CSL Ltd. — Regulatory Filings 2012

Feb 21, 2012

For immediate release

==> picture [205 x 32] intentionally omitted <==

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

22 February 2012

Interim Result Reported profit $483 million, down 3%

• Up 16% at constant currency[1]

• Foreign currency headwind of $95m

Earnings per share 92.2 cents, up 1% Cash flow from operations of $522 million, up 28% Full year profit guidance upgraded

• Approximately 13% growth at constant currency

• Buyback 20% complete

Dividend increased to 36 cents per share

CSL Limited (ASX:CSL) today announced a net profit after tax of $483 million for the six months ended 31 December 2011, down $17 million or 3% on a reported basis when compared to the prior comparable period. This result included an unfavourable foreign exchange impact of $95 million. On a constant currency[1] basis, net profit after tax grew 16%. Earnings per share benefited from current and past capital management initiatives.

KEY ITEMS

Financial

• Sales revenue $2.2 billion, up 13% at constant currency when compared to the prior comparable period

• CSL Behring sales US$1.9 billion, up 17%

• Reported net profit after tax $483 million, down 3%

• Up 16% at constant currency[1]

• Foreign currency headwind of $95 million

• Reported earnings per share 92.2 cents, up 1%

• Research and development expenditure of $161 million up 16% at constant currency

• Cash flow from operations of $522 million, up 28%

• Strong balance sheet, cash on hand $1,300 million, borrowings $1,278 million

• $900m on market share buyback approximately 20% complete, $181 million spent

• Interim dividend increased to 36 cents per share, unfranked, payable on 13 April 2012.

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

==> picture [99 x 7] intentionally omitted <==

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 2

22 February 2012

Operational

• Immunoglobulin sales up 21% at constant currency

• Strong demand across the product range

• Privigen[®] – European phase III study in CIDP completed

• Specialty products up 20% at constant currency

• RiaSTAP[TM] – phase III peri-operative bleeding study initiated in Europe

• o Berinert[®] - US and European approval for self administration

• Recombinant haemophilia pipeline

• rIX-FP - commencement of phase II/III pivotal study

• rVIIa – US FDA grants orphan drug designation

• rVIII-SingleChain – first patient recruited for trial

• GARDASIL[* ]

• Recommended for vaccinating boys in Australia, Canada & USA

• Investment in facilities expansion

• Capital Management

  • ~$800m in new lines of credit

  • US$750m private placement

  • Buyback 20% complete

Dr Brian McNamee, CSL’s Managing Director, said “We’ve delivered a strong performance across the portfolio, albeit somewhat masked by ongoing currency headwinds. Cash flow exceeded profit and together with a US$750 million US private placement underpins the funding for the current buyback program, which is now 20% complete.”

“Demand for our immunoglobulin products Privigen[®] , Hizentra[®] as well as our lyophilised product, Carimune[®] , has been vigorous, despite economic pressures in Europe and the US,” Dr McNamee said.

OUTLOOK (at 10/11 exchange rates)

Commenting on CSL’s outlook, Dr McNamee said “CSL is well placed for continued growth with an excellent portfolio of products and a broad geographic sales reach. I’m pleased to be able to upgrade our guidance of ~10% profit growth provided at the Annual General Meeting in October last year.

==> picture [99 x 7] intentionally omitted <==

22 February 2012

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 3

We now anticipate profit will grow approximately 13%, using fiscal 2011 exchange rates, to around $1,060 million, despite continuing economic pressures in Europe and the US and the return of a competitor to the market. Growth in earnings per share at constant currency will exceed this as shareholders benefit from the effect of the share buyback,” Dr McNamee said.

In compiling the Company’s financial forecasts for the year ending 30 June 2012 a number of key variables which may have a significant impact on guidance have been identified and these have been included in the footnote[2] below. To assist investors in determining the impact of movement in key currency pairs, we have provided with our results materials a foreign currency sensitivity analysis. The materials have also been posted on the Company’s website www.csl.com.au.

Provided at the end of this release is a restatement of the Group’s results in US dollars. US dollars are the pharmaceutical industry standard currency for reporting purposes and the restatement is provided to assist investors in their evaluation of the Company’s results. It also reflects the increasing predominance of the Company’s sales worldwide in US dollars. Consistent with this industry standard, the Company intends to move to reporting in US dollars commencing with the 2012/13 financial year.

BUSINESS REVIEW Results overview

CSL Behring sales of US$1.9 billion grew 17%, or 13% on a constant currency basis when compared to the prior comparable period.

Immunoglobulins grew 21% in constant currency terms. Demand growth for all presentations of immunoglobulin, particularly Privigen[®] , was strong. Geographically, demand growth was across all key markets but particularly strong in Europe. The absence of a competitor from the market place and a product mix shift in demand towards subcutaneous immunoglobulin Hizentra[®] contributed to this growth.

2 Key variables which may have a significant impact on guidance include material price and volume movements on core plasma products, competitor activity, changes in healthcare regulations and reimbursement policies, royalties arising from the sale of Human Papillomavirus vaccine, internationalisation of the Company’s influenza vaccine sales and plasma therapy life cycle management strategies, enforcement of key intellectual property, regulatory risk, litigation, the effective tax rate and foreign exchange movements.

==> picture [99 x 7] intentionally omitted <==

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 4

22 February 2012

Albumin, including Asian sales[3] , grew 14% in constant currency terms underpinned by ongoing demand in China.

Haemophilia product sales grew 4% in constant currency terms. Demand for immune tolerance therapy treatment in Europe and for Beriate[®] in emerging markets drove this growth. Typically, however, these sales are in new lower priced markets.

Specialty products grew 20% in constant currency terms. The changing paradigm for the treatment of peri-operative bleeding has seen solid growth in demand for Haemocomplettan[®] in Europe. Berinert[®] growth received a boost in sales following approvals in both the US and Europe for self administration.

Other Human Health (CSL Biotherapies) sales of $417 million included $65 million of albumin sales into Asia. Excluding these sales, this segment grew 13% on a constant currency basis when compared to the prior comparable period.

Plasma therapy sales from the Broadmeadows plant contributed $125 million. Influenza sales of $93 million were boosted by solid sales into northern hemisphere markets. Gardasil* sales growth into the Australian National Immunisation Program and private markets also contributed to this result.

Intellectual Property Licensing revenue was $80 million. Royalty contributions from Human Papillomavirus Vaccines totalled $61 million and the sale of intellectual property associated with enzyme replacement treatment for Mucopolysaccharidosis contributed $18 million to revenue.

BUSINESS DEVELOPMENT

Immunoglobulins

During January 2012, CSL Behring concluded its phase III trial studying the use of Privigen[®] in the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP). Trial results are currently being drawn together for the registration submission in Europe planned for the first half of calendar 2012.

3 Adjusted to include CSL Behring albumin products sold in Asia by CSL Biotherapies.

==> picture [99 x 7] intentionally omitted <==

22 February 2012

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 5

Haemophilia

CSL and CSL Behring are working on a number of innovative recombinant factors for the treatment of Haemophilia.

Recombinant IX-FP

On 12 January 2012, CSL Behring announced that the first site (located in Vienna) has been initiated in its global phase II/III multi-centre study to evaluate the safety, efficacy and pharmacokinetics of recombinant fusion protein linking coagulation factor IX with recombinant albumin (rIX-FP).

On 2 February 2012, CSL Behring announced results of a phase I study evaluating recombinant fusion protein linking coagulation factor IX with albumin (rIX-FP) in patients with severe haemophilia B. Results of the study showed the rIX-FP was well tolerated with no serious adverse events, no presence of inhibitors to Factor IX, or antibodies to rIX-FP were reported. Terminal half-life (a measure of how long the drug lasts in the body) was more than five times longer in comparison to values associated with current recombinant FIX therapy.

Recombinant VIIa-FP

On 16 February 2012, CSL Behring announced that it had been granted orphan drug designation by the US Food and Drug Administration for its novel recombinant fusion protein linking activated coagulation factor VIIa with recombinant albumin (rVIIa-FP). The Orphan Drug Designation was granted for the treatment and prophylaxis of bleeding episodes in patients with congenital haemophilia and inhibitors to coagulation factor VIII or IX.

Recombinant VIII-SingleChain

CSL627, the candidate molecule being studied for the treatment of haemophilia A, is a unique single chain recombinant factor VIII (rVIII-SingleChain). On 15 February 2012, CSL Behring screened the first patient for its rVIII-SingleChain phase I trial.

In house studies have shown that the molecular integrity of CSL627 is significantly increased using the single chain design, resulting in a homogenous product that may be more stable than currently available options. In addition, in-vitro studies have shown that CSL627 demonstrates a very strong affinity for von Willebrand factor (VWF) and a faster and more efficient binding to VWF. The factor VIII/VWF complex plays an important role in the physiological activity and clearance of factor VIII and has been shown to have an influence on the presentation of factor VIII to the immune system.

==> picture [99 x 7] intentionally omitted <==

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 6

22 February 2012

Specialty Plasma Products

Berinert[®] (C1-Esterase Inhibitor)

On 25 August 2011, CSL Behring announced that European health authorities approved self administration of Berinert[®] , a C1-esterase inhibitor concentrate indicated in Europe for the treatment of acute attacks of hereditary angioedema (HAE), a rare, serious and sometimes life threatening genetic disorder. The expanded European label allows patients to self administer Berinert[®] by intravenous infusion, after consultation with a physician and after receiving the appropriate training. Berinert[®] is licensed in Europe for treatment of acute HAE attacks.

On 3 January 2012, CSL Behring announced US Food and Drug Administration (FDA) approval of a label expansion for self-administration of Berinert[®] , C1 esterase inhibitor (Human) for the treatment of acute attacks of HAE. With appropriate training from a physician, patients in the US can now self-administer Berinert[®] by intravenous infusion. As part of the US label expansion, Berinert[®] is now also indicated to treat life-threatening laryngeal HAE attacks, as well as facial and abdominal attacks.

RiaSTAP™

During January 2012, CSL Behring enrolled the first patient in a phase III peri-operative bleeding study. RiaSTAP [®] is approved in the US for treatment of acute bleeding episodes in patients with congenital fibrinogen deficiency.

CAM3001

During the period under review, CSL’s antibody licensee AstraZeneca successfully completed a phase IIa study of a monoclonal antibody targeting the GM-CSF Receptor for the potential treatment of Rheumatoid Arthritis. Mavrilimumab* showed a rapid and significant clinical effect compared to placebo with a safety profile supporting further clinical development.

CORPORATE RESPONSBILITY

Cytogam[®]

On 8 December 2011, CSL announced that it is partnering with the world’s largest health research agency, the US National Institute of Health (NIH), to study a potential new treatment for the prevention of congenital cytomegalovirus (CMV) infection, one of the most common known causes of congenital abnormalities in the developed world.

==> picture [99 x 7] intentionally omitted <==

22 February 2012

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 7

CSL, through its Swiss subsidiary, CSL Behring AG, is donating Cytogam[®] to the NIH for the use in this trial as part of its commitment to addressing significant public health issues through collaborative research.

Cytogam[®] is an intravenous immune globulin enriched in antibodies against cytomegalovirus. It is used to prevent infection against CMV disease associated with transplantation of the kidney, liver, pancreas and heart. CMV is the most common cause of infection occurring after any solid organ transplant, contributing significantly to morbidity and mortality in organ transplant recipients.

Corporate Responsibility Report

On 13 December 2011, CSL released its third Corporate Responsibility Report, providing a comprehensive account of the Company’s economic, social and environmental performance in 2010/11. The report is available on the company’s website at www.csl.com.au.

CAPITAL MANAGEMENT

Debt Refinancing

On 9 November CSL announced that it had completed a debt refinancing program which included:

• A US$750 million private placement in the US; and

• The equivalent of approximately $800 million in new lines of credit with its banks

The new funds will be used to repay existing debt, fund CSL’s capital management plan, including the on-market share buyback of up to $900 million announced at the Annual General Meeting, and for general corporate purposes.

Share Buyback

On 19 October 2011, CSL announced its intention to conduct an on-market share buyback of up to $900 million. Under the Australian Securities Exchange listing rules this buyback has a 12 month completion window. To date CSL has repurchased 5.8 million shares for approximately $181 million, representing ~20% of the intended repurchase program.

==> picture [99 x 7] intentionally omitted <==

22 February 2012

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 8

CSL’s balance sheet remains very sound. Cash and cash equivalents totalled $1,300 million as at 31 December 2011, with interest bearing liabilities totalling $1,278 million. Undrawn debt facilities totalled $450 million.

Additional details about CSL’s results are included in the Company’s 4D statement, Investor Presentation slides and webcast, all of which can be found on the Company’s website www.csl.com.au

For further information, please contact:

Media: Investors: Sharon McHale Mark Dehring Senior Director Public Affairs Head of Investor Relations CSL Limited CSL Limited Phone: +613 9389 1506 Telephone: +613 9389 2818 Mobile +614 0997 8314 Email: mark.dehring@csl.com.au Email: sharon.mchale@csl.com.au

Tim Duncan Hintons & Associates Phone: +613 9600 1979 Mobile: +614 0844 1122 Email: tduncan@hintons.com.au

• ® Trademarks of CSL Limited or its affiliates.

• GARDASIL is a trademark of Merck & Co. Inc.

• Mavrilimumab is a trademark of AstraZeneca

==> picture [99 x 7] intentionally omitted <==

22 February 2012

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 9

Group Results Australian Dollars

Six months ended December $ Millions	Dec 2010 Reported Dec 2011 Reported Dec 2011 Constant Currency# Change %4
Sales Other Revenue / Income Total Revenue / Income	2,116 2,221 2,401 13.4% 56 88 95 2,172 2,309 2,496
Earnings before Interest, Tax, Depreciation & Amortisation Depreciation/Amortisation Earnings before Interest and Tax Net Interest Expense / (Income) Tax Expense Net Profit after Tax Interim Dividends (cents) Basic EPS (cents)	719 689 811 12.9% 83 82 85 636 607 726 14.2% (11) 1 147 124 148
	500 483 578 15.5%
	35.00 91.5 36.00 92.2

==> picture [99 x 7] intentionally omitted <==

4 Change between Dec 2011 results at constant currency and Dec 2010 reported results.

22 February 2012

Page 10

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Group Results Restated in US Dollars[5]

Six months ended Dec US$ Millions	Dec 2010 Reported Dec 2011 Reported Change %6
Sales Other Revenue / Income Total Revenue / Income	1,956 2,324 18.8% 52 91 2,008 2,414
Earnings before Interest, Tax, Depreciation & Amortisation Depreciation/Amortisation Earnings before Interest and Tax Net Interest Expense / (Income) Tax Expense Net Profit after Tax	664 720 8.4% 76 86 588 634 7.8% (10) 135 130
	463 504 8.9%

5 The Group’s result in USD has been prepared by translating the results of all entities in the Group into US dollars using average exchange rates. Accounting policies used in the preparation of the Group’s financial statements have been consistently applied in this process.

6 Change between Dec 2011 reported results and Dec 2010 reported results.

==> picture [99 x 7] intentionally omitted <==

==> picture [59 x 30] intentionally omitted <==

==> picture [262 x 27] intentionally omitted <==

Page 11

22 February 2012

#Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current year’s results at the prior year’s rates. This is done in two parts: a) by converting the current year net profit of entities in the group that have reporting currencies other than Australian Dollars at the rates that were applicable to the prior year (“translation currency effect”) and comparing this with the actual profit of those entities for the current year; and 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 year (“transaction currency effect”) and comparing this with the actual transaction recorded in the current year. The sum of translation currency effect and transaction currency effect is the amount by which reported net profit is adjusted to calculate the result at constant currency.

Summary Reported Net Profit after Tax $483.3m Translation Currency Effect (a) $ 4.1m Transaction Currency Effect (b) $ 90.6m Constant currency Net Profit after Tax * $578.0m

a. Translation Currency Effect $4.1m

Average Exchange rates used for calculation in major currencies were as follows:

Six months to Dec 11 Dec 10 AUD/USD 1.05 0.93 AUD/EUR 0.75 0.71 AUD/CHF 0.89 0.94

b. Transaction Currency Effect $90.6m

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.

* Constant currency Net profit after Tax has not been audited or reviewed in accordance with Australian Auditing Standards

==> picture [99 x 7] intentionally omitted <==

CSL Limited

ABN: 99 051 588 348

ASX Half-year Information 31 December 2011

Lodged with the ASX under Listing Rule 4.2A. This information should be read in conjunction with the 30 June 2011 Annual Report.

Contents

Page

Results for Announcement to the Market

Half-year Report

1 2

CSL Limited

ABN: 99 051 588 348

Appendix 4D Half-year ended 31 December 2011

(Previous corresponding period: Half-year ended 31 December 2010)

Results for Announcement to the Market

Reported

• Revenues from continuing operations up 6.1% to $2.32 billion.

• Profit from continuing operations after tax and net profit for the period attributable to members down 3.4% to $483.3m.

Constant Currency[1 ]

• Sales revenue at constant currency up 13% to $2.4 billion.

• Operational net profit after tax for the year at constant currency up 16% to $578.0 million.

1 Excludes the impact of foreign exchange movements in the period under review. Refer to the footnote in the Review of Operations on page 3 for further detail.

Dividends

Dividends
	Amount per	Franked amount per
	security	security
Interim dividend (determined subsequent to balance date)	36.00¢	Unfranked*
Interim dividend from the previous corresponding period	35.00¢	Unfranked*
Final dividend (prior year)	45.00¢	Franked to 2.00¢ per
		share
Record datefordetermining entitlements to the dividend:	20March 2012

* Non-resident withholding tax is not payable on this dividend as it will be declared to be wholly conduit foreign income.

The Company's Dividend Reinvestment Plan remains suspended and does not apply to the interim dividend.

Explanation of results

For further explanation of the results please refer to the accompanying press release and “Review of Operations” in the Directors’ Report that is within the Half-year Report.

Other information required by Listing Rule 4.3A

The remainder of the information requiring disclosure to comply with Listing Rule 4.3A is contained in the attached Half-year Report (which includes the Directors’ Report) and Media Release.

1

CSL Limited Half-year Report – 31 December 2011

Contents	Page
Directors’ Report	3
Auditor’s Independence Declaration	5
Statement of Comprehensive Income	6
Statement of Financial Position	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Financial Statements	10
Directors’ Declaration	20
Independent Review Report to the Members of CSL Limited	21

This Interim Financial Report does not include all the notes of the type normally included in an Annual Financial Report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 30 June 2011 and any public announcements made by CSL Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

2

CSL Limited Directors’ Report

The Board of Directors of CSL Limited has pleasure in presenting their report on the consolidated entity for the half-year ended 31 December 2011.

Directors

The following persons were Directors of CSL Limited during the whole of the half-year and up to the date of this report:

Professor J Shine, AO (was appointed as Chairman on 19 October 2011) Dr B A McNamee, AO (Managing Director) Mr J H Akehurst Mr D W Anstice Mr I A Renard, AM Mr M A Renshaw Mr P J Turner Ms C E O’Reilly

Miss E A Alexander, AM was the Chairman from the beginning of the financial year until her retirement on 19 October 2011.

Mr D J Simpson was a Director from the beginning of the financial year until his retirement on 19 October 2011.

Mr B R Brook was appointed director on 17 August 2011 and continues in office at the date of this report.

Review of Operations

For the half year ended 31 December 2011, total sales revenue of the Group was $2.2 billion. Compared to the prior corresponding period at constant currency[1] total sales revenue of $2.4 billion grew by 13%. Reported net profit after tax of $483 million for the six months ended 31 December 2011, down $17 million or 3% when compared to the prior corresponding period.

1 Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current year’s results at the prior year’s rates. This is done in two parts: (a) by converting the current year net profit of entities in the group that have reporting currencies other than Australian Dollars at the rates that were applicable to the prior year (“translation currency effect”) and comparing this with the actual profit of those entities for the current year; and (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 year (“transaction currency effect”) and comparing this with the actual transaction recorded in the current year. The sum of translation currency effect and transaction currency effect is the amount by which reported net profit is adjusted to calculate the result at constant currency.

Summary Reported Net Profit after Tax $483.3m Translation Currency Effect (a) $ 4.1m Transaction Currency Effect (b) $ 90.6m Constant Currency Net Profit after Tax * $578.0m

(a) Translation Currency Effect $4.1m

Average Exchange rates used for calculation in major currencies (six months to Dec 11/Dec 10) were as follows: AUD/USD (1.05/0.93); AUD/EUR (0.75/0.71); AUD/CHF(0.89/0.94)

(b) Transaction Currency Effect $90.6m

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.

• Constant Currency Net Profit after Tax has not been audited or reviewed in accordance with Australian Auditing Standards.

3

CSL Limited Directors’ Report (continued)

This result included an unfavourable foreign exchange impact of $95 million. Net operating cash flow from operations was $522 million, up 28% when compared to the prior corresponding period.

CSL Behring sales of US$1.9 billion grew 17%, or 13% on a constant currency basis when compared to the prior corresponding period.

Immunoglobulins grew 21% in constant currency terms. Demand growth for all presentations of immunoglobulin, particularly Privigen[®] , was strong. Geographically, demand growth was across all key markets but particularly strong in Europe. The absence of a competitor from the market place and a product mix shift in demand towards subcutaneous immunoglobulin Hizentra[®] contributed to this growth. Albumin, including Asian sales[2] , grew 14% in constant currency terms underpinned by ongoing demand in China. Haemophilia product sales grew 4% in constant currency terms. Demand for immune tolerance therapy treatment in Europe and for Beriate[®] in emerging markets drove this growth. Typically, however, these sales are in new lower priced markets. Specialty products grew 20% in constant currency terms. The changing paradigm for the treatment of peri-operative bleeding has seen solid growth in demand for Haemocomplettan[®] in Europe. Berinert[®] growth received a boost in sales following approvals in both the US and Europe for self administration.

Other Human Health (CSL Biotherapies) sales of $417 million included $65 million of albumin sales into Asia. Excluding these sales, this segment grew 13% on a constant currency basis when compared to the prior corresponding period.

Plasma therapy sales from the Broadmeadows plant contributed $125 million. Influenza sales of $93 million were boosted by solid sales into northern hemisphere markets. Gardasil sales growth into the Australian National Immunisation Program and private markets also contributed to this result.

Intellectual Property Licensing revenue was $80 million. Royalty contributions from Human Papillomavirus Vaccines totalled $61 million and the sale of intellectual property associated with Mucopolysaccharidosis contributed $18 million to revenue.

Auditor’s independence declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5.

Rounding of Amounts

The amounts contained in this report and in the financial report have been rounded to the nearest $1,000 (where rounding is applicable) unless specifically stated otherwise under the relief available to the Company under ASIC Class Order 98/0100. The Company is an entity to which the Class Order applies.

This report has been made in accordance with a resolution of the directors.

John Shine AO CHAIRMAN

Brian A McNamee AO MANAGING DIRECTOR

22 February 2012

2 Adjusted to include CSL Behring albumin products sold in Asia by CSL Biotherapies.

4

==> picture [80 x 62] intentionally omitted <==

Auditor’s Independence Declaration to the Directors of CSL Limited

In relation to our review of the financial report of CSL Limited for the half-year ended 31 December 2011, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

Ernst & Young

Glenn Carmody Partner 22 February 2012

Liability limited by a scheme approved under Professional Standards Legislation

5

CSL Limited and its controlled entities Statement of Comprehensive Income For the half-year ended 31 December 2011

		Consolidated Entity	Consolidated Entity
		December	December
		2011	2010
	Notes	$000	$000
Sales revenue		2,221,412	2,116,348
Cost of sales		(1,197,323)	(1,059,655)
Gross profit		1,024,089	1,056,693
Other revenue	4(a)	102,242	74,602
Research and development expenses		(160,989)	(143,756)
Selling and marketing expenses		(221,613)	(216,804)
General and administration expenses	4(c)	(122,602)	(116,047)
Finance costs	4(b)	(14,286)	(7,699)
Profit before income tax expense		606,841	646,989
Income tax expense	5	(123,580)	(146,774)
Net profit for the period		**483,261 **	500,215
Other comprehensive income
Exchange differences on translation of foreign operations, net of
hedges on net foreign investments	11	(70,164)	(261,959)
Actuarial gains/(losses) on defined benefit plans, net of tax		(33,371)	(20,406)
Mark to market adjustment on available-for-sale financial assets		(972)	-
Total of other comprehensive income/(expense)		(104,507)	(282,365)
Total comprehensive income for theperiod		378,754	217,850
Earnings per share(based on netprofit for theperiod)		Cents	Cents
Basic earnings per share	6	92.23	91.45
Diluted earnings per share	6	92.05	91.23

6

CSL Limited and its controlled entities Statement of Financial Position As at 31 December 2011

Statement of Financial Position As at 31 December 2011
		Consolidated	Entity
		December	June
		2011	2011
	Notes	$000	$000
CURRENT ASSETS
Cash and cash equivalents	7	1,299,570	479,403
Trade and other receivables		831,136	808,651
Inventories		1,395,033	1,455,995
Other financial assets		4,216	17,993
Total Current Assets		3,529,955	2,762,042
NON-CURRENT ASSETS
Trade and other receivables		4,487	4,544
Other financial assets		-	2,280
Property, plant and equipment	8	1,262,326	1,207,288
Deferred tax assets		177,458	174,206
Intangible assets		870,156	915,049
Retirement benefit assets		-	2,588
Total Non-Current Assets		2,314,427	2,305,955
TOTAL ASSETS		5,844,382	5,067,997
CURRENT LIABILITIES
Trade and other payables		423,911	493,506
Interest-bearing liabilities		166,242	226,214
Current tax liabilities		120,000	131,729
Provisions		88,613	88,620
Deferred government grants		995	995
Derivative financial instruments		3,503	5,054
Total Current Liabilities		803,264	946,118
NON-CURRENT LIABILITIES
Trade and other payables		8,698	3,983
Interest bearing liabilities	9	1,112,133	190,030
Deferred tax liabilities		112,178	122,202
Provisions		27,147	28,470
Deferred government grants		19,685	18,910
Retirement benefit liabilities	14	145,818	113,924
Total Non-Current Liabilities		1,425,659	477,519
TOTAL LIABILITIES		2,228,923	1,423,637
NET ASSETS		3,615,459	3,644,360
EQUITY
Contributed equity	10	76,206	253,896
Reserves	11	(486,486)	(421,635)
Retained earnings		**4,025,739 **	3,812,099
TOTAL EQUITY		3,615,459	3,644,360

7

CSL Limited and its controlled entities Statement of Changes in Equity For the half year ended 31 December 2011

		Ordinary	Foreign	Share	Available-	Retained	Total
		shares	currency	based	for-sale	earnings
			translation	payment	investment
			reserve	reserve	reserve
		$000	$000	$000	$000	$000	$000
At 1 July 2011		253,896	(520,216)	99,494	(913)	3,812,099	3,644,360
Profit for the period		-	-	-	-	483,261	483,261
Othercomprehensiveincome		-	(70,164)	-	(972)	(33,371)	(104,507)
Total comprehensive income for the half year		-	(70,164)	-	(972)	449,890	378,754
Transactions with owners in
their capacity as owners
Share based payments	11	-	-	6,285	-	-	6,285
Dividends	12	-	-	-	-	(236,250)	(236,250)
Share buy back	10	(181,278)	-	-	-	-	(181,278)
Share issues
- Employee share scheme	10	3,588	-	-	-	-	3,588
Balance as at 31 December 2011		76,206	(590,380)	105,779	(1,885)	4,025,739	3,615,459
At 1 July 2010		1,139,228	(326,778)	84,163	-	3,318,581	4,215,194
Profit for the period		-	-	-	-	500,215	500,215
Othercomprehensiveincome		-	(261,959)	-	-	(20,406)	(282,365)
Total comprehensive income for		-	(261,959)	-	-	479,809	217,850
the half year
Transactions with owners in
their capacity as owners
Share based payments	11	-	-	9,760	-	-	9,760
Dividends	12	-	-	-	-	(247,489)	(247,489)
Share buy back	10	(300,445)	-	-	-	-	(300,445)
Share issues
- Employee share scheme	10	8,061	-	-	-	-	8,061
Balance as at 31 December 2010		846,844	(588,737)	93,923	-	3,550,901	3,902,931

8

CSL Limited and its controlled entities Statement of Cash Flows For the half-year ended 31 December 2011

CSL Limited and its controlled entities Statement of Cash Flows For the half-year ended 31 December 2011
		Consolidated Entity
		December	December
		2011	2010
	Notes	$000	$000
Cash flows from Operating Activities
Receipts from customers (inclusive of goods and services tax)		2,328,866	2,177,944
Payments to suppliers and employees (inclusive of goods and
services tax)		(1,666,910)	(1,595,718)
		661,956	582,226
Interest received		8,852	19,460
Income taxes paid		(136,935)	(185,992)
Borrowingcosts		(12,100)	(7,291)
Net cash inflow /(outflow)from operatingactivities		521,773	408,403
Cash flows from Investing Activities
Proceeds from sale of property, plant and equipment		319	100
Payments for property, plant and equipment		(142,210)	(83,518)
Payments for intangible assets		(5,140)	(4,080)
Receipts from other financial assets		837	1,454
Net cash inflow /(outflow)from investingactivities		(146,194)	(86,044)
Cash flows from Financing Activities
Proceeds from issue of shares		3,954	9,690
Payment for shares bought back		(181,278)	(300,445)
Dividends paid		(236,250)	(247,489)
Receipts (payments) on closure of foreign exchange hedges		569	(209)
Proceeds from borrowings	9	1,057,299	-
Repayment of borrowings	9	(230,887)	(16,925)
Net cash inflow /(outflow)from financingactivities		413,407	(555,378)
Net increase (decrease) in cash and cash equivalents		788,986	(233,019)
Cash and cash equivalents at the beginning of the period		478,819	994,505
Exchange rate variations on foreign cash and cash equivalent
balances		31,722	(42,120)
Cash and cash equivalents at the end of theperiod		1,299,527	719,366
Reconciliation of cash and cash equivalents
Cash and cash equivalents at the end of the period as shown in the
statement of cash flows is reconciled as follows:
Cash and cash equivalents	7	1,299,570	719,914
Bank overdrafts		(43)	(548)
		1,299,527	719,366

9

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

1 Corporate Information

The financial report of CSL Limited (the Company) for the half-year ended 31 December 2011 was authorised for issue in accordance with a resolution of the directors on 22 February 2012. CSL Limited is a company incorporated in Australia and limited by shares, which are publicly traded on the Australian Stock Exchange.

The nature of the operations and principal activities of the Group are described in the Directors’ Report.

2 Summary of Significant Accounting Policies

(a) Basis of Accounting

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report. The half-year financial report should be read in conjunction with the annual financial report of CSL Limited as at 30 June 2011.

It is also recommended that the half-year financial report be considered together with any public announcements made by CSL Limited and its controlled entities during the half-year ended 31 December 2011 in accordance with the continuous disclosure obligations arising under ASX listing rules.

(b) Basis of Preparation

The half-year consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards, including AASB 134 Interim Financial Reporting and other mandatory professional reporting requirements. The half-year financial report has been prepared on a historical cost basis, as modified by the revaluation of available-for-sale financial assets, financial assets and liabilities (including derivative instruments) at fair value through profit or loss, and land and buildings.

For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.

(c) Significant Accounting Policies

The half-year consolidated financial statements have been prepared using the same accounting policies as used in the annual financial statements for the year ended 30 June 2011.

(d)

Basis of Consolidation

The half-year consolidated financial statements comprise the financial statements of CSL Limited and its subsidiaries as at 31 December 2011 ('the Group').

10

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

3 Segment Information

Reportable segments are:

• (a) CSL Behring – manufactures, markets and develops plasma products.

• (b) Intellectual Property Licensing – revenue and associated expenses from the licensing of Intellectual Property generated by the Group to unrelated third parties.

• (c) Other Human Health – comprises CSL Biotherapies, which manufactures, markets and develops biotherapeutic products, and Research & Development.

Research & Development expense is allocated in accordance with management’s expectation as to where a project’s value will be realised. Where this is uncertain the expense is allocated to Other Human Health.

		Intellectual	Other
		Property	Human	Intersegment	Consolidated
	CSL Behring	Licensing	Health	Elimination	Group
	December	December	December	December	December
	2011	2011	2011	2011	2011
	$000	$000	$000	$000	$000
Sales to external customers	1,803,974	-	417,438	-	2,221,412
Inter-segment sales	63,762	-	-	(63,762)	-
Other revenue / Other income (excl interest
income)	2,526	79,972	4,740	-	87,238
Total segment revenue	1,870,262	79,972	422,178	(63,762)	2,308,650
Interest income					14,433
Unallocated revenue / income					571
Consolidated revenue					2,323,654
Segment EBIT	560,184	70,835	(8,118)	-	622,901
Unallocated revenue / income less
unallocated costs					(16,207)
Consolidated EBIT					606,694
Interest income					14,433
Finance costs					(14,286)
Consolidated profit before tax					606,841
Income tax expense					(123,580)
Consolidated netprofit after tax					483,261
Amortisation and impairment loss	14,140	-	4	-	14,144
Depreciation	46,793	-	19,236	-	66,029
Segment EBITDA	621,117	70,835	11,122	-	703,074
Unallocated revenue / income less
unallocated costs					(16,207)
Unallocated depreciation and amortisation					2,416
Consolidated EBITDA					689,283
Segment assets	4,123,951	19,978	1,002,234	(151,019)	4,995,144
Other unallocated assets					2,170,415
Elimination of amounts between operating
segments and unallocated					(1,321,177)
Total assets					5,844,382
Segment liabilities	1,789,836	3,516	766,432	(151,019)	2,408,765
Other unallocated liabilities					1,141,335
Elimination of amounts between operating
segments and unallocated					(1,321,177)
Total liabilities					2,228,923

11

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

3 Segment information (continued)

		Intellectual	Other
		Property	Human	Intersegment	Consolidated
	CSL Behring	Licensing	Health	Elimination	Group
	December	December	December	December	December
	2010	2010	2010	2010	2010
	$000	$000	$000	$000	$000
Sales to external customers	1,741,796	-	374,552	-	2,116,348
Inter-segment sales	58,858	-	2	(58,860)	-
Other revenue / Other income (excl interest
income)	1,875	50,126	3,965	-	55,966
Total segment revenue	1,802,529	50,126	378,519	(58,860)	2,172,314
Interest income					18,636
Unallocated revenue / income					-
Consolidated revenue					2,190,950
Segment EBIT	606,841	43,365	1,338	-	651,544
Unallocated revenue / income less
unallocated costs					(15,492)
Consolidated EBIT					636,052
Interest income					18,636
Finance costs					(7,699)
Consolidated profit before tax					646,989
Income tax expense					(146,774)
Consolidated netprofit after tax					500,215
Amortisation and impairment loss	13,417	-	2,090	-	15,507
Depreciation	46,984	-	18,036	-	65,020
Segment EBITDA	667,242	43,365	21,464	-	732,071
Unallocated revenue / income less
unallocated costs					(15,492)
Unallocated depreciation and amortisation					2,095
Consolidated EBITDA					718,674

	CSL Behring June 2011 $000	Intellectual Property Licensing June 2011 $000	Other Human Health June 2011 $000	Intersegment Elimination June 2011 $000	Consolidated Group June 2011 $000
Segment assets Other unallocated assets Elimination of amounts between operating segments and unallocated	4,172,616	16,534	911,861	(109,440)	4,991,571 321,515 (245,089)
Total assets					5,067,997
Segment liabilities Other unallocated liabilities Elimination of amounts between operating segments and unallocated	1,146,676	3,710	351,340	(109,440)	1,392,286 276,440 (245,089)
Total liabilities					1,423,637

12

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

3 Segment information (continued)

		United			Rest of
Geographic areas	Australia	States	Switzerland	Germany	world	Total
	$000	$000	$000	$000	$000	$000
December 2011
External sales revenue	272,520	858,735	73,142	341,046	675,969	2,221,412
December 2010
External sales revenue	237,233	855,917	75,469	321,531	626,198	2,116,348

4 Revenue, Income and Expenses from continuing operations

		Consolidated Entity	Consolidated Entity
		December	December
		2011	2010
		$000	$000
(a)	Other Revenue
	Interest income	14,433	18,636
	Rent	557	497
	Royalties	62,118	46,404
	Sundry	25,134	9,065
		102,242	74,602
(b)	Finance Costs
	Interest paid / payable	14,286	7,699
(c)	Other Expenses
	General and administration expenses:
	Expense of share based payments	11,175	10,460
	Amortisation of intellectual property and software	14,144	15,507
	Other relevant expenses
	Depreciation and amortisation of property, plant and equipment	68,445	67,115
	Net foreign exchange losses	4,512	8,488

5 Income Tax

The reconciliation between income tax expense and the consolidated entity’s applicable tax rate is as follows:

Profitfromcontinuing activities beforeincome taxexpense	606,841	646,989
Income tax calculated at 30%	182,052	194,097
Tax effect of non-assessable / non-deductible items
Research and development	(6,172)	(4,935)
Other (non-assessable revenue)/non-deductible expenses	2,139	2,913
(Utilisation of tax losses)/Unrecognised deferred tax assets	7	3
Effects of different rates of tax on overseas income	(51,835)	(44,775)
Under(over) provision inprevious year	(2,611)	(529)
Income taxexpense	123,580	146,774

13

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

6 Earnings Per Share

	Consolidated Entity	Consolidated Entity
	December	December
	2011	2010
	$000	$000
The following reflects the income and share information used in the
calculation of basic and diluted earnings per share:
Earnings usedincalculating basic earnings pershare	483,261	500,215
	Number	of shares
	December	December
	2011	2010
Weighted average number of ordinary shares used in the calculation of basic
earnings per share:	523,991,134	546,967,244
Effect of dilutive securities:
Share options	102,957	340,437
Performance rights	887,533	996,972
Globalemployee share plan	5,332	2,882
Adjusted weighted average number of ordinary shares used in calculating
diluted earnings pershare	524,986,956	548,307,535

*Refer note 10 for a reconciliation of the movement in issued shares.

Conversions, calls, subscription or issues after 31 December 2011

Subsequent to the reporting date 13,869 ordinary shares were issued, as required under the Employee Performance Rights Plan. There have been no other ordinary shares issued since the reporting date and before the completion of this financial report. There have been no other conversions to, calls of, or subscriptions for ordinary shares or issues of potential ordinary shares since the reporting date and before the completion of this financial report.

7 Cash and cash equivalents

	Consolidated	Entity
	December	June
	2011	2011
	$000	$000
Cash at bank and on hand	265,068	294,883
Cashdeposits	1,034,502	184,520
Totalcashand cashequivalents	1,299,570	479,403

8 Property, Plant and Equipment

During the half-year ended 31 December 2011, the Group acquired assets with a cost of $142,996,000 (2010: $83,518,000).

14

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

9 Borrowings and repayments

For the half year ended 31 December 2011, the Group has repaid $14.4m of interest bearing debt, made $1.9m of finance lease repayments, and refinanced $214.6m of bank debt, a total of $230.9m.

During the half the year the Group established several new debt facilities to refinance maturing bank debt and to fund Corporate initiatives including the $900m share buyback announced on 19 October 2011. The new debt facilities consist of the following:

• (i) US$750m Private Placement with maturities in November 2018 (US$200m), November 2021 (US$250m), November 2023 (US$200m) and November 2026 (US$100m);

• (ii) US$430m and EUR155m Syndicated bank facility that matures in November 2016. As at balance date US$100m and EUR100m has been drawn under this facility;

• (iii) US$105m Syndicated bank facility that matures in November 2016. As at balance date US$50m has been drawn under this facility; and

• (iv) A fully drawn JPY6b bilateral bank facility that matures in November 2016.

The total proceeds received from the above facilities during the six months ended 31 December 2011 were $1,057.3m.

As at balance date the Group had A$450m in undrawn liquidity available under its bank debt facilities.

10 Contributed Equity

Movements in the contributed equity

	Number of	$000
	Shares
Ordinary shares
Balance as at 1 July 2011	524,840,532	253,896
Shares issued to CSL employees through participation in:
- Performance Option Plan	63,160	1,104
- Performance Rights Plan	121,296	-
- Global Employee Share Plan	102,776	2,484
Shares acquired underthe ShareBuyBack	(5,761,762)	(181,278)
Balance as at 31 December 2011	519,366,002	76,206

15

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

11 Reserves

	Consolidated	Entity
	December	June
	2011	2011
	$000	$000
Composition
Share based payments reserve (i)	105,779	99,494
Foreign currency translation reserve (ii)	(590,380)	(520,216)
Available-for-saleinvestmentsreserve (iii)	(1,885)	(913)
	(486,486)	(421,635)

Nature and purpose of reserves

(i) Share based payments reserve

The share based payments reserve is used to recognise the fair value of options and performance rights issued but not exercised.

(ii) Foreign currency translation reserve

The results of foreign subsidiaries are translated into Australian dollars at average exchange rates. Assets and liabilities of foreign subsidiaries are translated to Australian dollars at exchange rates prevailing at balance date and resulting exchange differences are recognised in the foreign currency translation reserve in equity. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are taken to the foreign currency translation reserve in equity.

(iii) Available-for-sale investments reserve

Changes in the fair value and exchange differences arising on translation of investments classified as available-for-sale financial assets are recognised in other comprehensive income and accumulated in a separate reserve within equity. Amounts are reclassified to profit and loss when the associated assets are sold or impaired.

12 Dividends

Ordinary shares Dividends providedfororpaid during thehalf-year

Consolidated Entity December December 2011 2010 $000 $000 236,250 247,489

Dividends not recognised at the end of the half-year Since the end of the half-year the directors have recommended the payment of an interim dividend of 36 cents (2011 – 35.00 cents) per fully paid ordinary share, unfranked. The aggregate amount of the proposed interim dividend expected to be paid on 13 April 2012 out of retained earnings at 31 December 2011, butnotrecognised as aliability at the end ofthehalf-year,is:

186,972 189,534

16

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

13 NTA Backing

	December	June
	2011	2011
	$	$
Net tangible asset backing perordinary security	5.29	5.20

14 Retirement Benefit Liabilities

The Group sponsors a range of defined benefit pension plans that provide pension benefits for its worldwide employees upon retirement. Entities of the Group who operate the defined benefit plans contribute to the respective plans in accordance with the Trust Deeds, following the receipt of actuarial advice.

	December
	2011
	$000
Movements in the net liability for defined benefit obligations recognised
in the balance sheet
Net liability for defined benefit obligation:
Opening balance	111,336
Contributions received	(8,765)
Benefits paid	(1,472)
Expense recognised in the statement of comprehensive income	10,505
Actuarial losses recognised in equity	39,076
Currency translationdifferences	(4,862)
Closing balance	145,818

Over the period to December 2011 the funded plans each experienced investment returns below those assumed by the actuary in June 2011. This shortfall between expected and actual investment performance accounts for $20.2m of the Actuarial Losses recognised in Equity.

Defined Benefit Plan liabilities are discounted to present value using a corporate or government bond rate as at the date of the Actuarial assessment. Over the six months to December 2011 most jurisdictions in which the Group operates Defined Benefit Plans have experienced reductions in the appropriate discount rate. In addition the Group’s Swiss Plan liabilities were determined by reference to a new table of mortality probabilities issued during the period. The impact of these factors accounts for $18.9m of the Actuarial Losses recognised in Equity.

	December	June
	2011	2011
The principal actuarial assumptions at the balance sheet date (expressed
as weighted averages) are as follows:
Discount rate	3.6%	3.7%
Expected return on assets and expected long-term rate of return on assets1	4.3%	3.7%
Future salary increases	2.3%	2.3%
Future pension increases	0.3%	0.3%

1Expressed as per annum return. The expected rate of return is based on the portfolio as a whole.

17

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

15 Share Based Payment Plans

(a) Long Term Incentives

On 5 October 2011, 261,140 share options and 290,200 performance rights were granted to senior executives under the CSL Performance Rights Plan. The exercise price of the options of $29.34 is equal to the closing share price of CSL as at 5 October 2011 (based on data from Bloomberg). The exercise price for the performance rights is Nil. The options and performance rights will become exercisable between 30 September 2014 and 30 September 2016. The fair value of the options and performance rights granted is estimated as at the date of grant using an adjusted form of the Black-Scholes model, taking into account the terms and conditions upon which the options and performance rights were granted. The following table lists the inputs to the model used for options and performance rights issued in the half-year ended 31 December 2011:

December 2011 Dividend yield (%) 2.5% Expected volatility (%) 27.0% Risk-free interest rate (%) 3.52% Fair Value of Options 3 year vesting $6.34 4 year vesting $6.77 Fair Value of Performance Rights 3 year vesting $23.75 4 year vesting $23.41

(b) Executive Deferred Incentive Plan

On 1 October 2011, 574,200 phantom shares were granted to employees under the Executive Deferred Incentive Plan. This plan provides for a grant of phantom shares which will generate a cash payment to participants in three years time, provided they are still employed by the company and receive a satisfactory performance review over that period. The amount of the cash payment will be determined by reference to the CSL share price immediately before the three year anniversary.

The following table lists the inputs to the model used for grant issued in the half-year ended 31 December 2011:

December 2011 Dividend yield (%) 2.5% Fair Value of Grant at reporting date, adjusted for the dividend yield and the number $29.90 of days left in the vesting period

18

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2011

16 Commitments and contingencies

(a) Capital commitments

	December	June
	2011	2011
	$000	$000
During the half year, the capital expenditure contracted for but not provided
for in the financial statements, payable:
Not later than one year	128,529	63,571
Later than one year but not later than five years	40,109	14,044
Laterthan five years	-	-
	168,638	77,615

(b) Contingent assets and liabilities

Litigation

The Group is involved in litigation in the U.S. claiming that the Group and a competitor, along with an industry trade association, conspired to restrict output and fix and raise prices of certain plasma-derived therapies in the U.S. The lawsuits, filed by representative plaintiffs, seek status to proceed as class actions on behalf of ‘all others similarly situated’. The Group believes the litigation is unsupported by fact and without merit and will robustly defend the claims.

The Group is involved in other litigation in the ordinary course of business.

The directors believe that future payment of a material amount in respect of litigation is remote. An estimate of the financial effect of this litigation cannot be calculated as it is not practicable at this stage. The Group has disclaimed liability for, and is vigorously defending, all current material claims and actions that have been made.

19

CSL Limited Directors’ Declarations

The directors declare that:

• (a) the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, and:

• (i) give a true and fair view of the financial position as at 31 December 2011 and the performance for the half-year ended on that date of the consolidated entity; and

• (ii) comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 ; and

• (b) in the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Made in accordance with a resolution of directors.

John Shine AO Chairman Melbourne 22 February 2012

Brian A McNamee AO Managing Director

20

==> picture [80 x 62] intentionally omitted <==

Independent Review report to the members of CSL Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of CSL Limited, which comprises the statement of financial position as at 31 December 2011, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, other selected explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of Interim and Other Financial Reports Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of CSL Limited and the entities it controlled during the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of CSL Limited is not in accordance with the Corporations Act 2001, including:

• i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Ernst & Young

Glenn Carmody Partner Melbourne 22 February 2012

Liability limited by a scheme approved under Professional Standards Legislation.

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

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

CSL Limited
2011/12 Half Year Result
----- End of picture text -----

22 February 2012

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

Disclaimer

Forward looking statements

The materials in this presentation speak only as of the date of these materials, and include forward looking statements about CSL’s 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 whether and when to approve our products as well as their decisions regarding labeling and other matters that would affect the commercial potential of our products; 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 or access; litigation or government investigations, including legal costs, settlement costs and the risk of adverse decisions or ’ settlements; 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. Given these uncertainties, readers are cautioned to not place undue reliance on such forward looking statements.

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.

2

Financials

Reported total sales $2.2 billion, up 13% at Constant Currency[1] (CC) R epor e t d EBIT $607 m illi on, up 14% a t CC Reported NPAT $483 million, down 3% • Up 16% at CC • Foreign currency headwind $95 million Reported EPS 92.2 cents, up 1% R&D investment $161 million, up 16% at CC Cashflow from o p erations $522 million, u p 28% Strong balance sheet - cash $1,300m, borrowings $1,278m $900m on market share buyback ~20% complete, $181m spent Interim dividend increased to 36 cents (unfranked)

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

3

Operational Highlights

Immunoglobulin sales up 21% at constant currency • Strong demand across product range • - Privigen[®] European Phase III study in CIDP completed Specialty products up 20% at constant currency • RiaSTAP[™ ] - Ph III peri-operative bleeding study initiated in EU • ® - B er nert i US & EU approva l f or se lf a d m n strat on i i i Recombinant haemophilia pipeline • - rIX FP - Commencement of phII/III pivotal study • rVIIa-FP – US FDA grants orphan drug designation • rVIII-SingleChain – first patient recruited for trial G ar d as il[] recommen d a ti on or oys n us ra f b i A t li a, ana C d a, US Investment in facilities expansion Capital Management* • ~$800m in new lines of credit

• US$750m private placement

• • Buyback ~20% complete

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

4

Global Revenue* $2.3 Billion for 1H12

==> picture [721 x 406] intentionally omitted <==

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

Australia
10%
Asia
Europe
9%
32%
RoW
7%
North
America
42%
----- End of picture text -----

• Revenue based on customer location

5

Outlook for FY2012 @ 10/11 exchange rates

Guidance upgraded

• Net profit after tax[1]

• NPAT rowth g

~$1,060 million

• ~13% (p reviousl y ~10% )

• EPS expected to exceed NPAT growth driven by past and current capital management initiatives[2]

US Dollar Reporting

• Intention to move to reporting in US dollars for the 2012/13 financial year

Outlook statements are subject to:

Material price and volume movements on core plasma products, competitor activity, changes in healthcare regulations and reimbursement policies, royalties arising from the sale of Human Papillomavirus vaccine, implementation of the Company’s influenza strategy and plasma therapy life cycle management strategies, enforcement of key intellectual property, regulatory risk , liti g ation , the effective tax rate and forei g n exchan g e movements.

1. See appendix for foreign exchange sensitivity table

2. CSL reserves the right to suspend, terminate or extend the buyback at any time

6

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

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

Human Health
Business Unit Performance
----- End of picture text -----

• CSL Behring

• Other Human Health

• CSL Biotherapies and CSL Research & Development

• Int e ll ec t ua l Pr ope rt y Li ce n s in g

7

CSL Behring

Product sales US$1,883m up 17% (+ 13% at CC)

Imm u u lin noglob

• Strong demand across IG product range

• Privigen[®] European Phase III study in CIDP completed

• Hizentra[® ] (IgPro20 sc) - Broader approvals in EU and Canada

• Specialty Products

• Berinert[®] - US & EU approval for self administration

• Changing paradigm for peri-operative bleeding treatment

• F ac iliti es eve opmen D l t

• Privigen capacity expansion commenced at Broadmeadows

• Bern - IgLab Module 2 online increasing capacity

• Plasma collection fleet – investing in efficiencies

• Albumin and base fractionation capacity expansion at Kankakee

8

CSL Behring – Product sales up 13% in CC terms

==> picture [721 x 413] intentionally omitted <==

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

US$M
2,000 US$1,883m
+17%
1,800
Specialty
US$1,611m
Products
1,600
1,400
1,200
Immunoglobulins
1,000
800
600 Albumin
400 pdCoag
200
Helixate
0
Dec 10 Dec 11
Sales for the 6 month period
----- End of picture text -----

9

Immunoglobulins

• US$M Highlights

• 900 US$853m +24% Up 21% in CC terms

• 800 IVIG Other Growth

• US$687m

• 700 Volume •

• 600 US , Canada , UK , France and Germany

• SCIG demand

• 500 IVIG •

• Pr v geni i New patients • from

• 400 Migration to Hizentra[®] Vivaglobin[®]

• 300 Other growth drivers • Sales mix

• 200 •

• SCIG Rhophylac[®] growth • Competitor returning

• 100 Specific IG

• 0 Dec 11

• Dec10 Sales for the 6 month period

10

Albumin

==> picture [721 x 419] intentionally omitted <==

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

250US$M
US$225m
+17%
Asia Highlights
200 US$193m
Up 14% in CC terms
Demand growth in Asia
150
US$157m
US$143m
100
50
0
Dec 10 Dec 11
Sales for the 6 month period
----- End of picture text -----*

• CSL Behring albumin sold in Asia by CSL Biotherapies

11

==> picture [721 x 486] intentionally omitted <==

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

Haemophilia
US$M
600
+8% US$537m
Highlights
US$495m
500 Up 4% in CC terms
PdFVIII
400 pdCoag
•
ITT patient growth in Europe
•
Beriate [®] demand growth in
300
Russia, Poland & Brazil
200
Helixate [®]
Helixate • Demand growth in Canada
100
0
Dec 10 Dec 11
Sales for the 6 month period
----- End of picture text -----

12

Specialty Products

350US$M

==> picture [721 x 382] intentionally omitted <==

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

US$315m
Highlights
+27%
300
Other Up 20% in CC terms
Specialty
US$248m
250 Products Peri-operative Bleeding
•
Haemocomplettan [® ] / RiaSTAP [®]
200 changing treatment paradigm
for Peri-Operative Bleeding
•
Corifact [®] - Launch in US
150
Peri-
•
Beriplex [®] - Launch in Canada
Operative
Bleeding
100
Other
•
Berinert [® ] P – US self
50 administration approval
Wound
Healing
0
Dec 10 Dec 11
Sales for the 6 month period
----- End of picture text -----

13

Other Human Health – CSL Biotherapies

==> picture [721 x 406] intentionally omitted <==

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

A$M Highlights
450
A$417m Up 13% in CC terms
400
A$375m
Asia [#] Albumin demand growth in Asia
350 +10%
A$352m Broadmeadows plasma therapy
300
A$321m sales $125m
250
I n fl uenza sa es l $93 m o f ll ow ng i
200 solid US and European demand
1 50
Gardasil [] sales growth in
100 Australian NIP and private
markets
50
Biotech facility on track for
0
Dec 10 Dec 11 opening in FY2013
----- End of picture text -----*

• Gardasil is a trademark of Merck & Co. Inc

# CSL Behring albumin sold in Asia by CSL Biotherapies

14

CSL Intellectual Property Licensing

Segment Revenue $80m HPV royalties $61m

Sale of MPS IP $18m Gardasil*

• Recommendation for boys in Australia, Canada, US

• Label expansion to cover anal cancer in Australia

• • Ja anese rollout commenced p

ISCOMATRIX[® ] adjuvant

• Major partners continue to advance vaccine programs and license additional fields

 CAM3001 (GM-CSFR )

• Li censee M e di mmume /A s ra t Z eneca comp e e l t d Ph ase II s u t d y in Rheumatoid Arthritis

• Clinical effect and safet y p rofile su pp ort further develo p ment

* Gardasil is a trademark of Merck & Co.

15

R&D Update

rIX-FP (rec fusion protein linking factor IX with albumin)

• Ph I data presented at GTH

• Commencement of phII/III pivotal study in Jan 2012

• rVIIa FP

• US orphan drug status

• rVIII-SingleChain

• 1[st] patient recruited for phase I trial

• RiaSTAP[™ ] (Fibrinogen)

• Ph III peri-operative bleeding study initiated in EU Dec 2011

• Cytogam[®] (Cytomegalovirus immune globulin)

• NIH partnership for congenital CMV infection

• Biostate[®]

• Dossier filed with European Medicines Agency

16

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

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

Financial Detail
----- End of picture text -----

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

17

1H 2012 Net Profit after Tax up 16% at CC

==> picture [721 x 419] intentionally omitted <==

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

FX impact
A$578m
Reported NPAT $483m
FX
A$500m
Foreign currency -ve $95m
NPAT at constant currency $578m
Reported Reported
NPAT NPAT
Notable items
MPS royalty
Competitor returning
Southern European debtors
Dec 10 Dec 11
NPAT for the 6 month period
----- End of picture text -----*

* Based on 1H11 exchange rates

18

CSL Behring - Reported EBIT Margin

==> picture [721 x 406] intentionally omitted <==

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

%
40
Notable items
33.7%
35
32.6%
•
Foreign Exchange
FX
Re orted
30 p •
Weakening USD against
EBIT
the Swiss Franc
25
Margin 30.0%
•
Sales mix
•
20 S a es grow l th o f IG i n o t
European countries
15
•
Southern European debtor
10 provisioning
5
0
Dec 10 Dec 11
----- End of picture text -----

19

Financial Discipline

==> picture [721 x 69] intentionally omitted <==

C as hfl ow f i rom operat ons Capital Investment

1H11 1H12 m m $408 $522 $84m $142m

Cash cycle - days Cash conversion %

148 139

83 . 7 97 . 3

==> picture [721 x 68] intentionally omitted <==

- Balance Sheet Strength -

20

Capital Management

Cash on hand $1.3 billion

Debt Refinancing

• US$750 million private placement in the US

• • ~ $800 m illi on n new nes o cre i li f dit

• Undrawn $450 million

On Market Buyback

• $900m on-market share bu y back* Commenced 18 October 2011

• 12 month window to complete

• A s a t 22 F e b ruary 2012 • ~5.8 million shares repurchased for $181 million

• • ~ 20% complete

* CSL reserves the right to suspend, terminate or extend the buyback at any time

21

FX Impact on FY2012 Guidance*

Foreign exchange (post tax)

FY12 Est. Translation ~ $ (30)m ~ Transaction $ (85)m Total ~ $(115)m

Net profit after tax outlook

NPAT FY2012 at constant currency ~$1,060m Growth ~13% on FY2011 profit (previously ~10%)

Est. foreign currency NPAT impact ~$(115)m ~ NPAT FY2012 at current rates $945m

US Dollar Reporting

• Full year impact

• See appendix for foreign exchange sensitivity table

22

CSL Growth Strategy

==> picture [721 x 456] intentionally omitted <==

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

Biotech
AML, RA
New Plasma
Specialty products
Fractions
RiaSTAP [®] , Beriplex [®] ,
Cytogam [®] , Berinert [®] , rHDL
Zemaira [®]
Immunoglobulins
Pr v geni i ® Hizentra ®
Recombinant
Coagulation
Emerging markets Factors
Albumin, FVIII rIX-FP, rVIIa-FP,
rVIII-SingleChain
Market growth
All products
R&D capabilities - Financial strength
----- End of picture text -----

23

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

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

Appendix
----- End of picture text -----

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

24

Group Results Australian dollars

	Six months ended December $ Millions	Dec 2010 Dec 2011 Dec 2011 Change %
		Reported Reported CC1 2,116 56 2,221 88 2,401 95 13.4%
	Sales Other Revenue / Income
	Total Revenue / Income	2 172 2 309 2 496 , , , 719 689 811 12.9%
	Earnings before Interest, Tax, Depreciation & Amortisation
	Depreciation/Amortisation Earnings before Interest and Tax Net Interest Expense / (Income) Tax Exense	83 82 85 636 607 726 14.2% (11) 147 - 124 1 148
	p Net Profit	500 483 578 15.5%
	Interim Dividends (cents) Basic EPS (cents)	35.00 91.5 36.00 92.2

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

25

Group Results Restated in US Dollars[1]

	Six months ended December US$ Millions	Dec 2010 Dec 2011 Change %
		Reported Reported 1956 52 2,324 91 18.8%
	Sales Other Revenue / Income
	Total Revenue / Income	2 008 2 414 , , 664 720 8.4%
	Earnings before Interest, Tax, Depreciation & Amortisation
	Depreciation/Amortisation Earnings before Interest and Tax Net Interest Expense / (Income) Tax Exense	76 86 588 634 7.8% (10) 135 - 130
	p Net Profit	463 504 8.9%

1 The Group’s result in USD has been prepared by translating the results of all entities in the Group into US dollars using average 26 reporting period exchange rates.

CSL Behring Sales US Dollars

	Six months ended December	1H11 USD$M 1H12 USD$M 1H12 USD$M Change %	1H11 USD$M 1H12 USD$M 1H12 USD$M Change %	1H11 USD$M 1H12 USD$M 1H12 USD$M Change %
		CC 238 257 248 4%
	rFVIII	238 257	248 4%
	pdCoag Albumin (excludes Asian sales) Immunoglobulins Secialt Products	258 143 687 248 280 157 853 315	269 152 834 297 4% 6% 21% 20%
	py - Wound healing - Peri-operative bleeding - Other specialty products	50 91 108 54 126 136	50 118 131 --% 30% 21%
	Total Product Sales Other sales (mainly plasma) Total Sales	1,574 37 1,611 1,862 22 1,884 1,800 16 1,816 14% -57% 13%

27

Foreign Exchange Sensitivity 2H12

Translation - Ready Reckoner Sensitivity to 1% movement in key currency pairs Current 1% change Rates AUD/USD 1.07 +/- $1.0m AUD/EUR 0.81 +/- $1.3m AUD/CHF 0 . 98 + - / $2 . 9m*

• Table shows full 6 months impact

• Impact to be calculated from NPAT guidance at ~ current FX rates of $945m

==> picture [721 x 68] intentionally omitted <==

* Includes HPV Royalties

28

Notes

Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current year’s results at the prior year’s rates. This is done in two parts: a) by converting the current year net profit of entities in the group that have reporting currencies other than Australian Dollars at the rates that were applicable to the prior year (“translation currency effect”) and comparing this with the actual profit of those entities for the current year; and b ) b y restatin g material transactions booked b y the g rou p that are im p acted b y exchan g e rate movements at the rate that would have a pp lied to the transaction if it had occurred in the prior year (“transaction currency effect”) and comparing this with the actual transaction recorded in the current year. The sum of translation currency effect and transaction currency effect is the amount by which reported net profit is adjusted to calculate the result at constant currency.

Summary

Reported Net Profit after Tax $483 . 3m Translation Currency Effect (1) $ 4.1m Transaction Currency Effect (2) $ 90.6m Constant Currency Net Profit after Tax * $578.0m

1. Translation Currency Effect $4.1m

Average Exchange rates used for calculation in major currencies were as follows:

Six months to Dec 11 Dec 10 AUD/USD 1.05 0.93 AUD/EUR 0.75 0.71 AUD/CHF 0.89 0.94

2. Transaction Currency Effect $90.6m

Transaction currency effect is calculated by reference to the applicable prior year exchange rates. The calculation takes into account the timing of sales both i nterna ll y w t i hi n t h e CSL G roup e (i f rom a manu acturer to a str f di ib utor ) an d externa ll y e to t (i h e na customer fi l ) an d t h e re evant exc l h ange rates app li ca bl e to each transaction.

* Constant Currency Net profit after Tax has not been audited or reviewed in accordance with Australian Auditing Standards

29