Capital Research Global Investors has filed an amended 13G/A, reporting 7.9% ownership in $MESO, page-3

Investment activities and commentary from M&G

For the M&G Global Leaders Fund, we select stocks from across the
global investment universe, identifying companies that are
undergoing positive change leading to improvements in return on
capital. The observed improvements at the company must not yet be
reflected in its share price.

We restructured our US healthcare exposure during the review
period, to reflect our current thinking on the sector. The US healthcare
system exhibits most of the characteristics of a bubble in our view:
costs have risen faster than consumer prices for over 50 years,
healthcare is a poor value proposition, and healthcare expenditure
now represents an unsustainable level relative to individuals’ incomes
and total federal government spending.

As a result, we reduced the size of some of our healthcare positions
and exited a holding in CVS Health. CVS is an integrated pharmacy
and healthcare provider. Amongst other things, the company is being
affected by the trend in retail sales moving online, which has resulted
in slowing sales in its pharmacy outlets.

We reinvested the proceeds into smaller innovative companies such
as Kite Pharma, GW Pharmaceutical and Mesoblast. While each
company addresses different therapeutic treatments, they share the
common characteristics of having a technological platform that could
be potentially transformative in addressing big unmet needs.