09:39     MBCLIFE@XC0503A<09062> & MB-LENOV@XC0504<09778> - Ann.(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.               
                                                                              
    Average Return* Warrants issued by Macquarie Bank Limited                 
    (ABN 46 008 583 542)(incorporated under the laws of Australia)            
    Sponsor Macquarie Equities (Asia) Limited                                 
                                                                              
    Announcement                                                              
                                                                              
    In respect of each series of the Average Return* Warrants listed          
    below ("Warrants"), Macquarie Bank Limited (ABN 46 008 583 542)           
    (the "Issuer") announces the Periodic Reference Price in respect          
    of the Period Fixing Dates set out below.                                 
                                                                              
    Capitalised terms not defined herein will have the meanings given         
    to them in the terms and conditions ("Conditions") of the Warrants.       
                                                                              
    Stock Code:     9062                                                      
    Type:   Call                                                              
    Board Lot:      1,000                                                     
    Entitlement:    One Share per Warrant                                     
    Shares: Existing issued ordinary H shares of RMB1.00 each of China        
    Life Insurance Company Limited                                            
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##(  
    HK$)                                                                      
    25 August 2004          3.8350                                            
    8 November 2004         4.7025                                            
    17 January 2005 #       4.8950                                            
    31 March 2005           N/A                                               
                                                                              
    Stock Code:     9778                                                      
    Type:   Call                                                              
    Board Lot:      2,000                                                     
    Entitlement:    One Share per Warrant                                     
    Shares: Existing issued ordinary shares of HK$0.025 each of Lenovo Group  
    Limited                                                                   
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##(  
    HK$)                                                                      
    19 August 2004          2.2550                                            
    3 November 2004         2.5300                                            
    18 January 2005 #       2.3930                                            
    4 April 2005            N/A