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For immediate release 17 August 2016

Full Year Result 2016

CSL Delivers Another Strong Performance

Double-digit sales growth in all plasma therapy groups
Novel recombinant coagulation products approved and launched
Seqirus formed – business turnaround program on track
CSL Board to consider further share buyback of ~A$500 million

CSL Limited (ASX:CSL; USOTC:CSLLY) today announced a net profit after tax (NPAT) of US$1,242 million for the full year ended 30 June 2016. After excluding the financials relating to the Novartis influenza vaccines business acquired during the year, underlying[1] NPAT grew 5% and earnings per share (EPS) grew 7% on a constant currency (CC) [2] basis.

HIGHLIGHTS

Financial

Revenue US$6,129 million
Underlying revenue up 8% at CC
Earnings before interest and tax (EBIT) US$1,438 million
Underlying EBIT up 7% at CC
NPAT US$1,242 million
Underlying NPAT up 5% at CC
EPS US$2.69
Reported EPS down 8%
Underlying EPS up 7% at CC
Research and development investment US$614 million
Final dividend[3] of US$0.68 per share, up 3% on PCP
Unfranked for Australian tax purposes, payable on 7 October 2016
Converted to Australian currency, the final dividend is approximately A$0.89 per share

1 Underlying excludes financials relating to the Novartis influenza vaccines business (NVS-IV). NVS-IV was acquired on 31 July 2015. See end note for further detail.

2 Constant currency removes the impact of exchange rate movements to facilitate comparability. See end note for further detail.

3 For shareholders with an Australian registered address, dividends will be paid in A$ at an amount of A$0.886652 per share (at an exchange rate of A$1.3039/US$1.00), and for shareholders with a New Zealand registered address, dividends will be paid in NZD at an amount of NZ$0.943364 per share (at an exchange rate of NZ$1.3873/US$1.00). The exchange rates used are fixed at the date of dividend determination. All other shareholders will be paid in US$.

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17 August 2016

Operational

CSL Behring

Product sales up 10% at CC
Idelvion[®] (rFIX-FP) approved by the US Food and Drug Administration (FDA), the European Medicines Agency (EMA) and Health Canada
Afstyla[®] (rFVIII-SC) approved by US FDA
Respreeza[®] (AATD) approved by the EMA
New Privigen[®] (IVIG) manufacturing facility in Broadmeadows, Australia, approved by US FDA

Influenza (Seqirus)

Novartis influenza vaccines acquisition closed 31 July 2015
Seqirus business launched – No. 2 global influenza vaccine leader. Turnaround program on track
Fluad™ (influenza vaccine) approved by US FDA
Flucelvax Quadrivalent™ (influenza vaccine) approved by US FDA
Afluria Quad™ (influenza vaccine) approved by Australian Therapeutics Goods Administration (TGA)

Capital Management

A$1 billion share buyback[4] ~92% completed[5]

“2016 has been a transformational year for CSL,” said CSL Chief Executive Officer and Managing Director Paul Perreault. “In our 100[th] anniversary year, it is clear CSL has evolved from an organization that largely brought international discoveries to Australians - to an established and growing global leader which translates its own early research into commercial medicines for patients in more than 60 countries. While CSL has changed over 100 years, one aspect has not: We continue to be driven by our promise to improve lives. Over the past 12 months we have secured approvals and launched five new products – including our two novel recombinant coagulation products Idelvion[®] and Afstyla[®] – an enormous achievement and the fruit of many years of work.”

“CSL Behring, our core business, continues to perform well, delivering double digit sales growth in all biotherapy groups. This includes another outstanding performance by our subcutaneous immunoglobulin product Hizentra[®] , growing sales by 31%. To support this

4 CSL reserves the right to terminate buy-backs at any time. 5 As at 11 July 2016

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17 August 2016

growth sustainably into the future, we have a major facilities expansion program underway around the world.”

“Early in the financial year, CSL acquired the loss-making influenza vaccines business of Novartis at a steep discount to book value. Combined with our existing flu business, we created Seqirus, the second largest influenza vaccine provider in the world,” added Mr. Perreault. “The Seqirus business turnaround program is now well underway. The transition to quadrivalent influenza vaccines has commenced, we’ve increased production from our unique cell culture facility and we received approval and launched our differentiated adjuvanted influenza vaccine, Fluad™. Notably, we were the first manufacturer to have an influenza vaccine released in the US market for its upcoming flu season,” Mr. Perreault added.

OUTLOOK (at FY16 exchange rates)

Commenting on CSL’s outlook, Mr. Perreault said, “At the core, CSL is a growing, broadbased, stable business which generates solid earnings growth. We are igniting this growth with innovative biotechnology advancements, including our newly approved and launched novel recombinant therapies Idelvion[®] and Afstyla[®] . In fact, we expect to benefit this year from a full 12 months’ contribution from Idelvion[®] and Afstyla[®] . Ongoing demand for our CSL Behring therapies is expected to continue, with ongoing strong performance in differentiated products such as Hizentra[®] . Our range of specialty plasma products is again expected to grow strongly.”

Mr Perreault added, “The turnaround of Seqirus is on track and is expected to breakeven in FY18. Consistent with previously announced plans, Seqirus is expected to report a loss in the current fiscal year.”

“CSL is well positioned for sustainable growth and delivering shareholder value. CSL Group’s net profit after tax (NPAT) is expected to grow approximately 11%, at constant currency, on the FY16 result after adjusting for the one-off gains and costs associated with the acquisition of the Novartis influenza vaccines business. On the same basis, earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to grow approximately 14% this financial year. Earnings per share (EPS) are again expected to exceed profit growth,” Mr Perreault concluded.

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17 August 2016

In compiling the company’s financial forecasts for the year ending 30 June 2017 a number of key variables which may have a significant impact on guidance have been identified and these have been included the footnote[6] below.

OPERATING REVIEW

CSL Behring product sales of US$5,245 million increased 10% at constant currency when compared to the prior comparable period.

Immunoglobulin product sales of US$2,457 million grew 11% at constant currency.

The key growth driver has been Hizentra[®] , CSL Behring’s subcutaneous immunoglobulin product where demand has been strong in both the US and Europe. Hizentra[®] grew sales 31% at constant currency. New patient starts, selective partnering in the Specialty Pharmacy segment and the increase in home treatment contributed to the strong performance.

Demand for intravenous immunoglobulin has also been solid led by Privigen[®] , which delivered sales growth of 7% at constant currency. In the US, market share was maintained in the highly competitive hospital setting. In Europe, Privigen[® ] saw strong growth, especially in France and UK, driven by Privigen’s[®] expanded indication to include its use in the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP). The introduction of IG IsoLo[®] , a manufacturing step to reduce isoagglutinin levels which contributes to further improving the product safety profile, has been well received. In Australia, Privigen[®] was introduced into the market following a successful tender with Australia’s National Blood Authority.

Haemophilia product sales of US$1,000 million grew 4% at constant currency. Plasma derived haemophilia sales grew 14% at constant currency. This increase was largely

6 Key variables that could cause actual results to differ materially include: the success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; litigation or government investigations, and CSL’s ability to protect its patents and other intellectual property.

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17 August 2016

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Page 5

driven by solid demand for Beriate[®] , led by Poland and Germany and successful tenders in Russia and Iran. Strong demand for Humate[®] in the US also contributed.

The strong growth in plasma derived therapies was offset to a large extent by the decline in sales of Helixate[®] , CSL’s licensed recombinant factor VIII product. Competition in this market continues to increase with the launch of new generation recombinant FVIII products including CSL’s recently approved Afstyla[®] .

Specialty products sales of US$977 million grew 11% at constant currency. Sales of Kcentra[® ] (4 factor pro-thrombin complex concentrate) in the US were strong driven by our fully established sales force and greater brand awareness.

Berinert[®] (C1-esterase inhibitor concentrate) was another solid contributor. Berinert is used for the treatment of acute attacks in patients with hereditary angioedema (HAE). Berinert[®] has seen strong growth in Europe due to the increased awareness and diagnosis of HAE.

Respreeza[®] (Alpha-1 Proteinase Inhibitor) was launched in a number of European countries following the granting of marketing authorisation. Respreeza[®] is a maintenance treatment for severe Alpha-1 Antitrypsin Deficiency patients and has been shown to slow the progression of emphysema. Following the initial launch, Respreeza will be rolled out more broadly in Europe this year.

Albumin sales of US$811 million rose 12% at constant currency, driven by ongoing significant global demand particularly in China and the US. In China, demand for albumin is exceptionally strong and is expected to continue. CSL is well positioned with a broad portfolio of products and an extensive distribution network that is focused on the fast growing second and third tier cities in China.

Seqirus sales of US$652 million reflects 11 months of sales since the acquisition of Novartis’ influenza vaccines business on 31 July 2015. Sales of influenza vaccine were adversely impacted by a mild influenza season in the northern hemisphere. The Seqirus business turnaround program remains on track[7] .

CSL Intellectual Property revenue of US$123 million declined 10% at constant currency. The prior comparable period included a payment from CSL’s licensee Janssen

7 The Group has recognised a deferred tax asset relating to current year Seqirus losses in the UK on the expectation that the business will generate future taxable profits.

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17 August 2016

Biotech Inc. to develop and commercialise CSL362, a product used to treat patients with acute myeloid leukaemia.

CAPITAL MANAGEMENT

Share Buyback

In October 2015, CSL announced its intention to conduct an on-market share buyback of up to A$1 billion. To date, CSL has purchased approximately 9.1 million shares for approximately A$924 million, representing about 92% of the intended buyback program.

Capital management foreshadowed during FY17

CSL’s balance sheet remains very sound and appropriately geared. The current cost of debt is at historic lows. Following the completion of the current buyback, which has approximately A$76 million remaining, the Board of Directors will consider a further onmarket share buyback program of approximately A$500 million.

During the first half of fiscal 2017, CSL intends to approach the US private placement market to raise approximately US$500 million as part of the company’s overall capital management program.

CHANGES TO CSL BOARD

Dr. Tadataka “Tachi” Yamada KBE has been appointed a Director of the Company, effective 1 September 2016. Mr John Akehurst has indicated his intention to retire from the CSL Board of Directors at the conclusion of the Company’s Annual General Meeting on 12 October 2016. For further information please see the separate ASX announcement which was issued today.

DIVIDENDS

CSL will offer shareholders the opportunity to receive dividend payments in US dollars by direct credit to a US bank account. This option will be available for the 2016 final dividend payment (payment date 7 October 2016). Shareholders who wish to avail themselves of this payment option for the 2016 final dividend payment must provide their valid US bank account details by the dividend record date which is 14 September 2016.

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17 August 2016

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Page 7

US bank account details can be provided:

Online at www.investorcentre.com. If not already an existing user, shareholders must create a login in order to provide their payment instruction;
By calling our Share Registry, Computershare Investor Services, on 1800 646 882 (within Australia) or +61 (03) 9415 4178 (outside Australia);
By writing to the Share Registry at Computershare Investor Services, GPO Box 2975, Melbourne VIC 3001 and providing the relevant particulars including your SRN or HIN.

FURTHER INFORMATION

Additional details about CSL’s results are included in the company’s 4E statement, investor presentation slides and webcast, all of which can be found on CSL’s website www.csl.com.au A glossary of medical terms can also be found on the website. For further information, please contact:

Investors: Media: Mark Dehring Jemimah Pentland Head of Investor Relations Head of Communications, Asia Pacific CSL Limited CSL Limited Telephone: +613 9389 3407 Mobile +61 412 635 483 Email: [email protected] Email: [email protected]

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17 August 2016

Group Results

US Dollars

Full years ended June US$ Millions	FY15 Reported FY16 Reported FY16 Reported @CC# FY16 NVS-IV8 @CC	FY16 Underlying9 at CC Change %
Sales Other Revenue / Income Total Revenue / Income	5,459 5,909 6,210 284 169 220 225 62 5,628 6,129 6,435 346
		5,926 8.6%
		163
		6,089 8.2%
Earnings before Interest, Tax, Depreciation & Amortisation Depreciation/Amortisation Earnings before Interest and Tax Gain on Acquisition Net Interest Expense / (Income) Tax Expense Net Profit after Tax NVS-IV one-off (gain)/costs Underlying Net Profit after Tax Total Dividend (US$) Final Dividend (US$) Reported EPS (US$) Underlying9EPS (US$)	1,939 1,658 1,818 (294) 181 220 233 27 1,758 1,438 1,585 (321) 176 176 176 44 58 57 3 335 314 347 (32)
		2,112 7.7%
		206
		1,906 7.1%

		54
		379
	1,379 22 1,242 (90) 1,357 (90) (116) (90)	1,473 0
	1,401 1,152 1,267 (206)	1,473 5.2%
	1.24 0.66 2.92 2.97 1.26 0.68 2.69	3.19 3.0% (8.0%) 7.4%

8 Novartis influenza vaccines acquisition as from 31 July 2015

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9 Underlying excludes financials relating to the Novartis influenza vaccines business (NVS-IV)

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17 August 2016

(#) Constant currency removes the impact of exchange rate movements to facilitate comparability of operational performance for the Group. This is done in three parts: a) by converting the current year net profit of entities in the group that have reporting currencies other than US Dollars, at the rates that were applicable to the prior comparable period ( translation currency effect ); b) by restating material transactions booked by the group that are impacted by exchange rate movements at the rate that would have applied to the transaction if it had occurred in the prior comparable period ( transaction currency effect ); and c) by adjusting for current year foreign currency gains and losses ( foreign currency effect ). The sum of translation currency effect, transaction currency effect and foreign currency effect is the amount by which reported net profit is adjusted to calculate the result at constant currency.

Summary NPAT adjusted for currency effects

Reported net profit after tax US$1,242.4m Translation currency effect (a) US$85.5m Transaction currency effect (b) US$(7.7m) Foreign Currency losses (c) US$37.2m Constant currency net profit after tax * US$1,357.4m

a) Translation Currency Effect NPAT $85.5m

Average Exchange rates used for calculation in major currencies (twelve months to June 16/June 15) were as follows: USD/EUR (0.90/0.82); USD/CHF (0.98/0.94).

b) Transaction Currency Effect NPAT $(7.7m)

Transaction currency effect is calculated by reference to the applicable prior year exchange rates. The calculation takes into account the timing of sales both internally within the CSL Group (ie from a manufacturer to a distributor) and externally (ie to the final customer) and the relevant exchange rates applicable to each transaction.

c) Foreign Currency Effect NPAT $37.2m

Foreign currency losses during the period as recorded in the financial statements.

Underlying Net Profit after Tax at Constant Currency

At the time of the 2015 results CSL provided guidance to the market excluding the Novartis Influenza business (NVS-IV) that was acquired by the Group on 31 July 2015. Guidance to the market was presented excluding the anticipated financial performance of NVS-IV given the uncertainty around that performance at the time of the publication of the 2015 results.

There are three elements that bridge the constant currency result noted above to the Underlying Net Profit after Tax at constant currency:

d) Operational Performance NVS-IV NPAT ($205.5m)

Operational performance of the NVS-IV business – the business recorded a Net Loss after Tax of $205.5m

e) One off items NPAT ($86.6m)

One off items comprise acquisition and integration costs that were incurred during the year. Acquisition costs include professional fees and travel. Integration costs are those costs incurred in bringing the acquired business into the CSL Group, these include salary costs, professional fees and travel. Together acquisition and integration costs are $86.1m after tax – these costs have been charged to the income statement of the Group.

f) Gain on acquisition NPAT $176.1m

The acquisition gave rise to a gain as the fair value of net assets acquired was greater than the consideration paid. Full details of the gain are included in the financial statements in Note 1b.

are included in the financial statements in Note 1b.
Constant currency net profit after tax *	US$1,357.4m
Operational performance of NVS-IV (d)	US$205.5m
One-off items (e)	US$86.6m
Gain on acquisition (f)	US$(176.1m)
FY16 underlying constant currency NPAT	US$1,473.4m
Summary Sales
Reported sales	US$5,909.5m
Currency effect	US$300.1m
Constant currency sales (Group)	US$6,209.6m
NVS-IV sales	US$283.8m
Underlying FY16 Sales	US$5,925.8m

Constant currency net profit after tax and sales have not been audited or reviewed in accordance with Australian Auditing Standards.

® Trademarks of CSL Limited or its affiliates.

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CSL Limited 2016 Full Year Result 17 August 2016

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Legal Notice

Forward looking statements

The materials in this presentation speak only as of the date of these materials, and include forward looking statements about CSL Limited and its related bodies corporate (CSL) financial results and estimates, business prospects and products in research, all of which involve substantial risks and uncertainties, many of which are outside the control of, and are unknown to, CSL. You can identify these forward looking statements by the fact that they use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “may,” “assume,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Factors that could cause actual results to differ materially include: the success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; litigation or government investigations, and CSL’s ability to protect its patents and other intellectual property. The statements being made in this presentation do not constitute an offer to sell, or solicitation of an offer to buy, any securities of CSL.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including CSL). In particular, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based.

Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, CSL disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of CSL since the date of these materials.

Trademarks

Except where otherwise noted, brand names designated by a ™ or ® throughout this presentation are trademarks either owned by and/or licensed to CSL or its affiliates.

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Financials

Revenue US$6.1 billion

Underlying[1] revenue up 8.2% @CC[2 ] Guidance ~7% @CC
EBIT US$1,438 million
Underlying EBIT up 7% @CC
NPAT US$1,242 million
Underlying NPAT up 5.2% @CC
NVS-IV NPAT ($116m)
EPS US$2.69

Guidance ~5% @CC Guidance (~$90-120m)

Reported EPS down 8.0%
Underlying EPS up 7.4% @CC
Research & Development investment US$614 million Final dividend increased to US$0.68, up 3% on PCP, unfranked

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1. Underlying excludes financials relating to the Novartis influenza vaccines business (NVS-IV). NVS-IV was acquired on 31 July 2015 2. Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability of operational performance. See end note for further detail.

Highlights

CSL Behring

Product sales up 10% @ constant currency
Idelvion[®] (rFIX-FP) approved by US FDA, EMA and Health Canada
• Afstyla[® ] (rFVIII-SC) approved by US FDA
• Respreeza[ ®] (AATD) approved by the EMA
New Privigen[®] (IVIG) manufacturing facility approved by US FDA
Influenza (Seqirus)
Novartis influenza vaccines acquisition closed 31 July 2015
‘Seqirus’ launched – No 2 global influenza vaccine manufacturer
• Fluad™ approved by US FDA
Flucelvax Quadrivalent™ approved by US FDA
• Afluria Quad™ approved by Australian TGA

Capital Management

A$1 billion share buyback[1] ~92% completed[2 ]

2. As at 11 July 2016

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1. CSL reserves the right to suspend or terminate buy-backs at any time

Group Sales

CSL FY16 Sales US$5.9B

$2,457M Immunoglobulins $1,000M Haemophilia $977M Specialty $811M Albumin $652M Seqirus Products

Immunoglobulins Haemophilia Specialty Albumin Broad portfolio of products

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Broad Sales Reach

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----- Start of picture text -----

CSL FY16 Sales US$5.9B
$2,690M North America
North
America
$1,601M Europe
$656M Asia
Europe
Australia
$510M ROW
ROW
$453M Australia
Asia
----- End of picture text -----

Looking Forward into FY17[1]

NPAT growth[2] ~ 11% @ CC[3] EBITDA growth[2] ~14% @ CC EPS growth to exceed NPAT growth

Revenue expected to grow ~9% @ CC
Continued strong demand for plasma therapy products
Full year rCOAGs sales contribution
Seqirus fully participating in a normal flu season

Investing for the future

New capacity to support growth
Enterprise Process Management initiative
Planning for CSL112 (apoA-I) Phase III continuing Maintenance Maintenance
Capital management 44% 42%
New ~A$500m share buyback foreshadowed
New ~US$500m US private placement

1 For forward looking statements, refer to Legal Notice on page 2

2 Excludes one-off gains and costs (net US$90m) relating to the acquisition of NVS-IV during FY2016 – see appendix for detail 3 Constant Currency (CC) removes the impact of exchange rates movements to facilitate comparability

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Business Unit Performance

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CSL Behring

Product Sales up 10% @CC

6,000US$M US$5,029m 5,000 4,000 3,000 2,000 Specialty 1,000 Albumin 0 Jun 15 Jun 16 Reported sales for the 12 month period

US$5,245m

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Immunoglobulins

Sales up 11% @CC

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US$M
2,500
2,000
1,500
1,000
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US$2,457m Highlights
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US$2,326m
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----- Start of picture text -----

SCIG
IVIG
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SCIG – Hizentra[®] up 31%

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----- Start of picture text -----

SCIG
IVIG
Hyper IG
Jun 15 Jun 16
----- End of picture text -----

Significant increase in new patient starts in both US and EU
Strong specialty pharmacy growth driven by at home treatment

IVIG – Privigen[®] up 7% North America

Maintained share in competitive hospital setting
Grew share in the non-acute setting
Europe

500

Growth in France & UK driven by neurology
• Introduction of IG IsoLo[®] well received
Australia

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0
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Privigen[®] launched

Reported sales for the 12 month period

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10 10

Haemophilia

US$M

Sales up 4% @CC

Highlights

1,200

1,000

800

600

400

200

US$1,026m

US$1,000m

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pd Coag
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rCOAGs
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Jun 16

Jun 15

Reported sales for the 12 month period

pdCOAGs

Solid growth in Humate[®]
Growth in Beriate[®] driven by Eastern European and global tenders
Volume growth in developing markets

rCOAGs

Volumes declined driven by the competitive environment for rFVIII

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11 11

Specialty

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US$M
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US$977m
US$923m
Acquired
Bleeding
HAE
AATD
Other
Jun 15 Jun 16
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1,000
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800
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600
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400
----- End of picture text -----

200

Reported sales for the 12 month period

Sales up 11% @CC

Highlights

Kcentra[® ] / Beriplex[®]

Sales up strongly in the US due to increased focus and commercial investment

Berinert[® ] P

New patient starts in the US up 9%
Increasing awareness and diagnosis in EU

Zemaira[® ] / Respreeza[®]

Launched in EU

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12 12

Albumin

Sales up 12% @CC

US$M

1,000

800

600

400

200

US$811m

US$754m

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Jun 15 Jun 16

Reported sales for the 12 month period

Highlights

China

26% sales growth
Continued strong sales momentum
Extensive distribution network
US
Solid demand
Expansion of integrated delivery networks and large hospital contracts contributing to majority of growth

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13 13

Seqirus

US$M

800

600

400

200

Seqirus US$652m

bioCSL US$412m Influenza

NVS-IV[1 ]

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Pharma
& vaccines
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Jun 16

Jun 15 Reported sales for the 12 month period

Highlights

FY16 includes 11 months from NVS-IV
Mild 2015/16 northern hemisphere influenza season
TIV portfolio in FY16
In-license product fluctuation

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14 14

1. Novartis influenza vaccines (NVS-IV) sales for 11 months

Seqirus – Update

Operations

Integration substantially complete
Enhanced efficiency, sharing of best practices
New formulation facility in Liverpool

Product launches

Recent US launch of Flucelvax Quadrivalent™ and Fluad™
- Full year impact from FY18
Seqirus influenza vaccines 1[st] to market in the US
Clinical trials
Fluad™: quadrivalent in elderly and paediatric
Afluria Quad™: paediatric

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Business turnaround on track

15 15

CSL Intellectual Property

Segment Revenue $123m, down 10% @CC

PCP includes license payment relating to CSL 362
HPV royalties $120m, up 14% @CC
Registration of 9-valent HPV vaccine in US by Merck

CSL362 (anti-IL-3Ra mAb)

Exclusive worldwide license with Janssen Biotech to develop and commercialise CSL362
Phase 2 AML study commenced by Janssen Biotech July 2015
Commitment to exploratory study in SLE (Lupus) patients

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16 16

R&D Update

Idelvion[®] (rIX-FP)

rIX-FP Phase III efficacy data supports 7-14 day dosing
Extension study supports dosing interval of up to 21 days for prophylaxis in appropriate patients
Adult and pediatric indications approved in Canada, US and EU

Afstyla[®] (rVIII-SingleChain)

Phase I/III data supports twice weekly prophylaxis
Prophylaxis treatment demonstrates long-lasting efficacy in paediatric patients
Adult and paediatric indications approved in US in May 16
Application submitted to the European authorities in Dec 15

Hizentra[® ] (SCIG)

Hizentra[®] flexible dosing registration in US
Hizentra[®] CIDP pivotal study recruitment completed

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17 17

R&D Update

Beriplex[® ] (Prothrombin Complex Concentrate)

Phase III study in Japan nearing completion
Orphan Drug Designation received in Japan in March 16
Berinert[®] /CSL830 (C1 Esterase Inhibitor)
CSL830 (subcut) pivotal Phase III study successfully completed
Berinert[®] approved for use in paediatric patients in the US in July 16
Anti-FXIIa mAb pre-clinical development in HAE completed
Zemaira[®] /Respreeza[®] (Alpha1-Proteinase Inhibitor)
Respreeza[®] approved by EMA in August 15
CSL112 (Apolipoprotein A-I)
AEGIS-I Phase IIb study completed
Planning for Phase III continuing

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18 18

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Financials

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19 19

FY16 Profit Growth

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----- Start of picture text -----

NVS-IV [3] ($116.0m)
1,800US$M
+5.2%
1,600
$1,473.4m
$1,401.1m [1 ]
$1,357.4m
1,400
FX $115.0m
1,200 Gain on One off Operational
acquisition items NPAT
1,000
$176.1m ($86.6m) ($205.5m)
800 $1,379.0m $1,473.4m $1,242.4m
600
FY15 FY16 FY16
400 Reported Underlying Reported
NPAT NPAT [2 ] NPAT
200 @CC
0
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1. Excludes $22.1m Novartis influenza vaccines business NVS-IV acquisition costs

2. Underlying excludes financials relating to the Novartis influenza vaccines business (NVS-IV)

3. NVS-IV was acquired on 31 July 2015

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20 20

Margin Development

% 50 40 30

EBITDA Margin Underlying[1]

FY16

Margin impacted by NVS-IV acquisition & commercial operations preparation for rCOAG launches

Outlook[2]

20 10

Margin to benefit from transitioning to CSL’s rCOAGs
Helixate[®] sales to extend beyond supply contract expiry
Seqirus turnaround

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1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16
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21 21

1. Excludes financials relating to the Novartis influenza vaccines business (NVS-IV) and shows at constant currency 2 For forward looking statements, refer to Legal Notice on page 2

Currency Exposure

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CSL
AUD
CNY Behring
CHF
USD USD
EUR
EUR
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Outflows
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Inflows
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AUD
USD
Seqirus
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AUD
USD
GBP
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CSL Behring

Balance in USD & Euro flows
Lengthy period between flows

Seqirus

Balance to improve as Flucelvax volumes increase
Influenza sales skewed for 1H - outflows more even through year
• FX composition will change with discontinuation of TSAs

Group

Hedge material known contracts
FX impact[1] in FY17 ~($35m) at current rates

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1 For forward looking statements, refer to Legal Notice on page 2

22 22

Capital Expenditure

US$M 900 800 Seqirus 700 600 500 CSL Growth 400 Ex - 65% 300 Seqirus 200 Maint. 100 35% 0 FY16 FY17 Estimate[1 ]

Seqirus – Establishment

Liverpool – new formulation facility
New IT platform

CSL Behring - Growth

Marburg – new base fractionation
Bern – warehousing & logistics & filling line
Kankakee – new base fractionation
Maintenance • Lengnau – new rCOAG manufacturing 42%
Broadmeadows – new albumin manufacturing
• EPM initiative

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23 23

1 For forward looking statements, refer to Legal Notice on page 2

Effective Capital Management

Net Debt/EBITDA

2x 1.5

0.5

Seqirus

Appropriate balance sheet leverage beneficial to shareholders
NVS-IV acquisition lifts Net Debt to EBITDA ratio
Cost of debt at historic lows
Strong group cash generation
Debt coverage well below debt covenants
Net interest coverage 32x

-0.5

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24 24

Looking Forward[1 ]

NPAT growth[2] ~ 11% @ CC[3] EBITDA growth[2] ~14% @ CC EPS growth to exceed NPAT growth

Notable items:

Gross margin – modest growth with full year of rCOAG contributions
D&A – increase in capex to support CSL Behring growth, establishment of Seqirus and EPM initiative
Interest – funding for capex, buyback, Seqirus financing costs
Effective tax rate – product mix shift leading to ~20 to 22% ETR
Seqirus – continue to anticipate breakeven in FY18 42%
1 For forward looking statements, refer to Legal Notice on page 2

2 Excludes one-off gains and costs (net US$90m) relating to the acquisition of NVS-IV from FY2016 – see appendix for detail 3 Constant Currency (CC) removes the impact of exchange rates movements to facilitate comparability

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25 25

CSL Strategy for Profitable Growth

			• CSL 112 – new treatment paradigm in ACS
	Future Growth		• CSL 830 – HAE
	Pipeline		• Pipeline antibodies
			• Targeted business development
			• Drive Seqirus business to profitability
	Growth	Seqirus	• Successfully launch pipeline vaccines	Sustained Financial
	Drivers	CSL Behring	• Launch & grow recombinant coagulation factors • Maintain leadership in Ig and albumin • Grow high-margin specialty products	Performance
			• Relentless commitment to lowest cost base
	Core Plasma		• Remain ahead of the demand curve
			• Organic growth of core plasma products
6 26

26 26

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27 27

Group Results

*Group Results*
Full year ended June US$ Millions	FY15 Reported FY16 Reported FY16 Reported @CC3 FY16 NVS-IV1 @CC FY16 Underlying2 @CC Change %
Sales Other Revenue / Income Total Revenue / Income	5,459 169 5,628 5,909 220 6,129 6,210 225 6,435 284 62 346 5,926 163 6,089 8.6% 8.2%
Earnings before Interest, Tax, Depreciation & Amortisation Depreciation/Amortisation Earnings before Interest and Tax Gain on Acquisition Net Interest Expense / (Income) Tax Expense Net Profit after Tax NVS-IV one off (gain)/costs Underlying Net Profit after Tax Total Dividend (US$) Final Dividend (US$) Reported EPS (US$) Underlying2EPS (US$)	1,939 1,658 1,818 (294) 2,112 7.7% 181 1,758 220 1,438 233 1,585 27 (321) 206 1,906 7.1% 44 335 176 58 314 176 57 347 176 3 (32) 54 379
	1,379 1,242 1,357 (116) 1,473 22 (90) (90) (90) 0
	1,401 1,152 1,267 (206) 1,473 5.2%
	1.24 0.66 2.92 2.97 1.26 0.68 2.69 3.19 3.0% (8.0%) 7.4%

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1. Novartis influenza vaccines acquisition as from 31 July 2015

2. Underlying excludes financials relating to the Novartis influenza vaccines business

3. Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability of operational performance. See end note for further detail.

28 28

CSL Behring Sales

*L Behring Sales*
Full year ended June US$ Millions	FY15 FY16 FY16 CC1 Change %
Immunoglobulins Haemophilia - Recombinants - Plasma Specialty Albumin Total Product Sales Other sales (mainly plasma) Total Sales	2,326 468 558 923 754 2,457 415 585 977 811 2,571 434 634 1,021 848 11% (7%) 14% 11% 12%
	5,029 5,245 5,508 10%
	18 5,047 12 5,257

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29 29 1 Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability. See end note for further detail.

Financial Appendix

	CSL GROUP	CSL GROUP
Full Year ended June US$ Millions	FY16 Actual	FY17 Guidance1
Reported Revenue	6,129	~9% growth @CC2
Reported EBITDA NVS-IV one-offs3 Underlying EBITDA	1,658 91 1,749	~14% growth @CC
Reported Net Profit after Tax NVS-IV one-offs4 Underlying NPAT	1,242 (90) 1,152	~11% growth @CC
FX Impact5 ~($35M)

1 For forward looking statements, refer to Legal Notice on page 2
2 Constant Currency (CC) removes the impact of exchange rates movements to facilitate comparability. See end note for further detail. 3 Comprises one-off acquisition related costs of $91m (@EBIT line)
4 Comprises gain on acquisition ~US$176.1m & one off acquisition related costs of $86.6m (@NPAT line)
5 Assumes current rates remain steady for the remainder of the year

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30 30

Notes - 1

Summary NPAT adjusted for currency effects Reported net profit after tax US$1,242.4m Translation currency effect (a) US$85.5m Transaction currency effect (b) US$(7.7m) Foreign Currency losses (c) US$37.2m Constant currency net profit after tax * US$1,357.4m

a) Translation Currency Effect NPAT $85.5m

Average Exchange rates used for calculation in major currencies (twelve months to June 16/June 15) were as follows: USD/EUR (0.90/0.82); USD/CHF (0.98/0.94).

b) Transaction Currency Effect NPAT $(7.7m)

c) Foreign Currency Effect NPAT $37.2m

Foreign currency losses during the period as recorded in the financial statements.

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31 31

Notes - 2

Underlying Net Profit after Tax at Constant Currency

There are three elements that bridge the constant currency result noted above to the Underlying Net Profit after Tax at constant currency:

d) Operational Performance NVS-IV NPAT ($205.5m)

Operational performance of the NVS-IV business – the business recorded a Net Loss after Tax of $205.5m

e) One off items NPAT ($86.6m)

f) Gain on acquisition NPAT $176.1m

The acquisition gave rise to a gain as the fair value of net assets acquired was greater than the consideration paid. Full details of the gain are included in the financial statements in Note 1b.

statements in Note 1b.
Constant currency net profit after tax *	US$1,357.4m
Operational performance of NVS-IV (d)	US$205.5m
One-off items (e)	US$86.6m
Gain on acquisition (f)	US$(176.1m)
FY16 underlying constant currency NPAT	US$1,473.4m
Summary Sales
Reported sales	US$5,909.5m
Currency effect	US$300.1m
Constant currency sales (Group)	US$6,209.6m
NVS-IV sales	US$283.8m
Underlying FY16 Sales	US$5,925.8m

Constant currency net profit after tax and sales have not been audited or reviewed in accordance with Australian Auditing Standards.

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32 32

CSL Limited

Contact – Mark Dehring Head of Investor Relations Telephone: +613 9389 3407 Email: [email protected]

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AI assistant

CSL Ltd. — Annual Report 2016

17854_rns_2016-08-16_7ddb59b4-091a-43fe-932a-089336778803.pdf

For immediate release 17 August 2016

Full Year Result 2016

CSL Delivers Another Strong Performance

HIGHLIGHTS

Financial

Operational

CSL Behring

Influenza (Seqirus)

Capital Management

OUTLOOK (at FY16 exchange rates)

OPERATING REVIEW

CAPITAL MANAGEMENT

Share Buyback

Capital management foreshadowed during FY17

CHANGES TO CSL BOARD

DIVIDENDS

FURTHER INFORMATION

Page 8

17 August 2016

Group Results

US Dollars

Page 9

17 August 2016

a) Translation Currency Effect NPAT $85.5m

b) Transaction Currency Effect NPAT $(7.7m)

c) Foreign Currency Effect NPAT $37.2m

Underlying Net Profit after Tax at Constant Currency

d) Operational Performance NVS-IV NPAT ($205.5m)

e) One off items NPAT ($86.6m)

f) Gain on acquisition NPAT $176.1m

Legal Notice

Forward looking statements

Trademarks

Financials

Revenue US$6.1 billion

Highlights

CSL Behring

Capital Management

Group Sales

CSL FY16 Sales US$5.9B

Broad Sales Reach

Looking Forward into FY17[1]

NPAT growth[2] ~ 11% @ CC[3] EBITDA growth[2] ~14% @ CC EPS growth to exceed NPAT growth

Investing for the future

Business Unit Performance

CSL Behring

Product Sales up 10% @CC

US$5,245m

Immunoglobulins

Sales up 11% @CC

Haemophilia

US$M

Sales up 4% @CC

Highlights

US$1,026m

US$1,000m

pdCOAGs

rCOAGs

Specialty

Sales up 11% @CC

Highlights

Kcentra[® ] / Beriplex[®]

Albumin

Sales up 12% @CC

US$M

US$811m

US$754m

Highlights

China

Seqirus

US$M

Jun 16

Highlights

Seqirus – Update

Operations

Product launches

CSL Intellectual Property

CSL Ltd. Annual Report 2016