ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

Thousands of Euro (€) TiGenix Cellerix Pro FormaCOMBINED STATEMENT OF COMPREHENSIVE INCOMENet Profit/(Loss) (15,716) (10,343) (26,059)Currency translation differences (376) (376)Net gain on available-for-sale financial assets 1 1Other comprehensive income (376) 1 (375)Total comprehensive income/(loss) (16,092) (10,342) (26,434)* Based on 31,121,154 TiGenix Shares at December 31, 2010 and 44,814,402 Contribution Shares.3.2.3.2 Pro forma statement of financial position as at 31 December 2010Thousands of Euro (€) TiGenix Cellerix Adjustments ProFormaGoodwill 41,493 41,493Intangible assets 20,683 404 21,087Tangible assets 4,738 1,447 6,185Available-for-sale investments 153 153Other non current assets 254 575 829Non-current assets 25,828 2,426 41,493 69,747Inventories 244 69 313Receivables 1,812 740 2,552Other financial assets 679 679Cash and cash equivalents 5,555 3,786 15,589 24,930Deferred charges & Accrued income 907 33 940Current assets 8,518 5,307 15,589 29,414TOTAL ASSETS 34,346 7,733 57,082 99,161Share capital 25,197 104 43,918 69,219Share premium 73,357 41,631 13,164 128,152Shares to be issued 2,296 2,296Own shares and equity instruments (78) (78)Accumulated profit/(loss) (63,144) (32,368) (95,512)Result of the year (15,716) (10,343) (26,059)Share based compensation 4,185 2,128 6,313Translation reserves (355) (355)Equity attributable to equity holders 25,820 1,074 57,082 83,976Total equity 25,820 1,074 57,082 83,976Subordinated loan 130 130Financial loan 440 440Other financial liabilities 1,830 1,830Deferred revenue 85 85Deferred tax liability 3,519 3,519Non-current liabilities 4,089 1,915 6,004Current portion of subordinated loan 130 130Current portion of financial loan 80 80Current portion of finance lease obligation 12 1261 •