CSL Ltd. — Capital/Financing Update 2003

Jun 9, 2003

NEWS RELEASE

10 June 2003

GROPEP STRENGTHENS RELATIONSHIP WITH CSL LIMITED FOR THE DISTRIBUTION OF GROWTH FACTORS FOR THE BIOPHARMACEUTICAL MARKET

MINIMUM SALES TARGETS EXTENDED TO 2010

GroPep Limited, an ASX listed biopharmaceutical company, today announced an amendment to their marketing, distribution and sales Agreement with CSL Limited. The Agreement signed in 2000, established a commercial relationship through to December 2010. The amendment extends the agreed minimum sales targets from the 2005-06 financial year through to 2009-10.

Although specific details are commercial-in-confidence, GroPep expects that the average growth in sales of growth factors will be in the range 15 - 20% per year throughout the whole period of the Agreement.

CSL distributes GroPep's growth factors worldwide to the cell culture market through its wholly owned subsidiary, JRH Biosciences Inc., with headquarters in Lenexa, KS, USA.

JRH Biosciences' growing confidence in the use of growth factors by its customers, particularly $Long^{TM}R^3IGF-1$ for the production of biopharmaceuticals, was a key reason for extending the minimum sales through to 2010.

Tom Giarla, President, JRH Biosciences said "Growth factors play an important role in the development and manufacture of human biopharmaceuticals and JRH remains committed to develop the market for them. By strengthening the JRH and GroPep relationship in this way, we are well positioned to continue to bring the benefits of GroPep's growth factor technology to biotechnology and pharmaceutical companies worldwide."

GroPep's CEO and Managing Director, Bob Finder, said that he believes that "modification of the existing agreement with CSL to extend the minimum targets through 2010 should bring more confidence to the shareholders and investment community by showing the growth factor business continues to grow at an excellent rate."

GroPep, based at Thebarton, South Australia, listed on the Australian Stock Exchange in August 2000. It specialises in the development, manufacture and commercialisation of biopharmaceuticals and also biologically active proteins for cell culture and biomedical research.

Further Information:

Mr Tony Mitchell Chief Financial Officer/Investor Relations investorrelations@gropep.com.au

Ph: (08) 8354 7700

GroPepLimited ABN 78 008 176 278 23 Deteleta Street Thebation SA 5031 FO Box 1006536 Adalace SA 5000 Australia BNA 918547700 Fox (61.8) 8354 7788

Website

www.gropep.com.ou