True Partner Capital Holding Limited provided preliminary unaudited consolidated group earnings guidance for the three months ended March 31, 2022. For the period, the group expects to record a net loss attributable to owners of the Company to be in the range of approximately HKD 6 million to HKD 7 million as compared to a net loss attributable to owners of the Company of HKD 4.5 million for the three months ended March 31, 2021. Based on the information currently available to the Company, the Board believes that the estimated loss for the three months ended March 31, 2022 was mainly attributed to the combined effects of, among others: a decrease in revenue due to shifts in product mix over the period which had the result of lowering the total AUM of the Group chargeable with management fees to 49% compared to the 57% for the three months ended March 31, 2021.

As a result, revenue over the quarter declined by 5% from HKD 14.8 million to HKD 14 million; an increase in sales and marketing expense, staff cost, IT expense and administrative expense as the Group has been working on the expansion of its operations in Europe and Asia in line with the use of proceeds outlined in the prospectus of the Company dated 30 September 2020. As set out in the Group's annual report for the year ended December 31, 2021, the business objectives, future plans and planned use of proceeds as stated in the Prospectus were based on the best estimation and assumption of future market conditions made by the Group at the time of preparing the Prospectus while the proceeds were applied based on the actual development of the Group's business and the industry, and will be subject to change based on current and future development of market conditions. The Board considers that the development direction of the Group remains unchanged.

However, due to prolonged travelling and quarantine restrictions on travelers administered by the Hong Kong Government due to COVID-19 that affected onboarding of new overseas investors, the Board will continue to closely monitor the situation and evaluate the impacts on the timeline to utilize the unutilized proceeds and will keep Shareholders and potential investors informed if there are any material changes.