CSL Ltd. — M&A Activity 2006

Oct 29, 2006

ASX Circular

Date: 30 October, 2006

Key topics 1. Zenyth Therapeutics Limited 2. CSL Limited 3. Mercer

1. ASX codes: ZTL, CSL

Reading List

Client Advisers (Brokers) Compliance Managers DTR Operators Issuers Institutions ASTC Participants Operations Managers (back office) Research Analysts Share Reqistries ACH Participants

Market Participants

ASX Contact

Gonzalo Valencia

Telephone

03 9617 8711

Australian Stock Exchange Ltd ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215 Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter

ZENYTH THERAPEUTICS LIMITED/ CSL LIMITED -MERGER TIMETABLE

On the 17 July 2006 CSL Limited ("CSL") and Zenyth Therapeutics Limited ("ZTL") announced a proposal to merge. The merger will be effected by way of a Scheme of Arrangement (the "Merger").

Under the terms of the Merger, ZTL shareholders will receive 82 cents from CSL per ZTL share ("Share Scheme") plus a pro rata capital return to ZTL shareholders of all ZTL's shareholding in Avexa Limited ("AVX")("Special Distribution")

The following timetable will apply.

23 October 2006	ZTL shareholders approved Merger
31 October 2006	Effective date of Share Scheme (subject
	to court approval)
31 October 2006	Suspension of trading of ZTL shares on
	ASX (4.00pm, Melbourne time)
8 November 2006	Share Scheme record date: Time and
(5.00pm, Melbourne time)	date for determining entitlement to the
	Share Scheme consideration and the
	Special Distribution by reference to the ZTL share register
10 - 17 November 2006	Implementation:
	Capital Reduction (Special Distribution
	of AVX shares).
	Transfer of ZTL shares to CSL.
	Payment of the Share Scheme
	consideration by CSL to Scheme
	shareholders.
	Delisting of ZTL - Termination of official
	quotation of ZTL and removal of ZTL
	from the official list.

published.