CSL Ltd. — Major Shareholding Notification 2003

Sep 28, 2003

26/09 2003 09:20 FAX 38324114

ASX BRISBANE FMR CM. INV. COMP

09/25/03 15:13 FAX 617 476 6849

September 25, 2003

Australian Stock Exchange Ltd. - Brisbane Riverside Centre 123 Eagle Street Brisbane, QLD 4000 Australia

FAX: 011-61-7-3835-1004

ATTN: Manager Companies

Dear Sir/Madam:

Enclosed herewith, please find one copy of Form 603, pursuant to Section 671B of the Corporations Act, Notice of Initial Substantial Holder, reporting the interests in CSL Ltd of certain entities owned or managed by Fidelity Management and Research Company and Fidelity International Limited as disclosed more fully in the notice.

If you have any questions, please contact me by phone at 617-563-7883 or by FAX at 617-476-0363.

hdest regards, Julie Pinocchio Compliance Speciallst

Enclosures

Fidelity Management & Research Company

82 Devonshire Street Boston, MA 02109-3614 Phone: 617 563-7000

09/25/03 15:13 FAX 617 476 6849

Form 603 Corporations Act 2001 Section 671B

Notice of Initial Substantial Holder

To: CSL Limited ACN/ARSN:

1. Details of substantial holder (s)

Name: ACN/ARSN (if applicable)

The holder became a substantial holder on September 23, 2003

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of Securities (4)	Number of securities	Person's votes	Voting power (6)
Ordinary shares	8,117,374	5.07%	5.07%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
FMRCO		5,931,560
FMTC		301,050
FП.		1,884,764

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Registered Holder of securities	Class and number of securities
Select Pharmaceuticals
Fid Balanced Fund	100,000
FA Equity Growth Tristin, Månagement	902.100	82 Devonshire Street 'Boston, MA 02109-3614
	k kase nan Company	22,170

Phone: 617 563-7000

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FMR CM. INV. COMP

09/25/03 15:14 FAX 617 476 6849

Fidelity Investments

FMRCO	Fidelity Small Cap	500,000
	Stock Fund
FMRCO	FA Global Equity	800
FMRCO	FA Diversified	334.185
	International
FMRCO	Fid Diversified	3,034,965
	International
FMRCO	Fid Pacific Basin Fund	119,440
FMRCO	VIP Growth	917,900
FMTC	Canadian Overseas	2,800
	Pacif
FMTC	FRTC Int. Pacific Jap	13,400
FMTC	Fric Int. Pacific	3,900
	Fric Int. Sec Pacific	4,800
FMTC	General Motors Pac	32,500
FMTC	Basin
	Chevron Tex Pac	10,400
FMTC
	Basin	4,100
FMTC	RJ Reynolds Tob Pac
FMTC	Bas. State Bd Adm of Fl	19,100
	Pac
FMTC	Hinois Teach Ret-PB	19,000
FMTC	FICL GIbl Asset All	13,000
	Ew
FMTC	FICL Intl Port Eq	108,250
FMTC	Pac Basm Ex Coll	34,200
	Trust
FMTC	Kentucky Pen Pac	21,100
	Basin
FMTC	Kontucky Ins Pac	8,200
	Basin
FMTC	IG FI Global Eq	1,900
FMTC	Fr Cad Overseas Pac	4,400
FЩ.	Royal Mail Pension	327,430
	Plan
FП.	Hang Seng Bk Ltd	7,000
	Retirements
皿	Falcon/Flora	774,644
FIL.	Fid Fds - International	63,510
	Pool
$\overline{\text{FL}}$	Fid Fds - Australia	88,600
	Pool
FIL	Fid Fds - Pacific Pool	89,000
FIL.	HOKO Jockey Club	11,730
FL.	Health Foundation Pac	14,200
	Bas
FIL	Fid Advantage	1,000
	Australian Eq Tr
FIL.	MIR Corp Retmt	12,300
	Pacif Eqty
FIL.	Fid Fds - World Pool	5,300
FIL.	Hybank Intl Trst	1,930
FIL	Jockey Club	18,420
	Contingency
FIL.	Fidewarionaldempuny	19,900	82 Devonshire Street
	& Research Company		Boston, MA 02109-3614

Phone: 617 563-7000

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$\rightarrow$ CAO INTERNAL

a
Sinvestments Fidelity

	Sves
FIL.	Fidelity International	10,950
	Fund
FL	Fid Managed	23,950
	International Fund
FIL.	Fij It Global Eq Open	3.600
	Mother
FIL.	Fid Instl Fd-Pacific	266,000
FĹ	Govt of Singapore Pac	4.800
FIL	HKMPF-Mkt Inv Asia	89.090
FIL.	Hong Kong Elec STF	6,940
	Reir Scheme
ĤТ.	Shell Hong Kong	3,680
	Limited
豇	Pacific Century	16,790
	Cyberwks Retir
FIL	Jockey Club Charity	19,000
	Trust
$\overline{\text{FL}}$	Fij It Global Fund	1,700
	Mother
$_{\rm{F\overline{n}}}$	Pij It Balanced Fund	3,300
	Mother
TOTAL	8,117,374	5.07%

5. Consideration

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The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9) Cash/non-cash	Class and number of securities
FMRCO/FMTC/FIL	9/23/03	10.9257313 \$/Share	241,819 common shares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are all follows:

Name and ACN/ARSN (if applicable)	Nature of association
FMR Corp./FMR Co., FMTC	FMR Co. is the adviser to the registered holders named in Section 4 and has power under its management agreements to dispose of the subject shares.
	FMR Co. is a wholly-owned subsidiary of FMR Corp., a Delaware corporation. Edward C. Johnson 3d is chairman of FMR Corp. and owns in excess of 10% of the voting power of FMR Corp. and may thereby be deemed an associate of FMR Co.
Fidelity Management	However, neither FMR Corp. nor Edward C. az Develonpson 3d has sole power in vote es directine Bostol, with glob, sulto dispose of or direct the disposition
& Research Company

09/25/03 15:15 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP

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	of, the subject shares. FMR Co. carries out such voting under written guidelines established by the Board of Trustees of the Funds which are the registered holders. Fidelity Management Trust Company ("FMTC") is a trust company organized under the laws of Massachusetts and is a wholly-owned subsidiary of FMR Corp.
	Because FMTC and FMR Co, are under the common control of FMR Corp., FMTC may be considered a related body corporate and hence an "associate" of FMR Corp., as such term is used in the Corporations Law.
	FMTC's relevant interest consists of the power to dispose of, and may also consist of the power to vote or direct the voting of, the shares for the institutional accounts with which it has a management agreement.
FL	FIL is the adviser to the registered holders named in Section 4 above, each of which is an investment company organized under the laws of a jurisdiction other than the United States, and has power under its management agreements to dispose of the subject shares.
	Edward C. Johnson 3d is chairman of FiL and owns in excess of 20% of the voting power of FIL. By reason of his ownership of the "prescribed percentage" of FIL, Mr. Johnson may be deemed the holder of a relevant interest in the subject shares and a substantial shareholder.
	FIL has power to vote and dispose of the shares of the Funds which it advises.

Fidelity Management
& Research Company

82 Devonshire Street
Boston, MA 02109-3614

Phone: 617 563-7000

ASX BRISBANE FMR CM. INV. COMP

09/25/03 15:15 FAX 617 476 6849

7. Addresses

The addresses of the persons named in this form are as follows:

Name	Address
FMR Corp., FMR Co.	82 Devonshire Street
	$^1$ Boston, MA 02109
理	1 PO Box HM 670, Hamilton HMCX, Bermuda

Signature: 09/25/03

By Leha G. Goldberg

Executive V.P. & General Counsel - FMR Corp. Duly authorized under Powers of Attorney dated September 24, 2003 by Eric D. Roiter by and on behalf of FMR Corp. and its direct and indirect subsidiaries, and Fidelity International Limited and its direct and indirect subsidiaries.

Fidelity Management & Research Company 82 Devonshire Street Boston, MA 02109-3614