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Unified by our ValuesThroughout the pandemic period, the majority of ouremployees have continued to work on our sites and in ourlaboratories carrying out roles that are critical to ensuringour business continuity.For many others in our workforce, it has meant workingremotely and adopting new technologies to ensure ourculture of collaboration continues as we prepare for thesafe return to our office sites.Through this challenging environment, our employees havestayed focused while demonstrating creativity, flexibility andresilience in continuing to do their jobs and doing them well.Our people remain unified by our Values of Patient Focus,Innovation, Integrity, Collaboration and Superior Performanceand we sincerely thank them for their commitment.Using our assets to join the COVID-19 battleWe are privileged to be in a unique position of havingcapabilities, competencies and assets across the organisationto respond to COVID-19.These efforts range from participating in the developmentand manufacture of a novel vaccine in partnership withthe University of Queensland, to forming and leadingan unprecedented global industry alliance to developa hyperimmune treatment for the most serious cases.Our scientists involved in these programs are workingwith urgency and we thank them for their tirelesscommitment over the past few months.During the COVID-19 pandemic, a few hundred of ouremployees have tested positive for the virus. They, alongwith their loved ones, have had our full support as theyfocus on their recovery.Seeing so many people affected by COVID-19, over the pastseveral months, makes us even more determined in ourefforts to fight the virus. Yet, no single vaccine or therapeuticapproach is going to solve this health crisis; multipleapproaches are essential.We remain optimistic that the extraordinary amount ofscientific collaboration happening across industry, academiaand government, including many initiatives we are proudto be a part of, will lead to effective treatments and vaccinesin the near future. Until that time, we are greatly encouragedby the fast adjustments that our business has been able tomake to adapt to changing conditions, and help us endureany impacts of the pandemic.We are confident that from the pandemic crisis, society willeventually discover many benefits arising from it, rangingacross the acceleration and adoption of new technologies,a deep resilience and ability to recover by the community,and a significant contribution to science and medicine.Board RenewalOne of the Board’s priorities is to ensure it has the capabilitiesand domain expertise to govern our complex, global businesseffectively. We welcomed two new Board members, CarolynHewson and Pascal Soriot, and farewelled Tachi Yamada.We are excited to have Carolyn and Pascal join our Board asthey will further contribute to the right balance of attributes,skills, experience and diversity to deliver best practicegovernance. Not only do we take a structured and rigorousapproach to Board succession, we apply this level of reviewthroughout the organisation to make sure that we have anagile, best in class and principles-based management teamreflecting our Values. We are proud that external stakeholdersrecognise this with Forbes including CSL in its Best Employersfor Diversity rankings 2020.We believe that we are well-positioned to bring our strategyfor the future to life. Our continued momentum would notbe possible without the remarkable efforts of our people,our donors, our external partners and, of course, our patients.As always, we thank you for your support.Please stay healthy and safe.Dr Brian McNamee AOChairmanPaul PerreaultCEO and Managing DirectorMore on CSL.com (Investors Financial Results and Information)CSL Limited Annual Report 20203

1Chairman and CEO MessageOur response to COVID-19Our Efforts Playing a leading role in the launch of the CoVIg-19 Plasma Alliance, an unprecedented industrypartnership to develop a potential plasma-derived hyperimmune therapy for treating COVID-19.The Alliance also supports national governments in their efforts to fight the pandemic. Pursing the development of an anti-SARS-CoV-2 plasma product for the Australian market withthe potential to treat people with serious complications of COVID-19. Partnering with the Coalition for Epidemic Preparedness Innovations (CEPI) and the Universityof Queensland to accelerate the development, manufacture and distribution of a COVID-19 vaccinecandidate which uses Seqirus’ well-established MF59 adjuvant technology. Collaborating with SAB Biotherapeutics, a clinical-stage biopharmaceutical company, to manufacturea novel immunotherapy targeting COVID-19. The potential therapy would be produced without theneed for blood plasma donations from recovered COVID-19 patients. Engaging with investigators regarding the company’s monoclonal antibodies, including CSL312and CSL324, to identify treatment candidates from the portfolio that have the potential to treatdiffuse alveolar damage – one of the devastating respiratory consequences of COVID-19. Provisioning Seqirus MF59 adjuvant technology to multiple preclinical projects.Our People Strongly encouraging employees who are able to work from home to do so in accordance withguidance from national and local authorities. Implementing enhanced measures, including vigorous cleaning efforts and increased social distancingto protect employees at our manufacturing sites, plasma centres and other essential locations. Offering employees at essential sites flexible Caregiver Leave of Absence and Caregiver Allowance plansto provide support for balancing work with homeschooling and other caregiving responsibilities. Providing employees at essential sites with all of the PPE needed to perform their job safelyand effectively. Restricting travel to essential trips only to protect employees and prevent the potential spreadof COVID-19.Our Patientsand Products Committing to keep plasma centres and manufacturing sites open during the pandemic to maintainsupply of lifesaving medicines and influenza vaccines. Maintaining constant communication with patient advocacy groups to provide updates on thecontinued safety and availability of our plasma-derived products for those living with rare and seriousconditions. See page 38 for more on how CSL’s manufacturing processes handle COVID-19. Providing essential information for patients in the areas we treat on how COVID-19 may specificallyaffect them through the Vita news hub of CSLBehring.com. Continuing much of our work on clinical trials for new potential products and therapies despitea pause in new enrolments at some sites. Working with our public health partners to plan for the forthcoming influenza season, meetingincreased demand for influenza vaccines around the world, to help reduce the burden of influenzaon precious health care systems.Our Donors CSL Plasma implemented a COVID-19 Infectious Disease Response Plan in combination with theCDC’s Exposure Control Plan. The plan includes ensuring the safety of our donors and employeesby instituting social distancing, providing masks for donors and enhanced personal protectiveequipment (PPE) for employees at all plasma centres. Working closely with local and national authorities to ensure that plasma centres remain openas an essential service during lockdown measures. Launching a comprehensive communications campaign to raise awareness of the opportunityand need for plasma donation. Providing donors with an opportunity to give back to their communities through the#CSLPlasmaChallenge. The social media campaign raised money for local healthcare workers,including those on the frontlines of the COVID-19 response.More on CSL.com (Investors Financial Results and Information)4CSL Limited Annual Report 2020

Our valuesCSL’s strong commitment to living ourValues has guided us for many decades.Our Values have been fundamental toour success – helping us to save lives,protect the health of people, and earnour reputation as a trusted and reliableglobal leader. They’re at the core of howour employees interact with each other,make decisions and solve problems.SuperiorperformanceWe take pride inour resultsInnovationWe turn innovativethinking intosolutionsAdrian Zuercher(Bern, Switzerland)CollaborationWe are strongertogetherSevilay Gezen(Broadmeadows,Australia)Ashlee Polk(Kankakee, USA)IntegrityPatient focusWe walk the talkWe deliver on ourpromise to patientsNorikazu Fushimi(Tokyo, Japan)Kalpeshkumar Patel(Bio21 Institute,Australia)CSL Limited Annual Report 20205

22020 PerformanceBusiness performance and highlights Another strong year with revenue up 9% and reported net profit after taxof US 2,103 million, up 17% at constant currency (CC) .Growth Our largest franchise, the immunoglobulin portfolio, performed extremely well,with PRIVIGEN sales growing 20% and HIZENTRA sales up 34% . Seqirus’ earnings before interest and taxes grew more than 70%this year underpinned by sales of new and differentiated products –FLUCELVAX and FLUAD .SustainableGrowth Major capital projects underway at all manufacturing sites to support future demand. Efficiency40 new plasma collection centres opened in the United States (US). Strategic review of end-to-end supply logistics. Strategic partnership with Thermo Fisher Scientific for lease of CSL’s Lengnau,Switzerland, biotech manufacturing facility.Efficiency Direct distribution transition in China now complete. Underwent 401 regulatory inspections of our manufacturing facilities* withno impact to licences or operations.Influenza Total revenue up 11% at CC basis driven by our seasonal influenza vaccines,with a significant increase in demand for FLUAD, Seqirus’ adjuvanted influenzavaccine for the elderly market and increased sales of FLUCELVAX Quadrivalentinfluenza vaccine.InfluenzaInnovationInnovation Acquired Vitaeris to expedite the development of Clazakizumab – an anti-interleukin-6monoclonal antibody for the treatment of chronic antibody-mediation rejection(or AMR) in kidney transplant recipients. Agreement to acquire the late stage gene therapy candidate for the treatmentof haemophilia B from uniQure. Futility test for CSL112 was completed with the recommendation that the trial shouldcontinue (currently in Phase III for cardiovascular disease). Achieved 29 product registrations or new indications in numerous countries. CSL named in Best Employers for Diversity (Forbes).People& culture Employee workforce up 7%, with57% of our employee base female. Achieved 76% employee engagement score, up 2.4 points on prior year.People & culture US 8.8 billion distributed in supplier payments, employee wages andbenefits, shareholder returns, government taxes and community contributions.Shared value US 38.7 million in global community investment across our strategicareas of support.Shared value Constant currency removes the impact of exchange rate movements,facilitating comparability of operational performance. For furtherdetail please refer to page 16.* Does not include Ruide. Limited assurance by Ernst & Young.6CSL Limited Annual Report 2020More on CSL.com (Investors and Our Company Corporate Responsibility)

Financial highlights US 1.07 US 2.02Interim unfranked dividend ofUS 0.95per shareFinal unfranked dividend ofTotal ordinary dividends for 2020per share*per shareCSL Earningsper share (US )CSL R&D Investment(US millions)5.04.54.634.244.0per share3.02.699505702.94614667US 0.09228557603.823.52.5US 4.6316-1717-1818-19019-20New product development 62%15-1616-1717-1818-1919-20Market development 12%Lifecycle management 26%CSL Net profit(US millions)CSL Total operatingrevenue (US ,9476,1151,3201,1004,000US 0004401,0000US 18-1919-20015-1616-1717-1818-1919-20* For shareholders with an Australian registered address, the final dividend of US 1.07 per share (approximately A 1.48) will be unfranked forAustralian tax purposes and paid on 9 October 2020. For shareholders with a New Zealand registered address, the final dividend of US 1.07per share (approximately NZ 1.63) will be paid on 9 October 2020. The exchange rates will be fixed at the record date of 11 September 2020.All other shareholders will be paid in US . CSL also offers shareholders the opportunity to receive dividend payments in US by direct creditto a US bank account.CSL Limited Annual Report 20207

3Our CompanyCSL is a global biotechnology leader which developsand delivers innovative medicines that save lives,protects public health and helps people withlife-threatening medical conditions live full lives.CSL at a glanceOur businessesCSL Behring35 Countries of operationsaround the worldUS 9.1Billion in annualrevenueCSL Behring is a global leader in developing and deliveringhigh-quality medicines that treat people with rare and seriousdiseases. Our treatments offer promise for people who areliving with conditions in the immunology, haematology,cardiovascular and metabolic, respiratory, and transplanttherapeutic areas. CSL Behring drives more than 85% ofoverall company revenue with substantial markets in morethan 100 countries across Asia Pacific, Europe, Latin Americaand North America.SeqirusUS 3.7Billion in R&D investmentsin the last 5 years advancesproduct pipeline1,700 R&D employees8CSL Limited Annual Report 202027,000 Employees aroundthe world270 Plasma collectioncentres acrossChina, Europeand North AmericaAs one of the largest influenza vaccine providers in theworld, Seqirus is a major contributor to the preventionof influenza globally and a transcontinental partner inpandemic preparedness.Seqirus operates state-of-the-art production facilities in theUnited States (US), the United Kingdom (UK) and Australiaand utilises both egg-based and cell-based manufacturingtechnologies as well as a proprietary adjuvant. It has leadingresearch and development (R&D) capabilities, a broad anddifferentiated product portfolio and commercial operationsin more than 20 countries.

Our locationsBasel SwitzerlandBernSwitzerlandAmsterdam NetherlandsMaidenhead UKSeqirus Head OfficeMarburg GermanyHong Kong ChinaGoettingenHattwesheimSchwalmstadtGermanyTokyo JapanMelbourne AustraliaGroup Head OfficeWuhan ChinaSydney AustraliaLiverpool UKPasadenaUSIndianapolis USKankakee USMesquite USBoca Raton USKing of Prussia USCSL Behring Head OfficeCambridge USHolly Springs USKnoxville USResearch and DevelopmentManufacturingCommercial OperationsTesting LaboratoryLogistics l Sales and/or DistributionPlasma collection centresCSL Limited Annual Report 20209

3Our CompanyOur product portfolioCSL BehringWe meet patients’ needs using the latest recombinantand plasma-derived technologies. CSL Behring discovers,develops and delivers the broadest range of productsin the industry for treating rare and serious diseasessuch as haemophilia, von Willebrand disease (vWD),primary immune deficiencies (PI), chronic inflammatorydemyelinating polyneuropathy (CIDP), hereditaryangioedema (HAE) and inherited respiratory disease.CSL Behring’s products are also used in cardiac surgery,for burn treatment and for urgent warfarin reversal.Our therapeutic areas comprise:– immunology;– haematology;– cardiovascular and metabolic;– respiratory; and– transplant.SeqirusOur broad range of influenza vaccines meets the needsof different populations around the world. In Australia andthe Asia Pacific region, Seqirus is a leading provider ofin-licensed vaccines and specialty pharmaceuticals. It isalso the world’s only supplier of a unique range of productsmade in the national interest for the Australian Government,including antivenoms and Q fever vaccine.Influenza VaccinesEgg-based and cell-based products, seasonal,pre-pandemic and pandemic influenza vaccinesProducts of National SignificanceQ fever vaccine and antivenoms for venomouscreatures in Australia and other Pacific countriesIn-licensed Vaccines and PharmaceuticalsFor Australia and New ZealandMore on CSL.com (Expertise)10CSL Limited Annual Report 2020Our research anddevelopment pipelineWorking every day and knowing people’s lives depend onit, CSL’s world-class R&D organisation continues to evolveas a biotechnology leader by advancing high-quality scienceand technology through our own high-calibre scientists andinnovative collaborations. R&D utilises its expertise in fourstrategic platforms – plasma fractionation; recombinantprotein technology; cell and gene therapy; and vaccinedevelopment – to develop and deliver innovative medicinesthat address unmet medical needs or enhance currenttreatments that help patients lead full lives.CSL’s strong R&D pipeline includes new treatments thatutilise the above platforms and align with its leading-edgescientific technology and commercial capabilities across oursix therapeutic areas: immunology; haematology; cardiovascularand metabolic; respiratory; transplant; and influenza.Looking towards 2030, R&D is striving to deliver on the currentportfolio of medicines and continue to build a full and innovativepipeline that will make a meaningful difference to the lives ofpatients with rare and serious diseases. This pipeline will alsomake a substantial contribution to our future revenue wellinto the following decades.

trationPost-LaunchHaegarda (C1 Esterase Inhibitor) Subcutaneous in JapanHizentra (20% subcutaneous Ig) DermatomyositisHizentra (20% subcutaneous Ig) Systemic SclerosisPrivigen (10% intravenous Ig) Systemic SclerosisGaradacimab (Anti-FXIIa mAb) Hereditary AngioedemaCSL324 (Anti-G-CSFR mAb) Hidradenitis SuppurativaCSL730 (Recombinant Trivalent Human IgG1 Fc Multimer)*Gene Therapy Treatments Primary Immune Deficiency*HaematologyIdelvion (Recombinant rFIX-FP) Haemophilia BAfstyla (Recombinant FVIII) Haemophilia ACSL630 (pdFVIII Ruide)CSL200 (CAL-H) Sickle Cell DiseaseCSL510 Modified FibrinogenCSL889 (Hemopexin) Sickle Cell DiseaseCSL888 (Haptoglobin) Subarachnoid HaemorrhageRespiratoryZEMAIRA /RESPREEZA (Alpha1-Proteinase Inhibitor)CSL311 (Anti-Beta Common mAb)CSL787 (Nebulised Ig)Cardiovascular and MetabolicCSL112 (ApoA-1) Acute Coronary SyndromeCSL346 (Anti-VEGFB mAb) Diabetic Kidney DiseaseTransplantCSL842 (C1 Esterase Inhibitor) Refractory Antibody Mediated RejectionCSL964 (Alpha Antitrypsin) Prevention of Graft versus Host DiseaseCSL964 (Alpha Antitrypsin) Treatment of Graft versus Host Disease*Clazakizumab (Anti-IL-6 mAb) Antibody Mediated RejectionCSL040 (Novel Complement Inhibitor)Influenza VaccinesAFLURIA Quad (Quadrivalent Egg-based Influenza Vaccine)FLUCELVAX Quadrivalent (Quadrivalent Cell-based Influenza Vaccine)FLUAD Trivalent (Adjuvanted Influenza Vaccine)FLUAD Quadrivalent (Adjuvanted Influenza Vaccine)Adjuvanted Cell Culture Influenza Vaccine (aQIVc)Self-amplifying mRNA Influenza VaccineOutlicensed ProgramsMavrilimumab (Anti-GM-CSFR mAb)CSL334/ASLAN004 (Anti-IL-13R mAb) Atopic DermatitisLASN01 (Anti-IL-11R mAb)P. Gingivalis Periodontal DiseaseCOVID-19CSL312 (Anti-FXIIa mAb) Acute Lung InjuryCSL324 (Anti-G-CSFR mAb) Acute Lung InjuryCSL451 (aCoV2)*COVID-19 Hyperimmune Therapy** Partnered projects.CSL’s pipeline also includes Life Cycle Managment projects that address regulatory post-marketing commitments, pathogen safety, capacityexpansions, yield improvements, and new packages and sizes.CSL Limited Annual Report 202011

4Strategy and PerformanceIn 2020, we are at the start of a decade full of promise. We are continuallyinvestigating new ways to bring lifesaving therapies to patients acrossthe globe. We are also expanding production as we drive toward futuresustainable growth. The new decade will bring advancements in medicineand technology as part of a continued evolution of biotechnology. It’s anevolution we are excited to be a part of and our 2030 strategy is developedwith this evolution at its heart.Our 2030 strategyThe 2020 strategy demonstrated that, in addition to growingour global plasma business, we could develop and launchclass-leading recombinant products like IDELVION andbuild Seqirus into the second-largest influenza vaccineinnovator in the world. Along the way, we also expanded ourplatform technologies for future growth with the acquisitionof Calimmune, offering a new strategic cell and gene therapyplatform. The 2020 strategy has positioned CSL for continuedand sustainable growth across the enterprise.Our new 2030 strategy was developed to build on our successand further serve our patients and enhance public health,which are both at the core of what we do every day. With ourglobal workforce and strong culture, we look to execute our2030 strategy through the following areas: focus; innovation;efficiency and reliable supply; digital transformation; andfurther advance our sustainable growth.Efficiency &Reliable SupplyionatvnoInFocuseople & CuLPltuCSrePatients andPublic HealthWe focus in areas where we have the capabilities requiredto deliver value. We have chosen

16 Key Performance Data Summary 150 Find out more CSL.com CSL Calendar 2020 Key Dates 19 August Annual profi t and fi nal (ABN 99 051 588 348) will be held online on dividend announcement 10 September Shares traded ex-dividend 11 September Record date for fi nal dividend 9 October Final dividend paid 14 October Annual General Meeting