X0303 4 2008-11-14 0 0001360886 OSIRIS THERAPEUTICS, INC. OSIR 0001008317 FRIEDLI PETER C/O OSIRIS THERAPEUTICS, INC. 7015 ALBERT EINSTEIN DRIVE COLUMBIA MD 21046 1 0 1 1 Chairman Common Stock 2008-11-14 4 P 0 205423 12.17 A 10085794 D Common Stock 4156685 I See Note Convertible Promissory Note 12.17 2008-11-14 4 M 0 2500000 12.17 A 2008-03-25 2008-11-30 Common Stock 205423 1000000 D Represents the conversion of Convertible Promissory Note dated March 25, 2008 of the issuer in the original principal amount of $2,500,000, at the conversion price of $12.17 per share. The notes were issued pursuant to a private placement intended to qualify under Regulation S and Section 4(2), of the Securites Act of 1933, as amended (the "Act"), and the shares of common stock were issued upon conversion pursuant to Regulation S and Section 4(2), and pursuant to Section 3(a)(9) of the Act. The holders have been afforded registration rights in respect of the shares of common stock issued upon conversion. The Reporting Person holds indirect beneficial ownership of 2,750 shares held by his spouse, 625 shares held by his mother and 4,153,310 shares owned by Venturetec, Inc. The Reporting Person holds approximately a 3% interest in Venturetec, Inc. and serves as its president. The Reporting Person disclaims beneficial interest in the shares held by his spouse and mother and disclaims beneficial interest in the shares held by Venturetec, Inc. beyond the extent of his pecuniary interest therein. Peter Friedli 2008-11-14