MESOBLAST LTD — Board/Management Information 2005

Oct 6, 2005

MESOBLAST MAKES KEY ADVISORY APPOINTMENTS

Melbourne, Australia: 7 October 2005: Australian adult stem cell company, Mesoblast Limited (ASX:MSB), today announced the appointment of two key additional members to its Scientific Advisory Board.

The Chairman of Mesoblast's Scientific Advisory Board, Professor Silviu Itescu, said todav the appointments of two individuals with such extensive global experience, Professor Joseph Lane, based in the United States, and Professor Peter Ghosh, will enable Mesoblast to expand the breadth of its orthopaedic programs to cover new, additional clinical indications.

"Professor Lane's expertise in the field of spinal disease will facilitate Mesoblast's goal to rapidly obtain United States Food and Drug Administration (FDA) Investigational New Drug (IND) approval for its clinical bone regeneration and spinal fusion programs", he said.

"Professor Ghosh's expertise in the cartilage field will assist Mesoblast in its clinical and preclinical programs to develop novel products for cartilage regeneration in patients with osteoarthritis of the knee, and in those with vertebral disc disease.

"In addition, both will provide valuable input to Mesoblast in its upcoming pilot clinical trial of tibial non-union fractures at The Roval Melbourne Hospital, which will be led by Professor Stephen Graves.

"The collective experience available to Mesoblast through these internationally-recognised orthopaedic opinion leaders bodes well for Mesoblast's future." Professor Itescu said.

About Professor Joseph Lane

Professor Joseph Lane, AB, MD, is Professor of Orthopaedic Surgery and Assistant Dean at Weill Medical College of Cornell University in New York. Professor Lane's clinical expertise includes spine and hip trauma, spinal surgery, osteoporosis-related fractures, and non-union fractures. At the Hospital for Special Surgery in New York, he is Medical Director of the Osteoporosis Center, Chief of the Metabolic Bone Disease Service, and Associate Director of the Trauma Service. Professor Lane has served as Chairman for the American Academy of Orthopaedic Surgeons (AAOS) Oversight Panel on Women's Health, and was also a member of the AAOS Council on Research. He was President of the Orthopaedic Research Society and Musculoskeletal Tumor Society. He serves as a reviewer of several journals including Journal of Bone and Joint Surgery, Journal of Orthopaedic Trauma, Clinical Orthopaedics and Related Research, and Spine. Professor Lane has published over 300 articles and chapters and served as member and chairman of several of the United States National Health Institute (NIH) study sections.

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About Professor Peter Ghosh

Associate Professor Peter Ghosh, BSc (Hons), PhD, DSc, FRACI, FRSC, is recognised as an international authority on osteoarthritis and vertebral disc disease, and has authored numerous publications and chapters in these fields. In 1999, Professor Ghosh was elected President and Director of the Institute of Bone and Joint Research of the University of Sydney at the Royal North Shore Hospital in Sydney, Australia, and was for 10 years a Board member of the US-based Osteoarthritis Research Society International. He is a Life Member of the International Hyaluronan Research Society. Professor Ghosh is currently Director of the Murray Maxwell Biomechanics Laboratory, where biomechanics of cartilage and subchondral bone are under investigation

About Mesoblast

Mesoblast Limited (ASX:MSB) is an Australian biotechnology company committed to the development of novel treatments for orthopaedic conditions, including the commercialisation of a unique adult stem cell technology aimed at the regeneration and repair of bone and cartilage.

Mesoblast, which listed on the Australian Stock Exchange in December 2004, has the worldwide exclusive rights for a series of patents and technologies that have been developed over more than 10 years and which relate to the identification, extraction and culture of adult Mesenchymal Precursor Cells (MPCs). The technology has achieved outstanding results in pre-clinical in vivo studies in the regeneration and repair of large bone fractures.

The company has also acquired a 33.3% interest in Angioblast Systems Inc, an American company developing the platform MPC technology for the treatment of cardiovascular diseases, including repair and regeneration of blood vessels and heart muscle. Mesoblast and Angioblast will jointly fund and progress the core technology.

Mesoblast's strategy is to maximise shareholder value through both corporate partnerships and the rapid and successful completion of pre-clinical and clinical milestones.

For further information, please visit www.mesoblast.com or contact:

Julie Meldrum Corporate Communications Director Mesoblast Limited 0419 228 128 / 03 9639 6036 julie.meldrum@mesoblast.com