Ann: Mesoblast Update on Chronic Low Back Pain Program, page-206

Cato...... understand that your comments, your analysis, your sentiment are all that of a day trader.

The only thing you really focus on is the share price tomorrow, or within the next 5 minutes, 5 hours or maybe 5 days, the media article that was released yesterday, the pre-market price and the trend over the last 5 days / weeks / months ...... that are all factors of the past.

Because of that - your risk is that in the next 5 days is we do / don't get approval for one of the enormous indication that we hold, and if any bad media is released the SP in 5 days will be lower, wiping out a lot of potential small gains within a small time space. I get it..... but you sound EXACLTY like many of the brokers back when Tesla were under 10 dollars. They were all saying Elon musk is never going to do anything but waste everyone else's money constantly. Every hint of bad news or SP drop , jump on the bandwagon it's the CEO's fault... and exit then buy back in at a lower price, ride a small wave, make a small profit and exit.

Well as we both know, the share price has nothing whatsoever to do with what the CEO is doing, particularly if the media are hell bent on portraying everything from a negative angle - which they do.

For me..... I am not the opposite of that, but a long term investor. I have 20+ years until I retire and have no problems throwing vast percentages of my super into the company because I can see the end goal, and I see the drive from the CEO and the team. Where you claim he has failed because tomorrow the share price closes 3% lower, I think he has won if the share price is up 300% or 3000% in 24 months or 5 years.

To say he has lost credibility ........ is just complete bull$%$%. Did he say he would meet with the FDA to discuss GvHD path forward - yes, has it happened - yes, has he updated us with the next step and a forecast of when it will occur - yes, do we know what the status of back pain agreement is with grunenthal - yes - is the deal off - no, is ARDS deal off - no....

I mean come on man....your a smart guy. I can see the writing is on the wall here....... you mean to say that you think all those P values of efficacy are not real? I'll tell you what the chances are of that occurring...

P = 0.004 that they halted class 2 heart disease progressing to class 3.
That is they are 99.6% positive the result is real.

P = 0.0009 That saline treated CLBP increased their medication compared to MSB treated.
That is 99.91% positive the result is real.
and P = 0.0001 that the treatment groups with less than 5 years of back issues, had pain reduction after being treated with MSB cells
That is 99.99% positive the result is real.

P = 0.006 that Reme reduced mortality with dexamethazone by 75% compared to controls.
That is 99.4% positive the result is real

Now...... They could all be false right....... what is the chance of that?
0.006 x 0.0009 x 0.004
0.0000000216

or

99.99999894% sure that all 3 results are not some random act of god that will never again be repeated in the history of mankind.

For me.... and I'm sure for most long term holders who really couldn't care less what happens between today and the next FDA announcement.... the odds don't lie.

Sure, the FDA may not approve because of some abstract ethical issue that nobody sees coming, that they have conjured up from the back of a 50 year old guide...... but in the long run those statistics do not lie.

It will be approved at some stage..... and when that happens they will be staggeringly undervalued.

And yep, I do not for a second believe overnight we will open 3000% higher, and I do think anybody will be able to jump in after the fact, after the big one is announced, and still make massive profits...... they will be maybe half or 1/3 as big as the long term holder profits/..... but still profits none the less with much less downside risk.

I think July is going to be magic month.