokerage platform saw a noticeable decline. Despite recording $1.7M in revenue in insurance related services in the third quarter, the Company's insurance related services did not meet Q3 revenue expectations, which led to a partial impairment of its Heartbeat platform in Q3.

Despite the challenges of COVID-19 lockdowns during the quarter, the Company continued to make noticeable progress in Q3 with the execution of its strategic plan in China, focusing on growth and gradually decreasing expenses to increase margins. Tenet's Chinese operations continued to focus on servicing the consumer goods supply-chain with an end-to-end service offering, supporting clients along the supply-chain from product sourcing and financing to logistics and delivery. To that end, the Company's Yun Fleet shipping and transportation platform began to have a positive impact on Tenet's operations during the quarter and helped the Company diversify its revenue stream by contributing $1.1M in revenue for the quarter.

As it continues to diversify its revenue stream, Tenet continues to believe that the country's clean energy sector presents Tenet with an attractive opportunity. Tenet continued to make investments in the quarter in R&D, adjustments and upgrades to its clean energy platform. Those initiatives showed encouraging signs in the third quarter as the Company concluded the quarter in negotiations for a project, involving Tenet's Heartbeat platform, where businesses would be matched with insurance opportunities for renewable assets. Tenet believes that its clean energy platform will not only have an impact on clean energy projects in China, but also help present opportunities in other markets around the world as small businesses use solar panels to offset growing energy costs.

In summary, the Company's Chinese operations generated $21.6M in revenue in Q3, which was lower than expected. However, the Company was able to continue to diversify its revenue stream and create synergies between its offerings, and to show that Tenet's strategic plan continues to progress despite the difficult business and economic conditions China has experienced during the pandemic and especially in 2022. More details about the Company's consolidated revenue and expenses are provided in the "Results of Operations" section below.

**<u>Canadian Operations</u>**

The Company continued to focus on the global diversification of its revenue in Q3 with further build out of its Canadian operations. Tenet focused on making critical investments during the quarter to position the Company to grow its operations globally. By the end of the third quarter, Tenet's Canadian operations had grown to over 60 employees, across twelve departments, dedicated to enabling the Company to build the foundations for the deployment of Tenet's Business Hub™ offering on a global scale. Those departments combined to account for almost 20% of the Company's total expenses on a consolidated basis in Q3, with product development and marketing leading the way in preparation for the launch of the Business Hub™ in Canada in late 2022. As of late November 2022, there were over 4,000 Canadian small and medium-sized enterprises (SMEs) pre-registered on the platform. Six financial institutions, including a chartered Canadian bank, had also already signed up to be part of the Business Hub™ ecosystem.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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As a result of the activities that took place throughout 2022 related to the launch of Tenet's operations in Canada, including the various marketing initiatives, the Company has been able to formulate its initial advertising offering to potential advertisers who would want to reach SME owners and executives. The third quarter saw the Company begin working on the Business Hub™'s advertising agreement terms and conditions, media kit and rate cards, as well as connect with digital media buying agencies, which is anticipated to allow Tenet to record its first revenues in Canada, in the form of advertising revenues, sometime in Q4.

While Tenet's Cubeler subsidiary, which manages the Business Hub™, will help the Company generate advertising revenue, it is Tenet's Tenoris3 data science subsidiary that is expected to be the Company's main global non-Chinese revenue engine through the monetization of the data consolidated, harvested and mined throughout the Business Hub™. During the third quarter, the Company prioritized efforts on reviewing Tenoris3's initial product offerings and devising new product concepts to be offered in 2023 and beyond as Business Hub™ memberships scale over time, giving the Company access to a greater pool of data. The Company expects Tenoris3's first data-driven product offering to be deployed during the first half of 2023.

With the foundation established in Canada to expand the Business Hub™ globally, Tenet added new members to its board of directors and senior executives to its management team during the quarter whose skillsets and professional experiences are aligned with the evolution of the Company. The re-calibration of Tenet's board of directors led to delays in the filing of a planned short form prospectus offering as well as to Tenet's intent to have its securities listed on the Toronto Stock Exchange (the "TSX"). More details about these two events can be found in the "Capital Markets" section below.

**BUSINESS PLAN AND OUTLOOK FOR REST OF 2022**

**<u>North America</u>**

Although Tenet expects revenue from its North American operations to begin in Q4 of 2022, the Company expects meaningful revenue to only begin in the second half of 2023. What can be expected during the balance of 2022 however is for the Company to continue to build the foundation of its North American revenue streams. The launch of the Business Hub™ in Canada is a core pillar of that foundation. While Tenet's pre-launch registration campaign in Canada has exceeded expectations, Tenet believes that having the Business Hub™ in operation in Canada will help the Canadian membership recruitment process for both SMEs and financial institutions. Tenet plans to intensify its marketing efforts in the fourth quarter to harness the momentum following the launch of the Business Hub™ in Canada, to build on its membership and position the Company for material revenue contributions from its North American subsidiaries in 2023.

Tenet also plans to take advantage of what is left of 2022 to finalize its sales and marketing plans for its initial data-driven product offerings, which are expected to begin generating revenue for the Company in the first half of 2023.

Finally, in anticipation of the launch of the Business Hub™ in the U.S. in the second half of 2023, the Company plans to create its first U.S. subsidiary prior to the end of fiscal 2022 to position the Company for further North American expansion.

**<u>China</u>**

While the Company is hopeful that the Chinese government will change its COVID-19 approach, the Company anticipates that the Chinese market will continue to be unpredictable for the balance of 2022 and possibly into 2023, which may continue to impact Tenet's to short-term revenues in Q4 2022 and perhaps into 2023.The Company will continue to implement its long-term strategic plan for China by investing in technologies and sectors that create synergies among its offerings in the country, positioning Tenet's revenues to continue to scale as the pandemic eventually ends or becomes endemic in China. While its long-term strategy remains its priority, the Company believes that it has positioned itself to be able to quickly pivot and allocate resources to those industrial sectors that would allow it to quickly scale its revenue in the event that the Chinese economy continues to suffer from the effects of COVID-19 in 2023.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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For the remainder of fiscal 2022, the Company expects to continue to add technologies, partnerships and services to create greater synergies between its offerings in China and to continue to expand its footprint, both geographically and across industrial sectors, throughout the country. The Company believes it is now in a better position to mitigate the impacts of ongoing lockdowns on its revenue in the fourth quarter. However, Tenet cautions that its third quarter results, coupled with the expected furtherance of the difficult economic conditions in China, will likely cause the Company's 2022 revenue to come in below the guidance last updated in May 2022.

**<u>Capital Markets</u>**

Following the closing of its 2021 short form prospectus financing, the Company's use of the proceeds of the offering varied from their originally intended use, as disclosed in the Company's final short form prospectus dated June 22, 2021. From the net proceeds of approximately $48M of that offering, the Company had planned to spend $21M on business development and expansion in China, $12M on business expansion to North America, most of which was to be spent prior to the end of 2021 to launch the Business Hub in Canada, $5M on business expansion to Europe with the remaining $10M reserved for working capital and general corporate matters. However, the de-listing of the Company's securities from the Nasdaq Capital Market (the "NASDAQ") in September of 2021, meant that the Company would not be able to raise additional capital in the U.S. by the end of 2021 as it had intended at the time. This resulted in the Company revising its intended use of funds with respect to the 2021 short form prospectus financing. The funds that were earmarked for business expansion to Europe, together with approximately $2M worth of funds earmarked for business expansion to North America, were instead used for the Company's Chinese operations. But while a total of approximately $28M was used for the Chinese operations, only approximately $18M was used for business development and expansion, with the rest going towards working capital and cash reserves. The planned investment toward the launch of the Company's North American operations was both delayed and reduced to approximately $7M, and the Company allocated the remaining balance of $13M in North America to working capital, general corporate matters and cash reserves.

As Tenet continues to grow and expand its operations globally, its capital markets strategy will continue to play a pivotal role in allowing it to achieve its objectives. As it continues to work with the U.S. Securities and Exchange Commission (the "SEC") to have its securities re-instated for listing on the NASDAQ and access the U.S. capital markets, the Company took measures in Q3 2022 to temporarily raise part of the capital it would need to continue to execute its business plan through the Canadian capital markets. Tenet filed a $30M short form prospectus offering with the Ontario Securities Commission (the "OSC") as well as an application to have its securities listed on the TSX just prior to the end of the third quarter of 2022. As of the date of this MD&A, the Company was waiting for: (i) a response from the SEC on the effectiveness of its registration statement in the U.S. for the re-instatement of the listing of Tenet's securities on the NASDAQ; (ii) a response from the OSC on the filing of its short form prospectus to allow it to close its proposed $30M financing; (ii) and a response from the TSX on its listing application.

In addition to having its securities listed on the NASDAQ and the TSX, Tenet plans to begin exploring the possibility, prior to the end of 2022, to have its securities listed on the London Stock Exchange in 2023 as membership on the Company's Business Hub™ expands to include European SME owners and executives.

**Selected Quarterly Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;&nbsp;**September 30,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Three months** | &nbsp;&nbsp;&nbsp;&nbsp;**Three months** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine months** | &nbsp;&nbsp;&nbsp;&nbsp;**Nine months** |
| Revenues | $21585258 | $25695570 | $88758946 | $70584525 |
| Expenses before finance costs, tax, depreciation and amortization | $28174118 | $22672271 | $99613469 | $66202290 |
| **EBITDA (1)** | **($6588860)** | **$3023299** | **($10854523)** | **$4382235** |
| *Reversal of impairment loss* | $- | $- | $- | ($193717) |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| *Loss (gain) on fair value variation* | ($1305068) | $171432 | ($603589) | $171432 |
| Impairment of goodwill | $- | $216421 | $- | &nbsp;&nbsp;&nbsp;&nbsp;$216421 |
| Impairment of intangible assets | $4218826 | $- | $4218826 | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| *Gain on bargain purchase* | ($109605) | ($1910597) | ($109605) | &nbsp;&nbsp;&nbsp;&nbsp;($1910597) |
| **Adjusted EBITDA (2)** | **($3784707)** | **$1500555** | **($7348891)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2665774** |
| Finance costs, tax, depreciation, |  |  |  |  |
| amortization, impairments, reversal of | $3930502 | ($25731) | $10058591 | &nbsp;&nbsp;&nbsp;&nbsp;$1233119 |
| impairment loss, loss (gain) on fair value | $3930502 | ($25731) | $10058591 | &nbsp;&nbsp;&nbsp;&nbsp;$1233119 |
| impairment loss, loss (gain) on fair value |  |  |  |  |
| variation, gain on bargain purchase. |  |  |  |  |
| **Net profit (loss)** | **($7715209)** | **$1526286** | **($17407482)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1432655** |
| Net profit (loss) attributable to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | $77064 | $169752 | $236040 | &nbsp;&nbsp;&nbsp;&nbsp;$861311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the parent | ($7792273) | $1356534 | ($17643522) | &nbsp;&nbsp;&nbsp;&nbsp;$571344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share | ($0.078) | $0.017 | ($0.179) | &nbsp;&nbsp;&nbsp;&nbsp;$0.008 |

---

*(1) EBITDA is provided as supplementary earnings measure to assist readers in determining the Company's ability to generate cash-flows from operations and to cover finance charges. It is also widely used for business valuation purposes. This measure does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.*

*EBITDA equals the results before income taxes, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, amortization of initial finance costs and finance cost, as defined in Note 18 of the Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022.*

*(2) Adjusted EBITDA equals EBITDA as described above adjusted for impairment of intangible assets and goodwill, reversal of impairment loss, loss (gain) on fair value variation and gain on bargain purchase.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reconciliation of EBITDA to net profit (loss)** | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September** |
| &nbsp;&nbsp;**Reconciliation of EBITDA to net profit (loss)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**30, 2021** |
| &nbsp;&nbsp;**Reconciliation of EBITDA to net profit (loss)** | &nbsp;&nbsp;***Three months*** | &nbsp;&nbsp;***Three months*** | &nbsp;&nbsp;***Nine months*** | &nbsp;&nbsp;***Nine months*** |
| &nbsp;&nbsp;**Net profit (loss) for the period** | &nbsp;&nbsp;**($7715209)** | &nbsp;&nbsp;**$1526286** | &nbsp;&nbsp;**($17407482)** | &nbsp;&nbsp;**$1432655** |
| &nbsp;&nbsp;*Add:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax | &nbsp;&nbsp;($864154) | &nbsp;&nbsp;$857260 | &nbsp;&nbsp;$1093304 | &nbsp;&nbsp;$1821043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs | &nbsp;&nbsp;$23656 | &nbsp;&nbsp;$41606 | &nbsp;&nbsp;$118736 | &nbsp;&nbsp;$137374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | &nbsp;&nbsp;$22397 | &nbsp;&nbsp;$22545 | &nbsp;&nbsp;$65385 | &nbsp;&nbsp;$65847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | &nbsp;&nbsp;$182687 | &nbsp;&nbsp;$105972 | &nbsp;&nbsp;$435221 | &nbsp;&nbsp;$219878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;$1754964 | &nbsp;&nbsp;$462831 | &nbsp;&nbsp;$4820138 | &nbsp;&nbsp;$685263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of initial financing costs | &nbsp;&nbsp;$6799 | &nbsp;&nbsp;$6799 | &nbsp;&nbsp;$20175 | &nbsp;&nbsp;$20175 |
| &nbsp;&nbsp;**EBITDA** | &nbsp;&nbsp;**($6588860)** | &nbsp;&nbsp;**$3023299** | &nbsp;&nbsp;**($10854523)** | &nbsp;&nbsp;**$4382235** |
| &nbsp;&nbsp;*Add (less):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Loss (gain) on fair value variation* | &nbsp;&nbsp;($1305068) | &nbsp;&nbsp;$171432 | &nbsp;&nbsp;($603589) | &nbsp;&nbsp;$171432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase | &nbsp;&nbsp;($109605) | &nbsp;&nbsp;($1910597) | &nbsp;&nbsp;($109605) | &nbsp;&nbsp;($1910597) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill | &nbsp;&nbsp;$- | &nbsp;&nbsp;$216421 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$216421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | &nbsp;&nbsp;$4218826 |  | &nbsp;&nbsp;$4218826 | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of impairment loss | &nbsp;&nbsp;$- |  | &nbsp;&nbsp;$- | &nbsp;&nbsp;($193717) |
| &nbsp;&nbsp;**Adjusted EBITDA** | &nbsp;&nbsp;**($3784707)** | &nbsp;&nbsp;**$1500555** | &nbsp;&nbsp;**($7348891)** | &nbsp;&nbsp;**$2665774** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September 30,** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;$175277274 | &nbsp;&nbsp;$130742165 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;$24961664 | &nbsp;&nbsp;$29162351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities | &nbsp;&nbsp;$7255529 | &nbsp;&nbsp;$10957851 |
| &nbsp;&nbsp;Total equity | &nbsp;&nbsp;$150315610 | &nbsp;&nbsp;$101579814 |
| &nbsp;&nbsp;&nbsp;&nbsp;*To Non-controlling interest* | &nbsp;&nbsp;$15099268 | &nbsp;&nbsp;$13064153 |
| &nbsp;&nbsp;&nbsp;&nbsp;*To Owners of parent* | &nbsp;&nbsp;$135216342 | &nbsp;&nbsp;$88515661 |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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**Results of Operations**

<u>Revenue for the three-month period ended September 30, 2022</u>

The Company generated $21,585,258 in revenue during the three-month period ended September 30, 2022, compared to $25,695,570 for the same period in 2021. The year-over-year decrease in revenue is temporary and is mostly driven by the Chinese government's zero-COVID-19 policy that continued to have a major impact on the country's economy during the third quarter of 2022. Overall, on an annual basis, the Company has seen increasing demand for its services, particularly the demand for supply-chain services, where the Company provides material suppliers, factories, product distributors and retailers an all-encompassing service offering that includes product sourcing, financing, and logistics. Those services once again led all segments, accounting for approximately 84.4% (ASCC, ASST, AJP, & ASTH) of Tenet's revenue during the third quarter of 2022.

Non-supply-chain related services, including but not limited to loans made by the Company's ASFC financial services subsidiary (ASFC) and insurance related services from the Heartbeat acquisition, combined generated $3,360,298 in revenue compared to $2,087,875 for the same period in 2021, representing about 15.6% of Tenet's revenue during the third quarter of 2022 and a 61% increase compared to 2021.

<u>Revenue for the nine-month period ended September 30, 2022</u>

The Company generated $88,758,946 in revenue during the nine-month period ended September 30, 2022, compared to $70,584,525 for the same period in 2021. The revenue growth continues to be paced by demand for the Company's supply chain financing and logistics services, which contributed $81,505,071 to the total revenue in the first nine months of 2022 compared to $64,899,009 for the same period in 2021.

<u>Total expenses before taxes</u>

The following schedule summarizes the Company's total expenses before taxes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September 30,** | &nbsp;&nbsp;**September 30,** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
|  | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Nine months** | &nbsp;&nbsp;**Nine months** |
| &nbsp;&nbsp;Cost of service | &nbsp;&nbsp;$16976733 | &nbsp;&nbsp;$21120835 | &nbsp;&nbsp;$74973340 | &nbsp;&nbsp;$60910889 |
| &nbsp;&nbsp;Software delivery services | &nbsp;&nbsp;$942837 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$1928235 | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Salaries and fringe benefits | &nbsp;&nbsp;$3201274 | &nbsp;&nbsp;$1375954 | &nbsp;&nbsp;$8281013 | &nbsp;&nbsp;$2792424 |
| &nbsp;&nbsp;Service fees | &nbsp;&nbsp;$534087 | &nbsp;&nbsp;$161859 | &nbsp;&nbsp;$930993 | &nbsp;&nbsp;$468497 |
| &nbsp;&nbsp;Royalty on software | &nbsp;&nbsp;$- | &nbsp;&nbsp;$32524 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$107202 |
| &nbsp;&nbsp;Board remuneration | &nbsp;&nbsp;$175958 | &nbsp;&nbsp;$278191 | &nbsp;&nbsp;$518962 | &nbsp;&nbsp;$549020 |
| &nbsp;&nbsp;Consulting fees | &nbsp;&nbsp;$369112 | &nbsp;&nbsp;$118310 | &nbsp;&nbsp;$1082595 | &nbsp;&nbsp;$300052 |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;$11430 | &nbsp;&nbsp;$11670 | &nbsp;&nbsp;$34974 | &nbsp;&nbsp;$38844 |
| &nbsp;&nbsp;Outsourced services, software and | &nbsp;&nbsp;$346832 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$1346990 | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;maintenance | &nbsp;&nbsp;$346832 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$1346990 | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;maintenance |  |  |  |  |
| &nbsp;&nbsp;Professional fees | &nbsp;&nbsp;$1095143 | &nbsp;&nbsp;$417868 | &nbsp;&nbsp;$2793927 | &nbsp;&nbsp;$1330750 |
| &nbsp;&nbsp;Marketing, public relations and press releases | &nbsp;&nbsp;$420335 | &nbsp;&nbsp;$421775 | &nbsp;&nbsp;$937571 | &nbsp;&nbsp;$678256 |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Office supplies, software and hardware | &nbsp;&nbsp;$381835 | &nbsp;&nbsp;($1517) | &nbsp;&nbsp;$897911 | &nbsp;&nbsp;$86968 |
| &nbsp;&nbsp;Lease expenses | &nbsp;&nbsp;$40045 | &nbsp;&nbsp;$11510 | &nbsp;&nbsp;$125854 | &nbsp;&nbsp;$34327 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$316758 | &nbsp;&nbsp;$35637 | &nbsp;&nbsp;$965139 | &nbsp;&nbsp;$77809 |
| &nbsp;&nbsp;Finance costs | &nbsp;&nbsp;$23656 | &nbsp;&nbsp;$41606 | &nbsp;&nbsp;$118736 | &nbsp;&nbsp;$137374 |
| &nbsp;&nbsp;Expected credit loss | &nbsp;&nbsp;$388396 | &nbsp;&nbsp;($44286) | &nbsp;&nbsp;$577569 | &nbsp;&nbsp;($35040) |
| &nbsp;&nbsp;Travel and entertainment | &nbsp;&nbsp;$98581 | &nbsp;&nbsp;$77510 | &nbsp;&nbsp;$272800 | &nbsp;&nbsp;$155176 |
| &nbsp;&nbsp;Stock exchange and transfer agent costs | &nbsp;&nbsp;$54282 | &nbsp;&nbsp;$165154 | &nbsp;&nbsp;$213859 | &nbsp;&nbsp;$318523 |
| &nbsp;&nbsp;Translation cost and others | &nbsp;&nbsp;$30259 | &nbsp;&nbsp;$16150 | &nbsp;&nbsp;$113450 | &nbsp;&nbsp;$137035 |
| &nbsp;&nbsp;Reversal of impairment loss | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;($193717) |
| &nbsp;&nbsp;Depreciation of property and equipment | &nbsp;&nbsp;$22397 | &nbsp;&nbsp;$22545 | &nbsp;&nbsp;$65385 | &nbsp;&nbsp;$65847 |
| &nbsp;&nbsp;Depreciation of right-of-use assets | &nbsp;&nbsp;$182687 | &nbsp;&nbsp;$105972 | &nbsp;&nbsp;$435221 | &nbsp;&nbsp;$219878 |
| &nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;$1754964 | &nbsp;&nbsp;$462831 | &nbsp;&nbsp;$4820138 | &nbsp;&nbsp;$685263 |
| &nbsp;&nbsp;Amortization of initial financing costs | &nbsp;&nbsp;$6799 | &nbsp;&nbsp;$6799 | &nbsp;&nbsp;$20175 | &nbsp;&nbsp;$20175 |
| &nbsp;&nbsp;Impairment of goodwill | &nbsp;&nbsp;$- | &nbsp;&nbsp;$216421 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$216421 |
| &nbsp;&nbsp;Impairment of intangible assets | &nbsp;&nbsp;$4218826 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4218826 | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Change in fair value of contingent | &nbsp;&nbsp;($1305068) | &nbsp;&nbsp;$171432 | &nbsp;&nbsp;($603589) | &nbsp;&nbsp;$171432 |
| &nbsp;&nbsp;consideration payable | &nbsp;&nbsp;($1305068) | &nbsp;&nbsp;$171432 | &nbsp;&nbsp;($603589) | &nbsp;&nbsp;$171432 |
| &nbsp;&nbsp;consideration payable |  |  |  |  |
| &nbsp;&nbsp;Gain on bargain purchase | &nbsp;&nbsp;($109605) | &nbsp;&nbsp;($1910597) | &nbsp;&nbsp;($109605) | &nbsp;&nbsp;($1910597) |
| &nbsp;&nbsp;(Gain) Loss on foreign exchange | &nbsp;&nbsp;($13932) | &nbsp;&nbsp;($4129) | &nbsp;&nbsp;$112655 | &nbsp;&nbsp;($31981) |
| **Total expenses before income tax** | &nbsp;&nbsp;**$30164621** | &nbsp;&nbsp;**$23312024** | &nbsp;&nbsp;**$105073124** | &nbsp;&nbsp;**$67330827** |

---

<u>Expenses for the three-month period ended September 30, 2022</u>

Cost of service which is solely related to supply-chain services amounted to $16,976,733 for the three-month period ended September 30, 2022 compared to $21,120,835 in the same period of fiscal 2021. The ratio of those expenses to revenue specifically generated from the supply-chain service bundle slightly increased mostly due to the worldwide political-economic situation where transportation costs (mostly energy related) have been more expensive.

Software delivery services amounted to $942,837 compared to $Nil for the same period in September 30, 2021. The increase for the three-month period ended September 30, 2022 is mostly attributable to the Software as a Service "SAAS" revenue generating businesses (ASSI, Huike and WECHAIN). There was no such expense for the same period in 2021.

Salaries and fringe benefits amounted to $3,201,274 for the three-month period ended September 30, 2022, compared to $1,375,954 for the same period in 2021. The increase in salary expenses for the three-month period ended September 30, 2022, is attributable to the hiring of new employees in 2022 and the addition of new subsidiaries in China. The share-based remuneration that is included within this caption amounted to $387,261 for the three-month period ended September 30, 2022, compared to $483,800 for the same period in 2021.

Service fees relate to consulting and business development services provided to mostly four of the Company's subsidiaries (ASFC, AST, ASCS and Huike) by third-party companies and amounted to $534,087 in the third quarter of fiscal 2022, which is higher than $161,859 for the same period of 2021 mostly due to referral fee adjustments and a higher level of combined revenue in the above-mentioned subsidiaries.

Royalty expenses of $Nil for the three-month period ended September 30, 2022, compared to $32,524 for the same period in 2021, represent royalties on software payable to Cubeler for the licensing and use of its technology. The royalty expense is calculated on revenue primarily generated by ASDS. Tenet acquired Cubeler on October 1, 2021, ending these royalty expenses.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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Board remuneration refers to share-based and attendance fee remuneration received by members of the Company's board of directors and amounted to $175,958 in in the third quarter of 2022 compared to $278,191 or the same period in 2021. Within this caption, shared-based remuneration amounted to $133,562 in the three-month period ended September 30, 2022, compared to $236,941 for the same period in 2021.

Consulting fees incurred during the three-month period ended September 30, 2022, totalled $369,112 compared to $118,310 in the same period of 2021, mainly relate to capital markets consulting fees incurred in fiscal 2022. The Company plans to list its securities on the London Stock Exchange and to access the European capital markets as part of a long-term global capital markets strategy being developed and implemented with the assistance of European advisors and consultants. Share-based remuneration expenses related to consultants amounted to $39,112 in the three-month period ended September 30, 2022 compared to $95,060 for the same period of fiscal 2021.

Outsourced services, software and maintenance costs amounted to $346,832 in the third quarter of 2022 compared to $Nil for the same period of fiscal 2021. These expenses are mostly research and maintenance costs paid to third-party providers for the delivery of various modules and interfaces in ASDS, ASSI, Kailifeng and Cubeler. There was no such expense for the same period in 2021.

Professional fees totalled $1,095,143 for the three-month period ended September 30, 2022, compared to $417,868 for the same period in 2021. The net increase is mainly due to additional legal fees incurred in Canada, the United States and China relating to listing upgrades in North America, additional governance initiatives, capital raising activities and opening of new subsidiaries in China. Audit fees increased between fiscal 2022 and 2021 for the period following the growth of the Company in both operating countries. The increase in professional fees was also attributed to Company initiatives, in Canada and China, to document and implement additional internal controls in order to comply with the high financial standards and requirements of major stock exchanges.

Marketing, public relations and press release expenses amounted to $420,355 in the third quarter of 2022 compared to $421,775 for the same period in 2021. The costs in this category for fiscal 2022 are related to the upgrade of the Tenet and Cubeler websites and several marketing activities in connection to the launch of the Company's Cubeler Business Hub™ platform in Canada, expected to occur prior to the end of 2022.

Office supplies, software and hardware expenses amounted to $381,835 in the third quarter of 2022 compared to a recovery of $1,517 for the same period in 2021. The increase is mainly driven by the steady increase of employees in both China and Canada requiring additional equipment, the need of additional maintenance and servers to support business growth and different supplies purchased to accommodate the leased space in Canada (Toronto, Canada). The negative figure in fiscal 2021 is due to a non-recurring credit.

Insurance expenses amounted to $316,758 in the third quarter of 2022 compared to $35,637 for the same period in 2021. The increase is mainly attributable to the increase in directors and officers (D&O) insurance coverage following the introduction to a major stock exchange in 2021 and a general market price increase in the D&O insurance market.

Expected credit loss of $388,396 for the third quarter of fiscal 2022 compared to a recovery of $44,286 for the same period in fiscal 2021 is related to the variation in allowance for expected credit loss on ASFC's loan balance for the period and in overall Debtors as described respectively in Notes 5 and 6 of the Company's Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022. Furthermore, the overall increase in the Debtors allowance during the third quarter of fiscal 2022 is isolated in nature.

Stock exchange and transfer agent costs amounted to $54,282 in the third quarter of 2022 compared to $165,154 for the same period in 2021. The decrease is mostly due to specific costs related to the Company's initiative for listing on a US stock exchange and related costs during the same period in 2021. This initiative is still ongoing in fiscal 2022.

Amortization of intangible assets amounted to $1,754,964 for the three-month period ended September 30, 2022, compared to $462,831 for the same period in 2021. The increase is due to the amortization of the acquired Cubeler and Heartbeat platforms that occurred during the second half of 2021 and several capitalized costs on platform improvements of assets in China (Business Hub™, Gold River, and others).

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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Impairment of intangible assets of $4,218,826 in the third quarter of 2022 compared to $Nil for the same period in 2021 is mostly due to the reduction of the forecasted revenues of the Heartbeat business as explained in Note 4 of the Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022.

Change in fair value of contingent consideration payable amounted to a gain of $1,305,068 in the third quarter of 2022 compared to a loss of $171,432 for the same period in 2021. The change in the fair value of contingent consideration payable is correlated to the reduction of the forecasted net profits of the Heartbeat business for the periods that will be ending in December 31, 2022 and 2023.

Gain on bargain purchases of $109,605 for the three-month period ended September 30, 2022, represent 80% of the fair value of the net assets and liabilities acquired by Asia Synergy Technologies Ltd. (AST) of Jiangsu Supairui IOT Technology Co., Ltd. (ASTH) on August 2022 for $Nil consideration. The amount of $1,910,597 for the same period in 2021 represents the initial estimate and difference between the discounted value of the intangible assets acquired, on the date that the assets of Huayan Kuntai Technology Ltd. (Huayan) were transferred to Huike Internet Technology Ltd. (Huike), and the contingent consideration payable, less the impairment of goodwill assumed by the Company. These estimates were subsequently adjusted in the last quarter of 2021 and reflected in the Consolidated Financial Statements for the years ended December 31, 2021 and 2020.

<u>Expenses for the nine-month period ended September 30, 2022</u>

Cost of service amounted to $74,973,340 for the first nine months of 2022 compared to $60,910,889 for the same period in 2021. Cost of service as a percentage of total supply chain related revenues was 92% for the period compared to 93.9% in the same prior period.

Software delivery services amounted to $1,928,235 compared to $Nil the same period in September 30, 2021. The increase for the nine-month period ended September 30, 2022 is mostly attributable to our SAAS revenue generating businesses (ASSI, Huike and WECHAIN). There was no such expense for the same period in 2021.

Salaries and fringe benefits amounted to $8,281,013 for the nine-month period ended September 30, 2022, compared to $2,792,424 for the same period in 2021. Share-based remuneration, which is included within this caption, amounted to $1,147,114 in the three first quarters of 2022 compared to $863,601 for the same period in 2021.

Service fees related to consulting and business development services provided to the Company's subsidiaries by third-party companies amounted to $930,993 for the nine-month period ended September 30, 2022, compared to $468,497 for the corresponding period of 2021.

Royalty expenses of $Nil for the first nine months of 2022 compared to $107,202 for the same period in 2021 relate to royalty on software payable to Canadian software company Cubeler Inc., a related company.

Board remuneration refers to share-based and attendance fee remuneration received by members of the Company's board of directors and amounted to $518,962 in the first three quarters of 2022 compared to $549,020 for the same period in 2021. Within that caption, share-based expenses amounted to $411,376 in the three first quarters of fiscal 2022 compared to $457,298 for the same period in 2021.

Consulting fees totalling $1,082,595 incurred during the nine-month period ended September 30, 2022, compared to $300,052 for the same period in 2021. Share-based remuneration expenses related to consultants amounted to $113,746 in the first three quarters of 2022 compared to $234,810 for the same period of fiscal 2021.

Outsourced services amounted to $1,346,990 in the first three quarters of 2022 compared to $Nil for the same period of fiscal 2021. These expenses are mostly research and maintenance costs paid to third party providers for the delivery of various modules and interfaces in ASDS, ASSI, Kailifeng and Cubeler. There was no such expense for the same period in 2021.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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Professional fees such as audit, legal and human resources consulting fees totalled $2,793,927 for the first nine-months of 2022 compared to $1,330,750 for the same period in 2021.

Marketing, public relations and press release expenses amounted to $937,571 for the first three quarters of 2022 compared to $678,256 in the same period of 2021.

Office supplies, software and hardware expenses amounted to $897,911 during the first nine months of 2022 compared to $86,968 for the same period in 2021. The increase is mainly driven by the steady increase of employees in both China and Canada requiring additional equipment, the need of additional maintenance and servers to support business growth and different supplies purchased to accommodate the leased space in Canada (Toronto, Canada).

Insurance expenses amounted to $965,139 in the first three quarters of 2022 compared to $77,809 for the same period in 2021.

Expected credit loss of $577,569 for the nine-month period ended September 30, 2022 compared to a recovery of $35,040 for the same period in 2021 relates to the variation in allowance for expected credit loss on ASFC's loan balance for the period and in overall Debtors as described respectively in Notes 5 and 6 of the Company's Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022

Travel and entertainment expenses amounted to $272,800 for the first three quarters of fiscal 2022 compared to $155,176 for the same period in 2021.

Stock exchange and transfer agent expenses were $213,859 for the first three quarters of 2022 compared to $318,523 in the same period of 2021.

Depreciation of right-of use assets of $435,221 in the first nine months of 2022 compared to $219,878 for the same period of fiscal 2021 follows the adoption of IFRS 16 on January 1, 2021 and relates to the depreciation of right-of-use assets associated with new office lease agreements of theCompany's operating subsidiaries in China and in Canada.

Amortization of intangible assets amounted to $4,820,138 for the nine-month period ended September 30, 2022, compared to $685,263 for the same period in 2021. The increase is mostly due to the amortization of intangibles relating to the acquisitions of the Heartbeat and Cubeler fintech platforms.

Impairment of intangible assets is $4,218,826 in the first nine months of 2022 compared to $Nil for the same period in 2021 is mostly due to the reduction of the forecasted revenues of the Heartbeat business as explained in Note 4 of the Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022.

Change in fair value of contingent consideration payable amounted to a gain of $603,589 for the three first quarters of 2022 compared to a loss of $171,432 for the same period in 2021. The change in the fair value of contingent consideration payable is correlated to the reduction of the forecasted net profits of the Heartbeat business for the periods that will be ending in December 31, 2022 and 2023.

Gain on bargain purchases of $109,605 for the nine-month period ended September 30, 2022, represent 80% of the fair value of the net assets and liabilities acquired by AST of ASTH on August 2022 for $Nil consideration. The amount of $1,910,597 for the same period in 2020 represents the initial estimate and difference between the discounted value of the intangible assets acquired, on the date that the assets of Huayan were transferred to Huikeand the contingent consideration payable, less the impairment of goodwill assumed by the Company. These estimates were subsequently adjusted in the last quarter of 2021 and reflected in the Consolidated Financial Statements for the years ended December 31, 2021 and 2020.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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The Company reported, in other comprehensive income, a currency translation adjustment loss of $2,452,768 for the nine-month period ended September 30, 2022 compared to a loss of $782,277 for the same period in 2021 reflecting the variation of the Chinese renminbi against the Canadian dollar during the period.

<u>Net Results</u>

The Company incurred a net loss of $7,715,209 in the third quarter of 2022 compared to a net profit of $1,526,286 in the corresponding period of 2021. For the nine-month period ending September 30, 2022, the Company incurred a net loss of $17,407,482 compared to a net profit of $1,432,655 for the corresponding period of 2021.

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**Summary of Quarterly Results**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**September 30, 2022** | &nbsp;&nbsp;**September 30, 2021** | &nbsp;&nbsp;**June 30, 2022** | &nbsp;&nbsp;**June 30, 2021** |
|  | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** |
| &nbsp;&nbsp;Revenues | &nbsp;&nbsp;$21585258 | &nbsp;&nbsp;$25695570 | &nbsp;&nbsp;$32432228 | &nbsp;&nbsp;$30649179 |
| &nbsp;&nbsp;Expenses (1) | &nbsp;&nbsp;$29300467 | &nbsp;&nbsp;$24169284 | &nbsp;&nbsp;$38764900 | &nbsp;&nbsp;$30353108 |
| &nbsp;&nbsp;Net Profit (loss) | &nbsp;&nbsp;($7715209) | &nbsp;&nbsp;$1526286 | &nbsp;&nbsp;($6332672) | &nbsp;&nbsp;$296071 |
| &nbsp;&nbsp;*Net profit (loss) attributable to:* |  |  |  |  |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;$77064 | &nbsp;&nbsp;$169752 | &nbsp;&nbsp;$136306 | &nbsp;&nbsp;$315630 |
| &nbsp;&nbsp;Owners of the parent | &nbsp;&nbsp;($7792273) | &nbsp;&nbsp;$1356534 | &nbsp;&nbsp;($6468978) | &nbsp;&nbsp;($19559) |
| &nbsp;&nbsp;Earnings per Share (2) | &nbsp;&nbsp;($0.078) | &nbsp;&nbsp;$0.017 | &nbsp;&nbsp;($0.065) | &nbsp;&nbsp;$0.000 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**March 31, 2022** | &nbsp;&nbsp;**March 31, 2021** | &nbsp;&nbsp;**December 31, 2021** | &nbsp;&nbsp;**December 31, 2020** |
|  | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** | &nbsp;&nbsp;**Three months** |
| &nbsp;&nbsp;Revenues | &nbsp;&nbsp;$34741460 | &nbsp;&nbsp;$14239776 | &nbsp;&nbsp;$33048249 | &nbsp;&nbsp;$16368779 |
| &nbsp;&nbsp;Expenses (1) | &nbsp;&nbsp;$38101060 | &nbsp;&nbsp;$14629478 | &nbsp;&nbsp;$83042872 | &nbsp;&nbsp;$19569280 |
| &nbsp;&nbsp;Net Profit (Loss) | &nbsp;&nbsp;($3359601) | &nbsp;&nbsp;($389702) | &nbsp;&nbsp;($49994623) | &nbsp;&nbsp;($3200501) |
| &nbsp;&nbsp;*Net profit (loss) attributable to:* |  |  |  |  |
| &nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;$22670 | &nbsp;&nbsp;$375929 | &nbsp;&nbsp;$333791 | &nbsp;&nbsp;$487831 |
| &nbsp;&nbsp;Owners of the parent | &nbsp;&nbsp;($3382271) | &nbsp;&nbsp;($765631) | &nbsp;&nbsp;($50328414) | &nbsp;&nbsp;($3668332) |
| &nbsp;&nbsp;Earnings per Share (2) | &nbsp;&nbsp;($0.045) | &nbsp;&nbsp;($0.012) | &nbsp;&nbsp;($0.776) | &nbsp;&nbsp;($0.020) |

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*Note (1): Including income tax expenses.*

*Note (2): Earnings per share is calculated using the net profit (loss) and the weighted average number of outstanding shares.<br>*

<br> **<u>Third Quarter Ending September 30, 2022</u>**

**Liquidity**

The level of revenue currently being generated by the Company is not presently sufficient to meet its working capital requirements and investing activities. Until that happens, the Company will continue to use financing means to help meet its financial obligations. As of November 29, 2022, the cash available to manage the Company's operations and meet its obligations amounted to approximately $4,150,000. The Company's cash flow position is expected to improve significantly as its operating subsidiaries grow their revenue and generate new revenue streams and eventual profits for the Company. However, until that happens, the Company will continue to assess its capital needs and undertake whatever initiative it deems necessary to ensure that it continues to meet its financial obligations. In the opinion of management, the Company's current cash position and its access to additional capital, will be sufficient to meet its current obligations and allow it to continue as a going concern for the next 12 months.

**Financing Activities**

From January 1, 2022 to November 29, 2022, the Company issued 2,259,500 common shares for total proceeds of $2,025,500 upon the exercise of share purchase warrants.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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From January 1, 2021 to November 29, 2022, the Company issued 117,500 common shares for total proceeds of $246,750 upon the exercise of options.

**Capital Stock**

The Company's capital stock as of September 30, 2022, was $211,232,131 compared to $208,219,490 as of December 31, 2021. The variation is explained by the common shares issued in connection with the market value (per grant date) of warrants exercised of $2,548,471 and the fair market value (per grant date) of the exercise of options for $464,170.

**Common Shares**

As of November 29, 2022, the Company had 99,544,183 common shares outstanding. The following table summarizes the changes in shares outstanding from January 1, 2022, until November 29, 2022.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**97167183** | &nbsp;&nbsp;**97167183** |
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Cumulative** |
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**number** |
|  |  |  | &nbsp;&nbsp;**number** |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;700000 | &nbsp;&nbsp;97867183 |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;827500 | &nbsp;&nbsp;98694683 |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Exercise of options | &nbsp;&nbsp;100000 | &nbsp;&nbsp;98794683 |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Exercise of options | &nbsp;&nbsp;17500 | &nbsp;&nbsp;98812183 |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;125500 | &nbsp;&nbsp;98937683 |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;277500 | &nbsp;&nbsp;99215183 |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;329000 | &nbsp;&nbsp;99544183 |

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**Share Purchase Options**

As of November 29, 2022,the Company had 3,988,762 common share purchase options outstanding. The following table summarizes the options outstanding as of November 29, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**4689250** | &nbsp;&nbsp;**4689250** |
| &nbsp;&nbsp;**Date of grant** | &nbsp;&nbsp;**Optionee** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise Price** | &nbsp;&nbsp;**Expiration** |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;32725 | &nbsp;&nbsp;$7.50 | &nbsp;&nbsp;January 1, 2027 |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;42881 | &nbsp;&nbsp;$5.60 | &nbsp;&nbsp;February 1, 2027 |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;2941 | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;March 1, 2027 |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Exercised | &nbsp;&nbsp;(100000) | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;April 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;10627 | &nbsp;&nbsp;$4.16 | &nbsp;&nbsp;April 1, 2027 |
| &nbsp;&nbsp;April 2022 | &nbsp;&nbsp;Consultant | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$4.16 | &nbsp;&nbsp;April 1, 2027 |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Exercised | &nbsp;&nbsp;(17.500) | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;13585 | &nbsp;&nbsp;$5.13 | &nbsp;&nbsp;May 1, 2027 |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;2842 | &nbsp;&nbsp;$2.55 | &nbsp;&nbsp;June 1, 2027 |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Expired | &nbsp;&nbsp;(272500) | &nbsp;&nbsp;$2.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(5000) | &nbsp;&nbsp;$4.80 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;5763 | &nbsp;&nbsp;$1.65 | &nbsp;&nbsp;July 1, 2027 |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;35892 | &nbsp;&nbsp;$1.41 | &nbsp;&nbsp;August 1, 2027 |
| &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;14791 | &nbsp;&nbsp;$2.08 | &nbsp;&nbsp;September 1, 2027 |
| &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(5000) | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(250000) | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(150000) | &nbsp;&nbsp;$1.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(125000) | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;(25000) | &nbsp;&nbsp;$5.70 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;October 2022 | &nbsp;&nbsp;Employee | &nbsp;&nbsp;82465 | &nbsp;&nbsp;$1.24 | &nbsp;&nbsp;October 1, 2027 |

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Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

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**Share Purchase Warrants**

As of November 29, 2022, the Company had 14,488,313 common share purchase warrants outstanding. The following table summarizes the changes in warrants outstanding as of November 29, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**Balance outstanding as of December 31, 2021** | &nbsp;&nbsp;**17332504** | &nbsp;&nbsp;**17332504** |
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise Price** | &nbsp;&nbsp;**Expiration** |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(100000) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(350000) | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(250000) | &nbsp;&nbsp;$1.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(467500) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;February 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(360000) | &nbsp;&nbsp;$2.00 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(125000) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;June 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(500) | &nbsp;&nbsp;$2.00 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(277500) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;July 2022 | &nbsp;&nbsp;Expired | &nbsp;&nbsp;(282500) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Exercise of warrants | &nbsp;&nbsp;(329000) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Expired | &nbsp;&nbsp;(302190) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;N/A |

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**Segment Reporting**

The Company presents and discloses segmental information, as disclosed in Note 20 of the Company's Unaudited Condensed Interim Consolidated Financial Statements for the period ended September 30, 2022, based on information that is regularly reviewed by the chief operating decision maker who has been identified as the Company's senior management team, which makes strategic and operational decisions.

**Escrowed Shares**

As of November 29, 2022, 3,879,249 shares of the Company were held in escrow by TSX Trust Company (Escrow Agent) in accordance with the terms of the Security Escrow Agency Agreement dated October 1, 2021, between the Escrow Agent, the Company, and securityholders of Cubeler Inc. (Cubeler). Cubeler securityholders agreed to deposit with the Escrow Agent 11,133,012 shares in the Company and received a partial consideration for the sale by said securityholders of the issued and outstanding shares of Cubeler. On February 2, 2022, 3,374,514 shares of the Company were released by the Escrow Agent and an additional 3,879,249 shares on October 1, 2022. The remaining 3,879,249 shares held in escrow are scheduled to be released on October 1, 2023.

**Related Party Transactions**

Salaries paid and accrued to officers and directors amounted to $348,163 and $1,067,998 during the three and nine-month periods ended September 30, 2022 respectively compared to $197,232 and $533,546 for the same periods in fiscal 2021.

During the three and nine-month periods ended September 30, 2022, share-based expenses associated with officers and board members amounted to $385,324 and $1,207,171 respectively compared to $747,880 and $1,391,300 for the same periods of 2021.

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The officers and directors included in the above are Johnson Joseph, CEO, Jean Landreville, CFO, Liang Qiu, China Operations CEO, Carol Penhale, Board Member, Dylan Tinker, Board Member, Dana Ades-Landy, Board Member (resigned in June 2022), Marc Dumas, Board member (resigned in August 2022), Michael Pesner, Board Member (resigned in June 2022) and Charles-Andrée Tessier, Board Member (resigned in August 2022).

Cubeler, a Canadian company, created a software platform called Cubeler (Platform). In 2017 Cubeler entered into a Software and Royalty License Agreement with Tenet (then Peak Positioning Technologies Inc.), according to which Cubeler granted Tenet an exclusive, assignable, transferable license to, among other things, use, market, distribute, and sell the Platform in Mainland China. On August 15, 2021, Tenet, Cubeler, and Cubeler's shareholders entered a Binding Memorandum of Understanding on the Acquisition of Cubeler Shares, pursuant to which Tenet conditionally agreed to purchase Cubeler. Four Cubeler shareholders were identified as Tenet insiders and, as such, the acquisition was conditional on, among other things, receipt of an independent favorable fairness opinion satisfactory to the special committee of Tenet's Board (having no conflicts of interest in the purchase) as to the purchase price and the transaction. Shares in Tenet paid in consideration were subject to an escrow hold and released gradually over 24 months as well as non-compete undertakings for shareholders holding 5% or more of Cubeler. As found in a Final Pricing Report dated August 15, 2021, Evans and Evans carried out an independent assessment and determined that, as of September 30, 2021, the value of Cubeler to Tenet was between $94.73M-$103.102M. Moreover, a Fairness Opinion by Harris Capital Corporation dated September 23, 2021, concluded that the proposed transaction was fair from a financial point of view to the shareholders of Tenet. The sale was concluded pursuant to a Share Purchase Agreement between Tenet and the shareholders of Cubeler dated October 1, 2021.

During the nine-month period ended September 30, 2021 (before the acquisition of Cubeler), the Company incurred $107,202 of royalty expense for the use of Cubeler's technology.

In December 2021, Tenet's Chairman, Charles-Andre Tessier and Tenet's CEO, Johnson Joseph both exercised stock options to acquire common shares of the Company. While processing those transactions, the Company had to remit withholding taxes to the government on behalf of the individuals. Those withholding taxes amounted to $40,000 for Mr. Tessier and $72,793 for Mr. Joseph. On December 15, 2022 those amounts were recorded as loans to those individuals by the Company. On June 3, 2022, an additional loan was issued to another Director of the Company (Lian Qiu) of $130,462. The loans are due on December 15, 2022 and December 31, 2022 respectively. Each loan bears interest at an annual rate of 1%, which was the prescribed rate at the date of issuance. As of September 30, 2022, the aggregate outstanding principal amount due for said loans is $245,493 (December 31, 2021 - $113,193). On August, 2022, one of the Directors (Charles-Andrée Tessier) owing $40,000 to the Company, resigned and ceased to be a related party.

During the three and nine-month periods ended September 30, 2022, the Company charged interest revenue on the above mentioned promissory notes (loans) to Directors of $1,023 and $1,838 respectively ($Nil for the three-month and nine-month periods ended September 30, 2021).

**Off-Balance-Sheet Arrangements**

The Company has not entered into any off-balance sheet financing arrangements.

**Accounting Policies**

The principal IFRS accounting policies set out in Note 4 of the Audited Consolidated Financial Statements for the year ending December 31, 2021, have been consistently applied to all periods presented in such financial statements including the Unaudited Condensed Interim Consolidated Financial Statements for the three and nine-month periods ended September 30, 2022.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

Page **17** of **21**

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**Legal Proceedings**

As of November 29, 2022 the following legal proceedings have been instituted against the Company:

A class action lawsuit has been brought against Tenet and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case was brought on behalf of Tenet shareholders who traded securities of Tenet between September 2, 2021, and October 13, 2021, on the NASDAQ. The complaint alleges, among other things, that the defendants violated the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 by making false or misleading statements regarding (i) Tenet's ownership interest in Asia Synergy Financial Capital Ltd. through a subsidiary, Wuxi Aorong Ltd., (ii) Tenet's acquisitions of Huayan the Heartbeat insurance platform, and Cubeler, (iii) Tenet's listing on Nasdaq, (iv) Tenet's Form 40-F submission to the SEC, and (v) statements published about Tenet by Grizzly Reports. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed on April 2022. The Company has retained external counsel and is defending itself vigorously against all claims. The Company filed a motion to have the case dismissed on August 8, 2022. The plaintiff's opposition to the motion to dismiss was filed on September 23, 2022. A reply brief for the Company's motion to dismiss the securities case was filed on Monday, October 24, 2022 with the United States District Court, Eastern District of New York. The Company is currently waiting for confirmation on whether the judge will hear oral argument or rule on this motion by the end of December 2022.

**Financial Instruments**

For the period ending September 30, 2022, the Company has classified its financial instruments as described in Note 4.11 of the Audited Consolidated Financial Statements for the period ending December 31, 2022. For the period ending September 30, 2022, the Company is exposed to various risks as described in Note 18.3 of the Unaudited Condensed Interim Consolidated Financial Statements for the period ended September 30, 2022.

**Governance**

To better equip the Company with better protocols and policies and procedures to manage the current growth of its business and to properly pursue its strategic plan, the Company is taking steps to continuously to bolster its governance measures. These steps include: (i) the hiring of key internal resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, with respect to discrimination and harassment, health and safety, and personal data, (iii) the re-calibration of the corporate governance charter and the adoption of a corporate whistleblower policy, and (iv) the Company retained Richter LLP in Canada and Ernst & Young in China to help implement general internal controls over its processes and operations, as well as to carry out a Sarbanes Oxley compliance review and diagnostic, both of which were still ongoing as of the date of this MD&A. The Company aims to continue to improve upon its corporate governance throughout 2022 to align with best practices.

**RISKS AND UNCERTAINTIES**

Risk factors that may adversely affect or prevent the Corporation from carrying out all or portions of its business strategy are discussed in the Corporation's Annual Information Form dated June 16, 2022, available on SEDAR at www.sedar.com. Other risks include:

**Liquidity and Capital Resources**

The Company will require financing in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of common shares. Factors that could affect the availability of financing include, but are not limited to, evidence of continued demand for the Company's services, the Chinese geopolitical climate, the Company's ability to expand its services beyond China, the state of international debt and equity markets, and investor perceptions and expectations of the fintech space. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

Page **18** of **21**

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**Holding Company with Significant Operations in China**

As a holding company that is currently dependent on the operations of its subsidiaries in China, Tenet is subject to risks that could cause the value of its common shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of its common shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

**Regulatory Permissions**

To operate its business as currently conducted in China, each of the Company's subsidiaries in China are required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of the Company's subsidiaries are revoked, this would hinder the ability to operate the business, which could materially and adversely affect the business, financial condition, and results of operations.

**Repatriation of Profits or Transfer of Funds from China to Canada**

As of the date of this MD&A, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits generated by the Company, which the Company might want to repatriate from China to Canada, or the transfer any funds that the Company might want to transfer to its Chinese subsidiaries, is subject to the rules and regulations established by the Chinese government that restrict the flow of funds between China and foreign jurisdictions, including the transfer of funds between Chinese subsidiaries and their foreign parent companies. Although the Company has taken steps to comply with regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise adversely impact the Company in the future.

**Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest**

The Company operates in a foreign jurisdiction (China) where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limit liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offence, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

Page **19** of **21**

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Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to suspend temporarily or permanently some of its operations in China, which would adversely affect the Company's operations, revenue and profits.

Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favors that would advance the Company's business interests in exchange for cash, other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

As a Canadian entity operating in China and soon in the U.S., the Company is also exposed to the state of relations between China, the U.S. and Canada. Political and/or cultural tensions between these countries may reach a point that triggers civil unrest in China against all things Canadian and/or American. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would negatively impact the Company's operations, revenue and profits.

**COVID-19**

Since the outbreak of the COVID-19 global pandemic, many businesses around the world have seen their operations negatively impacted by the health and safety measures, including limitations on the movement of goods and individuals, put into place by local governments to help control the spread of the outbreak. Although those measures have been relaxed in recent months in some parts of the world, there still remains a great deal of uncertainty as to the extent and duration of the future impact of COVID-19 on global commerce and the Company's business. Moreover, China, in particular, has occasionally taken strong measures to try to curb the spread of the virus and protect its citizens and, in doing so, there has been an impact on the economic activities of many of its regions. Given that the Company has significant operations in China, any such measures may have an adverse impact on the Company's revenues and cash resources, ability to expand its business, access to suppliers, partners, and customers, and ability to carry on its day-to-day operations without interruption.

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

Page **20** of **21**

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**FURTHER INFORMATION**

Additional information about the Company can be found at <u>www.sedar.com</u>

November 29, 2022

---

| | |
|:---|:---|
| ***(s) Jean Landreville*** | ***(s) Johnson Joseph*** |
| Jean Landreville, Chief Financial Officer | Johnson Joseph, President & CEO |

---

Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.) - MD&A, November 29, 2022

Page **21** of **21**

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## Exhibit 99.377

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**FORM 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Johnson Joseph, Chief Executive Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "**interim filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the interim period ended September 30, 2022.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 29, 2022

/s/ Johnson Joseph

_______________________

Johnson Joseph

Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NOTE TO READER**<br> In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.<br> The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

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## Exhibit 99.378

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**FORM 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, Jean Landreville, Chief Financial Officer of Tenet Fintech Group Inc. certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "**interim filings**") of TENET FINTECH GROUP INC (the "**issuer**") for the interim period ended September 30, 2022.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 29, 2022

/s/ Jean Landreville

_______________________

Jean Landreville <br>Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NOTE TO READER**<br> In contrast to the certificate required for non-venture issuers under Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filing*s* (c. V-1.1, r. 27) (Regulation 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in Regulation 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br> ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's IFRS.<br> The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in Regulation 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

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## Exhibit 99.379

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**Tenet Reports $21.6M in Revenue for Q3 2022 as Operations Felt Impact of Economic Conditions in China**

Toronto, Ontario--(Newsfile Corp. - November 29, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC

Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced its financial results and operating highlights for the three-month and nine-month periods ended September 30, 2022. The Chinese economy as a whole continued to languish from the effects of sporadic government-imposed COVID-19 lockdowns throughout the quarter, which had an impact on the Company's operations. Tenet cautioned that its third quarter results, coupled with the prevailing difficult economic conditions in China, will likely cause its 2022 revenue to come in below the guidance last updated in May 2022.

Tenet generated $21.6M in revenue in Q3 and had a net loss of $7.7M as the Company continued to invest to launch its North American operations in the fourth quarter of 2022 and diversify its revenue streams. All amounts expressed are in Canadian dollars.

**Q3 Financial Highlights:**

* Total Revenue of $21.6M

* Adjusted EBITDA of ($3.8M)

* Net Loss of ($7.7M)

**Summary of Quarterly Evolution of Revenue, Adjusted EBITDA and Net Income (Loss)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Q3 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Q2 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Q1 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Q4 2021** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Q3 2021** |
|  Revenue | $21585258 | $32432228 | $34741460 | $33048249 | $25695570 |
|  Expenses<sup>1</sup> | $25369965 | $35428207 | $35309665 | $33226492 | $24195016 |
|  Adjusted EBITDA<sup>2</sup> | ($3784707) | ($2995979) | ($568205) | ($178245) | $1500555 |
|  Net Income (Loss)<sup>3</sup> | ($7715209) | ($6332672) | ($3359601) | ($49994623) | $1526286 |

---

1 Expenses, for the calculation of Adjusted EBITDA, do not include finance costs, interest, taxes, depreciation (including impairment of intangible assets) loss on settlement of debt, gain on bargain purchase and amortization.

2 Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation, amortization and impairment of intangible assets, loss on extinction of debt, gain on bargain purchase and amortization. Adjusted EBITDA is provided as a supplementary earnings measure to assist readers in determining the Company's ability to generate cash flows fromoperations and to cover finance charges. Adjusted EBITDA and EBITDA are also widely used for business valuation purposes. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

3 The net loss for Q3 2022 included a total of $4,218,826 in impairment charges related to the Company's acquisition of the Heartbeat platform. Part of the impairment charges may be reversed in the future as the platformmakes more substantial contributions to the Company's revenue.

**Q3 Operating Highlights:**

* Over 1,000 registered truck drivers on YunFleet shipping and transportation platform in China

* $1.7M in revenue from insurance related services

* $1.1M in revenue generated from YunFleet platform

* Over 2,000 pre-registered SMEs for Canadian launch of Business Hub™

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**ABOUT THIRD QUARTER FINANCIAL AND OPERATING RESULTS SUMMARY**

Although COVID-19 related shutdowns continued to hamper the Chinese economy and the Company's operations during the quarter, Tenet was still able to make progress on some important elements of its business plan in China. The Company was able to continue to diversify its revenue stream and create synergies between its offerings.

Canadian SMEs continued to respond very favorably to the Company's value proposition, which helped Tenet's Business Hub™ to surpass 2,000 SME pre-registrations during the quarter. The Company was able to formulate its initial advertising offering to potential advertisers who would want to reach SME owners and executives, positioning Tenet to record its first revenues in Canada sometime in Q4 2022.

In summary, the Company generated revenue of $21,585,258 for the three-month period and $88,758,946 for the nine-month period ended September 30, 2022, compared to $25,695,570 for the three-month period and $70,584,525 for the nine-month period ended September 30, 2021.

Total expenses before taxes for the quarter amounted to $30,164,621, compared to $23,312,024 for the same period in 2021. The net loss for the third quarter of 2022 was $7,715,209 compared to net income of $1,526,286 for the same period in 2021.

Full details of the Company's third quarter 2022 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and nine-month periods ended September 30, 2022 and 2021, which are available at <u>www.sedar.com</u>.

Tenet will host an investor webinar on **Wednesday, November 30 at 8:30 am EST**, where President & CEO Johnson Joseph and CFO Jean Landreville will discuss the Q3 2022 financial results. Registration for the event is available at: <u>https://app.webinar.net/rx0dwdpwzZn</u>

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI- based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

**For more information, please contact:**

**Tenet Fintech Group Inc.**

Branka Petrovic, Investor Relations & Marketing

437-778-7238

<u>bpetrovic@tenetfintech.com</u>

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251

<u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA

312-261-6430

<u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: <u>@Tenet_Fintech</u>

Facebook: <u>@Tenet</u>

LinkedIn: <u>Tenet</u>

YouTube: <u>Tenet Fintech</u>

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**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-379x3x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/146171</u>

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## Exhibit 99.380

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**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 99,544,183

Date: November 30, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*The Issuer continued to take measures during the period to limit the impact of persistent COVID-19 lockdowns on its Chinese operations. Those measures included working with financial institutions to provide additional comfort to committing capital to the Business Hub despite the slowdown in business activity. For instance by consolidating services offerings to provide better risk control on certain transactions originating from the Issuer's LinkSteel and clean energy platforms, allowing factories creating solar panels to purchase and finance the steel used in the making of their products.*

*The Issuer once again worked with its retail and distribution clients during the period to ensure that they would be able to get the most out of this year's Singles'*

*Day shopping festival. However, the impact of this year's event was less pronounced on the Issuer's sales compared to previous years.*

*The Issuer also made considerable progress on the on-going pilot project with one of China's largest retailers in the city of Chengdu aimed at bringing better distribution and delivery efficiency to online consumer goods retailers and distributors. An API and system integration application was developed, paving the way for complete automation in the area for the 145 retail outlets participating in the pilot project.*

*Finally, the Issuer also began a new pilot project with CHJ Jewellery, a well-known Chinese jewellery brand, to begin supply-chain procurement cooperation in Jiangsu province. The pilot project has so far recruited 30 participating shops.*

*On the Canadian operations front, the period concluded with the official launch of the Issuer's Business Hub platform in Canada with almost 5,000 pre-registered SMEs. The launch of the Business Hub in Canada positions the Issuer to begin generating its first revenue outside of China and to validate a new revenue model, which the Issuer eventually plans to export to its Chinese operations.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 1<br>

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2. Provide a general overview and discussion of the activities of management.

*Given the importance of the launch of the Issuer's Business Hub in Canada, a large portion of the Issuer's management's time during the period was spent on working on the finishing touches to ensure all would be ready for the event.*

*The Issuer's management also worked on, and provided a response to, comments received from the Ontario Securities Commission (the "OSC") on the filing of the Issuer's short form prospectus. The Issuer's management also continued to address and respond to questions during the period related to the Issuer's application to have its securities listed on a senior Canadian exchange (the "Exchange").*

*Finally, the Issuer's management completed and filed its financial results for the third quarter of 2022 and held a webinar to discuss the results for the quarter.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*The Issuer launched its Business Hub in Canada on November 30.*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the

Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*After several weeks of discussions and evaluation, the Issuer officially joined the Toronto Regional Board of Trade (the "TRBT"). The TRBT has more than 11,500 members and is very entrenched in the SME environment within the greater Toronto area (GTA). It also works very closely with both the Ontario & Canadian Chambers of Commerce.*

6. Describe the expiry or termination of any contracts or agreements between the

Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 2<br>

------

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers. *N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

*The Issuer continued to hire new employees in Canada during the reporting period in connection with its development, adaptation and operation of the Business Hub in North America.*

11. Report on any labour disputes and resolutions of those disputes if applicable. *N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

------

14. Provide details of any securities issued and options or warrants granted.

*N/A*

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*N/A*

17. Discuss any trends which are likely to impact the Issuer including trends in the

Issuer's market(s) or political/regulatory trends.

*The continuation of COVID-19 lockdowns and associated criticism in China could negatively impact the Issuer's Chinese operations.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

------

**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated December 7, 2022.

---

| |
|:---|
| &nbsp;&nbsp; Johnson Joseph |
| &nbsp;&nbsp; Name of Director or Senior Officer |
| *(s) Johnson Joseph* |
| &nbsp;&nbsp; Signature |
| &nbsp;&nbsp; Chief Executive Officer |
| &nbsp;&nbsp; Official Capacity |

---

---

| | | |
|:---|:---|:---|
| ***Issuer Details*** |  |  |
| &nbsp;&nbsp; Name of Issuer | &nbsp;&nbsp; For Month End | &nbsp;&nbsp; Date of Report |
| &nbsp;&nbsp; *Tenet Fintech Group Inc.* | &nbsp;&nbsp; *November 2022* | &nbsp;&nbsp; December *7, 2022* |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; *119 Spadina Avenue, Suite 705* |  |  |
| &nbsp;&nbsp; City/Province/Postal Code | &nbsp;&nbsp; Issuer Fax No. | &nbsp;&nbsp; Issuer Telephone No. |
| &nbsp;&nbsp; *Toronto, Ontario M5V 2L1* | &nbsp;&nbsp; *(514) 340-2228* | &nbsp;&nbsp; *(514) 340-7775* |
| &nbsp;&nbsp; Contact Name | &nbsp;&nbsp; Contact Position | &nbsp;&nbsp; Contact Telephone No. |
| &nbsp;&nbsp; *Johnson Joseph* | &nbsp;&nbsp; *CEO* | &nbsp;&nbsp; *(514) 340-7775* |
| &nbsp;&nbsp; Contact Email Address | &nbsp;&nbsp; Web Site Address | &nbsp;&nbsp; Web Site Address |
| &nbsp;&nbsp; *investors@tenetfintech.com* | &nbsp;&nbsp; *www.tenetfintech.com* | &nbsp;&nbsp; *www.tenetfintech.com* |

---

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

------

## Exhibit 99.381

------

**Tenet Expands into North America with Launch of Cubeler Business Hub(TM) in Canada**

Toronto, Ontario--(Newsfile Corp. - December 8, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative artificial intelligence (AI) based financial service provider and operator of the Business Hub™, today announced its expansion into North America with the November 30<sup>th</sup> launch of the Cubeler Business Hub™ in Canada with almost 5,000 pre-registered small and medium-sized enterprises (SMEs).

The Cubeler Business Hub™ helps SME owners and decision-makers unlock their businesses' growth potential through access to credit and funding options, access to strategic market insights, networking opportunities with other SME decision-makers and the creation of highly-targeted advertising campaigns to promote their products and services. "The Business Hub™ empowers SME decision-makers by eliminating business-related obstacles and bringing them powerful AI and analytics-based solutions to help them thrive while providing compelling value for partners. With almost 5,000 pre-registered SMEs across Canada, we are very pleased with the level of interest for the Business Hub™ in the Canadian market so far," said Johnson Joseph, Tenet CEO.

The Cubeler Business Hub™ was created based on the fundamental belief that data and analytics will increasingly be used to automate various aspects of B2B transactions and how businesses generally interact and connect with each other. The platform offers members access to four key pillars to be launched in phases. The initial pillar, launched on November 30<sup>th</sup>, Cubeler Financing, is an innovative credit marketplace that first uses analytics to match SMEs with financial institutions and will later use AI to help the platform's lending partners minimize credit risk and become better lenders. The service allows SMEs to compare and select pre-qualified credit options from participating lenders that best suit their requirements, saving them time and money, without impacting their credit scores.

Six financial institutions, including a Canadian chartered bank, were already members of the Cubeler Business Hub™ when it launched in Canada in November. Cubeler expects that number to grow steadily over the next several months.

The Cubeler Business Hub's™ other pillars, Cubeler Insights, Cubeler Advertising, and Cubeler Networking are expected to be rolled out in early 2023. "The positive impact that data and analytics can have on a business is undeniable," commented Luc Godard, VP of Marketing and Communications at Cubeler. "At Cubeler, we realize that these game-changing technologies may not be accessible to most SMEs and have made it our mission to deliver it to them and work alongside of them to see just how far we can go together. We have an opportunity to redefine what it means to be a Canadian SME through the Cubeler Business Hub™."

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>.

------

**For more information, please contact:**

Tenet Fintech Group Inc.

Branka Petrovic, Investor Relations & Marketing

437-778-7238

<u>bpetrovic@tenetfintech.com</u>

CHF Capital Markets

Cathy Hume, CEO

416-868-1079 ext.: 251

<u>cathy@chfir.com</u>

MZ Group - MZ North America

Mark Schwalenberg, CFA

312-261-6430

<u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: <u>Tenet_fintech</u>

Facebook: <u>Tenet</u>

LinkedIn: <u>Tenet</u>

YouTube: <u>Tenet Fintech</u>

**Forward-Looking Statements / Information:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/147193</u>

------

## Exhibit 99.382

------

***A copy of this amended and restated preliminary short form prospectus has been filed with the securities regulatory authorities in the provinces of Alberta, British Columbia, Ontario and Québec but has not yet become final for the purpose of the sale of securities. Information contained in this amended and restated preliminary short form prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the short form prospectus is obtained from the securities regulatory authorities.***

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.** This amended and restated preliminary short form prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and, as such, cannot be offered, sold or delivered within the United States except in compliance with an exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This amended and restated preliminary short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Plan of Distribution".*

***Information has been incorporated by reference in this amended and restated preliminary short form prospectus from documents filed with securities commissions or similar regulatory authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Tenet Fintech Group Inc. at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1, telephone (514) 340-7775, and are also available electronically at www.sedar.com.*

**AMENDED AND RESTATED PRELIMINARY SHORT FORM PROSPECTUS**

**DATED DECEMBER 22, 2022, AMENDING AND RESTATING THE PRELIMINARY SHORT**

**FORM PROSPECTUS DATED SEPTEMBER 27, 2022**

---

| | |
|:---|:---|
| <u>***New Issue***</u> | December 22, 2022 |

---

**TENET FINTECH GROUP INC.**

**Minimum Public Offering: $20,000,000 / ● Units**

**Maximum Public Offering: $30,000,000 / ● Units**

**$● per Unit**

This amended and restated preliminary short form prospectus (this "**Prospectus**") qualifies the distribution of a minimum of ● units (the "**Units**") of Tenet Fintech Group Inc. (the "**Company**" or "**Tenet**") (the "**Minimum Offering**") and a maximum of ● Units of the Company (the "**Maximum Offering**" and collectively with the Minimum Offering, the "**Offering**") at a price of $● per Unit (the "**Offering Price**").

The Offering is expected to be made on a commercially reasonable "best efforts" agency basis without underwriter liability pursuant to the terms and conditions of an agency agreement (the "**Agency Agreement**") to be entered into between by the Company with Research Capital Corporation (the "**Agent**"). The Units will be offered in the provinces of Alberta, British Columbia, Ontario and Québec through the Agent, its affiliates and such other registered dealers as may be designated by the Agent. The Offering Price will be determined by arm's length negotiation between the Company and the Agent with reference to the prevailing market price of the common shares of the Company (the "**Common Shares**"). See "Plan of Distribution".

------

- ii -

Each Unit consists of one Common Share of the Company (a "**Unit Share**") and one Common Share purchase warrant (a "**Warrant**"). Each Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture (as defined herein), one additional Common Share of the Company (a "**Warrant Share**") at a price of $● per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the date that is twenty-four months following the Closing Date (as defined herein) (the "**Expiry Date**"). The Warrants will be governed by a warrant indenture (the "**Warrant Indenture**") to be entered into on or before the Closing Date between the Company and TSX Trust Company (the "**Warrant Agent**"). The Units will be immediately separated into Unit Shares and Warrants upon issuance. See "Description of Securities Being Distributed".

The outstanding Common Shares are listed and posted for trading on the Canadian Securities Exchange (the "CSE") under the symbol "PKK". On September 26, 2022, the last trading day prior to the public announcement of the Offering, the closing price of the Common Shares on the CSE was $1.46. On December 21, 2022, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the CSE was $0.78.

**There is currently no market through which the Warrants and Over-Allotment Warrants (as defined below) may be sold and purchasers may not be able to resell the Warrants and Over-Allotment Warrants that are purchased under this Prospectus. This may affect the pricing of the Warrants and Over-Allotment Warrants in the secondary market, the transparency and availability of trading prices, the liquidity of the Warrants and Over-Allotment Warrants and the extent of issuer regulation. See "Risk Factors".**

**The issuer has applied to have its securities listed on Toronto Stock Exchange (the "TSX") (the "Uplist"). Listing is subject to the approval of the TSX in accordance with its original listing requirements. The TSX has not conditionally approved the issuer's listing application and there is no assurance that the TSX will approve the listing application. See "Risk Factors".**

In the event that the Company is unable to fulfill all of the listing requirements of the TSX in respect of the Uplist, the Company will give notice to list the Unit Shares, Warrants, Warrant Shares, Over-Allotment Unit Shares (as defined below), Over-Allotment Warrants and Over-Allotment Warrant Shares (as defined below) distributed under this Prospectus as well as the Common Shares (the "**Broker Warrant Shares**") which may be issued upon exercise of the Broker Warrants (as defined below) on the CSE. Listing on the CSE will be subject to the Company fulfilling all of the listing requirements of the CSE.

**<br>Price: $● per Unit<br>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to the** | **Agent's** | **Net Proceeds to the** |
|  | **Public** | **Fee<sup>(1), (2)</sup>** | **Company<sup>(2)</sup>** |
| Per Unit | $● | $● | $● |
| Minimum Offering<sup>(3)</sup> | $20000000 | $1500000 | $18500000 |
| Maximum Offering<sup>(3)</sup> | $30000000 | $2250000 | $27750000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company has agreed to pay the Agent, together with its sub-agents, an aggregate cash fee equal to 7.5% of the gross proceeds of the Offering (the "Agent's Fee"), including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option (as defined below), being $● per Unit. The Agent, together with its sub-agents, will also receive, on the Closing Date, as additional compensation, non-transferable broker warrants (the "Broker Warrants") equal to 7.5% of the aggregate number of Units issued by the Company under the Offering (including pursuant to the exercise of the Over-Allotment Option). Each Broker Warrant is exercisable into one (1) Broker Warrant Share at $● for twenty- four (24) months following the date of issuance thereof. This Prospectus qualifies the distribution of the Broker Warrants. See "Plan of Distribution".

------

- iii -

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes no exercise of the Over-Allotment Option. After deducting the Agent's Fee, but before deducting the expenses of the Offering (estimated to be $●), which will be paid from the proceeds of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has granted the Agent an over-allotment option (the "Over-Allotment Option"), exercisable in whole or in part, at the sole discretion of the Agent, by giving written notice of the exercise of the Over-Allotment Option to the Company at any time up to 48 hours prior to the Closing Date, when the Maximum Offering is achieved, enabling it to offer for sale up to such additional number of Units (the "Over-Allotment Units") as is equal to 15% of the number of Units sold under the Maximum Offering at the Offering Price.

Each Over-Allotment Unit consists of one additional Common Share (the "Over-Allotment Unit Share") and one additional Warrant (the "Over-Allotment Warrant"). Each Over-Allotment Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Common Share of the Company (an "Over- Allotment Warrant Share") at a price of $● per Over-Allotment Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date.

This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Units, Over- Allotment Unit Shares and Over-Allotment Warrants to be issued and sold upon exercise of the Over-Allotment Option. A purchaser who acquires securities forming part of the Agent's over-allocation position acquires those securities under this Prospectus, regardless of whether the Agent's over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

Assuming the Over-Allotment Option has been exercised in full for Over-Allotment Units, the total number of Units sold pursuant to the Offering will be ●, the total Price to the Public will be $34,500,000, the total Agent's Fee will be $2,587,500, and the proceeds to the Company will be $31,912,500 (before deducting the estimated expenses of the Offering of $●, which will be paid from the proceeds of the Offering).

The following table sets out the number of Over-Allotment Units and Broker Warrants that may be issued by the Company in connection with the Offering assuming the maximum Units under this Offering are sold:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of Securities** |  |  |
| **Agent's Position** | **Available** | **Exercise Period** | **Exercise Price** |
| Over-Allotment Option | Up to ● Over-Allotment | Any time up to forty-eight | $● per Over- |
|  | Units | (48) hours prior to the | Allotment Unit |
|  |  | Closing Date |  |
| Agent's Broker Warrants | Up to ● Broker Warrant | Any time for a period of | $● per Broker |
|  | Shares<sup>(1)</sup> | twenty-four (24) months | Warrant Share |
|  |  | following the Closing |  |
|  |  | Date |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes no exercise of the Over-Allotment Option. Assuming the Over-Allotment Option has been exercised in full for Over-Allotment Units, the total number of Broker Warrant Shares issued pursuant to the Offering will be ●.

Unless the context otherwise requires, when used herein, all references to the "Offering", the "Units", the "Unit Shares", the "Warrants" and the "Warrant Shares" shall include the Over-Allotment Option, the Over-Allotment Units, the Over-Allotment Unit Shares, the Over-Allotment Warrants and the Over-Allotment Warrant Shares, respectively.

The Offering is being conducted on a commercially reasonable "best efforts" agency basis without underwriter liability by the Agent who conditionally offers the Units for sale, if, as and when issued by the Company and accepted by the Agent, in accordance with the conditions contained in the Agency Agreement referred to under "Plan of Distribution", and subject to the approval of certain legal matters on behalf of the Company by Dentons Canada LLP and on behalf of the Agent by MLT Aikins LLP.

Subject to applicable laws, the Agent may, in connection with the Offering, over-allot or effect transactions that stabilize or maintain the market price of the Units at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be discontinued at any time. **The Agent may offer the Units at prices lower than stated above. See "Plan of Distribution".**

Subscriptions for Units will be received subject to rejection or allotment in whole or in part and the Agent reserves the right to close the subscription books at any time without notice. Closing of the Offering is expected to occur on or about ●, 2022 (the "**Closing Date**"), or such later date as the Company and the Agent may agree. Pending closing of

------

- iv -

the Offering, all subscription funds will be deposited and held by the Agent in trust, until the Minimum Offering is raised, pursuant to the terms and conditions of the Agency Agreement. If the Closing Date does not occur within ninety (90) days from the date a receipt is issued for the (final) short form prospectus or such other time as may be permitted by applicable securities legislation and consented to by persons or companies who subscribed within that period and the Agent, the Offering will be discontinued and all subscription monies will be returned to subscribers without interest, set-off or deduction. See "Plan of Distribution".

It is expected that the Company will arrange for the instant deposit of the Units under the book-based system of registration, to be registered to CDS Clearing and Depository Services Inc. ("**CDS**") or its nominee and deposited with CDS on the Closing Date, or as may otherwise be agreed to among the Company and the Agent. No certificates evidencing the Units will be issued to purchasers of the Units. Accordingly, a purchaser of the Units will receive only a customer confirmation from the Agent or other registered dealer or broker which is a CDS participant from or through whom a beneficial interest in the Units is purchased. See "Plan of Distribution".

Prospective investors should rely only on the information contained in this Prospectus, including documents incorporated by reference herein. The Company and the Agent have not authorized anyone to provide prospective investors with information different from that contained or incorporated by reference in this Prospectus. The information contained in this Prospectus is accurate only as of the date of this Prospectus and information contained in any document incorporated by reference herein is accurate only as of the date of that document, regardless of the time of delivery of this Prospectus or any sale of the Units. The Company's business, financial condition, results of operations and prospects may have changed since such date or dates.

Dylan Tinker, a director of the Company, resides outside of Canada. Mr. Tinker has appointed Tenet at its head office location at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1 as his agent for service of process. Purchasers are advised that it may not be possible for investors to enforce judgements obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of process.

**An investment in the Units is highly speculative and involves a high degree of risk that should be carefully considered by prospective investors before purchasing such securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with an investment in such securities. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in this Prospectus before purchasing the Units.**

The Company's head office and registered and records offices are located at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**](#page_6) | [**1**](#page_6) |
| [**FINANCIAL INFORMATION**](#page_8) | [**3**](#page_8) |
| [**ELIGIBILITY FOR INVESTMENT**](#page_8) | [**3**](#page_8) |
| [**DOCUMENTS INCORPORATED BY REFERENCE**](#page_9) | [**4**](#page_9) |
| [**THE COMPANY**](#page_10) | [**5**](#page_10) |
| [**SUMMARY DESCRIPTION OF THE BUSINESS**](#page_10) | [**5**](#page_10) |
| [**RECENT DEVELOPMENTS**](#page_11) | [**6**](#page_11) |
| [**CUBELER INC. ACQUISITION**](#page_14) | [**9**](#page_14) |
| [**AMF INVESTIGATION AND COMPLIANCE ISSUES**](#page_14) | [**9**](#page_14) |
| [**OPERATIONS IN EMERGING MARKET JURISDICTIONS**](#page_15) | [**10**](#page_15) |
| [**CONSOLIDATED CAPITALIZATION**](#page_25) | [**20**](#page_25) |
| [**USE OF PROCEEDS**](#page_25) | [**20**](#page_25) |
| [**PLAN OF DISTRIBUTION**](#page_29) | [**24**](#page_29) |
| [**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**](#page_32) | [**27**](#page_32) |
| [**PRIOR SALES**](#page_35) | [**30**](#page_35) |
| [**REPORTING INSIDERS AND INSIDER TRADING POLICY AND PROHIBITIONS**](#page_37) | [**32**](#page_37) |
| [**TRADING VOLUME AND PRICE**](#page_38) | [**33**](#page_38) |
| [**INTERESTS OF EXPERTS**](#page_39) | [**34**](#page_39) |
| [**AUDITOR, TRANSFER AGENT AND REGISTRAR**](#page_39) | [**34**](#page_39) |
| [**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**](#page_39) | [**34**](#page_39) |
| [**RISK FACTORS**](#page_43) | [**38**](#page_43) |
| [**OTHER MATERIAL FACTS**](#page_55) | [**50**](#page_55) |
| [**TEMPORARY EXEMPTIVE RELIEF**](#page_56) | [**51**](#page_56) |
| [**STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**](#page_56) | [**51**](#page_56) |
| [**CERTIFICATE OF THE COMPANY**](#page_57) | [**52**](#page_57) |
| [**CERTIFICATE OF THE AGENT**](#page_58) | [**53**](#page_58) |

---

------

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus and documents incorporated by reference herein contain "forward looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information contained herein is provided as of the date of this Prospectus and the Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by applicable securities law.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on opinions, estimates and reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks related to: possible changes to the use of proceeds of the Offering; the impact of general business and economic conditions; risks related to government and environmental regulation; industry conditions, including fluctuations in foreign exchange rates and fluctuations in interest rates; stock market volatility; competition; community relations; risks, uncertainties and other factors relating to public health crises, including the evolving COVID-19 coronavirus ("**COVID-19**") pandemic and health crisis; as well as those factors discussed in the section entitled "Risk Factors" in this Prospectus and in the section entitled "General Development of the Business - Risk Factors" in the AIF (as defined below) and identified elsewhere in other disclosure documents of the Company filed at www.sedar.com.

Forward-looking information in this Prospectus includes, among other things, disclosure regarding: the Company's future outlook, the Offering, the closing of the Offering, the issuance of the Units pursuant to the Offering, the Uplist, the listing of the Warrants on the CSE or TSX, the satisfaction of the conditions precedent to the listing of the Unit Shares, Warrants, Warrant Shares, and Broker Warrant Shares on the CSE or TSX, the use of the net proceeds of the Offering, the expected performance of the Company's business and operations, the Company's business objectives, milestones and anticipated timing of execution, as well as the information under the heading "Use of Proceeds". Forward-looking information has also been incorporated by reference through the AIF and other documents incorporated by reference herein, which include forward-looking information with respect to, among other things, the Company's corporate development and strategy.

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Statements containing forward-looking information are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Company will be able to meet its future capital commitments; the Company will be able to obtain additional financing on reasonable terms if and when needed; the Company will be able to recruit and retain the services of its key technical, sales, marketing, operations and management personnel; the Company will be able to develop commercially viable solutions as a result of its research and development activities; and that the risks referenced above and herein, collectively or individually, will not have a material impact on the Company. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. However, given the evolving circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the Company's clients and the business, operations and financial position of the Company. Many risks, uncertainties and other factors could cause the actual results of Tenet to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to the following: overall economic conditions, rapid technological changes, demand for the Company's products and services, the introduction of competing technologies, competitive pressures, network restrictions, fluctuations in foreign currency exchange rates, and other similar factors that may cause the actual results, performance or achievements to differ materially from those expressed or implied in these forward-looking statements. In addition, the effects of COVID-19, including the duration, spread and severity of the pandemic, create additional risks and uncertainties for the Company. In particular, the impact of the virus and government authorities' and public health officials' responses thereto may affect: the Company's actual results, performance, prospects or opportunities; domestic and global credit and capital markets and our ability to access capital on favourable terms, or at all; and the health and safety of our employees.

By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein and those discussed in the documents incorporated by reference herein. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned to not place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by the above cautionary statement. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to, any future sales or issuances of securities of the Company, and the risk factors described under the heading "General Development of the Business - Risk Factors" in the AIF. The Company cautions that the foregoing list of factors is not exhaustive, and that, when relying on forward-looking statements to make decisions with respect to the Company or the Units, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Such information is based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including expected revenues from certain contracts, client roll-out plans for specific products and ability to achieve goals. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are provided as of the date of this Prospectus or such other date specified herein, and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.

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**FINANCIAL INFORMATION**

The financial statements of the Company incorporated by reference in this Prospectus have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and are reported in Canadian dollars.

All currency amounts in this Prospectus are expressed in Canadian dollars, unless otherwise indicated. References to "US$" are to United States dollars. On December 21, 2022, the last business day prior to the date of this Prospectus, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = $● or $1.00 = US$●.

**ELIGIBILITY FOR INVESTMENT**

In the opinion of Dentons Canada LLP, counsel to the Company, and MLT Aikins LLP, counsel to the Agent, based on current provisions of the Income Tax Act (Canada) and the regulations thereunder, as amended, (the "**Tax Act**") in force on the date hereof, the Unit Shares, the Warrants and the Warrant Shares, if issued on the date hereof, would be qualified investments under the Tax Act for a trust governed by a registered retirement savings plan, a registered retirement income fund, a registered education savings plan, a registered disability savings plan, a tax-free savings account (each a "**Registered Plan**") or a deferred profit sharing plan ("**DPSP**"), each as defined in the Tax Act, provided that: (i) in the case of the Unit Shares and Warrant Shares, such Unit Shares or Warrant Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the CSE and the TSX); and (ii) in the case of the Warrants, the Warrant Shares are listed on a "designated stock exchange" as defined in the Tax Act and neither the Company, nor any person with whom the Company does not deal at arm's length for the purposes of the Tax Act, is an annuitant, a beneficiary, an employer or a subscriber under, or a holder of, such Registered Plan or DPSP.

Notwithstanding the foregoing, the annuitant, holder or subscriber of a Registered Plan, as the case may be (each, a "**Registered Holder**"), will be subject to a penalty tax if the Unit Shares, Warrants or Warrant Shares held in a Registered Plan are a "prohibited investment" as defined in the Tax Act for the particular Registered Plan. The Unit Shares, Warrants or Warrant Shares will generally be a "prohibited investment" for a particular Registered Plan if the Registered Holder in respect thereof does not deal at arm's length with the Company for the purposes of the Tax Act or has a "significant interest" (as defined in the Tax Act) in the Company. However, the Unit Shares and Warrant Shares will not be a "prohibited investment" if such securities are "excluded property," as defined in the Tax Act, for trusts governed by a Registered Plan.

Based on Tax Proposals (as hereinafter defined) released on August 9, 2022 to implement tax measures applicable to first home savings accounts (referred to as "**FHSA**") first proposed by the 2022 Federal Budget (Canada), FHSAs would be subject to the rules described above for Registered Plans for purposes of the Tax Act (such amendments are referred to as the "**FHSA Amendments**"). In particular, pursuant to the FHSA Amendments, it is expected that the Unit Shares, the Warrants and the Warrant Shares will be qualified investments for an FHSA provided the conditions discussed above in relation to Registered Plans are satisfied. In addition, the rules in respect of a "prohibited investment" are also proposed to apply to FHSAs and the holders thereof. The FHSA Amendments are proposed to come into force on January 1, 2023.

**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular holder. Individuals who intend to hold Unit Shares, Warrants or Warrant Shares in a Registered Plan or a DPSP should consult their own tax advisors having regard to their own particular circumstances.**

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**DOCUMENTS INCORPORATED BY REFERENCE**

Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar regulatory authorities in the provinces of Alberta, British Columbia, Québec and Ontario. Some of the documents incorporated by reference use the notion of EBITDA and Adjusted EBITDA. Wherever they are used, it should be noted that EBITDA and Adjusted EBITDA are provided as supplementary earnings measures to assist readers in determining the Company's ability to generate cash- flows from operations and to cover finance charges. They are also widely used for business valuation purposes. These measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of the Company at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1, telephone (514) 340-7775, and are also available electronically at www.sedar.com under the Company's profile.

The following documents of the Company are specifically incorporated by reference into, and form an integral part of, this Prospectus:

(a) revised annual information form of the Company dated June 16, 2022 for the year ended December 31, 2021 (the "**AIF**");

(b) audited annual consolidated financial statements of the Company for the year ended December 31, 2021;

(c) management's discussion and analysis of the Company for the year ended December 31, 2021;

(d) unaudited condensed interim consolidated financial statements of the Company for the three and nine-month period ended September 30, 2022, together with the notes thereto;

(e) management's discussion and analysis of the Company for the three and nine-month periods ended September 30, 2022;

(f) management's information circular of the Company dated January 26, 2021 with respect to the special meeting of shareholders of the Company held on February 16, 2021;

(g) management's information circular of the Company dated October 6, 2021 with respect to the special meeting of shareholders of the Company held on October 27, 2021;

(h) management information circular of the Company dated May 31, 2022 with respect to the annual meeting of shareholders of the Company held on June 30, 2022;

(i) material change report of the Company dated August 22, 2022 with respect to the resignations of Charles-André Tessier and Mark Dumas from the Company's board of directors and the appointments of Carol Penhale and Dylan Tinker to the Company's board of directors;

(j) press release of the Company dated October 27, 2022 with respect to a Q&A conducted with the Company's CEO to address AMF allegations (see the Section below entitled "AMF Investigation and Compliance Issues"); and

(k) press release of the Company dated December 8, 2022 with respect to the launch of the Cubeler Business Hub™ in Canada.

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**Any document of the type referred to in section 11.1 of Form 44-101F1 Short Form Prospectus, if filed by the Company after the date of this Prospectus and prior to the termination of the distribution under the Offering, shall be deemed to be incorporated by reference in this Prospectus.**

**Any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded, for purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated by reference herein modifies, replaces or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.**

**The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

**THE COMPANY**

The Company was incorporated as Java Capital Inc. under the Business Corporations Act (Alberta) on May 13, 2008, and was continued as a federal company under the Canada Business Corporations Act ("**CBCA**") on April 4, 2011. The Company changed its name to "Peak Positioning Technologies Inc." effective April 5, 2011. Peak Position Technologies Inc. completed a vertical amalgamation with its wholly-owned subsidiary Peak Positioning Corporation effective January 1, 2018 with the resulting entity continuing as "Peak Positioning Technologies Inc.". The Company changed its name to "Peak Fintech Group Inc." on November 18, 2020. The Company changed its name to "Tenet Fintech Group Inc." on November 1, 2021.

The Company is a reporting issuer in the provinces of Alberta, British Columbia, Ontario and Québec, and its outstanding Common Shares are listed and posted for trading on the CSE under the symbol "PKK".

Tenet's head office and registered and records offices are located at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1.

**SUMMARY DESCRIPTION OF THE BUSINESS**

Tenet is the parent company of a group of innovative artificial intelligence and financial technology ("**fintech**") subsidiaries. Tenet's subsidiaries bring together lending financial institutions and businesses to create the "**Business Hub**", an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem. At the core of the Business Hub is an analytics and artificial intelligence software platform that automates credit and business transactions among ecosystem members. Among other things, the Business Hub allows lending and credit financial institutions to increase their loan portfolios while minimizing credit risk, and gives businesses significant cash flow flexibility by giving them greater access to credit and the ability to get paid much sooner by their clients, which translate to better overall business efficiency.

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The following diagram sets out the intercorporate relationships amongst Tenet's subsidiaries and the percentage of voting securities held by Tenet, either directly or indirectly, of each subsidiary. The jurisdiction of incorporation of all subsidiaries is China, except for Asia Synergy Ltd., which is a holding company incorporated in the jurisdiction of Hong Kong, and Cubeler Inc. and Tenoris 3 Inc., which are operating companies incorporated in Canada.

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**RECENT DEVELOPMENTS**

On July 7, 2021, Tenet closed a public offering of 26,300,000 units (the "**July Units**") of the Company at a price per July Unit of $2.00 for aggregate gross proceeds of $52,600,000 pursuant to a short-form prospectus of the Company dated June 22, 2021 ("**2021 Short-Form Financing**"). Pursuant to an agency agreement between the Company and Research Capital Corporation ("**RCC**") dated June 22, 2021, RCC acted as lead agent and sole bookrunner for the 2021 Short-Form Financing. Each July Unit is comprised of one Common Share as well as one half of one Common Share purchase warrant of the Company. Each whole warrant is exercisable into one Common Share of the Company at an exercise price of $3.50 for a period of twenty-four (24) months from the date of issuance thereof.

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On July 9, 2021, the Company announced that its Business Hub and Gold River platform, which is the ecommerce and order processing platform used as the gateway to the Business Hub for the Company's supply chain clients, were successfully linked to the China UnionPay network, China's largest banking and electronic funds transfer network, through direct application program interface links, allowing the Company to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Business Hub ecosystem.

On July 26, 2021, the Company announced that it had started the process to acquire banking AI software provider Zhongke Intelligence Ltd. ("**Zhongke**"). As of the date of this Prospectus, the Company is still in the process of assessing the right revenue model under which to operate Zhongke's software within its Business Hub ecosystem. As part of this assessment, the Company and Zhongke created a new entity called Weilian Technology Services Ltd. ("**Weilian**" or "**Wechain**") in which the Company has a 51% ownership stake and Zhongke has a 49% ownership stake and to which Zhongke's intellectual property was transferred. The terms of the acquisition of Zhongke by the Company are still not defined as of the date of this Prospectus and the Company is considering the possibility of simply acquiring Zhongke's stake in Weilian rather than acquiring Zhongke itself. Therefore, the Company's planned acquisition of Zhongke remains pending.

On July 27, 2021, all of the issued and outstanding Common Shares were consolidated on the basis of one (1) post-consolidation Common Share for each two (2) pre-consolidation Common Shares.

On July 29, 2021, Tenet made a nominal investment in China UnionPay's subsidiary, Rongbang Technology Ltd. ("**Rongbang**"), in the amount of approximately $500,000, to further future collaboration and business development.

On August 3, 2021, Tenet announced that it had launched Link-Steel, a new steel trading platform as part of its Cubeler Business Hub to cater to the specific needs of the steel industry in China. The new platform allows steel industry participants to buy and sell a large variety of steel products, and obtain value-added services related to their transactions such as financing, transportation, warehousing, fund transfer and payment settlement.

On September 14, 2021, Tenet announced that it had acquired the "Heartbeat" insurance product management and brokerage platform as well as various ancillary SaaS (software as a service) solutions for insurers and insurance brokers in China. The platforms were owned and operated by Huike Technology Co. Ltd. and Huayan Kun Tai Technology Company Ltd. As compensation for the acquisition, the Company agreed to pay the sellers a total of up to $31.0M, of which $11.0M was paid in cash to be used in various business development and marketing initiatives for the platforms as the sellers agreed to stay on to manage and operate the platforms. The remaining up to $20.0M is payable in Common Shares, of which $6.9M was paid by the issuance of 600,000 Common Shares at a deemed price of $11.50 per share on October 5, 2021. A further two share instalments with a maximum combined value of $13.1M are payable as at December 31, 2022, and December 31, 2023, respectively, contingent on achieving additional net profit targets agreed for each calendar year.

On October 6, 2021, the Company announced that it had signed an exclusive partnership agreement with pre-owned vehicle trading platform YouCKU to provide YouCKU with after sale used car warranty policies, extended warranty policies and on-site vehicle repair and replacement policies. The partnership agreement between YouCKU and the Company was the first that is directly linked to the Company's Heartbeat insurance brokerage platform, through which the Company's services are provided to YouCKU.

On October 29, 2021, the Company announced that it had signed a collaborative agreement with Ping An Insurance ("**Ping An**") to distribute insurance products aimed at the auto industry through the Company's Heartbeat insurance brokerage platform. Ping An is now leveraging the Company's Heartbeat insurance platform, which is connected to over 300 car dealerships throughout China, to offer insurance policies specifically designed for the auto industry.

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On November 1, 2021, the Company, previously known as "Peak Fintech Group Inc.", changed its name to "Tenet Fintech Group Inc.".

On November 5, 2021, the Company moved its registered offices to Toronto to, among other reasons, continue its quest to attract some of Canada's top tech talent.

On November 18, 2021, the Company announced that it had signed a marketing cooperation agreement with Rongbang, whereby the parties would promote the other party's services to their respective clients, including through joint-marketing initiatives. The agreement was set for an initial term of three years with an automatic renewal clause for additional one-year terms following the initial term, unless terminated by either party as provided in the agreement.

On December 9, 2021, the Company announced that it had signed a revenue sharing partnership agreement with PetroChina for the sale and distribution of coffee at PetroChina gas station convenience stores. The Company committed to work with automated coffee machine distributor Mellower Coffee Ltd. to have coffee distribution machines financed and installed at PetroChina uSmile stores. Under the terms of the agreement, Mellower Coffee is responsible for providing, installing and maintaining the machines, while the Company collects, monitors and manages all data related to the sale of coffee.

On January 6, 2022, the Company announced that it had signed a strategic cooperation agreement with vehicle rental company eHi Auto Services Ltd. ("**eHi**"). The Company uses its Heartbeat insurance brokerage platform and the platform's direct link to the country's top insurers to offer the various insurance products to go along with the vehicles rented by eHi.

On January 27, 2022, the Company launched a new brand identity, including a new corporate logo, in response to accelerated company growth, including outside of China, and a renewal to its corporate vision.

On February 18, 2022, the Company announced that it started to accept pre-registration of small and medium sized businesses in preparation for the launch of the Company's Canadian Business Hub.

On March 21, 2022, the Company announced that it launched the Yun Fleet Platform as part of its Chinese Business Hub ecosystem to provide shipping and transportation opportunities to China's freight trucking industry resulting from transactions conducted on the Chinese Business Hub. The Yun Fleet Platform matches freight truckers with shipping opportunities based on factors such as proximity, fleet availability, whether climate control is required, and a variety of other factors to optimize cost and time efficiency for shippers and truckers alike. In addition to shipping opportunities, Yun Fleet Platform members are also eligible for other Business Hub services, including financing and insurance services.

On April 13, 2022, the Company announced it signed a partnership agreement with the Industrial Bank Co. Ltd. ("**CIB**") to allow members of the Company's Chinese Business Hub to open bank accounts at CIB linked to their Business Hub accounts. The real bank accounts at CIB will provide a business alternative to the Company's offering of virtual bank accounts on the China UnionPay network.

On May 16, 2022, the Company announced that it had signed an agreement with the People's Insurance Company of China and eHi Auto Services to launch the "Driver's Seat", an insurance policy product to be exclusively available through Tenet's Heartbeat insurance brokerage platform.

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At the Company's annual general meeting held June 30, 2022, Mark Dumas, Johnson Joseph, Liang Qiu and Charles-André Tessier were re-elected as directors of the Company, Raymond Chabot Grant Thornton was reappointed as auditors of the Company, and the Company's new omnibus incentive plan was approved for adoption by shareholders of the Company.

On August 17, 2022, the Company announced that Chairman Charles-André Tessier and fellow director Mark Dumas had agreed to resign from the Company's board of directors to make way for the appointments of Carol Penhale and Dylan Tinker, who would respectively chair the Company's governance and audit committees. The Company's executive management believed that the Company and its shareholders would be best served with new directors whose skillsets and professional experiences are better aligned with the evolution of the Company's business.

On August 19, 2022, the Company announced that it was going to hold an event at its new offices in Montréal, Québec, on November 30, 2022, to mark the official launch of the Canadian segment of its Business Hub.

On October 1, 2022, Tenet acquired Jiangsu Steel Chain Technology Co., Ltd. ("**Linksteel**"), a steel trading platform in China. As compensation for the acquisition, the Company agreed to pay the sellers a total of up to $9.6M payable in Common Shares of Tenet on a quarterly basis over a period of thirty-six months, contingent on achieving additional net profit targets for each applicable quarter.

On October 7, 2022, the Company announced that it had taken ownership control of Asia Synergy Transportation Hub ("ASTH"), which is now managing the Company's Yun Fleet shipping and transportation platform. The Company had held a minority interest in ASTH until the announcement and now owns an 80% interest in ASTH.

**CUBELER INC. ACQUISITION**

On October 1, 2021, Tenet announced that it had acquired 100% of the issued and outstanding shares of Cubeler Inc. for $1,000,000 in cash and 11,133,012 Common Shares of Tenet, which represented approximately 10% of Tenet's issued and outstanding Common Shares on a fully-diluted basis following the closing of the transaction. As a result of the acquisition of Cubeler Inc., Tenet owns the worldwide commercial rights to the Business Hub concept, which the Company is looking to commercialize beyond China's borders. In March of 2017, Tenet obtained an exclusive license from Cubeler Inc. to operate the Business Hub platform in China. The founder of Tenet is also the co-founder of Cubeler Inc. In addition, two of Tenet's former directors (Charles-André Tessier and Mark Dumas), two of Tenet's current directors (Johnson Joseph and Liang Qiu) and the Chief Financial Officer of the Company had an ownership interest in Cubeler Inc. before it was acquired by the Company.

**AMF INVESTIGATION AND COMPLIANCE ISSUES**

On July 21, 2022, the Company announced having received a Request for Documents/Information (the "**Request Letter**") from the Autorité des marchés financiers (the "**AMF**"), Quebec's securities regulator, which included a confidentiality order of the AMF prohibiting the disclosure of the Request Letter or any related information. In the course of collecting information to respond to the Request Letter, the Company identified potential compliance issues relating to certain past correspondence between the Tenet Chief Executive Officer (the "**CEO**") and certain former advisors. The Board of Directors of Tenet (the "**Board**") created an ad hoc committee (the "**Special Committee**") comprised of independent members of the Board and outside legal counsel was mandated to carry out an internal review into securities-related matters (the "**Review**"). Following the Review, the Board adopted new compliance measures which demonstrate the Company's ongoing commitment to ensuring its corporate governance meets the highest standards. Those measures include enhanced Board oversight over executive communications and interactions with financial and capital markets advisors and regular reporting by the CEO to the Board on the same. The new measures are in addition to important governance initiatives the Company had already recently implemented and which were in effect as of the date of this Prospectus, including: (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, and (iii) the adoption of new and revised governance policies, including a strengthened code of ethics. The Company has been cooperating with the AMF in all respects and has provided the AMF with all documents and information requested.

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**OPERATIONS IN EMERGING MARKET JURISDICTIONS**

Guidance from Canadian securities regulators provides that issuers operating in markets deemed "emerging markets" include additional disclosure with respect to operations in such markets. The Company has operating subsidiaries located in China, therefore it is possible that operating in China may expose the Company to a certain degree of political, economic and other risks and uncertainties. For these reasons, the following disclosure is included in accordance with the guidance in Staff Notice 51-720 - Issuer Guide for Companies Operating in Emerging Markets of the Ontario Securities Commission.

The establishment and development of subsidiaries in China adds an additional regulatory framework to which the Company operates and is supplementary to the existing regulatory framework existing in Canada.

The Company's operating entities in emerging jurisdictions are governed in accordance with applicable local laws and entity-wide governance principles.

The directors and management of the Company's operating entities in emerging jurisdictions are generally comprised of a majority of senior management employees and where required by local laws, local residents, who are generally longstanding local management level employees, or local corporate counsel. In addition, certain members of the Company's management have experience of conducting business in China, as detailed below, where the Company has maintained operations since 2011. The Company maintains oversight over the operations in China. The Company has experienced management and retains legal advisors and consultants to help facilitate adherence to regulatory requirements in the emerging markets.

Members of the Company's board of directors were selected based on their skillsets and experience related to the Company' operations and strategic vision. The Company, as a fintech market participant, believes it is critical for the independent members of its board to have a good understanding of the central role played by data in financial technology, how data and analytics is shaping its world today, in addition to having international business experience to be able to enable the Company to achieve its objectives. Each of Mr. Joseph, Mr. Qiu and Mr. Tinker have extensive experience conducting business in China. Both Mr. Qiu and Mr. Tinker are fluent in Mandarin. Each members of the Company's Chinese management team speaks Mandarin; several of the executives also speak English. Conversely, in addition to speaking English, a few members of the Company's Canadian management team speak Mandarin. In addition, each of the Company's advisors in China speak English. The vast majority of material documents presented to the Company's board of directors are in English. Where agreements entered into by the Company's Chinese subsidiaries of are deemed to be material, they are translated to English before they are shared with the board.

Prior to the COVID-19 pandemic, members of the Company's board of directors and its executive officers travelled to China at least once every quarter to meet with the Company's local management in China. One of the Company's board members and executive officers, Mr. Qiu, a Canadian resident, splits his time between residing in China and Canada to ensure complicity and communication between the Company's Canadian and Chinese management teams. The Company's executive officers are updated on all relevant new regulations or changes to existing regulations through weekly management meetings between the Company's Chinese and Canadian management teams to ensure that that continues to be the case.

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*Use of and Reliance on Experts*

The Company has retained legal counsel in China regarding various corporate and regulatory legal issues, including the Company's right to conduct business in the country, and has relied on advice from that counsel with respect to such matters. The Company has retained MHP Law Firm.

The Company ensures that any such counsel or provider retained has their credentials vetted, referenced, with considerable diligence and adherence to local licenses, professional associations, and regulators.

*Law, Language, Cultural and Business Practices*

The government of China recognizes Mandarin as its official language. Some of the Company's directors, including Liang Qiu and Dylan Tinker, have proficiencies in Mandarin. The Company has several bi-lingual (English-Mandarin) employees and is able to quickly and efficiently translate documents itself but may sometimes engage an external professional translator to execute translations that are required to be performed by a certified professional translator. In particular, the Company can rely on translators and MHP Law Firm, its bilingual local lawyers. As noted above, the Company has engaged multiple service providers in China to assist with compliance with laws and regulations. Service providers include Acadia Advisory Group, which has expertise in advisory, accounting, tax, human resources and business outsourcing. See "Use of and Reliance on Experts".

In addition, certain officers of the Company, including the Chief Executive Officer of its Chinese operations, possess extensive experience in conducting business in China and are familiar with the laws, requirements and local business culture and practices in China.

*Corporate Governance in China*

Under Chinese law, a corporation established in China is required to appoint a legal representative. The legal representative may be held personally accountable for actions carried out by the applicable Chinese company. The legal representative is exposed to personal risks for acts and omissions, either individually or by the company and its employees. Such risks include civil, administrative, or criminal liability. The following persons are the legal representatives of each of the subsidiaries: Mr. Liang Qiu, Mr. Bin Xu, Mr. Kelong Chen, Mr. Jiangang Qiu, Ms. Dongxiang Song, Mr. Kai Cui, Mr. Xiaojun Hu, Ms. Meirong Wang, Mr. Yifei Zhang and Mr. Chaochao Chen.

The articles of the subsidiaries do not provide for any variation to the role, powers and responsibilities of the legal representative, other than those as typically provided under Chinese law. The legal representative represents the company and is responsible for performing duties and powers on behalf of the company in accordance with applicable Chinese laws and the company's articles of association. Most company registration or change filing-related formalities require the wet signature of the legal representative, however the legal representative also is typically provided a personal seal which serves as a formal signature for some other authorities or bank formalities. The legal representative's name is recorded on the company's business license, which is publicized online.

There are certain procedures to be followed to legally remove a legal representative, directors and officers of an entity under Chinese law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Procedures to legally remove the legal representative

If the chairman of board or executive director of the company concurrently serves as the legal representative according to company's articles of association ("AoA"), the shareholder of the company is entitled to re-appoint a new chairman of board or executive director to replace the prior legal representative by shareholder resolution. If the general manager concurrently serves as the legal representative according to company's AoA, the board or executive director is entitled to re-appoint a new general manager to replace the prior legal representative by resolution. Upon appointment, the newly appointed person will automatically serve as the legal representative pursuant to the AoA. In addition, the company shall prepare application documents related to the change of legal representative and submit them to local company registration authority where the company is domiciled. Local company registration authorities will then issue a new business license, which contains the name of new legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Procedures to legally remove the directors and officers

The removal of a director of the entity is done by way of a shareholder resolution. While "officer" is not specifically defined under the Peoples Republic of China ("**PRC**") Company Law, "senior officer" under the PRC Company Law refers to any manager, deputy manager, financial principal, secretary to the board of directors of a listed company, or any other person specified in the AoA. The board or executive director of the company can remove managers by way of resolution and remove financial principals by way of resolution in accordance with the nomination of the general manager. For the removal of directors and general managers, the company shall prepare application documents related to such removal and submit such documents to local company registration authority where the company is domiciled. Local company registration authority will issue a filing receipt to provide such removal change filing is completed. No new business license will be issued relating to a change of directors and general managers of an entity. No filings are required for changes in officers other than the general manager.

There are requirements for a minimum number of directors and/or supervisors that must be complied with if directors/supervisors are removed but not replaced. Specifically, a board shall comprise at least three members. A Chinese company is not allowed to have two directors in its governance structure. If a board is not established, the company shall have only one executive director instead.

In addition, the Company's subsidiaries have company, legal representative, financial and invoice chops which are essential for conducting business in China, including entering into contracts, conducting banking activities and undertaking day-to-day business activities.

The specified purposes of the types of chops are detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Company Chop**. The Company Chop is used by an authorized person at the company and is required for the daily operations of the entity. It is required when any important document is signed and is also used to provide legal authority when opening a bank account. All letters, official documents, contracts, and introduction letters issued in the name of the company, certificates, or other company materials can use the official chop, which will legally bind the company. Under Chinese laws, the use of the Company Chop alone or the signature of the parties to the contract alone is sufficient to bind a Chinese entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Legal Representative Chop**. The Legal Representative Chop is evidence of the Legal Representative's signature and may be used in place of a signature, or alongside the Legal Representative's actual signature.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Financial Chop**. The Financial Chop is used for opening a bank account, issuing checks, authenticating financial documents, such as tax filings and compliance documents, and for most bank-related transactions by the financial controller / officer of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Invoice Chop**. The Invoice Chop is used by the company to issue invoices to its customers in China known as Fapiao.

In order to maintain the physical security of the chops, each chop is held by a third party custodian pursuant to an agreement between the Company and the custodian. Each of the Company's Chinese subsidiaries maintains logs to evidence the use of each chop and documents the process of controls around the use of its chops. Although used and encouraged, a signature is not required when the chop is used for official documents to evidence the use of the chop.

*Asset verification*

Other than those subsidiaries that were acquired by the Company, the Company's management in China was responsible for the registration of all of its subsidiaries in China. The Company has copies of all of the business registration licenses, articles of association, shareholder agreements and other relevant documents of the subsidiaries evidencing ownership of the subsidiaries by the Company. Additionally, in certain cases the Company has obtained title and legal opinions from law firms in China as further evidence and confirmation of its ownership of the subsidiaries.

*Legal right to conduct operations*

To operate the Company's general business activities in China, each of its PRC subsidiaries is required to obtain a business license from local authorities. Each of its PRC subsidiaries has obtained a valid business license, and no application for any such license has been denied or revoked. In order to receive a business license, each of the Company's subsidiaries provided the specific details of the activities to be conducted by such subsidiary in its respective business license application. The PRC government granted the business license to allow each subsidiary to perform its intended activities. Other than in respect of business licenses and AFSC, the Company is not aware of any permissions that any of its PRC subsidiaries is required to obtain from Chinese authorities, including the China Securities Regulatory Commission ("**CSRC**") and the Cyberspace Administration of China ("**CAC**") or any other entity, to operate or for those subsidiaries to issue securities to Asia Synergy or for Asia Synergy to issue securities to us.

The Company and its subsidiaries have not applied for permission nor received any notice of any required permissions regarding the issuance of securities to the Company in connection with the establishment of its subsidiaries in the PRC. The Company has not applied for nor received any notice from the CSRC or any other entity in the PRC of any permissions required to approve of its operations in the PRC. Neither the Company nor its subsidiaries have been denied any permission sought in the PRC.

If applicable laws, regulations, or interpretations change and the Company or its subsidiaries are required to obtain approvals in the future, there is no certainty that the Company would be able to obtain such approvals which could negatively affect ability to operate its business, which could materially and adversely affect its business, financial condition, results of operations and its share price.

If the Company or its subsidiaries do not receive or maintain any required approvals, or if the Company or its subsidiaries inadvertently conclude that such approvals are not required the Company could be subject to fines, penalties, legal proceedings or actions against the Company that could have a material adverse effect on its business, financial condition, results of operations and its share price.

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The Company's operating subsidiaries provide services to businesses operating in various industrial sectors, including some sectors, such as the energy sector, where specific licenses are required to operate and/or provide services to businesses in those sectors. The subsidiaries operating in those sectors must also maintain a minimum number of employees specifically trained to operate in those sectors, who maintain current knowledge of the sectors and remain in compliance with prescribed professional development legislation through annual workshops, training sessions and examinations. Each of the Company's subsidiaries operating in such sectors have met those requirements.

The Company's business is subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing compliance with laws, such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, consumer protection laws, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations.

In certain jurisdictions, these regulatory requirements may be more stringent than in China. These laws and regulations impose added costs on its business. Noncompliance could subject the Company to significant investigations, enforcement actions and sanctions. Any reviews by regulatory agencies or legislatures may result in substantial regulatory fines, changes to business practices, and other penalties, which could negatively affect the Company's business and results of operations.

Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause the Company to change its business practices. Further, the Company's expansion into a variety of new fields also could raise a number of new regulatory issues.

If any of the business licenses of the Company's subsidiaries are revoked, this would hinder its ability to operate its business, which could materially and adversely affect its business, financial condition, and results of operations.

China has recently enacted laws and regulations governing internet access and the distribution of products, services, news, information, audio-video programs and other content through the internet. The Chinese government has prohibited the distribution of information through the internet that it deems to be in violation of Chinese laws and regulations.

If any of the content on the Company's online platform were deemed to violate any content restrictions by the Chinese government, it would not be able to continue to display such content and could become subject to penalties, including confiscation of income, fines, suspension of business and revocation of required licenses, which could materially and adversely affect the Company's business, financial condition and results of operations. The Company may also be subject to potential liability for any unlawful actions or for content it distributes that is deemed inappropriate. It may be difficult to determine the type of content that may result in liability to the Company, and if the Company is found to be liable, it may be prevented from operating its website in China.

*Laws and Customs - China*

The Company's business is subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing compliance with laws, such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, consumer protection laws, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. These laws and regulations impose added costs on its business. Noncompliance could subject the Company to significant investigations, enforcement actions and sanctions. If any governmental sanctions are imposed, or if the Company does not prevail in any possible civil or criminal litigation, its business, results of operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant diversion of the Company's management's attention and resources and an increase in related expenses.

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Any reviews by regulatory agencies or legislatures may result in substantial regulatory fines, changes to its business practices, and other penalties, which could negatively affect the Company's business and results of operations. Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause the Company to change the Company's business practices. Further, the Company's expansion into a variety of new fields also could raise a number of new regulatory issues.

Moreover, the Company is exposed to the risk of misconduct, errors and failure to function by parties that it collaborates with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability and penalties in relation to noncompliance with applicable laws and regulations, which could harm its reputation and business.

Chinese governing corporations differ from the laws of Canada and other industrialized nations, such as the United States. Chinese law requires that each of its subsidiaries have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the pertinent entity. The legal representative is the person authorized to represent the company in all legal matters between the government and the company and to sign legally binding contracts on behalf of the company. Unlike Canadian law, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese law makes no liability distinction between the legal representative and the company. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the company and must bear any fine, punishment or consequences resulting from the offence.

The Company's business involves collecting and retaining certain internal and customer data. It also maintains information about various aspects of operations as well as regarding employees. The integrity and protection of the customer, employee and company data is critical to the Company's business. The Company's customers and employees expect that it will adequately protect their personal information. The Company is required by applicable laws to keep strictly confidential the personal information that its collects and to take adequate security measures to safeguard such information. Certain of those laws include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Chinese Criminal Law*, as amended by its Amendment 7 and Amendment 9, which prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained in performing duties or providing services or obtaining such information through theft or other illegal ways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The Chinese Cyber Security Law* became effective in 2017. Pursuant to the Chinese Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only collect users' personal information necessary to provide their services and shall comply with provisions regarding the protection of personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The Chinese Data Security Law*, which took effect in September 2021, imposes data security and privacy obligations on entities and individuals carrying out data activities and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used. If Chinese regulators find the Company to be non-compliant with the Chinese Data Security Law during a cybersecurity review of its business, the Company could be subject to fines, penalties, legal proceedings or actions against the Company that could have a material adverse effect on its business, financial condition or results of operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The Personal Information Protection Law* took effect in November 2021. The Personal Information Protection Law provides a comprehensive set of data privacy and protection requirements that apply to the processing of personal information and expands data protection compliance obligations to cover the processing of personal information of persons by organizations and individuals in China, and the processing of personal information of persons in China outside of China if such processing is for purposes of providing products and services to, or analyzing and evaluating the behavior of, persons in China. The Personal Information Protection Law also provides that critical information infrastructure operators and personal information processing entities who process personal information meeting a volume threshold to be set by Chinese cyberspace regulators are also required to store in China personal information generated or collected in China, and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal information. Lastly, the Personal Information Protection Law contains proposals for significant fines for serious violations of up to RMB 50 million or 5% of annual revenues from the prior year and may also be ordered to suspend any related activity by competent authorities. The Company has access to certain information of its customers in providing services and may be required to further adjust its business practice to comply with new regulatory requirements.

The *Personal Information Protection Law* provides legal basis for privacy and personal information infringement claims under the Chinese civil laws. As the first systematic and comprehensive law specifically for the protection of personal information in China, the Personal Information Protection Law provides, among other things, that (i) an individual's consent shall be obtained to use sensitive personal information, such as biometric characteristics and individual location tracking, (ii) personal information operators using sensitive personal information shall notify individuals of the necessity of such use and impact on the individual's rights, and (iii) where personal information operators reject an individual's request to exercise his or her rights, the individual may commence legal action. If Chinese authorities find the Company to be non-compliant with the Personal Information Protection Law, the Company could be subject to fines, penalties, legal proceedings or actions against the Company that could have a material adverse effect on its business, financial condition or its ability to accept foreign investments, or list on a U.S. or other foreign exchange.

Compliance with the above noted laws on data security and personal information laws could significantly increase the cost to the Company of providing its service offerings, require significant changes to its operations or even prevent it from providing certain service offerings in jurisdictions in which the Company currently operates or in which it may operate in the future. Despite the Company's efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection and information security, it is possible that its practices or service offerings could fail to meet all of the requirements imposed on it by these laws.

As uncertainties remain regarding the interpretation and implementation of these laws and regulations, there can be no assurance that the Company will comply with such regulations in all respects, and it may be ordered to rectify or terminate any actions that are deemed illegal by regulatory authorities. If Chinese regulators find the Company to be non-compliant with these and other similar laws, it could be subject to fines, penalties, legal proceedings or actions against the Company that could have a material adverse effect on its business, financial condition or results of operations.

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*Foreign Corporate Structure*

Initially, the Company was a developer of security applications for mobile devices. In 2011, the Company's then-CEO was invited to China by long-time friend and Canadian resident, Mr. Liang Qiu, to explore business opportunities for the Company's solutions in the country. When the Company first began its operations in China in 2011, it did so with no operating entities or subsidiaries in the country, choosing rather to work in partnership with a local Chinese company, where Mr. Qiu was a significant shareholder and senior executive officer. However, after almost five years with little business success with that structure, the Company determined that it would be best served by having its own subsidiaries if it was going to be successful in China. Mr. Qiu, came to work for the Company at that time and has been responsible for the Company's operations in China since then. As a Chinese national, who has called Canada home for most of his adult life, Mr. Qiu has a an understanding of China, its culture, its laws and its business environment.

Currently members of the Company's Board, as well as executive officers of the Company, are Canadian residents located in China. Through these representatives, the Company's Board has effective control over the Company's foreign operating entities, the officers and directors of the foreign operating entities and the assets of the foreign operating entities, including their bank accounts.

*Books and Records*

Each of the Company's books and records are located at its offices in Montreal, Quebec; the Company's board of directors may access them at any time. The table below sets out the name of each of the Company's subsidiaries, legal representative, chief executive officer, directors and corporate records location:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiary Name** | **Legal**<br>**Representative** | **Name of**<br>**Chief**<br>**Executive**<br>**Officer** | **Name of**<br>**Directors** | **Location of**<br>**Corporate**<br>**Records** |
| Asia Synergy Limited (HONG<br>KONG) | N/A | N/A | Johnson Joseph<br>Liang Qiu<br>Jean Landreville<br>Yan Zheng | Hong Kong |
| Shanghai Xinfei Shiye Co.,Ltd | M. Liang Qiu | M. Liang Qiu | M. Liang Qiu | Shanghai |
| Shanghai Zunfan Information<br>Technology Co., Ltd. | M. Bin Xu | M. Bin Xu | M. Bin Xu | Shanghai |
| Shanghai Zunfang Data Technology<br>Co., Ltd. | M. Liang Qiu | M. Liang Qiu | M. Liang Qiu | Shanghai |
| Wuxi Aorong Industrial Co., Ltd. | M. Liang Qiu | M. Liang Qiu | M. Liang Qiu | Wuxi |
| Wuxi Yadong Technology Micro<br>Loan Co., Ltd. | M. Kelong<br>Chen | M. Changseng<br>Zhuo | M. Kelong Chen<br>M. Changseng<br>Zhuo<br>M. Chusheng<br>Zhou | Wuxi |
| Wuxi Kerong Data Technology Co.,<br>Ltd. | M Jiangang<br>Qiu | M Jiangang<br>Qiu | M. Liang Qiu<br>M. Jiangang Qiu<br>M. Zhu Sun | Wuxi |
| Jiangsu Jinzun Supply Chain<br>Management Technology Co., Ltd. | M. Bin Xu | M. Bin Xu | M. Bin Xu | Wuxi |
| Jiangsu Xinborui Supply Chain<br>Information Technology Service Co.,<br>Ltd. | M. Bin Xu | M. Bin Xu | M. Bin Xu | Wuxi |
| Beijing Xinxiangtaike Technologies<br>Service Co.,Ltd. | Ms.Dongxiang<br>Song | Ms.Dongxiang<br>Song | Ms.Dongxiang<br>Song | Beijing |
| Zhejiang Xinjiupin Oil & Gas<br>Management Co.,Ltd. | M. Bin Xu | M. Bin Xu | M. Bin Xu | Zhoushan |
| Beijing Huike Internet Technology<br>Co., Ltd. | M. Kai Cui | M. Kai Cui | M. Kai Cui | Beijing |
| Wechain (Nanjing) Technology<br>Service Co., Ltd. | M. Xiaojun Hu | M. Xiaojun<br>Hu | M. Xiaojun Hu | Nanjing |
| Beijing Kailifeng New Energy<br>Technology Co., Ltd. | M. Liang Qiu | M. Jiansheng<br>Zhu | M. Jiansheng Zhu | Beijing |
| Jiangsu Steel Chain Technology Co.,<br>Ltd. | Ms. Meirong<br>Wang | Ms. Meirong<br>Wang | Ms. Meirong<br>Wang | Nanjing |
| Shanghai Xinhuizhi Supply Chain<br>Management Co., Ltd. | M. Bin Xu | M. Long Yang | M. Long Yang | Shanghai |
| Jiangsu Supairui IOT Technologyb<br>Co., Ltd. | M. Yifei Zhang | M. Yifei<br>Zhang | M. Yifei Zhang | Wuxi |
| Tianjin Wodatong Technology Co.,<br>Ltd. | Ms.Dongxiang<br>Song | Ms.Dongxiang<br>Song | Ms.Dongxiang<br>Song | Tianjing |
| Wuxi Suyetong Supply Chain<br>Management Co., Ltd. | M. Chaohao<br>Chen | M. Chaohao<br>Chen | M. Chaohao Chen | Wuxi |

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*Related Parties*

The Company is subject to Canadian securities laws and accounting rules with respect to approval and disclosure of related party transactions and has policies in place which it follows to mitigate risk associated with potential related party transactions. The Company may transact with related parties from time to time, in which case such related party transaction may require disclosure in its consolidated financial statements and in accordance with relevant securities laws.

*Risk Management and Disclosure*

The Company has implemented a system of corporate governance, internal controls over financial and disclosure controls and procedures that apply to the Company and its subsidiaries, which are overseen by the board of directors and implemented by senior management of the Company. Executive management and the board of the Company prepare and review the financial reporting of its subsidiaries as part of preparing its consolidated financial reporting, and the Company's independent auditors review the consolidated financial statements under the oversight of the Company's audit committee. In addition, the management of each subsidiary entity review, on a monthly basis, the financial activities of local operations, which includes a review of variances and trend analysis against approved budget. These monthly reviews are also part of the discussions between the management of the subsidiary entity and the Company. As such, the Company's board and management have insight into the monthly operations and finances and can provide effective oversight of subsidiary level financial reporting and operations.

In general, the directors of each subsidiary entity are responsible for maintaining good corporate governance practices and risk controls. Board members and management of the Company regularly discuss business operations and risk management practices with directors and management of each subsidiary entity.

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*Internal Controls*

The Company prepares its consolidated financial statements on a quarterly and annual basis, using IFRS. The Company implements internal controls over the preparation of its financial statements and other financial disclosures, including its MD&A, to provide reasonable assurance that its financial reporting is reliable. The quarterly and annual financial statements are being prepared in accordance with IFRS and other financial disclosures, including its MD&A, are being prepared in accordance with relevant securities legislation. These systems of internal control over financial reporting and disclosure controls and procedures are designed to ensure that, among other things, the Company has access to material information about its subsidiaries.

The Company's operations and adherence to risk management in China is regulated and actively monitored. The Company provides internal monitoring through management and ensures the supervisors and general managers in China work alongside the Company's counsel and consultants to facilitate active regulatory and risk management monitoring.

In addition to the above, the Company ensures that each subsidiary entity has sufficient and qualified employees which allows for the proper functioning of different processes and appropriate segregation of duties. Stringent approval processes are in place through approved delegation of authority.

Proper security measures are in-place to safeguard company assets, including the use of the chops. The minute books and corporate records of the subsidiaries are maintained at the local entity level, while their seals and chops are kept at a third-party custodian pursuant to an agreement between the Company and the custodian.

*Disclosure Controls and Procedures*

The Company has a disclosure policy that establishes the protocol for the preparation, review and dissemination of information about the Company. This policy provides for multiple points of contact in the review of important disclosure matters and integrates inputs from the CEO of the Company's Chinese operations, as the main contact persons for disclosure matters in China for the Company. Such disclosure are overseen by the Company's Audit Committee and Corporate Governance Committee. The Audit Committee has the authority required by section 4.1 of National Instrument 52-110 Audit Committees, as the Company's Audit and Risk Management Committee Charter (the "Charter") specifically sets out this authority. The Charter was approved by the Board on March 15, 2021. On an annual basis at a minimum, or as it deems necessary, the Audit Committee reviews and reassess the adequacy of the Charter and may make recommended changes to the Board for its approval.

*CEO and CFO Certifications*

In order for the Company's CEO and CFO to be in a position to attest to the matters addressed in the quarterly and annual certifications required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, the Company has developed internal procedures and responsibilities throughout the organization for its regular periodic and special situation reporting, in order to provide assurances that information that may constitute material information will reach the appropriate individuals who review public documents and statements relating to the Company and its subsidiaries containing material information, is prepared with input from the responsible officers and employees, and is available for review by the CEO and CFO in a timely manner.

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**CONSOLIDATED CAPITALIZATION**

The following table sets forth the consolidated capitalization of the Company as at September 30, 2022, the date of the Company's most recently-filed financial statements, both before and after giving effect to the Offering as well as the issuance of other Common Shares subsequent to September 30, 2022. The table should be read in conjunction with the unaudited condensed interim consolidated financial statements of the Company for the three and six-month period ended September 30, 2022, together with the notes thereto and the related management's discussion and analysis, incorporated by reference into this Prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **As at September 30,**<br>**2022, before giving**<br>**effect to the Offering**<br>**(Unaudited)** | **After giving effect to**<br>**the Minimum**<br>**Offering (assuming**<br>**no exercise of Over-**<br>**Allotment**<br>**Option)<sup>(1)(2)(3)</sup>**<br>**(Unaudited)** | **After giving effect to**<br>**the Maximum**<br>**Offering (assuming**<br>**no exercise of Over-**<br>**Allotment**<br>**Option)<sup>(1)(2)(3)</sup>**<br>**(Unaudited)** | **After giving effect to**<br>**the Maximum**<br>**Offering (assuming**<br>**exercise of Over-**<br>**Allotment Option in**<br>**full) <sup>(1)(2)(3)</sup>**<br>**(Unaudited)** |
| Common Shares | 99544183 | ● | ● | ● |
| Share Purchase Warrants | 14488313 | ● | ● | ● |
| Share Options | 3906297 | 3788552 | 3788552 | 3788552 |
| Share Capital | $211232131 | ● | ● | ● |
| Contributed surplus | $22463031 | $● | $● | $● |
| Current Liabilities | $17706135 | $17706135 | $17706135 | $17706135 |
| Total Liabilities | $24961664 | $24961664 | $24961664 | $24961664 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects the issuances of Common Shares, Share Purchase Warrants and Share Options subsequent to September 30, 2022 and unrelated to the Offering (see "Prior Sales - Common Shares").

&nbsp;&nbsp;&nbsp;&nbsp;(2) Share capital dollar amount reflects the deduction of the applicable Agent's Fee and the estimated expenses of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Assuming issuance of the Units and the Broker Warrants, but no exercise of the Broker Warrants, Warrants or any other outstanding convertible securities. See "Plan of Distribution".

There have been no material changes in the share and loan capital of the Company, on a consolidated basis, since September 30, 2022, except: (i) 82,465 Share Options were issued during October 2022 at an average price of $1.24 per Common Share, (ii) 190,000 Share Options expired between November and December 2022 and (iii) 10,210 Share Options were forfeited between October and November 2022. See "Prior Sales".

**USE OF PROCEEDS**

The estimated net proceeds to be received by the Company from the Offering (before giving effect to any exercise of the Over-Allotment Option) will be $18,500,000 in the case of the Minimum Offering, $27,750,000 in the case of the Maximum Offering and $31,912,500 in the case of the Maximum Offering and assuming the exercise of the Over-Allotment Option in full, and after deducting the Agent's Fee of $1,500,000 in the case of the Minimum Offering, $2,250,000 in the case of the Maximum Offering and $2,587,500 in the case of the Maximum Offering and assuming the exercise of the Over-Allotment Option in full, but before deducting the expenses of the Offering estimated to be $●.

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The net proceeds from the Offering are expected to be used by the Company as set out in the table below.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Maximum Offering** |
|  |  |  | **assuming the** |
|  |  |  | **exercise of the Over-** |
|  |  |  | **Allotment Option in** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds** | **Minimum Offering** | **Maximum Offering** | **full** |
| Business development and expansion in China | **$[6,000,000]** | **$[9,000,000]** | **$[11,000,000]** |
| Business expansion to North America | **$[12,000,000]** | **$[14,000,000]** | **$[15,000,000]** |
| Business expansion to Europe | **$0** | **$[3,000,000]** | **$[3,800,000]** |
| Working capital and general corporate matters | **$[500,000]** | **$[1,750,000]** | **$[2,112,500]** |
| Expenses of the Offering | **$●** | **$●** | **$●** |
| **Total :** | **$18500000** | **$27750000** | **$31912500** |

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The Company estimates expenses payable by the Company in connection with the Offering, other than the Agent's Fee referred to above, will be approximately $●. The Company has agreed to reimburse the Agent for all reasonable expenses related to the Offering, regardless of whether the Offering is completed, including the fees and disbursements of legal counsel to the Agent up to an agreed maximum.

As of the date of this Prospectus, the Company's North American monthly cash burn rate is approximately $2,500,000 and, based on the Company's current cash burn rate, it has enough cash reserved in North America to fund its North American operations for the next month. However, the Company intends to complete one or more private placement financing(s) to raise up to $8 million within 30 days of the date of this Prospectus and prior to completion of the Offering. **Based on the Company's current cash burn rate and assuming completion of the Minimum Offering, the Company will have sufficient cash reserved in North America to fund its North American operations for more than one fiscal year if no additional investments are made in China. This does not take into account the potential of approximately $50 million in cash that could be received by the Company during that period through the exercise of common share purchase warrants issued pursuant to the 2021 Short-Form Financing.** While the Company's Chinese operations are generating enough cash to meet the financial obligations of its Chinese operations, the Company plans to continue to invest to grow and expand its Chinese operations for the foreseeable future. The Company therefore intends to spend the net proceeds of the Offering to help fund its North American operations for at least an additional six month period, which would allow for the launch of its Business Hub in both Canada and the US, and to continue to invest in the expansion of its Chinese operations following the closing of the Offering and as stated in this Prospectus. However, there may be circumstances where, for sound business reasons, a reallocation of funds may be deemed prudent or necessary. The actual amount that the Company spends in connection with each of the intended uses of proceeds may vary significantly from the amounts specified above and will depend on a number of factors, including fluctuations in the Company's consolidated working capital, which stood at $59,829,598 as of September 30, 2022, and factors referred to under the "Risk Factors" section of this Prospectus.

Following the closing of the 2021 Short-Form Financing, the use of proceeds varied from the intended use of proceeds, as disclosed in the Company's final short form prospectus dated June 22, 2021. From the net proceeds of approximately $48 million of that offering, the Company had planned to spend $21 million on business development and expansion in China, $12 million on business expansion to North America, most of which was to be spent prior to the end of 2021 to launch the Canadian segment of the Business Hub, $5 million on business expansion to Europe with the remaining $10 million reserved for working capital and general corporate matters. However, the halt of trading of the Common Shares on the NASDAQ Capital Market ("**NASDAQ**") in September of 2021, meant that the Company wouldn't be able to raise additional capital in the United States by the end of 2021 as it had intended. This resulted in the Company revising its intended use of funds with respect to the 2021 Short-Form Financing. The funds that were earmarked for business expansion to Europe, together with approximately $2 million worth of funds earmarked for business expansion to North America, were instead sent to China. But while a total of approximately $28 million was sent to China, only approximately $18 million was actually used for business development and expansion, with the rest going towards working capital and cash reserves. The planned investment toward the launch of the Company's North American operations was both delayed and reduced to approximately $7 million, and the Company allocated the remaining balance of $13 million in North America to working capital, general corporate matters and cash reserves.

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Until applied, the net proceeds will be held as cash balances in the Company's bank account or invested in certificates of deposit and other instruments issued by banks or obligations of or guaranteed by the Government of Canada or any province thereof. Unallocated funds from the Offering will be added to the working capital of the Company, and will be expended at the discretion of management.

During the fiscal year ended December 31, 2021 and the three-month period ended September 30, 2022, the Company had negative cash flow from operating activities, but generated positive cash flow from operations for the nine-month periods ended September 30, 2022. The Company had first projected that it would be profitable by the end of the 2021 fiscal year, however, a combination of delays in the start of certain projects in China and the delay of the launch of the Company's Business Hub in Canada caused the Company to revise its cash allocation in 2021. This, in turn, has delayed the Company's forecasted profitability. While the Company had positive operating cash flow in the first nine months of 2022, due to the fact that many Chinese cities were on government mandated COVID-19 lockdown, which prevented the Company from spending to grow its business and reduced its expenses, the Company now anticipates it will continue to have negative cash flow from operating activities in future periods until profitability is achieved, forecasted to be by the end of fiscal year 2023, as it resumes investing to expand and grow its operations in both China and North America. As a result, certain of the net proceeds from the Offering may be used to fund such negative cash flow from operating activities in future periods. See "Risk Factors - Negative Operating Cash Flow and Additional Funding".

**Performance Analysis, Expansion and Business Objectives**

The Company has segmented and reports its revenue under two operating categories, namely "Fintech Platform" and "Financial Services". For presentation purposes, any revenue generated that falls outside of those two operating segments are grouped in a third category called "Other". Each operating segment is distinguished by the type of products and services it offers and is managed separately as each requires different business processes, marketing approaches and resources.

For the nine-month period ended September 30, 2022, the Company's Fintech Platform segment generated revenues (before intra-group eliminations) of approximately $92.2 million compared to revenues of approximately $68.4 million for the same period in 2021. The year-over-year increase can be attributed to the consistent increase in demand for the Company's services over the past three years, particularly the demand for the Company's supply-chain services. The Financial Services segment saw revenues of the first nine months of fiscal 2022 amount to approximately $2.2 million compared to $2.8 million for the first nine months of fiscal 2021. The Company's net loss for the first nine months of 2022 was approximately $17.4 million compared to a net profit of $1.4 million in the first nine months of fiscal 2021. Although the Company generated positive cash flows from operating activities of approximately $1.2 million in the first nine months of 2022, it is not expected to do so on a consistent basis until sometime in 2023. The Company is hopeful that, if the demand for its services continues to increase, it will generate positive cash flow from its operations consistently beginning sometime in 2023.

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The overall increase in the Company's revenue from fiscal year 2020 to 2021 came primarily from the increase in revenue in its Fintech Platform segment. The vast majority of the revenue generated in that segment comes from the supply-chain service bundle. The Company only began to offer these services in the second half of 2019 and revenue generated by these services in 2020 was still being impacted by clients' lack of familiarity with the offerings. In 2021, however, the Company saw a strong increase in repeat business from clients who were now familiar with the services. In addition, the Company's marketing efforts and investments led to new clients and new vertical segments. The Company's offerings to the insurance industry through its Heartbeat platform and to the oil and gas sector began to show great promise in the first quarter of 2022. While the Company's offering to the supply-chain is expected to account for a large share of its revenue in China for the next two to three years, offerings to other segments, such as the insurance, oil and gas, and clean energy segments are expected to account for an increasingly larger percentage of the Company's revenues in the future and help to diversify its revenue stream in China.

The Company's supply-chain service bundle serves both as a source of revenue and as a client acquisition tool for the Company. By providing services to material suppliers and factories at the top of the supply- chain, the Company has been able to connect with and acquire as clients many of the product distributors and retailers who are themselves clients of the factories serviced by the Company. The Company's strategy initially consisted of accepting lower margins related to its supply-chain service bundle in exchange for the acquisition of distributor and retailer clients. That strategy has led to an overall increase in both clients and profit margins on the supply-chain service bundle since 2019. Cost of service expenses, which refer only to direct costs associated with the provision of the Company's supply-chain service bundle, is gradually representing a smaller percentage of the revenue generated by the services. That trend is expected to continue as more services related to the supply-chain service bundle provided by third parties continue to be assumed through the Company's proprietary platforms and modules, such as its Gold River e-commerce and logistics platform and its Yun Fleet shipping platform.

Despite the impact of the COVID-19-related lockdowns in China throughout 2022, the Company is still expecting overall revenue in 2022 to exceed 2021 revenue. Assuming the Company is able to raise enough capital to expand its service offering in China, even as it starts to operate in Canada, it believes that it can reasonably expect to be profitable by the end of 2023. The Company expects the Minimum Offering will provide sufficient capital to achieve these goals.

The Company will continue to focus on the expansion of its Business Hub ecosystem in China as well as the operation of the newly launched Business Hub in Canada. The Company had previously planned for the North American expansion of its Business Hub to occur by the end of 2021, but a reallocation of its capital resources following the halt in the trading of the Common Shares on the NASDAQ led to a delay in the planned expansion. Therefore the Company's main near-term objectives to be pursued with the net proceeds in the case of the Minimum Offering, and which the Company expects to occur during the next 12 months, are (i) the operation and expansion of the Canadian segment of its Business Hub: Launched with limited features on November 30, 2022 in Canada, the Business Hub will eventually feature 4 main services pillars to keep members coming back to the Hub, one of which will be the ability to connect and network with other members of the ecosystem both locally and internationally. Given the strict rules of Internet behavior in China and the importance of allowing Hub members in and out of China to connect with each other, the completion of the Hub's networking module will mark a turning point for how it operates globally; (ii) continue its business development and service expansion activities in China: Business development and expansion in China is expected to take place across various industrial verticals including insurance, clean energy and consumer goods, in collaboration with the Company's existing and future partners; and (iii) the launch of the US segment of its Business Hub: The launch of the US Hub is expected somewhere in the second half of 2023. With the launch of the Canadian segment of the Business Hub completed, launching the US segment should not carry a great deal of complexity since both segments will operate in essentially the same fashion with on a few minor variations to account for the differences in the countries' banking and financial systems, particularly surrounding commercial loans and credit. Just like it has done prior to the launch of the Canadian segment, the Company will embark on a pre-registration campaign of US small and medium enterprises and financial institutions several months prior to the expected launch date of the US Hub to ensure a sufficient number of members are present to allow all members to get the most out of their Business Hub experiences from the very first day the platform goes live in the US. Assuming the Maximum Offering, the Company intends to use available funds towards the expansion of its Business Hub to Europe by the end of 2023.

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There is no assurance the foregoing goals and objectives will be achieved. The Company's business is subject to a number of risks and uncertainties. See "Risk Factors".

**PLAN OF DISTRIBUTION**

Pursuant to the Agency Agreement, the Company has appointed the Agent to act as its agent to conduct the Offering on a commercially reasonable "best efforts" agency basis, of a Minimum Offering of ● Units at the Offering Price per Unit for gross proceeds of $20,000,000 and Maximum Offering of ● Units at the Offering Price per Unit for gross proceeds of $30,000,000. The Agent has agreed to assist with the Offering on an agency basis and is not obligated to purchase any of the Units for its own account. The Offering Price will be determined by arm's length negotiation between the Company and the Agent. The Units are being offered to the public in the provinces of Alberta, British Columbia, Ontario and Québec, through the Agent or its affiliates who is registered to offer and sell the Units in such provinces and such other registered dealers as may be designated by the Agent. Subject to applicable law and the provisions of the Agency Agreement, the Agent may offer the Units outside of Canada.

The Company has agreed to pay to the Agent, together with its sub-agents and advisors (including The Benchmark Company, LLC which is serving as an independent financial advisor to the Agent and will receive a fee from the Agent following this offering), the Agent's Fee, in consideration for its services rendered in connection with the Offering, in the amount equal to 7.5% of the gross proceeds of the Offering, subject to the terms and conditions of the Agency Agreement, including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option, being $● per Unit. The aggregate Agent's Fee will be $1,500,000 in the case of the Minimum Offering and $2,250,000 in the case of the Maximum Offering ($2,587,500 assuming the Over-Allotment Option has been exercised in full for Over-Allotment Units).

The Agent will also receive, as additional compensation, non-transferable Broker Warrants equal to 7.5% of the aggregate number of Units issued by the Company under the Offering (including pursuant to the exercise of the Over-Allotment Option). Each Broker Warrant is exercisable into one (1) Broker Warrant Share at $● for twenty-four (24) months following the date of issuance thereof. The Broker Warrants will be registered in the name or names specified by the Agent. This Prospectus qualifies the distribution of the Broker Warrants.

The Company has agreed to reimburse the Agent for all reasonable expenses related to the Offering, regardless of whether the Offering is completed, including the fees and disbursements of legal counsel to the Agent up to an agreed maximum.

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Each Unit consists of one Unit Share and one Warrant. Each Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Warrant Share at an exercise price of $● per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date, which is the date that is twenty-four months following the Closing Date. The Warrants will be created and issued pursuant to the terms of the Warrant Indenture to be dated as of the Closing Date between the Company and the Warrant Agent. The Warrant Indenture will contain provisions designed to protect holders of the Warrants against dilution upon the happening of certain events.

The Company has granted the Agent an Over-Allotment Option, exercisable in whole or in part, at the sole discretion of the Agent, at any time up to the Closing Date, enabling it to offer for sale up to such additional number of Over-Allotment Units as is equal to 15% of the number of Units sold under the Maximum Offering at $● per Over-Allotment Unit. Each Over-Allotment Unit consists of one Over-Allotment Unit Share and one Over-Allotment Warrant. Each Over-Allotment Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Over-Allotment Warrant Share at an exercise price of $● per Over-Allotment Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date.

This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Units, Over-Allotment Unit Shares and Over-Allotment Warrants to be issued and sold upon exercise of the Over-Allotment Option. A purchaser who acquires securities forming part of the Agent's over- allocation position acquires those securities under this Prospectus, regardless of whether the Agent's over- allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

The price at which the Units are being offered hereunder and the terms of the Offering were determined by arm's length negotiation between the Company and the Agent. The Agent proposes to offer the Units initially at the Offering Price.

Under the terms of the Agency Agreement, the obligations of the Agent may be terminated at its discretion on the basis of "disaster out", "regulatory out", "market out", "due diligence out", "material change out" and "breach out" and may also be terminated upon the occurrence of certain stated events. The Agency Agreement also provides that the Company will indemnify the Agent and its directors, officers, partners, shareholders, agents, employees and controlling persons against certain liabilities and expenses, including, as the case may be, liabilities under Canadian securities legislation.

Orders for Units will be received subject to rejection or allotment in whole or in part and the right is reserved to close the order books at any time without notice.

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If the Minimum Offering is not completed within ninety (90) days of the issuance of a receipt for the final prospectus, the Offering will cease. The Agent, pending closing of the Offering, will hold in trust all subscription funds received pursuant to the provisions of the Agency Agreement. If the Minimum Offering is not completed, the subscription proceeds received by the Agent in connection with the Offering will be returned to the subscribers without interest or deduction, unless the subscribers have otherwise instructed the Agent.

The Company has agreed that it will not issue, announce any issue or agree to issue any securities of the Company, other than issuances (i) under existing director, officer, employee or consultant stock options or awards granted under current or future equity incentive plans of the Company, and any share issued on conversion or exercise of such options or awards, (ii) as a result of the exercise of currently convertible securities, outstanding share purchase warrants or options, (iii) as a result of an internal reorganization of the Company, or (iv) as a result of any previously announced obligation, until thirty days after the Closing Date without the written consent of the Agent, such consent not to be unreasonably withheld.

The Units, the Unit Shares and the Warrants comprising the Units, and the Warrants Shares issuable upon exercise of the Warrants have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States except in transactions registered under the U.S. Securities Act or exempt from the registration requirements of the U.S. Securities Act and in accordance with all applicable U.S. state securities laws. The Agent has agreed pursuant to the terms of the Agency Agreement that it will not offer or sell the Units within the United States, except pursuant to available exemptions from the registration requirements under the U.S. Securities Act and in compliance with applicable U.S. state securities laws. The Units, the Unit Shares and the Warrants comprising the Units, and the Warrants Shares issuable upon exercise of the Warrants that are sold in the United States will be restricted securities within the meaning of Rule 144(a)(3) under the U.S. Securities Act and may only be offered, sold or otherwise transferred pursuant to certain exemptions from the registration requirements of the U.S. Securities Act. In addition, until 40 days after the commencement of the Offering, an offer or sale of Units, Unit Shares or Warrants within the United States by a dealer (whether or not participating in the Offering) may violate the registration requirements of the U.S. Securities Act unless made in compliance with an exemption thereunder. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the Units to, or for the account or benefit of, a person in the United States or a U.S. person as defined in Regulation S under the U.S. Securities Act (a "**U.S. Person**").

**There is no market through which the Warrants may be sold and purchasers may not be able to resell the Warrants that are purchased under this Prospectus. This may affect the pricing of the Warrants in the secondary market, the transparency and availability of trading prices, the liquidity of the Warrants and the extent of Company regulation. See "Risk Factors".**

**The issuer has applied to have its securities listed on the TSX. Listing is subject to the approval of the TSX in accordance with its original listing requirements. The TSX has not conditionally approved the issuer's listing application and there is no assurance that the TSX will approve the listing application. See "Risk Factors".**

In the event that the Company is unable to fulfill all of the listing requirements of the TSX in respect of the Uplist, the Company will give notice to list the Unit Shares, Warrants, and Warrant Shares, as well as the Broker Warrant Shares on the CSE. **Listing on the CSE is subject to the Company fulfilling all of the listing requirements of the CSE.**

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**Lock-Up Agreements**

Pursuant to the Agency Agreement, each of the Company's directors, senior officers and other insiders will enter into a lock-up agreement ("**Lock-Up Agreement**") prior to Closing, pursuant to which such persons will agree not to, for a period of 30 days following the Closing Date, directly or indirectly, offer, sell, contract to sell, lend, swap, or enter into any other agreement to transfer the economic consequences of, or otherwise dispose of or deal with, or publicly announce any intention to offer, sell, contract to sell, grant or sell any option to purchase, hypothecate, pledge, transfer, assign, purchase any option or contract to sell, lend, swap or enter into any agreement to transfer the economic consequences of, or otherwise dispose of or deal with, whether through the facilities of a stock exchange, by private placement or otherwise, securities of the Company held by them, directly or indirectly, without prior consent of the Agent, which consent will not be unreasonably withheld or delayed, provided that the Agent's consent shall not be required in connection with (a) the exercise of previously issued options, restricted share units, performance share units, deferred share units or other convertible securities, (b) transfers among a shareholder's affiliates for tax or other planning purposes, or (c) a tender or sale by a shareholder of securities of the Company in or pursuant to a take-over bid or similar transaction involving a change of control of the Company.

**Non-Certificated Inventory System**

Subscriptions for the Units will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is anticipated that the Units will be delivered under the book-based system through CDS Clearing and Depository Services Inc. ("**CDS**") or its nominee and deposited in registered or electronic form with CDS on the Closing Date, or such other date as may be agreed upon by the Company and the Agent. No certificates evidencing the Unit Shares or Warrants will be issued to subscribers, except in certain limited circumstances, and as such a purchaser of Units will receive only a customer confirmation from the registered dealer through which the Units are purchased.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**

**Units**

Each Unit is comprised of one Unit Share (being a Common Share forming a part of each Unit) and one Warrant, subject to adjustment in certain circumstances in accordance with the Warrant Indenture. The Units will separate into Unit Shares and Warrants immediately upon issue.

**Common Shares**

The authorized share capital of the Company consists of an unlimited number of Common Shares without par value. As of the date hereof, there are 99,544,183 Common Shares issued and outstanding. As of the Closing Date of the Offering, assuming the Maximum Offering and exercise in full of the Over-Allotment Option, and assuming no further Common Shares are issued upon the exercise of outstanding warrants or options, including Broker Warrants and Warrants, the Company will have ● Common Shares issued and outstanding. See "Consolidated Capitalization".

All of the authorized Common Shares are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets. Shareholders are entitled to receive notice of meetings of shareholders and to attend and vote at those meetings. Shareholders are entitled to one vote for each Common Share held of record on all matters to be acted upon by the shareholders. Shareholders are entitled to receive such dividends as may be declared from time to time by the board of directors of the Company, in its discretion, out of funds legally available therefore.

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Upon liquidation, dissolution or winding up of the Company, shareholders are entitled to receive pro rata the assets of the Company, if any, remaining after payments of all debts and liabilities. No Common Shares have been issued subject to call or assessment. There are no pre-emptive, conversion or exchange rights and no provisions for redemption, retraction, purchase for cancellation, surrender, or sinking or purchase funds. There are no provisions restricting the issuance of additional Common Shares or requiring a shareholder to contribute additional capital.

Provisions as to the modification, amendment or variation of such shareholder rights or provisions are contained in the CBCA.

As of the date of this Prospectus, the Company has not declared dividends and has no current intention to declare dividends on its Common Shares in the foreseeable future. Any decision to pay dividends on its Common Shares in the future will be at the discretion of the Company's board of directors and will depend on, among other things, the Company's results of operations, current and anticipated cash requirements and surplus, financial condition, any future contractual restrictions and financing agreement covenants, solvency tests imposed by corporate law and other factors that the board of directors may deem relevant.

**Warrants**

The Warrants will be governed by the terms of the Warrant Indenture to be entered into on or before the Closing Date between the Company and TSX Trust Company, as Warrant Agent. Under the Warrant Indenture, each Warrant will entitle the holder thereof to acquire, subject to adjustment in accordance with the Warrant Indenture, one Warrant Share at an exercise price of $● per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the Expiry Date, which is the date that is twenty-four months following the Closing Date, after which time the Warrants shall be void and of no value or effect.

**Warrant Indenture**

The following summary of certain anticipated provisions of the Warrant Indenture does not purport to be complete and is subject in its entirety to the detailed provisions of the executed Warrant Indenture. Reference is made to the Warrant Indenture for the full text of the attributes of the Warrants which, following the closing of the Offering, (i) will be filed on SEDAR under the Company profile of the Company at www.sedar.com, or (ii) may be obtained on request without charge from the Corporate Secretary of the Company at 119 Spadina Avenue, Suite 705, Toronto, ON M5V 2L1, telephone (514) 340- 7775. A register of holders of Warrants will be maintained at the principal offices of the Warrant Agent in Montréal, at 2001 boulevard Robert-Bourassa, Suite 1600, Montréal, QC H3A 2A6.

The Warrant Indenture will provide, in the event of certain alterations of the Common Shares, that the number of Common Shares which may be acquired by a holder of Warrants upon the exercise thereof will be subject to standard anti-dilution provisions governed by the Warrant Indenture, including provisions for the appropriate adjustment of the class, number and price of the securities issuable under the Warrant Indenture upon the occurrence of certain events including any subdivision, consolidation, or reclassification of the shares, payment of dividends outside of the ordinary course, or amalgamation/merger of the Company.

No fractional Warrant Shares will be issuable to any holder of Warrants upon the exercise thereof, and no cash or other consideration will be paid in lieu of fractional shares. The holding of Warrants will not make the holder thereof a shareholder of the Company or entitle such holder to any right or interest in respect of the Warrant Shares except as expressly provided in the Warrant Indenture. Holders of Warrants will not have any voting or preemptive rights or any other rights of a holder of Common Shares.

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The Company will also covenant in the Warrant Indenture, during the period in which the Warrants are exercisable, to give notice to holders of Warrants of certain stated events, including events that would result in an adjustment to the exercise price for the Warrants or the number of Warrant Shares issuable upon exercise of the Warrants, at least two days prior to the record date or effective date, as the case may be, of such event.

The Warrant Indenture will provide that the Warrants will only be exercisable: (i) by, or for the account or benefit of, persons that are in the United States or are U.S. Persons by the original purchaser of the Units who is a "qualified institutional buyer" (as defined in Rule 144A under the U.S. Securities Act), exercising the Warrants for its own account or the account of a "qualified institutional buyer" over which it exercises sole investment discretion; or (ii) by a holder that is not in the United States, a U.S. Person, or acting for the account or benefit of a person in the United States or a U.S. Person; was not offered and did not acquire the Warrants in the United States; and did not execute or deliver the notice of exercise in the United States.

The Warrant Indenture will provide that, from time to time, the Warrant Agent and the Company, without the consent of the holders of Warrants, may be able to amend or supplement the Warrant Indenture for certain purposes, including rectifying any ambiguities, defective provisions, clerical omissions or mistakes, or other errors contained in the Warrant Indenture or in any deed or indenture supplemental or ancillary to the Warrant Indenture, provided that, in the opinion of the Warrant Agent, relying on counsel, the rights of the holders of Warrants are not prejudiced, as a group.

The Warrant Indenture will also contain provisions making binding upon the holders of Warrants all resolutions passed at meetings of such holders in accordance with such provisions or by instruments in writing signed by holders of Warrants holding a specified percentage of the Warrants. Any amendment or supplement to the Warrant Indenture that is prejudicial to the interests of the holders of Warrants, as a group, will be subject to approval by an "Extraordinary Resolution", which will be defined in the Warrant Indenture as a resolution either: (i) passed at a meeting of the holders of Warrants at which there are holders of Warrants present in person or represented by proxy representing at least 25% of the aggregate number of the then outstanding Warrants and passed by the affirmative vote of holders of Warrants representing not less than 66 ⅔% of the aggregate number of all the then outstanding Warrants represented at the meeting in person or by proxy and voted on the poll upon such resolution, or (ii) adopted by an instrument in writing signed by the holders of Warrants representing not less than 66 ⅔% of the number of all of the then outstanding Warrants.

The principal transfer office of the Warrant Agent in Montréal, at 2001 boulevard Robert-Bourassa, Suite 1600, Montréal, QC H3A 2A6 is the location at which Warrants may be surrendered for exercise or transfer.

**Broker Warrants**

The Company has agreed to issue to the Agent such number of Broker Warrants as is equal to 7.5% of the number of Units issued under the Offering (including any Over-Allotment Units issued upon the exercise of the Over-Allotment Option), the distribution of which are qualified by this Prospectus. Each Broker Warrant is exercisable into one (1) Common Share at $● for twenty-four (24) months following the date of issuance thereof. This Prospectus qualifies the distribution of the Broker Warrants.

The Broker Warrants may be exercised by the Agent on or before the expiration date by delivering (i) notice of exercise, appropriately completed and duly signed, and (ii) payment of the exercise price for the number of Broker Warrant Shares with respect to which the Broker Warrant is being exercised. The Broker Warrants may be exercised in whole or in part, but only for full Broker Warrant Shares.

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The Broker Warrant Shares will be, when issued and paid for in accordance with the Broker Warrants, duly authorized, validly issued and fully paid and non-assessable. The Company will authorize and reserve at least that number of Common Shares equal to the number of Broker Warrant Shares issuable upon exercise of all outstanding Broker Warrants.

The exercise price and the number of Broker Warrant Shares issuable upon the exercise of each Broker Warrant are subject to adjustment upon the happening of certain events, such as a distribution on the Common Shares, or a subdivision, consolidation or reclassification of the Common Shares. In addition, upon any fundamental transaction, such as a merger, arrangement, consolidation, sale of all or substantially all of the Company's assets, share exchange or business combination, the Broker Warrants will thereafter evidence the right of the holder to receive the securities, property or cash deliverable in exchange for or on the conversion of or in respect of the Common Shares to which the holder of a Common Share would have been entitled immediately on such event.

The Broker Warrants are non-transferable, and will not be listed or quoted on any securities exchange. The holder of the Broker Warrants does not have the rights or privileges of holders of Common Shares and any voting rights until they exercise its Broker Warrants and receive Broker Warrant Shares.

**PRIOR SALES**

In the spring of 2020, the Company began implementing a variety of strategic actions to significantly expand its shareholder base, connect with US investors and access the capital it needed to help fuel its growth. Those actions led to the Company's stock price hitting an all-time high of $14.50 in September 2021. The Company's stock price began to decline shortly thereafter, around the time that the Company's common shares were delisted from the NASDAQ. Several other events have since contributed to the continued decline of the Company's stock price, including revised guidance for 2022 issued by the Company earlier this year, the ongoing investigation of the Company and its CEO by the AMF and global economic events that have affected the capital markets in general, particularly technology companies such as the Company that have seen their market capitalizations decline by anywhere between 60% to 90%.

**Common Shares**

The following table summarizes details of Common Shares issued by the Company during the twelve (12) months prior to the date of this Prospectus:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Date of Issuance** | **Type of Security** | **Details of Issuance** | **Price<sup>(1)</sup>** | **Number of Securities<sup>(1)</sup>** |
| December 30, 2021 | Common Shares | Exercise of warrants | $0.80 | 200000 |
| January 05, 2022 | Common Shares | Exercise of warrants | $1.50 | 100000 |
| January 10, 2022 | Common Shares | Exercise of warrants | $0.80 | 200000 |
| January 12, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| January 12, 2022 | Common Shares | Exercise of warrants | $0.80 | 150000 |
| January 20, 2022 | Common Shares | Exercise of warrants | $1.50 | 150000 |
| February 01, 2022 | Common Shares | Exercise of warrants | $0.50 | 467500 |
| February 01, 2022 | Common Shares | Exercise of warrants | $2.00 | 360000 |
| March 22, 2022 | Common Shares | Exercise of options | $2.00 | 100000 |
| May 24, 2022 | Common Shares | Exercise of options | $2.10 | 17500 |
| June 21, 2022 | Common Shares | Exercise of warrants | $0.50 | 125000 |
| June 21, 2022 | Common Shares | Exercise of warrants | $2.00 | 500 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of Issuance** | **Type of Security** | **Details of Issuance** | **Price<sup>(1)</sup>** | **Number of Securities<sup>(1)</sup>** |
| July 13, 2022 | Common Shares | Exercise of warrants | $0.50 | 12500 |
| July 19, 2022 | Common Shares | Exercise of warrants | $0.50 | 65000 |
| July 20, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| July 28, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| August 12, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| August 16, 2022 | Common Shares | Exercise of warrants | $0.50 | 54000 |
| August 17, 2022 | Common Shares | Exercise of warrants | $0.50 | 100000 |
| August 19, 2022 | Common Shares | Exercise of warrants | $0.50 | 75000 |

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(1) The number and exercise price of any warrants granted prior to the Company's July 28, 2020 and July 27, 2021 consolidation of its Common Shares on the basis of 10 pre-consolidation Common Shares for one post-consolidation Common Shares and 2 pre-consolidation Common Shares for one post-consolidation Common Shares respectively, have been adjusted to the post-consolidated number of warrants and exercise price.

**Warrants**

The Company has not issued any share purchase warrants during the twelve (12) months prior to the date of this Prospectus.

**Share Options**

The following table summarizes details of share options issued by the Company during the twelve (12) months prior to the date of this Prospectus:

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| | | |
|:---|:---|:---|
| **Date of Issuance** | **Exercise Price** | **Number of Securities** |
| January 1, 2022<br> Share Options<sup>(1)</sup> | $7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32725 |
| February 1, 2022<br> Share Options<sup>(2)</sup> | $5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42881 |
| March 1, 2022<br> Share Options<sup>(3)</sup> | $4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941 |
| April 1, 2022<br> Share Options<sup>(4)</sup> | $4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15627 |
| May 1, 2022<br> Share Options<sup>(5)</sup> | $5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13585 |
| June 1, 2022<br> Share Options<sup>(6)</sup> | $2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2842 |
| July 1, 2022<br> Share Options<sup>(7)</sup> | $1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5763 |
| August 1, 2022<br> Share Options<sup>(8)</sup> | $1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35892 |
| September 1, 2022<br> Share Options<sup>(9)</sup> | $2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14791 |
| October 1, 2022<br> Share Options<sup>(10)</sup> | $1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82465 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exercisable on or before January 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exercisable on or before February 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Exercisable on or before March 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Exercisable on or before April 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Exercisable on or before May 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Exercisable on or before June 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Exercisable on or before July 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Exercisable on or before August 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Exercisable on or before September 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Exercisable on or before October 1, 2027.

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**Shareholder Rights**

The statutory rights and remedies of the Company's shareholders are dictated by Canadian corporate law. The Company currently conducts substantially all of its operations in China, and substantially all of its assets are located in China. In addition, certain of the Company's officers reside in China. As a result, it may be difficult or impossible for a shareholder to effect service of process upon us or those persons inside mainland China. Furthermore, it may also be difficult or impossible for a shareholder to enforce judgments obtained in Canadian courts based on the civil liability provisions of Canadian securities laws against our Chinese subsidiaries and some of our officers. There is also uncertainty as to whether the courts of China would allow parties to bring an original action to enforce liabilities against the Company's Chinese subsidiaries or any other person predicated upon the civil liability provisions of the securities laws of Canada.

If a shareholder is unable to bring a Canadian claim or collect on a Canadian judgment, a shareholder may have to rely on legal claims and remedies available in China where we maintain assets. The claims and remedies available in China are significantly different from those available in Canada and difficult to pursue. The recognition and enforcement of foreign judgments are provided for under the Chinese Civil Procedures Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with Canada that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the Chinese Civil Procedures Law, the Chinese courts will not enforce a foreign judgment against our Chinese subsidiaries or our officers if they decide that the judgment violates the basic principles of Chinese laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a Chinese court would enforce a judgment rendered by a court in Canada.

The fact that the operating entities are domiciled in China has no implications in terms of an investor's ability to exercise statutory rights and remedies against the Company under Canadian securities law. However, given the fact that the operating subsidiaries account for a significant portion of the Company's assets, investors may want to exercise statutory rights and remedies against those subsidiaries, for which there could be major implications, as described above.

**REPORTING INSIDERS AND INSIDER TRADING POLICY AND PROHIBITIONS**

Reporting insiders of the Company ("**Reporting Insiders**") include the directors, senior officers and certain insiders of the Company. The Company has an insider trading policy (the "**Policy**"). The Policy provides for "blackout" periods during which insiders and other persons who are subject to the Policy are prohibited from trading in securities of the Company. The Policy applies to all directors, officers, employees, consultants, and contractors of the Company, each of whom will agree to be bound by such provisions upon notification of the most recent copy, and all related persons of such persons (collectively, "**Restricted Persons**").

**No Trade Periods**

The period beginning 30 days before the schedule release for filing the Company's quarterly and annual financial statements and two full business day following public disclosure of those financial statements (a "**No Trade Period**") is particularly sensitive, as officers, directors and certain employees will often possess Undisclosed Material Information about the expected financial results for the quarter. Accordingly, to ensure compliance with this policy and applicable securities laws, all Restricted Persons having access to quarterly or annual internal financial statements or other Undisclosed Material Information shall refrain from undertaking transactions involving the purchase or sale of the Company's securities during No Trade Periods. The CEO, or his or her designee, will disseminate an e-mail to all Restricted Persons confirming the scheduled release date for financial statements, and the date preceding such scheduled release upon which date the No Trade Period will commence (subject to any subsequent e-mail from the CEO, or his or her designee, amending such scheduled release date and corresponding No Trade Period).

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**Event Specific Blackout Periods**

From time to time, information may develop, or an event may occur, that is material to the Company but not yet disclosed or disclosable (i.e. the negotiation of a material contract). The CEO, or his or her designee will inform the Restricted Persons (excluding the Related Persons for the sole purpose of this paragraph) of an event specific blackout period (an "**Event Specific Blackout Period**") by means of e-mail notification and any other necessary means. All Restricted Persons are prohibited from trading securities of the Company during the Event Specific Blackout Period. The existence of any Event Specific Blackout Period is itself confidential and must be kept confidential by all Restricted Persons. Once instituted, an Event Specific Blackout Period will continue to exist until the CEO or designated person communicates its termination. The Policy restricts the activities of insiders and other persons who are subject to the Policy from entering into derivative-based transactions that involve, directly or indirectly, securities of the Company. In addition to the obligations set forth above, all Restricted Persons shall not engage in (i) the short selling of, or trading in puts, calls or options in respect of the securities of the Company; and (ii) in the purchase of financial instruments, including for greater certainty, prepaid variable forward contracts, equity swaps, collars, or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities as compensation or held, directly or indirectly by them.

The Policy also precludes the grant or exercise of stock options, or similar forms of stock-based compensation during the restricted period. The Board of Directors of the Corporation cannot approve the grant of any stock options or any other forms of equity-based compensation during a No-Trade Period or Event Specific Blackout Period.

**TRADING VOLUME AND PRICE**

There is currently no market for the Warrants. The Company intends to list the Warrants on the CSE subject to the satisfaction of all conditions precedent thereto and the rules and policies of the CSE. See "Plan of Distribution" and "Risk Factors".

The Common Shares of the Company are listed and posted for trading in Canada on the CSE under the symbol "PKK". The following table sets forth information relating to the trading of the Common Shares on the CSE during the twelve (12) months preceding the date of this Prospectus:

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| | | | |
|:---|:---|:---|:---|
| **Month** | **High ($)** | **Low ($)** | **Volume** |
| December 1 - 21 | $1.25 | $0.71 | 2440774 |
| November, 2022 | $1.01 | $0.67 | 3531831 |
| October, 2022 | $1.29 | $0.85 | 3511734 |
| September, 2022 | $2.03 | $1.15 | 2339166 |
| August, 2022 | $2.94 | $1.19 | 5491287 |
| July, 2022 | $1.65 | $1.21 | 2654339 |
| June, 2022 | $2.36 | $1.32 | 5696413 |
| May, 2022 | $4.89 | $1.81 | 9845828 |
| April, 2022 | $5.40 | $3.68 | 4622150 |
| March, 2022 | $4.88 | $3.05 | 5086943 |
| February, 2022 | $5.38 | $2.40 | 7408649 |
| January, 2022 | $7.49 | $4.48 | 10435198 |
| December, 2021 | $9.66 | $6.38 | 4665139 |

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On September 26, 2022, the last trading day prior to the public announcement of the Offering, the closing price of the Common Shares on the CSE was $1.46. On December 21, 2022, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the CSE was $0.78.

**INTERESTS OF EXPERTS**

Certain Canadian legal matters relating to the Common Shares qualified hereunder will be passed upon by Dentons Canada LLP on behalf of Tenet and by MLT Aikins LLP on behalf of the Agent. None of Dentons Canada LLP, MLT Aikins LLP or any officer, employee or partner thereof, as applicable, received or has received a direct or indirect interest in the property of the Company or of any associate or affiliate of the Company. As at the date hereof, the designated professionals (as such term is defined in section 16.2(1.1) Form 51-102F2 - Annual Information Form) of each of the aforementioned partnerships beneficially own, directly or indirectly, in the aggregate, less than 1% of the securities of the Company.

Raymond Chabot Grant Thornton LLP provided an auditor's report in respect of the Company's consolidated financial statements for the year ended December 31, 2021. Raymond Chabot Grant Thornton LLP has confirmed that it is independent of the Company within the meaning of the Code of Ethics of Chartered Professional Accountants (Québec).

**AUDITOR, TRANSFER AGENT AND REGISTRAR**

The auditors of the Company are Raymond Chabot Grant Thornton LLP at its offices located at Suite 2000 National Bank Tower, 600 De La Gauchetière Street West, Montréal, Québec H3B 4L8.

The auditors of the Company's subsidiaries in China and Hong Kong are respectively Grant Thornton China Ltd. whose offices are located at 9/F Raffles City, 268 Xizang Zhong Road, Huang Pu District, Shanghai 200001 PRC, and Grant Thornton Hong Kong Ltd. whose offices are located at 11th Floor, Lee Garden Two, 28 Yun Ping Road, Causeway Bay, Hong Kong SAR, PRC

The registrar and transfer agent for the Common Shares is TSX Trust Company at its offices at 100 Adelaide Street West, Suite 301, Toronto, ON M5H 1S3.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following is, as at the date of this Prospectus, a summary of the principal Canadian federal income tax considerations under the Tax Act generally applicable to an investor who acquires Units pursuant to the Offering and who, for the purposes of the Tax Act and at all relevant times, (i) deals at arm's length with the Company and the Agent, (ii) is not affiliated with the Company or the Agent, and (iii) acquires and holds the Unit Shares and Warrants, and will hold the Warrant Shares issuable on the exercise of the Warrants, (the Unit Shares and Warrant Shares hereinafter sometimes collectively referred to as "**Shares**") as capital property (a "**Holder**"). Generally, the Shares and Warrants will be considered as capital property of a Holder thereof provided that the Holder does not hold the Shares or Warrants in the course of carrying on a business of trading or dealing in securities and such Holder has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

------

This summary does not apply to a Holder (i) that is a "financial institution" for the purposes of the mark- to-market rules contained in the Tax Act, (ii) that is a "specified financial institution" as defined in the Tax Act, (iii) an interest in which would be a "tax shelter investment" as defined in the Tax Act, (iv) that has made a functional currency reporting election under the Tax Act, (v) that is exempt from tax under Part I of the Tax Act, (vi) that has entered into or will enter into a "synthetic disposition arrangement" or a "derivative forward agreement", as defined in the Tax Act, with respect to the Shares or Warrants, (vii) that receives dividends on Shares under or as part of a "dividend rental arrangement", as defined in the Tax Act, or (viii) that is a corporation resident in Canada that is, or does not deal at arm's length with a corporation that is, at any time controlled by a non-resident person, or a group of non-resident persons not dealing with each other at arm's length, in each case for purposes of the "foreign affiliate dumping" rules in the Tax Act. All such Holders should consult their own tax advisors with respect to an investment in the Units. In addition, this summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of Units.

This summary is based on the current provisions of the Tax Act in force on the date hereof and our understanding of the current administrative policies and assessing practice of the Canada Revenue Agency (the "**CRA**") made publicly available in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**") and assumes that the Tax Proposals will be enacted in the manner and form proposed. However, no assurance can be given that the Tax Proposals will be enacted in their current form or at all. This summary does not otherwise take into account any changes in law or in the administrative policies or assessing practice of the CRA, whether by legislative, governmental or judicial decision or action, nor does it take into account or consider any other federal or any provincial, territorial or foreign tax considerations, which considerations may differ significantly from the Canadian federal income tax considerations discussed in this summary.

**This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder. Prospective investors should consult their own tax advisors with respect to their particular circumstances.**

**Allocation of Cost**

The total purchase price of a Unit to a Holder must be allocated on a reasonable basis between the Unit Share and the Warrant comprising a Unit to determine the cost of each to the Holder for purposes of the Tax Act.

For its purposes, the Company intends to allocate $● of the Offering Price of each Unit as consideration for the issue of each Unit Share and $● of the Offering Price of each Unit as consideration for the issue of each Warrant. Although the Company believes its allocation is reasonable, it is not binding on the CRA or the Holder. The Holder's adjusted cost base of the Unit Share comprising a part of each Unit will be determined by averaging the cost allocated to the Unit Share with the adjusted cost base to the Holder of all Common Shares (if any) owned by the Holder as capital property immediately prior to such acquisition.

**Exercise of Warrants**

The exercise of a Warrant to acquire a Warrant Share will be deemed not to constitute a disposition of property for purposes of the Tax Act. As a result, no gain or loss will be realized by a Holder upon the exercise of a Warrant to acquire a Warrant Share. When a Warrant is exercised, the Holder's cost of the Warrant Share acquired thereby will be equal to the aggregate of the Holder's adjusted cost base of such Warrant and the exercise price paid for the Warrant Share. The Holder's adjusted cost base of the Warrant Share so acquired will be determined by averaging the cost of the Warrant Share with the adjusted cost base to the Holder of all Common Shares (if any) owned by the Holder as capital property immediately prior to such acquisition.

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**Holders Resident in Canada**

The following section of this summary applies to Holders who, for the purposes of the Tax Act, are or are deemed to be resident in Canada at all relevant times ("**Resident Holders**"). Certain Holders who are resident in Canada for the purposes of the Tax Act and whose Shares might not otherwise constitute capital property may be eligible to make an irrevocable election permitted by subsection 39(4) of the Tax Act to deem the Shares, and every other "Canadian security" as defined in the Tax Act, held by such Holder, in the taxation year of the election and each subsequent taxation year, to be capital property. Resident Holders should consult their own tax advisors regarding this election.

*Expiry of Warrants*

In the event of the expiry of an unexercised Warrant, a Resident Holder generally will realize a capital loss equal to the adjusted cost base of such Warrant to the Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "Capital Gains and Capital Losses".

*Dividends*

Dividends received or deemed to be received on Shares held by a Resident Holder will be included in computing the Resident Holder's income. In the case of an individual (other than certain trusts), such dividends will be subject to the gross-up and dividend tax credit rules normally applicable in respect of "taxable dividends" received from "taxable Canadian corporations" (as defined in the Tax Act), including the enhanced gross-up and dividend tax credit in respect of dividends designated by the Company as "eligible dividends". There may be restrictions on the Company's ability to so designate any dividends as "eligible dividends", and the Company has made no commitments in this regard. Dividends received or deemed to be received by a Resident Holder that is a corporation must be included in computing its income but may be deductible in computing its taxable income, subject to certain restrictions and special rules under the Tax Act. A Resident Holder that is a "private corporation" or "subject corporation" (as defined in the Tax Act) generally will be liable to pay a refundable tax under Part IV of the Tax Act on dividends received or deemed to be received on the Shares to the extent such dividends are deductible in computing taxable income. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received or deemed to be received by a Resident Holder that is a corporation as proceeds of disposition or a capital gain, and Resident Holders that are corporations should consult their own tax advisors in this regard.

*Dispositions of Shares and Warrants*

Upon a disposition or deemed disposition of a Share (except to the Company unless purchased by the Company in the open market in the manner in which shares are normally purchased by any member of the public in the open market) or a Warrant (other than a disposition arising on the exercise or expiry of a Warrant), a Resident Holder generally will realize a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of such security, as applicable, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base of such security to the Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "Capital Gains and Capital Losses".

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*Capital Gains and Capital Losses*

Generally, one-half of any capital gain (a "taxable capital gain") realized by a Resident Holder in a taxation year must be included in such Resident Holder's income for the year. One-half of any capital loss (an "allowable capital loss") realized by a Resident Holder in a taxation year must be deducted from taxable capital gains realized by such Resident Holder in such year. Allowable capital losses in excess of taxable capital gains realized in a taxation year generally may be carried back and deducted from taxable capital gains in any of the three preceding taxation years or carried forward and deducted from taxable capital gains in any subsequent taxation year, to the extent and under the circumstances described in the Tax Act.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of a Share may be reduced by the amount of dividends received or deemed to be received by it on such Share (or on a share for which the Share has been substituted) to the extent and under the circumstances described by the Tax Act. Similar rules may apply where a Share is owned by a partnership or a trust of which a corporation, partnership or trust is a member or beneficiary, as applicable.

*Additional Refundable Tax*

A Resident Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation", as defined in the Tax Act, or a "substantive CCPC" (as proposed to be defined in the Tax Act in the draft legislation released by the Minister of Finance (Canada) on August 9, 2022) may be liable to pay an additional refundable tax on its "aggregate investment income" for the year, which is defined in the Tax Act to include amounts in respect of taxable capital gains.

*Alternative Minimum Tax*

Capital gains realized (or deemed to be realized) and dividends received (or deemed to be received) by a Resident Holder that is an individual or a trust, other than certain specified trusts, may give rise to alternative minimum tax under the Tax Act. Such Resident Holders should consult their own advisors with respect to the application of the alternative minimum tax.

**Holders Not Resident in Canada**

The following section of this summary is generally applicable to a Holder who, for the purposes of the Tax Act and at all relevant times, (i) is not, and is not deemed to be, resident in Canada, and (ii) does not use or hold the Shares or Warrants in carrying on a business in Canada (a "**Non-Resident Holder**"). Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that carries on or is deemed to carry on an insurance business in Canada and elsewhere or that is an "authorized foreign bank" (as defined in the Tax Act). Such Holders should consult their own tax advisors.

*Dividends*

Dividends paid or credited, or deemed to be paid or credited, to a Non-Resident Holder by the Company are subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend unless such rate is reduced by the terms of an applicable income tax treaty or convention. For example, under the Canada-United States Tax Convention (1980), as amended (the "Treaty"), the rate of withholding tax on dividends paid or credited to a Non-Resident Holder that is the beneficial owner of the dividend and who is resident in the United States for purposes of the Treaty and entitled to full benefits thereunder, is generally limited to 15% of the gross amount of the dividend (or 5% in the case of a resident of the United States that is a corporation beneficially owning at least 10% of the Company's voting shares). Non-Resident Holders should consult their own tax advisors in this regard.

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*Dispositions of Shares and Warrants*

A Non-Resident Holder generally will not be subject to tax under the Tax Act in respect of a capital gain realized on the disposition or deemed disposition of a Share or a Warrant, nor will capital losses arising therefrom be recognized under the Tax Act, unless the Share or Warrant, as applicable, constitutes "taxable Canadian property" to the Non-Resident Holder thereof for purposes of the Tax Act at the time of disposition, and the gain is not exempt from tax pursuant to the terms of an applicable tax treaty.

Provided the Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the CSE and the TSX) at the time of disposition, the Shares and Warrants generally will not constitute taxable Canadian property of a Non-Resident Holder at that time unless, at any time during the sixty (60) month period immediately preceding the disposition or deemed disposition, the following two conditions are simultaneously met: (i) the Non-Resident Holder, persons with whom the Non-Resident Holder did not deal at arm's length, partnerships in which the Non-Resident Holder or such non-arm's length person holds a membership interest (either directly or indirectly through one or more partnerships), or the Non-Resident Holder together with all such persons, owned 25% or more of the issued shares of any class or series of shares of the Company; and (ii) more than 50% of the fair market value of the shares of the Company was derived directly or indirectly from one or any combination of real or immovable property situated in Canada, Canadian resource properties (as defined in the Tax Act), timber resource properties (as defined in the Tax Act) or an option, an interest or right in such property, whether or not such property exists.

Notwithstanding the foregoing, a Share or Warrant may also be deemed to be taxable Canadian property to a Non-Resident Holder in certain cases under other provisions of the Tax Act. In cases where a Non- Resident Holder disposes (or is deemed to have disposed) of a Share or Warrant that is taxable Canadian property to that Non-Resident Holder, and the Non-Resident Holder is not entitled to an exemption under an applicable tax treaty, the consequences described above under the headings "*Holders Resident in Canada - Dispositions of Shares and Warrants*" and "*Holders Resident in Canada - Capital Gains and Capital Losses*" will generally be applicable to such disposition.

Non-Resident Holders whose Shares or Warrants are taxable Canadian property should consult their own tax advisors with respect to the tax consequences applicable in their particular circumstances.

**RISK FACTORS**

An investment in the Company's securities is speculative and involves a high degree of risk. In addition to the other information included or incorporated by reference in this Prospectus, you should carefully consider the risks and uncertainties described in the documents incorporated by reference in this Prospectus, before purchasing the Company's securities. The occurrence of any of such risks could have a material adverse effect on the Company's business, financial condition, results of operations and future prospects. In these circumstances, the market price of the Company's securities, including the Common Shares, could decline, and you may lose all or part of your investment. The risks described herein are not the only risks the Company faces; risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial may also materially and adversely affect its business, financial condition and results of operations. Investors should also refer to the other information set forth or incorporated by reference in this Prospectus, including the Company's consolidated financial statements and related notes. This Prospectus also contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described herein. See "Cautionary Note Regarding Forward-Looking Statements".

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In particular, investors should carefully consider the risks described under the Company's AIF under the heading "General Development of the Business - Risk Factors", and in other publicly filed documents which are incorporated herein by reference. See "Documents Incorporated by Reference".

***Holding Company With Significant Operations in China***

Investors should be aware as a holding company that is currently dependent on the operations of its subsidiaries in China, the Company is subject to risks that could cause the value of its Common Shares to significantly decline. Chinese laws and regulations governing its current business operations are sometimes vague and uncertain, and they present legal and operational risks which may result in material changes in the operations of the Company's Chinese subsidiaries or a significant depreciation in the value of the Common Shares. Recently, the Chinese government adopted a series of regulatory actions and issued statements to regulate business operations in China, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Nevertheless, to the Company's knowledge, neither it nor any of its Chinese subsidiaries have been involved in any investigations on cybersecurity review initiated by any Chinese regulatory authority, nor have any of them received any inquiry, notice or sanction from the Chinese government.

***Regulatory Permissions***

To operate its business as currently conducted in China, each of the Company's subsidiaries in China is required to obtain a business license from local authorities. Each such Chinese subsidiary has obtained a valid business license, and no application for any such license has been denied or revoked. If any of the business licenses of the Company's subsidiaries are revoked, this would hinder the Company's ability to operate its business, which could materially and adversely affect its business, financial condition, and results of operations.

***COVID-19***

New diseases and epidemics (such as COVID-19) may materially and adversely impact the Company's business. China, where the Company operates, has one of the more aggressive approaches when it comes to trying to stem the progress of COVID-19 by adopting a "zero COVID" policy where large segments of the population are locked down at the first sight of a potential outbreak. The second quarter of 2022 was particularly difficult for the Company's operation as large a handful of large cities, including Beijing and Shanghai, were locked down for almost the entire months of April and May. If the negative impact of COVID-19 on the operations of businesses in China and around the world is prolonged, the Company may experience a significant decrease in the number of transactions conducted on its platforms and thus experience a significant loss of revenue in the future.

***Global Financial Conditions***

In recent years, global financial markets have experienced increased volatility and global financial conditions have been subject to increased instability, resulting in a profound impact on the global economy. Many industries are impacted by these market conditions. Some of the key impacts of financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market liquidity. These factors may impact the ability of the Company to obtain equity or debt financing and, if available, to obtain such financing on terms favourable to the Company. If these increased levels of volatility and market instability continue, the Company's operations and planned growth could be materially and adversely impacted and the trading price of the securities of the Company may be materially and adversely affected.

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***Repatriation of Profits or Transfer of Funds from China to Canada***

As of the date of this Prospectus, all the Company's operating subsidiaries are located in China, except Cubeler Inc. (Canada), Tenoris3 Inc. (Canada) and Asia Synergy Ltd. (Hong Kong). Accordingly, the repatriation of any profits generated by the Company from China to Canada, or the transfer of any funds from the Company's Chinese subsidiaries to Canada, is subject to rules and regulations established by the Chinese government that restrict the flow of funds from China to foreign jurisdictions, including the transfer of funds from Chinese subsidiaries to their foreign parent companies. Although the Company has taken steps to comply with the regulations established by the Chinese government to be able to transfer funds from its subsidiaries to Canada, there can be no assurances that the Company will remain in compliance with those rules and regulations in the future. The Company may therefore not be able to repatriate profits or transfer funds from its Chinese operating subsidiaries to its head office in Canada, which would potentially prevent the Company from paying dividends to its shareholders or otherwise materially and adversely impact the Company in the future.

***Operations in Foreign Jurisdictions and Possible Exposure to Corruption, Bribery or Civil Unrest***

The Company operates in a foreign jurisdiction, namely China, where the laws governing corporations differ from the laws of Canada. Chinese laws require each of the Company's subsidiaries located therein to have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the entity for which he or she is the legal representative. The legal representative is the person authorized to represent the entity in all legal matters between the government and such entity and to sign legally binding contracts on behalf of such entity. Unlike Canadian laws, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese laws make no distinction between the liability of a legal representative versus the liability of the entity he or she represents. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the entity and must bear any fine, punishment or consequences resulting from the offence.

Companies in China need the signed consent of a majority (over 50%) of its shareholders in order to remove a legal representative. If a company wants to change its legal representative, it first needs to provide written notice to that effect to the legal representative. The company must then go to the China Industry and Commerce Bureau with written proof of majority shareholder consent to make the change and submit the appointment document of the new legal representative. Similarly, the removal of any officer or director of a company requires the consent of the company's shareholders. Such consent must formally be given by a majority (over 50%) of shareholders with a signed resolution of the shareholders at a general meeting of the shareholders. The company must then submit a copy of the resolution along with the required supporting documents (application form, copy of business license, ID card of the individual being removed and copy of amendment of article of association reflecting the change) to the China Industry and Commerce Bureau.

Given the onerous responsibilities and risks associated with the position of legal representative for companies operating in China, the Company may have difficulty in the future to find individuals willing to act as its subsidiary's legal representatives. There can be no assurances that the Company will always have legal representatives for its subsidiaries. Since every company must have a legal representative under Chinese laws, not being able to have a legal representative may force the Company to temporarily or permanently suspend some of its operations in China, which would materially and adversely affect the Company's operations, revenue and profits.

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Certain individuals in China may perceive the Company as a potential bribery target. As such, the Company may be approached by local individuals in China, whether businessmen, government officials or others, to offer the Company certain favors that would advance the Company's business interests in exchange for cash or other forms of compensation, or threaten to hinder the Company's progress unless compensated in cash or by other means, all of which would be contrary to Chinese laws and/or Canadian law. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which the Company may be held responsible. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behaviour, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations.

As a Canadian entity operating in China, the Company is also exposed to the state of relations between China and Canada. Political and/or cultural tensions between the two countries may reach a point that triggers civil unrest in China against all things Canadian. If that happens, then clients may decide to no longer buy the Company's services and partners may decide to cut ties with the Company, all of which would materially negatively impact the Company's operations, revenue and profits.

***Chinese laws and regulations regarding treatment of foreign owned enterprises may restrict the Company's ability to operate in China.***

In 2019, the Chinese government enacted the 2019 PRC Foreign Investment Law (the "Foreign Investment Law") which came into effect on January 1, 2020. The Foreign Investment Law specifies that foreign investments shall be conducted in line with the "negative list" and obtain relevant approval to be issued by or approved to be issued by the Chinese government from time to time. A foreign invested enterprise would not be allowed to make investments in prohibited industries in the "negative list", or would be made to satisfy certain conditions stipulated in the "negative list" for investment in the restricted industries. While The Company is not, and neither are any of its subsidiaries subject to the foreign investment restrictions set forth in the currently effective 2020 "negative list" and while the Company has not been, and neither have any of the Company's subsidiaries been, subject to any past restrictions on foreign investment with the exception of AFSC, it is uncertain whether the industries in which the Company's subsidiaries operate will be subject to the foreign investment restrictions or prohibitions set forth in any "negative list" to be issued in the future. There are also uncertainties as to how the Foreign Investment Law would be further interpreted and implemented. The Company cannot assure you that future interpretation and implementation of the Foreign Investment Law will not materially impact the viability of the Company's current corporate structure, corporate governance, and business operations in any aspect.

***If the chops of the Company's Chinese subsidiaries are not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised.***

In China, a company chop or seal serves as the legal representation of the company towards third parties even when unaccompanied by a signature. Each legally registered company in China is required to maintain a company chop, which must be registered with the local public security bureau. In addition to this mandatory company chop, companies may have several other chops which can be used for specific purposes. The chops of the Company's Chinese subsidiaries are generally held securely by personnel designated or approved by the Company or by a third party custodian in accordance with the Company's internal control procedures. To the extent those chops are not kept safe, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised, and those corporate entities may be bound to abide by the terms of any documents so chopped, even if they were chopped by an individual who lacked the requisite power and authority to do so. If any of the Company's authorized personnel obtains, misuses or misappropriates the Company's chops for any reason, it could experience disruptions in its operations. The Company may also have to take corporate or legal action, which could require significant time and resources to resolve while distracting management from the Company's operations. Any of the foregoing could adversely affect the Company's business and results of operations.

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The Company has undertaken to implement contractual and other measures to address risks relating to the roles of the legal representatives of its Chinese subsidiaries in their uses and access of the entities' chops under Chinese law. Those measures are expected to be implemented prior to the end of the first quarter of 2023 and will include that the legal representative chops and company official chops of the Chinese subsidiaries be held by a third party custodian pursuant to an agreement between the Company and the custodian; and that the legal representative of each Chinese subsidiary sign and mark by way of chop undated termination-related documents.

***Potential Impact of Chinese Laws and Customs on the Company's Ownership of its Property Interests or Assets***

The Company's business is subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing compliance with laws, such as privacy and data protection-related laws and regulations, 17 intellectual property laws, employment and labor laws, workplace safety, consumer protection laws, governmental trade laws, import and export controls, anti- corruption and anti-bribery laws, and tax laws and regulations. These laws and regulations impose added costs on its business. Noncompliance could subject the Company to significant investigations, enforcement actions and sanctions. If any governmental sanctions are imposed, or if the Company does not prevail in any possible civil or criminal litigation, its business, results of operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant diversion of the Company's management's attention and resources and an increase in related expenses.

Any reviews by regulatory agencies or legislatures may result in substantial regulatory fines, changes to its business practices, and other penalties, which could negatively affect the Company's business and results of operations. Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause the Company to change the Company's business practices. Further, the Company's expansion into a variety of new fields also could raise a number of new regulatory issues.

Moreover, the Company is exposed to the risk of misconduct, errors and failure to function by parties that it collaborates with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability and penalties in relation to noncompliance with applicable laws and regulations, which could harm the Company's reputation and business.

Chinese governing corporations differ from the laws of Canada and other industrialized nations, such as the United States. Chinese law requires that each of its subsidiaries have a legal representative to which certain roles, powers and responsibilities are ascribed. The legal representative's functions and powers are prescribed by state laws, regulations and the articles of association of the pertinent entity. The legal representative is the person authorized to represent the company in all legal matters between the government and the company and to sign legally binding contracts on behalf of the company. Unlike Canadian law, which limits liability for individuals involved in corporations and limited liability or registered business entities, Chinese law makes no liability distinction between the legal representative and the company. The legal representative is responsible for any offense, whether corporate, criminal, civil or other, committed by the company and must bear any fine, punishment or consequences resulting from the offence.

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The Company's business involves collecting and retaining certain internal and customer data. It also maintains information about various aspects of operations as well as regarding employees. The integrity and protection of the customer, employee and company data is critical to the Company's business. The Company's customers and employees expect that it will adequately protect their personal information. The Company is required by applicable laws to keep strictly confidential the personal information that its collects and to take adequate security measures to safeguard such information. Certain of those laws include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chinese Criminal Law, as amended by its Amendment 7 and Amendment 9, which prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained in performing duties or providing services or obtaining such information through theft or other illegal ways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chinese Cyber Security Law became effective in 2017. Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only collect users' personal information necessary to provide their services and shall comply with provisions regarding the protection of personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chinese Data Security Law, which took effect in September 2021, imposes data security and privacy obligations on entities and individuals carrying out data activities and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used. If Chinese regulators find a company to be non-compliant with the Chinese Data Security Law during a cybersecurity review of our its business, the company could be subject to fines, penalties, legal proceedings or actions against it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Personal Information Protection Law took effect in November 2021. The Personal Information Protection Law provides a comprehensive set of data privacy and protection requirements that apply to the processing of personal information and expands data protection compliance obligations to cover the processing of personal information of persons by organizations and individuals in China, and the processing of personal information of persons in China outside of China if such processing is for purposes of providing products and services to, or analyzing and evaluating the behavior of, persons in China. The Personal Information Protection Law also provides that critical information infrastructure operators and personal information processing entities who process personal information meeting a volume threshold to be set by Chinese cyberspace regulators are also required to store in China personal information generated or collected in China, and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal information. Lastly, the Personal Information Protection Law contains proposals for significant fines for serious violations of up to RMB 50 million or 5% of annual revenues from the prior year and may also be ordered to suspend any related activity by competent authorities. The Company has access to certain information of its customers in providing services and may be required to further adjust its business practice to comply with new regulatory requirements.

The Personal Information Protection Law provides legal basis for privacy and personal information infringement claims under the Chinese civil laws. As the first systematic and comprehensive law specifically for the protection of personal information in China, the Personal Information Protection Law provides, among other things, that (i) an individual's consent shall be obtained to use sensitive personal information, such as biometric characteristics and individual location tracking, (ii) personal information operators using sensitive personal information shall notify individuals of the necessity of such use and impact on the individual's rights, and (iii) where personal information operators reject an individual's request to exercise his or her rights, the individual may commence legal action. If Chinese authorities find the Company to be non-compliant with the Personal Information Protection Law, the Company could be subject to fines, penalties, legal proceedings or actions against the Company that could have a material adverse effect on its business, financial condition or its ability to accept foreign investments, or list on a U.S. or other foreign exchange.

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Compliance with the above noted laws on data security and personal information laws could significantly increase the cost to the Company of providing its service offerings, require significant changes to its operations or even prevent it from providing certain service offerings in jurisdictions in which the Company currently operates or in which it may operate in the future. Despite the Company's efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection and information security, it is possible that its practices or service offerings could fail to meet all of the requirements imposed on it by these laws.

As uncertainties remain regarding the interpretation and implementation of these laws and regulations, there can be no assurance that the Company will comply with such regulations in all respects, and it may be ordered to rectify or terminate any actions that are deemed illegal by regulatory authorities. If Chinese regulators find the Company to be non-compliant with these and other similar laws, it could be subject to fines, penalties, legal proceedings or actions against the Company that could have a material adverse effect on its business, financial condition or results of operations.

***Rights and remedies generally available to shareholders under corporate statutes such as the Business Corporations Act (Canada) may not be provided under Chinese law, which the Company's Chinese subsidiaries operate under.***

Since the Company is a CBCA company, then the statutory rights and remedies of the shareholders are dictated by Canadian corporate law. However, we currently conduct substantially all of our operations in China, and substantially all of our assets are located in China. Certain of our officers reside in China. As a result, it may be difficult or impossible for a shareholder to effect service of process upon us or those persons inside mainland China. Furthermore, it may also be difficult or impossible for a shareholder to enforce judgments obtained in Canadian courts based on the civil liability provisions of Canadian securities laws against our Chinese subsidiaries and some of our officers. There is also uncertainty as to whether the courts of China would allow parties to bring an original action to enforce liabilities against our Chinese subsidiaries or any other person predicated upon the civil liability provisions of the securities laws of Canada.

If a shareholder is unable to bring a Canadian claim or collect on a Canadian judgment, they may have to rely on legal claims and remedies available in China where we maintain assets. The claims and remedies available in China are significantly different from those available in Canada and difficult to pursue. The recognition and enforcement of foreign judgments are provided for under the Chinese Civil Procedures Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with Canada that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the Chinese Civil Procedures Law, the Chinese courts will not enforce a foreign judgment against our Chinese subsidiaries or our officers if they decide that the judgment violates the basic principles of Chinese laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a Chinese court would enforce a judgment rendered by a court in Canada.

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***Foreign Currencies and Access to Cash***

The Chinese government imposes controls on the convertibility of Renminbi ("RMB") into foreign currencies and, in certain cases, the remittance of currency out of China. Most of the Company's revenues are in RMB, which is currently not a freely convertible currency. Under existing Chinese foreign exchange regulations, payment of current account items, including profit distributions, interest payments and expenditures, can be made in foreign currencies without prior approval from the Chinese State Administration of Foreign Exchange by complying with certain procedural requirements. However, approval from appropriate governmental authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital account items, such as the repayment of loans denominated in foreign currencies. The Chinese government may also at its discretion restrict access in the future to foreign currencies for current account transactions.

***Exchange Rate Fluctuations***

Exchange rate fluctuations may adversely affect the Company's financial position and results of operations. The functional currency of each of the Company's subsidiaries is the local currency where the entity is domiciled. Functional currencies currently include the RMB and the dollar Canadian dollar but may include additional currencies in the future. Most transactions within the entities are conducted in functional currencies and as such, none of the entities engage in hedging activities. The Company currently does not have in place a policy for managing or controlling foreign currency risks. Even if such a policy exists, there is no assurance that such policy would eliminate this risk. The Company's financial statements are expressed in Canadian dollars.

***Difficulty in Enforcement of Judgments***

The Company has subsidiaries incorporated in China. Certain directors and officers reside outside of Canada and substantially all of the assets of these persons are located outside of Canada. It may not be possible for shareholders to effect service of process against the Company's directors, officers and subsidiaries who are not resident or located in Canada. In the event a judgment is obtained in a Canadian court against one or more of the Company's directors or officers for violations of Canadian securities laws or otherwise, it may not be possible to enforce such judgment against those directors and officers not resident in Canada. Additionally, it may be difficult for an investor, or any other person or entity, to assert Canadian securities law claims or otherwise in original actions instituted in the jurisdictions where the Company's subsidiaries are located. Courts in these jurisdictions may refuse to hear a claim based on a violation of Canadian securities laws or otherwise on the grounds that such jurisdiction is not the most appropriate forum to bring such a claim. Even if a foreign court agrees to hear a claim, it may determine that the local law, and not Canadian law, is applicable to the claim. If Canadian law is found to be applicable, the content of applicable Canadian law must be proven as a fact, which can be a time- consuming and costly process. Certain matters of procedure will also be governed by foreign law.

***Completion of the Offering***

The completion of the Offering remains subject to a number of conditions. There can be no certainty that the Offering will be completed. Failure by the Company to satisfy all of the conditions precedent to the Offering would result in the Offering not being completed. If the Offering is not completed, the Company may not be able to raise the funds required for the purposes contemplated under "Use of Proceeds" from other sources on commercially reasonable terms or at all.

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***Discretion in the Use of Proceeds***

The Company currently intends to allocate the net proceeds received from this Offering as described under "Use of Proceeds" and such allocations are based on current expectations of management of the Company. However, management will have discretion in the actual application of the net proceeds and may elect to allocate net proceeds differently than is described under "Use of Proceeds" if management believes that it would be in the Company's best interests to do so. Shareholders may not agree with the manner in which management chooses to allocate and spend the net proceeds. Failure by management to apply these funds effectively could have a material adverse effect on the Company's business.

***No Assurance that there will be Market Through Which the Warrants May be Sold***

The price offered to the public for the Units will be determined by arm's length negotiations between the Company and the Agent. The price paid for each Units and the value ascribed to each Warrant may bear no relationship to the price at which the Warrants will trade in the public market subsequent to this Offering. Although the Company plans to apply or provide notice for the Warrants to be listed on the TSX or the CSE, there can be no assurance that the Company will successfully list the Warrants or that an active market for the Warrants will develop or be sustained after this Offering. If an active market for the Warrants does not develop, the liquidity of an investor's investment in the Warrants may be limited and the price may decline below the portion of the Offering Price allocated to the Warrants. If the Warrants are traded after their initial issuance, they may trade at a discount from their initial value depending on the market for similar securities, the Company's performance and other factors.

***Holders of Warrants have no Rights as Shareholders***

Until a holder of Warrants acquires Warrant Shares upon exercise of Warrants, such holder will have no rights with respect to the Warrant Shares underlying such Warrants. Upon exercise of such Warrants, such holder will be entitled to exercise the rights of a common shareholder only as to matters for which the record date occurs after the exercise date.

***Dilution from Further Financings***

The Company may sell additional equity securities or convertible debt securities in subsequent offerings and may issue additional equity securities or convertible debt securities to finance operations, development, acquisitions and other projects. If the Company raises additional funding by issuing additional equity securities or convertible debt securities, such financings may substantially dilute the interests of shareholders of the Company and reduce the value of their investment. Without limiting the generality of the foregoing, if the Common Shares were ever to be reinstated for trading on NASDAQ, the Company would expect to pursue additional funding in the U.S. market, which could also dilute the interests of its shareholders.

***Future Sales or Issuances of Securities***

As stated above, the Company may sell additional equity securities or convertible debt securities in subsequent offerings and may issue additional equity securities or convertible debt securities to finance operations, development, acquisitions and other projects. As of the date hereof, the Company had 18,276,865 convertible securities outstanding, consisting of 14,488,313 warrants and 3,788,552 share options. These securities may be exercised by the holders from time to time in accordance with their respective terms. Often holders of such securities will sell the underlying Common Shares following exercise of such securities. Further, the Company's shareholders may sell substantial amounts of securities of the Company following the Offering.

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The Company cannot predict the size of future sales or issuances of equity securities or convertible debt securities or the effect, if any, that future sales and issuances of equity securities or convertible debt securities may have on the market price of the Common Shares. However, sales or issuances of a substantial number of equity securities or convertible debt securities, or the perception that such sales could occur, may materially and adversely affect prevailing market prices for the Common Shares.

***Liquidity and Capital Resources***

The Company expects that the majority of the net proceeds from the Offering will be used to operate and expand its Business Hub in North America. The Company will require additional financing over and above the Offering in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of Common Shares. Factors that could affect the availability of financing include, but are not limited to, evidence of continued demand for the Company's services, the Chinese geopolitical climate, the Company's ability to expand its services beyond China, the state of international debt and equity markets, and investor perceptions and expectations of the fintech, AI and analytics spaces. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company.

***Negative Operating Cash Flow and Additional Funding***

The Company has limited financial resources and has not generated positive cash flow from operations on a consistent basis. During the fiscal year ended December 31, 2021, the Company had negative cash flow from operating activities. The Company anticipates it will continue to have negative cash flow from operating activities in future periods untilprofitability is achieved by increasing its revenues and reducing its expenses including, in particular, the expenses the Company incurs from outsourcing services. The Company is devoting significant resources to the further development of its commercial lending ecosystem in China and elsewhere, however, there can be no assurance that it will generate positive cash flow from operations in the future. To the extent that the Company has negative operating cash flow in future periods, it may need to allocate a portion of its cash reserves to fund such negative cash flow. There can be no assurance that the Company will be able to generate a positive cash flow from its operations. In addition, there can be no assurance that additional funding will be available to the Company for the development of its projects. Furthermore, significant additional financing, whether through the issuance of additional securities and/or debt, will be required to continue the development of the Company's commercial lending ecosystem in China and beyond. There can be no assurance that the Company will be able to obtain adequate additional financing in the future or that the terms of such financing will be favorable. Failure to obtain such additional financing could result in delay or indefinite postponement of further development of the Company's commercial lending ecosystem in China and elsewhere.

***Financial Performance and Timing of Capital***

The Company's net loss for its most recently reported annual financial results, the year ended December 31, 2021, amounted to $48,561,968 while it generated negative cash flow from operations of $40,888,751 during the same period. Since it is not generating enough cash from its operations to meet its working capital needs, the Company's ability to continue as a going concern is dependent on its ability to raise capital at commercially reasonable terms. Even if the Company has been successful in the past in doing so, there is no assurance that it will manage to do so in the future. These material uncertainties cast significant doubt regarding the Company's ability to continue as a going concern.

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Assuming the Company is successful in raising the proposed Maximum Offering amount, the Company will have sufficient capital to fund its operations for a period of approximately 15 months during which the Company expects to use part of the proceeds of the financing to partially fund certain growth and expansion opportunities. Being able to have access to the necessary capital in a timely manner in order to grow and expand its operations is critical to the Company as certain commitments were either made or will have to be made to strategic partners. The Company has identified a number of initiatives, such as the expansion of the Canadian segment and the launch of the U.S. segment of its Business Hub, which require additional investments to allow the Company to achieve some of its longer term objectives. Failure to have access to this capital in a timely manner could have a considerable negative impact on the Company's ability to grow and expand its operations.

***The Company may not be able to continue as a going concern if it fails to secure the capital it needs to meet its financial obligations***

The level of revenue currently being generated by the Company is not presently sufficient to meet its working capital requirements. Until that happens, the Company will continue to use financing means, including raising capital through prospectus or private placement financings, to help meet its financial obligations. The Company's cash flow position is expected to improve significantly as it expands its operations in and out of China and generates new revenue streams. These additional revenue streams are expected to eventually allow the Company to meet its working capital needs. However, until that happens, the Company will continue to assess its working capital needs and undertake whatever initiative it deems necessary to ensure that it continues to be in a position to meet its financial obligations. In the event that the Company is not successful in its capital raising initiatives in the next three to six months, it may not be able to continue as a going concern, which would have a material negative impact on the value of the Company's securities.

***Paying for Services through the Issuance of Securities***

The Company regularly issued securities to pay for certain services in the past and may continue to do so after the Offering. If the Company continues this practice, the additional securities thus issued would have a dilutive effect for the Company's shareholders.

***Active Liquid Market for and Market Price of Common Shares***

There can be no assurance that an active market for the Common Shares will be sustained after the Offering and that the Corporation will meet the listing requirements of the TSX (or otherwise be approved for listing on the TSX). In addition, in the future, the Company's securities may fail to meet the continued listing requirements to be listed on the CSE or the TSX, as the case may be. If the CSE or the TSX delists the securities of the Company from trading on its exchange, the Company could face significant material adverse consequences.

Securities of technology and AI companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance, underlying asset values or prospects of the companies involved. These factors include macroeconomic developments in North America and globally and market perceptions of the attractiveness of particular industries. There can be no assurance that continual fluctuations in the market price of the Common Shares will not occur.

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It may be anticipated that any quoted market for the Common Shares will be subject to market trends generally, notwithstanding any potential success of or developments with respect to the Company. The value of the Common Shares may be affected by such volatility. The market price of the Common Shares is also likely to be significantly affected by currency exchange fluctuations and the Company's financial condition and results of operations as reflected in the Company's continuous disclosure. Further, the market price for the Common Shares may increase or decrease in response to a number of events and factors, including the performance of competitors and other similar companies, public reaction to the Company's public announcements and public filings with securities regulatory authorities, recommendations by research analysts who track the Company's securities or other companies in its sector, changes in general economic and/or political conditions, the arrival or departure of key personnel, the factors listed under the heading "Cautionary Note Regarding Forward-Looking Statements" and acquisitions, strategic alliances or joint ventures involving the Company or its competitors.

The Offering Price may not necessarily reflect the prevailing market price of the Common Shares following the Offering. If an active market for the Common Shares is not maintained, the liquidity of a shareholder's investment may be limited and the price of the Common Shares may decline below the Offering Price. If such a market is not maintained, investors may lose their entire investment in the Units.

As a result of any of these factors, the market price for the Common Shares at any given point in time may not accurately reflect the long-term value of the Company. Securities class-action litigation has often been brought against companies following periods of volatility in the market price of their securities. The Company could in the future be the target of similar litigation and such litigation could result in substantial costs and damages and divert management's attention and resources, all of which could have a material adverse effect on the business, results of operations and financial condition of the Company.

***Pending Investigation of the AMF, Québec's Securities Regulator***

As of the date of this Prospectus, the Company is aware, from publicly accessible Court materials, a courtesy copy of which were provided to the Company by the AMF, that there is an ongoing investigation by the AMF targeting an alleged stock market manipulation scheme on the securities of the Company and of another Company unrelated to the Company. The alleged scheme involves the Company's CEO, certain Company advisors and a small group of investors made up of individuals and related companies between April 1, 2020 to November 22, 2021 (the "**AMF Investigation**"). A summary and a detailed description of the AMF Investigation, including of the AMF beliefs as to the role played by the Company's CEO in the alleged scheme, is included in an affidavit from an AMF investigator dated August 3, 2022 in support of an application from the AMF for authorisation to seize and search electronic devices belonging to the aforementioned Company advisors (previously seized in November 2021 and held in the AMF's secure vault) for communications relevant to the AMF investigation in Court file 500-26-133074-223. This authorisation was granted by the Court on August 3, 2022. As a courtesy, the AMF informed the Company that the search warrant was executed on August 11, 2022.

Based on the summary of the AMF Investigation found in the AMF investigator's affidavit, the latter believes that:

o the alleged scheme on the securities of the Company would have begun on or about April 1, 2020 when the Company's CEO engaged an advisor to the Company in connection with a private placement. This role would have allowed that advisor, another individual and the investors related to them to receive, directly or indirectly, a sufficient number of shares of the Company to be able to influence its share price and trading volume.

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o the Company's CEO and these two individuals would then have set up a marketing plan to coordinate promotional activities aimed at influencing the price as well as the volume of the Company's shares. These activities would have included the publication of numerous press releases, promotion on social media, the hiring of stock market promoters, the communication of privileged information and organized transactions. The Company would have failed to adequately communicate to the market the role of promoters and advisers in the execution of the marketing plan intended to influence the price and volume of the Company's shares.

o These two individuals, directly or indirectly, would then have taken advantage of the interest and the rise in the share price to sell their shares of the Company in a coordinated and opportunistic fashion in parallel to the promotion of the Company's shares.

In light of the above, the AMF investigator indicates in his affidavit having reasonable grounds to believe that i) the two aforementioned individuals participated in influencing or attempted to influence the price or value of the Company through unfair, abusive or fraudulent practices and that ii) they also, directly or indirectly, participated in a series of transactions in the Company's securities when they knew, or reasonably should have known, that the series of transactions was intended to create or contribute to creating a misleading appearance of trading activity. trading in a security, or an artificial price for a security, the whole in breach of sections 195.2 and 199.1 (1) of the *Quebec Securities Act*.

The beliefs of the AMF investigator as set out in his affidavit have not been proven in Court.

To the Company's knowledge, the AMF investigation is ongoing. Although the AMF has not commenced legal enforcement or other proceedings against the Company or the Company's CEO, nor laid any charges against them in connection with the AMF Investigation as of the date hereof, the AMF may in the future commence legal enforcement or other proceedings against the Company and/or the Company's CEO, or lay charges against them in connection with the AMF Investigation, the outcome of which could have a material adverse effect on the Company's share price, as well as on the business, results of operations and financial condition of the Company.

**OTHER MATERIAL FACTS**

A class action lawsuit was brought against the Company and two of its executives in the United States District Court for the Eastern District of New York (Bram Van Boxtel v. Tenet Fintech Group Inc., et al.). The case was brought on behalf of Company shareholders who traded securities of the Company between September 2, 2021, and October 13, 2021, on the NASDAQ. On February 10, 2022, the court appointed a lead plaintiff and lead counsel. An amended complaint was filed in April 2022. The Company has retained external counsel and is defending itself vigorously against all claims. The Company filed a motion to have the case dismissed on August 8, 2022. The plaintiff's opposition to the motion to dismiss was filed on September 23, 2022. A reply brief for the Company's motion to dismiss the securities case was filed on Monday, October 24, 2022 with the United States District Court, Eastern District of New York. The Company is currently waiting for confirmation on whether the judge will hear oral argument or rule on this motion by the end of December 2022.

There are no other material facts relating to the securities offered in this Prospectus that have not been disclosed elsewhere in this Prospectus.

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**TEMPORARY EXEMPTIVE RELIEF**

Pursuant to decision N<sup>o</sup> 2022-FS-1055810 issued by the Autorité des marchés financiers dated September 27, 2022, the Company was granted temporary relief from the requirement to file, with this Prospectus, French language versions of, among others, the following documents, which documents are incorporated by reference in this Prospectus, provided that the French language versions of such documents are filed no later than the time of filing of the final short form prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) audited annual consolidated financial statements of the Company for the year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) management's discussion and analysis of the Company for the year ended December 31, 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) management information circular of the Company dated May 31, 2022 with respect to the annual meeting of shareholders of the Company held on June 30, 2022.

**STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories in Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two (2) business days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal adviser.

In an offering of warrants, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in the prospectus is limited, in certain provincial securities legislation, to the price at which the warrants are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces, if the purchaser pays additional amounts upon exercise of the warrants, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of this right of action for damages or consult with a legal adviser.

Under the Warrant Indenture, original purchasers of Warrants pursuant to the Offering will have a non- assignable contractual right of rescission if this Prospectus (including documents incorporated herein by reference) or any amendment hereto contains a misrepresentation (within the meaning of the Securities Act (Ontario)). This contractual right of rescission shall be subject to the defences, limitations and other provisions described under part XXIII of the Securities Act (Ontario), and is in addition to any other right or remedy available to original purchasers under section 130 of the Securities Act (Ontario) or otherwise at law. For greater certainty, the contractual right of rescission will entitle such original purchasers to receive the amount paid upon conversion, exchange or exercise, as well as the amount paid for the original Warrant, upon surrender of the underlying securities acquired thereby, in the event that this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of the purchase of the Units under this Prospectus; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of the Units under this Prospectus. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of this right of action for damages, or consult with a legal adviser.

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**CERTIFICATE OF THE COMPANY**

Dated: December 22, 2022

This amended and restated preliminary short form prospectus, together with the documents incorporated by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this amended and restated preliminary short form prospectus as required by the securities legislation of the provinces of Alberta, British Columbia, Ontario and Québec.

<u> *"Johnson Joseph"* </u> <u> *"Jean Landreville"* </u> <br> Johnson Joseph Jean Landreville <br> Chief Executive Officer and Director Chief Financial Officer

On behalf of the Board of Directors of the Company

<u> *"Carol Penhale"* </u> <u> *"Liang Qiu"* </u> <br> Carol Penhale Liang Qiu <br> Director Director

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**CERTIFICATE OF THE AGENT**

Dated: December 22, 2022

To the best of our knowledge, information and belief, this amended and restated preliminary short form prospectus, together with the documents incorporated by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this amended and restated preliminary short form prospectus as required by the securities legislation of the provinces of Alberta, British Columbia, Ontario and Québec.<br>

RESEARCH CAPITAL CORPORATION

<u>*"Jovan Stupar"* </u> <br> Name: Jovan Stupar <br> Title: Managing Director

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## Exhibit 99.383

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| | | | | |
|:---|:---|:---|:---|:---|
| ![](exhibit99-383xu001.jpg) | Ontario | Commission des | 22nd Floor | 22e étage |
| ![](exhibit99-383xu001.jpg) | Securities | valeurs mobilières | 20 Queen Street West | 20, rue Queen ouest |
| ![](exhibit99-383xu001.jpg) | Commission | de l'Ontario | Toronto ON M5H 3S8 | Toronto ON M5H 3S8 |
| ![](exhibit99-383xu001.jpg) | | | | |

---

RECEIPT

**Tenet Fintech Group Inc. (formerly Peak Fintech Group Inc.)**

This is the receipt of the **Ontario Securities Commission** for the **Amended and Restated Preliminary Short Form Prospectus** dated **December 22, 2022** (the amended preliminary prospectus) amending and restating the **Preliminary Short Form Prospectus** of the above Issuer dated **September 27, 2022**.

The amended preliminary prospectus has been filed under Multilateral Instrument 11-102 *Passport System* in **British Columbia, Alberta and Quebec**. A receipt for the amended preliminary prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the Instrument have been satisfied.

**December 23, 2022**

<u>*Winnie Sanjoto*</u>

Winnie Sanjoto

Director, Corporate Finance Branch

SEDAR Project # 3440891

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## Exhibit 99.384

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**Tenet Announces Private Placement of up to CAD$7M Non-Secured Convertible Debenture Financing Ahead of Pending Prospectus Offering**

Toronto, Ontario--(Newsfile Corp. - December 23, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC

Pink: PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hub™, today announced that it has sold 308 units for gross proceeds of CAD$3,080,000 in the first round of a private placement financing where the Company may sell up to 700 units for gross proceeds of CAD$7,000,000 (the "**Financing**").

Each unit sold (a "**Unit**") is comprised of CAD$10,000, face value, of non-secured convertible debentures (the "**Debentures**") and 10,000 warrants (the "**Warrants**") to purchase common shares of the Company ("**Common Shares**") at a price of CAD$2.00 per share any time prior to the expiry date of the Warrants subject to certain terms and conditions. The Debentures will mature twenty-four (24) months from the date of their issuance (the "**Maturity Date**"), and the Warrants will expire twenty-four (24) months from the date of their issuance (the "**Expiry Date**"). The Debentures will bear interest at a rate of 10% per annum, payable in cash. Interest shall be paid by Tenet monthly, starting on the last day of the first month following the date of issuance of the Debentures.

From the date of issue until the Expiry Date, unless automatically converted, investors may elect to convert, in whole or in part, the face value of the Debentures into Common Shares of the Company at the price of CAD$1.00 per Common Share. At any time prior to the Expiry Date, if the Common Shares trade at a price of CAD$1.50 or more for three (3) consecutive trading days, the then remaining face value of the Debentures will be automatically converted into Common Shares at the price of CAD$1.00 per Common Share.

Certain qualified individuals and registered investment dealers ("**Finders**") may assist the Company with respect to the Financing and may receive from the Company, subject to compliance with securities laws, a cash Finder's fee equal to 7% of the gross proceeds of the Financing that they help place, and a warrant Finder's fee equal to a number of warrants representing 7% of the gross proceeds of the Financing that they help place (the "**Finder Warrant(s)**"). Each Finder Warrant will entitle the holder to purchase one Common Share for a period of twenty-four (24) months following the date of its issuance, at an exercise price of CAD$2.00.

The Debentures, Common Shares, Warrants and Finder Warrants issued in connection with the Financing are subject to a hold period of four months and one day from the closing date of the Financing. Tenet will use the proceeds of the Financing for working capital related to its Canadian operations and may close additional rounds of the Financing for gross proceed of up to the maximum amount of CAD$7,000,000 of the Financing until the Company has satisfied any remaining conditions and has obtained a receipt from the Ontario Securities Commission (OSC), for a final prospectus to proceed with its pending public offering financing of up to CAD$30,000,000.

**About Tenet Fintech Group Inc.:**

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: <u>http://www.tenetfintech.com</u>

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**For more information, please contact:**

**Tenet Fintech Group Inc.**

Branka Petrovic, Investor Relations & Communications<br>437-778-7238

<u>bpetrovic@tenetfintech.com</u>

**CHF Capital Markets**

Cathy Hume, CEO

416-868-1079 ext.: 251<br><u>cathy@chfir.com</u>

**MZ Group - MZ North America**

Mark Schwalenberg, CFA <br>312-261-6430<br><u>mark.schwalenberg@mzgroup.us</u>

**Follow Tenet Fintech Group Inc. on social media:**

Twitter: <u>@Tenet_Fintech</u>

Facebook: <u>@Tenet</u>

LinkedIn: <u>Tenet</u>

YouTube: <u>Tenet Fintech</u>

**Forward-Looking Statements / Informatio** **n:**

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans, and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties, and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules, and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

![](exhibit99-384x2x1.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/149459</u>

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## Exhibit 99.385

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**FORM 7**

**<u>MONTHLY PROGRESS REPORT</u>**

Name of Listed Issuer: Tenet Fintech Group Inc. (the "Issuer").

Trading Symbol: PKK

Number of Outstanding Listed Securities: 99,544,183

Date: December 31, 2022

**Report on Business**

1. Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.

*The Issuer continued to do its best in China during the period to navigate through the COVID-19 related slowdown in economic activity affecting most of the country. While new initiatives such as the project in Chengdu to bring more efficient distribution to online retailers and the supply-chain procurement cooperation with CHJ Jewellery in Jiangsu province continued to show promise, there was a generalized slowdown in business activity on the Issuer's platforms in China during the period. Many of the Issuer's clients have had to continue to postpone or cancel orders while the Issuer's financial institution partners continue to be concerned about the impact of COVID-19 on the Issuer's clients' ability to pay back credit that would be extended to them. While it was hopeful that the government-imposed COVID-19 restrictions would eventually be lifted, the Issuer continued to work during the period with a large commercial lender on an agreement and the implementation of a system that would allow for a minimum level of activity to be conducted on the Business Hub in China in select industrial verticals and with select clients despite the COVID-19 restrictions.*

*In contrast to the slowdown in business activity in China, the Issuer's North American operations were quite active during the period. Following the official launch of the Business Hub in Canada at the end of the previous period with almost 5,000 pre-registered Canadian SMEs, the Issuer worked on transitioning the pre- registrants to official members during the period and slowly began reading and analysing data from the registered members' affiliated SMEs' accounting software systems. The Issuer went on to finalized its Business Hub introductory advertising package and sold ad space to a few advertiser just prior to the end of the period, allowing the Issuer to generate its first Business Hub related revenue in Canada. The Issuer also added two new financial institutions to its Business Hub in Canada and took the first steps to creating a new subsidiary for its planned expansion into the United States in 2023.*

2. Provide a general overview and discussion of the activities of management.

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 1<br>

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![](exhibit99-385x2x1.jpg)

*Other than its ongoing role in the operations of the Issuer in China and North America, the Issuer's management's time during the period was focussed on capital markets related matters. The Issuer's management received a second comment letter from the Ontario Securities Commission (the "OSC") related to the Issuer's $30M short form prospectus public offering (the "Prospectus") during the period and spent time addressing and answering those comments. While the Prospectus review process by the OSC continued to follow its course, which included having the Issuer file an amended and restated Prospectus reflecting responses to the OSC's first comment letter, the Issuer's management worked on and closed the first round of about $3M of a non-secured convertible debenture private placement of up to a maximum of $7M.*

*As for the listing of the Issuer's securities on senior North American stock exchanges, the Issuer's management had a productive online meeting with the U.S. Securities and Exchange Commission (the "SEC") reviewers assigned to review the Issuer's registration statement. The meeting was followed by a comment letter from the SEC, which the Issuer's management began addressing during the period. The Issuer's management is satisfied with the progress made during the period with the SEC's review process and looks forward to having an effective registration statement that would allow for the re-instatement of the listing of the Issuer's securities on the NASDAQ Capital Market. Finally, the Issuer's management continues to cooperate with the TMX Group on the application submitted by the Issuer to have its securities listed on the Toronto Stock Exchange.*

3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.

*The Issuer rolled out its Business Hub introductory advertising package and sold advertising space to a handful of advertisers on the Business Hub prior to the end of the period.*

4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.

*N/A*

5. Describe any new business relationships entered into between the Issuer, the Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.

*The Issuer signed a strategic alliance agreement with Inossem Canada. Inossem Canada is a subsidiary of Inossem Ltd, whose head office is located in Montreal, Quebec. Inossem serves clients across Canada, the U.S and globally. They offer a multitude of services, such as IoT (Internet of Things) implementation and support and have AI research and development labs in Canada and the U.S.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 2<br>

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6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.

*N/A*

7. Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.

*N/A*

8. Describe the acquisition of new customers or loss of customers. *N/A*

9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.

*N/A*

10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.

N/A

11. Report on any labour disputes and resolutions of those disputes if applicable. *N/A*

12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.

*N/A*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 3<br>

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13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

*N/A*

14. Provide details of any securities issued and options or warrants granted.

*The Issuer sold 308 units of a non-secured convertible debenture for gross proceeds of $3,080,000 in the first round of a private placement financing where the Issuer may sell up to 700 units for gross proceeds of $7,000,000.*

*Each unit sold is comprised of $10,000, face value, of non-secured convertible debentures (the "Debentures") and 10,000 warrants (the "Warrants") to purchase common shares of the Issuer at a price of $2.00 per share any time prior to the expiry date of the Warrants subject to certain terms and conditions. The Debentures will mature twenty-four (24) months from the date of their issuance and the Warrants will expire twenty-four (24) months from the date of their issuance. The Debentures will bear interest at a rate of 10% per annum, payable in cash. Interest shall be paid by the Issuer monthly, starting on the last day of the first month following the date of issuance of the Debentures.*

15. Provide details of any loans to or by Related Persons.

*N/A*

16. Provide details of any changes in directors, officers or committee members.

*Carol Penhale, who joined the Issuer's Board of Directors in August 2022, was appointed as Chair of the Board of Directors of the Issuer during the period.*

17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.

*The US-based Public Company Accounting Oversight Board (PCAOB) reached an agreement with Chinese securities regulators during the period to allow the PCAOB to inspect and investigate registered public accounting firms headquartered in China and Hong Kong. Given the fact that the majority of the Issuer's operations at the time of this report are based in China, this agreement is expected to be beneficial to the listing of the Issuer's securities on senior North American stock exchanges who rely on the PCAOB to audit accounting around the world.*

**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 4<br>

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**Certificate Of Compliance**

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there were no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 7 Monthly Progress Report is true.

Dated January 9, 2023.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Johnson Joseph | &nbsp;&nbsp; Johnson Joseph |
|  | &nbsp;&nbsp; Name of Director or Senior Officer | &nbsp;&nbsp; Name of Director or Senior Officer |
|  | *(s) Johnson Joseph* | *(s) Johnson Joseph* |
|  | &nbsp;&nbsp; Signature |  |
|  | &nbsp;&nbsp; Chief Executive Officer | &nbsp;&nbsp; Chief Executive Officer |
|  | &nbsp;&nbsp; Official Capacity | &nbsp;&nbsp; Official Capacity |
| ***Issuer Details*** |  |  |
| &nbsp;&nbsp; Name of Issuer | For Month End | &nbsp;&nbsp; Date of Report |
| &nbsp;&nbsp; *Tenet Fintech Group Inc.* | *December 2022* | &nbsp;&nbsp; January *9, 2023* |
| &nbsp;&nbsp; Issuer Address |  |  |
| &nbsp;&nbsp; *119 Spadina Avenue, Suite 705* |  |  |
| &nbsp;&nbsp; City/Province/Postal Code | Issuer Fax No. | &nbsp;&nbsp; Issuer Telephone No. |
| &nbsp;&nbsp; *Toronto, Ontario M5V 2L1* | *(514) 340-2228* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Name | Contact Position | &nbsp;&nbsp; Contact Telephone No. |
| &nbsp;&nbsp; *Johnson Joseph* | *CEO* | *(514) 340-7775* |
| &nbsp;&nbsp; Contact Email Address | Web Site Address |  |
| &nbsp;&nbsp; *investors@tenetfintech.com* | *www.tenetfintech.com* | *www.tenetfintech.com* |

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**FORM 7 - MONTHLY PROGRESS REPORT**<br> Page 5<br>

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## Exhibit 99.386

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![](exhibit99-386xu001.jpg)

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| | |
|:---|:---|
| **Consent of Independent Registered**<br>**Public Accounting Firm** | **Raymond Chabot**<br> **Grant Thornton LLP**<br> Suite 2000<br> National Bank Tower<br> 600 De La Gauchetière Street West<br> Montréal, Quebec<br> H3B 4L8 |
| **Consent of Independent Registered**<br>**Public Accounting Firm** |  |
| **Consent of Independent Registered**<br>**Public Accounting Firm** | T 514-878-2691 |

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The undersigned hereby consents to the inclusion or incorporation by reference into the Registration Statement on Form 40-F/A (Amendment No. 5) (the **"Form 40-F"**) of Tenet Fintech Group Inc. (the **"Company"**) being filed with the United States Securities and Exchange Commission, and any amendments thereto, of its report, dated January 18, 2023, on the consolidated statements of financial position as at December 31, 2021 and 2020, and the consolidated statements of comprehensive loss, the consolidated statements of changes in equity and the consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements including a summary of significant accounting policies, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

The undersigned further consents to reference of the undersigned's name under the heading "Interests of Experts" in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Annual Information Form of the Company for the financial year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Revised Annual Information Form of the Company for the financial year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Preliminary Short Form Prospectus dated September 27, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Amended and Restated Prospectus dated December 22, 2022.

included in or incorporated by reference into the Form 40-F.

Yours very truly,

![](exhibit99-386xu002.jpg)

Chartered Professional Accountants

Montreal, Quebec, Canada

Date: January 18, 2023

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| | |
|:---|:---|
| Member of Grant Thornton International Ltd | **rcgt.com** |

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## Exhibit 99.387

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