Reasons for the Merger; Recommendation of the Asterias Special Committee and Board of Directors (Page 64)
November 7, 2018, the Asterias Special Committee, consisting of four independent and disinterested directors, and acting with
the advice of its own legal and financial advisors, unanimously determined that the terms and conditions of the Merger Agreement
and the Merger are fair to, advisable and in the best interests of Asterias stockholders, and recommended to the Asterias Board
that it approve and declare fair to, advisable and in the best interests of Asterias stockholders, the Merger Agreement and the
Merger. On November 7, 2018, at a duly convened meeting of the Asterias Board, based on the unanimous recommendation of the Asterias
Special Committee, the Asterias Board (by unanimous vote of the disinterested members of the Asterias Board, with Alfred D. Kingsley
and Michael H. Mulroy recusing themselves from the vote) (1) determined that the Merger Agreement and the Merger are fair to,
advisable and in the best interests of Asterias and its stockholders, (2) approved the Merger Agreement and the transactions contemplated
thereby and (3) resolved to recommend that Asterias stockholders vote for the approval and adoption of the Merger Agreement and
the transactions contemplated thereby, including the Merger. The Asterias Board accordingly recommends that Asterias stockholders
vote “FOR” the Asterias Merger Proposal and “FOR” the Asterias Adjournment Proposal.
of Asterias’ Financial Advisor (Page 70)
the November 7, 2018 meeting of the Asterias Special Committee, representatives of Raymond James & Associates, Inc. (“Raymond
James”) rendered Raymond James’s oral opinion, which was also shared with the Asterias Board at the November
7, 2018 meeting of the Asterias Board and subsequently confirmed by delivery of a written opinion to the Special Committee, dated
November 7, 2018, as to the fairness, as of such date, from a financial point of view, of the Exchange Ratio to the holders of
outstanding shares of Asterias Common Stock (other than shares of Asterias Common Stock held by BioTime, Asterias or any of their
respective wholly-owned subsidiaries) to be received by such holders in the Merger pursuant to the Merger Agreement.
full text of the written opinion of Raymond James, dated November 7, 2018, which sets forth, among other things, the various qualifications,
procedures, assumptions and limitations on the scope of the review undertaken, is attached as Annex C to this joint
proxy statement/prospectus. Raymond James provided its opinion for the information and assistance of the Asterias Special Committee
(solely in its members’ capacities as such) in connection with, and for purposes of, its consideration of the Merger, and
its opinion only addresses whether the Exchange Ratio to be received by the holders of outstanding shares of Asterias Common Stock
(other than shares of Asterias Common Stock held by BioTime, Asterias or any of their respective wholly-owned subsidiaries) in
the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to such holders. The opinion of Raymond
James did not address any other term or aspect of the Merger Agreement or the Merger contemplated thereby. The Raymond James opinion
does not constitute a recommendation to the Asterias Board or any holder of Asterias Common Stock as to how the Asterias Board,
such stockholder or any other person should vote or otherwise act with respect to the Merger or any other matter.
BioTime Special Meeting; Required Vote (Page 38)
BioTime Special Meeting will be held at BioTime, Inc., 1010 Atlantic Avenue, Suite 102, Alameda, CA 94501, on March
7, 2019, at 9:30 a.m., local time, unless adjourned or postponed to a later date or time. At the BioTime Special Meeting,
BioTime shareholders will be asked:
to consider and vote on the BioTime Share Issuance Proposal; and
to consider and vote on the BioTime Adjournment Proposal.
may vote at the BioTime Special Meeting if you owned BioTime Common Shares at the close of business on January 28, 2019,
the record date for the BioTime Special Meeting. As of the close of business on the record date, there were 127,178,926
BioTime Common Shares outstanding, of which 124,203,851 BioTime Common Shares are entitled to vote. You may cast one vote
for each BioTime Common Share that you owned as of the close of business on the BioTime record date.