Prenetics Announces Fourth Quarter and Full Year 2022 Financial Results New Business Strategy Focused on Precision Oncology

Prenetics Announces Fourth Quarter and Full Year 2022 Financial Results

New Business Strategy Focused on Precision Oncology

LONDON AND HONG KONG, March 14, 2023 Prenetics Global Limited (NASDAQ: PRE) ( Prenetics or the

Company ), a leading genomics and precision oncology company, today announced financial results for the fourth quarter and full year ended December 31, 2022.

Financial Highlights

Danny Yeung, Chief Executive Officer and Co-founder of Prenetics, said Looking back over the last twelve months, we are pleased with our recent transformative progress. When the pandemic started three years ago, we made a strategic decision to

pivot from our core genomics business to play a leading role in fighting COVID-19 in the United Kingdom and Hong Kong. We are extremely proud to have safe-guarded those communities with more than

28 million COVID-19 tests processed. It was truly a monumental team effort and something that I m sure my team and I will remember for the rest of our lives. With the pandemic behind us, our team has

rehomed our focus back to our foundational genomics business. This has already been evidenced with the formation of our distinguished Scientific Advisory Board, our acquisition of ACT Genomics, enabling us to offer an

FDA-cleared cancer genomics profiling test. Furthermore, I am immensely optimistic with our new business strategy in precision oncology. With our strong balance sheet, we intend to make significant investments

to develop our oncology product pipeline, especially in early detection for cancer. Given our progress, we believe our current market cap (currently below cash and cash equivalent) is not reflective of our true value and will now look to execute

upon our previously announced US$20 million share buy-back program in which we believe our shareholders will benefit from it.

Danny continued: We are also proactively restructuring our operations with a focus on streamlining resources and reducing cost, including executing a

global workforce reduction of approximately 60% since December 2022, resulting in annual headcount reduction costs of approximately US$10 million. These are important moments to sharpen our focus, control our costs, and deploy our resources and

capital to our highest priorities. While implementing such changes are challenging, we are confident this restructuring will allow us to effectively and efficiently achieve our new objective of delivering innovative solutions in precision

New Business Strategy on Precision Oncology

Prenetics is focusing its business strategy to genomics and precision oncology, and is dedicated to transforming patients care through advanced genomic

and molecular technologies. The acquisition of ACT Genomics marked Prenetics first milestone in positioning itself in the global precision oncology market. ACT s flagship product ACTOnco+ is currently the first and only Asia-based product

to receive FDA clearance for a comprehensive genomic profiling test for solid tumors.

Recently, the Company also appointed Prof. Tony S. K. Mok, Chairman

of the Department of Clinical Oncology of the Chinese University of Hong Kong, non-executive director of AstraZeneca PLC., independent director of HUTCHMED (China) Limited and a world-renowned expert in the

application of precision medicine for advanced lung cancer, as Chairperson of its Scientific Advisory Board. Prof. Mok will lead the Scientific Advisory Board in advancing Prenetics mission to acquire, develop, and commercialize innovative

solutions in the field of precision oncology, and overcome cancer through early detection and precision medicine.

COVID-19 Update and Rebalancing of Resources

Prenetics has been at the forefront of the fight against COVID-19 by providing highly accurate and rapid testing at

scale and dedicating significant resources to the social responsibility of protecting our community. With the pandemic and COVID-19 testing now behind us, the company has been developing a new strategic focus

on genomics and precision oncology. In view of the Company s new strategic focus, it is undergoing a rebalancing of resources to improve efficiency, reduce costs in less strategic areas, and deploy resources and capital to areas of high

priority. Prenetics believes that these initiatives are important to enable it to achieve its largest growth opportunities in genomics and precision oncology. Prenetics remains committed to investing in strategic areas of its business, aligning

talent to delivering innovative solutions in genomics and precision oncology, especially in early detection of cancer.

Fourth Quarter 2022 Financial

Full Year 2022 Financial Highlights

Full Year 2022 Financial Results

The Company had net loss for the year mainly due to non-cash and/or

non-recurring: (i) impairment loss in respect of restructuring costs in relation to diagnostic business; (ii) fair value loss on preference shares liabilities; (iii) fair value loss on financial

assets; and (iv) share-based payment on listing. After adjusting for such non-cash losses and other non-recurring items, the Company recorded an adjusted profit

attributable to equity shareholders of Prenetics of US$39.2 million and adjusted EBITDA was US$58.3 million for the year ended December 31, 2022.

Fair value loss on preference shares liabilities

loss was attributable to Prenetics preference shares issued prior to our listing on NASDAQ. This is a non-cash loss and would not recur subsequent to our listing on May 18, 2022.

The Company had preference shares with mandatory conversion provision that required them to be converted in full to ordinary shares at time of listing. These

preference shares were accounted for as financial liabilities under IFRS, and its conversion provision was recognized as derivative financial liabilities and measured at fair value through profit or loss. An increase of the equity value of the

Company (prior to our listing) therefore would result in a corresponding increase in the derivative financial liabilities and a non-cash fair value loss.

For the year ended December 31, 2022, the fair value loss on preference shares liabilities was US$60.1 million. At completion of our listing on

NASDAQ on May 18, 2022, all of the preference shares were fully converted into ordinary shares, and therefore such fair value loss would not recur going forward.

Share-based payment on listing

Share-based payment on

the listing was US$89.5 million and was non-cash and non-recurring in nature. Prenetics was listed on NASDAQ on May 18, 2022 via a de-SPAC transaction by merging with Artisan Acquisition Corp. ( Artisan ). This acquisition of the net assets of Artisan has been accounted for as a share-based compensation for the service of a stock

exchange listing and is charged to our profit and loss upon the completion of the transaction. The amount of this payment is calculated based on the excess fair value of consideration transferred over the fair value of Artisan s identifiable

net assets acquired.

Fair value loss on financial assets at fair value through profit or loss

This loss is unrealized. Fair value loss on financial assets at fair value through profit or loss was US$9.4 million due to market volatility.

Restructuring costs (including assets write-downs) in relation to diagnostic business

This is a non-cash and non-recurring item. Restructuring costs (including

assets write-downs) in relation to the diagnostic business were US$30.4 million, due to impairment loss arising from our exit from the COVID-19 testing business, recognised on (i) intangible assets

of US$19.1 million; (ii) goodwill of US$3.3 million; (iii) property, plant and equipment of US$4.5 million; and (iv) write-off of prepayment of US$3.5 million.

The restructuring primarily involves realigning workforce to ensure the Company s resources are focused on business areas with more robust growth

prospects and higher profitability. This restructuring of operation will result in significant cost savings in the long run and position the Company for sustainable growth. Prenetics holds positive outlook toward the future of business and are

committed to transparent communication with our stakeholders.

2023 Financial Guidance

The Company will be discussing guidance upon release of Q1 2023 results and providing an update on M&A discussions.

Prenetics is a leading genomics and

precision oncology company dedicated to transforming patient care through advanced genomic and molecular technologies. Our new business focus is on precision oncology, specifically on early detection and treatment. We recently acquired ACT Genomics,

the only Asia-based company to receive FDA clearance for a comprehensive genomics profiling test for solid tumors. ACT has also enabled us to expand our capabilities and offer comprehensive cancer solutions to patients worldwide. Our team of

world-class scientists, healthcare experts, and technology innovators are committed to driving forward precision oncology to improve patient outcomes. At Prenetics, we believe that every patient deserves personalized, effective, and affordable

cancer care, and we are dedicated to making that a reality. Prenetics is listed on NASDAQ with the ticker PRE. To learn more about Prenetics, visit www.prenetics.com.

Investor Relations Contact:

Strategic Public Relations Group

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities

Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company s goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of

the Company, and growth opportunities are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as may, will, expect, anticipate,

target, aim, estimate, intend, plan, believe, potential, continue, is/are likely to or other similar expressions. Forward-looking statements

are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, therefore should not be relied upon as being necessarily indicative of future

results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company s ability to further develop its business, including new products and

services; its ability to execute on its new business strategy in genomics and precision oncology; its ability to identify and execute on M&A opportunities, especially in precision oncology; its ability to reduce costs and improve efficiencies

through its restructuring efforts; its expectations on ACT Genomics contribution to its revenues. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the Risk

Factors section of the Company s registration statement on Form F-1 and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange

Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Basis of Presentation

Unaudited Financial Information and Non-IFRS Financial Measures has been provided in the financial statements tables

included at the end of this press release. An explanation of these measures is also included below under the heading Unaudited Financial Information and Non-IFRS Financial Measures.

Unaudited Financial Information and Non-IFRS Financial Measures

To supplement Prenetics consolidated financial statements prepared in accordance with International Financial Reporting Standards ( IFRS ), the

Company is providing non-IFRS measures, adjusted EBITDA, adjusted gross profit and adjusted profit/(loss) attributable to equity shareholders of Prenetics. These

non-IFRS financial measures are not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes

these non-IFRS financial measures are useful to investors in evaluating the Company s ongoing operating results and trends.

Management is excluding from some or all of its non-IFRS results (1) Employee equity-settled share-based payment

expenses, (2) depreciation and amortization, (3) finance income and exchange gain or loss, and (4) certain items that may not be indicative of our business, results of operations, or outlook, including but not limited to non-cash and/ or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that

may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in

the Company s public disclosures.

In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company s non-IFRS financial measures should not be considered in isolation from, or as a

substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned Reconciliation of profit/(loss)

from operations under IFRS and adjusted EBITDA (Non-IFRS) , Reconciliation of gross profit under IFRS and adjusted gross profit (Non-IFRS) and

Reconciliation of profit/(loss) attributable to equity shareholders of Prenetics under IFRS and adjusted profit/(loss) attributable to equity shareholders of Prenetics (Non-IFRS) set forth at the

end of this document.

PRENETICS GLOBAL LIMITED

Unaudited consolidated statements of financial position

(Expressed in United States dollars unless otherwise indicated)