CSL Ltd. — Interim / Quarterly Report 2003

Feb 18, 2003

18 February 2003

Mr James Gerraty Manager Listings Australian Stock Exchange Limited 530 Collins Street MELBOURNE VIC 3001

Dear Mr Gerraty

HALF YEARLY REPORT

Please note the attached Independent Review Report from Ernst & Young to replace the Independent Auditors Report submitted earlier today.

Yours sincerely

Peter Turvey COMPANY SECRETARY

Enc:

EU ERNST & YOUNG

■ 360 Elizabeth Street | 360 Elizabeth Street
| Melbourne|| VIC|| 3000
| Acatulli Australia

GPO Box 5151AA Melbourne VIC 3001

Tel 61 3 8650 7200 Fax 61 3 8650 7300 DX 288 Melbourne

INDEPENDENT REVIEW REPORT

To the members of CSL Limited

Scope

We have reviewed the financial report of CSL Limited for the half-year ended 31 December 2002, set out on pages 1 to 9, including the Directors' Declaration. The financial report includes the consolidated financial statements of the consolidated entity comprising CSL Limited and the entities it controlled at the end of the half-year or from time to time during the half-year. The company's directors are responsible for the financial report. We have conducted an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029 "Interim Financial Reporting" and other mandatory professional reporting requirements in Australia and statutory requirements and in order for the company to lodge the financial report with the Australian Securities and Investments Commission.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. Our review was limited primarily to inquiries of the disclosing entity's personnel and analytical review procedures applied to financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than that given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Review Statement

As a result of our review, we have not become aware of any matter that makes us believe that the half-year financial report of CSL Limited is not in accordance with:

• $(a)$ the Corporations Act 2001, including:
• (i) giving a true and fair view of the consolidated entity's financial position as at 31 December 2002 and its performance for the half-year ended on that date; and
• (ii) complying with Accounting Standard AASB 1029 "Interim Financial Reporting", and the Corporations Regulations 2001;
• other mandatory professional reporting requirements in Australia. $(b)$

Ernst & Young

Ivan Wingreen Melbourne

Date: 18 February 2003