The investment case FOR Mesoblast, page-318

Ihave been an MSB shareholder for about 2 years and am very excited for theprospects of Rexlemestrocel-L. My perspective is degenerative disc disease/inflammatorydisc disease (Both terms used by Dr Silviu Itescu in various announcements), canbe at all levels of the spine.

“Thedurable pain reduction for at least two years from a singleadministration indicates that rexlemestrocel-L has the potential to changethe treatment paradigm for chronic low back pain due to inflammatory discdisease, a condition that affects as many as seven million patients across theUnited States and Europe, and to prevent or reduce opioid use and dependence”said Dr Silviu Itescu, Chief Executive Officer of Mesoblast.

Startingfrom 2014, I have suffered debilitating severe pain in my spine, at the necklevel (CUNP) Chronic Upper Neck Pain. Lol

Withsevere compression of the nerves from osteophytes, foraminal narrowing and discerosion, at levels C4 to C7. They started me on opioids such as Endone, Oxycodone and Oxycontin, all were very heavy doses and in various combinations. I was managing a business through extreme pain but also under the fog of opioids. The medication regime then changed to Targin, that contains two differentcompounds called oxycodone hydrochloride and naloxone hydrochloride anhydrous, an opioid designed for longer release for severe pain. Targin was a nightmare and sent me rushing for assistance with my mental health.

I was then put on Lyrica. Lryica (Pregabalin) is a very serious drug, with many side effects,including suicidal tendencies! The media on Lyrica is massive and extremely negative due to the number of suicides per year being through the roof when on this drug. It simply messes with your mind!

Aftera year, I had surgery for Degenerative Disk Disease (DDD). The operationincluded a fusion between C6 and C7, a prosthetic disc between C6 and C5.

Forthe last 5 years I have been on Lyrica at a very heavy dose (600mg/day). Inaddition, I have had two Cortisone injections into C5 to try to reduce my pain,both a massive ordeal in their own right. In addition, at my last review, I hadbeen complaining about my lower back and pain down my right leg. The MRI showedsignificant foraminal narrowing and nerve compression at L2 and L3.

Thedisease continues and I am now due for another operation to replace the discbetween C5 and C4, with my second prosthetic disc. I am also told the diseasewill not stop and will spread up and down my spine and further surgery will berequired in the future and for the rest of my life. All of this and then as well, my life (and my dear wife's) has been turned upside down with my mental health issues while on Lyrica.

Enoughabout me.

Iam not alone, there are so many people who suffer from this incrediblydebilitating disease, in addition to those suffering Degenerative DiscDisease (DDD) in their lower back. The market is simply massive, beyond comprehension.

Mylogic says that the disease is the same, regardless of the level at which it isat in the spine.

“Thedurable pain reduction for at least two years from a single administration”

I do not expect a panacea, but I’ll take two years of pain reduction any day compared to the trauma that can be induced by long term andheavy drug prescription!

Howmuch reduction in cost and burden to the health system/tax payers, compared toone or two injections of Rexlemestrocel-L, Let alone the impact upon families, due to the documented impact of these drugs on mental health!

Rollon Rexlemestrocel-L