Ann: Appendix 4C - quarterly, page-47

Re

"It's most unlikely that one could approach a huge sales team mostly taking orders for established products and expect that they could drive a new technology disruptive product into a particular market."

Is this a view you have held since Celgene first signed the rofr?

The prevailing sentiment amongst the loyal followers has always been of Celgene, as a company, on the back foot in their negotiations with Mesoblast, and driven by the "opportunity cost" if they did not partner.

I sense this view is shifting; I am left wondering if, like Teva before them, Celgene will soon be considered a bunch of bone-headed number crunchers.