ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

3.11 DilutionThe Contribution caused a 59 per cent dilution for the holdersof Shares prior to the Contribution.There is no dilution for the Existing Shareholders as a resultof the Offering as long as they fully exercise their PreferentialRights.The dilution caused by the Offering for the ExistingShareholders (in percentage terms) who do not exerciseany of their Preferential Rights is 16.67 per cent and canbe calculated as follows:S = total number of Shares after the capital increase pursuant tothe Offering, i.e. maximum 91,122,667s = total number of Shares before the capital increase pursuantto the Offering, i.e. 75,935,556The tables below provide (a) an overview of the dilutive effectof the Contribution on the shareholding in the Company and(b) a simulation of the dilutive effect of the Offering in twoscenarios, based on an Issuance Price of €1.00 and a Ratioof 1 for 5.(S - s)S3.11.1 Shareholding before the Contribution and after the Contribution (and before the Offering)*ShareholderBefore the ContributionNumber ofSharesBefore the Contributionon fully diluted basis**% Number ofSharesAfter the Contributionand before the Offering% Number ofSharesAfter the Contributionand before the Offeringon fully diluted basis**% Number ofSharesING 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.1,685,862 5.42% 1,685,862 5.05% 1,685,862 2.22% 1,685,862 2.15%van Herk B.V.Gemma Frisius-Fonds1,224,870 3.94% 1,224,870 3.67% 1,224,870 1.61% 1,224,870 1.57%K.U.Leuven NVParticon 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%LSP III Omni Investment0 0.00% 0 0.00% 4,445,053 5.85% 4,445,053 5.68%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).%71 •