09:44     MB-HSI @EC0509A<03866> & MB-HSI @EC0509B<03867> - Ann. (2)          

    Prospective purchasers of the Warrants should be aware that the price of t
                                                                              
    The Issuer has appointed Macquarie Equities (Asia) Limited of 19th Floor, 
                                                                              
    Based on the Issuer's own calculations and information, the implied volati
                                                                              
    Warrants   Implied Volatility   Effective Gearing    Gearing    Premium   
    1st Series Warrants     28.50%  5.67x                9.50x      5.76%     
    2nd Series Warrants     28.50%  6.16x               11.82x      8.09%     
                                                                              
    It should be noted that the above values should not be compared to similar
                                                                              
    The Issuer may enter into discount, commission or fee arrangements with br
                                                                              
    The Issuer is regulated by the Australian Prudential Regulation Authority 
                                                                              
    The Issuer does not carry on banking business in Hong Kong.  It is not an 
                                                                              
    The Index is published and compiled by HSI Services Limited (the "Index Co
                                                                              
                                                                              
    1 February 2005                                                           
    Macquarie Bank Limited