CSL Ltd. — Investor Presentation 2017

Oct 17, 2017

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; acquisitions and divestments; research collaborations; 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.

Growth	Maximize portfolio value & deliver new product launches
Efficiency	Be the most efficient, highest quality plasma player
Influenza	Deliver on influenza strategy
Innovation	Pursue new opportunities to diversify portfolio and enhance growth
People & Culture	Create a culture that attracts, retains and develops the best talent

Delivering on Strategy

• Global leader in immunoglobulins
• Focused commercial execution
• Innovation in haemophilia
• IDELVION® new standard of care
• AFSTYLA® new generation rFVIII
• Exceptional growth in specialty products
• HAEGARDA® approved
• Ruide providing access to high growth China market

Delivering on Strategy

• 3 global launches in 15 months
• Largest ever CIDP clinical study completed
• 3 new mAbs into phase 1 trials
• Collaboration to develop Fc mimetic
• Acquisition of Calimmune
• Focused on the development of stem cell gene therapy
• Fellowship Program

• 5 years of margin expansion
• Most efficient plasma collection network
• Industry leading expansion
• Track record of reliable supply
• Major progress on capital expansion projects

Delivering on Strategy

Influenza

• On-track to profitability
• Broad product portfolio driving strong sales growth
• Shipping commenced of >50m doses to US
• Four-fold increase in seasonal output at Holly Springs
• Multi-market pandemic vaccine agreements

• Workforce ~20,000
• Maintaining and growing a values based culture
• Patient focus
• Geographic expansion
• Talent development
• Employee engagement
• R&D capabilities

Revenue Highlights

IMMUNOGLOBULINS \$2,774m +14%1	HAEMOPHILIA \$1,023m +4%1	SPECIALTY \$1,174m +20%1	ALBUMIN \$840m +7%1	SEQIRUS \$900m +23%1
Privigen® up 21%1 • Hizentra® up 10%1 • Total Ig2 up 16%1 •	• Strong demand for IDELVION® • Transition from Helixate® to AFSTYLA®	Kcentra® up 35%1 • Berinert® up 31%1 •	• Expansion into additional cities • China sales growth 13%1	Fluad®, QIVs and • TIV all contributing • Sustainable increase in pandemic reservation fees

1. Growth shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance.

2. Total Ig excludes hyperimmunes.

Investing to Support Sales Growth

• Key projects
• Lengnau
• Kankakee & Marburg: New base fractionation capacity
• Marburg: Additional Haegarda® / Berinert® capacity
• Broadmeadows: New albumin & Ig capacity
• Bern: New Ig capacity
• New collection centers
• Upgrade to ERP systems

Outlook

• FY18 NPAT1,2 ~\$1,480m \$1,550m @ CC3 Reaffirmed
• Investing in new plasma opportunities
• Planning for CSL 112 (apoA-I) Phase III continuing
• Transplant
• Monoclonal antibodies
• Expanding into the high growth China market
• Majority stake in Ruide
• Investing in new biotech opportunities
• Calimmune
• Momenta

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

² Based on projecting current exchange rates to the end of the financial year, foreign currency impact is not expected to be material

³ Constant Currency (CC) removes the impact of exchange rates movements, facilitating comparability of operational performance.