10:21     MB-CK(H)@EC0501<02209> - 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 (the "Warrants"):     
                                                                              
    Stock Code      2209                                                      
    Company Cheung Kong (Holdings) Limited                                    
    Shares  Existing issued ordinary shares of HK$0.50 each of the Company    
    Type    Call                                                              
    Issue Size      188,000,000                                               
    Expiry Date     31 January 2005                                           
    Exercise Price  HK$60.88 per ten Warrants                                 
    Board Lot       10,000                                                    
    Entitlement Ratio       One Share per ten Warrants                        
    Last Trading Date       25 January 2005                                   
    Closing prices of the Warrants as of 18 January 2005    HK$1.18           
    Closing prices of the Shares as of 18 January 2005      HK$72.50          
    In/Out of the Money as of 18 January 2005 based on the Exercise Price     
    19.09%In the money                                                        
                                                                              
                                                                              
    Macquarie Bank Limited (the "Issuer") would like to remind holders of the 
    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 an amount in Hong Kong dollars (the "Cash Settlement   
    Amount") calculated by the Issuer as set out below:                       
                                                                              
    Cash Settlement Amount per Board Lot    =       (Average Price - Exercise 
    Price) x one Board LotNumber of Warrants per Entitlement