09:14     <03845><03846><03849> - 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.                                        
                                                                              
    250,000,000 European Style Call Warrants (Cash Settled) 2005              
    relating to existing issued ordinary shares of HK$1.00 each               
    of The Wharf (Holdings) Limited ("1st Series Warrants")                   
    and                                                                       
    250,000,000 European Style Call Warrants (Cash Settled) 2005              
    relating to existing issued ordinary shares of HK$0.50 each               
    of Sun Hung Kai Properties Limited ("2nd Series Warrants")                
    and                                                                       
    250,000,000 European Style Put Warrants (Cash Settled) 2005               
    relating to existing issued ordinary shares of HK$0.50 each               
    of Sun Hung Kai Properties Limited ("3rd Series Warrants")                
     (together the "Warrants")                                                
    All                                                                       
    Issued by                                                                 
    Macquarie Bank Limited                                                    
    (ABN 46 008 583 542)                                                      
    (incorporated under the laws of Australia)                                
    Sponsor                                                                   
    Macquarie Equities (Asia) Limited                                         
                                                                              
    Macquarie Bank Limited (ABN 46 008 583 542) (the "Issuer") announces that 
    it intends to issue each of the series of the Warrants detailed below.  In
    respect of each series, the Warrants relate to the existing issued        
    ordinary shares of the relevant company specified below (the "Shares").   
    Each series of Warrants may only be exercised on the relevant expiry date 
    (the "Expiry Date"), at the relevant exercise price (the "Exercise Price")
    and in the relevant board lot (the "Board Lot") or integral multiples     
    thereof, all of which are specified below.                                
                                                                              
    Warrants        Board Lot       Issue Price per Warrant Number of Warrants
    per Entitlement Entitlement     Shares  Expiry Date     Exercise Price    
    1st Series Warrants     10,000  HK$0.252        Ten     One Share         
    existing issued ordinary shares of HK$1.00 each of The Wharf (Holdings)   
    Limited 31 October 2005         HK$25.00                                  
    2nd Series Warrants     10,000  HK$0.571        Ten     One Share         
    existing issued ordinary shares of HK$0.50 each of Sun Hung Kai Properties
    Limited 31 August 2005  HK$68.88                                          
    3rd Series Warrants     10,000  HK$0.316        Ten     One Share         
    existing issued ordinary shares of HK$0.50 each of Sun Hung Kai Properties
    Limited 31 August 2005  HK$65.00                                          
                                                                              
    Every Board Lot will entitle the holder on exercise thereof to receive    
    from the Issuer a cash amount (if positive) (the "Cash Settlement Amount  
    "):                                                                       
                                                                              
                                                                              
    In the case of a series of the Call Warrants:                             
                                                                              
    Cash Settlement Amount per Board Lot    =       Entitlement x   (Average  
    Price   Exercise Price) x one Board LotNumber of Warrants per Entitlement 
                                                                              
    In the case of a series of the Put Warrants:                              
                                                                              
    Cash Settlement Amount per Board Lot    =       Entitlement x   (Exercise 
    Price   Average Price) x one Board LotNumber of Warrants per Entitlement  
                                                                              
    "Average Price" shall be the arithmetic mean of the closing prices of one 
    Share (as derived from the Daily Quotation Sheet of The Stock Exchange of 
    Hong Kong Limited (the "Stock Exchange"), subject to any adjustments (as  
    determined by the Issuer in accordance with the Conditions) to such       
    closing prices as may be necessary to reflect any capitalisation, rights  
    issue, distribution or the like) for each of the 5 Valuation Dates prior  
    to expiry.