ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

Dilution simulationsThe tables below provide (a) an overview of the dilutive effect of the Contribution on the shareholding in the Company and (b) asimulation of the dilutive effect of the Offering in two scenarios, based on an Issuance Price of €1.00 and a Ratio of 1 for 5.Shareholding before the Contribution and after the Contribution (and before the Offering)*Before theContributionNumber ofShares %Before the Contributionon fully diluted basis**Number ofShares %After the Contributionand before the OfferingAfter the Contributionand before the Offeringon fully diluted basis**Number ofShares %Number ofShareholderShares %ING België NV 4,253,731 13.67% 4,253,731 12.73% 4,253,731 5.60% 4,253,731 5.44%Fagus NV 2,105,527 6.77% 2,105,527 6.30% 2,105,527 2.77% 2,105,527 2.69%A. van Herk / O.G.B.B.A. van Herk B.V. 1,685,862 5.42% 1,685,862 5.05% 1,685,862 2.22% 1,685,862 2.15%Gemma Frisius-Fonds K.U.Leuven NV 1,224,870 3.94% 1,224,870 3.67% 1,224,870 1.61% 1,224,870 1.57%Particon B.V. 340,000 1.09% 340,000 1.02% 340,000 0.45% 340,000 0.43%N.V. Industriebank LIOF 340,000 1.09% 340,000 1.02% 340,000 0.45% 340,000 0.43%Limburg Ventures B.V. 200,000 0.64% 200,000 0.60% 200,000 0.26% 200,000 0.26%LRM NV 200,000 0.64% 200,000 0.60% 200,000 0.26% 200,000 0.26%Genetrix Life Sciences A.B. 0 0.00% 0 0.00% 5,835,379 7.68% 5,835,379 7.46%FCPR Ventech Capital III 0 0.00% 0 0.00% 5,195,199 6.84% 5,195,199 6.64%0 0.00% 0 0.00% 4,445,053 5.85% 4,445,053 5.68%LSP III Omni Investment Coöperatief,U.A.Ysios Biofund I, FCR 0 0.00% 0 0.00% 4,760,342 6.27% 4,760,342 6.09%Biopartners Capital, S.L. 0 0.00% 0 0.00% 2,977,440 3.92% 2,977,440 3.81%Novartis Bioventures Ltd. 0 0.00% 0 0.00% 5,534,905 7.29% 5,534,905 7.08%Roche Finanz AG 0 0.00% 0 0.00% 5,534,905 7.29% 5,534,905 7.08%CX EBIP Agreement, S.L. 0 0.00% 0 0.00% 1,905,144 2.51% 1,905,144 2.44%Subtotal 10,349,990 33.26% 10,349,990 30.98% 46,538,357 61.29% 46,538,357 59.49%Other Shareholders 20,771,164 66.74% 23,063,656 69.02% 29,397,199 38.71% 31,689,691 40.51%TOTAL 31,121,154 100% 33,413,646 100% 75,935,556 100% 78,228,048 100%* To the best of the Company’s knowledge, based on the latest transparency declarations received by the Company prior to the date of this prospectus and based oninformation available of the private placements of 2009 and the Contribution.** Under the assumption that all 1,755,958 outstanding (as at March 31, 2011) warrants have been exercised and that 536,534 Shares have been issued to formershareholders of Orthomimetics Limited as consideration for the contribution in kind of their receivable on TiGenix in the amount of €2,296,365 in relation to the sale ofOrthomimetics Limited shares by such persons to TiGenix (see sections 4.6 and 6.3).Scenario 1: Existing Shareholders exercise all their Preferential RightsAfter the Contribution andafter the OfferingAfter the Contribution and after theOffering on fully diluted basis**Shareholder Number of Shares % Number of Shares %ING België NV 5,104,477 5.60% 5,104,477 5.46%Fagus NV 2,526,632 2.77% 2,526,632 2.70%A. van Herk / O.G.B.B.A. van Herk B.V. 2,023,034 2.22% 2,023,034 2.17%Gemma Frisius-Fonds K.U.Leuven NV 1,469,844 1.61% 1,469,844 1.57%Particon B.V. 408,000 0.45% 408,000 0.44%N.V. Industriebank LIOF 408,000 0.45% 408,000 0.44%Limburg Ventures B.V. 240,000 0.26% 240,000 0.26%LRM NV 240,000 0.26% 240,000 0.26%Genetrix Life Sciences A.B. 7,002,454 7.68% 7,002,454 7.50%18 • TiGenix • Rights Offering