09:54 <09388>, <04449>, <04452> & <09516> - 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 (the "Warrants"): Stock Code 9388 4449 4452 9516 Company BOC Hong Kong (Holdings) Limited Cheung Kong (Holdings) Limited Sun Hung Kai Properties Limited The Wharf (Holdings) Limited Shares Existing issued ordinary shares of HK$5.00 each of the Company Existing issued ordinary shares of HK$0.50 each of the Company Existing issued ordinary shares of HK$0.50 each of the Company Existing issued ordinary shares of HK$1.00 each of the Company Type Window Barrier Call Call Average Return Put Call Issue Size 388,000,000 188,000,000 288,000,000 288,000,000 Expiry Date 7 March 2005 8 March 2005 8 March 2005 10 March 2005 Exercise Price HK$13.88 per ten Warrants HK$70.88 per ten Warrants HK$68.88 per ten Warrants HK$24.88 per ten Warrants Board Lot 5,000 10,000 10,000 10,000 Entitlement Ratio One Share per ten Warrants One Share per ten Warrants One Share per ten Warrants One Share per ten Warrants Last Trading Date 1 March 2005 2 March 2005 2 March 2005 4 March 2005 Closing prices of the Warrants as of 22 February 2005 HK$0.083 HK$0.37 HK$0.01 HK$0.132 Closing prices of the Shares as of 22 February 2005 HK$14.70 HK$74.50 HK$72.75 HK$26.00 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: In respect of Stock Codes 9388 and 9516, Cash Settlement Amount per Board Lot = (Average Price - Exercise Price) x one Board Lot / Number of Warrants per Entitlement In respect of Stock Code 4449, Cash Settlement Amount per Board Lot = Entitlement x (Average Price - Exercise Price) x One Board Lot / Number of Warrants per Entitlement In respect of Stock Code 4452, Cash Settlement Amount per Board Lot = Entitlement x (Exercise Price - Sum of the Periodic Reference Prices / Number of Periodic Fixing Dates ) x One Board Lot /Number 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 (as defined in the Conditions) prior to expiry. "Periodic Reference Price" means, in respect of each Periodic Fixing Date, the arithmetic mean of the closing prices of one Share (as derived from the Daily Quotation Sheet of 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 such Periodic Fixing Date.