Orthofix Shareholders Show Strong Support to Call a Special General Meeting of Shareholders

RCG Starboard Advisors, LLC, a subsidiary of Ramius LLC, together with their respective affiliates (the "Ramius Group”), today announced that it has delivered by letter to Orthofix International N.V. ("Orthofix” or the "Company”) (Nasdaq: OFIX) written requests from the holders of approximately 55% of the Company’s common stock to call a Special General Meeting of Shareholders (the "Meeting”). At the Meeting, Ramius will present proposals to elect four new, highly qualified, director nominees to replace four current members of Orthofix’s ten-member Board of Directors. The Ramius Group is the beneficial owner of approximately 5.3% of the Company’s outstanding common shares.

The relevant provision under the Netherlands Antilles Civil Code provides that shareholders who may cast at least 10% of the votes to elect directors are entitled to request that the Company convene a special general meeting of shareholders for that purpose.

Ramius Partner Jeffrey C. Smith stated, "The strong support we received from Orthofix shareholders clearly demonstrates that shareholders demand the opportunity to exercise their right to vote. Critical strategic and operational decisions must be made over the following few months and, therefore, we believe it is incumbent upon the current board to embrace the request of shareholders and promptly schedule the special meeting as soon as practicable.”

Added Smith, "At the special meeting, we plan to propose director nominees who are well-qualified and eager to contribute to the future success of Orthofix. If elected, the Ramius nominees would work constructively with the remaining members of the Board to explore all available strategic and operational opportunities to improve and maximize value for all shareholders.”

Ramius’ director nominees are:

Please visit www.ShareholdersForOrthofix.com for more information on the upcoming special meeting and to view Ramius’ solicitation materials in connection with the upcoming special meeting, as they become available.

The full text of the letter follows:

RAMIUS VALUE AND OPPORTUNITY MASTER FUND LTD

c/o RCG Starboard Advisors, LLC

599 Lexington Avenue, 20th Floor

New York, New York 10022

January 28, 2009

VIA FACSIMILE AND FEDERAL EXPRESS

Orthofix International N.V.

7 Abraham de Veerstraat Curaçao

Netherlands Antilles

United States Corporate Offices

1720 Bray Central Drive

McKinney, TX 75069

Attn: Corporate Secretary

Re: Ramius Value and Opportunity Master Fund Ltd Written Request Solicitation of Orthofix International N.V. Shareholders

Dear Sir or Madam:

Ramius Value and Opportunity Master Fund Ltd, an exempted company organized under the laws of the Cayman Islands ("Ramius”) with a business address of c/o Citco Fund Services (Cayman Islands) Limited, Corporate Center, West Bay Road, Grand Cayman, Cayman Islands, British West Indies, hereby delivers to you, the Corporate Secretary of Orthofix International N.V., a limited liability company organized under the laws of the Netherlands Antilles ("Orthofix” or the "Company”), written requests to call a special general meeting of the Company’s shareholders pursuant to Article 129 of the Netherlands Antilles Civil Code (the "Antilles Code”). Such written requests are signed by shareholders that may cast at least 10% of the votes with regard to a specific subject matter, as required by the Code.

As you can see below, Ramius has received the support of shareholders representing approximately 55% of the outstanding shares to request that the Company call a special general meeting of shareholders. Ramius believes this strong show of support, which is well in excess of the required 10% threshold, clearly demonstrates that shareholders demand the opportunity to exercise their right to call a special general meeting for the purpose of voting on the composition of the board. Ramius therefore urges you to schedule the special general meeting as soon as practicable in accordance with both the Code and the Company’s Articles of Association.

The written requests are from the holders of 9,434,251 shares of the Company’s Common Stock, par value $.001 per shares (the "Shares”). The Shares represent 55.16% of the outstanding Common Stock as of January 6, 2009, based upon the Company’s disclosure in its Revocation Solicitation Statement filed with the Securities and Exchange Commission on January 12, 2009 that "as of December 31, 2008, there were 17,102,540 outstanding shares of Common Stock.”

The enclosed materials include:

1. A Written Request executed by Broadridge Financial Solutions, Inc. ("Broadridge”) on behalf of its clients, representing 9,140,137 Shares.

2. A Written Request executed by Goldman, Sachs & Co., DTC participant 5, representing 93,103 Shares.

3. A Written Request executed by Morgan Stanley & Co. Incorporated, DTC participant 50, representing 201,011 Shares.

The Depository Trust Company has advised us that on January 28, 2009 it mailed its omnibus proxy relating to our solicitation of Written Requests to Dan Yarborough, Orthofix International N.V., 800 Boylston Street, 39^th Floor, Boston, MA 02199.

Please acknowledge your receipt of this letter and the enclosed written consents by signing and date-stamping the attached copy of this letter and returning it in the postage paid envelope provided.

Very truly yours,

RAMIUS VALUE AND OPPORTUNITY MASTER FUND LTD

By:__________/s/________________

Name: Owen S. Littman

Title: Authorized Signatory

Receipt Acknowledged

By:_____________________________

Name:

Date:

About Ramius LLC

Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies. Ramius LLC is headquartered in New York with offices located in London, Tokyo, Hong Kong, Munich, and Vienna.

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Ramius Value and Opportunity Master Fund Ltd ("Value and Opportunity Master Fund”), together with the other participants named herein, intends to make a preliminary filing with the Securities and Exchange Commission ("SEC”) of a proxy statement and accompanying Gold proxy card to be used to solicit votes for proposals to elect four director nominees to replace four current members of the Board of Directors of Orthofix International N.V., a limited liability company organized under the laws of the Netherlands Antilles (the "Company”), at a special general meeting of the Company that Value and Opportunity Master Fund, together with certain other shareholders of the Company, has requested that the Company call pursuant to the Netherlands Antilles Civil Code.

VALUE AND OPPORTUNITY MASTER FUND ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE SOLICITATION MATERIALS IN CONNECTION WITH THE SPECIAL GENERAL MEETING AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THE SOLICITATION WILL PROVIDE COPIES OF THE SOLICITATION MATERIALS WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR, INNISFREE M&A INCORPORATED, AT ITS TOLL-FREE NUMBER: (888) 750-5884.

The participants in the proxy solicitation are Value and Opportunity Master Fund, Ramius Enterprise Master Fund Ltd ("Enterprise Master Fund”), Ramius Advisors, LLC ("Ramius Advisors”), RCG Starboard Advisors, LLC ("RCG Starboard Advisors”), Ramius LLC ("Ramius”), C4S & Co., L.L.C. ("C4S”), Peter A. Cohen ("Mr. Cohen”), Morgan B. Stark ("Mr. Stark”), Thomas W. Strauss ("Mr. Strauss”), Jeffrey M. Solomon ("Mr. Solomon”), Peter A. Feld ("Mr. Feld”), J. Michael Egan ("Mr. Egan”), Steven J. Lee ("Mr. Lee”) and Charles T. Orsatti ("Mr. Orsatti”).

As of the date of this filing, Value and Opportunity Master Fund beneficially owns 786,045 shares of Common Stock of the Company. RCG Starboard Advisors, as the investment manager of Value and Opportunity Master Fund, is deemed to be the beneficial owner of the 786,045 shares of Common Stock of the Company owned by Value and Opportunity Master Fund.

As of the date of this filing, Enterprise Master Fund beneficially owns 115,935 shares of Common Stock of the Company. Ramius Advisors, as the investment advisor of Enterprise Master Fund, is deemed to be the beneficial owner of the 115,935 shares of Common Stock of the Company owned by Enterprise Master Fund.

Ramius, as the sole member of each of RCG Starboard Advisors and Ramius Advisors, C4S, as the managing member of Ramius, and Messrs. Cohen, Stark, Strauss and Solomon, as the managing members of C4S, are each deemed to be the beneficial owners of the 786,045 shares of Common Stock of the Company owned by Value and Opportunity Master Fund and the 115,935 shares of Common Stock of the Company owned by Enterprise Master Fund. Messrs. Cohen, Stark, Strauss and Solomon share voting and dispositive power with respect to the shares of Common Stock of the Company owned by Value and Opportunity Master Fund and Enterprise Master Fund by virtue of their shared authority to vote and dispose of such shares of Common Stock.

As of the date of this filing, none of Messrs. Feld, Egan, Lee or Orsatti directly own any shares of Common Stock of the Company.

As members of a "group” for the purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended, each of the participants in this solicitation is deemed to beneficially own the shares of Common Stock of the Company beneficially owned in the aggregate by the other participants. Each of the participants in this proxy solicitation disclaims beneficial ownership of such shares of Common Stock except to the extent of his or its pecuniary interest therein.