09:44     <02213>,<04450> & <04452> - 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.               
                                                                              
    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:     2213                                                      
    Type:   Call                                                              
    Board Lot:      2,000                                                     
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:        One                            
    Shares: Existing issued ordinary H shares of RMB1.00 each of PetroChina   
    Company Limited                                                           
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    27 August 2004          3.8350                                            
    17 November 2004        4.0275                                            
    17 January 2005 #       4.0400                                            
    15 March 2005           N/A                                               
                                                                              
    Stock Code:     4450                                                      
    Type:   Call                                                              
    Board Lot:      10,000                                                    
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:       Ten                             
    Shares: Existing issued ordinary shares of HK$0.25 each of Hutchison      
    Whampoa Limited                                                           
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    8 November 2004         60.2500                                           
    17 January 2005 #       64.8250                                           
    29 March 2005           N/A                                               
    6 June 2005             N/A                                               
                                                                              
    Stock Code:     4452                                                      
    Type:   Put                                                               
    Board Lot:      10,000                                                    
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:        Ten                            
    Shares: Existing issued ordinary shares of HK$0.50 each of Sun Hung Kai   
    Properties Limited                                                        
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    18 October 2004         74.3500                                           
    3 December 2004         76.5000                                           
    19 January 2005 #       74.8830                                           
    8 March 2005            N/A