Mesoblast Limited – OPERATIONAL HIGHLIGHTS AND FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2022

Melbourne, Australia – Mesoblast Limited (ASX:MSB; Nasdaq:MESO) world leader in allogeneic cellular medicines for inflammatory diseases, announced financial results and operational highlights for the period ended March 31, 2022.

Financial Highlights

Reported net cash use for operating activities during the quarter was reduced by 40%, or $10.3 millionat $15.5 million compared to $25.8 million in the comparative quarter of last year1 $11.2 million of $22.2 million of the comparative quarter * For the nine-month period ended March 31, 2022the reported net cash use for operating activities has been reduced by 36%, or $31.2 millionat $54.8 million compared to US$86.0 million compared to the comparative period of last year, and 40% excluding inventory for the planned launch of the product remestemcel-L * Revenues for the quarter were US$2.0 millionincluding $1.9 million of TEMCELL HS Inj.2 royalties on sales of SR-aGvHD in Japanan increase of 5% over the comparative quarter of the previous fiscal year * Revenues increased by 46%, for the nine-month period ended March 31, 2022at US$8.0 million compared to $5.5 million in the comparative period of last year * Cash at the end of the quarter was $76.8 millionwith up to a supplement $40 million available to be drawn from existing funding facilities subject to certain milestones

About the mesoblast

Mesoblast is a world leader in the development of allogeneic (ready-to-use) cellular drugs for the treatment of serious and life-threatening inflammatory diseases. The Company has leveraged its proprietary mesenchymal lineage cell therapy technology platform to establish a broad portfolio of late-stage product candidates that respond to severe inflammation by releasing anti-inflammatory factors that counteract and modulate multiple effector arms of the immune system, leading to a significant reduction in the damaging inflammatory process.

Mesoblast has a strong and extensive global intellectual property portfolio with protection extending to at least 2041 in all major markets. The company’s proprietary manufacturing processes produce industrial-scale, cryopreserved, ready-to-use cellular drugs. These cell therapies, with defined pharmaceutical release criteria, should be readily available to patients worldwide.

Mesoblast is developing product candidates for distinct indications based on its remestemcel-L and rexlemestrocel-L allogeneic stromal cell technology platforms. Remestemcel-L is being developed for inflammatory diseases in children and adults, including steroid-refractory acute graft-versus-host disease, bioresistant inflammatory bowel disease, and acute respiratory distress syndrome. Rexlemestrocel-L is being developed for advanced chronic heart failure and chronic low back pain. Two products were marketed in Japan and Europe by Mesoblast licensees, and the Company has established commercial partnerships in Europe and China for certain Phase 3 assets

Forward-looking statements

This press release contains forward-looking statements relating to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that could cause our results, levels of activity, performance or actual achievements differ materially from any future results. , levels of activity, performance or achievements expressed or implied by such 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. Forward-looking statements should not be construed as guarantees of future performance or results, and actual results may differ from the results anticipated in such forward-looking statements, and the differences may be material and adverse. Forward-looking statements include, but are not limited to, statements regarding: the initiation, timing, progress and results of preclinical and clinical studies of Mesoblast, as well as Mesoblast’s research and development programs; Mesoblast’s ability to advance product candidates, enroll in and complete clinical studies, including multinational clinical trials; Mesoblast’s ability to advance its manufacturing capabilities; the timing or likelihood of regulatory filings and approvals (including resubmission BLA), manufacturing activities and product marketing activities, if any; the commercialization of Mesoblast’s product candidates, if approved; regulatory or public perceptions and market acceptance surrounding the use of stem cell therapies; the possibility that Mesoblast’s product candidates, if approved, may be withdrawn from the market due to adverse events or patient deaths; the potential benefits of strategic collaboration agreements and Mesoblast’s ability to enter into and maintain established strategic collaborations; Mesoblast’s ability to establish and maintain intellectual property in its product candidates and Mesoblast’s ability to successfully defend against alleged infringement; the scope of protection that Mesoblast is able to establish and maintain for the intellectual property rights covering its product candidates and technology; estimates of Mesoblast’s expenses, future revenues, capital requirements and additional financing requirements; the financial performance of Mesoblast; developments regarding Mesoblast’s competitors and industry; and pricing and reimbursement of Mesoblast’s product candidates, if approved. You should read this press release as well as our risk factors, in our latest reports filed with the SECOND or on our website. Uncertainties and risks that may cause Mesoblast’s actual results, performance or achievements to be materially different from those that may be expressed or implied by such statements, and accordingly, you should not place undue reliance on such forward-looking statements . We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Contact:

Business communication

Investors Media

Paul Hughes

E: [email protected]

Such. : +61 3 9639 6036

Grant Titmus

SumitMedia

Such. : +61 419 388 161

Email: [email protected]