To those holding this down, page-22

Agreed an interesting month ahead. There has been a lot of discussion here about Celgene, and, perhaps in my ignorance, I remain quite confused by the circumstances of the renewal 6 months ago. I have asked Mesoblast directly about the news around this partnership but they have not as yet expanded on the ceo's comments about the partnership discussion being focused on aGVHD and other inflammatory conditions.

For all that, I still maintain chf, the continued improved relationship with Teva and the upcoming related trial/study and FDA negotiations are a long way ahead of other prospects in terms of msb's success. I still find Teva's turn around in the last few years to be a most significant indicator. I was sure they would leave MSB hanging when they first appeared. Nothing seemed more certain. In truth, initially, I was right, but to see this turn around to where the 2 companies are now facing a chance to address one of he world's biggest killers is quite remarkable to me at least. Challenges ahead but very compelling.