Mesoblast Heart Failure Trial Delivers Positive Interim Results

Disclosures from Maxim Group, Mesoblast Ltd., Company Update, April 10, 2017

I, Jason Kolbert, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

I, Gabrielle Zhou, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities.

Maxim Group makes a market in Mesoblast Ltd.

Maxim Group managed/co-managed/acted as placement agent for an offering of the securities for Mesoblast Ltd in the past 12 months.

Maxim Group received compensation for investment banking services from Mesoblast Ltd in the past 12 months.

Maxim Group expects to receive or intends to seek compensation for investment banking services from Mesoblast Ltd in the next 3 months.