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    At the Forefront of Regenerative Medicine

    Frank HazevoetsCFO and Company secretary

    Luc Van de SteenMember of the Board

    BrusselsJanuary 14, 2010

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    This document does not constitute or form part of any offer or invitation to sell or issue,

    or any solicitation of any offer to purchase or subscribe for, any shares in the Company,nor shall any part of it nor the fact of its distribution form part of or be relied on inconnection with any contract or investment decision relating thereto, nor does itconstitute a recommendation regarding the securities of the Company.This document may contain forward-looking statements and estimates made by theCompany, including with respect to the anticipated future performance of TiGenix andthe market in which it operates. They include all matters that are not historical facts.Such statements, forecasts and estimates are based on various assumptions and

    assessments of known and unknown risks, uncertainties and other factors, which weredeemed reasonable when made but may or may not prove to be correct. Actual eventsare difficult to predict and may depend upon factors that are beyond the Company'scontrol. Therefore, actual results, the financial condition, performance or achievementsof TiGenix, or industry results, may turn out to be materially different from any futureresults, performance or achievements expressed or implied by such statements,forecasts and estimates. Forward-looking statements, forecasts and estimates onlyspeak as of the date of this document and no representations are made as to theaccuracy or fairness of such forward-looking statements, forecasts and estimates.TiGenix disclaims any obligation to update any such forward-looking statement,forecast or estimates to reflect any change in the Companys expectations with regardthereto, or any change in events, conditions or circumstances on which any suchstatement, forecast or estimate is based.

    Notice

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    The next 30 minutes

    TiGenix at a glance

    The strategy and the execution

    10 years of building the company

    Why an IPO and listing on Euronext Brussels? Corporate governance at TiGenix

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    Focus

    Products

    Pipeline

    Locations

    Finance

    Regenerative medicine - Innovative local treatments

    for damaged and diseased joints

    ChondroCelect, autologous cell-based product forcartilage repair. First approved ATMP in Europe.ChondromimeticTM, resorbable implant for treatmentof osteochondral defects. Approved in Europe (CE)

    Complementary regenerative medicine products,integrating biomaterials and adult stem cells

    HQ in Leuven (Belgium); Manufacturing in Belgium,the Netherlands & Memphis (US); Cambridge (UK)

    Listed on Euronext Brussels since March 07

    Raised in total mEUR 88

    TiGenix at a glance

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    Regenerative Medicine

    Regenerative Medicine

    Cells Biomaterials Growth factors

    Cell Therapy Tissue Engineering

    Products to regenerate tissues and cure patients

    Regenerative medicine replaces or regenerates human cells,tissue or organs, to restore or establish normal function

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    Cells Biomaterials Growth factors

    Technology

    scope

    TiGenix strategy

    Indication scope

    Other

    Cardio

    Skin

    Muscle

    Spine

    Bone

    Ligaments

    Meniscus

    Cartilage

    TiGenix aims to be a global leaderin regenerative medicine solutions

    for patients with damagedand arthritic joints

    femur

    articular cartilage

    tibia

    inner meniscus

    outer meniscus

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    Indication scope

    Other

    Cardio

    Skin

    Muscle

    Spine

    Bone

    Tendon

    Meniscus

    Cartilage

    Cells Biomaterials Growth factors

    Technology

    scope

    Acquisition of Orthomimetics

    UK based; spin-out from MIT and University ofCambridge

    Regenerative Medicine for a mobile, active life

    Lead product for osteochondral repair CE-marked,complementary to ChondroCelect: distinctindication, same point of sale

    Leading collagen-based biomaterials platform

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    Complementary market-ready product portfolio

    Small lesions Large Lesions

    CartilageDamage

    Only

    Cartilage andSubchondralBone Damage

    ChondromimeticOsteochondral Plug

    ChondroCelect

    +

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    GMP Manufacturing

    Europe GMP approved cleanroom

    facility

    EU capacity secured forproduct launch

    New site and financingsecured; Constructionstarted upon approval

    U.S.A (Memphis) Operational cell expansion facility

    1,500 m fully equipped cell cultureand 2,000m expansion space

    Team in place

    Process & Tech transfer Ensuring transfer between

    R&D and manufacturingand between sites

    9

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    EU market launch

    Commercial core team in place

    Key reference centers trained

    Ease of use supported

    Communication campaign ready

    Pricing and reimbursement on track

    First (commercial) patients treated

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    Innovative products in the pipeline

    Further improvements to ChondroCelect E.g. Cryopreservation

    Development of enhanced delivery systems E.g. for minimal invasive implantation

    Development of products for meniscus repair Cell free scaffold Cell-based combination products

    Development of an adult stem cell platform For treatment of other tissues

    In view of allogeneic treatments

    Leveraging of Orthomimetics biomaterials platform

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    Executing the strategy in 2009

    ChondroCelect approved in EU by EMEA as first ATMP New EU manufacturing site secured and financed

    Acquisition of Orthomimetics

    A second approved product in EU

    Biomaterials platform

    Building the commercial core team for the launch

    Cash use financed through private placements

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    10 years of building the company

    2000 2001 : Seed money / Grants / Bridge loan

    Initial seed funding: EUR 1.000.000

    Gemma Frisius Fonds

    Founders

    K.U.Leuven R&D

    Research grant: EUR 1.000.000

    IWT

    Bridge loan: EUR 800.000

    Use of proceeds

    Research & validation of patents

    Preparation of clinical trial

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    10 years of building the company

    2003 : series A round - VCs and Private equity entered

    EUR 12,000,000

    Investors

    ING Private Equity, Capricorn Venture Partners, Auriga Partners,Fagus (Fortis)

    Conversion of bridge loan

    Use of proceeds:

    clinical development of lead product development and expansion of product pipeline and IP position

    setting up of in-house research laboratory

    strengthening the team

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    10 years of building the company

    2005 : Series B round

    EUR 16.000.000

    Use of proceeds:

    Drive regulatory process for ChondroCelect at FDA and EMEA

    Set up network of key opinion leaders in EU and US

    Develop pipeline & next generation ChondroCelect products

    Prepare TiGenix entry in the US

    Investors

    Existing investors

    Broader base of knowledgable investors

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    Role & contribution from VCs and Private Equity

    Challenger

    Pre-investment

    Post-investment

    Support (e.g. in recruiting)

    Sounding board & sparring partner : strategic direction

    Industry expertise & contacts

    More formality in corporate governance

    Financial reporting/communication Milestone driven

    ROI : exit opportunities / dilution

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    Why an IPO and listing on Euronext Brussels?

    Additional source of funding

    Potential exit for VCs

    Creating visibility and awareness

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    Stepping out of the comfort zone

    Underwriters Legal Counsel Issuers Legal Counsel

    Auditors

    V4GStrategic consultant

    CITYGATEPR Advisors

    45 persons

    IPO Project ToscaIndicative timetable

    Action / Event Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17

    M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F M T W T F

    Kick-off meeting

    Determine offer structure

    Data room preparation

    Due diligence

    Comfort Letters, legal opinions

    Business Plan/Valuation

    Equity story

    Audited accounts IFRS

    Preparation of legal documents- Underwriting agreement

    - Agreement among managers

    - Legalopinions

    Signing- Underwriting agreement

    - Agreement among managers

    Prospectus drafting

    Present project to authorities

    Filling CBFA

    Review CBFA

    Approval CBFA

    Filing Euronext

    Board meeting

    Prospectus translation

    Appointment of printers

    Prospectus printing

    Prospectus availability

    Preparation of Management presentation

    Syndicate Analyst meeting - availability research guidelines

    Research preparation

    Research distribution

    Research black-out period Listing + 40 days

    Sales force briefing

    Investor education

    Preparation of Roadshow presentation

    Presse conference

    Roadshow

    Launch

    Price range

    Bookbuilding

    Pricing/allocation

    Listing

    Payment date

    2/apr

    Week 21

    9/apr

    Week 22

    19/mrt

    Week 19

    26/mrt

    Week 20

    A.Legal,Financialandbusinessduediligence

    Marketing/Research

    Offering/Pricing

    22/jan

    Documentation

    13/nov 20/nov 11/dec27/nov 19/feb5/feb 12/feb29/jan 12/mrt

    Week 18

    26/feb 5/mrt4/dec 8/jan 15/jan18/dec 25/dec 1/jan

    Researc

    h/

    Marketin

    g

    Legal/Finance

    Preparation

    Prospectus

    Offering

    Pricing

    Roadshow overview with institutional investors

    Retail meetings in Leuven and Gent

    Press meetings, Kanaal Z, VFB

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    New shareholder structure

    Class A

    Class B

    Class C

    Class D

    Class E

    Class A : Gemma Frisius Fund

    Class B : Founders (Gil Beyen and Frank Luyten)

    Class C : Universities

    Class D : Personnel

    Class E : VCs and private equity

    Pre-IPO

    One class of shares

    Free float

    Specialtyfunds

    Beneluxfunds

    Otherfunds

    Retail

    Post-IPO

    19

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    Advantages/inconveniences of a listing

    Regular reporting

    Business update

    Financial update (IFRS)

    Transparancy

    Corporate governance

    Short term stock performance vs long term strategy

    Open communication and corporate governance structures in placeto contribute to the creation of long-term stakeholder value

    Additional source of funding

    Listed shares as financing tool

    +/- 13 M

    Orthomimetics acquisition +/- 16 M

    Creating visibility and awareness

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    Governance structure at TiGenix

    "one-tier" governance structure

    The Board of Directors is the ultimate decision-making body

    The Board appointed a Chairman (who must always bedifferent from the CEO) and a Company Secretary

    The Board has delegated the Companys daily management

    to a managing director

    The Board has established

    an Audit Committee, a Nomination and Remuneration Committee

    Corporate Governance code

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    Shareholding structure

    Important early stage investors still reference shareholders

    ING Group, BNP-Paribas Fortis Group, Gemma-Frisius

    Key management

    Have brought Tigenix to where it is today

    Ensured stability

    Institutional investors

    Important new sources of funding

    Not represented in the Board

    Stable: show confidence in long term goals

    Other Investors

    Market actors

    Shorter term investors, variable and unknown

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    Role, powers and responsibilities of the Board

    Develop a clear vision and strategy about the overallcorporate goals

    Take, manage and control risks

    Control

    TiGenix aims to be a global leader inregenerative medicine solutions for patients

    with damaged and arthritic joints

    femur

    articular cartilage

    tibia

    inner meniscus

    outer meniscus

    - Review reporting (Audit committee)- Business and financial update

    - Supervise Corporate communication

    Accountability - Reliable information to all stakeholders

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    Composition of the Board

    Representation of key investors

    Important role of independent Board Members (Chairman,majority in committees)

    Chaired by strong and experienced person (W. Duron)

    Close and intensive cooperation with CEO / Top management

    Steering together with CEO

    Composition

    Diversity in knowledge and experience (scientific, processes,financial, legal, market(ing)

    Acting in the interest of the company

    Medium-Long term mindset

    Room for discussion

    Adapt composition to Corporate needs throughout evolution

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    Individual requirements of the directors

    Particular professional experience, knowledge and skills

    Very active and engaged Board: Sufficient time to exercise

    their duties 2009: 14 meetings :

    Board involved soon in important decisions

    Important decisions regularly require second meeting

    Not purely Go/ No go decisions

    Responsible for acquiring and maintaining skills andknowledge

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    Chairman and secretary

    Chairman of the Board

    Can not be the CEO

    Independent

    The leadership of the Board Drive decisions in the Board

    Support and advice to the CEO

    one on one meetings

    Company Secretary

    Advise the Board on all governance matters

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    Key to good corporate governance

    Transparency and reliable information to all the stakeholders

    It is not just about the rules, it is about how you live

    Corporate Governance in your company

    It is not just about the Board of Directors, it is about all levelsin a company

    Control is necessary, but lets not forget about strategy and

    entrepreneurship

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    Key to good corporate governance

    Is all about Is not so much aboutMeans Goal

    Guidance Compliance

    Spirit Written rules

    Entrepreneurship Abuse

    Risk taking Recklessness

    Assurance Guarantees

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    More legislation required?

    Will this lead to better governance?What do we want to reach?

    Different types of companies have different needs

    There is a need for flexibility and common sense Common ground: accountability and transparency

    The balance is essential

    More rules will not prevent abuse or fraud

    Procedures or disciplinary action

    Corporate Governance is a building block for successin the long run but no guarantee for success

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    TiGenix NVRomeinse straat 12 bus 23001 Leuven, BelgiumT: +32 (0)16 39 60 60

    Thank you for your attention