Implanet Presentation March 2019

www.implanet.com

Disclaimer

References herein to this presentation (the “Presentation”) shall mean and include this document, any accompanying oral presentation and any question and answer session, as well as any further information made available in connection herewith.

This Presentation has been prepared by Implanet (the "Company") and is provided for information purposes only.

The information and opinions contained in this Presentation are provided as of the date of this Presentation only and may be updated, supplemented, revised, verified or amended, and thus such information may be subject to significant changes. The Company is not under any obligation to update the information or opinions contained herein which are subject to change without prior notice.

The information contained in this Presentation has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to the accuracy, completeness or appropriateness of the information and opinions contained in this Presentation. The Company, its subsidiaries, its advisors and representatives accept no responsibility for and shall not be held liable for any loss or damage that may arise from the use of this Presentation or the information or opinions contained herein.

This Presentation contains information on the Company’s markets and competitive position, and more specifically, on the size of its markets. This information has been drawn from various sources or from the Company’s own estimates. Investors should not base any investment decision on the information in this Presentation.

The statements contained in this Presentation that are not purely historical are forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the Company’s or its management’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this Presentation are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company and its business. There can be no assurance that future developments affecting the Company will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. More specifically, such factors could include, without limitation, general economic and business conditions, global medical device market conditions, industry trends, competition, changes in law or regulation, changes in taxation regimes, the availability and cost of capital, the time required to commence and complete clinical trials, the time and process required to obtain regulatory approvals, currency fluctuations, changes in business strategy, and political and economic uncertainty. Your attention is also drawn to the risks described in the reference document of Implanet filed with the Autorité des marchés financiers (the "AMF") on April 16th, 2018 under n°D.18-0337 to which you are invited to refer (a copy of which is available on the Company’s website).

This Presentation does not constitute an offer to sell or subscribe or a solicitation of an offer to purchase or subscribe for securities in any jurisdiction. It is not a recommendation in any manner for the sale or purchase of securities, or intended to be used as the basis for any investment decision in relation to the sale or purchase of the Company’s securities. All persons accessing this Presentation are deemed to agree to all the restrictions and limitations set out above.

The distribution of this Presentation may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions.

By accessing this Presentation, you agree to be bound by the restrictions set out above. 2

Market: listed on

— Euronext Growth Paris

— OTCQX – New York

Location: Bordeaux & Boston

Staff: 38 WW (5 based in the US)

2018 revenue: €6.7m

Our Mission

Company Background

JAZZ® Platform MADISON TKP

Exhaustive product range to address 100% of fusion pathologies

Proven clinical results

Substantially more cost-effective

3

Exhaustive Total Knee Prosthesis range

Bone preservation

7 years of clinical evidence

Growth company led by a team highly experienced in orthopedics

Strong international experience with MedTech giants

France

USA

Régis LE COUEDIC R&D & RAQA Director

25 years of experience Zimmer, Stryker Corporation,

Spine Next, Abbott Spine

Ludovic LASTENNET CEO Administrator 24 years of experience Stryker Corporation, Kavo Dental (Danaher Corp. group) Laurent PENISSON

Sales Director 22 years of experience Stryker Corporation, Arthrex

Shane DOYLE VP US Sales & Marketing 19 years of experience Etex Corporation, Stryker Corporation

Nicolas MARIN Marketing Director 19 years of experience Stryker Corporation

David DIEUMEGARD CFO

22 years of experience Kot, Musiwave, ActivIdentity

4

A proven orthopedic company with recurring revenues

«First In Class» RAQA Organisation 5

Independent distributors

Company Subs 5 EFTs

Company HQ 33 EFTs

Structure Headcounts

Indirect distribution Direct distribution

Outsourcing

Material control

Casting, machining, sanding, plasma spay

Laser marking

ValidationAssembly & sterilization

Certification & final control

Distribution

Quality control team

Sampling and control procedures

Total control over product traceability

Research & Development

Manufacturing

Outsourcing

Assembly

Final cleaning

Packaging

C

C

c

Batch record

Labeling

Traceability

Design

Patents

Biomechanical tests

Operations & Quality process

RoW USA France/UK/Germany

ISO 13485 V-2016

MADISON®, a comprehensive Total Knee

Prosthesis range

MADISON® activity ramp up

7

Partnership agreement with KICO KNEE INNOVATION COMPANY PTY LTD signed in November 2018 (Australia, New Zealand and United States)

OEM Partnership under discussion for the United States

Exhaustive Total Knee Prosthesis range

Bone preservation

17,000+ Madison implanted since 2010

4% market share in France / Third French

7+ years of clinical evidence

World Wide Recognition of the MADISON TKP clinical value

Presentation Partnerships Worldwide marks

Est. Q4 2019

JAZZ®, a disruptive technology in spine surgery

Fusion technics in complex spine surgeries

9

Pedriatric deformity

Degen adult

Trauma

Degenerative diseases

Exhaustive product range to address 100% of fusion pathologies

Significantly better proven clinical results

Substantially more cost-effective

Quantity of metal

Screw misplacement

Screw fixation

X-ray exposure

Cost of instrument sets

CURRENT STANDARD OF CARE = ALL SCREW CONSTRUCTION

TOMORROW SOLUTION = JAZZ® PLATFORM

DISADVANTAGES OF SCREW CONSTRUCTIONS

JAZZ®: designed to respond to spine surgery challenges

Perfect frontal reduction

Best-in-class sagittal alignment

Significant spine axial derotation

Better correction, efficiency, safety

20% reduction of surgery time(1)

(1) Health Advances (2) note: Adolescent Idiopathic Surgery = Scoliose Idiopathique de l’Adolescent

Demonstration of Jazz’s economic benefits in AIS(2)

Reduction of implant quantity / blood loss / surgery time / length of stay(1)

13% savings on total procedure costs

SURGEONS PATIENTS PAYERS

10

7,000+ Patients

158 Active surgeons (US-FR-GER)

+36,000 JAZZ® sold since 2014

JAZZ®

FRAME

Additional

diameters (3.5 – 6.35

mm)

Compatible

with 100% of

fixation

systems

Launch of the

JAZZ® implant

in France and

the US

2014 2015 2016 2017

JAZZ®

LOCK

JAZZ® CLAW

Enlarged & Established technological platform…

Steady pace of new product launches since inception

11

JAZZ® range

completion in

scoliosis

JAZZ® solutions less invasive and

dedicated to degenerative market

JAZZ®

PASSER

JAZZ® EVO

2018

JAZZ®

CAP

JAZZ®

PASSER

BAND

24 granted International Patents

Regulatory clearance in 80% of the global commercial market: United States, Europe…

…positioned to fully address spinal fusion indications

Targeting vertebral fusion: a $2 billion global market

Major growth opportunity for Implanet

Pediatric +

Adolescent

(elderly patients)

VERTEBRAL FUSION 860,000 operations a year worldwide(1)(2)

Major deformities

Degenerative bone disorders

$480m1

$1.6bn2

x3

Aging population

Prevalence of chronic back pain

Poor bone quality negatively impacts surgical outcomes

12

(1): sources i-Data 2010; Company (2): sources i-Data 2010; D. K. Chin and al. Osteoporos Int (2007) 18:1219–1224.; Company

Capitalizing on success with JAZZ® in major deformities to accelerate development in degenerative bone disorders

Between 10 and 30% of cases classified as high risk (poor bone quality)(1) …

…20 to 25% of which have osteoporosis as co-morbidity(2)

25% of cases involve complications associated with kyphosis or proximal junctional level following a spine fusion(1)

700,000 cases / year(3) = $1.6bn(4)

1/

Securing of screws

2/

Replacement of intermediate screws

3/

Proximal Junctional Kyphosis

Hybrid construct

13

(1) : source : 2015 Health Advances study (4) : cf Sung Bae Park, M.D.1 and Chun Kee Chung, M.D. 2 Strategies of Spinal Fusion on Osteoporotic Spine. J Korean Neurosurg Soc. 2011 Jun; 49(6): 317–322. ) (3) : sources i-Data 2010 (4) : sources D. K. Chin et al. Osteoporos Int (2007) 18:1219–1224

Supported by a network of prestigious reference centers

North America USA

South America Brazil and Peru

Europe France, Germany, Greece, Italy,

Portugal, Spain and UK

South America

North America

Europe

Oceania Australia

14

Oceania

Replicating our proven direct sales model in Europe

With an international organization

15

Replication of the Direct Sales Model

Europe

United States

France

Direct Sales Business Model

+6%* +9%*

June 2018: Implanet branch opened in UK

July 2018: Implanet GmbH subsidiary opened in Germany

October 2018: first Jazz® surgeries in the UK and Belgium

February 2019: first Jazz® surgeries in Germany

MILESTONES

(*) Jazz® unit sold in 2018 versus 2017

16

United States Asia/ Oceania Europe

Strategic partnerships to drive sales growth in the world

UNITED STATES

Implanet America : $2.4M in 2018

— 1 VP

— 2 Area Managers

— 25 Agents (1099 Reps)

SeaSpine : $140M in 2018

— N° 7 WW

— N°6 in the US

EUROPE

Implanet SA : €1.9M in 2018

— Direct in France

— Direct in Germany since end of 2018

— Direct in UK since end of 2018

Partnership strategy:

— OEM strategy with a major European player

ASIA & OCEANIA

Implanet SA : initiated in 2018

— Distribution in Australia

— Distribution in New Zealand

L&K Biomed :

— N°1 in South Korea

— Strong presence in Asia

— Agreement executed in 2018 (Korea, Japan & China)

17

SeaSpine to commercialize JAZZ® in the US

€143M (+9%) 2018 revenue

#7 The top global ranking

90% Revenue from USA

#6 The top US ranking

JAZZ® Private Label Distribution agreement with SeaSpine in the US, the world’s largest market for the treatment of spinal pathologies

(current Implanet America accounts will continue to be directly managed by our subsidiary)

Capitalize on SeaSpine’s Salesforce and training & education capabilities in the US

— 10 Area Managers

— Training & Education Specialists

— +200 Agents (1099 Reps)

6 years initial agreement with guaranteed annual minimum sales for Implanet

SeaSpine & Implanet: same vision with a strong culture of innovation and Education

Private Label Distribution agreement

18

JAZZ Cap®, the latest innovation of Implanet

A unique easy-to-use fully sterile implant based on Implanet Band technology using smart fast locking mechanisms with the lowest profile on the market to prevent pedicle screw pull-out and swiping in order to address poor bone quality challenges

1/ The product

2/ The drivers

Dec 2018

March 2019

25 to 50% of the Patient have Osteoporosys Co-Morbidity “Adult spinal deformity (ASD) has become a frequent condition

with the aging population, leading to functional limitations and disability in the elderly group(1). Its management poses great challenges to the spine deformity surgeon in relation to its assessment, surgical treatment and mostly to its follow-up, with a high revision rate, ranging between 10 and 25%”

5 to 35% of pseudarthrosis complications “The rates of this well-known iatrogenic complication after lumbar

spine fusions have ranged from 5% to 35%, with a significantly higher incidence in those spanning 3 or more spinal levels….23.6% of revision fusion surgeries were performed for pseudarthrosis” (2)

3/ Market/Commercialisation

JAZZ Cap® designed to JAZZ screws: the Implanet solution for securing screws in adult osteoporotic patients

JAZZ Cap® tailored to SeaSpine’s screws: a unique blockbuster to address the $2.5B market of the screw securization in patient with poor-bone quality

(1) Extract from: Bourghli A1, Boissiere L2, Larrieu D2, Vital JM2, Yilgor C3, Pellisé F4,Alanay A3, Acaroglu E5, Perez-Grueso FJ6, Kleinstück F7, Obeid I2; European Spine Study Group. Lack of improvement in health-related quality of life (HRQOL) scores 6 months after surgery for adult spinal deformity (ASD) predicts high revision rate in the second postoperative year. Eur Spine J. 2017 Mar 30. doi: 10.1007/s00586-017-5068-9. [Epub ahead of print] (2) Martin, B. I., Mirza, S. K., Comstock, B. A., Gray, D. T., Kreuter, W. & Deyo, R. A. (2007) Reoperation rates following lumbar spine surgery and the influence of spinal fusion procedures, Spine (Phila Pa 1976). 32, 382-7.

Investment Highlights

PUSHING innovation

Ongoing innovation to launch new products and enrich the JAZZ® platform (8+ products launched in 2017 and 2018)

Addressing a growing number of indications in spine surgery while reducing operating times and costs for health facilities

SEEKING efficient commercial expansion through

distribution agreements

Continued focus on the marketing of our JAZZ® technological platform

Targeting high potential markets such as the US, Germany and United Kingdom

Expanding rapidly Implanet’s worldwide footprint

Actively MANAGING the finances

Optimizing financial resources to be able to seize market opportunities

Accessing additional capital fundings

Validating technology (20+ white papers & publications, 24 patents)

Increasing regularly the number of surgeons users

Participating in the most significant scientific conferences

ADDING proven medical value based on clinical trials

19

Financials

Implanet and the stock market

21

Float 97.3%

Financial investors 2.0%

Treasury shares 0.4%

Employees 0.3%

IPO: November 2013

Market: Euronext Growth Paris

Share price: €0.122

Number of shares: 38,810,530

Market cap.: €4.7M

3 month-average volume : 355,667 shares / day

US trading : OTCQX

Stock market information (March 12, 2018 close)

Options & warrants

— 1,579,846 options & warrants to employees & consultants giving access to 1,316,954 new shares, avg strike price @ €1.54

— 4,226,310 warrants to US funds, giving access to 4,424,645 new shares, avg strike price @ €0.55

Non diluted Shareholder structure (January 31, 2018)

Key figures

22

2018 revenue model refocused on direct sales

High margins proprietary implants

Revenue and Gross margin EBIT and Free cash flows

Good control of the fixed Opex to improve Ebit

Not capitalistic business model: Free Cash Flows close to Ebit

(*) unaudited

€6,7

€7,8 €7,8

€6,7

€2,6 €4,0 €3,9 €3,7

39%

51% 50%

55%

2015 2016 2017 2018 *

Revenue Gross margin (€M) Gross margin (%)

-€(7,6)M -€(6,9)M -€(5,8)M -€(5,2)M

-€(7,2)M -€(6,5)M

-€(5,2)M -€(5,0)M

2015 2016 2017 2018 *

Recurring EBIT (€M) Free Cash Flows (€M)

Financial summary

23

(€ thousands - IFRS) H1 2018

(6 months) FY 2017

(12 months)

FY 2016

(12 months)

Revenue 3,632 7,843 7,825

Gross margin 2,023 3,924 3,981

Gross margin as a % of revenue 55,7% 50.1% 50.9%

Operating expenses -4,772 -9,707 -10,862

Operating loss before non recurring items -2,750 -5,783 -6,881

Operating income -2,750 -6,238 -6,881

Net loss -2,772 -6,612 -7,288

• Revenue impacted by the

discontinuation of its arthroscopy

business and EMEA direct sales

model reorganization

• Gross margin improved by 5 % to

55%

• Good control of the Opex and the

reorganization finalized end of 2018

should save a further €1M in 2019 on

fixed expenses

(€ thousands - IFRS) H1 2018

(6 months) FY 2017

(12 months)

FY 2016

(12 months)

Free Cash Flows (3,102) (5,209) (6,461)

o/w cash flow (2,420) (4,777) (5,736)

o/w change in WCR (-) 422 (311) 155

o/w Capex (-) 260 743 570

Cash flow from investment activities 1,113 1,817 11,438

o/w Equity 1,000 3,729 7,425

o/w Loans & interests (296) (1,734) (1,703)

o/w other (factor and placements) (167) (178) 5,716

Changes in currency rates 4 (67) (60)

Change in the cash position (1,985) (3,458) 4,917

Inco

me s

tate

me

nt

Ca

sh

flo

w s

tate

men

t

• Not capital-intensive,

JAZZ instrument costs limited

• Cash burn fell over 2018 from €3.1M

in H1 to €1.9M in H2

• Cash and cash equivalent of €0.7m at

the end of 2018, plus a convertible

line of €0.6M over Q1’19

• No significant LT debt

www.implanet.com

IMPLANET

Ludovic Lastennet

CEO

Tel. : +33 (0)5 57 99 55 55

investors@implanet.com

NEWCAP

Investor Relations

Valentine Brouchot / Pierre Laurent

Tel. : +33 (0)1 44 71 94 94

implanet@newcap.eu

David Dieumegard

CFO

Tel.: 05 57 99 55 76

ddd@implanet.com