09:53     <02211><02212><09070> - 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 (together, the "      
    Warrants"):                                                               
                                                                              
    Stock Code      2211    2212    9070                                      
    Company China Telecom Corporation Limited       Hutchison Whampoa Limited 
    HSBC Holdings Plc                                                         
    Shares  Existing issued ordinary H shares of RMB1.00 each of the Company  
    Existing issued ordinary shares of HK$0.25 each of the Company  Existing  
    issued ordinary shares of US$0.50 each of the Company                     
    Type    Average Return Call     Average Return Call     Average Return    
    Call                                                                      
    Issue Size      388,000,000     288,000,000     288,000,000               
    Expiry Date     14 February 2005        14 February 2005        14        
    February 2005                                                             
    Exercise Price  HK$2.88 per Warrant     HK$55.00 per ten Warrants         
    HK$123.00 per ten Warrants                                                
    Board Lot       2,000   10,000  4,000                                     
    Entitlement Ratio       One Share per Warrant   One Share per ten Warrants
    One Share per ten Warrants                                                
    Last Trading Date       3 February 2005 3 February 2005 3 February 2005   
    Closing prices of the Warrants as of 27 January 2005    HK$0.053          
    HK$1.08 HK$0.315                                                          
    Closing prices of the Shares as of 27 January 2005      HK$2.875          
    HK$70.25        HK$129.00                                                 
                                                                              
                                                                              
    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 =                                    
                                                                              
    (       Sum of the Periodic Reference Prices     -  Exercise Price )    x 
           One Board Lot                                                      
            Number of Periodic Fixing Dates                         Number of 
    Warrants per Entitlement (such number of Warrants per Share)              
                                                                              
    "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  (as   
    defined in the Conditions) prior to expiry.