CSL Ltd. — Major Shareholding Notification 2003

Feb 19, 2003

www.schroders.com.au

20 February 2003

By Facsimile: 1300 300 021 No. Pages: $\overline{4}$

The Manager Companies Section Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir

CSL Limited

Please find enclosed a Notice of Change of Interests of Substantial Shareholder in accordance with Sub Section 617 B of the Corporations Act. The information represents the collation and reconciliation of holdings by five Schroder entities, four of which are an international entity.

The Notice has been served on the Company's secretary today.

Yours faithfully

Anne Gardiner Company Secretary

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

	CSL Limited
To Company Name/Scheme
ABN/ARSN	99 051 588 348

1. Details of substantial holder

.
			Schroder Investment Management Australia Limited
Name
ABN/ARSN (if applicable)	22 000 443 274
There was a change in the interests of the substantial holder on		19/02/03	$\sim$ $\sim$
The previous notice was given to the company on		09/01/03	Contractor
The previous notice was dated		08/01/03

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	10.118.691	6.36%	12.050.091	7.57%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities	Person's votes affected
				affected
03/02/03	SIMAL	Purchase	208,787.48	12,400	12.400
11/02/03	SIMAL	Purchase	324,769.02	22,016	22,016
12/02/03	SIMAL	Purchase	1,412,902.33	94,352	94.352
13/02/03	SIMAL	Purchase	4,507,112.78	295,529	295,529
14/02/03	SIMAL	Purchase	2,776,157.91	183,871	183,871
17/02/03	SIMAL	Purchase	347,016.41	22,100	22,100
31-Dec-02	SIMNA Inc	In-specie transfer out	N/A	$-2.800$	$-2.800$
$10 - Jan-03$	SIMNA Inc	Purchase	4,325,300	200,000	200,000
13-Jan-03	SIMUK	Purchase	98,020	4,500	4.500
17-Jan-03	SIMUK	Sale	$-283,029$	$-13,500$	$-13,500$
22-Jan-03	SIMUK	Purchase	100,296	5.100	5.100
22-Jan-03	SIMNA Ltd	Purchase	454,280	23,100	23.100
$22$ -Jan-03	SIMNA Ltd	Purchase	1,998,045	101,600	101.600
24-Jan-03	SIMUK	Sale	$-743,944$	-40,086	$-40,086$
30-Jan-03	SIMUK	Sale	$-145,755$	$-8,100$	$-8,100$
$10$ -Feb-03	SIMUK	Purchase	$-1,182,269$	78,000	78,000
10/1/03	SIMHK	Sale	10.742.67	500	500
14/1/03	SIMHK	Transfer out	N/A	16,400	16,400
6/2/03	SIMHK	Sale	4,717.19	300	$\overline{300}$
07/01/2003	SIMSL	Sell	(141.423.25)	(6,310)	(6, 310)
08/01/2003	SIMSL	Sell	(2.718.292.90)	(123, 460)	(123, 460)
16/01/2003	SIMSL	In-Specie Transfer In.		140,930	140,930
21/01/2003	SIMSL	Buy	27,927.06	1,380	1,380
21/01/2003	SIMSL	Buy	736,829.17	36,410	36,410
22/01/2003	SIMSL	Sell	(412, 438, 26)	(21,040)	(21,040)
27/01/2003	SIMSL	In-Specie Transfer In.		93,500	93,500

$\cdot$

K1003
-------	--	--	--	--

11/02/2003	SIMSL	Buy	$\overline{4}$ , 246.38	287	$\overline{287}$
11/02/2003	SIMSL	Buy	39,904.15	2,697	2,697
12/02/2003	SIMSL	Buy	19,480.59	1,297	1.297
12/02/2003	SIMSL	Buy	185.748.93	12,367	12,367
13/02/2003	SIMSL	Buy	32.291.44	2,111	2,111
13/02/2003	SIMSL	Buy	368,116.37	24,065	24,065
14/02/2003	SIMSL	Buy	19,535.37	1,290	1,290
14/02/2003	SIMSL	Buy	224,717.30	14,839	14,839
			2.14

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered holder of	Person entitled to be	Nature of relevant	Class and number of	Person's votes
relevant	securities	registered as holder (8)	interest (6)	securities
interest
SIMAL	Commonwealth Custodial	Commonwealth	Ordinary Shares	210,899	210,899
	Services Ltd	Custodial Services Ltd
SIMAL	JP Morgan Custodial	JP Morgan Custodial	Ordinary Shares	1,323,373	1,323,373
	Services	Services
SIMAL	Citicorp Nominees Ltd	Citicorp Nominees Ltd	Ordinary Shares	820,349	820,349
SIMAL	Cogent Investment	Cogent Investment	Ordinary Shares	720,500	720,500
	Operations Pty Ltd	Operations Pty Ltd
SIMAL	National Nominees Ltd -	National Nominees Ltd	Ordinary Shares	1,793,199	1,793,199
	Melbourne	- Melbourne			11,312
SIMAL	Permanent Trustee	Permanent Trustee	Ordinary Shares	11,312
	Australia Limited	Australia Limited	$\hat{\vec{x}}_1, \dots, \hat{\vec{x}_k}$	16,249	16,249
SIMAL	RBC Global Serv. Aust.	RBC Global Serv. Aust.	Ordinary Shares
	Nominees Pty Ltd	Nominees Pty Ltd		35,517	35,517
SIMAL	Schroders Australia	Schroders Australia	Ordinary Shares
	Nominees Ltd	Nominees Ltd	Ordinary Shares	33,202	33,202
SIMAL	Schroder Invest.	Schroder Invest. Management Aust. Ltd
	Management Aust. Ltd	State Street Australia	Ordinary Shares	311,798	311,798
SIMAL	State Street Australia Limited	Limited
	Bank of New York	Bank of New York	Ordinary shares	86,000	86,000
SIMNA Ltd	Chase Bournemouth	Chase Bournemouth	Ordinary shares	209,300	209,300
SIMNA Ltd	Mellon Bank	Mellon Bank	Ordinary shares	404,200	404,200
SIMNA Ltd	State Street	State Street	Ordinary shares	322100	322,100
SIMNA Ltd SIMNA Ltd	Chase Bank	Chase Bank	Ordinary shares	282,600	282,600
SIMNA Ltd	Northern Trust	Northern Trust	Ordinary shares	71,300	71,300
SIMNA Ltd	Chase Nominees Limited	Chase Nominees	Ordinary shares	825,200	825,200
		Limited
SIMUK	Erste Bank	Erste Bank	Ordinary shares	12,562	12,562
SIMUK	Nortust Nominees	Nortust Nominees	Ordinary shares	10,017	10,017
SIMUK	State Street Bank & Trust	State Street Bank &	Ordinary shares	8,900	8,900
	Co	Trust Co
SIMUK	Bank Indsuez	Bank Indsuez	Ordinary shares	11,100	11,100
SIMUK	Dresdner Bank	Dresdner Bank	Ordinary shares	90,400	90,400
SIMUK	Unibank Torvegade	Unibank Torvegade	Ordinary shares	27,700	27,700
SIMUK	Bankers Trust Co.	Bankers Trust Co.	Ordinary shares	30,400	30,400
SIMUK	BT Globenet Nominees	BT Globenet Nominees	Ordinary shares	78,000	78,000
	Limited a/c 6B	Limited a/c 6B
SIMUK	Deutsche Bank	Deutsche Bank	Ordinary shares	25,600	25,600
SIMHK	Westpac Custodian	Westpac Custodian	Ordinary shares	52,900	67,150
	Nominees Ltd	Nominees Ltd
SIMHK	National Australia Bank.	National Australia	Ordinary shares	12,350	12,350
	Melbourne	Bank, Melbourne
SIMHK	Hongkong and Shanghai	Hongkong and	Ordinary shares	68,130	68,130
	Banking Corp Ltd, Sydney	Shanghai Banking
		Corp Ltd, Sydney
SIMHK	JP Morgan Chase Bank	JP Morgan Chase	Ordinary shares	11,930	11,930
		Bank			3,400
SIMHK	National Nominees Limited	National Nominees	Ordinary shares	3,400
		Limited Westpac Nominees.	Ordinary shares	748,154	748,154
SIMSL	Westpac Nominees, Australia	Australia
SIMSL	Chase Nominees, Australia	Chase Nominees,	Ordinary shares	2,520,075	2,520,075
		Australia
SIMSL	National Australia Bank,	National Australia	Ordinary shares	412,383	412,383
	Melbourne	Bank, Melbourne
SIMSL	Citicorp Nominees Pty Ltd,	Citicorp Nominees Pty	Orcinary shares	327 136	327,136
	Melbourne	Ltd, Melbourne
SIMSL	ANZ Nominees Ltd, Sydney	ANZ Nominees Ltd,	Ordinary shares	104 116	104,116
		Sydney
SIMSL	Australia and New Zealand	Australia and New	Ordinary shares	3,490	3,490
	Banking	Zealand Banking

$\bar{\bar{z}}$

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
SIMSL	Related Fund Manager
SIMUK	Related Fund Manager
SIMNA	Related Fund Manager
SIMHK	Related Fund Manager
SIMAL	Related Fund Manager

The addresses of persons named in this form are:	$\omega_{\rm{2}}^{\rm{max}}$
Name	Address
Schroder Investment (Singapore) Limited ("SIMSL")	65 Chulia Street #46-00 OCBC Centre, Singapore 049513
Schroder Investment Management (Australia) Limited ("SIMAL")	Level 20 Angel Place, 120 Pitt Street, Sydney, 2000, Australia
Schroder Investment Management (Hong Kong) Limited ("SIMHK")	19 th Floor, Two Exchange Square, 8 Connaught Place, Central, Hong Kong SAR
Schroder Investment Management North America ("SIMNA")	31 Gresham Street, London EC2V 7QA, UK
Schroder Investment Management UK Limited ("SIMUK")	31 Gresham Street, London EC2V 7QA, UK

gardene

date $20/02/03$

DIRECTIONS If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form. See the definition of "associate" in section 9 of the Corporations Law. $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Law. $(3)$ The voting shares of a company constitute one class unless divided into separate classes. $(4)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$ Include details of: $(6)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, (a) a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of

any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of $(b)$ the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Law.

sign here

Details of the consideration must include any and all benefits, money and other; that any person from whom a relevant interest was acquired has, $(7)$ or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

If the substantial holder is unable to determine the identify of the person (eg. if the relevant interest arises because of an option) write "unknown". $(8)$

Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$