<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>3
<FILENAME>e22904ex_4.txt
<DESCRIPTION>OPINION
<TEXT>
                                    Exhibit 4

<TABLE>
<S>                                 <C>                                                  <C>
                                    EMMET, MARVIN & MARTIN, LLP                          177 MADISON AVENUE
                                        COUNSELLORS AT LAW                          MORRISTOWN, NEW JERSEY 07960
                                               -----                                       (973) 538-5600
                                           120 Broadway                                  FAX: (973) 538-6448
                                     New York, New York 10271                                  ------
                                               -----                               1007 ORANGE STREET, SUITE 1460
                                          (212) 238-3000                             WILMINGTON, DELAWARE 19801
                                          (212) 653-1760                                    (302)472-7000
                                               -----                                      FAX:(302)472-7120
                                        Fax: (212) 238-3100                                     -----
                                        Fax: (212) 653-1730
Writer's Direct Dial                http://www.emmetmarvin.com                        1351 WASHINGTON BOULEVARD
                                                                                  STAMFORD, CONNECTICUT 06902-4543
                                                                                            (203)425-1400
                                                                                          FAX:(203)425-1410
</TABLE>

                                                               November 29, 2005

The Bank of New York,
  as Depositary
101 Barclay Street
New York, New York, 10286

Re: American Depositary Receipts for Ordinary Shares of Mesoblast Limited.
    ----------------------------------------------------------------------

Ladies and Gentlemen:

      We refer to the  registration  statement to be filed on Form F-6 under the
Securities  Act of 1933  (the  "Registration  Statement")  by the  legal  entity
created by the  agreement  (the  "Deposit  Agreement")  for issuance of American
Depositary Shares ("ADSs")  evidenced by American  Depositary  Receipts ("ADRs")
for  ordinary  shares of  Mesoblast  Limited  for which  you  propose  to act as
Depositary.

      We are of the opinion that the ADSs covered by the Registration Statement,
when issued in accordance  with the terms of the Deposit  Agreement,  will, when
sold,  be legally  issued and will  entitle  the  holders  thereof to the rights
specified in the Deposit Agreement and the ADRs.

      This  opinion  may  be  used  by  you as an  exhibit  to the  Registration
Statement.

                                          Very truly yours,

                                          /s/ Emmet, Marvin & Martin, LLP
                                          -------------------------------
                                          EMMET, MARVIN & MARTIN, LLP

</TEXT>
</DOCUMENT>
