CSL : Annual Report 2022

For immediate release

2 September 2022

CSL ANNUAL REPORT 2021/22

Melbourne, Australia - CSL (ASX:CSL; USOTC:CSLLY).

The CSL Board of Directors is pleased to release CSL's 2021/2022 Annual Report.

Authorised for lodgement by:

Fiona Mead

Company Secretary

For further information, please contact:

Investors:	Media:
Bernard Ronchi	Jimmy Baker
Investor Relations	Communications, Asia Pacific
P: [phone]	P: [phone]
E: [e-mail]	E: [e-mail]

Driven by Our Promise

CSL Limited Annual Report 2021/22

Contents

1	Chair and CEO message	2
2	Our Company	8
3	Our Performance and Strategy	16
4	Our Material Risks	24
5	Our Future Prospects	26
6	Powered by Innovation	29
7	Our People	37

CSL Calendar

2022
17 August	Annual results and final dividend
	announcement
6 September	Shares trade ex-dividend
7 September	Record date for final dividend
5 October	Final dividend paid
12 October	Annual General Meeting
31 December	Half Year ends
2023
15 February	Half Year results and interim dividend
	announcement
9 March	Shares trade ex-dividend
10 March	Record date for interim dividend
5 April	Interim dividend paid
30 June	Full Year ends
16 August	Annual results and final dividend
	announcement
11 September	Shares trade ex-dividend
12 September	Record date for final dividend
4 October	Final dividend paid
11 October	Annual General Meeting
31 December	Half Year ends

8	Environment	42
9	Social	48
10	Governance	54
11	Financial Performance	63
12	Share Information	147
13	Key Performance Data Summary	150
14	Medical Glossary	151

Annual General Meeting

The 2022 Annual General Meeting (AGM) of CSL Limited (ABN 99 051 588 348) will be held on Wednesday,

12 October 2022 at 10am (Melbourne time) at the Clarendon Auditorium, Melbourne Convention and Exhibition Centre, South Wharf, Melbourne 3000.

Find out more CSL.com

About this report

This Annual Report combines CSL's financial and non-financial performance in one comprehensive account, linking our sustainability and strategic priorities to our business results. Unless otherwise stated, this report covers CSL's subsidiaries as listed on page 131.

CSL conducted its fifth sustainability materiality assessment in 2021/22. The prioritised results of our assessment are available within this report and on CSL.com. In addition to an independent audit of our consolidated financial accounts, limited assurance on a selection of corporate responsibility (CR) metrics has been provided by Ernst

• Young, and an assurance statement for non-financial indicators, along with more detailed Group and CR information, including our materiality assessment, can be found on CSL.com (Our Company > Corporate Responsibility).

Legal notice: This report is intended for global use.

This 2022 Annual Report is a summary CSL's operations and activities for the 12-month period ended 30 June 2022 and financial position as at 30 June 2022.

This report covers CSL's global operations, including subsidiaries, unless otherwise noted. A reference to CSL, CSL Group, we, us and our and similar expressions refer collectively to CSL Limited and its related bodies corporate.

Some statements about products, registered product indications or procedures may differ in certain countries. Therefore, always consult the country-specific product information, package leaflets or instructions for use. For more information, please contact a local CSL representative.

Brand names designated by a ® or a ™ throughout this publication are trademarks either owned by and/or licensed to CSL or its affiliates. Not all brands mentioned are used or registered as trade marks in all countries served by CSL.

Forward-looking statements

This report contains forward-looking statements including statements with respect to future company compliance and performance. This report also includes forward-looking statements regarding climate change and other environmental and energy transition scenarios. While these forward-looking statements reflect CSL's expectations at the date of this report, they are not guarantees or predictions of future performance or statements of fact. These statements involve known and unknown risks and uncertainties. Many factors could cause the Group's actual results, performances or achievements to differ, possibly materially, from those expressed in the forward-looking statements. These factors (including significant geopolitical issues relating to war in Ukraine, supply chain disruptions, energy security and inflation) include changes in government and policy; actions of regulatory bodies and other governmental authorities such as changes in taxation or regulation (or approvals under regulation); the effect of economic conditions; technological developments in the healthcare field; advances in environmental protection processes; and uncertainty and disruption caused by the COVID-19 pandemic and geo-political developments. There are also limitations with respect to scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate.

Readers are cautioned not to place undue reliance on forward-looking statements.

Except as required by applicable laws or regulations, CSL does not undertake to publicly update or review any forward-looking statements. Past performance cannot be relied on as a guide to future performance.

Non-IFRS

References to AASB refer to the Australian Accounting Standards Board and IFRS refers to the International Financial Reporting Standards. There are references to IFRS and non-IFRS financial information in this report. Non-IFRS financial measures are financial measures other than those defined or specified under

any relevant accounting standard and may not be directly comparable with other companies' information. Non-IFRS financial measures are used to enhance the comparability of information between reporting periods, and enable further insight and a different perspective into the financial performance. Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute for, IFRS financial information and measures. Non-IFRS financial measures are not subject to audit or review.

CSL Limited ABN 99 051 588 348

Our Purpose

The people and science of CSL save lives. We develop and deliver innovative medicines that help people with serious and life-threatening conditions live full lives and protect the health of communities around the world. Our CSL Values guide us in creating sustainable value for our stakeholders.

Arthur's story

Staying active has always been a priority for Arthur.

Arthur grew up playing sports and later moved on to weightlifting and bowling. In his late 30s, however, he was robbed of his mobility and left in severe pain by chronic inflammatory demyelinating polyneuropathy (CIDP). CIDP is a rare neurological disorder that can lead to symptoms such as weakness, paralysis or impairment in motor function, especially in the arms and legs.

After following a journey to diagnosis that lasted nearly 15 years, Arthur finally found the right treatment and is getting back to some of the activities that make him who he is.

He's also advocating for fellow CIDP patients and encouraging others to do the same. As he puts it, 'We need to speak up, work hard and be determined to overcome this.'

CSL Limited Annual Report 2021/22

1

1 Chair and CEO Message

Chair Message

Dear Fellow Shareholders,

I am pleased to share our results and operating review for 2021/22, from which you will see that CSL, supported by the strength of its foundations and an agile approach, is poised to deliver sustainable growth to our stakeholders.

Poised for Growth

CSL has continued to be resilient to the external environment over the 2021/22 financial year. Our 2030 Strategy and our values continue to guide our leaders all the way through

to our frontline employees.

Measured and ongoing investment into our business has been a key enabler of growth, and will continue to underpin that growth into the future. Our global capital investment program has advanced according to plan, and we continue to make great progress in our research and development (R&D) pipeline.

During the financial year, the Board approved the proposed acquisition of Vifor Pharma, a global pharmaceutical company focusing on the treatment areas of iron deficiency, dialysis, nephrology and rare disease. Through this acquisition,

our global reach, R&D capabilities, and balance sheet will help accelerate opportunities to bring new and innovative products to the large and underserved community of people suffering with kidney disease and iron deficiencies.

The Board looks forward to the full integration of this business and we thank shareholders for their support for this acquisition.

Our Governance Priorities

Another way we ensure we are poised to take advantage of the many opportunities afforded to us is through rigorous, best-practice governance, which is always a major focus of the Board.

In line with an observed trend in many jurisdictions towards a tenure limit for audit firms, we completed a competitive tender process to appoint new external auditors. This appointment is subject to shareholder approval at CSL's 2023 Annual General Meeting. If approved by shareholders, Deloitte Touche Tohmatsu will be CSL's external auditor for the 2024 financial year (commencing 1 July 2023).

We wish to thank EY for their many years of distinguished service to shareholders.

The composition of the Board is an ever-present priority. We aim to have the right skills and expertise to navigate our industry and the broader macro environment. We believe we have a strong and complementary dynamic that will continue our long track record of exceptional governance.

The return of our ability to travel has meant that the Board has been able to come together in person more often, and

I particularly enjoyed visiting our Kankakee and Holly Springs facilities in the United States with my fellow Board members and meeting the dedicated teams working at those sites.

Last year we announced our new sustainability strategy. While this has always been a focus for us at both the Board and operational levels, I am pleased to say the new strategy has provided us a refreshed impetus to be clear about our sustainability priorities. You can read about our progress, and specifically for the environment, further in this document.

An Opportune Time

Although the global pandemic has entered a new phase, the operating environment continues to prove testing. Once again, I would like to thank our Managing Director and Chief Executive Officer, Paul Perreault, his Global Leadership Group and all of our CSL colleagues for successfully navigating your company through this challenging time.

There has been an overwhelming response to the pandemic from the scientific community, including CSL, and the many partners we engage with all over the world. Our partnership with AstraZeneca for example, manufactured 50 million doses of the VAXZEVRIA® COVID-19 vaccine requisitioned by the Australian Government. This enabled the protection of millions of Australians, as well as many of the country's neighbours in the Pacific region.

While we hope that the pandemic challenge starts to fade, it is in the nature of our industry to look to the other problems we try to solve every day, and work out how we can approach them more effectively. These unmet medical needs are an opportunity for our people, from our scientists, researchers, knowledge workers, to our manufacturing experts and phlebotomists to contribute to helping protect the health of communities around the world. This pursuit has received a great boost over the past two years as we have witnessed new approaches to clinical trials, fast-tracked approval processes and new precedents for what collaboration can look like.

This is an opportune time for our company to meet the world's increasing expectations, and our industry to heighten its contribution to achieving a healthier world.

2 CSL Limited Annual Report 2021/22