CSL Limited
45 Poplar Rd, ParkvilleVictoria 3052
Australia

Prospectus for the public offer ofup to 90,000,000 shares of CSL Limited
under the CSL Limited Global Employee Share Plan

to the employees of the European Economic Area subsidiaries of CSL Limited

26 January 2018

International Securities Identification Number (ISIN): AU000000CSL8
ASX Issuer Code: CSL
German Securities Code Number (Wertpapier-Kenn-Nummer): 890952
Trading symbol: CSJ

TABLE OF CONTENTS
Page
Prospectus Summary .................................................................................................................................... 4
Section A — Introduction and Warnings ..................................................................................... 4
Section B — Issuer ......................................................................................................................... 4
Section C — Securities ................................................................................................................. 10
Section D — Risks ........................................................................................................................ 11
Section E — Offer ........................................................................................................................ 13
Prospektzusammenfassung ........................................................................................................................ 18
Abschnitt A - Einführung und Warnhinweise ........................................................................... 18
Abschnitt B – Emittent ................................................................................................................ 18
Abschnitt C – Wertpapiere .......................................................................................................... 23
Abschnitt D – Risiken .................................................................................................................. 25
Abschnitt E – Das Angebot .......................................................................................................... 27
Risk Factors ................................................................................................................................................ 32
General Information .................................................................................................................................. 38
Responsibility for Contents of the Prospectus ........................................................................... 38
Subject Matter of the Offering .................................................................................................... 38
Special Note Regarding Forward-Looking Statements............................................................. 38
Currency References .................................................................................................................... 38
Documents Available for Inspection ........................................................................................... 38
The Offering ................................................................................................................................................ 40
Information Concerning the Shares to be Offered .................................................................... 40
The Offering under the GESP ..................................................................................................... 40
Reasons for the Offering and Use of Proceeds ......................................................................................... 44
Purpose of the Plan ...................................................................................................................... 44
Proceeds and Use of Proceeds ..................................................................................................... 44
Dilution ........................................................................................................................................................ 45
Dividend Policy ........................................................................................................................................... 46
Capitalisation .............................................................................................................................................. 47
Capitalisation and Indebtedness ................................................................................................. 47
Working Capital Statement ......................................................................................................... 49
Selected Consolidated Financial Data ....................................................................................................... 50

2

Consolidated Statement of Comprehensive Income .................................................................. 50
Consolidated Balance Sheet ......................................................................................................... 50
Legal and Arbitration Proceedings ........................................................................................................... 52
Shareholdings and Stock Options of Directors and Executive Officers ................................................. 53
Disposal restrictions agreed by directors and executive officers of the Company.................. 53
General Information about the Company ................................................................................................ 55
Company Name ............................................................................................................................ 55
General Information about the Company and its Business ...................................................... 55
Auditors......................................................................................................................................... 56
Description of the Securities ...................................................................................................................... 57
Type and the Class of the Securities being offered, including the Security Identification
Code ............................................................................................................................................... 57
Legislation under which the Securities have been Created / Regulation of the Shares .......... 57
Form of Securities, Name and Address of the Entity in Charge of Keeping the Records...... 57
Commission ................................................................................................................................... 57
Currency of the Securities Issue .................................................................................................. 57
Rights attached to the Securities ................................................................................................. 57
Change of Shareholders’ Rights ................................................................................................. 58
Transferability .............................................................................................................................. 58
Applicable Squeeze-out and Sell-out Rules (Takeovers and compulsory acquisition) ........... 59
Long Term Incentive Plan (LTI Plan) ........................................................................................ 59
Management ................................................................................................................................................ 61
Information on the Company’s directors and chief officers ..................................................... 61
Good Standing of Directors and Chief Officers of the Company ............................................. 63
Potential conflicts between any duties to the Company of Directors and Chief Officers of
the Company and their private interests and/or other duties .................................................. 63
Taxation in the Federal Republic of Germany ........................................................................................ 64
Taxation in the U.K. ................................................................................................................................... 66
Taxation in Australia ................................................................................................................................. 68
Recent Developments and Trends ............................................................................................................. 69
Recent Developments ................................................................................................................... 69
Trend Information ....................................................................................................................... 69

3

PROSPECTUS SUMMARY
Note to the reader
Summaries are made up of disclosure requirements known as “Elements”. These elements are numbered in Sections A – E (A.1 – E.7).
This summary contains all the Elements required to be included in a summary for this type of securities
and issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the Element. In thiscase a short description of the Element is included in the summary with the mention of “not applicable”
together with a short explanatory statement.
Section A — Introduction and Warnings
and This summary should be read as an introduction to the prospectus.
Any decision to invest in the securities should be based on consideration of the prospectus as a whole by the investor. Where a claim relating to the information contained in the prospectus is brought before acourt, the plaintiff investor might, under the national legislation of themember states of the European Economic Area, have to bear the costsof translating the prospectus before the legal proceedings are initiated;and civil liability attaches only to those persons who have tabled thesummary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with theother parts of the prospectus or it does not provide, when read together
with the other parts of the prospectus, the key information in order to
aid investors when considering whether to invest in such securities.

A.1

Introduction
Warnings

A.2

Use of the prospec- Not applicable. The Issuer has not consented to the use of the prospectus for subsequent tus for subsequent resale or final placement of securities.
resaleorfinalplacement of securities by financial intermediaries.

Section B — Issuer
Legal and Commercial Name of theIssuerThe Issuer’s legal and commercial name is CSL Limited.

B.2

Domicile and Legal
Form of the Issuer,the Legislation under which the Issuer
operates and its
Country of Incorporation

The Issuer is a public company limited by shares, incorporated andorganised under the laws of Australia. The Issuer’s corporate headquarters are located at 45 Poplar Rd, Parkville, Victoria 3052, Australia.

B.3

Description of the
Nature of the Issu-

CSL is a global specialty biopharmaceutical company that researches,develops, manufactures and markets biotherapies to treat and prevent

B.1

References in this summary to "CSL", the "Company" or the "Issuer"shall mean CSL Limited, and references in this summary to the"Group" shall mean the Issuer together with its consolidated subsidiaries, unless the context indicates otherwise.

4

er’s current Operations and its principal Activities andidentification of theprincipal markets inwhich the issuer
competes

serious and rare medical conditions. The Group produces safe andeffective therapies for patients who rely on them for their quality oflife, and sometimes for life itself. With major production facilities inAustralia, Germany, Switzerland, the UK and the US, CSL employs
more than 19,000 employees working in over 30 countries. CSL operates in two segments: CSL Behring and Seqirus.
CSL Behring
CSL Behring is a global leader in the plasma protein biotherapeutics
industry. It researches, develops, manufactures and markets biotherapies that are used to treat serious and rare conditions.
CSL Behring’s biotherapies are indicated for the treatment of serious
and rare conditions. These conditions include coagulation (bleeding)disorders such as hemophilia and von Willebrand disease, primaryand secondary immune deficiencies, hereditary angioedema, neurological disorders and genetic emphysema (inherited respiratory disease). CSL Behring’s biotherapies are also used to prevent haemolytic
disease in newborns, for urgent warfarin reversal in patients withacute major bleeding, to prevent infection in solid organ transplant
recipients and treat specific infections, and to help victims of trauma,shock and burns.
Biotherapies differ from conventional chemical-derived pharmaceuticals in many ways. They are derived from human plasma, or produced
as their recombinant equivalents, instead of from chemicals. These
expensive source materials comprise a much higher portion of thetherapy’s cost than the chemicals used in pills and tablets. Biotherapies also undergo rigorous safety controls and inspections throughout
every step of the manufacturing process, from the collection of plasma
to the final packaging of the finished product.
While plasma therapeutics treat small patient populations, traditional
pharmaceuticals may treat millions of patients worldwide. As a result,economies of scale in the plasma protein industry are much narrower
than in the traditional pharmaceutical industry. In fact, the costs ofproduction for plasma-derived medical therapies are typically around
70% of the selling price compared to around 20% for chemical-based
pharmaceuticals.
CSL Behring’s products are produced at facilities in Bern, Switzerland, Marburg, Germany, Kankakee, Illinois (USA) and Broadmeadows, Australia, in accordance with international safety and quality
standards. CSL Behring also operates CSL Plasma, one of the world’s
largest plasma collection networks with more than 170 centres in the
United States and Europe.
On 13 June 2017, the Company announced that it had agreed to acquire 80 percent equity of plasma-derived therapies manufacturer
Wuhan Zhong Yuan Rui De Biological Products Co. Ltd (“Ruide”)
from Humanwell Healthcare Group Ltd. The transaction closed on 2
August 2017. Ruide develops, manufactures and commercialises
plasma-derived products for the Chinese domestic market. This acquisition provides CSL with a strategic presence in the Chinese domestic
plasma fractionation market and complements the strong market position that the Company believes CSL Behring has built over the past
20 years as a provider of imported albumin in China. Please also see
Element B.7 – Significant change to the Issuer’s financial conditionand operating results.
Seqirus
Seqirus was established on 31 July 2015, following CSL’s acquisition5

of the Novartis influenza vaccines business and was subsequently
integrated with bioCSL. By revenue, the Company believes Seqirus is
the world’s second largest influenza vaccine company and a major
partner in the prevention and control of influenza globally. It is also a
supplier of influenza vaccine for Northern and Southern Hemispheremarkets and a transcontinental partner in pandemic preparedness andresponse.
Seqirus operates state-of-the-art production facilities in the US, theUnited Kingdom (UK) and Australia, utilises both egg-based and cellbased manufacturing technologies and offers novel products including
an adjuvanted seasonal influenza vaccine. It has extensive R&D capabilities, a broad and differentiated product portfolio and commercial
operations in more than 20 countries.
In Australia and the Asia Pacific region, Seqirus also provides inlicensed vaccines and specialty pharmaceuticals. It also manufacturesand markets diagnostics for immunohematology laboratories and is
the sole supplier of a unique range of products made in the national
interest for the Australian Government, including antivenoms and Q
fever vaccine.
Research and development
CSL continues to grow investment in the development of proteinbased medicines to treat serious human illnesses. Today, most of theGroup’s licensed medicines are purified from human plasma or madefrom traditional sources. CSL has also built the capabilities required
to develop future products using recombinant technology. Global research and development activities support CSL’s existing licensed
products and development of new therapies that align with theGroup’s technical and commercial capabilities in immunoglobulins,
specialty products, haemophilia and coagulation therapies and new
medicines.
B.4a

Recent Trends

CSL expects solid ongoing demand for the CSL Behring’s biotherapies and strong market acceptance of the newly approved specialty
product Haegarda and expects Seqirus to continue its path towards
profitability. The Company expects the market place to remain competitive, particularly as new manufacturers and products emerge. The
Group will continue to invest substantially in its research and development pipeline. The Company has set the goal for its net profit after
tax for the fiscal year ending on 30 June 2018 to grow.

B.5

Description of theGroup and the Issuer’s position within
the Group

Not applicable, because information regarding the organisational
structure of the Group is not required to be provided elsewhere in theprospectus.

B.6

Interests in the
Company’s Capital

Not applicable, because information regarding the Company’s capital
structure is not required to be provided elsewhere in the prospectus.

B.7

Selected Financial
Information regarding the GroupThe following selected financial data are derived from the Company’s audited consolidated
financial statements for the fiscal years ended 30 June 2017, 30 June 2016 and 30 June 2015 aspublished in the Company’s annual reports for the fiscal years ended 30 June 2017 and 30 June
2016, which can be accessed as described in the section "Documents Available for Inspection"6

of this prospectus. The Company's consolidated financial statements are prepared in accordance with the Australian Accounting Standards, other authoritative pronouncements of theAustralian Accounting Standards Board and the Australian Corporations Act 2001. The financial statements comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (hereinafter referred to as “IFRS”) in accordance with
IAS 1 Presentation of Financial Statements.
The consolidated financial statements are presented in US Dollar ("US$), which is the Group's
presentation currency.
Consolidated Statement of Comprehensive Income
Financial year ended 30 June
2017
US$ million

2016
US$ million1

2015
US$ million

Sales revenue

6,615.8

5,909.5

5,458.6

Cost of sales(3,326.8)(3,052.8)(2,605.9)

Gross profit

3,596.0

3,062.5

2,852.7

Resarch and development
expenses(645.3)(613.8)(462.7)

Selling and marketing
expenses(697.0)(620.9)(498.3)General and administration expenses(484.8)(390.3)(287.5)

Profit before income tax
expense1,689.8

1,555.9

1,714.0

Net profit for the period

1,337.4

1,242.4

1,379.0

Total of other comprehensive income / (expense)(173.0)(198.8)(508.4)

Total comprehensive
income for the period

1,510.4

1,043.6

870.6

Consolidated Balance Sheet
Financial year ended 30 June
2017
US$ million

2016
US$ million

2015
US$ million

Cash and cash equivalents

844.5

556.6

556.8

Trade and other receivables

1,170.4

1,107.2

1,003.7

Inventories

2,575.8

2,152.0

1,755.6

Total Current Assets

4,602.1

3,818.0

3,339.1

Property, plant andequipment

2,942.7

2,389.6

1,841.3

Deferred tax assets

496.5

389.0

274.4

Intangible assets

1,055.4

942.6

926.9

1

Revenue items previously disclosed in the segment note have been moved to the Consolidated Statement of Comprehensive
Income providing a comprehensive picture of the compoments of operating revenue earned by the Group in the Income Statement.

7

Total Non-Current
Assets

4,520.6

3,744.7

3,061.9

Total assets

9,122.7

7,562.7

6,401.0

Trade and other payables

1,155.8

996.1

700.8

202.5

207.3

143.9

Current tax liabilities
Provisions

134.1

99.6

84.3

Total Current Liabilities

1,618.1

1,374.4

936.1

Interest bearing liabilities

3,852.7

3,081.0

2,277.7

Deferred tax liabilities

138.2

119.2

138.2

Retirement benefit liabilities

255.3

326.6

221.1

Total Non-Current
Liabilities

4,340.8

3,621.1

2,718.0

Total Liabilities

5,958.9

4,995.5

3,654.1

Net Assets

3,163.8

2,567.2

2,746.9

Contributed
Equity(4,354.3)(4,213.0)(3.560.4)

Reserves

294.2

187.9

306.5

7,403.9

6,592.3

6,000.8

3,163.8

2,567.2

2,746.9

EquityRetained Earnings
Total Equity

Significant change
to the Issuer’s financial conditionand operating results

On 13 June 2017, the Company announced that it had agreed to acquire 80 percent equity of plasma-derived therapies manufacturer
Ruide from Humanwell Healthcare Group Ltd. The transaction closed
on 2 August 2017. Ruide develops, manufactures and commercialises
plasma-derived products for the Chinese domestic market. The initialpurchase price was US$ 352 million for 80% of the equity in Ruide.
There is additional consideration possible within the agreement, partof which is contingent on the registration of new products and theopening of new plasma centres, and part is related to a put and call
option over the remaining 20% of equity in Ruide. If fully paid, thetotal will amount to approximately US$ 130 million. At this stage, theCompany is still assessing the fair value of the net assets acquired andis not in a position to accurately estimate the value of intangibles andgoodwill expected from the transaction. However, it is anticipated thata substantial portion of the assets recognized will be intangibles.
Other than as described above, there were no significant changes in
the financial or trading position of the Group since the end of the last
financial year (30 June 2017).

B.8

Pro Forma Financial Information

Not applicable, because no pro forma financial information is required
to be provided in the prospectus.

B.9

Profit Forecast

Not applicable. This prospectus does not contain any profit forecast.

B.10

Qualifications in the
Audit Report on thehistorical Financial
Information

Not applicable. There are no such qualifications in the auditors’ report.

8

B.11

Working CapitalStatement

The Company believes that its working capital (i.e., its ability to access cash and other available liquid resources) is sufficient to meet its
present requirements for at least the next 12 months from the date ofthis prospectus.

9Section C — Securities
C.1

Type and Class of
the Securities being
offered, including
the Security Identification CodeThe shares offered under the CSL Limted Global Employee SharePlan (the "GESP" or the "Plan") are the Company’s ordinary shares.
The Company’s ordinary shares are listed on the Australian Securities
Exchange. The International Securities Identification Number (ISIN)
for the Company’s ordinary shares is AU000000CSL8. The ASX Issuer Code is CSL. In Germany, the Company's common shares aretraded in the unofficial market (“Freiverkehr”) on the stock exchanges
in Düsseldorf, Frankfurt, Munich, Stuttgart and Hamburg under thesymbol "CSJ " and the German Securities Code Number (Wertpapierkennnummer) 890952.

C.2

Currency of the Securities Issue

The Australian Dollar is the currency of the securities issue.

C.3

Number of Shares
IssuedAs of 31 December 2017, the Company had 452,270,489 ordinary
shares outstanding. The issued shares are fully paid. The Company has
no preference shares on issue.

C.4

Rights attached to
the Securities

No eligible employee participating in the GESP shall have any voting,dividend or other shareholder rights with respect to any shares offeredunder the GESP until the shares are allocated to the participant following the end of the contribution period under the GESP. Following allocation of shares, the eligible employee participating in the GESP shallbe entitled to the rights attached to the shares, as further described
below.
Dividend Rights
The board of directors may from time to time resolve to pay any interim and final dividends that, in its judgement, the financial position of
the Company justifies. The board of directors may also fix theamount, the time for determining entitlements to the dividend and thetiming and method of payment. There are no dividend restrictions andno special procedures for shareholders resident in the European Unionand the EEA.
Voting Rights
At a general meeting of the Company, every shareholder present inperson or by proxy, representative or attorney has one vote on a showof hands and, on a poll, one vote for each fully paid share held by theshareholder.
Liquidation Rights
Subject to the Company's Constitution, the Corporations Act 2001 andany preferential rights attaching to any class of shares, shareholders
will be entitled on a winding up to a share in any surplus assets of theCompany in proportion to the shares held by them. If the Company iswound up, the liquidator may, with the approval of a special resolution, divide all or part of the Company’s assets among shareholders
and decide how the division is to be carried out as between shareholders or different classes of shareholders, but the liquidator may not
require a shareholder to accept any shares or other securities in respectof which there is any liability.
No Preemptive, Redemption or Conversions Provisions
Under the Company's Constitution or the Corporations Act 2001, theholders of the Company’s ordinary shares do not have preemptive
rights to acquire Company shares, or securities convertible into Com10

pany shares. The Company’s ordinary shares are not subject to redemption or any conversion rights.
Change of Shareholders’ Rights
Subject to the Corporations Act 2001 and the terms of issue of a classof shares, the rights attaching to any class of shares may be varied orcancelled:with the consent in writing of the holders of 75% of the issued
shares included in that class; orby a special resolution passed at a separate meeting of the holdersof those shares.

In either case, the holders of not less than 10% of the votes in theclass of shares, the rights of which have been varied or cancelled, may
apply to a court of competent jurisdiction to exercise its discretion to
set aside such a variation or cancellation.
C.5

Transferability

No purchase right granted under the GESP shall be assignable or transferable by a participant. The shares issued upon exercise of the purchase right are freely transferable, provided ASX has granted quotation of the shares and (if necessary) the Company has filed a notice inaccordance with the Corporations Act 2001 in order to enable secondary trading of the shares.

C.6

Admission to Trading on a RegulatedMarketNot applicable. As noted in Section C.1 above, the shares are listed on
ASX. They will not be admitted for trading on any regulated market.

C.7

Dividend Policy

The declaration, payment and amount of any future dividends will be
determined by the Company’s Board of Directors (the "Board") andwill depend upon, among other factors, its earnings, financial condition and capital requirements at the time such declaration and payment are considered.
Dividends paid to the shareholders in the last three financial years
were as follows:Year

Dividend

Record Date

Payment
Date

USD amount
per share

2017

Final
Interim13 September
16 March

13 October
13 April

0.72
0.64

2016

Final
Interim14 September
24 March

7 October
15 April

0.68
0.58

Final
Interim9 September
18 March

3 October
10 April

0.66
0.58

2015

Section D — Risks
Employees should carefully consider the risks described below, which are described in more detail under the caption “Risk Factors” and other information contained in this prospectus, and take these factors
into account in making their investment decision. The occurrence of one or more of these risks alone orin combination with other circumstances may have a material adverse effect on the business and financial condition of the Group and cause the market price of the Company’s shares to decline. In such case,11

employees could lose all or part of their investment. The prospectus contains all risks which the Company deems material. However, the risks described below may turn out to be incomplete and therefore
may not be the only risks to which the Group is exposed. Additional risks and uncertainties could havea material adverse effect on the business and financial condition of the Group. The order of presentationof the risk factors below does not indicate the likelihood of their occurrence or the extent or the significance of the individual risks.
D.1

Risks related to theGroup's Business or
its Industry

CSL faces competition from pharmaceutical and biotechnology
companies.

Changes to government legislation or regulations and decreases
in third party reimbursement rates may adversely affect theGroup’s product sales, results of operations and financial condition.



The Group’s manufacturing process and facilities are subject toregulatory requirements and authority.



Difficulties or delays in product manufacturing could harm theGroup’s business and/or negatively affect the Group’s financial
performance.



CSL depends on a limited group of companies that supply raw
materials and supply and maintain the Group’s equipment.



The Group may not always succeed in obtaining and maintaining regulatory approvals for its products or otherwise succeed insuccessfully commercialising its products.

The successful development of plasma-derived therapeutics (including recombinants) and other biological products is uncertain, expensive and requires significant time.



The Group faces risks in connection with business combinations.



Most of CSL’s operations are computer-based and information
technology systems are essential to maintaining effective operations.

Protecting the Group’s proprietary rights is difficult and costly.



The Group’s results of operations are affected by its royalty revenues.



The use of CSL’s products can produce undesirable or unintended side effects or adverse reactions.



The Group may incur material product liability costs.



The Group may incur adverse litigation costs.



The Group’s relationships with physicians and other healthcare
providers and third-party payers are subject to applicable antibribery and anti-corruption, anti-kickback, fraud and abuse andother healthcare laws and regulations.



The Group may fail to attract and retain key employees.

Market practice risk in various international markets



The Group is subject to foreign currency exchange risk.

Changes in tax laws or exposure to additional income tax liabilities may have a negative impact on the Group’s financial performance.
12

D.3

Key Risks related to
the SharesThe market prices for securities of biotechnology and pharmaceutical companies such as the Company are subject to manyfactors that contribute to volatility.

Section E — Offer
E.1

Net Proceeds and Estimate of total Expenses

As of 30 June 2017, shares under the GESP are offered to approximately 17,000 eligible employees worldwide. The accumulated
payroll deductions for which the eligible employees may purchaseshares under the GESP may not exceed AUD6,000 per offering
period, i.e., AUD12,000 during the two Offering periods which are
fully covered by this Prospectus. Assuming that each eligible employee purchases the maximum amount of shares, that is, as near as
possible to the total of AUD12,000, the employee would purchase99 shares at a purchase price of AUD120.06 which is eighty-five
percent of the shares' fair market value (AUD141.25) as of 15 November 2017. Then a total of 1,683,000 shares can be purchased
and the gross proceeds of the Company in connection with the offer
under the GESP pursuant to this prospectus would be
AUD202,060,980.
The costs of this offering consist of legal expenses in an amount ofapproximately AUD150,000. After deduction of such costs, the net
proceeds, based on the above assumptions, would be approximately
AUD201,910,980.

E.2a

Reasons for the Offer
and Use of Proceeds

The purpose of the GESP is to foster broad-based share ownershipamong CSL’s employees.
The proceeds from the sale of shares are not reserved for any particular purpose and will be booked to the general account of theCompany. On that account, they are pooled with other company
monies which will be used for general corporate purposes.

E.3

Description of theTerms and Conditions of the Offer

Administration of the GESPThe GESP is administered by the Board or its delegate within the
HR department of the Company (the “Plan Administrator”).
Eligible Employees
Generally, any full-time or part-time employee of CSL or a subsidiary of CSL is eligible to apply to enroll in the GESP, unless they
are a director of CSL or are excluded by the Board (“Eligible Employee”). Currently, the Plan requires employment on a permanent
basis for at least six (6) months before an Offering Period (as defined below) as a condition of eligibility. The Plan may establish
additional eligibility requirements in the future.
Shares Available for Purchase
The maximum aggregate number of shares of that may be issued
under the GESP is 90,000,000. Certain other limitations apply, including that the total number of shares issued under the Plan together with the total number of issued Shares and outstanding options under all Company employee equity plans cannot exceed acertain percentage of the total number of issued shares in the capitalof the Company, and that no Eligible Employee may acquire morethan a 5% interest in all of the issued shares or be in a position to
cast more than 5% of all votes at a general meeting of the Compa13

ny.
In the event of a reconstruction or other alteration in the capital of
the Company, a distribution to the Company’s shareholders (otherthan a cash dividend) or any corporate transaction significantly affecting the value of the Company’s share capital, the Board will
adjust either or both (i) the terms of the offer and the GESP and (ii)the maximum number of shares to be issued under the Plan as applicable to the then-current offering under the GESP, in a mannerthat the Board determines is fair and equitable and in accordancewith the ASX Listing Rules.
Terms and Conditions
Offering Period
The ordinary shares of the Company are offered for purchase under
the GESP through a series of successive six-month offering periods
commencing on 1 September and 1 March each year (each, an “Offering Period”) during which time payroll deductions are taken andat the end of which time shares are purchased. The Plan Administrator may change the commencement date, the ending date and theduration of the Offering Period, provided that an Offering Period
may not exceed eighteen (18) months. The Offering Periods during
the validity of this prospectus are 1 September 2017 to 28 February
2018, 1 March 2018 to 31 August 2018 and the offering period beginning on 1 September 2018. The Offering Period that has commenced on 1 September 2017 is covered by the prospectus approved by BaFin on 31 January 2017 (the “2017 Prospectus”) andafter expiration of the validity period of the 2017 Prospectus, will
be covered by this prospectus. The Offering Period starting on 1
September 2018 will be covered partly by this Prospectus and, following the approval, by the subsequent prospectus for the GESP the
Company expects to file in 2018.
Subscription Right and Acquisition Price
Upon acceptance of an Eligible Employee’s enrollment application,
the Eligible Employee will become a participant in the GESP (“Participant”) and be deemed to have offered to subscribe for shares andto have agreed to be bound to the terms and conditions of the offer
as of the first day of an Offering Period.
The price at which shares can be purchased at the end of an Offering Period is eighty-five percent (85%) of the lesser of (a) the fairmarket value of a share on the first day of the Offering Period and(b) the fair market value of a share on the last day of the Offering
Period (“Acquisition Price”). The fair market value is determined as(a) the weighted average of the prices at which such shares weretraded on the ASX, where there has been at least one transaction on
the ASX in respect of the shares on that day, or (b) the weighted
average of the prices at which such shares were traded on the ASX
during the most recent day on which there has been at least one
transaction on the ASX in respect of the shares.
Exercise of Acquisition Right
At the end of the Offering Period, all contributions made by a Participant for the purchase of shares will be used for the purchase ofshares. Not more than 10 days following the end of each Offering
Period, ordinary shares of the Company will be purchased for eachParticipant with such contributions (each such date on which sharesare purchased, a “Share Acquisition Date”). The Share Acquisition
Dates during the validity of the prospectus are approximately 28
14February 2018 and 31 August 2018.
Acquisition Price – Payroll Deductions
The Acquisition Price is paid by way of automatic deduction fromthe Participant’s payroll and used to purchase ordinary shares of theCompany on each Share Acquisition Date. The Participant authorizes the Company to make payroll deductions during the Offering
Period in an amount not less than AUD300 and not more than
AUD6,000 and, in any case, in an amount that is not more than
10% of Participant’s gross base salary.
A Participant’s enrollment in the Plan and payroll deduction authorization will remain in effect for subsequent Offering Periods unlessthe Participant’s participation in the GESP terminates or the Participant cancels the authorization or submits a new payroll deduction
authorization form within the time specified by the Plan Administrator. During an Offering Period, a Participant may not reduce or
increase the amount of his or her payroll deduction authorization,
but the Participant may withdraw from the GESP and have his or
her payroll deductions refunded to him or her.
Purchase Limitations
A Participant may purchase up to the number of shares that can bepurchased by dividing a Participant’s payroll deductions at the
Share Acquisition Date by the Acquisition Price. However, a Participant may not acquire shares under the GESP if the acquisition
would result in the Participant holding more than a 5% interest in
all of the issued shares of the Company or being in a position to
cast more than 5% of all votes at a general meeting of the Company
DeliveryOn the Share Acquisition Date, which is not more than 10 days
after the end of the Offering Period, the purchased shares will bedelivered to the Participant.
Shares issuable to employees are booked into an account with
Computershare. Participants choose a disposal restriction for theshares of either (i) one year or (ii) the earlier of three years and thedate of termination of employment with CSL and its subsidiaries.
Termination of Participation
The Participant may terminate his or her participation in Plan bycompleting a withdrawal form at Computershare. Upon withdrawal,
the Participant’s accumulated payroll deductions will be returned to
the Participant, without interest, and no shares will be purchased for
the Participant at the end of the Offering Period. The withdrawal isirrevocable, and the Participant may not participate in the GESP
unless such individual is an Eligible Employee and re-enrolls in the
GESP for a subsequent Offering Period.
Termination of Eligibility
Upon the termination of the Participant’s employment with CSL
and its subsidiaries for any reason (including death) during an Offering Period or in the event an individual ceases to qualify as an
Eligible Employee, (i) such individual will cease to be a Participant,(ii) the right to subscribe to shares will be canceled, (iii) the accumulated payroll deductions will be returned to the Participant,without interest, and (iv) and such individual will have no further
rights under the GESP.

15

Duration, Termination and Amendment
The Board may, at any time, suspend or terminate the GESP. If the
GESP is suspended or terminated, no further payroll deductions
will be taken and no further shares will be purchased and the Company may (in the case of suspension of the GESP) or must (in thecase of termination of the GESP) return the Participant’s accumulated payroll deductions to the Participant. Any applicable disposal
restrictions on the shares will continue to apply.
The Board may at any time amend the GESP, but no amendment
may reduce the rights of a Participant unless such amendment isnecessary to comply with applicable laws, to correct any obvious
mistake or with the Participant’s consent.
Transferability of Purchase Rights
The right to subscribe for shares under the GESP is not assignable
or transferable by the Participant.
Enrollment
The GESP is a voluntary plan and requires Eligible Employees toenroll in order to participate. Generally, the enrollment period runs
for four weeks starting about six weeks before the applicable Offering Period. Prior to each Offering Period, Eligible Employees arenotified of the specific enrollment deadlines for such Offer Period
by way of an Offer Guide distributed to them.
E.4

Description of material Interest to theOffer including Conflict or Interests

Not applicable. There are no such interests.

E.5

Name of the Entity
offering to sell the
Security

CSL Limited

E.6

Maximum Dilution

The book value of the stockholders’ equity of the Company (defined as total assets less total liabilities) as reflected in the consolidated financial statements amounted to approximately
US$3,163,800,000 as of 30 June 2017 which corresponds to
AUD4,172,227,351 using a AUD/USD exchange rate of 0.75832.
This is equivalent to approximately AUD9.20 per share (calculatedon the basis of 453,454,237 outstanding shares as of 30 June 2017).
If the Company had obtained net proceeds in the amount of
AUD201,910,980 the book value of the shareholders’ equity at thattime would have been approximately AUD 4,374,138,330 or
AUD9.61 per share (based on the increased number of shares after
the purchase of 455,137,237 shares and assuming a purchase priceof AUD120.06, which is eighty-five per cent of the stock’s fairmarket value (AUD141.25) as of 15 November 2017. Consequently, under the above-mentioned assumptions, the implementation of
the offering would lead to a direct increase in the book value ofshareholders’ equity of AUD201,910,980 or approximately
AUD0.41, or approximately 4.46%, per share for the existing
shareholders and an average dilution of approximately AUD110.45
per share for the Eligible Employee who purchased the shares and,2

As of 15 November 2017; source: Reserve Bank of Australia website - http://www.rba.gov.au/statistics/tables/xls-hist/2014current.xls.

16thus, investors who acquire shares at the purchase price of
AUD120.06 are diluted by approximately 92.00%.
E.7

Estimated Expenses
charged to the Investor

Not applicable. There are no such expenses.

17

PROSPEKTZUSAMMENFASSUNG
Zusammenfassungen bestehen aus verschiedenen Offenlegungselementen, die als „Angaben“ bezeichnet werden. Diese Angaben sind unten in den Abschnitten A - E enthalten (A.1 – E.7).
Diese Zusammenfassung enthält alle Angaben, die in einer Zusammenfassung für die angebotene Art
von Wertpapieren und diesen Emittenten erforderlich sind. Da einige bestimmte Angaben in der Zusammenfassung nicht enthalten sein müssen, können in der Nummerierung der Angaben Lücken auftreten.
Es kann vorkommen, dass im Hinblick auf einen bestimmten Informationsbestandteil keine relevanten
Informationen zur Verfügung gestellt werden können, obwohl die entsprechenden Informationen aufgrund der Art der angebotenen Wertpapiere und des Emittenten eigentlich zwingend in die Zusammenfassung aufzunehmen sind. In einem solchen Fall wird der entsprechende Informationsbestandteil inder Zusammenfassung mit der Bezeichnung „entfällt“ zusammen mit einer kurzen Begründung kenntlich gemacht.
Abschnitt A - Einführung und Warnhinweise
A.1

Einführung undWarnhinweise

Diese Zusammenfassung sollte als Einführung zum Prospekt verstanden werden. Der Anleger sollte die Entscheidung zur Anlage in die
Aktien auf die Prüfung des gesamten Prospekts stützen. Der als Kläger auftretende Anleger könnte für den Fall, dass er vor einem Gericht
Ansprüche auf Grund der diesem Prospekt enthaltenen Informationen
geltend macht, in Anwendung der einzelstaatlichen Rechtsvorschriften der Staaten des Europäischen Wirtschaftsraums dazu verpflichtet
sein, die Kosten für die Übersetzung des Prospekts vor Prozessbeginn
zu tragen. Diejenigen Personen, die die Verantwortung für die Zusammenfassung einschließlich etwaiger Übersetzungen hiervon übernommen haben oder von denen der Erlass ausgeht, können zivilrechtlich für den Inhalt der Zusammenfassung haftbar gemacht werden,
jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen
Teilen des Prospekts gelesen wird, oder sie, wenn sie zusammen mit
den anderen Teilen des Prospekts gelesen wird, nicht alle erforderlichen Schlüsselinformationen, vermittelt.

A.2

Verwendung desProspekts für die
spätere Weiterveräußerung oderendgültige Platzierung von Wertpapieren durch Finanzintermediäre.

Entfällt. Der Emittent hat der Verwendung des Prospekts für die spätere Weiterveräußerung oder endgültige Platzierung ("final placement") von Wertpapieren nicht zugestimmt.

Abschnitt B – Emittent
B.1

Juristische und geschäftliche Bezeichnung des Emittenten

Die juristische und kommerzielle Bezeichnung des Emittenten lautet
CSL Limited.
In dieser Zusammenfassung beziehen sich Verweise auf „CSL“, die„Gesellschaft“ oder den „Emittenten“ auf CSL Limited, und Verweisein dieser Zusammenfassung auf den „Konzern“ beziehen sich auf den
Emittenten und seine in den Konzernabschluss einbezogenen Tochtergesellschaften, sofern sich aus dem Zusammenhang nichts anderes
ergibt.
18

B.2

Sitz und Rechtsformdes Emittenten, dasfür den Emittenten
geltende Recht undLand der Gründung

Der Emittent ist eine nach australischem Recht gegründete und bestehende Aktiengesellschaft. Der Hauptgeschäftssitz des Emittenten befindet sich in 45 Poplar Rd, Parkville, Victoria 3052, Australien.

B.3

Art der derzeitigen
Geschäftstätigkeit
und Haupttätigkeiten des Emittenten
sowie die Hauptmärkte, auf denen
der Emittent tätig
ist

CSL ist ein weltweit tätiges Spezial-Biopharmaunternehmen, dasschwerpunktmäßig im Bereich der Forschung, Entwicklung, Herstellung und des Vertriebs von Biotherapeutika zur Vorbeugung und Behandlung schwerer und seltener Krankheiten tätig ist. Der Konzern
stellt sichere und wirksame Therapeutika für Patienten her, deren Lebensqualität, zum Teil sogar ihr Leben selbst, von diesen Therapeutika
abhängt. CSL hat wichtige Produktionsstandorte in Australien,
Deutschland, der Schweiz, Großbritannien und in den USA und beschäftigt weltweit mehr als 19.000 Mitarbeiter in über 30 Ländern.
CSL hat zwei operative Segmente: CSL Behring und Seqirus.
CSL Behring
CSL Behring ist einer der weltweit führenden Hersteller von Plasmaprotein-Biotherapeutika. Das Unternehmen legt seinen Schwerpunkt
auf die Erforschung, Entwicklung, Herstellung und den Vertrieb vonBiotherapeutika zur Behandlung schwerer und seltener Krankheiten.
Die Biotherapeutika von CSL Behring sind zur Behandlung schwerer
und seltener Krankheiten zugelassen. Zu diesen Krankheiten zählen
Gerinnungsstörungen (Blutungen), wie Hämophilie und das vonWillebrand-Syndrom, primäre und sekundäre Immundefizienz, hereditäre Angioödeme, neurologische Störungen und genetische Emphyseme (vererbbare Atemwegserkrankungen). Die Biotherapeutika von
CSL Behring werden darüber hinaus zur Vorbeugung hämolytischer
Krankheiten bei Neugeborenen, zur dringenden Aufhebung der Wirkung des Gerinnungshemmers Warfarin bei Patienten mit akuten starken Blutungen, zur Vorbeugung von Infektionen bei Organtransplantierten und zur Behandlung bestimmter Infektionen sowie zur Behandlung von Trauma- oder Schockpatienten oder bei Verbrennungeneingesetzt.
Biotherapeutika unterscheiden sich in vielerlei Hinsicht von herkömmlichen chemischen Arzneimitteln. Sie werden nicht chemischhergestellt, sondern aus Humanplasma gewonnen oder als rekombinante Äquivalente hergestellt. Diese teuren Ausgangsstoffe machen
einen weit höheren Anteil der Therapiekosten aus als die in Pillen und
Tabletten verwendeten Chemikalien. Biotherapeutika unterliegen außerdem strengsten Sicherheitskontrollen und -inspektionen auf jeder
Stufe des Herstellungsprozesses, von der Gewinnung des Plasmas bis
hin zur Verpackung des fertigen Produktes.
Während nur eine kleine Patientengruppe mit plasmabasierten Therapeutika behandelt wird, werden herkömmliche Arzneimittel bei Millionen von Patienten auf der ganzen Welt eingesetzt. Dies führt dazu,
dass in der Plasmaproteinindustrie deutlich geringere Skaleneffekteerzielt werden als in der herkömmlichen Pharmaindustrie. Tatsächlichmachen die Herstellungskosten bei plasmabasierten medizinischen
Therapeutika normalerweise ca. 70 % des Verkaufspreises aus, während dieser Anteil bei den chemischen Arzneimitteln etwa 20 % beträgt.
Die Produkte von CSL Behring werden in Fertigungsstätten in Bern
(Schweiz), Marburg (Deutschland), Kankakee (Illinois, USA) und
Broadmeadows (Australien) in Einklang mit internationalen Sicher19

heits- und Qualitätsstandards hergestellt. Darüber hinaus betreibt CSL
Behring auch CSL Plasma, eines der weltweit größten Netzwerke vonPlasmasammelzentren mit mehr als 170 Zentren in den USA und Europa.
Am 13 Juni 2017 gab die Gesellschaft bekannt, dass sie den Erwerb
eines 80%igen Anteils des plasmabasierten Therapeutikaherstellers
Wuhan Zhong Yuan Rui de Biological Products Co Ltd ("Ruide") vonder Humanwell Healthcare Group Ltd., vereinbart hat. Die Transaktion wurde am 2. August 2017 abgeschlossen. Ruide entwickelt, produziert und vermarktet plasmabasierte Therapeutika für den chinesischen Binnenmarkt. Dieser Erwerb bietet CSL eine strategische Präsenz auf dem chinesischen Binnenmarkt für Plasmafraktionierung.
Die Gesellschaft geht davon aus, dass dies die starke Marktposition
ergänzt, welche sich CSL Behring im Laufe der letzten 20 Jahre als
Anbieter von importiertem Albumin in China erarbeitet hat. Vgl. auch
Element B.7 – Erhebliche Veränderungen der Finanzlage oder desBetriebsergebnisses der Emittentin.
SeqirusSequirus wurde am 31. Juli 2015 im Anschluss an den Erwerb desGrippeimpstoffgeschäfts der Novartis-Gruppe gegründet und anschließend in bioCSL integriert. Die Gesellschaft geht davon aus, dass
Seqirus nach Umsätzen der weltweit zweitgrößte Grippeimpfstoffhersteller ist und somit ein wichtiger Partner in der Prävention und Kontrolle von grippalen Erkrankungen auf globaler Ebene ist.
Seqirus betreibt Produktionsstätten in den Vereinigten Staaten, Großbritannien und Australien, die auf dem letzten Stand der Technik sind,
nutzt Herstellungstechnologien auf Ei- sowie Zellbasis und bietet
neue Produkte einschließlich des adjuvierten saisonalen Grippeimpfstoffes. Sequira verfügt über umfangreiche R&D Fähigkeiten, ein
breites und differenziertes Produktportfolio und operativ tätige Standorte in mehr als 20 Ländern.
In Australien und dem Asien-Pazifik-Raum bietet Seqirus auch unlizensierte Impfstoffe und Spezialpharmazeutika an. Zudem produziert
und vermarket Sequirus Diagnostik fur immunohämatologische Labore und ist der alleinige Lieferant einer einzigartigen Vielfalt an Produkten inklusive Antiveninen und Q-Fieber Impfmittel, die im nationalen Interesse für die australische Regierung produziert werden.
Forschung und Entwicklung
CSL investiert stetig weiter in die Entwicklung proteinbasierter Arzneimittel zur Behandlung schwerer Krankheiten in der Humanmedizin. Derzeit wird ein Großteil der zugelassenen Arzneimittel des Konzerns aus Humanplasma gewonnen oder aus herkömmlichen Ausgangsstoffen hergestellt. CSL hat darüber hinaus die Ressourcen geschaffen, künftig Produkte mithilfe rekombinanter Technologien zu
entwickeln. Forschungs- und Entwicklungsaktivitäten weltweit unterstützen die bereits existierenden lizenzierten Produkte von CSL und
die Entwicklung neuer Therapeutika, die mit den technischen undwirtschaftlichen Ressourcen des Konzerns in den Bereichen Immunglobuline, Spezialprodukte, Hämophilie, Gerinnungstherapeutika undneuartige Arzneimittel in Einklang stehen.
B.4a

Aktuelle Entwicklungen

CSL rechnet mit stabil anhaltender Nachfrage nach CSL Behrings
Biotherapien und mit einer starke Marktakzeptanz des neuentwickel20

ten Spezialprodukts Halgarda und erwartet, dass Seqirus weiter anseinem Ziel arbeitet, profitabel zu werden. Die Gesellschaft geht davon aus, dass der Markt insbesondere durch den Eintritt neuer Hersteller und Produkte weiterhin stark von Wettbewerb geprägt sein wird.
Der Konzern wird weiterhin erhebliche Investitionen im Bereich Forschung und Entwicklung tätigen. Die Gesellschaft hat sich zum Zielgesetzt, den Nettogewinn nach Steuern für das am 30. Juni 2018 endende Geschäftsjahr gegenüber dem Vorjahr zu steigern.
B.5

Beschreibung desKonzerns und derStellung des Emittenten innerhalb
dieses Konzerns

Entfällt, da bezüglich der Organisationsstruktur des Konzerns keine
Informationen in diesem Prospekt enthalten sein müssen.

B.6

Darstellung der Beteiligungen am Kapital der Gesellschaft

Entfällt, da bezüglich der Kapitalstruktur der Gesellschaft keine Informationen in diesem Prospekt enthalten sein müssen.

B.7

Ausgewählte konsolidierte Finanzinformationen bezüglich der Gesellschaft
Die nachfolgend dargestellten ausgewählten Finanzdaten entstammen den geprüften Konzernabschlüssen der Gesellschaft für die Geschäftsjahre zum 30. Juni 2017, 30. Juni 2016 und 30.
Juni 2015 wie diese in den Jahresberichten (annual reports) der Gesellschaft für die Geschäftsjahre zum 30. Juni 2017 und 30. Juni 2016 veröffentlicht wurden. Diese Jahresberichte können,
wie im Abschnitt „Verfügbare Unterlagen“ („Documents Available for Inspection“) dieses
Prospekts dargestellt, eingesehen werden. Die Konzernabschlüsse der Gesellschaft werden in
Einklang mit den australischen Rechnungslegungsstandards (Australian Accounting Standards), anderen maßgeblichen Erklärungen des Australischen Accounting Standards Board unddem Australian Corporations Act 2001 erstellt. Die Konzernabschlüsse stehen in Einklang mit
den IFRS des International Accounting Standards Board (nachfolgend „IFRS“), die in Übereinstimmung mit IAS 1, Darstellung des Abschlusses, veröffentlicht werden.
Die Konzernabschlüsse werden in US-Dollar („USD“), der Darstellungswährung der Gesellschaft, dargestellt.
Konzern-Gewinn- und Verlustrechnung
Geschäftsjahr zum 30. Juni
2017
in Mio. USD

2016
in Mio. USD(1)2015
in Mio. USD

Umsatzerlöse

6.615,85.909,55.458,6

Umsatzkosten(3.326,8)(3.052,8)(2.605,9)

Bruttogewinne

3.596,03.062,5

2.852,7

Kosten für Forschung und
Entwicklung(645,3)(613,8)(462,7)

Kosten für Verkauf undMarketing(697,0)(620,9)(498,3)

Allgemeine und Verwaltungskosten(484,8)(390,3)(287,5)

Gewinn vor Einkommenssteueraufwand

1.689,8

1.555,91.714,021

Nettogewinn des relevanten Zeitraums

1.337,4

1.242,4

1.379,0Sonstige Erträge /(Aufwendungen), gesamt(173,0)(198,8)(508,4)

Erträge des relevanten
Zeitraums, gesamt

1.510,4

1.043,6870,6Konzernbilanz
Geschäftsjahr zum 30. Juni
2017
in Mio. USD
Barmittel und Barmitteläquivalente

2016
in Mio. USD)

2015
in Mio. USD

844,5

556,6

556,8

Forderungen aus Lieferungen und Leistungenund sonstige Forderungen1.170,4

1.107,2

1.003,7

Vorräte2.575,82.152,01.755,6

Umlaufvermögen,gesamt

4.602,1

3.818,03.339,1

Sachanlagen2.942,72.389,6

1.841,3

Latente Steueransprüche

496,5

389,0

274,4

Immaterielle Vermögenswerte

1.055,4

942,6

926,9

Langfristige Vermögenswerte, gesamt

4.520,6

3.744,7

3.061,9Bilanzsumme

9.122,77.562,7

6.401,0Verbindlichkeiten aus
Lieferungen und Leistungen und sonstige Verbindlichkeiten

1.155,8

996,1

700,8

Kurzfristige Steuerverbindlichkeiten

202,5

207,3

143,9

Rückstellungen

134,1

99,6

84,3

Kurzfristige Verbindlichkeiten, gesamt

1.618,1

1.374,4

936,1

Verzinsliche Verbindlichkeiten

3.852,73.081,02.277,7

Latente Steuerverbindlichkeiten

138,2

119,2

138,2

Verbindlichkeiten aus
Versorgungsleistungen

255,3

326,6

221,1

Langfristige Verbindlichkeiten, gesamt

4.340,83.621,1

2.718,0Verbindlichkeiten,
gesamt5.958,94.995,5

3.654,1

Nettovermögen

3.163,82.567,2

2.746,9Eingebrachtes
Eigenkapital(4.534,3)(4.213,0)(3.560,4)

Rücklagen

294,2

187,9

306,5

Gewinnrücklagen7.403,96.592,36.000,8

Eigenkapital

22

Eigenkapital, gesamt

3.163,82.567,2

2.746,9(1)

Umsatzpositionen, die zuvor in der Segmentberichterstattung im Anhang enhalten waren, wurden in die Konzern-Gewinn und
Verlustrechnung verschoben, un ein vollständiges Bild der verschiedenen Komponenten des Umsatzes aus der operativen Geschäftstätigkeit des Konzerns in der Gewinn- und Verlustrechnung zu zeigen.

Erhebliche Veränderungen der Finanzlage oder desBetriebsergebnisses
des Emittenten

Am 13 Juni 2017 gab die Gesellschaft bekannt, dass sie den Erwerb
eines 80%igen Anteils des plasmabasierten Therapeutikaherstellers
Ruide von der Humanwell Healthcare Group Ltd., vereinbart hat. Die
Transaktion wurde am 2. August 2017 abgeschlossen. Ruide entwickelt, produziert und vermarktet plasmabasierte Therapeutika für denchinesischen Binnenmarkt. Der ursprüngliche Kaufpreis lag bei US$
352 Millionen für 80% der Anteile an Ruide. Eine zusätzliche Gegenleistung ist vertraglich möglich, ein Teil davon ist von der Registrierung neuer Produkte und der Eröffnung neuer Plasmazentren abhängig, ein anderer Teil steht im Zusammenhang mit einer Put /Call Option über den restlichen 20%igen Anteil von Ruide. Bei vollständiger
Zahlung würde die Gesamtsumme circa US$ 130 Millionen betragen.
Gegenwärtig bestimmt die Gesellschaft noch den Zeitwert des erworbenen Nettovermögens und ist nicht in der Lage, den Wert der immateriellen Vermögensgegenstände und des Firmenwerts, der sich aus
der Transaktion ergeben wird, präzise zu schätzen. Es wird jedoch
erwartet, dass ein wesentlicher Anteil auf immaterielle Vermögensgegenstände entfallen wird.
Außer den oben beschriebenen gab es keine erheblichen Veränderungn der Finanzlage oder des Betriebsergebnisses der Gesellschaft
seit Ende des letzten Geschäftsjahres am 30. Juni 2017.

B.8

Pro Forma Finanzinformationen

Entfällt, da keine Pro Forma Finanzinformationen in diesem Pros-pekt
enthalten sein müssen.

B.9

Gewinnprognose

Entfällt. Dieser Prospekt enthält keine Gewinnprognose.

B.10

Beschränkungen im
Prüfungsbericht zu
den historischen
Finanzinformationen

Entfällt. Es gibt keine entsprechenden Beschränkungen im Prüfungsbericht.

B.11

Erklärung zum
Geschäftskapital

Die Gesellschaft geht davon aus, dass ihr Geschäftskapital (d.h., ihre
Fähigkeit, auf Barmittel und andere verfügbare Liquiditätsquellen
zuzugreifen) ihren derzeitigen Bedarf für mindestens 12 Monate ab
dem Datum dieses Prospekts deckt.

Abschnitt C – Wertpapiere
C.1

Beschreibung von
Art und Gattung
der angebotenen
Wertpapiere, einschließlich der
Wertpapierkennnummer

Bei den im Rahmen des weltweiten Mitarbeiteraktienplans von CSL
Limited (Global Employee Share Plan; der „GESP“ oder der „Plan“)
angebotenen Aktien handelt es sich um die Stammaktien der Gesellschaft. Die Stammaktien der Gesellschaft sind an der australischen
Börse (ASX) notiert. Die internationale Wertpapieridentifikationsnummer (International Securities Identification Number (ISIN)) der
Stammaktien der Gesellschaft lautet AU000000CSL8. Die Aktien
werden an der ASX unter dem Symbol CSL notiert. In Deutschland
werden die Stammaktien der Gesellschaft im Freiverkehr der Börsen
von Düsseldorf, Frankfurt, München, Stuttgart und Hamburg unterdem Symbol „CSJ“ und der deutschen Wertpapierkennnummer
890952 gehandelt.
23

C.2

Währung der
Wertpapieremission

Der australische Dollar ist die Währung der Wertpapieremission.

C.3

Anzahl der ausgegebenen Aktien

Zum 31. Dezember 2017 waren 452.270.489 Stammaktien der Gesellschaft im Umlauf. Die ausgegebenen Aktien sind voll eingezahlt. Die
Gesellschaft hat keine Vorzugsaktien im Umlauf.

C.4

Beschreibung der
mit den Wertpapieren verbundenen
RechteEin teilnehmender Mitarbeiter hat so lange keine Stimm-, Dividendenoder andere Aktionärsrechte im Hinblick auf die unter dem GESP angebotenen Aktien, bis die Aktien dem teilnehmenden Mitarbeiter gemäß dem GESP nach Ablauf des Beitragszeitraums zugeteilt wordensind. Nach Zuteilung der Aktien stehen dem am GESP teilnehmenden
teilnahmeberechtigten Mitarbeiter die mit den Aktien verbundenen
Rechte wie nachfolgend beschrieben zu.
Dividendenrechte
Der Verwaltungsrat kann von Zeit zu Zeit die Zahlung von Zwischenund Schlussdividenden, die die Finanzlage der Gesellschaft nach dessen Ermessen zulässt, beschließen. Der Verwaltungsrat kann darüber
hinaus den auszuzahlenden Betrag, den Zeitpunkt der Festlegung vonDividendenberechtigungen sowie den Zahlungszeitpunkt und die Zahlungsmethode festlegen. Für in der EU und im EWR wohnhafte Aktionäre bestehen keine Dividendenbeschränkungen und keine besonderen Verfahren.
Stimmrechte
Auf Hauptversammlungen der Gesellschaft hat jeder persönlich anwesende oder durch einen Stimmrechtsvertreter in Form eines Bevollmächtigten, Vertreters oder Anwalts vertretene Aktionär bei einer
Abstimmung mit Handzeichen eine Stimme und bei einer Abstimmung per Stimmzettel eine Stimme je voll eingezahlter von ihm gehaltener Aktie.
Recht auf Liquidationserlös
Auf Grundlage der Satzung der Gesellschaft, des Corporations Act
2001 und etwaiger mit jeder Gattung von Aktien verbundener Vorzugsrechte haben Aktionäre im Falle einer Abwicklung der Gesellschaft Anspruch auf einen Teil eines möglichen Überschusses im
Verhältnis zu der Anzahl der von ihnen jeweils gehaltenen Aktien. Im
Falle einer Abwicklung der Gesellschaft kann der Konkursverwalter
durch einen außerordentlichen Beschluss das Vermögen der Gesellschaft ganz oder teilweise anteilig an die Aktionäre ausschütten und
entscheiden, wie die Verteilung auf die Aktionäre bzw. die unterschiedlichen Gattungen von Aktionären erfolgen soll, er kann jedoch
nicht von einem Aktionär verlangen, Aktien oder andere Wertpapiereanzunehmen, für die Verbindlichkeiten bestehen.
Keine Bezugs-, Einziehungs- oder Wandlungsrechte
Gemäß der Satzung der Gesellschaft bzw. dem Corporations Act 2001
verfügen die Inhaber der Stammaktien der Gesellschaft nicht überVorzugsrechte zum Bezug auf Aktien der Gesellschaft oder auf Wertpaiere, die in Aktien der Gesellschaft wandelbar sind. Die Stammaktien der Gesellschaft unterliegen nicht der Einziehung und gewähren
keine Wandlungsrechte.
Änderung von Aktionärsrechten
Gemäß dem Corporations Act 2001 und den Emissionsbedingungeneiner Gattung von Aktien, können die mit einer Gattung von Aktien
24verbundenen Rechte wie folgt geändert oder widerrufen werden:

mit der schriftlichen Zustimmung der Inhaber von 75 % der ausgegebenen Aktien dieser Gattung; oderdurch einen in einer gesonderten Versammlung der Inhaber dieser
Aktien getroffenen außerordentlichen Beschluss.

In beiden Fällen können die Inhaber von mindestens 10 % der Stimmrechte der jeweiligen Gattung von Aktien, deren Rechte geändert oderwiderrufen wurden, bei einem zuständigen Gericht die Aufhebung derÄnderung oder des Widerrufs beantragen.
C.5Übertragbarkeit

Die im Rahmen des GESP gewährten Erwerbsrechte können von einem Teilnehmer nicht an Dritte abgetreten oder übertragen werden.
Die nach Ausübung der Erwerbsrechte erworbenen Aktien sind freiübertragbar, vorausgesetzt die ASX hat die Notierung der Aktien bewilligt und die Gesellschaft hat (falls erforderlich) den Handel von
Aktien am Sekundärmarkt gemäß dem Corporations Act 2001 angemeldet.

C.6

Zulassung zum
Handel an einem
geregelten Markt

Entfällt. Wie in Abschnitt C.1 beschrieben, sind die Aktien an der
ASX notiert. Sie werden nicht zum Handel an einem geregelten Marktzugelassen.

C.7

Dividendenpolitik

Der Beschluss über die Zahlung und die Höhe von Dividenden wird
vom Verwaltungsrat der Gesellschaft getroffen und hängt unter anderem von den Gewinnen, der Finanzlage und den Liquiditätserfordernissen der Gesellschaft zum Zeitpunkt der Beschlussfassung über die
Dividendenzahlung ab.
Die den Aktionären in den vergangenen drei Geschäftsjahren gezahlten Dividenden stellen sich wie folgt dar:
Jahr

Dividende

StichtagTag der
Ausschüttung

Betrag in
USD

2017

Schlussdividende
Zwischendividende

13. September
16. März

13. Oktober
13. April

0,72
0,64

2016

Schlussdividende
Zwischendividende

14. September
24. März

7. Oktober
15. April

0,68
0,58

2015

Schlussdividende
Zwischendividende

9. September
18. März

3. Oktober
10. April

0,66
0,58

Abschnitt D – Risiken
Mitarbeiter sollten die nachfolgend beschriebenen Risiken, die im Abschnitt „Risikofaktoren“ (Risk
Factors) näher beschrieben sind, und die übrigen in diesem Prospekt enthaltenen Informationen sorgfältig berücksichtigen und bei ihrer Anlageentscheidung einkalkulieren. Die Realisierung eines oder mehrerer dieser Risiken kann, für sich allein oder zusammen mit anderen Umständen, die Geschäftstätigkeit und die Finanzlage des Konzerns wesentlich und erheblich beeinträchtigen ("have a material adverse effect") und dazu führen, dass der Börsenkurs der Aktien der Gesellschaft fällt. In diesem Fall kö-25

nnten Mitarbeiter ihr eingesetztes Kapital ganz oder teilweise verlieren. Der Prospekt enthält alle Risiken, die die Gesellschaft für wesentlich erachtet. Allerdings könnten sich die nachfolgend aufgeführten
Risiken rückwirkend betrachtet als nicht abschließend herausstellen und daher nicht die einzigen Risiken sein, denen der Konzern ausgesetzt ist. Weitere Risiken und Unwägbarkeiten könnten die Geschäftstätigkeit und die Finanzlage des Konzerns wesentlich und erheblich beeinträchtigen ("have amaterial adverse effect"). Die gewählte Reihenfolge der Risikofaktoren enthält weder eine Aussage
über die Eintrittswahrscheinlichkeit noch über das Ausmaß bzw. die Bedeutung der einzelnen Risiken.
D.1

Risiken im Hinblick
auf das Geschäft desKonzerns oder seiner Branche

CSL ist dem Wettbewerb seitens Pharma- und BiotechnologieUnternehmen ausgesetzt.

Änderungen von Gesetzen oder Verordnungen und Rückgänge
bei Erstattungssätzen Dritter können den Produktumsatz, das
Betriebsergebnis und die Finanzlage des Konzerns negativ beeinflussen.



Die Produktionsverfahren und -anlagen des Konzerns unterliegen aufsichtsbehördlichen Anforderungen und aufsichtsbehördlicher Kontrolle.



Schwierigkeiten oder Verzögerungen bei der Herstellung könnten dem Geschäft des Konzerns schaden bzw. die finanzielle
Entwicklung des Konzerns beeinträchtigen.



CSL ist im Zusammenhang mit der Lieferung von Rohmaterialien sowie der Lieferung und Wartung der Betriebsausstattung
des Konzerns auf eine begrenzte Anzahl von Unternehmen angewiesen.



Es gelingt dem Konzern möglicherweise nicht immer, die fürseine Produkte erforderlichen aufsichtsbehördlichen Genehmigungen einzuholen und aufrechtzuerhalten oder seine Produkte
erfolgreich zu vermarkten.

Die erfolgreiche Entwicklung von plasmabasierten Therapeutika
und anderen biologischen Produkten ist ungewiss, teuer und sehrzeitaufwendig.



Der Konzern ist Risiken im Zusammenhang mit Unternehmenszusammenschlüssen ausgesetzt.



Ein Großteil des Geschäfts von CSL ist computerbasiert und ITSysteme sind für die Aufrechterhaltung eines effizienten Betriebsablaufs unerlässlich.



Der Schutz der Eigentumsrechte des Konzerns ist schwierig undkostspielig.

Die Betriebsergebnisse des Konzerns werden durch seine Lizenzerträge beeinflusst.



Die Nutzung der Produkte von CSL kann unerwünschte oder
unbeabsichtigte Nebenwirkungen hervorrufen.



Dem Konzern können erhebliche Kosten im Zusammenhang mit
Produkthaftung entstehen.



Dem Konzern können Kosten im Zusammenhang mit Gerichtsverfahren entstehen.



Die Beziehungen des Konzerns zu Ärzten, anderen Gesundheitsdienstleistern und dritten Kostenträgern unterliegen den
geltenden Gesetzen und Verordnungen im Zusammenhang mit
Bestechung, Betrug und Missbrauch sowie den geltenden Gesetzen und Verordnungen im Bereich Gesundheitswesen.
26

D.3

Hauptrisiken im
Bezug auf Aktien

CSL könnte nicht in der Lage sein, Schlüsselpersonal zu gewinnen und an das Unternehmen zu binden.



Es besteht ein Risiko im Zusammenhang mit Marktgepflogenheiten auf vielen internationalen Märkten.



Der Konzern ist Wechselkursrisiken ausgesetzt.

Änderungen in der Steuergesetzgebung oder zusätzliche Einkommenssteuerverbindlichkeiten können die finanzielle Entwicklung des Konzerns negativ beeinflussen.



Der Marktpreis der Wertpapiere von Biotechnologie- und pharmazeutischen Unternehmen wie der Gesellschaft sind vielerlei
Faktoren ausgesetzt, die zur Volatilität der Wertpapiere beitragen.

Abschnitt E – Das Angebot
E.1

Nettoemissionserlöse
und geschätzte Gesamtkosten

Zum 30. Juni 2017, werden weltweit ungefähr 17.000 berechtigten
Mitarbeitern Aktien im Rahmen des GESP angeboten. Die akkumulierten Einbehalte vom Gehalt, für die die berechtigten Mitarbeiter
gemäß GESP Aktien erwerben können, dürfen AUD 6.000 pro Angebotszeitraum nicht überschreiten, d.h. AUD 12.000 für die zwei
Angebotszeiträume, die von diesem Prospekt komplett abgedeckt
werden. Unter der Annahme, dass jeder Berechtigter Mitarbeiter die
maximale Anzahl von Aktien kauft, das heißt so viele wie möglichfür den Maximalbetrag von AUD 12.000, würde der Mitarbeiter 99
Aktien zu einem Kaufpreis von AUD 120,06 kaufen, was 85% desMarktwerts der Aktie (AUD 141,25) am 15. November 2017 entspricht. Somit könnten 1.683.000 Aktien gekauft werden und derBruttoerlös der Gesellschaft im Zusammenhang mit dem Angebot
demäß GESP würde AUD 202.060.980 betragen.
Die Kosten dieses Angebots bestehen aus Kosten für Rechtsberatung in Höhe von ungefähr AUD 150.000. Nach Abzug dieser Kosten läge der Nettoerlös den obigen Annahmen entsprechend bei
ungefähr AUD 201.910.980.

E.2a

E.3

Gründe für das Angebot und die Verwendung des Emissionserlöses

Zweck des GESP ist es, die breit angelegte Kapitalbeteiligung seitens der Mitarbeiter von CSL zu fördern.

Beschreibung derAngebotsbedingungen

Verwaltung des GESPDie durch den Verkauf der Aktien erwirtschafteten Erlöse sind fürkeinen bestimmen Zweck vorgesehen und werden auf dem Hauptkonto der Gesellschaft verbucht. Auf diesem Konto sind diese mit
anderen Geldern der Gesellschaft zusammengelegt und werden fürallgemeine Gesellschaftszwecke verwendet.

Das GESP wird durch den Verwaltungsrat (Board of Directors)
oder seinen Vertreter in der Personalabteilung der Gesellschaft vertreten (der „Planverwalter“).
Berechtigte Mitarbeiter
An der Teilnahme am GESP ist grundsätzlich jeder in Teil- undVollzeit beschäftigte Mitarbeiter von CSL oder von einer Tochtergesellschaft von CSL berechtigt, soweit dieser nicht Verwaltungsratsmitglied ist oder vom Verwaltungsrat ausgeschlossen worden ist(„Berechtigter Mitarbeiter“). Aktuell sieht der Plan eine permanente
Mindestbeschäftigung von sechs (6) Monaten vor Angebotszeit27

raum (wie unten definiert) als Teilnahmeberechtigungsvoraussetzung vor. Der Planverwalter kann für die Zukunft weitere Teilnahmeberechtigungsvoraussetzungen festlegen.
Verfügbare Aktien zum Verkauf
Die maximale Gesamtanzahl von Aktien, die im Rahmen des GESP
ausgegeben werden können, liegt bei 90.000.000. Ferner darf die
Gesamtanzahl von Aktien, die gemäß diesem Plan ausgegeben
werden, einschließlich der Gesamtzahl der im Rahmen sonstiger
Aktienpläne der Gesellschaft an Mitarbeiter ausgegebenen Aktien
und noch ausstehenden Optionen einen bestimmten Prozentsatz an
der Gesamtanzahl der von der Gesellschaft ausgegebenen Aktien
nicht übersteigen. Ferner darf ein Berechtigter Mitarbeiter weder
mehr als 5% aller ausgegebener Aktien haben noch in eine Position
kommen, in der er mehr als 5% der Stimmrechte auf einer Hauptversammlung der Gesellschaft ausüben kann.
Im Falle der Umstrukturierung oder anderen Veränderungen desKapitals der Gesellschaft, bei Ausschüttung an die Aktionäre derGesellschaft (außer bei Dividenausschüttung) oder bei jeder Unternehmenstransaktion, die den Wert des Grundkapitals der Gesellschaft erheblich beeinträchtigt, wird der Verwaltungsrat (entweder)(i) die Angebotsbedingungenen und das GESP und (/oder) (ii) die
Gesamtanzahl im Rahmen des Plans nach dem zu diesem Zeitpunkt
aktuellen GESP auszugebenden Aktien in einer durch den Verwaltungsrat festgelegten ausgewogenen und gerechten Weise und im
Einklang mit den ASX Listing Rules anpassen.
BedingungenAngebotszeitraum
Die Stammaktien der Gesellschaft werden im Rahmen des GESP in
fortlaufenden sechs-Monats Perioden, die jedes Jahr am 1. September und am 1. März beginnen (jeweils, ein „Angebotszeitraum“),
und währenddessen Gehalt einbehalten wird und am Ende der Zeit
Aktien gekauft werden, zum Kauf angeboten. Der Planverwalterkann den Beginn, das Ende und die Dauer des Angebotszeitraumsändern, soweit der Angebotszeitraum achtzehn (18) Monate nichtüberschreitet. Die Angebotszeiträume während der Gültigkeit dieses Prospekts sind 1. September 2017 bis 28. Februar 2018, 1. März
2018 bis 31. August 2018 und der Angebotszeitraum beginnend am
1. September 2018. Der am 1. September 2017 beginnende Angebotszeitraum wird zum Teil von dem von der Bundesanstalt fürFinanzdienstleistungaufsicht am 31. Januar 2017 gebilligten Prospekt abgedeckt (der „2017 Prospekt“), und nach dem Ablauf derGültigkeit des 2017 Prospekts von diesem Prospekt. Der am 1. September 2018 beginnende Angebotszeitraum wird teilweise durch
diesen Prospekt und nach dessen Billigung von dem darauf folgenden Prospekt für den GESP, den die Gesellschaft voraussichtlich2018 einreichen wird, abgedeckt.
Bezugsrecht und Kaufpreis
Bei Annahme der Anfrage zur Einschreibung eines Berechtigten
Mitarbeiters wird dieser ein Teilnehmer am GESP („Teilnehmer“)
und wird angesehen, als hätte er ein Angebot zur Zeichnung von
Aktien abgegeben und ab dem ersten Tag des Angebotszeitraums
zugestimmt, an die Angebotsbestimmungen gebunden zu sein.
Der Preis, zu welchem Aktien am Ende eines Angebotszeitraums
28

erworben werden können, liegt bei fünfundachtzig Prozent (85%)
des geringeren Betrages (a) des Marktpreises einer Aktie am ersten
Tag des Angebotszeitraums und (b) des Marktpreises einer Aktieam letzten Tag des Angebotszeitraums („Erwerbspreis“). Der
Marktpreis wird ermittelt aus (a) dem gewichteten Durchschnittspreis, zu welchem solche Aktien an der ASX gehandelt wurden,
sofern es mindestens eine Transaktion an der ASX mit den Aktien
an diesem Tag gab oder (b) dem gewichteten Mittel der Preise, zu
welchen derartige Aktien an der ASX während des Tages, an welchem zuletzt mindestens eine Transaktion mit den Aktien an der
ASX stattgefunden hat, gehandelt wurden.
Ausübung des Bezugsrechts
Am Ende des Angebotszeitraums werden sämtliche zum Zwecke
des Erwerbs von Aktien geleistete Abgaben des Teilnehmers zum
Erwerb von Aktien verwendet. Nicht später als 10 Tage nach dem
Ende eines jeden Angebotszeitraums werden Stammaktien der Gesellschaft für jeden Teilnehmer mithilfe dieser Abgaben erworben(Jeder dieser Zeitpunkte, zu dem Aktien erworben werden: ein „Aktienerwerbszeitpunkt“).
Die Aktienerwerbszeitpunkte während der Gültigkeit des Prospekts
sind voraussichtlich der 28. Februar 2018 und der 31. August 2018.
Kaufpreis – Einbehaltene Gehaltsanteile
Der Erwerbspreis wird durch automatische Einbehaltung von Gehaltsanteilen des Teilnehmers entrichtet und wird verwendet, um
Stammaktien der Gesellschaft zu jedem Aktienerwerbszeitpunkt zu
kaufen. Der Teilnehmer ermächtigt die Gesellschaft, Gehaltsanteilein Höhe von wenigstens AUD 300 und höchstens AUD 6.000 während des Angebotszeitraums einzubehalten und in einer Höhe, die
10% des Bruttofixeinkommens des Teilnehmers jedenfalls nichtüberschreiten darf.
Die Einschreibung eines Teilnehmers für den Plan und die Ermächtigung zur Einbehaltung von Gehaltsanteilen bleibt für künftige
Angebotszeiträume bestehen, falls die Teilnahme des Teilnehmers
am GESP nicht endet oder der Teilnehmer die Ermächtigung aufhebt oder eine neue Erklärung zur Ermächtigung zur Einbehaltung
von Gehaltsanteilen innerhalb des durch den Planverwalter festgelegten Zeitraums übermittelt. Während eines Angebotszeitraums
kann ein Teilnehmer die Einbehaltungshöhe von Gehaltsanteilen,zu der er ermächtigt hat, weder herab- noch heraufsetzen, allerdings
kann der Teilnehmer vom GESP zurücktreten und sich die einbehaltenen Gehaltsanteile erstatten lassen.
ErwerbsbeschränkungenTeilnehmer können maximal die Anzahl von Stammaktien erwerben, die erworben werden können, indem man die einbehaltenen
Gehaltsanteile des Teilnehmers zum Zeitpunkt des Aktienerwerbs
durch den zu diesem Zeitpunkt maßgeblichen Erwerbspreis teilt.
Jedoch kann ein Teilnehmer keine Aktien im Rahmen des GESP
erwerben, wenn der Erwerb zur Folge hätte, dass der Teilnehmer
einen Anteil von mehr als 5% an allen von der Gesellschaft ausgegebenen Aktien hält oder dass der Teilnehmer in die Position versetzt wird, mehr als 5% der Stimmrechte bei einer Hauptversammlung der Gesellschaft auszuüben.
29

Lieferung
Zum Aktienerwerbszeitpunkt der Anteile, aber nicht später als 10
Tage nach dem Ende des Angebotszeitraums, werden die erworbenen Anteile an den Teilnehmer geliefert.
Aktien, die an Mitarbeiter ausgegeben werden können, werden mittels Computershare auf ein Konto gebucht. Teilnehmer wählen eineVerfügungsbeschränkung hinsichtlich der Aktien von entweder (i)einem Jahr oder (ii) drei Jahren oder dem Zeitpunkt des Endes derBeschäftigung bei CSL und ihren Tochtergesellschaften, je nachdem, welcher Zeitpunkt früher liegt.
Beendigung der Teilnahme
Der Teilnehmer kann seine Teilnahme an dem Plan durch Übermittlung einer ausgefüllten Rücktrittserklärung an Computersharebeenden. Bei Rücktritt werden die akkumulierten einbehaltenen
Gehaltsanteile dem Teilnehmer unverzinst zurückerstattet und es
werden am Ende des Angebotszeitraums keine Aktien für den Teilnehmer erworben. Der Rücktritt ist nicht widerruflich und der Teilnehmer kann nicht mehr am GESP teilnehmen, es sei denn, er ist
teilnahmeberechtigter Mitarbeiter und schreibt sich erneut für einenfolgenden Angebotszeitraum für den GESP ein.
Beendigung der Berechtigung
Im Falle des Wegfalls der Eigenschaft als Berechtigter Mitarbeiteroder in Folge der Beendigung des Arbeitsverhältnisses des Teilnehmers mit CSL oder einer Tochtergesellschaft von CSL während
eines Angebotszeitraums, kommt es unabhängig von dem Beendigungsgrund (also auch im Todesfall) dazu, dass (i) der Betroffene
kein Teilnehmer mehr ist, (ii) sein Bezugsrecht erlischt, (iii) die
akkumulierten einbehaltenen Gehaltsanteile dem Teilnehmer, ohne
Zinsen, zurückgewährt werden, und (iv) dem Betroffenen keine
Rechte aus dem GESP mehr zustehen.
Dauer, Beendigung und Änderung
Der Verwaltungsrat kann das GESP zu jeder Zeit beenden oderaussetzen. Soweit das GESP beendet oder ausgesetzt wird, findetkein weiterer Einbehalt von Gehaltsanteilen mehr statt und es werden keine weiteren Aktien gekauft und die Gesellschaft kann (imFalle der Aussetzung des GESP) oder muss (im Falle der Beendigung des GESP) die akkumulierten einbehaltenen Gehaltsanteile
des Teilnehmers an den Teilnehmer zurückerstattet. Sämtliche anwendbare Verfügungsbeschränkungen hinsichtlich der Aktien bleiben anwendbar.
Der Verwaltungsrat kann das GESP zu jeder Zeit ändern, wobei
eine Änderung nicht die Rechte des Teilnehmers einschränken darf,
es sei denn, eine solche Änderung erfolgt mit dem Einverständnis
des Teilnehmers oder ist notwendig, um geltendem Recht zu entsprechen oder offensichtliche Fehler zu korrigieren.
Übertragbarkeit von Bezugsrechten
Die Bezugsrechte für Aktien im Rahmen des GESP sind durch den
Teilnehmer weder abtretbar noch übertragbar.

30

Einschreibung
Das GESP ist ein freiwilliger Plan und setzt zur Einschreibung an
der Teilnahme die Eigenschaft als Berechtigter Mitarbeiter voraus.
Die Einschreibefrist beträgt grundsätzlich vier (4) Wochen beginnend sechs (6) Wochen vor dem maßgeblichen Angebotszeitraum.
Vor jedem Angebotszeitraum werden die Berechtigten Mitarbeiter
durch Verteilen von Anleitungen zum Angebot über die spezifischen Einschreibefristen in Kenntnis gesetzt.
E.4

Beschreibung aller
für das Angebot wesentlichen Interessen,
einschließlich vonInteressenskonflikten

Entfällt. Es bestehen keine solchen Interessen.

E.5

Name des Unternehmens, das die Wertpapiere zum Verkauf
anbietet

CSL Limited

E.6

Maximale Verwässerung

Der Buchwert des Eigenkapitals der Gesellschaft (definiert als Gesamtvermögen abzüglich Gesamtverbindlichkeiten) liegt, wie essich aus dem Konzernabschluss vom 30. Juni 2017 ergibt, bei ca.
US$ 3.163.800.000, was bei einem AUD/USD Umrechnungskurs
von 0,7583 3 AUD 4.172.227.351 entspricht. Dies enspricht ca.
AUD 9,20 pro Aktie (berechnet auf Basis der 453.454.237 am 30.
Juni 2017 im Umlauf befindlichen Aktien).
Hätte die Gesellschaft einen Nettoerlös in Höhe von
AUD 201.910.980 erzielt, hätte der Buchwert des Eigenkapitals zu
diesem Zeitpunkt bei ca. AUD 4.374.138.330 bzw. AUD 9,61 pro
Aktie gelegen (beruhend auf der erhöhten Anzahl von Aktien nach
Erwerb von 455.137.237 Aktien und einem angenommenen Kaufpreis von AUD 120,06, was 85% des Marktwerts der Aktie(AUD 141,25) am 15. November 2017 enspricht. Folglich ergibt
sich unter Zugrundelegung der oben genannten Annahmen, dass die
Durchführung dieses Angebots zu einer unmittelbaren Steigerungdes Buchwertes des Eigenkapitals von AUD 201.910.980 oder ca.
AUD 0,41 oder ca. 4,46 % pro Aktie für bestehende Aktionäre undzu einer durchschnittlichen Verwässerung von ca. AUD 110,45 pro
Aktie für Berechtigte Mitarbeiter, die Aktien erworben haben,
führt. Investoren, die Aktien zu einem Kaufpreis von AUD 120,06
erwerben, werden um ca. 92,00 % verwässert.

E.7

Schätzung der dem
Anleger in Rechnung
gestellten Ausgaben

Entfällt. Es gibt keine solchen Ausgaben.

3

Am 15. November 2017; Quelle: Reserve Bank of Australia website - http://www.rba.gov.au/statistics/tables/xls-hist/2014current.xls.

31

RISK FACTORS
Before enrollment in the GESP, employees should carefully consider the risks described below andother information contained in this prospectus, and take these factors into account in making their investment decision. The occurrence of one or more of these risks alone or in combination with othercircumstances may have a material adverse effect on the business and financial condition of the Company and cause the market price of the Company’s shares to decline. In such case, employees could
lose all or part of their investment. The prospectus contains all risks which the Company deems material. However, the risks described below may turn out to be incomplete and therefore may not be theonly risks to which the Company is exposed. Additional risks and uncertainties could have a material
adverse effect on the business and financial condition of the Company. The order of presentation of therisk factors below does not indicate the likelihood of their occurrence or the extent or the significanceof the individual risks.
References in this section to the “Group” shall mean CSL Limited and its consolidated subsidiaries,
unless the context indicates otherwise.
Risk relating to the Group's business or its Industry
CSL faces competition from pharmaceutical and biotechnology companies.
CSL faces competition from pharmaceutical and biotechnology companies. The introduction of newcompetitive products or follow-on biologics, new information about existing products or pricing decisions by the Group or its competitors may result in reduced product sales and lower prices, even for
products protected by patents. There are numerous products in earlier stages of development at otherbiotechnology and pharmaceutical companies that, if succesful in clinical trials, may compete with theGroup’s products. In addition, industry wide shifts in demand for the Group’s products may affect theGroup’s business and operations.
Changes to government legislation or regulations and decreases in third party reimbursement rates
may adversely affect the Group’s product sales, results of operations and financial condition.
Sales of the Group’s products will depend significantly on the extent to which reimbursemenet for thecost of the Group’s products and related treatments will be available to physicians and other healthcare
providers from government health administration authorities, private health insurers and other organisations. The Group’s business may be affected by the efforts of government and third-party payers tocontain or reduce the cost of healthcare through various means. Third party payers and governmental
health adminstration authorities increasingly attempt to limit and/or regulate the reimbursement for
medical products and services, including branded prescription drugs. Changes in government legislation or regulation or changes in private third-party’s policies toward reimbursement for the Group’s
products may reduce reimbursement of the Group’s products costs to physicians and other healthcare
providers. Decreases in third-party reimbursement for the Group’s products could reduce physician
usage of the product and may have a material adverse effect on the Group’s product sales, results ofoperations and financial condition. We expect both government and private health plans to continue torequire physicians and other healthcare providers, including those that purchase the Group’s products,
to contain costs and demonstrate the value of the therapies they provide.
The Group’s manufacturing process and facilities are subject to regulatory requirements and authority.
The Group’s manufacturing facilities are subject to regulations in many jurisdictions, including periodic inspections by regulatory authorities. The consequences of adverse findings following inspections
can be more serious, such as the temporary shutdown of such facility, the loss of that facility’s license
because of alleged noncompliance with applicable requirements, a voluntary or mandatory recall offinished product released to the market, or the destruction of inventory. These more serious consequences are often highly public and may also prompt private products liability lawsuits, additional regulatory enforcement actions, the imposition of substantial fines or penalties by regulatory authorities,
and damage to the reputation and public image of the manufacturing facility, or to the Company as awhole.

32

Difficulties or delays in product manufacturing could harm the Group’s business and/or negatively
affect the Group’s financial performance.
Manufacturing plasma-derived therapeutics and biologicals (including recombinants) is difficult andcomplex, including fractionation (separating plasma into component proteins), purification, filing andfinishing, and requires facilities specifically designed and validated for this purpose. Furthermore,
plasma is a raw material that is susceptible to damage and contamination. Any significant problem inthe operations of the Group’s manufacturing facilities could result in cancellations of shipments, loss of
produc in the process of being manufactured, a shortfall or stock-out or recall of available product inventory, or unplanned increase in production costs, any of which could have a material adverse effecton the Group’s business.
CSL depends on a limited group of companies that supply raw materials and supply and maintain
the Group’s equipment.
The Group depends on a limited group of companies that supply raw materials to the Group and supply
and maintain the Group’s equipment. If there is a material interruption to the supply or quality of a raw
material, this could disrupt production and other operations. If the equipment should malfunction or
suffer damage, the repair or replacement of the machinery may require substantial time and cost, which
could disrupt production and other operations.
The Group may not always succeed in obtaining and maintaining regulatory approvals for its products or otherwise succeed in successfully commercialising its products.
The Group’s industry is subject to stringent regulation with respect to product safety and efficacy byvarious regulatory authorities. Of particular significance are the regulatory requirements covering research and development (or “R&D”), testing, manufacturing, quality control, labelling and promotionof therapies for human use. Before obtaining regulatory approval for the sale of CSL’s new productcandidates or for marketing of existing products for new indicated uses, the Group must conduct, at its
own expense, clinical tests to demonstrate the safety and efficacy of the product candidates. As a resultof these requirements, the length of time, the level of expenditures and the laboratory and clinical information required for product approval are substantial and can require a number of years and is uncertain as to outcome. Furthermore, successful commercialisation of products requires effective transitionof R&D activities to business operations. In addition, even if the Group’s products receive regulatory
approval, they remain subject to ongoing regulation, including, for example, cahnfes to the productlabel, new or revised regulatory requirement for manufacturing practices and/or a product recall orwithdrawal.
The successful development of plasma-derived therapeutics (including recombinants) and other biological products is uncertain, expensive and requires significant time.
The Group’s future success depends significantly on the Group’s ability to contine to successfully develop new products. The success of such development efforts involves great challenges and unecertainty. Products that appear promising in research or development may be delayed or fail to reach laterstages of development or the market for several reasons, such asPreclinical tests may show the product to be toxic or lack efficacy in animal models.



Clinical trial results may show the product to be less effective than desired or to have harmfulor problematic side effects.



We may fail to receive the the necessary regulatory approvals or may encounter a delay in receiving such approvals.



There may be difficulties formulating the product, scaling the manufacturing process or in getting approval for manufacturing.



Manufacturing costs, pricing or reimbursement issues, or other factors may make the productuneconomic.

33



The proprietary or contracted rights of others and/or their competing products and technologies may prevent the product from being developed or commercialised.

The Group faces risks in connection with business combinations.
The Group faces risks it faces in connection with past and future acquisitions. These risks include:

diversion of management time and focus;retention or potential loss of key employees;



overpaying;inability to realise expected growth prospects and synergies;

integration of the acquired company’s accounting, management information, human resources,
coordination of research and development, sales and marketing functions and other administrative systems;



cultural challenges associated with integrating employees from the acquired company into theorganisation;

liability for activities of the acquired company before the acquisition andunanticipated write-offs or charges including impairments.

The Group’s failure to address these risks or other problems encountered in connection with its past or
future acquisitions and investments could cause it to fail to realise the anticipated benefits of these acquisitions or investments, cause the Group to incur unanticipated costs and liabilities and harm thebusiness generally.
Most of CSL’s operations are computer-based and information technology systems are essential tomaintaining effective operations.
Most of the Group’s operations are computer-based and information technology systems are essential
to maintaining the Group’s operations. Most of CSL’s IT systems are exposed to risks of complete orpartial failure of IT systems or data centre infrastructure, the inadequacy of internal or third-party IT
system due to, amongst other things, failure to keep pace with industry developments and the capacityof existing systems to effectively accommodate growth, unauthorised acess and integration of exisiting
operations. Despite the precautions the Group has taken, unanticipated problems affecting its systems
could cause failures in its information technology systems. Sustained or repeated failures of theGroup’s information technology systems would adversely affect the Group’s operations.
Protecting the Group’s proprietary rights is difficult and costly.
CSL relies on patent, trademarks and other intellectual property protection in the discovery, development, manufacturing, and sale of its products. Patents covering CSL’s products normally provide market exclusivity, which is important for the profitability of many of CSL’s products. However, the patent
positions of pharmaceutical and biotechnology companies can be highly uncertain and involve complex
legal and factual questions. Accordingly, the Company cannot predict with certainty the breadth ofclaims allowed in the Group’s or its competitors’ patents. On the other hand, the Group’s products or
product candidates may infringe, or be accused of infringing, on one or more claims of an issued patent, or may fall within the scope of one or more claims in a public patent application that may be subsequently issued and to which the Group does not hold a licence or other rights. In the fiscal year ended
June 30, 2017 the Company beame aware of two separate patent infringement actions brought by competitors against CSL. Patent disputes in the Group’s industry are frequent and can preclude the commercialisation of products. Litigation may be necessary to enforce or defend the Group’s intellectual
property rights. Any such litigation will involve substantial cost and significant diversion of theGroup’s attention and resources and may result in an outcome that is not benefical for the Group. An
adverse decision could force the Group to either obtain third-party licenses at a material cost or ceaseusing the technology or commercialising the product in dispute.
34

As patents for certain of its products expire, CSL will or could face competition from lower priced generic products. The expiration or loss of patent protection for a product typically is followed promptly
by substitutes that may significantly reduce sales for that product. If CSL’s competitive position iscompromised because of generics or otherwise, this could have a material adverse effect on CSL’s
business and results of operations.
The Group’s results of operations are affected by its royalty revenues.
Royalty revenues in future periods could vary significantly. Examples of factor affecting these revenues include, but are not limited to:Variations in royalty flow from licensees’ sales, including Merck & Co. Inc.’s sales of Gardasil®.



Fluctuations in foreign currency exchange rates.

Whether and when contract milestones are achieved,The expiration or invalidation of our patents or licensed intellectual property.

The use of CSL’s products can produce undesirable or unintended side effects or adverse reactions.
The use of CSL’s products, as is the case for all pharmaceutical or biotechnological products, can produce undesirable or unintended side effects or other adverse reactions. For the most part, these adverse
reactions are known and expected to occur at some frequency. The use of the Group’s products may
also be associated with serious unexpected adverse events, or with less serious reactions at a greater
expected frequency. Such known or unknown side effects or other adverse effects of the Group’s products or shipments may result in a loss, and could have a negative impact on the Group’s business andreputation, as well as results of operations.
The Group may incur material product liability costs.
The testing and marketing of medical products entail an inherent risk of product liability. Liability exposures could be extremely large and pose a material risk. Moreover, post-regulatory approval risks
may emerge only after a product has been more extensively marketed. The Group’s business may bematerially and adversely affected by a successful product liability claim or claims in excess of any insurance coverage that the Group may have. Product liability coverage is increasingly expensive anddifficult to obtain.
The Group may incur adverse litigation costs.
The Group is involved in litigation in the ordinary course of its business. The outcome of litigation isinherently uncertain. The Group’s business may be materially and adversely affected in the event of a
successful claim or claims against the Group in excess of any insurance overage that the Group may
have.
The Group’s relationships with physicians and other healtcare providers and third-party payers are
subject to applicable anti-bribery and anti-corruption, anti-kickback, fraud and abuse and other
healthcare laws and regulations.
Physicians and other healthcare provider and third-party payers play a primary role in the recommendations and prescription of the Group’s products. The Group’s arrangements with such person expose theGroup to broadly applicable anti-bribery and anti-corruption (including without limitation, complying
with the Foreign Corrupt Practices Act and the UK Bribery Act), anti-kickback, fraud and abuse andother healthcare laws and regulations that may constrain the business or financial arrangements andrelationshiops through which the Group markets, sells and distributes its products. Efforts to ensure that
the Group’s business arrangements with third parties comply with applicable healthcare laws and regulations involve substantial costs. If the Group’s operations are found to be in violation of any of thesecurrent or future laws or any other governmental regulations that may apply to the Group, it may besubject to significant civil, criminal and administrative penalties, damages, fines, exclusion from government funded healthcare programs and the curtailment or restructuring of the Group’s operations.
35

The Group may fail to attract and retain key employees.
The Group’s ability to compete effectively depends on its ability to attract and retain key employees,
including people in senior management, scientific and research positions. Competition for top talent inhealthcare can be intense. The Group’s ability to recruit and retain such talent will depend on a number
factors, including hiring practices of the Group’s compentitors, compensation and benefits, work location, work environment and industry economic conditions. If the Group cannot effectively recruit andretain qualified employees, its business could suffer.
Market practice risk in various international markets
Due to the scope of its international operations in over 30 countries, CSL’s marketplace is diverse andcomplex, presenting many challenges to the Group. The Group’s international operations are subject toa number of risks, including but not limited to the following:the economic situation in CSL’s various markets could deteriorate;

compliance with applicable foreign laws and regulations;

credit risk and higher levels of payment fraud; andhigher costs of doing business internationally, including increased accounting, travel, infrastructure and legal compliance costs.

The Group is subject to foreign currency exchange risk.
The Group generates revenues from and incurs costs in many countries. As a result, the Group’s financial results may be adversely affected by fluctuations in foreign currency exchange rates or foreign
currency exchange controls. The Company cannot predict with any certainty changes in foreign currency exchange rates or the Group’s ability to mitigate these risks.
Changes in tax laws or exposure to additional income tax liabilities may have a megative impact on
the Group’s financial performance.
Tax policy reform continues to be a topic of discussion in many countries in which the Group operates.
A significant tax law change in such jurisdictions could have an adverse effect on the Group’s financisl
performance. Also, because the Group operates in multiple income tax juisdictions internationally, theGroup is subject to tax audits in various jurisdictions. Tax authorities may disagree with certain positions the Group has taken and assess additional taxes. The Company regularly assesses the likely outcomes of these audits in order to determine the appropriateness of its tax provisions. However, theGroup may not accurately predict the outcome of these audits, and as a resulte the actual outcome ofthese audits may have an adverse effect on the Group’s financial performance.
Key Risks related to the Shares
The market prices for securities of biotechnology and pharmaceutical companies such as the Company are subject to many factors that contribute to volatility.
For example, the following factors may have a significant effect on the market price of the Company’s
ordinary shares.
The efficacy and safety or the Group’s various products as determined both in clinical testing
and by the accumulation of additional information on each product after regulatros approve it
for sale.



Actual or potential medical results relating to products under development or being commercialised by the Group or its competitors.

Regulatory developments or delays concering the Group’s products.

Issues concering the safety or ther Group’s products or of biological products generally.
36

The availability and extent of government and private third-party reimbursements for the costof therapy.

The rate of adoption by physicians and use of the Group’s products for approved indications
and additional indications.



The ability to successfully manufacture sufficient quantities of the Group’s products.

Pricing decisions the Gorup or its competitors make, including the extent of product discounts
extended to customers.

The potential introduction of new products an additional indciations for existing products.

Whether the Group succeeds in expanding sales internationally, and whether demand for theGroup’s products supports a volume of sales and price consistent with expectations.Whether
we succeed in accessing fast-growing or strategic markets and executing on value-creating
business development deals.



Variations in royalty flows from the commercialisation of Gardasil® by Merck & Co. Inc.



The use of the Group’s products production undesirable or unintended side effects or adverse
reactions.



Developments or outcome of litigation including litigation regarding proprietary and patentrights, product liability or regulatory issues.

Economic and other external factors including adverse currency movements or a disaster orcrisis.



Any mergers and acquisitions that the Group may undertake.



Dilution due to the issuance of additional shares to acquire new businesses or fund theGroup’s operations.

37

GENERAL INFORMATION
Responsibility for Contents of the Prospectus
CSL Limited, whose corporate headquarters are located at 45 Poplar Rd, Parkville, Victoria 3052, Australia., assumes responsibility for the contents of this prospectus pursuant to section 5, paragraph 4 of
the German Securities Prospectus Act (Wertpapierprospektgesetz) and declares that the information
contained in this prospectus is, to the best of its knowledge, in accordance with the facts and contains
no omission likely to affect its import, and that CSL Limited has taken all reasonable care to ensurethat the information contained in this prospectus is, to the best of its knowledge, in accordance with thefacts and contains no omission likely to affect its import.
References in this summary to "CSL", the "Company" or the "Issuer" shall mean CSL Limited, andreferences in this summary to the "Group" shall mean the Issuer together with its consolidated subsidiaries, unless the context indicates otherwise.
Subject Matter of the Offering
This prospectus relates to the offering of common shares of the Company under the CSL Limited
Global Employee Share Plan (the "GESP" or the "Plan").
Special Note Regarding Forward-Looking Statements
This prospectus contains "forward-looking statements". These statements are based on the beliefs andassumptions of the Company’s management and on information available to it at the time such statements are made. Forward-looking statements include information concerning future results of theCompany’s operations, expenses, earnings, liquidity, cash flows and capital expenditures, industry ormarket conditions, assets under management, acquisitions and divestitures, debt and its ability to obtain
additional financing or make payments, regulatory developments, demand for and pricing of its products and other aspects of its business or general economic conditions that are not historical facts. In
addition, when used in this prospectus, words such as "believes", "expects", "anticipates", "intends","plans", "estimates", "projects", "forecasts" and future or conditional verbs such as "will", "may","could", "should" and "would" and any other statement that necessarily depends on future events, areintended to identify forward-looking statements.
Forward-looking statements are not guarantees and they involve risks, uncertainties and assumptions.
Although the Company makes such statements based on assumptions that it believes to be reasonable,
there can be no assurance that actual results will not differ materially from such expectations. The
Company cautions investors not to rely unduly on any forward-looking statements.
Risks, uncertainties or other factors that could cause actual results to differ materially from those expressed in any forward-looking statement are summarised in the Section "Risk Factors" of this prospectus. Given these risks and uncertainties, prospective investors are cautioned not to place undue relianceon forward-looking statements, which speak only as of the date of this prospectus. The Company assumes no duty or obligation to update, or to announce publicly any revision to, any forward-looking
statement or to advice of any change in the assumptions and factors on which they are based.
Currency References
In this prospectus and any documents included herein, unless otherwise indicated, all references to"USD", "U.S. $" or "$" are to U.S. Dollars and all references to "AUD", $A, A$, AU$ are to Australian
Dollars.
Documents Available for Inspection
The following documents, along with all other reports and amendments are publicly available free ofcharge during the entire validity period of this prospectus on the Company's website:Annual Report for the fiscal year ended 30 June 2017 including audited consolidated financial
statements;38Annual Report for the fiscal year ended 30 June 2016 including audited consolidated financial
statements;Annual Report for the fiscal year ended 30 June 2015 including audited consolidated financial
statements;

the Company's Constitution.

This
prospectus
canbedownloaded
http://www.csl.com.au/careers/employee-benefits.htm.

39

on

the

Company’s

websiteat

THE OFFERING
Eligible employees have the opportunity to purchase common shares of the Company under the CSL
Limited Global Employee Share Plan (the "GESP").
Information Concerning the Shares to be Offered
The shares offered under the CSL Limited Global Employee Share Plan (the "GESP" or the "Plan")
are the Company’s ordinary shares. The Company’s ordinary shares are listed on the Australian Securities Exchange. The International Securities Identification Number (ISIN) for the Company’s ordinary
shares is AU000000CSL8. The ASX Issuer Code is CSL. In Germany, the Company's common sharesare traded in the unofficial market (“Freiverkehr”) on the stock exchanges in Düsseldorf, Frankfurt,
Munich, Stuttgart and Hamburg under the symbol "CSJ" and the German Securities Code Number(Wertpapierkennnummer) 890952.
All issued and outstanding ordinary shares of the Company are fully paid and non-assessable. Substantially all of the outstanding ordinary shares are freely transferable. Each issued and outstanding ordinary share entitles the holder to one vote on all matters presented to the shareholders in annual or special meetings of the Company.
As an Australian company, the Company does not have a limit of authorised capital. As of 30 June
2017, the Company had 453,454,237 ordinary shares on issue. The issued shares are fully paid. The
Company has no preference shares on issue.
No eligible employee participating in the GESP shall have any voting, dividend or other shareholder
rights with respect to any shares offered under the GESP until the shares are allocated to the participant
following the end of the contribution period under the GESP. Following allocation of shares, the eligible employee participating in the GESP shall be entitled to the rights attached to the shares, as further
described below:
The Offering under the GESPGeneral Information
The GESP was first approved by the Board of Directors (the "Board") for implementation from 1 September 2002, at which time the GESP became effective, and was last approved by the Company’s
shareholders on 19 October 2011. The GESP was most recently amended by the Board on 13 May
2014. The GESP will remain effective until suspended or terminated by the Board. The GESP enables
eligible employees to use payroll deductions to acquire ordinary shares in the capital of the Company ata discount to current market trading prices. The GESP fosters broad-based share ownership among eligible employees.
Administration of the GESPThe GESP is administered by the Board or its delegate within the HR department of the Company (the“Plan Administrator”). The Plan Administrator has full authority to manage and administer the GESP,
determine appropriate procedures and regulations for the administration of the GESP and resolve conclusively all questions or fact or interpretation and all calculations arising in connection with GESP.
The Company has designated Computershare Plan Managers (“Computershare”) as the GESP services
provider. Computershare assists the Company with the administration of the GESP.
Eligible Employees
Generally, any full-time or part-time employee of CSL or a subsidiary of CSL is eligible to apply toenroll in the GESP, unless they are a director of CSL or are excluded by the Board (“Eligible Employee”). Currently, the Plan requires employment on a permanent basis for at least six (6) months before
an Offering Period (as defined below) as a condition of eligibility. The Plan may establish additional
eligibility requirements in the future.

40

Shares Available for Purchase
The maximum aggregate number of shares of that may be issued under the GESP is 90,000,000. Certain other limitations apply, including that the total number of shares issued under the Plan together
with the total number of issued Shares and outstanding options under all Company employee equity
plans cannot exceed a certain percentage of the total number of issued shares in the capital of the Company, and that no Eligible Employee may acquire more than a 5% interest in all of the issued shares or
be in a position to cast more than 5% of all votes at a general meeting of the Company.
In the event of a reconstruction or other alteration in the capital of the Company, a distribution to theCompany’s shareholders (other than a cash dividend) or any corporate transaction significantly affecting the value of the Company’s share capital, the Board will adjust either or both (i) the terms of theoffer and the GESP and (ii) the maximum number of shares to be issued under the Plan as applicable tothe then-current offering under the GESP, in a manner that the Board determines is fair and equitable
and in accordance with the ASX Listing Rules.
Terms and Conditions
Offering Period
The ordinary shares of the Company are offered for purchase under the GESP through a series of successive six-month offering periods commencing on 1 September and 1 March each year (each, an “Offering Period”) during which time payroll deductions are taken and at the end of which time shares arepurchased. The Plan Administrator may change the commencement date, the ending date and the duration of the Offering Period, provided that an Offering Period may not exceed eighteen (18) months. The
Offering Periods during the validity of this prospectus are 1 September 2017 to 28 February 2018, 1
March 2018 to 31 August 2018 and the offering period beginning on 1 September 2018 The Offering
Period that has commenced on 1 September 2017 is covered by the prospectus approved by BaFin on
31 January 2017 (the “2017 Prospectus”) and after expiration of the validity period of the 2017 Prospectus, will be covered by this prospectus. The Offering Period starting on 1 September 2018 will becovered partly by this Prospectus and, following the approval, by the subsequent prospectus for the
GESP the Company expects to file in 2018.
Subscription Right and Acquisition Price
Upon acceptance of an Eligible Employee’s enrollment application, the Eligible Employee will becomea participant in the GESP (“Participant”) and be deemed to have offered to subscribe for shares and tohave agreed to be bound to the terms and conditions of the offer as of the first day of an Offering Period.
The price at which shares can be purchased at the end of an Offering Period is eighty-five percent(85%) of the lesser of (a) the Fair Market Value of a share on the first day of the Offering Period and(b) the Fair Market Value of a share on the last day of the Offering Period (“Acquisition Price”). The
Fair Market Value is determined as (a) the weighted average of the prices at which such shares weretraded on the ASX, where there has been at least one transaction on the ASX in respect of the shares onthat day, or (b) the weighted average of the prices at which such shares were traded on the ASX during
the most recent day on which there has been at least one transaction on the ASX in respect of theshares.
Exercise of Acquisition Right
At the end of the Offering Period, all contributions made by a Participant for the purchase of shares
will be used for the purchase of shares. Not more than 10 days following the end of each Offering Period, ordinary shares of the Company will be purchased for each Participant with such contributions(each such date on which shares are purchased, a “Share Acquisition Date”)
The Share Acquisition Dates during the validity of the prospectus are approximately 28 February 2018and 31 August 2018.

41

Acquisition Price – Payroll Deductions
The Acquisition Price is paid by way of automatic deduction from the Participant’s payroll and used topurchase ordinary shares of the Company on each Share Acquisition Date. The Participant authorizes
the Company to make payroll deductions during the Offering Period in an amount not less than
AUD300 and not more than AUD6,000 and, in any case, in an amount that is not more than 20% ofParticipant’s gross base salary.
A Participant’s enrollment in the Plan and payroll deduction authorization will remain in effect for subsequent Offering Periods unless the Participant’s participation in the GESP terminates or the Participant cancels the authorization or submits a new payroll deduction authorisation form within the time
specified by the Plan Administrator. During an Offering Period, a Participant may not reduce or increase the amount of his or her payroll deduction authorization, but the Participant may withdraw fromthe GESP and have his or her payroll deductions refunded to him or her.
Any amount of payroll deductions that are not used for the purchase of shares or the payment of taxrelated items will be returned to the Participant, without interest, as soon as administratively practicable.
A Participant may view an individual account balance and a detailed purchase history by contacting
Computershare.
Purchase Limitations
A Participant may purchase up to the number of shares that can be purchased by dividing a Participant’s payroll deductions at the Share Acquisition Date by the Acquisition Price. However, a Participant may not acquire shares under the GESP if the acquisition would result in the Participant holding
more than a 5% interest in all of the issued shares of the Company or being in a position to cast morethan 5% of all votes at a general meeting of the Company
DeliveryOn the Share Acquisition Date, which is not more than 10 days after the end of the Offering Period, thepurchased shares will be delivered to the Participant.
Shares issuable to employees are booked into an account with Computershare. Participants choose adisposal restriction for the shares of either (i) one year or (ii) the earlier of three years and the date of
termination of employment with CSL and its subsidiaries.
Corporate Transactions
In the event of a corporate transaction significantly affecting the value of the Company’s share capital,
the Board will adjust either or both (i) the terms of the offer and the GESP and (ii) the maximum number of shares to be issued under the Plan as applicable to the then-current offering under the GESP, in amanner that the Board determines is fair and equitable and in accordance with the ASX Listing Rules.
Termination of Participation
The Participant may terminate his or her participation in Plan by completing a withdrawal form at
Computershare. Upon withdrawal, the Participant’s accumulated payroll deductions will be returned to
the Participant, without interest, and no shares will be purchased for the Participant at the end of theOffering Period. The withdrawal is irrevocable, and the Participant may not participate in the GESP
unless such individual is an Eligible Employee and re-enrolls in the GESP for a subsequent Offering
Period.
Termination of Eligibility
Upon the termination of the Participant’s employment with CSL and its subsidiaries for any reason(including death) during an Offering Period or in the event an individual ceases to qualify as an Eligible Employee, (i) such individual will cease to be a Participant, (ii) the right to subscribe to shares will
be canceled, (iii) the accumulated payroll deductions will be returned to the Participant, without interest, and (iv) and such individual will have no further rights under the GESP.
42

Duration, Termination and Amendment
The Board may, at any time, suspend or terminate the GESP. If the GESP is suspended or terminated,
no further payroll deductions will be taken and no further shares will be purchased and the Company
may (in the case of suspension of the GESP) or must (in the case of termination of the GESP) return theParticipant’s accumulated payroll deductions to the Participant. Any applicable disposal restrictions on
the shares will continue to apply.
The Board may at any time amend the GESP, but no amendment may reduce the rights of a Participant
unless such amendment is necessary to comply with applicable laws, to correct any obvious mistake orwith the Participant’s consent.
Transferability of Purchase Rights
The right to subscribe for shares under the GESP is not assignable or transferable by the Participant.
Enrollment
The GESP is a voluntary plan and requires Eligible Employees to enroll in order to participate. Generally, the enrollment period runs for four weeks starting about six weeks before the applicable Offering
Period. Prior to each Offering Period, Eligible Employees are notified of the specific enrollment deadlines for such Offer Period by way of an Offer Guide distributed to them.
The Plan Rules for the GESP are available at the Computershare website at
http://cslinet.com/askhr/en/Pages/Global-Employee-Share-Plan.aspx or by requesting a paper based
copy from the CSL Employee Equity team at cslemployee.equity@csl.com.au. Eligible Employees canenrollinthe
GESP
onlinethroughtheComputersharewebsiteat
http://cslinet.com/askhr/en/Pages/Global-Employee-Share-Plan.aspx or by requesting a paper basedenrollment form from their local Share Plan Coordinator and emailing or mailing it to Computershare.

43

REASONS FOR THE OFFERING AND USE OF PROCEEDS
Purpose of the Plan
The purpose of the GESP is to foster broad-based share ownership among CSL’s employees.
Proceeds and Use of Proceeds
As of 30 June 2017, shares under the GESP are offered to approximately 17,000 Eligible Employees
worldwide. The accumulated payroll deductions for which the Eligible Employees may purchase shares
under the GESP may not exceed AUD6,000 per offering period, i.e., AUD12,000 during the two Offering periods which are fully covered by this Prospectus. Assuming that each Eligible Employee purchases the maximum amount of shares, that is, as near as possible to the total of AUD12,000, the employee would purchase 99 shares at a purchase price of AUD120.06 which is eighty-five percent of theshares' fair market value (AUD141.25) as of 15 November 2017. Then a total of 1,683,000 shares canbe purchased and the gross proceeds of the Company in connection with the offer under the GESP pursuant to this prospectus would be AUD202,060,980.
The costs of this offering consist of legal expenses in an amount of approximately AUD150,000. After
deduction of such costs, the net proceeds, based on the above assumptions, would be approximately
AUD201,910,980.
The proceeds from the sale of shares are not reserved for any particular purpose and will be booked to
the general account of the Company. On that account, they are pooled with other company monies
which will be used for general corporate purposes.

44

DILUTION
The book value of the stockholders’ equity of the Company (defined as total assets less total liabilities)
as reflected in the consolidated financial statements amounted to approximately US$3,163,800,000 asof 30 June 2017 which corresponds to AUD4,172,227,351 using a AUD/USD exchange rate of
0.7583 4 . This is equivalent to approximately AUD9.20 per share (calculated on the basis of453,454,237 outstanding shares as of 30 June 2017).
If the Company had obtained net proceeds in the amount of AUD201,910,980 the book value of theshareholders’ equity at that time would have been approximately AUD 4,374,138,330 or AUD9.61 pershare (based on the increased number of shares after the purchase of 455,137,237 shares and assuming
a purchase price of AUD120.06, which is eighty-five per cent of the stock’s fair market value(AUD141.25) as of 15 November 2017. Consequently, under the above-mentioned assumptions, theimplementation of the offering would lead to a direct increase in the book value of shareholders’ equity
of AUD201,910,980 or approximately AUD0.41, or approximately 4.46%, per share for the existing
shareholders and an average dilution of approximately AUD110.45 per share for the Eligible Employee
who purchased the shares and, thus, investors who acquire shares at the purchase price of AUD120.06
are diluted by approximately 92.00%.

4

As of 15 November 2017; source: Reserve Bank of Australia website - http://www.rba.gov.au/statistics/tables/xls-hist/2014current.xls.

45

DIVIDEND POLICY
The declaration, payment and amount of any future dividends will be determined by the Company’s
Board and will depend upon, among other factors, its earnings, financial condition and capital requirements at the time such declaration and payment are considered.
Dividends paid to the shareholders in the last three financial years were as follows:Year

Dividend

Record Date

Payment
Date

USD amount
per share

2017

Final
Interim13 September
16 March

13 October
13 April

0.72
0.64

2016

Final
Interim14 September
24 March

7 October
15 April

0.68
0.58

Final
Interim9 September
18 March

3 October
10 April

0.66
0.58

2015

46

CAPITALISATION
Capitalisation and Indebtedness
The following tables based on the Company’s unaudited management accounts as of 30 November
2017. Certain numerical figures set out in the tables below have been subject to rounding adjustments
and, as a result, the totals of the data may slightly deviate from from the actual arithmetic of such figures.

CAPITALISATION

30 November 2017
(in millions of US$)
(unaudited)

Total current liabilities- Guaranteed- Secured(a)- Unguaranteed/Unsecured

1,898.0
2.6
1,895.4

Total non-current liabilities- Guaranteed- Secured(b)- Unguaranted/Unsecured

5,202.8
22.5
5,180.3

Total liabilities

7,100.7

Shareholders' Equity
a.……Share capitalb.…....Legal Reserve
c…….Other Reserves
d……. Retained Earnings(4,645.6)
225.2
8,057.2
3,636.8

Total equity
Total liabilities and equity

10,737.6(a) Secured against leased buildings.
(b) Secured against leased buildings.

47

The following table shows the Company’s net financial indebtedness. Consequently, the table does notinclude non-financial debt from normal operations such as accounts payable, taxes payable, deferred
tax liability, accrued expenses and long term liabilities other than bank debt or notes payable.
NET FINANCIAL INDEBTEDNESS
30 November 2017
(in millions of US$)
(unaudited)
A. Cash and deposits

871.2
241.4

B. Cash equivalents
C. Trading securities
D. Liquidity (A)+(B)+(C)-1,112.6
92.0
2.6

E. Current Financial Receivable
F. Current bank debt
G. Current portion of non-current debt
H. Other current financial debt
I. Current Financial Debt (F)+(G)+(H)J. Net Current Financial Indebtedness (I)-(E)-(D)K. Non-current bank loans

94.6(1,018.1)

216,43,217.8
3,434.1
2,416.1

L. Bonds Issued
M. Other non-current loans
N. Non current Financial Indebtedness (K)+(L)+(M)O. Net Financial Indebtedness (J)+(N)Commitments and Contingencies
Commitments
Operating leases entered into relate predominantly to leased land and rental properties. The leases havevarying terms and renewal rights. Rental payments under the leases are predominantly fixed, but generally contain inflation escalation clauses.
Finance leases entered into relate predominantly to leased plant and equipment. The leases have varying terms but lease payments are generally fixed for the life of the agreement. In some instances, at theend of the lease term the Group has the option to purchase the equipment.
No operating or finance lease contains restrictions on financing or other leasing activities.
Commitments in relation to non-cancellable operating leases, finance leases and capital expenditurecontracted but not provided for in the financial statements are payable as follows:
Operating Leases

Finance Leases

Capital Commitments

Total

US$m

US$m

US$m

US$m

2017

2016

2017

2016

2017

2016

2017

2016

Not later than
one year

57.9

46.4

3.9

3.3

354.0

222.8

415.8

272.5

Later than
one year but
not later than
five years

205.4

163.9

11.1

10.3

117.0

7.9

333.5

182.1

Later than
five years

404.8

363.9

16.2

17.7

-

-

421.0

381.6

Total

668.1

574.2

31.2

31.3

471.0

230.7

1,170.3

836.2

The present value of finance lease liabilities is as follows:
48

2017

2016

US$m

US$m

Not later than one year

3.1

2.5

Later than one year but not later than five years

8.4

7.4

Later than five years

13.9

14.9

Total

25.4

24.8

Contingent assets and liabilities
Litigation
The Group is involved in litigation in the ordinary course of business.
Working Capital Statement
The Company believes that its working capital (i.e., its ability to access cash and other available liquid
resources) is sufficient to meet its present requirements for at least the next 12 months from the date ofthis prospectus.

49

SELECTED CONSOLIDATED FINANCIAL DATA
The following selected financial data are derived from the Company’s audited consolidated financial
statements for the fiscal years ended 30 June 2017, 30 June 2016 and 30 June 2015 as published in the
Company’s annual report for the fiscal year ended 30 June 2017 which can be accessed as described in
the section "Documents Available for Inspection" of this prospectus. The Company's consolidated financial statements are prepared in accordance with the Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board and the Australian Corporations
Act 2001. The financial statements comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board (hereinafter referred to as “IFRS”) in accordance with
IAS 1 Presentation of Financial Statements.
The consolidated financial statements are presented in US Dollar ("US$), which is the Group's presentation currency.
Consolidated Statement of Comprehensive Income
Financial year ended 30 June
2017
US$ million

2016
US$ million

2015
US$ million

Sales revenue

6,615.8

5,909.5

5,458.6

Cost of sales(3,326.8)(3,052.8)(2,605.9)

Gross profit

3,596.0

3,062.5

2,852.7

Resarch and development
expenses(645.3)(613.8)(462.7)

Selling and marketing
expenses(697.0)(620.9)(498.3)General and administration expenses(484.8)(390.3)(287.5)

Profit before income tax
expense1,689.8

1,555.9

1,714.0

Net profit for the period

1,337.4

1,242.4

1,379.0

Total of other comprehensive income / (expense)(173.0)(198.8)(508.4)

Total comprehensive
income for the period

1,510.4

1,043.6

870.6

Consolidated Balance Sheet
Financial year ended 30 June
2017
US$ million

2016
US$ million

2015
US$ million

Cash and cash equivalents

844.5

556.6

556.8

Trade and other receivables

1,170.4

1,107.2

1,003.7

Inventories

2,575.8

2,152.0

1,755.6

Total Current Assets

4,602.1

3,818.0

3,339.1

Property, plant andequipment

2,942.7

2,389.6

1,841.3

Deferred tax assets

496.5

389.0

274.4

Intangible assets

1,055.4

942.6

926.9

50

Total Non-Current
Assets

4,520.6

3,744.7

3,061.9

Total assets

9,122.7

7,562.7

6,401.0

Trade and other payables

1,155.8

996.1

700.8

Current tax liabilities

202.5

207.3

143.9

Provisions

134.1

99.6

84.3

Total Current Liabilities

1,618.1

1,374.4

936.1

Interest bearing liabilities

3,852.7

3,081.0

2,277.7

Deferred tax liabilities

138.2

119.2

138.2

Retirement benefit liabilities

255.3

326.6

221.1

Total Non-Current
Liabilities

4,340.8

3,621.1

2,718.0

Total Liabilities

5,958.9

4,995.5

3,654.1

Net Assets

3,163.8

2,567.2

2,746.9

Contributed
Equity(4,534.3)(4,213.0)(3,560.4)

Reserves

294.2

187.9

306.5

7,403.9

6,592.3

6,000.8

3,163.8

2,567.2

2,746.9

EquityRetained Earnings
Total Equity

51

LEGAL AND ARBITRATION PROCEEDINGS
During the prior twelve monthts, the Group has been involved in litigation in the ordinary course ofbusiness. The Group has become aware of two separate patent infringement actions brought by competitors. CSL is highly confident in its intellectual property positions and is vigorously defending against
the claims.

52

SHAREHOLDINGS AND STOCK OPTIONS OF DIRECTORS AND EXECUTIVE OFFICERS
The following table set forth information concerning the number of the Company’s ordinary shares andoptions over the Company’s ordinary shares as of 1 December 2017 held directly, indirectly or beneficially, including holdings of related parties, by: (a) each of the Company’s Directors, and (b) the Company’s Chief Financial Officer and the Chief Scientific Officer.

Name

Position

Numberofshares owned

Options(1)John Shine

Chairman

10,118---Paul Perrault

Managing Director
and Chief Executive Officer

52,832406,253

141,92052,052David AnsticeNon-Executive
Director

13,445---

Bruce Brook

Non-Executive
Director

4,764

-

-

-

Megan Clark

Non-Executive
Director

1,956

-

-

-

Marie McDonald

Non-Executive
Director

2,478

-

-

-

Christine
O’Reilly

Non-Executive
Director

3,134

-

-

-

Tadataka
YamadaNon-Executive
Director

182

-

-

-

David Lamont

Chief
Officer

Financial

1,300

-

39,227

8,155

Andrew Cuthbertson

Chief
Officer

Scientific114,143-

34,225

8,442

Performance
Rights(2)Performance
Units(3)Share(1) For a short description of the Options please see “Description of the Securities – Long Term Incentive Plan (LTI Plan)”.
(2) For a short description of the Performance Rights please see “Description of the Securities – Long Term Incentive Plan (LTI
Plan)”.
(3) For a short description of the Performance Share Units please see “Description of the Securities – Long Term Incentive Plan
(LTI Plan)”.

Disposal restrictions agreed by directors and executive officers of the Company
The Company has a comprehensive securities trading policy which applies to all directors and employees. The policy aims to inform directors and employees of the law relating to insider trading, and provide them with practical guidance for avoiding unlawful transactions in Company securities.
The policy prohibits directors and employees from buying or selling securities in the Company when
they are in possession of price sensitive information which is not generally available to the market. In
addition, the policy identifies certain “blackout periods” during which no directors or employees areallowed to trade in Company securities (unless exceptional circumstances apply, the person has no inside information, and special approval is obtained to sell (but not buy) Company securities). Acquisitions of securities under the Company employee share and option plans are exempt from the prohibition.

53

A procedure of internal notification and approval applies to directors and designated senion employees
wishing to buy or sell Company securities. Directors and designated senior employees are forbiddenfrom making such transactions without the prior approval of the Chairman of the Board (in the case of
directors) and the Company’s secretary (in the case of designated senior employees).

54

GENERAL INFORMATION ABOUT THE COMPANY
Company Name
The Company’s legal and commercial name is CSL Limited. Its Australian Company Number is 051
588 348.
General Information about the Company and its Business
CSL is a global specialty biopharmaceutical company that researches, develops, manufactures and markets biotherapies to treat and prevent serious and rare medical conditions. The Group produces safe andeffective therapies for patients who rely on them for their quality of life, and sometimes for life itself.
With major production facilities in Australia, Germany, Switzerland, the UK and the US, CSL employs
over 16,000 employees working in over 30 countries. CSL operates in two segments: CSL Behring and
Seqirus.
CSL is a global specialty biopharmaceutical company that researches, develops, manufactures and markets biotherapies to treat and prevent serious and rare medical conditions. The Group produces safe andeffective therapies for patients who rely on them for their quality of life, and sometimes for life itself.
With major production facilities in Australia, Germany, Switzerland, the UK and the US, CSL employs
more than 19,000 employees working in over 30 countries. CSL operates in two segments: CSL Behring and Seqirus.
CSL Behring
CSL Behring is a global leader in the plasma protein biotherapeutics industry. It researches, develops,
manufactures and markets biotherapies that are used to treat serious and rare conditions.
CSL Behring’s biotherapies are indicated for the treatment of serious and rare conditions. These conditions include coagulation (bleeding) disorders such as hemophilia and von Willebrand disease, primaryand secondary immune deficiencies, hereditary angioedema, neurological disorders and genetic emphysema (inherited respiratory disease). CSL Behring’s biotherapies are also used to prevent haemolytic
disease in newborns, for urgent warfarin reversal in patients with acute major bleeding, to prevent infection in solid organ transplant recipients and treat specific infections, and to help victims of trauma,shock and burns.
Biotherapies differ from conventional chemical-derived pharmaceuticals in many ways. They are derived from human plasma, or produced as their recombinant equivalents, instead of from chemicals.
These expensive source materials comprise a much higher portion of the therapy’s cost than the chemicals used in pills and tablets. Biotherapies also undergo rigorous safety controls and inspections
throughout every step of the manufacturing process, from the collection of plasma to the final packaging of the finished product.
While plasma therapeutics treat small patient populations, traditional pharmaceuticals may treat millions of patients worldwide. As a result, economies of scale in the plasma protein industry are muchnarrower than in the traditional pharmaceutical industry. In fact, the costs of production for plasmaderived medical therapies are typically around 70% of the selling price compared to around 20% forchemical-based pharmaceuticals.
CSL Behring’s products are produced at facilities in Bern, Switzerland, Marburg, Germany, Kankakee,
Illinois (USA) and Broadmeadows, Australia, in accordance with international safety and quality
standards. CSL Behring also operates CSL Plasma, one of the world’s largest plasma collection networks with more than 170 centres in the United States and Europe.
On 13 June 2017, the Company announced that it had agreed to acquire 80 percent equity of plasmaderived therapies manufacturer Wuhan Zhong Yuan Rui De Biological Products Co. Ltd (“Ruide”)
from Humanwell Healthcare Group Ltd. The transaction closed on 2 August 2017. Ruide develops,
manufactures and commercialises plasma-derived products for the Chinese domestic market. This acquisition provides CSL with a strategic presence in the Chinese domestic plasma fractionation market
and complements the strong market position that the Company believes CSL Behring has built over the
past 20 years as a provider of imported albumin in China.

Seqirus55

Seqirus was established on 31 July 2015, following CSL’s acquisition of the Novartis influenza vaccines business and was subsequently integrated with bioCSL. By revenue, the Company believes Seqirus is the world’s second largest influenza vaccine company and a major partner in the prevention
and control of influenza globally. It is also a supplier of influenza vaccine for Northern and Southern
Hemisphere markets and a transcontinental partner in pandemic preparedness and response.
Seqirus operates state-of-the-art production facilities in the US, the United Kingdom (UK) and Australia, utilises both egg-based and cell-based manufacturing technologies and offers novel products including an adjuvanted seasonal influenza vaccine. It has extensive R&D capabilities, a broad and differentiated product portfolio and commercial operations in more than 20 countries.
In Australia and the Asia Pacific region, Seqirus is also provides of in-licensed vaccines and specialty
pharmaceuticals. It also manufactures and markets diagnostics for immunohematology laboratories andis the sole supplier of a unique range of products made in the national interest for the Australian Government, including antivenoms and Q fever vaccine.
Research and development
CSL continues to grow investment in the development of protein-based medicines to treat serious human illnesses. Today, most of the Group’s licensed medicines are purified from human plasma or madefrom traditional sources. CSL has also built the capabilities required to develop future products using
recombinant technology. Global research and development activities support CSL’s existing licensed
products and development of new therapies that align with the Group’s technical and commercial capabilities in immunoglobulins, specialty products, haemophilia and coagulation therapies and new medicines.
Available Information
See the section of this prospectus entitled "Documents Available for Inspection" above.
Auditors
The Company’s independent registered public accounting firm is Ernst & Young, 8 Exhibition Street,
Melbourne VIC 3000 Australia.
Ernst & Young is an independent accounting firm registered with the Australian Securities and Investments Commission. Ernst & Young has been the Company’s independent auditor since fiscal year
2002. Ernst & Young audited the Company’s consolidated financial statements for the fiscal years ended 30 June 2017, 30 June 2016 and 30 June 2015. The audits were performed by auditors who aremembers of legally recognised professional bodies for accountants in Australia.

56

DESCRIPTION OF THE SECURITIESType and the Class of the Securities being offered, including the Security Identification CodeThe securities offered under the GESP are the Company’s ordinary shares.
As of 31 December 2017, the Company’s issued and outstanding ordinary shares consisted of452,270,489 ordinary shares.
The Company’s ordinary shares are listed on the Australian Securities Exchange. The International
Securities Identification Number (ISIN) for the Company’s ordinary shares is AU000000CSL8. The
ASX Issuer Code is CSL. In Germany, the Company's common shares are traded in the unofficial market (“Freiverkehr”) on the stock exchanges in Düsseldorf, Frankfurt, Munich, Stuttgart and Hamburg
under the symbol "CSJ" and the German Securities Code Number (Wertpapierkennnummer) 890952.
Legislation under which the Securities have been Created / Regulation of the Shares
The shares were created under the Corporations Act 2001 of Australia. Except as otherwise expressly
required under the laws of a country, the GESP and all rights thereunder shall be governed by and construed in accordance with the laws of Australia. Trading in the Company’s ordinary shares is regulated
by ASX Limited as the market operator of the Australian Securities Exchange.
Form of Securities, Name and Address of the Entity in Charge of Keeping the Records
The Company's ordinary shares are registered shares. The Company’s ordinary shares are not securitised (verbrieft), neither individually nor globally, but exist in uncertificated form (that is, in bookentry form) and shareholders are recorded as the holders of shares in book entry form only. The records
are kept by the Company’s Share Registrar (transfer agent), Computershare Investor Services Pty Limited ("Computershare"). The address and telephone number of Computershare is:
Yarra Falls, 452 Johnston Street, Abbotsford, Victoria 3067, Australia
Telephone enquiries within Australia: 1800 646 882
Telephone enquiries outside Australia: +61 3 9415 4178
The shares issuable under the GESP to Eligible Employees participating in the GESP to whom thisprospectus is addressed will be issued to and held in the name of the Participant. The shares will be
subject to a holding lock, which restricts transfer of the shares during the nominated restriction period.
Participants may obtain information about their accounts online by accessing the web portal
www.computershare.com/employee/au/csl or by calling the Computershare Plan Managers call centerat +61 3 9415 4151.
Computershare also serves as the dividend paying agent for the purpose of this offer.
Commission
Participants are responsible for fees and commission associated with selling the shares that are charged
by their chosen selling broker.
Currency of the Securities Issue
The Australian Dollar is the currency of the security issue.
Rights attached to the Securities
No Eligible Employee participating in the GESP shall have any voting, dividend or other shareholder
rights with respect to any shares offered under the GESP until the shares are allocated to the participant
following the end of the contribution period under the GESP. Following allocation of shares, the Eligible Employee participating in the GESP shall be entitled to the rights attached to the shares, as further
described below:
57

Dividend Rights: The board of directors may from time to time resolve to pay any interim and final
dividends out of funds legally available for dividends that, in its judgement, the financial position of theCompany justifies. The Board may also fix the amount, the time for determining entitlements to thedividend and the timing and method of payment.
A holder of shares as of the close of business on the record date for a dividend has the right to the dividend declared as of that record date. The board of directors sets the record date and the payment date
for the dividend payments.
If the Company cannot locate a shareholder and the shareholder's dividend cannot be paid, the Company will hold any such unclaimed dividends for a period of six years after which the Company may
transfer the dividend funds to the Australian Securities and Investments Commission (ASIC). ASIC
will retain the unclaimed dividends for a further period of three years after which any remaining unclaimed dividends will be transferred to the relevant State government authorities. During this entire
period the unclaimed monies may still be claimed by the rightful holder of shares.There are no dividend restrictions and no special procedures for shareholders resident in the European Union and the
EEA.
Voting Rights: At a general meeting of the Company, every shareholder present in person or by proxy,
representative or attorney has one vote on a show of hands (regardless of the number of shares he or
she holds) and, on a poll, one vote for each fully paid share held by the shareholder. The Company's
Constitution provides that resolutions put to a vote at a general meeting will be decided on a show ofhands, unless a poll is demanded in accordance with the Company's Constitution.
Liquidation Rights: Subject to the Company's Constitution, the Corporations Act 2001 and any preferential rights attaching to any class of shares, shareholders will be entitled on a winding up to a share inany surplus assets of the Company in proportion to the shares held by them. If the Company is wound
up, the liquidator may, with the approval of a special resolution, divide all or part of the Company’s
assets among shareholders and decide how the division is to be carried out as between shareholders or
different classes of shareholders, but the liquidator may not require a shareholder to accept any sharesor other securities in respect of which there is any liability.
No Preemptive, Redemption or Conversions Provisions: Under the Company's Constitution or the Corporations Act 2001, the holders of the Company’s ordinary shares do not have preemptive rights toacquire Company shares, or securities convertible into Company shares. The Company’s ordinary
shares are not subject to redemption or any conversion rights.
Change of Shareholders’ Rights
Subject to the Corporations Act 2001 and the terms of issue of a class of shares, the rights attaching to
any class of shares may be varied or cancelled:with the consent in writing of the holders of 75% of the issued shares included in that class; orby a special resolution passed at a separate meeting of the holders of those shares.

In either case, the holders of not less than 10% of the votes in the class of shares, the rights of whichhave been varied or cancelled, may apply to a court of competent jurisdiction to exercise its discretion
to set aside such a variation or cancellation.
Transferability
No purchase right granted under the GESP shall be assignable or transferable by a participant.
Shares allocated to participants under the GESP are in a class of shares which is freely transferable,
subject to the disposal restriction imposed under the terms of the GESP.
The Company will apply to ASX for quotation of the shares and will file a notice in accordance with
the Corporations Act 2001 in order to enable secondary trading on ASX of the shares which are allocated to GESP participants, subject to the expiry of such disposal restriction.

58

Applicable Squeeze-out and Sell-out Rules (Takeovers and compulsory acquisition)
The takeover provisions in the Corporations Act 2001 restrict acquisitions of shares in listed companies(such as the Company) if the acquirer’s (or another party’s) voting power in the Company's shareswould increase to above 20%, or would increase from a starting point that is above 20% and below
90%, unless certain exceptions apply. Appliable exemptions include a purchase of shares under a takeover bid offered to all shareholders, or a Court-approved scheme of arrangement.
Shareholders of the Company may have their shares compulsorily acquired following a takeover bid byan acquirer if certain bid acceptance thresholds are satisfied, or by scheme of arrangement if the required shareholder and Court approvals are obtained.
The Corporations Act 2001 also imposes substantial shareholder notification requirements on persons
having voting power of 5% or more in the Company's issued shares.
Long Term Incentive Plan (LTI Plan)
The objective of the LTI Plan is to align long term executive key management personnel rewards withthe sustained creation of shareholder value through the allocation of awards that are subhect to the satisfaction of long term performance conditions. Key management personnel (“KMP”) comprises nonexecutive directors, the Chief Executive Officer (“CEO”) and those key executives who have authority
and responsibility for planning, directing and controlling the major actitivies of the Company during
the financial year.
Under the current LTI Plan Performance Share Units (“PSUs”) are granted. Each PSU is to acquire one
share in the Company. There is no payment on the exercise of PSUs. The number of PSUs granted wasdetermined by the face value of a share at the time of grant.
The grant value of PSUs was set as a percentage of the fixed remuneration of the relevant KMP as at 1
September 2017. In October 2017 the LTI grant value for the CEO was 310% of the fixed remunerationand for other executive KMP it ranged from 88% to 183% of the fixed remuneration. The PSUs have ahurdle of Return on Invested Capital.
The PSUs vest 25% each year during a four year performance period. Vesting of PSUs is subject to thefulfilment of various performance goals. In case of cessation of employment, a “good-leaver” will retain a pro-rata number of PSUs based on time elapsed since the grant date. For other leavers, the PSUs
will lapse on cessation of employment.
Under the historical LTI Plan, there are two different kinds of rewards: options (“Options”) and performance rights (“Performance Rights”). Each Option and Performance Right is to acquire one share in
the Company. A KMP must pay an exercise price when electing to exercise the Options. There is no
payment on the exercise of Performance Rights. The number of Options and Performance Rights granted was determined by the fair value which is calculated by an external provider. The fair value is calculated using a Black-Scholes methodology and, for Options and Performance Rights subject to a market
condition, a Monte Carlo simulation model which takes into consideration factors such as the performance hurdles and probability of those hurdles being achieved, share price volatility, life of the award,
dividend yield, risk free rate and share price at grant.
The grant value of Options and Performance Rights was set as a percentage of the fixed remunerationof the relevant KMP. The award of Options was granted in one tranche and Performance Rights into
three tranches. The Performance Rights have a hurdle of Relative Total Shareholder Return and Earnings per Share growth.
Both Options and Performance Rights vest during a four year performance period. Vesting of Options
and Performance Rights is subject to the fulfilment of various performance goals. In case of cessationof employment, a “good-leaver” will retain a pro-rata number of Options and Performance Rights
based on time elapsed since the grant date. For other leavers, the Options and Performance Rights will
lapse on cessation of employment.
In April 2017, the Board approved a new Malus and Clawback Policy. “Malus” means adjusting orcancelling all or part of an individual’s variable remuneration as a consequence of a materially adverse
development occurring prior to payment (in the case of cash incentives) and/or prior to vesting (in thecase of equity incentives). “Clawback” means seeking recovery of a benefit paid to take into account a59materially adverse development that only comes to light after payment, including shares delivered post
vesting.
The Company’s Board, in its discretion, may apply the policy to any incentive provided to a senior
executive, including a former senior executive, in the event of a material misstatement or omission in
the financial statements of a Group company or the Group, or other material error, or in the event offraud, dishonesty or other serious and wilful misconduct involving a senior executive, leading to a senior executive receiving a benefit greater than the amount which would have been due based on the corrected financial statements or had the error or misconduct not occurred.

60

MANAGEMENT
Information on the Company’s directors and chief officers
The following table provides information on the Company's directors and chief officers:

Name, Position

StatusPeriodCompany, function

John Shine,
Chairman

Current

Director – From
2006
Chair – From
2011
From 2012 to2016
From 2012 to2016

Chairman of the Company’s Board

From 2014

SA Health and Medical Research Institute, Research Advisory
Board/Chairman
Queensland Institute of Medical Research/Director
Garvan Institute of Medical Research/Executive Director

Past
Past

Current
Current
Past
Past

Paul Perrault,
Managing Director and Chief
Executive Officer

Current

Past
Past

David Anstice,
Non-Executive
Director

Current
Current
Current
Past
Current
Current
Past
Past
Past

Bruce Brook,
Non-Executive
Director

Current
Past
Current
Past
Current
Current
Current
Current
Past
Past
Past

From 2014
From 1990 to
2011
From 2003 to2006

Museum of Applied Arts and Science/President
Karl MacManus Foundation/Director

National Health and Medical Research Council/Chairman

Director – From
2013
Managing Director and Chief
Executive Officer – From
2013
From 2012 to2013
From 1997 to2013

Chief Executive Officer and Managing Director

From 2008
From 2008
From 2009
From 2015 to2016
From 2014
From 2008
From 1974 to2008
From 2008 to
2009
From 1996 to2005

Non-Executive Director
Alkermes Plc/Director
United States Studies Centre, University of Sydney/Deputy Chairman
BioSynergy Partners Pty Ltd/Advisory Board Member

From 2011
From 2010 to2017
From 2011
From 2013 to2016
From 2011
From 2003
From 2013
From 2014

Non-Executive Director
Programmed Maintenance Services Limited/Chairman

From 2005 to2010
From 2007 to
2015
From 2006 to2011

Plasma Protein Therapeutics Association, Global Board/President
Senior roles in sales, marketing and operations with CSL and predecessor companies, most recently President, CSL Behring.

NeuClone Pharmaceuticals Pty Ltd/Director
University of Sydney USA Foundation Board/Chairman
US Biotechnology Industry Organisation/Director and Executive
Committee Member
United States Studies Centre, University of Sydney/Director
Merck & Co. Inc., Merck Human Health for US/Canada/Latin America, Europe, Japan and Asia/President and Executive Vice President

Newmont Mining Corporation/Director
EFIC Limited/Director
DET CRC Limited/Director
Eagles Rest 156 Limited/Director
ASICs Director Advisory Panel/Member
Australia and New Zealand College of Anaesthetists Foundation/Governor
Lihir Gold Limited/Director
Boart Longyear Limited/Director
Snowy Hydro Limited

61

Past
Past

Marie McDonald,
Non-Executive
Director

Current
Current
Current
Current
Past
Past
Past

Christine
O’Reilly,
Non-Executive
Director

Current
Past
Current
Current
Current
Current
Past
Past

Megan Clark,
Non-Executive
Director

Current
Current
Current
Current
Current
Current
Past
Past

Tadataka
Yamada,Non-Executive
Director

Current
Current
Current
Current
Current
Current
Current
Current
Current
Past
Past
Past
Past
Past

David Lamont,
Chief Financial
OfficerCurrent
Past
Past
Past

Andrew Cuthbertson,
Chief Scientific
OfficerCurrent
Past
Past

From 2002 to
2005
From 1999 to2002

WMC Resources Limited/Chief Financial Officer

From 2013
From 2017
From 2016
From 2016
From 2010 to2013
From 2001 to
2010
From 1990 to2014

Non-Executive Director
Nufarm Limited
Nanosonics Limited
Walter and Eliza Hall Institute of Medical Research
Law Council of Australia, Business Law Corporations Committee/ChairAustralian Takeovers Panel/Member

From 2011
From 2007 to
2016
From 2012
From 2012
From 2013
From 2014
From 2007 to
2014
From 2001 to
2006

Non-Executive Director
Care Australia/Director

From 2016
From 2016
From 2016
From 2016
From 2014
From 2010
From 2009 to2014
From 2003 to2008

Non-Executive Director
Energy and Minerals Institute, University of Western Australia
Monash University Council
CARE Australia
Director Rio Tinto
Bank of America Merrill Lynch/Member of Australian advisory board
Commmonwalth Scientific and Industrial Research Organisation/CEO
BHP Billiton/ Vice President

From 2016
From 2016
From 2016
From 2016
From 2016
From 2016
From 2016
From 2011
From 2015
From 2007 to
2011
From 2011 to2015
From 2006 to
2011
From 2000 to
2006
From 1996 to
2000

Non-Executive Director
PvP Biologics
Presage Biosciences
Outpost Medicine
Beijing Gnome Institute
G&W Laboratories
Accelerator Corporation
Agilent Technologies, Inc./ Director
Frazier Healthcare Partners/ Venture Partner
Covidien/ Director

From 2016
From 2010 2016
From 1999 to2010

Chief Financial Officer
MMG/CFO

From 2000
From 2010 to2013
From 1997 to2000

Chief Scientific Officer and R&D Director.
National Health and Medical Research Council/Member

ANZ Banking Group/Deputy Chief Financial Officer

Ashurst LLP/Partner

Transurban Group/Director
Energy Australia/Director
Baker IDI/Director
Medibank Private Limited/Director
Colonial First State Global Asset Management, Infrastructure Investments/Co-Head
GasNet Australia Group/Chief Executive Officer

Takeda Pharmaceuticals/ Chief Medical and Scientific Officer andDirector
Bill & Melinda Gates Global Health Program/ President
GlaxoSmithKline/Chairman of R&D (2000-2006) and Director (20042006)
SmithKline Beecham/Chairman of R&D and Director

Served as CFO of several leading multinational companies including
MMG Limited, Oz Minerals Limited, PaperlinX Limited, BHP Billington’s energy and coal and carbon steel materials division andIncitec Pivot Limited

Head of Research for CSL.

62

Good Standing of Directors and Chief Officers of the Company
For at least the previous five years none of the directors or executive officers of the Company has been
associated with any bankruptcy, receivership or liquidation of a company when acting in their capacity
as members of the administrative, management or supervisory board or senior manager of this company or has been subject to any official public incrimination and/or sanctions by statutory or regulatory
authorities (including designated professional bodies). None of the directors or executive officers of theCompany has ever been disqualified by a court from acting as a member of the administrative, management or supervisory bodies of an issuer or from acting in the management or conduct of the affairsof any issuer or has been convicted in relation to fraudulent offences.
The Company’s directors and executive officers may be contacted at the Company’s business address,
45 Poplar Rd, Parkville, Victoria 3052, Australia.
Potential conflicts between any duties to the Company of Directors and Chief Officers of theCompany and their private interests and/or other duties
There are no potential conflicts between any duties to the Company of Directors or executive officersof the Company and their private interests and/or other duties.
There are no family relationships between any of the Company’s Directors or executive officers.

63

TAXATION IN THE FEDERAL REPUBLIC OF GERMANY
The following summary is based on the income tax and social insurance laws in effect in Germany asof the date of this prospectus. Tax laws are complex and can change frequently. As a result, the information below may be out of date at the time the participant purchases shares, sells shares or receives
dividends.
The following applies only to participants who are German tax residents. If the participant is a citizenor resident of another country, the income and social tax information below may not be applicable. Furthermore, this information is general in nature and does not discuss all of the various laws, rules andregulations that may apply. It may not apply to each participant’s particular tax or financial situation,and the Company is not in a position to assure any participant of any particular tax result.
The participant should consult his or her personal tax advisor to address any particular questions.
Enrollment in the GESPThe participant is not subject to tax when he or she enrolls in the GESP or when a new purchase offering begins.
Purchase of Shares
The participant will be subject to tax when the participant purchases the shares at the end of the purchase period, i.e. when the shares are transferred to the participant, at a purchase price below the fairmarket value of the shares. The taxable amount is regarded as income from employment and subject toincome tax (at the personal income tax rate of the participant going up to 45%), solidarity surcharge (ata rate of 5.5% on the income tax owed) and, if applicable, church tax (at a rate of up to 9% on the income tax owed).
According to the official position of German tax authorities, the taxable amount is generally the difference (or discount) between the fair market value of the shares on the date of purchase and the actual
purchase price paid by the participant. The decisive date for the determination of the fair market valueof shares for tax purposes is - according to the official position of the German tax authorities - the dateon which the shares are transferred to the participant; the date on which the shares are debited from theCompany's or agent’s account can for simplification purposes be regarded as the date of transfer.
A tax free amount of €360 per year might be available if the GESP meets certain requirements. The
availability of the tax free amount, in principle, requires that the participation in the GESP is offered toall employees of the German subsidiary, who have been employed for one year or more at the time
when the participation in the GESP is offered. Whether or not the tax free amount of €360 is available
in the case at hand requires a more detailed analysis of the GESP and its implementation. Under certain
circumstances and provided the aforementioned tax free amount is not available, a participant might
still be able to deduct the lesser of €135 per year, or 50% of the value of the shares on the date on
which such shares are debited from the Company's account, from the income realized at exercise. The
Company recommends that the participant confirms the availability of this deduction and tax-freeamount, respectively, with the participant’s tax advisor.
The participant also will be subject to social insurance contributions on the discount to the extent he or
she has not already exceeded the applicable contribution ceilings. For 2015, the applicable annual contribution ceilings are as follows:
Old Age Insurance/Unemployment Insurance:€72,600 (Old Laender)€62,400 (New Laender)

Health Insurance/Home Care Insurance:€49,500 (Old and New Laender)

Sale of Shares
As a matter of principle, any gain realized from sale of shares acquired after December 31, 2008 is subject to a flat rate withholding tax on investment income ("Abgeltungsteuer") irrespective of the holding
64period of the shares. The full capital gain will be taxed at a flat rate of 25% (plus solidarity surcharge
and church tax, if applicable). The withholding at source, however, only applies if the shares were held
in a deposit of securities at a German bank or other German financial institution. The Company does
not assume any responsibility to withhold German income tax, etc. on the capital gain. An amount of€801 for single taxpayers or €1,602 for married taxpayers and for partners within the meaning of theregistered partnership law (Gesetz über die Eingetragene Lebenspartnerschaft) filing jointly will be
deducted from the entire investments income (including dividend income and capital gains from thesale of shares acquired after December 31, 2008) earned in the particular tax year. The participant may
elect a personal assessment to apply the participant’s personal income tax rate if the flat rate exceeds
the participant’s personal income tax rate. If no flat rate withholding tax has been withheld and remitted to the tax authorities from the capital gain, e.g. because the shares are not held in a deposit of securities at a German bank or other German financial institution, the participant has to declare the capitalgain in his or her personal income tax return as taxable income and pay the resulting tax. The capitalgain is, however, subject to the same tax rates as if the flat rate withholding taxation had applied.
Moreover, the flat rate taxation does not apply to capital gains generated from the sale of shares if theparticipant holds or has held at least 1% of the stated capital of the Company at any time during the last
five years, or holds the shares as a business asset. In such circumstances, 60% of the capital gain realized will be taxed at the participant’s personal income tax rate (plus solidarity surcharge and church tax,
if applicable).
Dividends
Dividends may be paid with respect to shares acquired under the GESP if the Company, in its discretion, declares a dividend.
Dividend income is subject to a flat rate withholding tax on investment income at a rate of 25% on thefull amount of the dividend payment (plus solidarity surcharge and church tax, if applicable). An
amount of €801 for single taxpayers or €1,602 for married taxpayers and for partners within the meaning of the registered partnership law (Gesetz über die Eingetragene Lebenspartnerschaft) filing jointly
will be deducted from the entire investments income (including dividend income and capital gains fromthe sale of shares acquired after December 31, 2008) earned in the particular tax year. If the flat tax rate
exceeds the participant’s personal income tax rate, the participant may elect a personal assessment toapply the participant’s personal income tax rate. The withholding at source, however, only applies if
the dividend income is paid out by a German bank or other German financial institution, e.g., because
the shares are held on a deposit of securities at a German bank or other German financial institution.
The participant may elect a personal assessment to apply the participant’s personal income tax rate if
the flat rate exceeds the participant’s personal income tax rate. If no flat rate withholding tax has been
withheld and remitted to the tax authorities from the dividend income, the participant has to declare thedividend income in his or her personal income tax return as taxable income and pay the resulting tax.
The dividend income is, however, subject to the same tax rates as if the flat rate withholding taxation
had applied. Dividends may also be subject to non-German income tax withholding at source. NonGerman withholding taxes on the dividends may be credited against the German tax liability. The
Company does not assume any responsibility to withhold taxes at source.
Withholding and Reporting
The participant’s employer will withhold income tax, solidarity surcharge and church tax, if applicable,
and social insurance contributions (to the extent that the participant has not already exceeded the applicable contribution ceiling) on the discount upon the purchase of shares. However, the participant is
responsible for paying any difference between the actual tax liability and the amount withheld. It is theparticipant’s responsibility to report and pay any taxes due when the participant sells shares acquired
under the GESP and when the participant receives dividends, unless the flat rate withholding tax has
been withheld at source and remitted to the tax authorities with respect to such income.
Social Insurance Contributions
The participant’s employer will withhold the participant’s share of social insurance contributions (tothe extent that the participant has not exceeded the applicable ceiling for social insurance contributions)
upon the purchase of shares under the GESP.

65TAXATION IN THE U.K.
The following is a general summary description of the likely tax consequences of your participation in
the GESP.
This description assumes that you are resident and domiciled in the U.K. at all times. The tax implications may differ if you are not resident and domiciled in the U.K. at all times.
This description is based on the tax and other laws concerning equity awards in effect in the U.K. as ofthe date of this prospectus. Such laws are often complex and change frequently. As a result, the information contained in this supplement may be out of date at the time you are granted an award, acquire
shares, receive dividends or sell shares you acquire under the GESP.
In addition, this description does not discuss all of the various laws, rules and regulations that may apply. It may not apply to your particular tax or financial situation, and the Company is not in a position
to assure you of any particular tax result and this description does not constitute tax advice. Accordingly, you are strongly advised to seek appropriate professional advice as to how the tax or otherlaws in your country apply to your specific situation.
If you are a citizen or resident of a country other than the U.K., the information contained in this description may not be applicable to you.
This description further assumes that you and your employer have entered into a duly completed
joint election pursuant to section 431(1) of the U.K. Income Tax (Earnings and Pensions) Act
2003 within 14 days of your employer providing with the relevant election notice to you pursuant
to the terms of the GESP offer document (and in any event within 14 days of your acqusisition ofshares under the GESP). If this is not the case, the tax treatment of your shares may differ fromthis description.
Enrollment in the GESPYou are not subject to tax when an option is granted to you under the GESP (i.e., when you enroll in
the GESP or are offered participation in the GESP).
Your contributions to the GESP will be deducted from your post-tax salary.
Purchase of Shares
You will be subject to income tax on the amount by which the unrestricted market value of the shareson the purchase date exceeds the purchase price (the "spread"). Income tax will be due on the spread atyour marginal income tax rate, depending on your cumulative annual earnings. In addition, you will be
subject to employee’s national insurance contributions ("NICs") on the spread. For the tax year 6 April
2015 to 5 April 2016, this will be at a rate of 12% to the extent that your earnings exceed £155 per
week, up to the upper earnings limit of £815 per week. To the extent you have exceeded the upper
earnings limit, you will be subject to employee’s NICs at a rate of 2% for the tax year 2015/2016.
You are ultimately responsible for the payment of any income tax and employee's NICs due. Your employer will calculate the income tax and employee's NICs due when shares are purchased for you under
the GESP and will account for these amounts to HM Revenue & Customs ("HMRC") under the PayAs-You-Earn (PAYE) system. You are required to reimburse your employer for the amounts accounted
by it to HMRC. Your employer may withhold these amounts from your monthly salary. If the total
amount of income tax and employee's NICs due when shares are purchased exceeds your salary, youwill have to make up for the difference either through the sale of shares or use of other funds. Alternatively, the Company may sell or arrange for the sale of the shares that you acquire under the GESP to
cover these amounts. To the extent that there is no or insufficient withholding, you must reimburse
your employer for the income tax due within 90 days of the end of the U.K. tax year in which the sharepurchase occurs. If you fail to pay this amount to your employer within the time limit, you may bedeemed to have received a benefit in kind equal to the amount of any income tax not recovered fromyou and you may have to pay further income tax and employee's NICs on this benefit in kind. The
Company may refuse to deliver your shares until all such amounts have been repaid or recovered.
66

Sale of Shares
When you subsequently sell your shares acquired under the GESP, you will be subject to capital gains
tax on any increase in the unrestricted market value of the shares between the date of purchase of theshares and the date of sale, subject to your personal annual capital gains tax exemption.
Capital gains tax is payable on gains from all sources in excess of the personal annual exemption in any
tax year. The personal annual exempt amount for the tax year 2015/2016 is £11,100.
A capital gains tax rate of 28% is payable on the amount of any gain (or any parts of gains) that exceeds the upper limit of the income tax basic rate band when aggregated with your cumulative taxable
income and other chargeable gains in any tax year. For the 2015/2016 tax year, the upper limit of theincome tax basic rate band is £31,785 (after the deduction of the annual income tax personal allowance). Below this limit, capital gains tax is payable at a rate of 18%.
If you have acquired shares in the Company at different times, whether pursuant to the Plan or otherwise, all of the shares of the same class that you have acquired will be treated as forming a single asset(a share pool). The base cost will then be calculated on a pro rata basis. One exception to this is thatany shares acquired on the same day as you sell any shares and those acquired within the following 30
days will be treated as being disposed of first. Disposals are therefore taken to be made in the following
order: (i) against acquisitions on the same day; (ii) against acquisitions within the 30 days following thedisposal; and (iii) against shares in the share pool. We recommend that you obtain independent tax advice before selling your shares.
You will be responsible for reporting and paying any UK capital gains tax liability to HMRC throughyour annual self-assessment tax return.
Dividends
If you hold shares of Company stock and the Company declares a dividend on the shares, you will be
subject to income tax on dividend payments that you receive. (No NICs are due on dividends.) The
Company does not assume responsibility and will not withhold any U.K. income tax at source and you
must account for U.K. income tax due through your annual U.K. self-assessment tax return.
Withholding and Reporting
As mentioned above, your employer is required to account for and report income tax and employee’s
NICs on the spread when shares are purchased under the GESP (in addition to reporting annually to
HMRC details of any shares you acquire). If the amount withheld from you is not sufficient to cover
your actual liability, you will be responsible for paying the difference and should do so within 90 daysof the end of the U.K. tax year in which the share purchase occurs to avoid liability to additional income tax and employee's NICs (as discussed above).
In addition, you will be responsible for reporting and paying directly to HMRC any taxes owed as aresult of the sale of the shares or from the payment of dividends via your annual self-assessment tax
return. You may also have an obligation to report your capital gains in other circumstances.

67

TAXATION IN AUSTRALIAThe following discussion is a summary of certain Australian income tax considerations relating to theacquisition, ownership and disposition of ordinary shares in the Company by a Participant that is not anAustralian tax resident. The discussion is based on the tax laws of Australia as in effect on the date ofthis Prospectus, and is subject to changes in the relevant income tax law or the administration of thelaw, including changes that could have retroactive effect.
This summary assumes that:

the Participant will hold their ordinary shares in the Company on capital account (and not as
trading stock or otherwise on revenue account);

the Participant is not a resident of Australia for tax purposes, and does not hold the Company’s ordinary shares in the course of carrying on business through an Australian permanentestablishment; andthe Participant (together with their associates) holds at all relevant times less than 10% of therights to income, capital and vote in the Company (on winding up or otherwise).

Withholding tax on dividends
Dividends paid to non-residents who do not hold their ordinary shares in the course of carrying on
business through an Australian permanent establishment will be subject to an Australian dividend
withholding tax of 30% of the gross amount of the dividend to the extent to which the dividends are:1.

not franked; and2.

not declared by the Company to be paid from conduit foreign income (“CFI”). Verybroadly, the Company can declare a dividend to be CFI to the extent to which it has corporate profits sourced from offshore operations that have not been subject to Australiantax.

By way of example, the Company's US$0.66 per share dividend announced on 12 August 2015 was notfranked, but was entirely paid from CFI. Accordingly, no Australian dividend withholding tax applied
to that dividend.
The 30% withholding tax rate (if it is applicable) may be reduced where a Participant qualifies for the
benefit of a double tax treaty that Australia has with a shareholder's country of residence and the treaty
provides a reduced rate of dividend withholding tax. For example, where the Participant is a resident ofGermany or the United Kingdom, the withholding tax rate may be reduced to 15% of the gross amountof the dividend in some circumstances. The dividend withholding tax regime is a final Australian tax.
No other Australian tax is payable on dividends paid to non-resident shareholders.
Conversely, the Company may choose to pay a franked dividend (i.e. a dividend paid out of the Company's taxed profits to which franking credits are imputed) to Participants. No Australian withholding
tax should be payable on franked dividends paid to non-resident shareholders.

68RECENT DEVELOPMENTS AND TRENDS
Recent Developments
There were no significant changes in the financial or trading position of the Group since the end of thelast financial year (30 June 2017).
Trend Information
CSL expects solid ongoing demand for the CSL Behring’s biotherapies and strong market acceptance ofthe newly approved specialty product Haegarda and expects Seqirus to continue its path towards profitability. The Company expects the market place to remain competitive, particularly as new manufacturers and products emerge. The Group will continue to invest substantially in its research and development pipeline. The Company has set the goal for its net profit after tax for the fiscal year ending on
30 June 2018 to grow.

69

Victoria, Australia
January 26, 2018
CSL Limited

S-1