CSL Ltd. — Investor Presentation 2022

May 2, 2022

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For immediate release 3 May 2022

Presentation at Macquarie Australia Conference 2022

Please find attached a presentation to be given by Ms Joy Linton, CSL's Chief Financial Officer at the Macquarie Australia Conference 2022.

Authorised by Fiona Mead Company Secretary

For further information, please contact:

Investors:

Bernard Ronchi Senior Manager, Investor Relations CSL Limited T: +613 9389 3470 Email: bernard.ronchi@csl.com.au

Media:

Jimmy Baker Communications, Asia Pacific CSL Limited M: +61 450 909 211 Email: jimmy.baker@csl.com.au

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CSL Limited Macquarie Conference

3 May 2022

Joy Linton

CFO

IMPORTANT NOTICE AND DISCLAIMER

This presentation contains summary information about CSL Limited (ACN 004 089 936) and its related bodies corporate (together, CSL ) and CSL's activities as at the date of this presentation. It is information given in summary form only and does not purport to be complete. It should be read in conjunction with CSL's other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange ( ASX ), available at www.asx.com.au This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire CSL shares or other securities.

Legal Notice

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of CSL or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of CSL or its directors, employees, contractors or agents.

This presentation contains forward-looking statements in relation to CSL, including statements regarding CSL's intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to CSL's business and operations, market conditions, results of operations and financial conditions, products in research and risk management practices. Forward-looking statements can generally be identified by the use of words such as "forecast", "estimate", "plan", "will", "anticipate", "may", "believe", "should", "expect", “project,” "intend", "outlook", "target", "assume" and "guidance" and other similar expressions.

The forward-looking statements are based on CSL's good faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will exist and affect CSL's business and operations in the future. CSL does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the control of CSL, that could cause the actual results, performances or achievements of CSL to be materially different to future results, performances or achievements expressed or implied by the statements. . 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.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of the presentation. Except as required by applicable laws or regulations, CSL does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based.

TRADEMARKS

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

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CSL – Leading Global Biotech

5[th] Largest Global Biotech

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Global #1 in protein therapies ~$37 billion industry

Global #2 in influenza vaccines $6 billion industry

Strong Market Position Revenues ~$10.3bn into 100+ countries Major capacity expansion program

Solid Financial Position* Net debt/EBITDA 0.8x A3 / A- credit rating (stable / stable)

8 Manufacturing Sites Across 6 Countries

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Bern, Broadmeadows, Marburg, Kankakee, Wuhan, China Liverpool, UK
Switzerland Melbourne, Germany Illinois, United
Australia States
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• 30 June 2021

Pathway back to growth post COVID

Plasma collections Digital transformation improving, now circa preunderway COVID levels Continued investment in capacity expansion Product demand limited by supply expected to alleviate Cluster of late stage R&D programs Gross margin expected to Agreement to acquire return to pre-COVID levels Vifor Pharma over time

| Confidential – Internal Use Only

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COVID - headwind for CSL Behring and tailwind for Seqirus

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CSL Behring Gross Margin
%
60
58
56
54
52
50
FY19 FY20 FY21 1H22
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% Seqirus Gross Margin
70
65
60
55
50
45
40
FY19 FY20 FY21 1H22
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CSL Behring Margin Development

Looking Forward

Covid Pressures

• Donor mix management

• Higher donor fees

• Improvement in plasma volume reducing fixed cost per unit

• New donor campaigns

• Competitive US employment environment

• Improvements in efficiencies:

• Fixed cost absorption on lower plasma volumes

• Digital enhancements

• ‒ New RIKA plasma donation system

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Other Fixed
& Variable
Costs
Donor
Testing Fees
Labour
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Cost per litre
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Modernizing Plasma via Technology

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01
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Pre-screen

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03
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02 03

Health Check

Donation

• Prescreening via app

• Bypass the kiosk with a SelfAdministered Health History

• Manage referrals via the app

• Know the value of your next donation

• Improve time and efficiency of the pre-donation health check by taking blood pressure and temperature bedside

• Improves flow for donors and efficiencies in the centre

• Reduce total donation time > 30%

• RIKA rollout

• Do all testing at bedside

• Continuous nomogram to increase yield per donor while improving donor safety

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Capex Growth Driven

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US$m US$b
Capex Revenue
1,400 12
1,200 10
1,000
8
800
6
600
4
400
2
200
- -
Maint Growth Revenue
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•
60-70% in growth capex
v maintenance capex
over the last 5 years
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• 9% CAGR in capex supports 10% CAGR in sales over the last 5 years

• FY22 expected to be ~$1.2b

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Key Capital Projects Completion Timeline

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FY22 FY23 FY24 FY25 FY26 FY27
Marburg
Base Frac Broadmeadows: Mod 1 & 2 Broadmeadows: Mod 3
Future Base Frac
Zemaira Fill/Finish – Thermo Fisher
Bulk &
Future IG Modules
Finishing
Broadmeadows Albumin Expansion
Lengnau
Plasma Centers (Continuous)
Other
CSL 112
R&D Marburg
Fill & Finish –
Holly Springs
Seqirus
Biotech Facility
New Plasma Donor Management System
Tech
Enterprise Process Management
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Cluster of late stage R&D programs

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FY23-
FY26
Garadacimab CSL112 Adjuvanted Cell
Anti-FXIIa (HAE) ApoA-1 (AMI) Culture Influenza
Vaccine
HIZENTRA [®] (aQIVc)
Clazakizumab
(DM)
Anti-IL-6 (AMR)
IDELVION [®] sa-mRNA
China (Haem B) Influenza Vaccine
CSL964 AAT
(sa-mRNA)
(GvHD
EtranaDez
Treatment)
Etranacogene
dezaparvovec
(Haem B)
Immunology Haematology Cardiovascular & Metabolic Transplant
Influenza Vaccines Partnered Projects
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Vifor Pharma Acquisition

Overview of Vifor Pharma

• World leader in the discovery, development, manufacturing and marketing of pharmaceutical products for the treatment of kidney disease and iron deficiency

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• Unique joint company VFMCRP with Fresenius Medical Care, global leader in dialysis

• Proven partner of choice in nephrology

• Attractive growth, with up to four product launches expected in 2022 / 23 and growing pipeline

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Nephrology Dialysis Iron
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• ~2,300 employees worldwide, with a presence in over 100 countries

Historical Financials[1]

Agreement to Acquire Vifor Pharma

• On 14 December 2021, CSL announced a tender offer to acquire 100% of Vifor Pharma for a total consideration of US$11.7bn

• Institutional placement for US$4.4bn completed in December 2021 and Share Purchase Plan for US$534m completed in February 2022

• US$4b debt raised in April 2022, range of tranches 5-40 years

• Integration planning underway

• Regulatory approvals and deal closure anticipated by mid 2022

US$m	Full Year Ended June 30, 2021	Half Year Ended December 31, 2021
Revenue	1,969	1,029
Gross Profit	1,217	656
EBIT	390	114

1. The Vifor Pharma historical information has been calculated using Vifor Pharma’s interim half-year financial statements that have not been audited or reviewed. Investors should refer to Vifor Pharma’s audited full-year financial statements to assess Vifor Pharma’s financial results and condition.

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Strategic Rationale for the Vifor Pharma Acquisition

Strengthens CSL’s Value Driven Strategy

Combined CSL + Vifor Pharma Revenue (1H22)[2]

Adds a durable and growing business with leadership positions across complementary and adjacent franchises, delivering greater benefit to patients

Builds a Significant Renal Franchise

Partner of choice in growing renal disease market. CSL’s global reach, R&D capabilities and financial scale will enable global expansion

Extends the Reach of CSL’s High Value Pipeline

Enhanced access to unique patient population supports clinical trial execution. Complementary portfolio

Enhances Scale and Free Cash Flow[1] , While Retaining Balance Sheet

Flexibility

Flexibility to support continued execution of R&D and business development projects

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Immunoglobulins
28%
Seqirus US$7.1bn
24%
Specialty
13%
Other Albumin
4% 8% Haemophilia
8%
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2. Pro forma revenue based on combination of CSL and Vifor Pharma, assuming acquisition is completed.

1. Free cash flow calculated as cash flow from operating activities less net capex.

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Capital Structure

Balanced Share Register

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Private
Aust Inst
Asia
Inst
North
EU/UK
America
Inst
Inst
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Debt Maturity Profile

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US$m
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		Pre 144A	Post 144A
	Weighted Average Tenor	5.3 years	9.7 years
	Weighted Average Cost of Debt	2.45%	2.90%

2,000 1,500

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1,000
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500 0 FY22 FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY42 FY52 FY62 Private Placement 144A QDI Bank Debt KfW Loans Leases

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CSL is committed to a healthier world. Our vision is a sustainable future for our employees, communities, patients and donors, inspired by innovative science and a values-driven culture

Our Sustainability Strategy

• Sustainability Strategy approved by the Board in 2021

• Executive Sustainability Committee representing all areas of the business

• CSL has identified ten focus areas across 3 key strategic pillars:

• Environment: environmental considerations; reduce carbon emissions; waste; supply chain

• Social: plasma donors; people, patient and community-focused leader; access to medicines

• Sustainable Workplace: engagement; diversity; giving

• Environmental targets to be announced in July 2022

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Growth Catalysts

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NEAR-TERM

• Plasma Collections

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MID-TERM

• Vifor Pharma

• • Garadacimab

• • RIKA

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• LONG-TERM • CSL112

• • aQIVc

• • Self amplifying mRNA

• • Transplant

• RIKA

• EtranaDez

• FLUCELVAX[®] paediatric

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CSL Contacts

Mark Dehring VP Investor Relations  +61 3 9389 3407 mark.dehring@csl.com.au

Bernard Ronchi Investor Relations  +61 3 9389 3470 bernard.ronchi@csl.com.au

Stephen McKeon Investor Relations  +61 3 9389 6798 stephen.mckeon@csl.com.au

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