Titan Medical Inc. in order to further reduce operating cost in the business, the following management changes will occur effective June 1, 2023: Cary Vance will step down as the Company's President and CEO. Paul Cataford will be appointed Interim President and CEO while the Company continues with its Strategic Transition. Mr. Vance will remain on the Board, replacing Mr. Cataford on each of his Board Committee assignments.

Mr. Cataford will continue as Board Chair. Chien Huang, the Company's Vice President, Finance will be appointed Chief Financial Officer and the Company's current Chief Financial Officer, Stephen Lemieux, will transition to a consulting role to ensure an orderly transition and provide ongoing support to Mr. Huang, Mr. Cataford and the Board. Jasminder Brar, the Company's Vice President, Legal and IP, General Counsel and Corporate Secretary, will transition to a consulting role to assist and advise the Company with IP transition and strategy.

Bill Fahey, the Company's Vice President, Operations and Manufacturing, will transition to a consulting role to assist the Company with technical matters. Nate Jones, the Company's Director of Human Resources will transition to a consulting role to assist the Company with human resources matters related to Titan Medical USA Inc., its wholly owned U.S. subsidiary.