CSL Ltd. — Director's Dealing 2005

Feb 24, 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	26 November 2004

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 inferest.	$N/A$ .
Date of change	23 February 2005.
No. of securities held prior to change	8,513 ordinary shares
	100,954 share options 40,000 performance rights
Class	Ordinary Shares.
Number acquired	25,954
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Consideration paid for shares acquired was \$64,422.28 (being 5,954 shares at \$10.82) and \$264,600.00 (being 20,000 shares at $$13.23$ ).
No. of securities held after change	34,467 ordinary shares
	75,000 share options 40,000 performance rights

$+$ 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 options acquired under the Senior Executive Share Ownership Plan.
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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

25 February 2005

$+$ See chapter 19 for defined terms.