Ann: Mesoblast Phase 2 Diabetic Kidney Disease Results Published-MSB.AX, page-30

Hi Dolce,

there does seem to be some discrepancy between the ASX announcement and the published study text, which I think might well mislead investors. The study text makes it clear that it is not possible to make any claims about statistical significance from the results. In fact if you look at the outcomes, the standard error for the results swamps the size of the improvement in function.

Here is the study text

" Accordingly, there was no formal hypothesis testing or accompanying power analysis to indicate a sufficient sample size to identify significant treatment differences in renal function outcomes between rexlemestrocel-L and placebo"

Yet here is the company's announcement, which does make these claims. Do you think this is misleading?

"• Safety profile for MPC-300-IV treatment was similar to placebo, with no treatment-related adverse events.
• Efficacy testing showed that patients receiving a single MPC infusion at either dose had improved renal function relative to placebo, as defined by preservation or improvement in GFR at 12 weeks.
• The rate of decline in estimated GFR at 12 weeks was significantly reduced in the group receiving a single dose of 150 million MPCs relative to the placebo group (p=0.05).
• There was a trend toward more pronounced treatment effects relative to placebo in the pre-specified subgroup of patients with GFR>30 ml/min/1.73m2 at baseline (p=0.07)."