CSL Ltd. — Investor Presentation 2020

May 28, 2020

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For immediate release

29 May 2020

Webinar Presentation – Australian Shareholders’ Association

Please find attached a presentation used for a lunchtime Webinar presentation with the Australian Shareholder’s Association today.

This presentation is provided to the ASX for the information of all CSL’s shareholders and contains no new or price sensitive information.

Authorised by Fiona Mead

Company Secretary

For further information, please contact:

Media:

Christina Hickie Senior Manager Communications Telephone: +61 429 609 762 Email: Christina.Hickie@csl.com.au

Investors:

Bernard Ronchi Senior Manager Investor Relations Telephone: +61 3 9389 3470 Email: Bernard.Ronchi@csl.com.au

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CSL Limited Update on operations and future growth David Lamont, CFO

ASA Webinar, 29 May 2020

Participating in the Webinar

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Listen in through computer audio. Headset recommended. or Select Phone Call to see the number to call, Access Code and PIN Type your questions or just say hello here.

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Attendee Control Panel

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 or divestitures; research collaborations; litigation or government investigations, and CSL’s ability to protect its patents and other intellectual property. CSL Group is also involved in multiple litigations in the ordinary course of business. 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.

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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.

| Driven by Our Promise[™]

3

Overview

CSL is a leading global biotech company that develops and delivers innovative biotherapies and influenza vaccines that save lives and help people with life-threatening medical conditions live full lives

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US$ +[in annual ] 8.5bn revenue (FY19)

[Countries][ of operations ] 60[+] around the world

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8[Manufacturing sites across 6 countries]

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Australia

China Germany Switzerland

US

UK

Employees around the world

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26,000[+]

US$ 3.3bn

in R&D investments in the last 5 years advances exciting pipeline[1]

1,700[+]

R&D employees

Plasma collection centres across Europe and North America

257[+]

1. FY15 to FY19

4 | Driven by Our Promise[™]

CSL Today

3rd Largest Global Biotech

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1
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Global #1 in plasma therapies

• $30 billion industry

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2
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Global #2 in influenza vaccines

• $6 billion industry

Strong Market Position

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• Revenue FY19 ~$8.5bn

• 8 major manufacturing sites in 6 countries

• Major capacity expansion underway

Current Industry Themes

Plasma Supply Growth

Robust Ig demand Influenza Vaccine Technology Shift

• Deep R&D pipeline fueling future growth

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Solid Financial Position

• Net debt/EBITDA 1.4x

• A3 / A- credit rating (stable / stable)

5 | Driven by Our Promise[™]

Values and Strategy

Strategic Overview

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• Technology
• Process Improvement
• Operational Excellence
• Capital Project Execution
• Products Growth Platforms:
• Delivery • Plasma
• Services • Recombinants
• Technology • Cell & Gene Therapy
• Influenza Vaccines
• Immunology
& Neurology • Connected
• Haematology Healthcare
& Thrombosis • New Capabilities
• Transplant
• Respiratory
• Cardiovascular
& Metabolic
• Influenza
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Patient Superior Innovation Integrity Collaboration Focus Performance Core Values We deliver on We turn innovative We walk the talk We are stronger We take pride in our promise thinking into together our results to patients solutions

6 | Driven by Our Promise[™]

Business Highlights

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Strong Business Performance

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Balanced Regional Growth

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Executing to Ig Growth well Plan on New Above Market Launches

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Expanding Compelling Market real-world Presence effectiveness through New influenza Affiliates vaccine data

7 | Driven by Our Promise[™]

Strong and Consistent Revenue Growth

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US$B
10
8 CAGR 9%
6
4
2
0
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8 | Driven by Our Promise[™]

Shareholder Returns

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US
US$ cents
Earnings Per Share Dividends
200
5
160
4
EPS
3 120
2 80
1
40
0
0
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9 | Driven by Our Promise[™]

Shareholder Value

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A$
A$B
350 Share Price Market Capitalisation
140
300
27%pa
120
5 year CAGR
250
100
200
80
150
60
100
40
50
20
0
0
1996 2002 2008 2014 2020 CSL CBA BHP WBC NAB WES ANZ WOW TCL MQG
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10 | Driven by Our Promise[™]

Global & Diverse Revenue Base

FY19 Revenue US$8.5B

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Immunoglobulins
$3,543m
Specialty
$1,572m
Seqirus
$1,196m
Haemophilia
$1051m
Albumin
$1,018m
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Australia
8%
ROW
6% Asia
11%
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11 | Driven by Our Promise[™]

1H20 Performance

A strong half year for CSL with revenue up 11%[1] and net profit after tax up 11%[1] reflecting:

• Strong growth in immunoglobulin portfolio

• Transition to own distribution model in China progressing well

• Continued evolution of the haemophilia portfolio

• Strong performance from Seqirus

CSL BEHRING

• PRIVIGEN[® ] +28%[1]

• HIZENTRA[® ] +37%[1]

• ALBUMIN -33%[1] (GSP IMPACT)

• AFSTYLA[®] +30%[1]

• IDELVION[®] +21%[1]

• ZEMAIRA[® ] +31%[1]

SEQIRUS

• Seasonal influenza +16%[1]

• FLUCELVAX[®] launched in EU

• FLUAD[®] preferred recommendations in UK & Australia

• Positive real world effectiveness evidence continuing

• Commenced aQIVc development

1. Growth percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. See end note for further detail.

12 | Driven by Our Promise[™]

1H 20 Financial Highlights

Half year ended Dec	1H19	1H20	1H20	Change
US$ Millions	Reported	Reported	at CC1	%
Total Revenue	4,505	4,911	4,980	11%1
Gross Profit	2,623	2,842	2,891	10%1
GP margin	58.2%	57.9%	58.0%
EBIT	1,553	1,632	1,679	8%1
NPAT	1,161	1,248	1,292	11%1
Cashflow from Operations	535	1,245		133%
Capex	539	685		27%
EPS ($)	2.56	2.75	2.85	11%1
DPS ($)	0.85	0.95 (A$1.47)		12% 22%

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

13 | Driven by Our Promise[™]

Commitment to Research and Development

R&D Spend

New R&D Facilities

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US$m
900 832
750 702
667
614
600
466 463
450
300
150
0
FY14 FY15 FY16 FY17 FY18 FY19
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Bio21 Institute, Melbourne

• ~ 4100m[2] of lab and office space

• Parkville precinct

• Melbourne University, MRI’s

• 4 major teaching hospitals

SITEM[1] , Bern

• 2000m[2] of lab and office space

• Bern University and Hospital campus

Gene therapy, Pasadena

• Expanding gene therapy expertise

New Product Development

activities focus on innovative new therapies for life-threatening diseases

Market Development

strategies seek to bring therapies to new markets and new indications

Life Cycle Management

ensures continuous improvement of existing products

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• Research, QA, cell processing and manufacture

• Wet-lab space (non-GMP) tripled from 132 to 480 m[2]

• GMP space (330 m[2] ) to engineering qualification level

1. SITEM – Swiss Institute for Translational and Entrepreneurial Medicine.

14 | Driven by Our Promise[™]

R&D Highlights

Immunology and Neurology	•HIZENTRA® granted Orphan Drug Exclusivity for CIDP •HIZENTRA® Dermatomyositis (DM) Phase III Study initiated •Garadacimab (Anti-FXIIa) in Hereditary Angioedema (HAE) Phase II double blind period complete
•CSL200 (CAL-H) in Sickle Cell Disease (SCD) Phase I Study initiated •CSL889 Hemopexin in SCD Phase I Study initiated Haematology and Thrombosis
Respiratory	•CSL311 (Anti-Beta Common) Phase I study commenced •Approval of convenient single-vial dosing for ZEMAIRA®(Alpha1-Proteinase Inhibitor) in the US
•CSL112 (ApoA-1) Phase III study (AEGIS-II) progressing well with >7000 patients recruited Cardiovascular and Metabolic
Transplant	•CSL964 Alpha-1 Antitrypsin (AAT) for prevention of Graft versus Host Disease (GvHD) after Transplantation of Allogenic Hematopoietic Cell Transplantation (HCT) Phase III study actively recruiting and on track
Influenza Vaccines	•First cell-based quadrivalent seasonal influenza vaccine, FLUCELVAX® TETRA, approved in Europe •AFLURIA® QUAD (quadrivalent influenza vaccine) granted expanded indication for use in children 6M+ in Australia •aQIVc (MF59 plus FLUCELVAX® antigen) new product development commenced

15 | Driven by Our Promise[™]

COVID-19 Update

Response

Employees

• Primary objective is to ensure safety and wellbeing of our staff, donors and continuity of supply of medicines to patients

• Business continuity plans implemented at all sites

• Expertise, technologies, equipment and materials are being provided to support the response to COVID-19

• Health and welfare of staff are of primary importance to CSL

• Wherever possible, staff are strongly encouraged to work remotely

• Facilities are ‘critical infrastructure/essential facilities’ and excluded from most government shutdown processes

• On-boarding of critical staff positions accelerated

• Providing additional southern hemisphere influenza vaccine doses to Australia

• International and domestic travel limited to business critical

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|

Evolving Pandemic

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| Driven by Our Promise[™]

16

Focused COVID-19 Response

Prevention

Treatment

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Population General public

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s e v e r i t y

At-risk healthcare workers and infected patients

Therapeutic Options

• Vaccines

• Hyperimmunes * Monoclonal antibodies

Polyclonal antibodies

CSL Assets & Adjuvant technology Scaled manufacturing Capabilities Collaborators University of Queensland/CEPI

Process development Scaled manufacturing

Hyperimmune: Alliance with Takeda and others Polyclonal: Sab Therapeutics

CSL312; CSL324 IL6; C1inhibitor Academic clinical researchers

• [CSL platform]

17 | Driven by Our Promise[™]

Growth Catalysts

PLASMA PROTEINS

Outperformance Drivers

• Ongoing robust demand

• Commercialization of 5 global product launches

• Grow China business

• R&D pipeline

• CVD, Fc Multimer, transplant, gene therapy

INNOVATION

INFLUENZA

• Product differentiation – FLUCELVAX [®]

• Sales shifting towards FLUAD [®] and QIV

EFFICIENCY

EFFICIENCY & FLEXIBILITY

• Harness benefits from new technology investments

FLEXIBILITY

• Significant manufacturing capacity expansion

• Opening 40 collection centres in FY20

18 | Driven by Our Promise[™]

CSL Limited

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