Ann: DSMB Analysis Recommends to Continue P3 COVID-19 ARDS Trial, page-363

Thank you Cato for your best wishes. As you say, you are not holding any stock so the current waiting for news should not be "scary" for you. Nor really should you use the word "We" as you are not an investor.

We are not a Covid dependent stock. Ards was there before Covid and even if every single person was immunised from Covid 19, there will still be sufficient Ards patients requiring the life saving therapy we will be able to offer to propel this company to great things, and that's before all the other treatments the company is working on. I hope these vaccines work. Our therapy will still save many lives and I am sure that given the resources the company can expand to treat 10 of 1000's possibly 100,000+, Ards patients a year, but not the billions waiting for the vaccine, we cannot be a substitute.

As for waiting, would rather not, but very happy to wait holding shares, than sitting on the side lines watching and commenting with none.

As I have said before, it is a perfectly reasonable strategy to wait until the first positive announcement and or confirmation of when we will be cashflow positive. You will buy in at a higher price, how high remains to be seen. However you will still I feel make a very healthy return on whatever you decide to invest. So hopefully next time you share your views with us Cato, you will be again or for the first time be a part owner/shareholder of a world leading business, and the only "scare" will be the "scarcity" of sellers because Mesoblast will only be in the early stages of something very very special.