Spineway — Capital/Financing Update 2017

Nov 22, 2017

Implementation%of%the SKYWAY%2018 plan

Since 2015,! Spineway,! specialist! in! surgical! implants! and! instruments! for! treating! disorders! of! the! spinal! column! (spine),! has! pursued! its! growth! and! development! in! accordance! with! its! SKYWAY! 2018 plan and! several!milestones!have!already!been!reached.

In#line#with#its#commitments,#Spineway#successfully%expanded%into%new%highGpotential%countries%such#as# the# United# States# and# Australia.# The# Group# also# maintained# strong# growth# in# the# other# regions# in# which# it# is# present. Indeed,#at#the#end#of#September#2017,#it#posted#sales#revenue#of#€7.4M (+125%).#

Spineway#also#showed its#capacity%for%innovation with#14#patent#families#filed#and#the#launch#of#its#new#line#of# innovative# MontKBlanc# MIS# implants# that# has# been a# resounding# success# in# France# and# Latin# America. In# addition,#the#Group repositioned%its%offer%in%order%to%better%meet%the%needs%of%its%clients%and%distributors. The# recent#recruitment#of#a#Director#of#Operations#specialized#in#managing#and#optimizing#the#supply#chain should# allow#Spineway#to#optimize#its#inventory#and,#at#the same#time,#continue#to#improve#its#WCR.

As#announced,#Spineway#also# strengthened#its% financial structure%by# €1.4M with#a capital#investment# by# the# Chinese#group#Tinavi#Medical#Technologies#(November 2016)#to#support#its#growth.#This#strategic#partnership# could# also# lead# to# a# collaboration for# the# development# of# new# products# in# the# spinalKimplant/instruments# market.

In#addition, Spineway#entered#into#an#issuance#agreement#with#the#Yorkville#SPV#Ltd#management#company#for# the#reserved#issue#of#Notes#in#several#tranches,#representing,#overall,#a#bond%issue%of%approximately%€2M, with% warrants%that%could%represent%an%additional%€2M%if#all#such#warrants#are#exercised#(see#press#release#dated#28# July#2017).#As#a#reminder,#this#issuance#is#subject#to#the#transfer of%the%Spineway%shares%to%the%"Public%Offer"% compartment% of%Euronext%Growth and# obtaining# prior#approval#from# the#Autorité( des(Marchés(Financiers of# the#prospectus#to#be#prepared#by#the#company#by#31#December#2017,#at#the#latest.

Although#remaining#a#key#objective#in#the#Group's#strategy,#reaching#financial#equilibrium#for#the#2018#financial# year# could# be# interpreted# as an# earnings# estimate so Spineway# no# longer# wishes# to# communicate# on# this# subject.

After# the# rapid# acceleration# of# its# activity# this# year,#the#Group is# focused# on# consolidating# its# new# positions# abroad,#for#which#it#is#deploying#all#its#marketing#and#sales#efforts.#This#momentum#allows#Spineway#to#confirm# its#2018#salesKrevenue goal#of#approximately#€10M.

SPINEWAY!IS!ELIGIBLE!FOR!THE!PEAQPME

Spineway! designs,! manufactures! and! markets! innovative! implants! and! surgical! instruments! for! treating! severe! disorders!of!the!spinal!column.

Spineway!has!an!international!network!of!over!50!independent!distributors!and! 90%!of!its! turnover! comes! from! exports.

Spineway,!which!is!eligible!for!investment!through!FCPIs!(French!unit!trusts!specializing!in!innovation),!received!the! OSEO!Excellence!award!as!well!as!the!Deloitte!Fast!50!award!in!2011.!Rhône!Alpes!INPI!Patent!Innovation!Award! (2013)!– Talent!INPI!award!(2015).!

ISIN code:!FR0011398874!– Euronext!Growth!

This#press#release#is#available in#both#English#and#French.#In#case#of#discrepancy,#the#French#version#shall#prevail.

Investor!Relations David(Siegrist( – Finance(Director +33((0)4(72(77(01(52 finance.dsg@spineway.com

Financial!Communication Jérôme(Gacoin(/(Solène(Kennis +33((0)1(75(77(54(68 skennis@aelium.fr