CSL Ltd. — Director's Dealing 2005

Jul 14, 2005

Appendix 3Y

Rule 3.19A.2

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
ABN	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	Tony Cipa
Date of last notice	March 2005.

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.
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest	N/A
Date of change	15 July 2005
No. of securities held prior to change Class	8,547 ordinary shares 75,000 share options 40,000 performance rights Performance Rights under the CSL Limited Performance Rights Plan (the Plan). Subject to satisfaction of certain performance hurdles and the other rules of the Plan, each Performance Right carries the right to subscribe for or acquire one ordinary share in
Number acquired	CSL Limited for no consideration. 15,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil

$+$ See chapter 19 for defined terms.

No. of securities held after change	8,547 ordinary shares 75,000 share options 55,000 performance rights
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Grant of Performance Rights pursuant to the Plan as a long term incentive for Mr Cipa, as authorised by shareholders at the 2003 Annual General Meeting.

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

15 July 2005

⁺ See chapter 19 for defined terms.