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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
  on December 23, 2021</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
  
  
  
  <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>
  
  <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND
  EXCHANGE COMMISSION</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM S-8</B></FONT></P>
  
  <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>REGISTRATION
  STATEMENT</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Mesoblast Limited</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of Registrant as specified in its
  charter)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Australia</B></FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mesoblast Limited</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>55 Collins Street, Level 38</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Melbourne, VIC 3000</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Australia</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: +61 3 9639 6036</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices, including
  zip code)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Employee Share Option Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Full title of the plan)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mesoblast Inc.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>505 Fifth Avenue, Third Floor</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10017</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (212)&nbsp;880-2060</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address and telephone number, including
  area code, of agent for service)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I></I></B></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="vertical-align: top; width: 49%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Andrew S. Reilly</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Partner</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rim&ocirc;n Law</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Level 10, 20 Martin Place</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sydney, NSW 2000</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Australia</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>andrew.reilly@rimonlaw.com</B></P></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 2%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 49%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peter T. Howard</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>General Counsel and Corporate Executive</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mesoblast Limited</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>55 Collins Street, Level 38</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Melbourne, VIC 3000</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Australia</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peter.Howard@mesoblast.com</B></P></TD></TR>
    </TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Indicate by check mark whether the registrant is a large accelerated
  filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
  filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act (Check one).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-size: 10pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
      <TD STYLE="font-size: 10pt; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
      <TD STYLE="font-size: 10pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-size: 10pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
      <TD STYLE="font-size: 10pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    <TR>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    <TR>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
      growth company</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">If an emerging growth company, indicate by check mark if the registrant
  has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
  to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&nbsp;&#9744;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
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      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Title
  of Securities to be Registered</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount <BR>
  to be</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered (2)</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed<BR> Maximum<BR> Offering <BR>
  Price Per <BR>
  Share (3)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering <BR>
  Price</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount of<BR> Registration<BR>
   Fee</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 63%; text-indent: -12pt; padding-left: 12pt">Ordinary Shares (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">15,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">US$</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.94</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">US$</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,145,000</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">US$</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,315</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, without par value (the &ldquo;Ordinary Shares&rdquo;), of Mesoblast Limited (the &ldquo;Registrant&rdquo;) being registered relate to the Registrant&rsquo;s Employee Share Option Plan (the &ldquo;Plan&rdquo;). These Ordinary Shares may be represented by the Registrant&rsquo;s American Depositary Shares (&ldquo;ADSs&rdquo;), each of which represents five Ordinary Shares. ADSs, evidenced by American Depositary Receipts (&ldquo;ADRs&rdquo;), each representing five Ordinary Shares of the Registrant, have been registered under a separate registration statement on Form F-6 (File No.&nbsp;333-207378).</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the maximum number of Ordinary Shares underlying the options that the Registrant expects to be issued pursuant to the Plan. The Plan does not include a limit on the number of options that may be issued pursuant to the Plan. Pursuant to Rule&nbsp;416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement covers an indeterminable number of additional securities as may be offered or issued as a result of the anti-dilution provisions of the Plan.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated in accordance with Rule 457(h) and Rule 457(c) solely for the purpose of calculating the registration fee on the basis of US$4.71, the average of the high and low prices for the Registrant&rsquo;s ADSs as reported on the NASDAQ Global Select Market on December 20, 2021, divided by five (the Ordinary Share-to-ADS ratio).</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This Registration Statement shall become effective immediately
  upon filing as provided in Rule 462 under the Securities Act.</B></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 2 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION OF ADDITIONAL SECURITIES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Registration Statement on Form S-8 (the &ldquo;Registration Statement&rdquo;)
  registers an additional 15,000,000 Ordinary Shares of the Registrant that may be offered and sold under the Plan. This Registration Statement
  relates solely to the registration of additional securities of the same class as other securities for which one or more other registration
  statements filed on this form relating to the same employee share option plan are effective. Pursuant to General Instruction E to Form
  S-8, the contents of the Registrant&rsquo;s previously filed registration statement on Form S-8 relating to the Plan (File No. 333-240107),
  filed with the Securities and Exchange Commission on July 27, 2020, including any amendments thereto or filings incorporated therein,
  are hereby incorporated by reference herein to the extent not otherwise amended or superseded by the contents hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 3 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The documents containing the information specified in Item&nbsp;1 and
  Item&nbsp;2 of Part I of Form S-8 are not filed with this Registration Statement in accordance with the provisions of Rule 428 under the
  Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and the introductory note to Part I of Form S-8. The documents containing
  the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration
  Statement as specified by Rule 428(b)(1) under the Securities Act. These documents and the documents incorporated by reference pursuant
  to Item 3 of Part II of this Registration Statement, taken together, constitute the prospectus as required by Section 10(a) of the Securities
  Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 4 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant hereby incorporates by reference into this Registration
  Statement the following documents previously filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;):</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  Registrant&rsquo;s Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1345099/000156459021046486/meso-20f_20210630.htm" STYLE="-sec-extract: exhibit">Form 20-F</A> for the year ended June&nbsp;30, 2021, as filed with the Commission on August 31, 2021;</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  Registrant&rsquo;s other reports filed pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (the &ldquo;Exchange
  Act&rdquo;), since June&nbsp;30, 2021 (other than information deemed to have been &ldquo;furnished&rdquo; rather than &ldquo;filed&rdquo;
  in accordance with the SEC&rsquo;s rules); and</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  description of the Registrant&rsquo;s Ordinary Shares contained in the Registrant&rsquo;s Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1345099/000119312515371120/d58249d8a12b.htm" STYLE="-sec-extract: exhibit">Form 8-A</A> (File No.&nbsp;001-37626)
  filed with the Commission on November&nbsp;9, 2015, pursuant to Section&nbsp;12(b) of the Exchange Act, which incorporates by reference
  the description of the Registrant&rsquo;s Ordinary Shares set forth in the Registrant&rsquo;s Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1345099/000119312515361222/d943277df1.htm" STYLE="-sec-extract: exhibit">Form F-1</A> (Registration
  No.&nbsp;333-207719), as amended, originally filed with the Commission on November&nbsp;2, 2015, including any amendment or report filed
  for the purpose of updating such description.</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All documents filed by the Registrant pursuant to Sections 13(a), 13(c),
  14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment
  to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining
  unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of
  such documents;&nbsp;<I>provided, however,</I>&nbsp;that documents or information deemed to have been furnished and not filed in accordance
  with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. Any statement contained
  in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
  of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed
  to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be
  deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;4. Description of Securities.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as set forth below, there is no provision in any contract, arrangement
  or statute under which any director, secretary or other officer of the Registrant is insured or indemnified in any manner against any
  liability which he/she may incur in his/her capacity as such.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under our Constitution, to the extent permitted by the Australian Corporations
  Act 2001 (Cth) (&ldquo;Corporations Act&rdquo;) we may indemnify or insure any person who is or has been our or any of our subsidiaries&rsquo;
  officer, which indemnity or insurance policy may be in such terms as the directors approve and, in particular, may apply to acts or omissions
  prior to or after the time of entering into the indemnity or policy. Under Australian law, an &ldquo;officer&rdquo; includes any director.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into Deeds of Indemnity, Insurance and Access (&ldquo;Indemnity
  Deeds&rdquo;) with each director.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Indemnity Deeds, we have agreed to indemnify (to the maximum
  extent permitted under Australian law and subject to certain specified exceptions) each director and certain of our officers against all
  liabilities incurred in their capacity as our or our subsidiaries&rsquo; director or officer and any and all legal costs incurred by such
  director or officer in defending an action for a liability incurred in their capacity as our or our subsidiaries&rsquo; director or officer.
  The Indemnity Deeds provide that the indemnities are unlimited as to amount, continuous and irrevocable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Separately, we have obtained insurance for each of our directors, as
  required by the Indemnity Deeds, and each of our officers.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are certain provisions of the Australian Corporations Act that
  restrict the Registrant from indemnifying directors and certain officers in certain circumstances. These are described below.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Australian Law</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;199A of the Australian Corporations Act provides that
  a company or a related body corporate of a company must not indemnify a person (whether by agreement or by making a payment and whether
  directly or through an interposed entity) against any of the following liabilities incurred as an officer or auditor of the company:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  liability owed to the company or a related body corporate; or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  liability for a pecuniary penalty order or compensation order under specified provisions of the Australian Corporations Act; or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  liability that is owed to someone other than the company or a related body corporate and did not arise out of conduct in good faith;
  or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
  costs incurred in defending an action for a liability incurred as an officer or auditor of the company if the costs are incurred:</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
  defending or resisting proceedings in which the person is found to have a liability for which they could not be indemnified as set out
  above; or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
  defending or resisting criminal proceedings in which the person is found guilty; or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
  defending or resisting proceedings brought by the Australian Securities and Investments Commission (ASIC) or a liquidator for a court
  order if the grounds for making the order are found by the court to have been established (this does not apply to costs incurred in responding
  to actions taken by ASIC or a liquidator as part of an investigation before commencing proceedings for the court order); or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
  connection with proceedings for relief to the person under the Australian Corporations Act in which the court denies the relief.</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;199B of the Australian Corporations Act provides that
  a company or a related body corporate must not pay, or agree to pay, a premium for a contract insuring a person who is or has been an
  officer or auditor of the company against a liability (other than one for legal costs) arising out of:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct
  involving a willful breach of duty in relation to the company; or</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  contravention of the director, secretary, officer, or employee&rsquo;s duties under the Australian Corporations Act not to improperly
  use their position or make improper use of information obtained as a director, secretary, officer, or employee to gain an advantage for
  themselves or someone else or cause detriment to the company.</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of Australian law as set out above, an &ldquo;officer&rdquo;
  of a company includes (but is not limited to):</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  director or secretary;</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  person who makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the company;</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  person who has the capacity to significantly affect the company&rsquo;s financial standing; and</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
  person in accordance with whose instructions or wishes the directors of the company are accustomed to act (excluding advice given by
  the person in the proper performance of functions attaching to the person&rsquo;s professional capacity or their business relationship
  with the directors of the company).</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;7. Exemption from Registration Claimed.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;8. Exhibits</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit<BR>
      Number</B></P></TD>
      <TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 90%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Description</B></P></TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1*</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1345099/000119312515361222/d943277dex31.htm">Certificate of Registration of Mesoblast Limited (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Registration Statement on Form F-1 filed with the Commission on November 2, 2015 (Registration No. 333-207719)), as amended on November 12, 2015 by F-1MEF (333-207975)</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1345099/000119312515361222/d943277dex32.htm">Constitution of Mesoblast Limited (incorporated by reference to Exhibit 1.1 of Mesoblast&rsquo;s Annual Report on Form 20-F filed on September 9,
  2019)</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1345099/000119312515361222/d943277dex41.htm">Form of Deposit Agreement dated October 19, 2015 among the Registrant, the depositary and all holders from time to time of the American depositary receipts issued thereunder (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Registration Statement on Form F-1 filed with the Commission on November 2, 2015 (Registration No. 333-207719))</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea152881ex5-1_mesoblast.htm">Opinion of Rimon Law Pty Ltd</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea152881ex23-1_mesoblast.htm">Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea152881ex5-1_mesoblast.htm">Consent of Rimon Law Pty Ltd (contained in Exhibit 5.1 hereto)</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">Power of Attorney (contained on signature page hereto)</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
      <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea152881ex99-1_mesoblast.htm">Employee Share Option Plan</A></FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
  filed.</FONT></TD>
  </TR></TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;9. Undertakings.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes:</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.25pt"><I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.25pt"><I></I></P>
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.25pt"><I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.25pt"><I>Provided, however,&nbsp;</I>that paragraphs (A)(1)(i)
  and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
  in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the
  Exchange Act that are incorporated by reference in this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
      <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 8; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
  Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Melbourne, Australia on the 23rd day
  of December, 2021.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Mesoblast Limited</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="width: 4%">&nbsp;</TD>
      <TD STYLE="width: 36%">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Silviu Itescu</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Silviu Itescu</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
  <!-- Field: Page; Sequence: 9; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
  appears below constitutes and appoints Joseph Swedish, Dr.&nbsp;Silviu Itescu, and Peter Howard, and each of them, as his true and lawful
  attorney in fact and agent with full power of substitution, for him in any and all capacities, to sign any and all amendments to this
  Registration Statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto and other documents
  in connection therewith, with the Securities and Exchange Commission, granting unto said attorney in fact, proxy and agent full power
  and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for
  all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney in fact, proxy and
  agent, or his substitute, may lawfully do or cause to be done by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this Registration
  Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; width: 31%"><FONT STYLE="font-size: 10pt"><B>Signature</B> &nbsp;</FONT></TD>
      <TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; width: 40%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
      <TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 25%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; <B>Date</B></FONT></TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Joseph Swedish </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Joseph Swedish &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Silviu Itescu </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: -12pt">Managing Director
      and Chief Executive Officer</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: -12pt"></P></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Silviu Itescu &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">(principal executive
      officer)</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Andrew Chaponnel </FONT></TD>
      <TD></TD>
      <TD STYLE="vertical-align: top">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: -12pt">Interim Chief Financial
      Officer</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: -12pt"></P></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Andrew Chaponnel &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">(principal financial
      and accounting officer)</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ William Burns </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">William Burns &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Donal O&rsquo;Dwyer </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Donal O&rsquo;Dwyer &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Eric Rose&nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Eric Rose</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Shawn Cline Tomasello </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Shawn Cline Tomasello &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Michael Spooner </FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp; December 23, 2021</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Michael Spooner &nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Philip J. Facchina</P>
  </TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">Director
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp; December 23, 2021</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">Philip J. Facchina</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE
  REGISTRANT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Securities Act of 1933, the undersigned, the duly authorized
  representative in the United States of Mesoblast Limited has signed this Registration Statement in New York, New York, on December 23,
  2021.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Authorized U.S. Representative</B></FONT></P>
                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>
                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Mesoblast Inc.</FONT></P></TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/ Silviu Itescu</FONT></TD></TR>
    <TR>
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: bottom; width: 31%"> <FONT STYLE="font-size: 10pt">Silviu Itescu </FONT></TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
      <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    </TABLE>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea152881-s8_mesoblast.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 84026}]
metadata_filer: {"company-data": {"conformed-name": "MESOBLAST LTD", "cik": "0001345099", "assigned-sic": "2836", "irs-number": "000000000", "state-of-incorporation": "C3", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-261863", "film-number": "211514742"}, "business-address": {"street1": "LEVEL 38", "street2": "55 COLLINS STREET", "city": "MELBOURNE, VICTORIA", "state": "C3", "zip": "3000", "phone": "613 9639 6036"}, "mail-address": {"street1": "LEVEL 38", "street2": "55 COLLINS STREET", "city": "MELBOURNE, VICTORIA", "state": "C3", "zip": "3000"}}
text: As filed with the Securities and Exchange Commission
  on December 23, 2021
  Registration No. 333-
  UNITED STATES
  SECURITIES AND
  EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION
  STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  Mesoblast Limited
  (Exact name of Registrant as specified in its
  charter)
  Australia
  Not Applicable
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification No.)
  Mesoblast Limited
  55 Collins Street, Level 38
  Melbourne, VIC 3000
  Australia
  Telephone: +61 3 9639 6036
  (Address of principal executive offices, including
  zip code)
  Employee Share Option Plan
  (Full title of the plan)
  Mesoblast Inc.
  505 Fifth Avenue, Third Floor
  New York, NY 10017
  Telephone: (212) 880-2060
  (Name, address and telephone number, including
  area code, of agent for service)
  Copies to:
  Andrew S. Reilly
  Partner
  Rimôn Law
  Level 10, 20 Martin Place
  Sydney, NSW 2000
  Australia
  andrew.reilly@rimonlaw.com
  Peter T. Howard
  General Counsel and Corporate Executive
  Mesoblast Limited
  55 Collins Street, Level 38
  Melbourne, VIC 3000
  Australia
  Peter.Howard@mesoblast.com
  Indicate by check mark whether the registrant is a large accelerated
  filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
  filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check one).
  Large accelerated filer
  ☒
  Accelerated filer
  ☐
  Non-accelerated filer
  ☐
  Smaller reporting company
  ☐
  Emerging
      growth company
  ☐
  If an emerging growth company, indicate by check mark if the registrant
  has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
  to Section 7(a)(2)(B) of the Securities Act.   ☐
  CALCULATION OF REGISTRATION FEE
  Title
  of Securities to be Registered
  Amount
  to be
  Registered (2)
  Proposed
  Maximum
  Offering
  Price Per
  Share (3)
  Proposed
  Maximum
  Aggregate
  Offering
  Price
  Amount of
  Registration
  Fee
  Ordinary Shares (1)
  15,000,000
  US$
  0.94
  US$
  14,145,000
  US$
  1,315
  (1)
  Ordinary shares, without par value (the "Ordinary Shares"), of Mesoblast Limited (the "Registrant") being registered relate to the Registrant's Employee Share Option Plan (the "Plan"). These Ordinary Shares may be represented by the Registrant's American Depositary Shares ("ADSs"), each of which represents five Ordinary Shares. ADSs, evidenced by American Depositary Receipts ("ADRs"), each representing five Ordinary Shares of the Registrant, have been registered under a separate registration statement on Form F-6 (File No. 333-207378).
  (2)
  Represents the maximum number of Ordinary Shares underlying the options that the Registrant expects to be issued pursuant to the Plan. The Plan does not include a limit on the number of options that may be issued pursuant to the Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement covers an indeterminable number of additional securities as may be offered or issued as a result of the anti-dilution provisions of the Plan.
  (3)
  Estimated in accordance with Rule 457(h) and Rule 457(c) solely for the purpose of calculating the registration fee on the basis of US$4.71, the average of the high and low prices for the Registrant's ADSs as reported on the NASDAQ Global Select Market on December 20, 2021, divided by five (the Ordinary Share-to-ADS ratio).
  This Registration Statement shall become effective immediately
  upon filing as provided in Rule 462 under the Securities Act.
  EXPLANATORY NOTE
  REGISTRATION OF ADDITIONAL SECURITIES
  This Registration Statement on Form S-8 (the "Registration Statement")
  registers an additional 15,000,000 Ordinary Shares of the Registrant that may be offered and sold under the Plan. This Registration Statement
  relates solely to the registration of additional securities of the same class as other securities for which one or more other registration
  statements filed on this form relating to the same employee share option plan are effective. Pursuant to General Instruction E to Form
  S-8, the contents of the Registrant's previously filed registration statement on Form S-8 relating to the Plan (File No. 333-240107),
  filed with the Securities and Exchange Commission on July 27, 2020, including any amendments thereto or filings incorporated therein,
  are hereby incorporated by reference herein to the extent not otherwise amended or superseded by the contents hereof.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The documents containing the information specified in Item 1 and
  Item 2 of Part I of Form S-8 are not filed with this Registration Statement in accordance with the provisions of Rule 428 under the
  Securities Act of 1933, as amended (the "Securities Act") and the introductory note to Part I of Form S-8. The documents containing
  the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration
  Statement as specified by Rule 428(b)(1) under the Securities Act. These documents and the documents incorporated by reference pursuant
  to Item 3 of Part II of this Registration Statement, taken together, constitute the prospectus as required by Section 10(a) of the Securities
  Act.
  1
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The Registrant hereby incorporates by reference into this Registration
  Statement the following documents previously filed with the Securities and Exchange Commission (the "Commission"):
  ●
  the
  Registrant's Annual Report on
  Form 20-F
  for the year ended June 30, 2021, as filed with the Commission on August 31, 2021;
  ●
  the
  Registrant's other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "Exchange
  Act"), since June 30, 2021 (other than information deemed to have been "furnished" rather than "filed"
  in accordance with the SEC's rules); and
  ●
  the
  description of the Registrant's Ordinary Shares contained in the Registrant's Registration Statement on
  Form 8-A
  (File No. 001-37626)
  filed with the Commission on November 9, 2015, pursuant to Section 12(b) of the Exchange Act, which incorporates by reference
  the description of the Registrant's Ordinary Shares set forth in the Registrant's Registration Statement on
  Form F-1
  (Registration
  No. 333-207719), as amended, originally filed with the Commission on November 2, 2015, including any amendment or report filed
  for the purpose of updating such description.
  All documents filed by the Registrant pursuant to Sections 13(a), 13(c),
  14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment
  to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining
  unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of
  such documents;
  provided, however,
  that documents or information deemed to have been furnished and not filed in accordance
  with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. Any statement contained
  in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
  of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed
  to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be
  deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
  Item 4. Description of Securities.
  Not applicable.
  Item 5. Interests of Named Experts and Counsel.
  Not applicable.
  Item 6. Indemnification of Directors and Officers.
  Except as set forth below, there is no provision in any contract, arrangement
  or statute under which any director, secretary or other officer of the Registrant is insured or indemnified in any manner against any
  liability which he/she may incur in his/her capacity as such.
  Under our Constitution, to the extent permitted by the Australian Corporations
  Act 2001 (Cth) ("Corporations Act") we may indemnify or insure any person who is or has been our or any of our subsidiaries'
  officer, which indemnity or insurance policy may be in such terms as the directors approve and, in particular, may apply to acts or omissions
  prior to or after the time of entering into the indemnity or policy. Under Australian law, an "officer" includes any director.
  We have entered into Deeds of Indemnity, Insurance and Access ("Indemnity
  Deeds") with each director.
  II-
  1
  Under the Indemnity Deeds, we have agreed to indemnify (to the maximum
  extent permitted under Australian law and subject to certain specified exceptions) each director and certain of our officers against all
  liabilities incurred in their capacity as our or our subsidiaries' director or officer and any and all legal costs incurred by such
  director or officer in defending an action for a liability incurred in their capacity as our or our subsidiaries' director or officer.
  The Indemnity Deeds provide that the indemnities are unlimited as to amount, continuous and irrevocable.
  Separately, we have obtained insurance for each of our directors, as
  required by the Indemnity Deeds, and each of our officers.
  There are certain provisions of the Australian Corporations Act that
  restrict the Registrant from indemnifying directors and certain officers in certain circumstances. These are described below.
  Australian Law
  Section 199A of the Australian Corporations Act provides that
  a company or a related body corporate of a company must not indemnify a person (whether by agreement or by making a payment and whether
  directly or through an interposed entity) against any of the following liabilities incurred as an officer or auditor of the company:
  ●
  a
  liability owed to the company or a related body corporate; or
  ●
  a
  liability for a pecuniary penalty order or compensation order under specified provisions of the Australian Corporations Act; or
  ●
  a
  liability that is owed to someone other than the company or a related body corporate and did not arise out of conduct in good faith;
  or
  ●
  legal
  costs incurred in defending an action for a liability incurred as an officer or auditor of the company if the costs are incurred:
  -
  in
  defending or resisting proceedings in which the person is found to have a liability for which they could not be indemnified as set out
  above; or
  -
  in
  defending or resisting criminal proceedings in which the person is found guilty; or
  -
  in
  defending or resisting proceedings brought by the Australian Securities and Investments Commission (ASIC) or a liquidator for a court
  order if the grounds for making the order are found by the court to have been established (this does not apply to costs incurred in responding
  to actions taken by ASIC or a liquidator as part of an investigation before commencing proceedings for the court order); or
  -
  in
  connection with proceedings for relief to the person under the Australian Corporations Act in which the court denies the relief.
  Section 199B of the Australian Corporations Act provides that
  a company or a related body corporate must not pay, or agree to pay, a premium for a contract insuring a person who is or has been an
  officer or auditor of the company against a liability (other than one for legal costs) arising out of:
  ●
  conduct
  involving a willful breach of duty in relation to the company; or
  ●
  a
  contravention of the director, secretary, officer, or employee's duties under the Australian Corporations Act not to improperly
  use their position or make improper use of information obtained as a director, secretary, officer, or employee to gain an advantage for
  themselves or someone else or cause detriment to the company.
  For the purpose of Australian law as set out above, an "officer"
  of a company includes (but is not limited to):
  ●
  a
  director or secretary;
  ●
  a
  person who makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the company;
  ●
  a
  person who has the capacity to significantly affect the company's financial standing; and
  ●
  a
  person in accordance with whose instructions or wishes the directors of the company are accustomed to act (excluding advice given by
  the person in the proper performance of functions attaching to the person's professional capacity or their business relationship
  with the directors of the company).
  II-
  2
  Item 7. Exemption from Registration Claimed.
  Not applicable.
  Item 8. Exhibits
  Exhibit
  Number
  Description
  4.1*
  Certificate of Registration of Mesoblast Limited (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1 filed with the Commission on November 2, 2015 (Registration No. 333-207719)), as amended on November 12, 2015 by F-1MEF (333-207975)
  4.2*
  Constitution of Mesoblast Limited (incorporated by reference to Exhibit 1.1 of Mesoblast's Annual Report on Form 20-F filed on September 9,
  2019)
  4.3*
  Form of Deposit Agreement dated October 19, 2015 among the Registrant, the depositary and all holders from time to time of the American depositary receipts issued thereunder (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1 filed with the Commission on November 2, 2015 (Registration No. 333-207719))
  5.1
  Opinion of Rimon Law Pty Ltd
  23.1
  Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm
  23.2
  Consent of Rimon Law Pty Ltd (contained in Exhibit 5.1 hereto)
  24.1
  Power of Attorney (contained on signature page hereto)
  99.1
  Employee Share Option Plan
  *
  Previously
  filed.
  Item 9. Undertakings.
  A.
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii)
  To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
  (iii)
  To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.
  II-
  3
  Provided, however,
  that paragraphs (A)(1)(i)
  and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
  in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
  Exchange Act that are incorporated by reference in this Registration Statement.
  (2)
  That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
  B.
  The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  C.
  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
  II-
  4
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
  Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Melbourne, Australia on the 23rd day
  of December, 2021.
  Mesoblast Limited
  By:
  /s/ Silviu Itescu
  Silviu Itescu
  Chief Executive Officer and Director
  II-
  5
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
  appears below constitutes and appoints Joseph Swedish, Dr. Silviu Itescu, and Peter Howard, and each of them, as his true and lawful
  attorney in fact and agent with full power of substitution, for him in any and all capacities, to sign any and all amendments to this
  Registration Statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto and other documents
  in connection therewith, with the Securities and Exchange Commission, granting unto said attorney in fact, proxy and agent full power
  and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for
  all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney in fact, proxy and
  agent, or his substitute, may lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements of the Securities Act of 1933, this Registration
  Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.
  Signature
  Title
  Date
  /s/ Joseph Swedish
  Chairman of the Board of Directors
  December 23, 2021
  Joseph Swedish
  /s/ Silviu Itescu
  Managing Director
      and Chief Executive Officer
  December 23, 2021
  Silviu Itescu
  (principal executive
      officer)
  /s/ Andrew Chaponnel
  Interim Chief Financial
      Officer
  December 23, 2021
  Andrew Chaponnel
  (principal financial
      and accounting officer)
  /s/ William Burns
  Director
  December 23, 2021
  William Burns
  /s/ Donal O'Dwyer
  Director
  December 23, 2021
  Donal O'Dwyer
  /s/ Eric Rose
  Director
  December 23, 2021
  Eric Rose
  /s/ Shawn Cline Tomasello
  Director
  December 23, 2021
  Shawn Cline Tomasello
  /s/ Michael Spooner
  Director
  December 23, 2021
  Michael Spooner
  /s/ Philip J. Facchina
  Director
  December 23, 2021
  Philip J. Facchina
  II-
  6
  SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE
  REGISTRANT
  Under the Securities Act of 1933, the undersigned, the duly authorized
  representative in the United States of Mesoblast Limited has signed this Registration Statement in New York, New York, on December 23,
  2021.
  Authorized U.S. Representative
  Mesoblast Inc.
  By:
  /s/ Silviu Itescu
  Name:
  Silviu Itescu
  Title:
  Director
  II-7