16:41     Derivative Warrant Manual Transactions for the Day                  

                                                                              
    Derivative Warrant Manual Transactions (note 1) for the day of 20/01/2005 
                                                                              
    Issuer Name: Macquarie Bank                                               
       (Note 2) Direct                                                        
    Scty  Trade Business Bought      Sold         Net      Price Consideration
    Code  Time  (Y/N)   Quantity   Quantity     Quantity   (HK$)      (HK$)   
    ----- ----- ---  ----------- -----------  ----------- ------ -------------
    03554 11:21  Y                   500,000               0.315     (157,500)
    03554 11:21  Y                   500,000               0.310     (155,000)
                     ----------- -----------  -----------                     
    Total                          1,000,000 (  1,000,000)                    
                     ----------- -----------  -----------                     
    (Note 3)                                                                  
    Average Price          N/A        0.313                                   
                                                                              
       (Note 2) Direct                                                        
    Scty  Trade Business Bought      Sold         Net      Price Consideration
    Code  Time  (Y/N)   Quantity   Quantity     Quantity   (HK$)      (HK$)   
    ----- ----- ---  ----------- -----------  ----------- ------ -------------
    04688 11:52  Y                 1,000,000               0.320     (320,000)
                     ----------- -----------  -----------                     
    Total                          1,000,000 (  1,000,000)                    
                     ----------- -----------  -----------                     
    (Note 3)                                                                  
    Average Price          N/A        0.320                                   
                                                                              
    Note:                                                                     
    1.Derivative Warrant Liquidity Provider ("DWLP") and/ or relevant Exchange
      Participant(s) ("EP") who acts for the account of the issuer or its     
      associates shall be subject to existing rules governing transactions not
      concluded by automatic order matching, including direct business and    
      non-direct business transactions,in accordance with the Rules of the    
      Exchange.                                                               
                                                                              
    2.Time of conclusion of the transaction.                                  
                                                                              
    3.Average price means the total amount of  purchase (sale) consideration  
      divided by total number of shares bought (sold).