CSL Ltd. — Interim / Quarterly Report 2008

Apr 7, 2008

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Half Year Report 2007-2008

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Half Year Financial Results

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CSL Group Results

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|---|---|---|
|For half year ended December|2007|2006|
|($M)|($M)|
|Sales|1,750.1|1,514.4|
|Other Revenue|128.3|53.1|
|Total Revenue|1,878.4|1,567.5|
|Earnings before Interest, Tax,|
|Depreciation and Amortisation|572.8|448.3|
|Depreciation/Amortisation|72.9|57.6|
|Earnings before Interest and Tax|499.9|390.7|
|Net Interest Expense|8.8|3.8|
|Tax Expense|142.4|129.6|
|Net Profit after Tax|348.7|257.3|
|Interim Dividend (cents)|23.00|16.33|
|Basic EPS (cents)|63.42|47.05|

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* After restating for 3:1 share split undertaken 24 October 2007

Dividend to Shareholders

An interim dividend of 23 cents per share (unfranked) is payable on 14 April 2008.

For more information on results Visit our website: http://www.csl.com.au/investors

Chairman’s Report

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Dear Shareholder,

Strong continuing global demand for our plasma therapies and expanding sales of the Gardasil* vaccine have been instrumental in delivering a 36% increase in net profit after tax to $349 million for the half year ended 31 December 2007. This includes an adverse foreign currency impact of $28 million when compared to the same period last year.

All CSL businesses contributed solidly to our excellent half year result. Compared with the same period last year, CSL Group revenue increased 20% to $1.9 billion and net operating cash flow was up 57% to $293 million.

Your Directors have announced an interim dividend of 23 cents per share (unfranked), payable to shareholders on 14 April 2008. Adjusted for the 3 for 1 share split on 24 October 2007, this is an increase of 41% on the same period last year.

* Gardasil is a trademark of Merck & Co. Inc.

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Business Group Performance

CSL Behring sales revenue increased 3% to $1.4 billion underpinned by a robust performance from both our core and specialty plasma products. In constant currency, sales revenue increased 13% on the same period last year before factoring in adverse foreign exchange rate movements. Set to be a driver of margin expansion and value for CSL over the next two to three years is Privigen[®] , a new generation 10% liquid intravenous immunoglobulin (IVIg) launched in the US in February 2008.

CSL Bioplasma’s revenue reached $123 million driven by Intragam[®] P sales in Australia, growth in specialty products and sales in Asia.

CSL Biotherapies achieved sales revenue of $267 million based on solid Australian demand for the school-based Gardasil* immunisation program.

Business Development

Launched in the US on 7 February 2008, Privigen[®] is the first proline stabilised IVIg ready for immediate use, requiring no refrigeration or reconstitution during its shelf life. Privigen[®] is used to treat patients with primary immune deficiency, and is also indicated for the treatment of chronic immune thrombocytopenic purpura.

Following US FDA marketing approval in October 2007 for our Afluria[®] brand of influenza vaccine, the product has now been launched in the US. The international expansion of CSL’s influenza vaccine business and our entry into the US market are underpinned by expansion at our Melbourne facility which will significantly increase our influenza vaccine production capacity.

Gardasil* Cervical Cancer Vaccine

Gardasil is the world’s first vaccine against cervical cancer. Merck & Co. Inc. has exclusive global marketing rights for Gardasil. CSL holds distribution rights for Australia and New Zealand and receives royalties from global sales by Merck.

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Royalties of $81 million were received from Merck for Gardasil in the half year and are expected to reach $163 million¹ for the full year. Gardasil sales in Australia are expected to reach approximately $200 million for the full year which includes sales of $143 million to December 2007.

By December last year, Gardasil had been approved in more than 90 countries and the vaccine was under review in a further 40 countries. Merck is also seeking to expand the Gardasil label claim to include women from 27 to 45 and males from 9 to 26 years of age.

Business Outlook

CSL anticipates stable to favourable market conditions for our plasma therapies business and a strong royalty contribution from international sales of Gardasil*.¹

Based on an estimated adverse foreign exchange impact of between $65 and $70 million using financial year 2006-2007 constant currency, CSL expects to report net profit after tax of between $670 million and $690 million for the 2007-2008 financial year. The full year forecast is subject to material price and volume movements on core plasma products, Australian sales of Gardasil and royalties from international sales of Gardasil, the effective tax rate and foreign exchange movements.

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Elizabeth Alexander, Chairman March 2008

¹ Analyst consensus estimates on Gardasil* sales used in financial year 2007-2008 forecast.

Shareholder Information

Share Registry

Computershare Investor Services Pty Limited Yarra Falls, 452 Johnston Street Abbotsford VIC 3067 Postal Address: GPO Box 2975 Melbourne VIC 3001

Enquiries within Australia: 1800 646 882 Enquiries outside Australia: 61 3 9415 4000 Investor enquiries facsimile: 61 3 9473 2500 Website: www.computershare.com.au Email: web.queries@computershare.com.au

Shareholders with enquiries should email, telephone or write to the Share Registry at the above address.

Separate shareholdings may be consolidated by advising the Share Registry in writing or by completing a Request to Consolidate Holdings form which can be found online at the above website.

Change of address should be notified to the Share Registry by telephone or in writing without delay. Shareholders who are broker sponsored on the CHESS sub-register must notify their sponsoring broker of a change of address.

Direct payment of dividends into a nominated account may be arranged with the Share Registry. Shareholders are encouraged to use this option by completing a payment instruction form online or advising the Share Registry in writing with particulars.

The Annual General Meeting will be held at the Function Centre, National Tennis Centre, Melbourne Park, Batman Avenue, Melbourne at 10:00am on Wednesday 15 October 2008.

There is a public car park adjacent to the Function Centre that will be available to shareholders at no charge.

CSL Limited

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ABN 99 051 588 348

Registered Head Office 45 Poplar Road Parkville Victoria 3052 Australia Telephone: +61 3 9389 1911 Facsimile: +61 3 9389 1434 Internet: http://www.csl.com.au

CSL Limited www.csl.com.au

CSL Behring www.cslbehring.com