Mr. Stephen Lemieux reports

TITAN MEDICAL PROVIDES BI-WEEKLY MCTO STATUS UPDATE

Titan Medical Inc. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Orders.

On March 22, 2023, and as further updated on April 3, 2023, and April 17, 2023, the company announced that under NP 12-203 it had applied to the Ontario Securities Commission (the OSC) requesting a management cease trade order (MCTO) be imposed in respect of the late filing of its annual financial statements, the related management's discussion and analysis and annual information form, and the accompanying chief executive officer and chief financial officer certification for its financial year ended Dec. 31, 2022. The MCTO was granted by the OSC on April 3, 2023. The company continues to work closely with its auditor and expects to file the annual filing documents on or about May 19, 2023.

The MCTO restricts all trading in and all acquisitions of the securities of the company, directly or indirectly, by the chief executive officer and the chief financial officer of the company until two full business days following the receipt by the OSC of the annual filing documents and any other filings the company is required to make under Ontario securities laws, or upon the further order of the director of the OSC. The MCTO does not affect the ability of shareholders who are not named in the MCTO to trade their securities.

As part of further cost-cutting measures, the company's president and chief executive officer Cary G. Vance has agreed to work in a reduced capacity under nominal compensation. Mr. Vance continues to be a member of the company's board of directors and will continue to assist the company to evaluate options for the business. Other than the foregoing, the company confirms that: (a) there are no material changes to the information contained in the default announcement or the affairs of the company that has not been generally disclosed; (b) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203; (c) there has not been any other specified default by the company under NP 12-203. The company is working to complete the annual filing documents.

The company will continue to issue biweekly default status reports as required.

About Titan Medical Inc.

Titan Medical, a medical device company headquartered in Toronto, Ont., with operations in Chapel Hill, N.C., was focused on enhancing robotic-assisted surgery (RAS) using innovative technology through a single access point. On Nov. 30, 2022, the company announced the commencement of a strategic review process that considered a full range of strategic alternatives, including corporate sale, merger or other business combination, a sale of all or a portion of the company's assets, strategic investment, or other significant transaction. On Feb. 8, 2023, the company announced that none of the parties approached as part of the strategic review process expressed an interest in pursuing a transaction with the company. As a result, the company initiated various cost-cutting measures and announced that its board of directors had determined to prioritize the sale of all or a portion of the company's assets, and, subsequently, on Feb. 14, 2023, the company announced that it had laid off a number of senior management personnel.

We seek Safe Harbor.