09:53     <02185><02189><02204> - Announcement (1)                            

    The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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. 
                                                                              
    MACQUARIE BANK LIMITED                                                    
    (ABN 46 008 583 542)                                                      
    (incorporated under the laws of  Australia)                               
                                                                              
                                                                              
                                                                              
    Notice of Expiry relating to the following warrants (together, the "      
    Warrants"):                                                               
                                                                              
    Stock Code      2185    2189    2204                                      
    Index   Hang Seng China Enterprises Index       Hang Seng China           
    Enterprises Index       Hang Seng China Enterprises Index                 
    Type    Call    Put     Call                                              
    Issue Size      388,000,000     388,000,000     388,000,000               
    Expiry Date     28 January 2005 28 January 2005 28 January 2005           
    Strike Level    3,800   4,500   4,500                                     
    Board Lot       10,000  10,000  10,000                                    
    Entitlement Ratio       3,800 Warrants for one Index    4,000 Warrants for
    one Index       3,100 Warrants for one Index                              
    Last Trading Date       24 January 2005 24 January 2005 24 January 2005   
    Closing prices of the Warrants as of 18 January 2005    HK$0.236          
    HK$0.01 HK$0.051                                                          
    Closing level of the Index as of 18 January 2005        4,646.75          
    4,646.75        4,646.75                                                  
    In/Out of the Money as of 18 January 2005 based on the Strike Level       
    22.28% In the money     3.26% Out of the money  3.26% In the money        
                                                                              
    Macquarie Bank Limited (the "Issuer") would like to remind holders of     
    Warrants that under the terms and conditions of the Warrants (the "       
    Conditions"), the Warrants will expire at 10:00 a.m. (Hong Kong time) on  
    the Expiry Date. Each Warrant will automatically be exercised at 10:00 a. 
    m. (Hong Kong time) on the Expiry Date without notice being given to the  
    holders of the Warrants if the Cash Settlement Amount (defined below) is  
    greater than zero. Unless automatically exercised, the Warrants will      
    expire immediately after the Expiry Date and all rights of the holders of 
    Warrants and obligations of the Issuer shall cease.  Warrants may only be 
    exercised in a Board Lot or integral multiples thereof.                   
    The Warrants are European Style and exercisable only on the Expiry Date.  
    The Warrants are in global registered form.  No registrar has been        
    appointed.                                                                
    Every Board Lot gives the holder thereof the right to receive from the    
    Issuer on exercise the Cash Settlement Amount calculated by the Issuer as 
    set out below:                                                            
                                                                              
                                                                              
    (1)     In respect of the Call Warrants:                                  
                                            (Closing Level - Strike Level) x  
    HK$1.00 x 10,000                                                          
    Cash Settlement Amount  =       _________________________________________ 
    per Board Lot                           No. of Warrants per Entitlement   
                                                                              
    (2)     In respect of the Put Warrants:                                   
                                            (Strike Level - Closing Level) x  
    HK$1.00 x10,000                                                           
    Cash Settlement Amount  =       ________________________________________  
    per Board Lot                           No. of Warrants per Entitlement   
                                                                              
    "Closing Level" shall mean the final settlement price (the "Final         
    Settlement Price") for settling the Hang Seng China Enterprises Index     
    January 2005 Futures Contracts determined pursuant to Regulation 012 of   
    the Regulations for trading Stock Index Futures and the Contract          
    Specifications for Hang Seng China Enterprises Index Futures Contracts (as
    amended from time to time) of the Hong Kong Futures Exchange.             
                                                                              
    Regulation 012 is as follows: