CSL Ltd. — Major Shareholding Notification 2004

May 3, 2004

04/05 2004 09:20 FAX 38324114

05/03/04 13:32 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP → CAO INTERNAL

团002 1001

May 3, 2004

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 604, pursuant to Section 671B of the Corporations Act, Notice of Change of Interests of 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.

Kindest regards Finocchio

Compliance Specialist

Enclosures

Fidelity Management & Research Company

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

Form 604 Corporations Act 2001 Section 671B

Notice of Change of Interests of Substantial Holder

To: CSL Limited ACN/ARSN:

1. Details of substantial holder (s)

Name: FMR Corp. ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated

April 30, 2004 March 19, 2004 March 19, 2004

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 Securitics (4)	Previous Notice Person's votes	Previous Notice Voting Power (5)	Present Notice Person's votes	Present Notice Voting Power (5
Common stock	25,956,275	13.25%	27,995,357	14.25%

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 or scheme 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 affected	Person's votes affected
April 30, 2004	FMR Corp.	Market transaction- purchase		350,000 shares common stock	350,000 shares common stock

$04/05$ 2004 09:21 FAX 38324114

05/03/04 13:33 FAX 617 476 6849

$\mathcal{L}^{\text{max}}{\text{max}}$ and $\mathcal{L}^{\text{max}}{\text{max}}$

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder Registered $\overline{1}$ Closs and $\overline{1}$

Holder oľ Relevant Interest	Registered Holder of securities	Class and number of securities
FMRCO	Select Pharmaceuticals	20,672
FMRCO	Fid Balanced Fund	1,057,078
FMRCO	FA Equity Growth Fund	918,937
FMRCO	Fidelity Small Cap Stock Fund	534,466
FMRCO	FA Global Equity	2,724
FMRCO	Fid Aggressive Intl Fund	$-675,114$
FMRCO	FA Diversified International	1,285,256
FMRCO	Fid Diversified International	7,052,485
FMRCO	Fid Pacific Basin Fund	284,138
FMRCO	$\overline{\text{VIP}}$ Growth	935.032
FMRCO	FA Intl Capital Appreciation	669,073
FMRCO	Fidelity Focus Health Care	683,737

05/03/04 13:33 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP

$\sim 10^7$

$\rightarrow$ CAO INTERNAL

团005
团004

FMRCO	Fid Southcast Asia Fund	79,000
FMRCO	Fid Worldwide Fund	229,830
FMRCO	Overseas Fund	1.409.544
FMRCO	FA Overseas Investment Fund	554,367
FMRCO	VIP Overseas	698,840
FMRCO	Fidelity Overseas Fund – Canada	43,834
FMRCO	Fid Asset Manager Fund	123,460
FMRCO	Fid Intl Growth & Income Fund	116,300
FMRCO	Fid Global Balanced Fund	10,455
FMRCO	VIP III Midcap Portfolio	19,303
FMRCO	VIP II Asset Manager Growth	26,642
FMRCO	$\mathbf{\overline{F}}$ A Value Fund	462
FMRCO	FA Asset Allocation	10,355
FMRCO	Asset Manager Growth	282,813
FMRCO	Fid Value Fund	730,037
FMRCO	Trend Fund	59,500
$\overline{\text{FMRCO}}$	$VIP$ $\overline{II}$ Asset Manager	32,373

$\sim$

$04/05$ 2004 09:21 FAX 38324114

05/03/04 13:33 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP

$\sim$ $\alpha$

$\rightarrow$ CAO INTERNAL

$\mathcal{A}^{\text{max}}_{\text{max}}$

$\label{eq:2.1} \mathcal{L}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}})) \leq \mathcal{L}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}))$

$\label{eq:1} \frac{1}{\sqrt{2\pi}}\frac{1}{2\pi}\sum_{i=1}^{\infty}\frac{1}{\sqrt{2\pi}}\left(\frac{1}{\sqrt{2\pi}}\right)^2\left(\frac{1}{\sqrt{2\pi}}\right)^2\left(\frac{1}{\sqrt{2\pi}}\right)^2\left(\frac{1}{\sqrt{2\pi}}\right)^2.$

||
||
|| 2005

FMRCO	Fidelity Intl Small Cap Fund	155,361
FMRCO	FIMM LLC Quant Intl Port	1,000
FMRCO	FIMM LLC GIbl Cap Appreciation	1,243
FMTC	Manulife Overseas	168,345
$\overline{\text{FMTC}}$	Canadian Overscas Pacif	14,510
FMTC	FRTC Int. Pacific Jap	$\overline{78,177}$
$\overline{\text{FMTC}}$	Fric Int. Pacific	25,810
FMTC	Fric Int. Sec Pacific	30.254
FMTC	General Motors Pac Basin	31,971
$\overline{\text{FMTC}}$	Chevron Tex	56,500
FMTC	RJ Reynolds Tob Pac Bas	29,429
$\overline{\text{FMTC}}$	State Bd Adm of Fl-Pac	105,764
FMTC	Illinois Teach Ret-PB	104,224
FMTC	FICL GIbl Asset All Ew	30,836
FMTC	FICL Intl Port Еq	315,066
FMTC	Pac Basin Ex Coll Trust	214.217
$\overline{\text{FMTC}}$	Kentucky Pen Pac Basin	184.012

$\sim$

$05\angle 03\angle 04$ 13:34 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP

$\mathcal{L}^{\text{max}}{\text{max}}$ and $\mathcal{L}^{\text{max}}{\text{max}}$

$\sim$

$\sim$

$\alpha$

$\sim 10^6$

$\rightarrow$ CAO INTERNAL

||
||
||ධු 006

FMTC	Kentucky Ins Pac Basin	51,755
FMTC	IG FI Global Eq	$\overline{5,152}$
FMTC	Fr Cad Overseas Pac	27,070
FMTC	Ford Intl Pac Basin Sub	28.415
FMTC	FRTC Russell Intl	6.131
FMTC	Principal Partners Intl	904
FMTC	Brown $\&$ Williamson	5,501
$\overline{\text{FMIC}}$	Petro Cana Intl Gт	9,247
FMTC	Illinois Trs Pob	26,735
FMTC	Mcllon Bk Intl	5,961
FMTC	RK Mellon Intl	12,564
$\overline{\text{FMTC}}$	Fidelity Int'l Gr	13,267
FMTC	Hydro One Pac Basin	19,300
FMTC	Fid Can Intl Growth	29,923
FMTC	Duke Energy Pac Basin	13,170
FMTC	Frank Russell RIF PAC	8,802
FMTC	Select Int Sm Cap Coll	4,021
$\overline{\text{FMTC}}$	IG FI CI Gbl Eq	1,105
$\overline{\rm FMTC}$	Mix If Intl Por	904

$\mathcal{L}^{\mathcal{L}}$ and $\mathcal{L}^{\mathcal{L}}$ and $\mathcal{L}^{\mathcal{L}}$ and $\mathcal{L}^{\mathcal{L}}$

$\mathcal{L}^{\text{max}}{\text{max}}$ and $\mathcal{L}^{\text{max}}{\text{max}}$

$\overline{\text{TMTC}}$ Equity FMTC FMTC	164.184 Fid Select Intl 45,203 IBM Select Eafe Canada 17.574 Dallas Police &
Fire
FMTC	28,650 Ford Select Ind
FMTC Eqty	23,896 FICL Select Intl
$\overline{\text{EMTC}}$ Select Intl	19,773 IBM Canada
FMTC IBM	38,200 Netherlands
FMTC	60,507 Ohio P&F Int Gr Pac Bas
FMTC	51,122 Agilent Tec Int
FMTC	39,988 PG&E Corp
FMTC	27,700 Methic FI Intl
FMTC Intl	10.945 Illinois Surs-Sel
$\overline{\text{FMTC}}$ Pac Bas	CIBC Intl Eqty 13,866
FMTC Equitable	68,673 Advisors Trust
FMTC lπv	213,613 General Motors
FMTC Plan	28,000 State of Ct Ret
FMTC	27,850 Transition
FMTC	$\overline{51,369}$ Northrop Grmn

$\sim 10^{11}$

$\sim 0.00$

05/03/04 13:34 FAX 617 476 6849

$\bar{\beta}$

ASX BRISBANE FMR CM. INV. COMP $\rightarrow$ CAO INTERNAL

@ 009
@ 008

FMTC	Fid Global Disciplined Equity	700
$\overline{\text{FMTC}}$	San Diego Retirement	26,000
而	Royal Mail Pension Plan	733.542
$\overline{\text{FL}}$	Hang Seng Bk Ltd Retirements	18,732
孤	Falcon/Flora	911,467
豇	$\overline{Fid}$ $\overline{Fds}$ $-$ International Pool	154,857
$\overline{FL}$	$\overline{Fid}$ Fds $-$ Australia Pool	229,771
$\overline{HIL}$	$\overline{\text{Fid Fds}} -$ Pacific Pool	340,509
$\overline{\mathrm{FL}}$	HOKO Jockey Club	17.497
$\overline{\text{HL}}$	$\overline{\textbf{H}}$ ealth Foundation Pac Bas	38.371
FЛ.	Fid Advantage Australian Eq Тr	5,039
$\overline{\texttt{FL}}$	MTR Corp Retmt Pacif Eqty	14,541
FIL.	$\overline{\text{Fid Fds}} -$ World Pool	18.781
$\overline{\text{FL}}$	Hybank Intl Trst	4,669
FIL.	Jockey Club Contingency	32.698
ĪΠ.	National Corp Inv Sves	142,830

05/03/04 13:35 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP $\rightarrow$ CAO INTERNAL

$\label{eq:2} \frac{1}{\sqrt{2\pi}}\int_{0}^{\infty} \frac{dx}{\sqrt{2\pi}}\,dx$

$\bar{\beta}$

团010
团009

FЩ.	Fidelity International Fund	26,686
帀	Fid Managed International Fund	667,569
$\overline{\mathtt{F}}\mathtt{m}$	Fij It Global Eq Open Mother	9,095
$\overline{\texttt{FL}}$	Fid Instl Fd- Pacific	776,776
FIL	Govt of Singapore Pac	28,886
$\overline{\text{FT}}$ .	HKMPF-Mkt Inv Asia	153,493
FLL	Hong Kong Elec STF Retr Scheme	13,935
阢	Pacific Century Cyberwks Retir	63,457
$\overline{\text{FL}}$	Jockey Club Charity Trust	33.751
$\overline{\mathtt{H}\mathtt{L}}$	Fij It Global Fund Mother	80,553
$\overline{\text{FL}}$	Fij It Balanced Fund Mother	9,493
$\overline{\text{FL}}$	Stallion	71,301
$\overline{\text{FL}}$	Russell Invt Mgmt	30,057
$\overline{\texttt{FL}}$	Railways Pens Eq	477.435
矼	Russell Intl Equity Fund	9,250
FIL.	Mine EMP Pension Fund	52,862

$\sim$

05/03/04 13:35 FAX 617 476 6849

ASX BRISBANE FMR CM. INV. COMP

$\rightarrow$ CAO INTERNAL

$\bar{1}$

团011
团010

FĪL. 豇	$\overline{\text{Fid}}$ Fds $-$ Health Care Pool Japan Tobacco	353,413
	TQPP-Asian	3,820
${\rm \overline{F}}\overline{\rm LL}$	Shinkin Bank	12,465
FIL	Fidelity South East Asia Fund	97,737
ला.	$\overline{\text{Fid Fds}}$ - Southeast Asia Pool	148,957
FIL.	Australia - Funds SA	14.477
$\overline{\text{FL}}$	Fid Instl South East Asia Fund	392,118
$\overline{\text{FIL}}$	SGE Row	6,500
ÏП.	GEC 1972 Pln	34,900
$\overline{\mathrm{FIL}}$	British Energy Gen Grp	17,200
$\overline{\texttt{FL}}$	IBM Denm Select	3.000
FIL.	Accident Rehab & Cmp	29,300
$\overline{\text{FL}}$	IBM Austria Global	2,500
FIL.	Per-Stit De Unilever	1,500
阷	FMT_GL Row	26,900
$\overline{\mathtt{FL}}$	East Sussex Cnty	39,400
阷	Chevron Texaxo UK	11,400

$\hat{\boldsymbol{\beta}}$

团012 团011

F1L	Meyer Intl Group	21,400
$\overline{FL}$	Stichting Pns Makro	2,000
FIL.	Industriens Pens	9,700
$\overline{\texttt{FIL}}$	Co-Operative Gтр	14,700
FIL	GKN Group Pension Scheme	60,100
FIL.	Eircom No 2 Pension Fund	22,500
$\overline{FL}$	Unilever (superann) Ireland	9,700
$\overline{\text{m}}$	$\overline{\text{IBM Irel Sel}}$ GIbl Equities	900
$\overline{\mathrm{FL}}$	IBM Austria Select GIbl	4,500
$\overline{\text{FL}}$	NPC Trust	4,900
$\mathbf{F}$	Fid Instl Fds- Global Focus $_{\rm Fd}$	3,719
$\overline{\text{FL}}$	Fid Instl Fds- Global Focus Ėd	51,676
TOTAL	14.25%	27,995,357

1. 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 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.

$\mathcal{L}_{\text{max}}$

	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.
	However, neither FMR Corp. nor Edward C. Johnson 3d has sole power to vote or direct the voting of, or to dispose of or direct the disposition 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 Delaware 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.
FIL	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.

$\mathcal{L}^{\text{max}}_{\text{max}}$

$\downarrow$ .

6. Addresses

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

Name FMR Corp., FMR Co., FMTC	Address 82 Devonshire Street Boston, MA 02109
FII.	I PO Box HM 670, Hamilton HMCX, Bermuda

$\sim$ $^{-1}$

Signature: May 3, 2004

$\sim$ $^{-1}$

$\bar{ }$

dote $By_$

Eric D. Roiter Senior V.P. & General Counsel - FMR Co. Duly authorized under Powers of Attorney dated December 30, 1997, by and on behalf of FMR Corp. and its direct and indirect subsidiaries, and Fidelity International Limited and its direct and indirect subsidiaries.