Corporate PresentationDecember 2015Advanced biopharmaceutical company developing novel

therapies for serious medical conditions

Lead asset on track for EU approval

Partnered with tier-one, big pharma company

Technopolis, Mechelen

31st May 2017

2

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 in connection with any contract or investment decision relating

thereto, nor does it constitute a recommendation regarding the securities of the Company.

This document may contain forward-looking statements and estimates made by the Company, including

with respect to the anticipated future performance of TiGenix and the market in which it operates. They

include all statements 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

were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to

predict and may depend upon factors that are beyond the Company's control. Therefore, actual results, the

financial condition, performance or achievements of TiGenix, or industry results, may turn out to be

materially different from any future results, performance or achievements expressed or implied by such

statements, forecasts and estimates. Forward-looking statements, forecasts and estimates only speak as

of the date of this document and no representations are made as to the accuracy 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 Company’s expectations with

regard thereto, or any change in events, conditions or circumstances on which any such statement,

forecast or estimate is based.

Forward-Looking Statements

3

Compelling Investment CaseLead product near approval in Europe, strong partner, significant upside potential

Strong financial position

Publicly quoted on Nasdaq and Euronext (TIG), supported by

specialized, institutional shareholders

Ex-US rights licensed to Takeda, a global leader with strategic

focus in gastroenterology

Best possible partner for commercial launch

Up to EUR 380M potential milestones plus double-digit royalties

Lead product in an indication of high unmet medical need

EU approval decision expected in 2H2017

Clear development plan for Global Pivotal phase III trial to start in1H2017

Pipeline with clinical-stage assets which provides further upside

4

PipelineClear commercial potential with future growth opportunities

5

Cx601

Novel, locally administered treatment for a severe

complication of Crohn’s disease

EU approval decision expected 2H2017

6

GMP Facility Approved for Commercial ManufacturingConsistent and robust process

1 liposuction from healthy donor

Allogeneic model translates into production scalability

2,400 finished products (Cx601)

7

Complex Perianal FistulasA common and severe complication of Crohn’s disease

Fistula

Fistula

Perianal fistulas are chronic, abnormal

communication between the epithelialized

surface of the anal canal and the perianal skin

Perianal fistulas are a complication of Crohn’s

disease for 30−50% of patients1

Perianal fistulas in Crohn’s disease are

difficult to treat with currently available

therapies and often leads to pain, swelling,

infection and incontinence

70−80% of perianal fistulas are classified as

complex2,3

• Most challenging to treat

• Often refractory to conventional treatment

and anti-TNF agents4-6

1. Schwartz DA, et al. Gastroenterology. 2002;122:875-80; 2. Eglinton TW, et al. Dis Colon Rectum. 2012;55:773-7; 3. Bell SJ, et al

Aliment Pharmacol Ther. 2003;17:1145-51; 4. Present DH, et al. N Engl J Med. 1999;340:1398-405; 5. Sands BE, et al. N Engl J Med.

2004;350:876-85; 6. Pearson DC, et al. Ann Intern Med. 1995;123:132-42;

8

1 Schwartz et al 2002. Gastroenterology 122:875-8802 Kappelman et al 2013. Dig Dis Sci, 58:519-5253 Khalili et al 2012. Gut :1686-16924 Study commissioned to Vencore Health Analytics Inc based on Truven MarketScan database5 Göttgens et al 2017. Eur J Gastroenterol Hepatol [Epub ahead of print]6 Burisch et al 2013. J Crohn’s Colitis 7:322-337

Estimation of prevalence of Crohn’s Disease patients

with perianal fistulas

Adult Crohn’s patients with perianal fistulas (93% CD

patients are adults 2)

Crohn’s patients with perianal fistulas

50,153 57,359

80,849

From European published data 5,6From US published data 1,2,3 From US real world data (claims

database) 4

53,756Crohn’s patients with perianal fistulas (average)

Adult Crohn’s patients with perianal fistulas (93%

CD patients are adults 2)75,19049,993

Over 125,000 Adult Crohn’s Patients Suffer Perianal Fistulas40% of these patients are in the US

9

With complex perianal fistulas:

Adult Crohn’s Disease patients with perianal fistulas:

37,495

24,746

22,272

With complex perianal fistulas and controlled luminal disease:

With refractory complex perianal fistulas and controlled luminal disease:

56,392

37,219

33,497

1 Bell et al 2003. Aliment Pharmacol Ther 17:1145-11512 Eglinton et al 2012. Dis Colon Rectum 55:773-7773 Riss et al 2013. Tech Coloproctol 17:89-944 Molendijk et al 2014. Inflamm Bowel Dis 20:2022-2028

In ~75% CD patients perianal fistulas are complex 1-5

In ~66% CD patients with perianal fistulas luminal disease is controlled

in ~90% CD patients perianal fistulas are treatment refractory 6-8

5 Molendijk et al 2015. Gastroenterology 149:918-927 6 Sands et al 2004. N Engl J Med 350:876-8857 Domenech et al 2005. Aliment Pharmacol Ther 22:1107-11138 Rayen et al 2017. Tech Coloproctol 21:119-124

More than 55,000 Patients Fit the Expected LabelNon-controlled luminal disease patients represent a very meaningful opportunity

49,993 75,190

Expected label

10

A Real Need for New Treatment OptionsAvailable treatments lack long term efficacy and present safety issues

1 Sands et al 2004. N Engl J Med 350:876-8852 Grimaud et al 2010. Gastroenterology 138:2275-22813 Domenech et al 2005. Aliment Pharmacol Ther

22:1107-11134 Rayen et al 2017. Tech Coloproctol 21:119-1245 Present et al 1999. N Engl J Med 349:1398-14056 Poritz et al 2002. Dis Colon Rectum 45:771-775

● Only ~1/5 patients see a response after 1 year of

continued treatment (IV infusion every 8 weeks) 1,2

● Upon treatment discontinuation healed fistulas relapse

in 2/3 patients within the next year 3

● Rarely achieves complete healing in the long-term (13%

of patients) 4

● Efficacy does not increase in combination with

immunosuppressants 5

● Treatment does not abolish the need for surgery 6

● Associated with serious infections in 9% of patients and

to infusion reactions in 11% of patients 7

● An average of 4 surgeries over a period of years 9,10 with

only half of patients healed 9

● Fistula surgery is linked to risk of sphincter damage

leading to faecal incontinence 11,12

● 30% and 54% of patients report post-operative

incontinence to solid and liquid stools 13

● High rate of recurrences and failures 8

● 33% and 13% of patients with complex anal fistulas

require ostomy and proctectomy 14 , with no guarantee of

healing 15,16

Infliximab (anti-TNFα)

7 D’Haens et al 2016. J Crohn’s Colitis [Epub]8 Schwartz et al 2015. Inflamm Bowel Dis 21:723-7309 Graf et al 2015. Colorectal Dis 18:80-85110 Galandiuk et al 2005. Ann Surg 241:796-80211 Norton et al 2013. J Crohn’s Colitis 7:e302-311 12 Geltzeiler et al 2014. Ann Gastro 27:320-33013 Riss et al 2013. Tech Coloproctol 17:89-94

Surgery

14 Molendijk et al 2014. Inflamm Bowel Dis 20:2022-2028

15 Figg et al 2009. Dis Colon Rectum 52:646-65016 Lee et al 2017. Colorectal Dis 19:418-429

Only medical treatment approved for fistulas in Crohn’s

disease

Complex fistulas require surgical intervention 8

11

Cx601: A Real Improvement Versus Best Possible CareStatistically significant and clinically meaningful results

● Significantly quicker healing: median of 7 weeks vs. 14 weeks

● Significantly higher remission rate at 6 months, sustained at one year

● > 50% patients in clinical and radiological remission after one year

● Lower relapse rate from 6 months to one year: 25% vs. 45%

● No added adverse reaction burden

● Highly stringent endpoint, never used before (clinical + radiological -MRI-)

● 100% patients had complex fistulas

● 100% patients were treatment-refractory (> 60% to anti-TNFs)

● More severe patients in Cx601 arm (more multi-branch fistulas)

Despite…

Significant results with a single local administration

12

Cx601: Strong Recognition of ADMIRE-CD Trial ResultsECCO1 (EU), DDW2 (US), The Lancet3

Dr. Panés: Oral presentation, ECCO

Dr. Van Assche: Satellite Symposium, ECCO

1 European Crohn’s and Colitis Organization (ECCO), Amsterdam, March 16 – 19, 2016

2 Digestive Disease Week (DDW) in San Diego, California (USA), May 24, 2016

3 The Lancet [online]. Published online July 28, 2016, available at http://dx.doi.org/10.1016/S0140-6736(16)31203-X

13

“Key Opinion Leader” Event, 8th May 2017, ChicagoDoctors express disappointment with current treatments

1 Key Opinion Leader event webcast: http://www.wsw.com/webcast/cc/tig/

“Gastroenterology is one of Takeda’s core therapeutic

areas of focus. When we look at leadership in GI it is all

about delivering very innovative drugs in a population

which has high unmet need. And Cx601 truly

underscores that commitment.” 1

Dr. Uthra Sundaram, VP of the GI Therapeutic Area

and Global Commercial Leader at Takeda

Pharmaceuticals

“…This is a really debilitating, serious medical condition. The more complex fistulas historically have had poor

healing rates, which is one of the unmet need areas that stem cell therapy could potentially help. Fistulizing Crohn's

disease is fairly common and the incidence increases as the disease duration goes up. Gastroenterologists,

surgeons and radiologists collaborate to take care of these patients and what we really need is some new treatment,

which is what brings us here today.“ 1

Dr. William J. Sandborn, MD, Professor of Medicine and Adjunct Professor of Surgery Chief, Division of

Gastroenterology Vice Chair for Clinical Operations, Department of Medicine Director, UCSD IBD Center University

of California San Diego and UC San Diego Health System

14

• Team with previous experience in obtaining MA1 of cell therapy product

• 5 Scientific Advice Meetings held with EMA2 (2 pre-clinical, 2 CMC3, 1 clinical)

• Approved PIP4 with 20 patients to be started not before 2020

• GMP license for commercial manufacturing granted

• Final approval expected in 2H2017

Cx601: EU Approval Decision Expected 2H2017Clear and fast pathway to the market built on a solid regulatory strategy

1 MA: Marketing Authorization2 EMA: European Medicines Agency3 CMC: Chemistry Manufacturing and Controls4 PIP: Pediatric Investigational Plan5 MAA: Marketing Authorization Application

6 AR: Assessment Report7 LoQ: List of Questions8 LoOI: List of Outstanding Issues9 CHMP: Committee of Human Medicinal Products (within

EMA)

AR6 LoQ7 Responses Joint AR LoOI8 Responses

D121 D181

CHMP9

Opinion

D2101st Clock

Stop

2nd Clock

Stop

MAA5

Submitted

1Q2016

EU Decision

D277

D1 D80 D120

Start of the

procedure

D150

D180

Current status

15

Ex-US Rights of Cx601 Licensed to TakedaTiGenix keeps significant upside potential

• Takeda acquired the exclusive ex-US development and commercialization

rights to Cx601 for the treatment of complex perianal fistulas in Crohn’s

disease patients

• TiGenix retains the right to develop Cx601 in new indications

• Takeda paid EUR 25M up front and a EUR 10M equity investment

• TiGenix eligible to receive potentially up to EUR 355M in regulatory and

sales milestones, including a EUR 15M EU marketing approval milestone

• Double-digit royalties on net sales, tiered to reimbursement price

• Takeda will assume manufacturing responsibilities for Cx601 after an initial

period of product supply by TiGenix at cost for the EU

16

Takeda is the Best Potential Partner for Cx601A global leader with strategic focus in GI

Source: Takeda presentation (JPM event 2017)

1717

Cx601: A Key Pillar in Takeda’s GI StrategyPerfect fit with existing IBD portfolio

Source: Takeda presentation (JPM event 2017)

18

Cx601: Takeda’s CEO CommentaryStrong synergy, preparing for launch

“… we are really working on the launch of the product [Cx601] in Europe... the synergy is very

strong because it's an IBD product, so we are present in this field, so we'll be able to leverage our

presence.

…it's a very innovative way of intervening... the medical need is very, very significant because

there is very little alternative except surgery. So I think for the moment, we are very much working

on preparing the launch, working on the supply chain because it's a new field with stem cell therapy.

… also what is very attractive in our mind is that this is potentially helping us to learn how to manage

this type of product which will -- there will be more and more of this product in the future. So I think

that's very exciting. And we'll continue to see whether we want to expand the partnership ...”

Christophe Weber, President and Chief Executive Officer of Takeda Pharmaceutical Company Ltd

Full Year 2016, Annual Results, May 10 2017

http://www.net-ir.ne.jp/presen/45021705e/pc/index.html

19

Cx601: European Launch Expected 1H2018Significant progress since signing licensing agreement

1 European Crohn’s and Colitis Organization2 Digestive Disease Week, May 6-9 Chicago, IL, USA

First wave of pre-launch activities completed or ongoing by Takeda

Value proposition, positioning and branding

Large-scale multi-stakeholder market research to understand unmet need, value perception and potential usage

Price and market access research

Preliminary structure of cost-effectiveness model

Centers mapping

Sizing of potential population eligible for Cx601 treatment

Stakeholder facing function training

Oral presentation on Cx601 and symposium at ECCO1 2017

Oral presentation at the 2017 DDW2 session dedicated to Controlled Clinical Trials in Inflammatory Bowel Diseases

20

Cx601: Approach to US MarketLeveraging EU data with approved phase III protocol

• Solid regulatory and clinical development strategy

• Type B meeting with FDA1 confirmed:

• Adequacy of existing non-clinical package to support an IND2 filing

• Acceptability of using data from the ADMIRE-CD trial to support BLA

• SPA3 for US Phase III protocol agreed with FDA:

• Primary end-point identical to ADMIRE-CD trial

• p-value < 0.05 (vs. p-value <0.025 in ADMIRE-CD trial)

• Global phase III trial scheduled to start in 1H2017

• Lonza selected as contract manufacturing organization for Cx601 in the US,

technology transfer ongoing

• Exploring different expedited pathways with the FDA

1 FDA: Food and Drug Administration 2 IND: Investigational New Drug 3 SPA: Special Protocol Assessment

21

Addressable patient population70,000 – 37,000

10% - 30%

USD 40,000 – 50,000

Penetration rate

Price per dose

70,000 – 40,000

15% - 25%

USD 20,000 – 30,000

Peak Year Sales

Cx601 Peak Year Sales Analysts’ ConsensusSeveral variables kept today on the “conservative side” provide future upside

USD 270M – 663M USD 205M – 300M

22

Cx601: Pipeline Expansion Under EvaluationPotential for Cx601 growth beyond complex perianal fistulas

• Rectovaginal fistulas in Crohn’s

• Enterocutaneous fistulas in Crohn’s

• Complex anal fistulas in non-Crohn’s

• Intestinal ulcers in Crohn’s disease

• Intestinal ulcers in Ulcerative Colitis

Other gastrointestinal fistulasGastrointestinal indications other than fistulas

Other indications

23

Cx601: Significant Potential in Other Gastrointestinal FistulasAddressable population could be four times larger

1 Study Commissioned to Vencore Health Analytics Inc, 2016

Patients under

expected label Cx601

Patients with other

fistulas

* Complex perianal fistulas out of the expected label include those in patients with non-controlled luminal

symptoms, those that are not refractory to currently available therapies, and those affecting children

Source: Truven MarketScan® database1

Estimated Patient Populations in US (2014)

24

Pipeline

Cx611 – novel treatment for severe sepsis

AlloCSC-01 – allogeneic cardiac stem cells to treat heart

disease

25

1 The Lancet Infectious Diseases; Volume 12; issue 2; page 89; February 20122 Martin GS Expert Rev Anti Infect Ther. 2012 June ; 10(6): 701–706. 3 Adapted from Lagu, T., et al. Critical Care Medicine, 40(3):754-761; 2012 4 Adapted from: Elixhauser et al. Septicemia in U.S. Hospitals 2009, AHRQ, Healthcare Cost Brief No. 122 October 2011

Cx611 – A Novel Treatment Approach to Severe SepsisLeading cause of mortality in the developed world

• Sepsis is a life-threatening complication of

infection leading to systemic inflammation and

organ failure

• Between 15M to 19M sepsis cases occur

worldwide each year1

• Mortality reaches 50% for severe sepsis raising

to 80% in septic shock2

• Cx611’s novel mechanism of action may offer

an innovative alternative to the treatment of

severe sepsis: efficacy in in vivo models and

good Phase I results

• TiGenix’ Phase II trial has received the support

of the Horizon 2020 European Commission

Program and the endorsement of Key Opinion

Leaders in Europe

• Recruitment in Phase SEPCELL ongoing

600

800

1000

1200

1400

1600

1800

2000 2002 2004 2006 2008 2010

Dis

ch

arg

es th

ou

sa

nd

s

Trend in U.S. hospital stays with septicemia 2000−20094

8% CAGR

750.000

466.000

375.000

84.000

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

Sepsis Breast, Prostate Cancer &AIDS

Diagnosed cases and mortality of Sepsis vs. Breast Cancer, Prostate Cancer & AIDS3

Diagnosis

26

AlloCSC-01: Allogeneic Cardiac Stem CellsTop-line results met all safety objectives. Study revealed valuable insight

“First-in-human” phase I/II trial focused on a safety primary objective and the

evaluation of the feasibility of an intracoronary infusion of 35 million of AlloCSC-01 in

patients following a high-risk AMI

The main findings were:

• Safety primary objective was met: no death or major cardiac adverse events at 30

days. Same results at 6 or 12 months; no immune-related adverse events

throughout the trial

• A larger reduction in infarct size was found in the AlloCSC-01 arm in a pre-

specified subgroup of patients with poor long-term prognosis associated with a

characteristic MRI signature, offering an exciting prospect for further targeted trials in

this population

• Top-line results announced on March 13, 2017. Full results to be presented at

upcoming medical congress

27

Outlook

28

Strong Financial PositionSignificant fundraising completed in 2016; marquee investors on board

EUR 78 million at Dec 31, 2016

18 – 24 months runway

EUR Million, except for share data (EUR) 31 Dec 2016 31 Dec 2015

Revenues 26.8 2.2

Royalties 0.4 0.5

License revenues 25.0 -

Grants and other operating income 1.4 1.7

Operating charges (29.8) (26.3)

Research and development expenses (21.4) (19.6)

General and administrative expenses (8.4) (6.7)

Operating Loss (3.0) (24.1)

Financial income 0.2 0.2

Interest on borrowing and other finance costs (7.3) (6.6)

Fair value gains/(losses) 11.6 (6.7)

Impairment and losses on disposal of financial instruments - (0.2)

Foreign exchange differences,net 0.2 1.0

Income tax benefits 2.1 1.3

Profit (Loss) for the year 3.8 (35.1)

Basic income (loss) per share (EUR) 0.02 (0.21)

Cash and cash equivalents at the end of the year 78.0 18.0

Net cash (used in)/provided by operating activities 3.5 (19.6)

29

Delivering on Transformation of TiGenixTransformation started in 2014; exceptional progress in 2016; momentum continues

Product 2014 2015 2016 2017

Cx601

Europe

US

AlloCSC-01

acute

myocardial

infarction

Cx611 severe

sepsis

ChondroCelect

3Q15 Phase 3 primary endpoint met (24 weeks)

1Q16 study results(1 year follow-up)

1Q16 EMA filing

3Q14 CMO selection

4Q14 SPA submission

4Q14 Phase 3 enrollment completed

Takeda Deal

3Q15 positive SPA

1Q14 manufacturing facility sold

2Q14 licensed to SOBI

2Q16 Phase 2 interim analysis 1H17 Phase 2

study results

1Q15 Phase 2 enrollment initiated

4Q15 Phase 2 enrollment completed

4Q14 Phase 1initiated

2Q15 Phase 1 study results

4Q16 Phase 2 Approved for

Enrolment

Termination of agreement with SOBI

Withdrawal of MAA requested

First Patient-in /

Dosed 1Q17

1Q17 study results(2 year follow-up)

D180 LoOI received

FDA’s agreementon SPA for global study

30

2017

2018

2019

• Cx601 IND and start of recruitment in US centers

• Takeda to launch Cx601 in EU markets

• Start of global phase III for Cx601 BLA at FDA

• Cx601 EU marketing approval decision

• €15M milestone on Cx601 EU MA decision

• Plan on new indications for Cx601

Several Key Future Milestones Short-term catalysts and long-term value-creation opportunities

• End of Cx601 recruitment

• Sepsis phase II data

31

Thank you!

Any questions?

32

Cx611

A novel treatment approach to severe sepsis

Recruitment ongoing. Data expected 2019

33

1 The Lancet Infectious Diseases; Volume 12; issue 2; page 89; February 20122 Martin GS Expert Rev Anti Infect Ther. 2012 June ; 10(6): 701–706. 3 Adapted from Lagu, T., et al. Critical Care Medicine, 40(3):754-761; 2012 4 Adapted from: Elixhauser et al. Septicemia in U.S. Hospitals 2009, AHRQ, Healthcare Cost Brief No. 122 October 2011

Severe Sepsis Leading cause of mortality in the developed world

• Sepsis is a life-threatening complication of

infection leading to systemic inflammation and

organ failure

• Between 15M to 19M sepsis cases occur

worldwide each year1

• Mortality reaches 50% for severe sepsis raising

to 80% in septic shock2

• Cx611’s novel mechanism of action may offer

an innovative alternative to the treatment of

severe sepsis

• TiGenix’ Phase II trial has received the support

of the Horizon 2020 European Commission

Program and the endorsement of Key Opinion

Leaders in Europe

600

800

1000

1200

1400

1600

1800

2000 2002 2004 2006 2008 2010

Dis

ch

arg

es th

ou

sa

nd

s

Trend in U.S. hospital stays with septicemia 2000−20094

8% CAGR

750.000

466.000

375.000

84.000

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

Sepsis Breast, Prostate Cancer &AIDS

Diagnosed cases and mortality of Sepsis vs. Breast Cancer, Prostate Cancer & AIDS3

Diagnosis

34

Cx611: Strong Efficacy and Favorable Safety“In Vivo” models show therapeutic effect and phase I study confirms safety

• CELLULA phase I trial results:

favorable safety and tolerability

profile of Cx611, consistent with

phase I/IIa in refractory RA patients

1 LPS: lipopolysaccharide. LPS model is based on endotoxemia induced by high-dose of endotoxin 2 CLP: cecal ligation and puncture. This model mimics the clinical situation of patients with colonic leakage

following surgical procedures or diffused peritonitis

• Demonstrated increased survival

in both LPS (dose dependent)

and CLP in vivo models

LPS1 Model CLP2 Model

* p < 0.001

* p<0.001

• This effect is due to a combination

of reducing pro-inflammatory and

increasing anti-inflammatory

mediators, production of anti-

microbial effectors

Source: Gonzalez-Rey et al. Gut. 2009 Jul;58(7):929-39

3535

Cx611: Phase I/II SEPCELL TrialRecruitment ongoing: data available in 2019

ICU patients with sCABP1 requiring mechanical

ventilation and/or vasopressors

Cx601 N=90

(160 Million)

Placebo N=90

1:1

RA

ND

OM

IZA

TIO

N

Primary safety endpoints: Safety measured throughout 90 days

by the incidence of treatment emergent adverse events (TEAEs)

judged related or not to study treatment

14 days90 days

365 days

Cx611 or placebo

(day 1 and day 3)

Secondary safety endpoints: potential host immune

response to administered cells. Side effects: frequency,

duration, severity, relatedness to study treatment

Exploratory Safety Endpoint:

Long-term safety follow-up

(through phone calls)

720 days

29 days

Secondary efficacy clinical endpoints: Survival; mechanical

ventilator and/or vasopressor treatment/free days; sCABP clinical

response; other efficacy endpoints, such as time to discharge

from ICU

1 Severe Community-Acquired Bacterial Pneumonia

36

AlloCSC-01

Intracoronary administration of allogeneic cardiac stem

cells for the treatment of acute ischaemic heart disease

Top-line results announced on March 13, 2017

37

AlloCSC-01: Preventing Chronic Heart FailureMyocardial repair may be the only feasible alternative

• 1.9M Acute Myocardial Infarctions (US+EU and Japan)1 occur annually, mostly treated

by PCI2 and stent implantation

• Successful treatment of Acute Myocardial Infarctions (“AMI”) has increased short term

survival but contributed to a Chronic Heart Failure (CHF) epidemic (26M patients

worldwide3)

• CHF post-AMI is a terminal disease with an annual mortality rate of ~5% after the

first episode, for which no curative treatment exists with the exception of heart

transplantation

1 Datamonitor: Stakeholder Insight: Acute coronary syndromes, DMHC2347, 2007 2 PCI: Percutaneous Coronary Intervention3 Ambrosy PA et al., J Am Coll Cardiol. 2014;63:1123-1133.

Myocardial repair is the only

feasible treatment to address the

post-acute phase of the disease

and prevent the onset of CHF

38

CAREMI Trial – Phase I/II in Acute Myocardial InfarctionTop-line results met all safety objectives. Study revealed valuable insight

“First-in-human” phase I/II trial focused on a safety primary objective and the

evaluation of the feasibility of an intracoronary infusion of 35 million of AlloCSC-01 in

patients following a high-risk AMI

The study included 49 patients in its randomized phase with a 12-month follow-up.

AlloCSC-01 were infused in the affected coronary between the 5th and 7th day post-

infarction. The main findings were:

• Safety primary objective was met: no death or major cardiac adverse events at 30

days. Same results at 6 or 12 months; no immune-related adverse events

throughout the trial

• A larger reduction in infarct size was found in the AlloCSC-01 arm in a pre-

specified subgroup of patients with poor long-term prognosis associated with a

characteristic MRI signature, offering an exciting prospect for further targeted trials in

this population

• Top-line results announced on March 13, 2017. Full results to be presented at

upcoming medical congress

39

Strong Financial

Position

40

Strong Financial PositionSignificant fundraising completed in 2016; marquee investors on board

EUR 78 million at Dec 31, 2016

18 – 24 months runway

EUR Million, except for share data (EUR) 31 Dec 2016 31 Dec 2015

Revenues 26.8 2.2

Royalties 0.4 0.5

License revenues 25.0 -

Grants and other operating income 1.4 1.7

Operating charges (29.8) (26.3)

Research and development expenses (21.4) (19.6)

General and administrative expenses (8.4) (6.7)

Operating Loss (3.0) (24.1)

Financial income 0.2 0.2

Interest on borrowing and other finance costs (7.3) (6.6)

Fair value gains/(losses) 11.6 (6.7)

Impairment and losses on disposal of financial instruments - (0.2)

Foreign exchange differences,net 0.2 1.0

Income tax benefits 2.1 1.3

Profit (Loss) for the year 3.8 (35.1)

Basic income (loss) per share (EUR) 0.02 (0.21)

Cash and cash equivalents at the end of the year 78.0 18.0

Net cash (used in)/provided by operating activities 3.5 (19.6)

41

Significant US Banking CoverageConsensus on rating TiGenix as “Buy”, “Outperform”