Expert analysis

• 15 November 2011 – Nomura Equity Research: 'Phase II Cardiac Trial Data; The Study Achieved its Primary Endpoint - We Await the Start of a Phase III Clinical Trial'

• 15 November 2011 – Bell Potter Research: Mesoblast Phase II Success in Heart Failure

• 1 November 2011 – Bell Potter Research: We Have Seen The Future, And It Works

• 30 September 2011 – Lodge Partners Research: Key Manufacturing Plank In Place

• 27 September 2011 – Nomura Equity Research: MSB and Lonza Ink Cell Manufacturing Deal; Further Validation of MSB's Platform Technology

• 27 September 2011 – Bell Potter Research: MSB Has Stem Cell Technologies That Work

• 31 August 2011 – Lodge Partners Research: Mesoblast Expanding Boundaries

• 26 August 2011 - Bioshares Analysis: Mesoblast Affirms Strategy and Direction

• 24 August 2011 – Bell Potter research - The Heart of the Matter. New Target Price $16.00

• 24 August 2011 – Nomura research – FY11, A Year of Transformation; MSB Continues to Find New Opportunities for Its Platform Technology

• 7 July 2011 Nomura research - Beginning of Phase III Trial Further De-risks the Business

• 14 June 2011 - Nomura Asia Equity Forum Flash - MSB to Start Phase 3 Clinical Trial of its Stem Cell Product for Bone Marrow Transplantation; BUY

• 9 June 2011 - NOMURA research - MSB will Start a Phase IIb Trial in Angina – Opens Up a Market Dominated by Cardiac Stents

• 3 May 2011 Nomura Research- Mesoblast Closing in on a Phase III trial

• 29 April 2011 Bioshares: Mesoblast – Full Steam Ahead

• 31 March 2011 Southern Cross Equities Research: A Buying Opportunity

• 3 March 2011 Southern Cross Equities Research: The Stem Cell Opportunity in 2011. BUY. New target price $11.00

• 30 November 2010 Nomura Research; Mining the Marrow

• 22 November 2010 Nomura Research: Mesoblast [MSB AU] - BUY: Trial Results Continue to Impress

• 16 November 2010 Nomura Research: Mesoblast Buy

• 14 October 2010 Nomura Research: Updating Forecasts for Angioblast

• 10 September 2010 Southern Cross Equities Note to Clients : Mesoblast No. 1 Biotech Recommendation

• 10 September 2010 Bioshares Analysis: Mesoblast Continues to Open New Product Opportunities

• 26 August 2010 Nomura Global Equities Research: FY 2010 Making Their Bones

• 16 August 2010 Southern Cross Equities research - Phase III getting ready for takeoff

• 23 July 2010 Southern Cross Equities Research – Big Pharma will be watching

• 21 July 2010 Southern Cross Equities Research – The clinical endgame nears

• 06 July 2010 Nomura Global Equities Research: A Biotech Platform Technology; Anchor Report

• 17 May 2010 Southern Cross Equities Research – Capitalising the Stem Cell Opportunity

• 14 May 2010 Bioshares

• 12 May 2010 Biotech Daily

• 26 February 2010 RBS Equities Research - Mesoblast (Buy) 1H10 - Master Blasters

• 22 January 2010 RBS Equities Research: Mesoblast - Analysis of MSB’s Opportunities

• 08 January 2010 Southern Cross Equities Research: Mesoblast – The Stem Cell Opportunity

• 22 December 2009 RBS Equities Research: Diabetes - An Expanding Portfolio

• 20 December 2009 Bioshares: Stock Picks 2010

• 16 October 2009 Bioshares

• 9 October 2009 Bioshares

• 3 August 2009 Bioshares

• 15 May 2009 Bioshares