Titan Medical Inc (TMDIF)

[Titanlong]

Follow up: Related Party Transaction

An aggregate of 1,445,973 Units were issued to insiders of the Company under the Offering for gross proceeds of $216,896, which included all of the Company's directors and officers. Each insider subscription constitutes a "related party transaction" pursuant to Multilateral Instrument 61 101 -- Protection of Minority Security Holders in Special Transactions ("MI 61 101"). In completing the insider subscriptions, the Company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61 101 set forth in sections 5.5(a) and 5.7(a) of MI 61 101, as the aggregate value of the insider subscription does not exceed 25% of the market capitalization of the Company.