CSL Ltd. — Major Shareholding Notification 2005

May 17, 2005

团002 r. 001

Windmill Court Millfield Lane Lower Kingswood Tadworth Surray KT20 6RG Telephone: 01737 836735

Australian Stock Exchange Ltd ABN 98 008 624 691 Exchange Centre Level, 20 Bridge Street Sydney NSW 1215 Australia

FAX: 00 61 2 9347 0005 / 9778 0999 Brisbane Fax: 00 61 7 3835 1004 TEL: 00 61 2 9227 0334 www.asx.com.au pam.ross@asx.com.au

16 May 2005

ATTN: Company Announcements Office

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 CSL Limited 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 Kerrie Barnett on 0044 1737 837148 or by FAX on 0044 1737 837450.

Yours faithfully

Rani Jandu Manager Regulatory Reporting FIL - Investment Compliance

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 and FIL 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

13 May 2005 21 March 2005 21 March 2005

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 Person's votes	Previous Notice Voting Power (5)	Present Notice Person's votes	Present Notice Voting
Common stock	18,103,443	9.13%	15,894,454	Power (5) 8.02%

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:

vale 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
13 May 2005	FMR Corp. $+$ FIL.	Market transaction - disposition	23.7604\$	211,600 common stock	211,600 common stock
13 May 2005	FMR Corp. + FIL	Market $transaction -$ disposition	23.76045	31,400 common stock	31,400 common stock

$\bar{1}$

r

4. Details of present registered holders

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

Holder of relevant interest	Registered holder of securities		Class and number of securities
FIL	ROYAL MAIL PENSION PLAN		163,400
FIL	FALCON/FLORA		186,357
FIL	FID FDS - AUSTRALIA POOL		88,217
FIL	FID FDS - PACIFIC POOL		151,145
FIL	RUSSELL INVT MGMT LTD -PACIFIC		31,600
FIL	SGE MM ROW		12,313
FIL	GEC 1972 PLN GLB EQTY FD-ROW		42,689
FIL FIL.	BRITISH ENERGY GEN GRP - ROW		20,779
FJL.	IBM DENM SELECT-GLOBAL EX-US		3,028
FIL	ACCIDENT REHAB & CMP-GLB EX-US		33,894
FIL	IBM AUSTRIA GLOBAL EX US		2.523
FIL	AFP UNILEVER SCHWEIZ-GBL EX US		3,620
FIL	DEUTSCHE ARZTE - ROW FMT_GL ROW		6,700
FIL			29,169
FIL	FID FUNDS - GLBL FOCUS POOL		23,076
FIL	EAST SUSSEX CNTY COUNCIL-ROW HEALTH FOUNDATION PAC BAS EQ		48,310
FIL.	FIDELITY AUSTRALIAN EQ FUND		16,277
FIL	CHEVRON TEXACO UK PNS PL-ROW		1,586
FIL	AUSTRALIA - FUNDS SA		12.414
FIL	SAINT-GOBAIN UK PENSION SCHEME		17,134
FIL	RAILWAYS PENS EQ-PACIFIC BASIN		28,525
FIL	NPC TRUST - ACTIVE 1 - ROW		122,226 5,450
FIL	FID INSTL FDS-GLOBAL FOCUS FD		13,619
FIL	FFII INST GLOBAL FOCUS POOL		1,900
FIL	FFII INST PACIFIC EX JAPA POOL		5,252
FIL	SEVEN RE FIDELITY PACIFIC		65,200
FIL	FID FDS - WORLD POOL		16 198
FIL FIL	NATIONAL CORP INV SVCS PAC BAC		109,059
FIL	FID INSTE SOUTH EAST ASIA FUND		BO 887
FIL.	FIDELITY INTERNATIONAL FUND		11.140
FIL	FID MANAGED INTERNATIONAL FUND		268,369
FIL.	FIJ IT GLOBAL EQ OPEN MOTHER		6,193
FIL	RUSSELL INTL EQUITY FUND		8,450
FIL	FID INSTL FD-PACIFIC(EX JAP)FD		406,244
FIL	FID FDS - HEALTH CARE POOL INDUSTRIENS PENS - EX US		355,067
FIL	CO-OPERATIVE GRP PENS - RW		10,497
FIL	GKN GROUP PENSION SCHEME - ROW		19,251
FIL	UNILEVER(SUPERANN) IRELAND-ROW		71,319
FIL	IBM IREL SEL GLBL EQUITIES ROW	1,312	11,203
FIL	IBM AUSTRIA SELECT GLBL EQ ROW	4,542
FIL	SHINKIN BANK EPF - ASIA	8,465
FIL F L	FU IT GLOBAL FUND MOTHER	80.009
	FIJ IT BALANCED FUND MOTHER	3,874

$\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\$

Ŧ

$\sim$

$\overline{1}$

FMR Co	SELECT PHARMACEUTICALS
$FMR$ Co	FA VALUE FUND	22.665
FMR Co	FIMM LLC INTL SMALL CAP STK	2.701
FMR Co	VIP INTERNATIONAL CAP APP FUND	3,000
FMR Co	FID BALANCED FUND	500
FMR Co		989,953
FMR Co	FA INTL CAPITAL APPRECIATION FA ASSET ALLOCATION	197,239
FMR Co		3,155
FMR Co	FID AGGRESSIVE INTIL FUND FA GLOBAL EQUITY	206,414
FMR Co		1.549
FMR Co	FA DIVERSIFIED INTERNATIONAL	1.142,744
FMR Co	FID ASSET MANAGER FUND ASSET MANAGER GROWTH	66,260
FMR Co	FID VALUE FUND	71,513
FMR Co		888,577
FMR Co	FID DIVERSIFIED INTERNATIONAL	6,500,000
FMR Co	FID INTL DISCOVERY FUND	269.050
FMR Co	FID PACIFIC BASIN FUND	151.469
FMR Co	VIP II ASSET MANAGER GROWTH	6,442
FMR Co	VIP III MID CAP PORTFOLIO	83
FMR Co	VIP II ASSET MANAGER	16,673
FMR Co	FIDELITY FOCUS HEALTH CARE FD	375,599
FMR Co	CIBC INTL EQTY PAC BAS T55010	11,866
FMR Co	PETRO CANA INTL GR-PACE T55022	8,247
FMR Co	IG FI CL GBL EQ-SE ASIA (T55064	615
FMR Co	MIX IF INTL POR-SE ASIA(TS5080	512
FMR Co	FICL SEL INTL SM CP TR T55105	3,044
FMR Co	FICL SEL INTL EQTY TR T55106	47,324
FMR Co	IG FI GLOBAL EO SE ASIA T2229.	3,107
FMR Col	HYDRO ONE PAC BASIN(T2317)	16,100
FMR Ca	FID CAN INTL GROWTH PAC T2333 FICL GLBL ASSET ALL EQ-SE ASIA	24,023
FMR Cp	FICL INT L PORT EQ-SE ASIA SUB	0.272
FMR Co	FID GLOBAL DISCIPLINED EQUITY	106,883
FMTC	FORD SELECT INTL T50016	700
FMTC	DALLAS POLICE & FIRE T50092	22,760
FMTC	BROWN & WILLIAMSON SEL INTL	16,853
FMTC	FORD INTL PAC BASIN SUB T50129	4,503
FMTC	STATE OF CT RET PLAN T50251	24,050
FMTC	FID SELECT INTL EQUITY (T319)	28,013
FMTC	FRTC RUSSELL INTL-PB-LO-T50358	208,552
FMTC	OH P&F ACWI XUS PB XJPN T50412	6,131
FMTC	AGILENT TEC INT-PAC BAS T50416	33,639
FMTC	PRINCIPAL PARTNERS INTL T50423	28,631
FMTC	PG&E CORP - PAC EX-JPN T50425	41,897
FMTC	ILLINOIS SURS-SEL INTL T50448	31,498
FMTC	FMTC INS L-CAP CM SUB A T50486	12,056
FMTC	SELECT INT SM CAP COLL (T1056)	50 4,058
FMTC	PAC BASIN EX COLL TRUST T1057	317.857
FMTC	FRTC INT. PACIFIC JAP (T2058)	83,835
FMTC	FRIC INT. PACIFIC (T2064)	27,564
FMTC	FRIC INT. SEC PACIFIC (T2070)	35 125
FMTC	GM PAC BASIN-PAC BASIN 72166	137,567
FMTC FMTC	SAN DIEGO RETIREMENT (T2193)	27,655
FMTC	EQUITABLE ADVISORS TRUST T2198	81.799
FMTC	IBM SELECT EAFE CANADA T2205	49.257
	FRANK RUSSELL RIF PAC T2282	9,302

$\hat{\mathcal{E}}$

FMTC FMTC	FIDELITY INT'L GR.PAC BA T2311	12,467
FMTC	GENERAL MOTORS INV PAC T2323	41,871
FMTC	KENTUCKY PEN PAC BASIN T2343	81,032
FMTC	KENTUCKY INS PAC BASIN T2348	42,253
FMTC	CHEVRON TEX PAC BASIN T55006	34,321
FMTC	RJ REYNOLDS TOB PAC BAS TS5015	17.010
FMTC	CANADIAN OVERSEAS PACIF(T2076)	8,021
FMTC	STATE BRD ADM OF FL-PAC T55118	73,460
FMTC	ILLINOIS TEACH RET-PB T55139	73,226
FMTC	ILLINOIS TRS POB-PB T55160	18,535
FMTC	MELLON BK INTL-PAC BAS(T55165)	5.061
FMTC	RK MELLON INTL-PAC BAS T55170	10,464
FMTC	WASHINGTON SIB PAC T55179	57,140
FMTC	NORTHROP GRMN INT GR-PB T55186	39,259
FMTC	GM EURO/PAC VEBA PB T55191	80,516
FMTC	JNL/FMR BALANCED EQUITY 755197	7,588
FMTC	HALLIBURTON INTL GRO PB T55203	16,990
FMTC	WISCONSIN SIB FIX PAC T55233	78,200
FMTC	FR CAD OVERSEAS PAC EX T2243	16,120
FMTC	WISCONSIN SIB VAR-PB T55245	6,000
FMTC	DUKE ENERGY PAC BASIN T2263	15,870
FMTC	OREGON INVMT CL SEL INT T55271	88,100
FMTC	WORLD BANK SELECT INTL T55274	11,000
FMTC	BP MASTER TR FOR EMP PP T55275	17,800
FMTC	IBM CANADA SELECT INT'L T2286	22,464
Grand	IBM NETHERLANDS - SELECT PAC	42.374
Total	15,894,454	8.02%

5. 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)
FMR Corp./FMR Co, FMTC	Nature of association
	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,
	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.

$\overline{\phantom{a}}$

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.

6. Addresses

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

папе	Address
(FMR Corp., FMR Co, FMTC	/ 82 Devonshire Street
' FIL	, Boston, MA 02109
	I PO Box HM 670, Hamilton HMCX,
	Bermuda

Signature

Rani Jandu

Regulatory Reporting Manager, FIL - Investment Compliance

Duly authorized under Powers of Attorney dated 25 August 2004 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.

Sign Here KQ
Date 16 May 2005