Letter to Shareholders – March 2016

Dear Shareholders, In 2015, Celyad set solid foundations to support its growth in 2016 and beyond. Thanks to its latest technological acquisition and its introduction on Nasdaq, Celyad moved from a Belgian cell therapy company specialized in ischemic heart failure to a global player which has the means and competency to develop clinical programs both in cardiovascular disease and in immuno-oncology, across Europe, U.S. and Asia.