Mesoblast Investor Presentation — May 2018

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Financial Results for the

Quarter Ended March 31, 2018

Nasdaq: MESO ASX:MSB CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results,

levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements . We make such forward-

looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this

presentation are forward-looking statements . Words such as, but not limited to, “believe, ” “expect, ” “anticipate, ” “estimate, ” “intend, ” “plan, ” “targets, ” “likely, ” “will,” “would, ” “could, ” and similar expressions or phrases identify

forward -looking statements . We have based these forward-looking statements largely on our current expectations and future events, recent changes in regulatory laws, and financial trends that we believe may affect our

financial condition, results of operation, business strategy and financial needs . These statements may relate to, but are not limited to: expectations regarding the safety or efficacy of, or potential applications for, Mesoblast's

adult stem cell technologies ; expectations regarding the strength of Mesoblast's intellectual property, the timeline for Mesoblast's regulatory approval process, and the scalability and efficiency of manufacturing processes ;

expectations about Mesoblast's ability to grow its business and statements regarding its relationships with current and potential future business partners and future benefits of those relationships ; statements concerning