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 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 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.

1. Corporate Presentation
September 2014

2. 2
Forward Looking Statement
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 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 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.

3. Management Team with Proven Track Record of Success
3
Managing Director and CEO: Eduardo Bravo, MBA
• More than 20 years experience in the pharma and biotech industries at Sanofi-Aventis,
Recordati, Cephalon and SmithKline Beecham
CFO: Claudia D’Augusta, PhD
• More than 15 years experience in equity and debt financing at Aquanima (Santander
Group), Apax Corporate Finance and Deloitte Corporate Finance
CTO: Wilfried Dalemans, PhD
• More than 25 years experience in the pharma and biotech industries; previous
engagements at GSK Biologicals and Transgène
CMO: Marie Paule Richard, MD
• More than 25 years experience in the global biopharmaceutical industry at Aicuris,
Crucell and Sanofi Pasteur
VP Regulatory Affairs & Corporate Quality : María Pascual, PhD
• More than 10 years experience in cell therapy companies; specialised in regulatory
affairs for advanced therapies; external adviser to EMA
VP Medical Affairs & New Product Commercialisation: Mary Carmen Diez, MD
• More than 20 years experience in the biopharmaceutical industry at Meda Pharma,
Asta Médica, Pfizer and Dupont Pharma

4. Investment Highlights
Pivotal Phase III
Orphan Asset:
Cx601
• Perianal fistulas in Crohn’s patients in the US & EU represents a multi-billion dollar market
opportunity
• Pivotal Phase III allogeneic stem cell asset (local administration of a single dose) with data expected
in 3Q2015
• Phase II: 56% of patients achieved remission
• Positive Type B meeting held with the FDA
– Agreement on key parameters of future US Phase III trial
– Use of data from pivotal Phase III trial in EU to support a BLA
– Application for SPA to be filed Q4 2014
Clear US Approval
Strategy:
Cx601
• Intravenously-administered allogeneic stem cell product for rheumatoid arthritis (Phase IIb) and
severe sepsis (Phase Ib)
• Positive phase IIa data in refractory RA
Valuable Pipeline
Opportunity:
Cx611
Proprietary Technology
Platform
• Expanded adipose-derived stem cells (eASCs)
• Acts by controlling inflammation
• Well defined and fully characterized products
• Consistent and robust manufacturing process
• Up to 360 billion cells can be obtained from one donor
– 2,400 doses of Cx601 and 4,000 doses of Cx611
Established Uniform
Manufacturing
Commercialized
Product:
ChondroCelect
• First ever ATMP1 approved by EMA; valuable experience in regulatory approval / commercialization
process
• Indicated for the repair of cartilage defects in the knee
• Established national reimbursement and partnered with Swedish Orphan Biovitrium
4
1 Advanced Therapy Medicinal Product

5. Multiple Product Candidates in Clinical Development
Cx601 and Cx611 are our two key products in clinical development
Preclinical Phase I Phase II Phase III Market
5
Cx601
(local)
Cell Type
Allogeneic
Adipose
Derived Stem
Cells
Complex
Perianal Fistulas
in Crohn’s
Patients
Cx611
(intravenous)
Allogeneic
Adipose
Derived Stem
Cells
Rheumatoid
Arthritis
Severe Sepsis
Cx621
(intralymphatic)
Allogeneic
Adipose
Derived Stem
Cells
Autoimmune
Disorders
ChondroCelect
Characterized
Autologous
Chondrocytes
Cartilage
Lesions (knee)
Orphan Drug (EU)
Product1 Indication
Orphan Drug Filed (US)
Partnered2
1 Covered by 24 patent families
2 Distributed through Swedish Orphan Biovitrum and the Finnish Red Cross Blood Systems

6. 6
Clear US Strategy Defined for Product Candidate
• Positive Type B meeting held with FDA in December 2013
• Adequacy of the existing non-clinical package to support an IND1 filing for a
US-based pivotal Phase III trial
• Acceptability of using data from the ongoing ADMIRE-CD2 Phase III study in
Europe to support a biologic license application (BLA)
• Agreement on key parameters of future US pivotal Phase III trial
• Development plan for the US being implemented
• Selection of contract manufacturing organization for technology transfer
(3Q 2014)
• Application for special protocol assessment (submission 4Q 2014)
• IND1 to be filed as soon as technology transfer finalized
• Partnering discussions initiated
1 Investigational New Drug
2 Adipose Derived Mesenchymal Stem Cells for Induction of Remission in Perianal Fistulizing Crohn’s Disease

7. MSCs1 Interact Closely with the Immune System
7
From: Singer and Caplan, 2011
ASCs
PBMCs
Activated PBMCs
PBMCs+ASCs
activated PBMCs+ASCs
IFN- (ng/ml)
0 5 10 15 20
TNF- (ng/ml)
0 1 2 3 4 5
* *
* p<0.05 relative to supernatant from activated PBMCs
Source: De la Rosa et al. Tissue Engineering 2009
1 MSCs: Mesenchymal Stem Cells
The ability to interact with many players in the
immune system qualify MSCs (including
ASCs) as a potent anti-inflammatory agent
20
15
10
5
0
ACTIVATED
PBMCs
ACTIVATED
PBMCs + ASCs
% OF CD4+CD25+++ ON
TOTAL CD4
*
* p<0.05 relative to activated PBMCs without
ASCs
Source: Tigenix data

8. eASCs as a Preferred Source of MSCs
8
Source and expansion
• Easily accessible
• Considerably higher yield than bone marrow
• Cell stability during expansion
Pharmacological profile
• Low immunogenicity, no tissue matching needed
• Enables allogeneic use
• Demonstrated anti-inflammatory capabilities

9. Validated eASC Platform
9
Quality
• Consistent and robust manufacturing process
• Quality control parameters defined: Identity, Purity, Potency
Safety
• No signs of toxicity, tumorigenicity, nor ectopic tissue growth in
preclinical safety studies
• Clinical safety data obtained
Efficacy
• Demonstrated control of inflammation in 5 different preclinical
models, including different routes of administration
• Clinical efficacy demonstrated
Reproducibility
• No tissue type matching needed, tissue dissociation and
isolation of cells according to defined protocol, and expansion
through a standardized cell culture process without pooling of
cells

10. Cx601
Local injection of eASCs for the treatment of complex perianal fistulas in
Crohn’s patients
10

11. 11
Perianal Fistulas
A Common Severe Complication of Crohn’s Disease
• Fistulas: sores or ulcers that tunnel
through the affected area into
surrounding tissues
• 12% of Crohn’s patients are
affected by perianal fistulas1
• 80% of these are complex
• Affect anal sphincters
• Present multiple tracts
• Are recurrent
• Are often associated with perianal
abscess
Large intestine
Fistula
> 100,000 Crohn’s patients suffer from complex perianal fistulas every year in Europe
and the US alone => compromised QoL, pain, depression, risk of anal epithelial
carcinoma
1 Source: >60 publications (including Schwartz 2002, Lapidus 2006), the European Federation of Crohn’s and Colitis Associations,
US Department of Health and Human Services, Centers for Disease Control and Prevention, National Center for Health Statistics

12. Perianal Fistulas: Treatment Options and Shortfalls
12
Treatment Options Efficacy Safety
Antibiotics • No long term healing data1 • Safety concerns with prolonged use
1 50% recurrence within 4 months of cessation of treatment (Bnernstein LH et al. (1980). Gastroenterology 79: 357–365)
2 Pearson DC et al. (1995) Azathioprine and 6-mercaptopurine in Crohn disease. A meta-analysis. Ann Intern Med 123: 132
3 ACCENT II clinical trial
4 54% for infliximab after 1 year (Sands BE et al. (2004). N Engl J Med 350: 876–885
5 CHARM clinical trial
6 Schouten at al, Mizrahi et al, Sonoda et al, van der Hagen et al
7 A. Soltani, A. Kaiser, Diseases of the Colon & Rectum vol.53:4 (2010)
Infliximab
(Remicade)
• Remission 23%3
• 20% need dose increase2
• High rate of relapse4
• Safety remains a concern with
long term use of biologics
Adalimumab
(Humira)
• Remission 33%5
• 20% need dose increase2
• High rate of relapse4
• Safety remains a concern with
long term use of biologics
Immunossuppressants
• Low healing rates
• Relapse on drug cessation2 • High risk of infectious complications
Surgery • High proportion of recurrence6 • High risk of anal incontinence7

13. Market Potential: Perianal Fistula in Crohn’s Disease
$ Milllion
Estimated peak year sales
0 250 500 750 1,000 1,250 1,500
12% 14% 16%
60% 80% 100%
70% 80% 90%
% CD patients with fistula2 (approximately 121,100 patients)
% Complex fistula – all fistula3 (approximately 97,000 patients)
% Patients failing biologic4 (approximately 77,500 patients)
20% 35% 50%
$21k $48k
% Market share (approximately 27,100 patients)
Average selling price
$34k
1 TiGenix epidemiology report based on multiple publications
2 Schwartz et al, 2002, Vavricka et al., 2010, Pittet et al., 2010, KOL Interviews 3 Pittet et al., 2010, KOL Interviews
4 Sands et al., 2004, Lichtiger et al., 2010, KOL Interviews
• Assumptions:
• Population EU28 + US: 824 million
• Prevalence of Crohn’s disease: 0.105% (865,200 patients)1
Note: Patient numbers refer to mid-point of the range given
13
Launch EU: 2017
Launch US: 2020

14. Cx601: Developing a New Treatment Paradigm
>10 years of experience, consistent efficacy and safety
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
14
Cx401 (autologous)
I
Phase II
5 patients
1 center
Crohn’s and non-Crohn’s perianal fistulas:
75% efficacy; open1
50 patients
3 centers
Crohn’s and non-Crohn’s perianal fistulas:
71% efficacy; p<0,0012
214 patients
19 centers
Phase III
(FATT 1)3
Cx601 (allogeneic)
Phase II
Phase II, IIS6
(ALOREVA)7
Phase III
(ADMIRE-CD)8
34 patients
6 centers
278 patients
52 centers
10 patients
1 center
Phase I
Note: Patient data refers to number of patients recruited
Non-Crohn’s perianal fistulas:
41% efficacy; p (n.s.)4
Crohn’s perianal fistulas:
56% efficacy; open5
Rectovaginal fistulas:
57% efficacy; open
1 García –Olmo, et al., 2005. Diseases of the Colon & Rectum 2 García –Olmo, et al., 2009. Diseases of the Colon & Rectum
3 Fistula Advanced Therapy Trial 4 Herreros, et al., 2012. Diseases of the Colon & Rectum
5 de la Portilla, F. et al., 2012. Int. Journal of Colorectal Disease 6 Investigator Initiated Study
7 Allogeneic adipose stem cells in rectovaginal fistulas
8 Adipose Derived Mesenchymal Stem Cells for Induction of Remission in Perianal Fistulizing Crohn’s Disease

15. Cx601: Phase II
15
Proof of concept for an allogeneic therapy
TRIAL SUMMARY
Start June 2009
Completion September 2010
Conditions
Complex perianal fistula in Crohn’s
patients
Study design
• Single arm
• Non-controlled
• Safety/Efficacy study
• One fistula/tract treated
• Maximum of 2 doses1
Enrollment 34 patients recruited; 24 treated
# of centers 6 sites
Primary
endpoint
Incidence of treatment emergent
adverse-events
Secondary
endpoints
• Closure of external openings
(clinically and MRI)
• Reduce number of draining
fistulas
Efficacy 56%
PATIENT SELECTION
• Older than 18 years: both genders
• Complex perianal fistula fulfilling
some of the following conditions:
• Associated fecal incontinence
• Risk factors of anal incontinence
• At least 1 previous treatment for a
fistulous disorder
• Crohn’s disease (CDAI≤200)
• Less than 3 fistulous tracts
• Wash out of anti-TNF of at least 8
weeks prior to inclusion
• No concomitant administration of anti-
TNF allowed during the duration of
the trial
• Efficacy confirmed by second
gastroenterologist not involved in the
direct care of the patient
1 First dose of 20M cells; Second dose of 40M cells injected if fistula has not closed after 12 weeks

16. Cx601: Phase II Results
16
Safety of allogeneic cells confirmed
• Repeated treatment with allogeneic eASCs well tolerated
• Favorable side effect profile
•
Overview of adverse events. Full analysis set (n=24)
• Patients with at least one TEAE1 during the study: 13 (54.2%)
• Patients with at least one TEAE possibly related to eASCs during the study 5 (20.8%)
• Serious adverse events reported leading to withdrawal 22 (8.3%)
(Events considered to be possibly related to the study treatment;
no clinically relevant abnormalities found during physical examination
or in vital signs)
1 Treatment Emergent Adverse Event
2 Local abscess and pyrexia

17. Cx601: Phase II Results
17
Allogeneic eASCs confirmed efficacy of autologous cells
Closure of external openings of treated
perianal fistula tracts
38.1%
56.3%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
After 12 weeks (N=21) After 24 weeks (N=16)
Reduction in number of
draining fistulas
Nº fistulas: 1
2
50.0%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
(only 1 dose received) (week 26 if 2 doses received) (only 1 dose received)
• Significant efficacy in closure of treated fistula tracts
• Reduction of drainage in treated fistulas that have not achieved complete closure
• Positive effect on adjacent fistula tracts that have not directly been treated
N= Patients with available information. Missing data not included in percentage calculations
61.5%
10.0% 7.7%
0%
AfteArf t1e2r 1w2e weekesk (sN (=N2=021) ) AfAteftre 2r 42 4w weeekekss ( (NN==1136))
(week 26 if 2 doses received)

18. Cx601: Investigator-Initiated Study ALOREVA
18
Therapeutic effect of eASCs also confirmed in extremely tough condition
TRIAL SUMMARY
Start September 2009
Completion December 2011
Conditions
Rectovaginal fistulas (RV) in
Crohn’s patients
Study
design
• Open label
• Non-controlled
• Safety and efficacy study
Enrollment 10 patients
# of centers 1 site
Primary
endpoint
Closure of the external opening of
the treated RV fistula
Secondary
endpoints
• Quality of life (SF-36)
• Number of adverse events
• Clinically relevant variations in
laboratory test
Efficacy 57% (1 year)
PATIENT SELECTION and RESULTS
PATIENT SELECTION and RESULTS
• Women of a childbearing age (>18)
• Rectovaginal fistula
• Patients with Crohn’s disease
diagnosed at least 12 months earlier
with either one previous surgery for
fistulous disease or a physical status
which discourage liposuction
• 7 patients completed the study
• 4 out of these showed complete
closure of the fistula
• All 10 patients avoided the previously
indicated colostomy

19. Cx601: Phase III ADMIRE-CD Trial
19
Robust Phase III designed to qualify as a single pivotal study
TRIAL SUMMARY
Start July 2012
Completion Ongoing
Condition
Complex perianal fistula in Crohn’s
patients
Study
design
• Randomized, double blind,
placebo controlled trial
• All tracts treated. Fixed single
dose1
Enrollment
278 patients screened
208 patients randomized
# of centers 52 sites in 8 countries
Primary
endpoint
Remission2 at week 24
Secondary
endpoints
• Response3
• Time to remission / time to
response
• PDAI score and QoL assessment
(IBDQ4)
PPAATTIIEENNTT SSEELLEECCTTIOIONN
• Older than 18 years: both genders
• Patients with perianal fistulizing Crohn’s
disease refractory to antibiotics,
immunosuppressants and/or anti-TNF
• Exclusion of naïve patients
• Limit of patients refractory to antibiotics to
< 25% of total recruited patients
• ≤ 2 internal openings (fistulas) and ≤ 3
external openings (tracts)
• Non active luminal CD (CDAI5 ≤ 220)
• CD diagnosed for ≥ 6 months; Fistula
draining < 6 weeks prior to inclusion
• Concomitant treatments allowed without
modification of treatment dose or regimen
1 120 million cells
2 Closure of all draining tracts at baseline despite gentle finger compression confirmed by MRI (no collections > 2cm)
3 Closure of 50% draining tracts at baseline despite gentle finger compression confirmed by MRI (no collections > 2cm)
4 Inflammatory Bowel Disease Questionnaire 5 Crohn's Disease Activity Index

20. Cx601: Phase III ADMIRE-CD Trial
20
Robust Phase III designed to qualify as a single pivotal study
• Statistical plan:
• Evaluations at weeks 6, 12, 18 and 24 (after dosing)
• Final evaluation at week 52
• Blind clinical and MRI assessment
• Statistical pre-determination:
• α = 0.025
• β = 0.20
• Power: Designed for finding at least 25% difference among study groups
• Patient enrollment: More than 95% completed
• Follow-up: Initial follow up of six months completed with 1 year long-term follow-up
study expected 3Q 2015 and 1Q 2016, respectively

21. Cx611
Intravenous injection of eASCs for the treatment of early rheumatoid arthritis
21

22. Rheumatoid Arthritis: A Huge Market Opportunity
22
• On a dollar basis, the market is dominated by biologic drugs (>80% of the
market), and especially by antibodies which block tumor necrosis factor TNF1 (5
out of the 9 currently approved biologicals2)
• TNF inhibitors dominate the market with yearly average cost of ~$19k
• The overall RA market is expected to grow at a CAGR of slightly above 7% to
approximately $23.4Bn in 2016
• Despite a wide variety of therapeutic options, a high level of unmet patient need
exists
Early Rheumatoid Arthritis
• Induce and maintain low disease
activity
• Target acute & inflammatory
disease state
• Indication of activity evidenced in
refractory patients in Phase IIa trial
1 Wiki Analysis: Arthritis Drug market
2 Humira, Enbrel, Remicade, Simponi and Cimzia

23. 23
eASCs are Functional in RA Models
Arthritic score after three i.v.
doses of eASCs TNF - alpha
Days after treatment
Source: TiGenix data on file
% cytokine-secreting T cells
* p<0.001
IL - 10
% cytokine-secreting T cells
* p<0.001
Source: González-Rey et al. Ann. Rheum. Dis. 2009
Intravenous administration of eASCs does protect
animals from rapid progress to arthritic joints (CIA model)
T cells from RA patients reduce their
inflammatory profile upon contact with
eASCs (in vitro experiment)

24. Phase IIa Trial
First randomized trial with eASCs in refractory RA patients
24
TRIAL SUMMARY
Start March 2011
Completion January 2013
Condition
Patients with RA refractory to at
least two biologics
Study
design
• Dose escalation, single blind,
placebo-controlled (Cx611+
DMARD1 vs. placebo +
DMARD)
Enrollment 53 patients
# of centers 23 sites
Primary
endpoint
Safety (tolerability and treatment-emergent
adverse events)
Secondary
endpoints
• Efficacy measured by:
– ACR2 remission (ACR 20,
ACR50, ACR 70)
– EULAR3 (DAS4 28, VSG5)
– Imaging (RAMRIS)
– Quality of life (SF-36)
PATIENT SELECTION
• Heterogeneous patient population:
Median range of diagnoses 5 – 69 years
• Patients with severe grade of RA:
Median DAS 28 score: 3.2 – 7.9
• Patients refractory to at least two
biologics
• Mean nº of previous DMARDs: 3.38
=> 74% of patients received 3 or more
DMARDs
• Mean nº of previous biologics: 2.92
=> 45% of patients received 3 or more
biologics
• 66% of patients had received Enbrel
• 64% of patients had received Humira
• 51% of patients had received Infliximab
1 DMARD: Disease-modifying anti-rheumatic drugs
2 American College of Rheumatology
3 European League Against Rheumatism
4 Disease Activity Score
5 Variable Surface Glycoprotein

25. 25
Phase IIa Trial
Favorable safety profile of all three doses of Cx611
Safety profile Cx611+DMARD
(N=46)
Placebo+DMARD
(N=7)
Patients with any adverse events (AE) 38 (83%) 4 (57%)
Patients with any related AE 22 (48%) 1 (14%)
Patients with any grade 3-4 related AE 1 (2%) 1 (14%)
Patients with any AE leading to
discontinuation
1 (2%) 0 (0%)
• Only one patient experienced a serious adverse event leading to discontinuation
of the treatment1
• All other side effects were mild and transient: most common related adverse
events in the Cx611+DMARD group: fever (15%), headache (9%), asthenia (6%)
1 Lacunar infarction, which is defined as a type of stroke in the brain's deep structures

26. Phase IIa Results
Encouraging therapeutic activity
26
Cx611 + DMARD
Placebo + DMARD
ACR20 ACR50 ACR70
40
30
20
10
0
33
26
20 20
29
14
0 0
M1 M2 M3 FV
30
20
10
0
14
11 13 11 11
0 0 0
M1 M2 M3 FV
20
15
10
5
0
4 4 4
2
0 0 0 0
1 2 3 4
% % %
M
ACR criteria
M6 (FV) M6 (FV) M M M6 (FV)
% % %
20 20
13
15 15
0 0
20
15
10
5
Results shown are response rates in percentage
25
20
15
10
5
15
7
11 11
0 0 0 0
M1, M2, M3 and M6 (FV) refers to month 1, 2, 3 and 6 (Final Visit) respectively;
For all graphs: N=46 for Cx611+DMARD cohort and N=7 for placebo + DMARD cohort
40
30
20
10
0
EULAR response
Good + Moderate
43
37 35
39
24
29
0 0
M1 M2 M3 FV
DAS 28 (CRP) <3.2
DAS 28 (CRP) <2.6
(remission)
0
M1 M2 M3 FV
0
9
M1 M2 M3 FV
M6 (FV) M6 (FV)
M6 (FV)
EULAR criteria

27. Cx611
Intravenous injection of eASCs for the treatment of severe sepsis
27

28. eASCs Can Protect in Severe Sepsis
28
LPS Model
• Cx611 reduces mortality in animal models of sepsis
• This effect is due to a combination of reducing pro-inflammatory and increasing anti-inflammatory
mediators, production of anti-microbial effectors and increased
phagocytosis
Source: Gonzalez-Rey, 2009
CLP Model

29. ChondroCelect
Characterized autologous chondrocytes for the treatment of cartilage lesions in
the knee
29

30. ChondroCelect
• Suspension of characterized autologous chondrocytes injected intra-articularly
• Indicated for the repair of single symptomatic cartilage defects of the femoral condyle of
the knee (ICRS III or IV) in adults
• Market: Between 17,000 – 28,000 new patients per year in Europe
• Additional expansion opportunity ex-Europe and Middle East
• Currently on the market in BE, NL, ES, UK and Finland => 2013 gross sales of €4.3M
• Further market penetration to be achieved through distribution agreement with Swedish
Orphan International (Sobi), effective as of 1st June 20141
• 20% royalty on ChondroCelect net sales (22% in year 1) and reimbursement of almost all
ChondroCelect expenses => ChondroCelect becomes a cash-flow positive asset for TiGenix
30
First ever ATMP approved by EMA (2009)
First, and so far, only cell therapy product with national reimbursement
1 Sobi Territory: European Union (excl. Finland), Switzerland, Norway, Russia, Turkey and the MENA region,
whereby certain countries within MENA will only become part of Sobi’s territory as of Nov. 12th, 2014

31. Manufacturing, Intellectual Property, and
Milestones
31

32. eASC Manufacturing
32
Isolation
of Stromal
Vascular
Fraction
(SVF)
Cellular expansion
Freezing Cell
Banks
Schematic manufacturing overview

33. Manufacturing Process Scheme
33
Uniform manufacturing scheme for all products
Liposuction
Cell isolation and expansion
Master cell bank (cryo)
Frozen Drug Substance (FDS)
Finished Product
• Up to 360 billion cells can be
obtained from 1 donor
• Finished product units at current
doses (clinical trials):
• 2,400 doses of Cx6011
• 4,000 doses of Cx6112
1 Based on ongoing Phase III trial (120M cells per patient)
2 Assumes 1 million eASCs/ Kg, weight average 80Kgs

34. A Growing Patent Portfolio in Cell Therapy
• 24 patent families related to cell therapy products
• Pending & granted patents in over 20 jurisdictions including the US; expiry dates 2024
onwards
• Key patent for Cx601 (PCX007) granted in AU, RU, MX, IL and NZ
• Patent protects use of ASCs in treatment of fistula
• Complementary protection possible through additional patents under review
• Portfolio covers key features of TiGenix’ chondrocyte and stem cell platforms
• Expanded cell compositions and preparations
• Use of expanded cells in treatment of broad range of indications
• Cell preparation methods & delivery systems
• FTO for indications in clinical development confirmed by external counsels
• US: Morrison & Foerster
• Europe: Carpmaels & Ransford
34

35. Key Milestones
1H17 EU launch
35
2014 2015 2016 2017
Product
Cx601
(local)
Europe
US
Cx611
(IV)
RA
Severe
Sepsis
ChondroCelect
3Q15 primary endpoint
results (24 weeks)
1Q16 study results
(1 year follow-up)
1H16 EMA filing
3Q14 CMO selection 1H16 tech transfer finalized
4Q14 SPA submission
3Q16 Phase 2 enrollment
Increase market penetration in existing countries
Expand geographic reach through new market entry
4Q14 Phase 3
enrollment completed
2H16 pivotal Phase 3 initiated
3Q15 Phase 2
enrollment initiated
YE16 Phase 2
enrollment completed
1H17 Phase 2 study
results
1Q15 Phase 1b initiated
3Q15 Phase 1b study results
initiated

36. Key Facts about TiGenix
36
Headquarter Leuven, Belgium
Operations Madrid, Spain
Employees Approximately 50 employees
Stock Exchange Traded on NYSE Euronext Brussels (TIG)
Market Capitalization Approximately $130M
Reference Shareholders 30% held by Grifols, Roche, and Novartis
Liquidity ≈ 70% free-float of which 30% held by institutional investors
Analyst Coverage 6 analysts covering the stock, of which four are independent
Cash Balance $29M as of Q2 20141
1 Exchange rate as of 14 July 2014 (oanda)

37. Investment Highlights
Pivotal Phase III
Orphan Asset:
Cx601
• Perianal fistulas in Crohn’s patients in the US & EU represents a multi-billion dollar market
opportunity
• Pivotal Phase III allogeneic stem cell asset (local administration of a single dose) with data expected
in 3Q2015
• Phase II: 56% of patients achieved remission
• Positive Type B meeting held with the FDA
– Agreement on key parameters of future US Phase III trial
– Use of data from pivotal Phase III trial in EU to support a BLA
– Application for SPA to be filed Q4 2014
Clear US Approval
Strategy:
Cx601
• Intravenously-administered allogeneic stem cell product for rheumatoid arthritis (Phase IIb) and
severe sepsis (Phase Ib)
• Positive phase IIa data in refractory RA
Valuable Pipeline
Opportunity:
Cx611
Proprietary Technology
Platform
• Expanded adipose-derived stem cells (eASCs)
• Acts by controlling inflammation
• Well defined and fully characterized products
• Consistent and robust manufacturing process
• Up to 360 billion cells can be obtained from one donor
– 2,400 doses of Cx601 and 4,000 doses of Cx611
Established Uniform
Manufacturing
Commercialized
Product:
ChondroCelect
• First ever ATMP1 approved by EMA; valuable experience in regulatory approval / commercialization
process
• Indicated for the repair of cartilage defects in the knee
• Established national reimbursement and partnered with Swedish Orphan Biovitrium
37
1 Advanced Therapy Medicinal Product

38. Corporate Presentation
September 2014
38