Further Investment in Orthofix Medical Inc.

1 December 2021

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company")

Further Investment in Orthofix Medical Inc.

CIP is pleased to announce that it has acquired a further 25,000 common shares of US$0.10 par value each ("Common Shares") in Orthofix Medical Inc. (NASDAQ: OFIX) ("Orthofix") (the "Further Shares"), a leading medical device company focused on musculoskeletal products and therapies, for a total consideration of approximately US$0.8 million.

Accordingly, following the acquisition of the Further Shares, CIP is now interested in 137,000 Common Shares in Orthofix representing approximately 0.69 per cent. of its existing issued common share capital.

For its financial year ended 31 December 2020, Orthofix achieved net sales of approximately US$406.6 million (and approximately US$339.4 million for the first nine months of 2021), EBITDA of approximately US$36.4 million (and approximately US$19.7 million for the first nine months of 2021) and net income of approximately US$2.5 million (and a net loss of approximately US$5.6 million for the first nine months of 2021). As at 31 December 2020, Orthofix had total assets of approximately US$525.9 million (approximately US$500.4 million as at 30 September 2021), net cash of approximately US$31.7 million (approximately US$27.7 million as at 30 September 2021) and net assets of approximately US$356.9 million (approximately US$364.8 million as at 30 September 2021).

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.