August29,2016

A change in managementA change in path

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Executive summaryRTISurgicalInc.• Thecompanyhasawelldiversifiedproductportfolioinacompetitivemarket• Inordertocompete,overthelast4-5yearsthecompanyhastakenon~$79Mofdebttofundcapitalexpenditures• Thestrategyhasadded$100Minsalesandpromisinggrowth;however,thecompanymayfacemorecompetitiveheadwindsatanewscale• ArecentresignationoftheCEOandtheinvolvementofanactivistcouldhelpthecompanyreduceitsdebtandconsolidateitsmarketposition• RTIisapromisingenterprisethatneedshelptorestructureitsbalancesheet

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Overview

RTISurgical,Inc.isengagedinproducingorthopedicandothersurgicalimplantsthatrepairandpromotethenaturalhealingofhumanboneandotherhumantissues.Thebusinessprimarilyconsistsofsixcategories,suchasspine,sportsmedicine,ortho-fixation,bonegraftsubstitutesandgeneralorthopedic(BGSandgeneralorthopedic),dentalandsurgicalspecialties. 3

RTISurgicalInc.(NASDAQ:RTIX)

Product lines

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Cardiothoracic(13,6024.8%)Cardiothoracicimplantsofferincreasedstabilityandflexibilityforsternalclosures,ranging fromroutineclosurestocomplex,high-riskclosures.

Extremities($42,28315.0%)Usedinsurgicalproceduressuchaschronicwoundsandfillingofbonevoiddefects.

Spine($76,96827.3%)RTIprovidessurgeonswithavarietyofbiologic, metalandsynthetic-basedimplantsforuseinspinalsurgery.ImplantsincludeallograftandPEEK-OPTIMA® (fromInvibio®BiomaterialsSolutions) spacersalongwithspinalstabilizationdevicesusedprimarily incervicalandthoracolumbar fusionprocedures.

2015Revenueinthousands andpercentageoftotalrevenue

Product lines cont.

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Orthobiologics ($79,20628.1%)Orthobiologics includebiologicandsynthetic-basedmoldableandflowable bonevoidfillers,chipsandcubesandcellularallogeneicbonegrafts.

SportsMedicine($46,73516.5%)RTIofferssurgeonsbiologicoptions forsofttissue,woundandbonegraftneedsusedinsurgicalproceduressuchasligamentreconstruction,meniscustransplantationandosteochondral resurfacing.

SurgicalSpecialties($23,4998.3%)Theseimplantsareusedinsurgeriessuchasherniaorothercomplexabdominalwallrepaircasesandpostmastectomybreastreconstruction.

2015Revenueinthousands andpercentageoftotalrevenue

Top institutional holders

Paradigm CapitalManagement 8.77%GlenCapitalPartnersLLC8.36%DimensionalFundAdvisorsLP6.49%Krensavage AssetManagement,LLC6.29%

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Krensavage ismanagedbyMichaelKrensavage thatinvestsinhealthcarestocksandtakesactivistpositioned.Recently,thefirmhasengaged inaproxycontestwithRTISurgicaltoreduceitsspending andappointnewboardmembers.

Financial comparisons

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8/29/16 RTIX GMED KTWO

Market Cap $193.95M $2.2B $684.86M

Enterprise Value $255.64M $1.85B $707.87M

P/E 46.76 18.95 16.80

P/S 0.70 3.98 3.05

P/B 1.06 2.84 2.56

EV/Revenue 0.92 3.35 3.16

EV/EBITDA 7.24 9.48 -69.72

RTI’s cost structure seems not to be the problem

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R&Das%ofSales

RTI’s cost structure seems not to be the problem cont.

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SG&Aas%ofSales

Annual revenues

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Path of revenue over the last 3 years

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RTI Operating Income history

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RTI Operating Income Statement

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RTI 2014 & 2015 EBITDA

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RTI 2014 & 2015 Net Income

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Recent news: resignation of CEO

• August15,2016• ALACHUA,Fla.--(BUSINESSWIRE)--RTISurgicalInc.(“RTI”or“thecompany”)(Nasdaq:RTIX),aleadingglobalsurgicalimplantcompany,todayannouncedthatBrianK.HutchisonhasinformedtheRTIboardofdirectorsthathehasdecidedtoretirefromhispositionaspresidentandchiefexecutiveofficerandstepdownfromtheboardofdirectors.HutchisonhasagreedtoremaininhiscurrentrolestoassisttheRTIboardandmanagementteamwithanorderlytransitiontoanewleader.RTI’sboardiscommencingasearchforthechiefexecutiveofficerposition.

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Quick conclusion

• Thecurrentbusinessshowsstronggrowthandhassomecompetitiveadvantages.• Thestrategicplanembarkedon5yearsagohasdiversifiedandbroadentheproductportfoliosinspineandorthopedics.• However,mismanagementofnetworkingcapitalandrisingdebtlevelshasthepotentialtoguideRTItowardsapathofvaluedestruction.• AlongwithKrensavage,anotheractivistcanhelpthecompanymanageitsfinancesresponsiblyoverthenext3yearstoconsolidateitsbalancesheetandgainavaluationsimilartoitspeers.

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