ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

10. Report regarding unaudited proforma financial information of theenlarged Group“We report on the Pro forma financial information (the “Proforma financial information”) set out in section 3.2.3 of theprospectus submitted by TiGenix NV for approval by the FSMAon or about April 28, 2011, which has been prepared on the basisdescribed in note 3.2.3., for illustrative purposes only, to provideinformation about how the transaction might have affected thefinancial information presented on the basis of the accountingpolicies adopted by TiGenix NV in preparing the financialstatements for the period ending 31/12/2010. This report isrequired by the EU Commission Regulation No 809/2004 and isgiven for the purpose of complying with that Regulation and forno other purpose.ResponsibilitiesIt is the responsibility of the directors of TiGenix NV to prepare thePro forma financial information in accordance with the guidanceissued by the Regulation and the Committee of European SecuritiesRegulators (CESR)It is our responsibility to form an opinion, as required by theRegulation, as to the proper compilation of the Pro forma financialinformation and to report that opinion to you.In providing this opinion we are not updating or refreshingany reports or opinions previously made by us on any financialinformation used in the compilation of the Pro forma financialinformation, nor do we accept responsibility for such reports oropinions beyond that owed to those to whom those reports oropinions were addressed by us at the dates of their issue.We planned and performed our work so as to obtain theinformation and explanations we considered necessary in orderto provide us with the reasonable assurance that the Pro formafinancial information has been properly compiled on the basisstated and that such basis is consistent with the accountingpolicies of TiGenix NV.OpinionIn our opinion:(a) The Pro forma financial information has been properly compiledon the basis stated; and(b) such basis is consistent with the accounting policies of TiGenix NV.Zaventem, April 27, 2011BDO Réviseurs d’Entreprises Soc. Civ. SCRLStatutory auditorRepresented by Gert Claes”Basis of our opinionWe conducted our work in accordance with the audit standardsand related guidance issued by the Instituut van de Bedrijfsrevisoren(IBR). The work that we performed for the purpose of making thisreport, which involved no independent examination of any of theunderlying financial information, consisted primarily of comparingthe unadjusted financial information with the source documents,considering the evidence supporting the adjustments anddiscussing the Pro forma financial information with the directorsof TiGenix NV.225 •