09:44     <03621>,<03622>,<03625> - Announcement (1)                          

    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe for   
    the Warrants (as defined below).                                          
                                                                              
    The Stock Exchange of Hong Kong Limited takes no responsibility for the   
    contents of this announcement, makes no representation as to its accuracy 
    or completeness and expressly disclaims any liability whatsoever for any  
    loss howsoever arising from or in reliance upon the whole or any part of  
    the contents of this announcement.                                        
                                                                              
    400,000,000 European Style Call Warrants (Cash Settled) 2004-2005         
    relating to existing issued ordinary H shares of RMB1.00 each             
    of China Petroleum & Chemical Corporation ("1st Series Warrants")         
    and                                                                       
    200,000,000 European Style Call Warrants (Cash Settled) 2004-2005         
    relating to existing issued ordinary shares of HK$0.02 each               
    of CNOOC Limited ("2nd Series Warrants")                                  
    and                                                                       
    250,000,000 European Style Call Warrants (Cash Settled) 2004-2005         
    relating to existing issued ordinary H shares of RMB1.00 each             
    of Maanshan Iron & Steel Company Limited ("3rd Series Warrants")          
                                                                              
    (together the "Warrants")                                                 
    All                                                                       
    Issued by                                                                 
    Macquarie Bank Limited                                                    
    (ABN 46 008 583 542)                                                      
    (incorporated under the laws of Australia)                                
    Sponsor                                                                   
    Macquarie Equities (Asia) Limited                                         
                                                                              
    Macquarie Bank Limited (ABN 46 008 583 542) (the "Issuer") announces that 
    it intends to issue each of the series of the Warrants detailed below.  In
    respect of each series, the Warrants relate to the existing issued        
    ordinary shares of the relevant company specified below (the "Shares").   
    Each series of Warrants may only be exercised on the relevant expiry date 
    (the "Expiry Date"), at the relevant exercise price (the "Exercise Price")
    and in the relevant board lot (the "Board Lot") or integral multiples     
    thereof, all of which are specified below.                                
                                                                              
    Warrants        Board Lot       Issue Price per Warrant Number of Warrants
    per Entitlement Entitlement     Shares  Expiry Date     Exercise Price    
    1st Series Warrants     2,000   HK$0.250        One     One Share         
    existing issued ordinary H shares of RMB1.00 each of China Petroleum &    
    Chemical Corporation    30 June 2005    HK$3.60                           
    2nd Series Warrants     1,000   HK$0.369        One     One Share         
    existing issued ordinary shares of HK$0.02 each of CNOOC Limited        30
    June 2005       HK$4.60                                                   
    3rd Series Warrants     2,000   HK$0.339        One     One Share         
    existing issued ordinary H shares of RMB1.00 each of Maanshan Iron & Steel
    Company Limited 6 June 2005     HK$3.50                                   
                                                                              
    Every Board Lot will entitle the holder on exercise thereof to receive    
    from the Issuer a cash amount (if positive) (the "Cash Settlement         
    Amount"):                                                                 
                                                                              
                                                                              
    Cash Settlement Amount per Board Lot    =       Entitlement x   (Average  
    Price   Exercise Price) x one Board LotNumber of Warrants per Entitlement 
                                                                              
    "Average Price" shall be the arithmetic mean of the closing prices of one 
    Share (as derived from the Daily Quotation Sheet of The Stock Exchange of 
    Hong Kong Limited (the "Stock Exchange"), subject to any adjustments (as  
    determined by the Issuer in accordance with the Conditions) to such       
    closing prices as may be necessary to reflect any capitalisation, rights  
    issue, distribution or the like) for each of the 5 Valuation Dates prior  
    to expiry.                                                                
                                                                              
    The Warrants will be automatically exercised on the Expiry Date (without  
    any notice being given to the holders of the Warrants) if the Cash        
    Settlement Amount on the Expiry Date is greater than zero and the Issuer  
    will pay to the holders of the Warrants an amount less exercise expenses  
    calculated in accordance with the Conditions of the Warrants. If the Cash 
    Settlement Amount is less than or equal to zero, all Warrants shall be    
    deemed to expire on the Expiry Date without value.                        
                                                                              
    The Warrants constitute general unsecured contractual obligations of the  
    Issuer and of no other person.  If you purchase the Warrants you are      
    relying upon the creditworthiness of the Issuer.                          
                                                                              
    Application will be made to the Listing Committee of the Stock Exchange   
    for listing of, and permission to deal in, the Warrants.  The Issuer has  
    been informed that consideration of such application will go through the  
    normal application procedure pursuant to the Rules Governing the Listing  
    of Securities on the Stock Exchange (the "Listing Rules") and no guarantee
    that such approval will be granted can be given.  If such permission is   
    granted, it is anticipated that dealings in the Warrants will commence on 
    the Stock Exchange on or about 7 December 2004.