CSL Ltd. — Director's Dealing 2003

May 25, 2003

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	CSL Limited
JABN	99 051 588 348

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Brian McNamee
Date of last notice	25 February 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect inferest	Direct interest.
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	26 May 2003.
No. of securities held prior to change	570,333 ordinary shares. 300,000 SESOP II options.
Class	Ordinary shares. Options.
Number acquired	200,000 fully paid ordinary shares.
Number disposed	200,000 SESOP II options as a result of their exercise.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1,786,000.
No. of securities held after change	770,333 ordinary shares. 100,000 SESOP II options.

$\div$ See chapter 19 for defined terms.

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Exercise of SESOP II options over ordinary shares previously granted on 20 November 1997 and as approved by shareholders in general meeting on 20 November 1997. The options were exercised on 26 May 2003 and the shares were issued to Dr McNamee pursuant to the exercise of the options on that date.
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Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

Peter Turvey Company Secretary

26 May 2003

$\overline{\text{+ See chapter 19}}$ for defined terms.