09:43     MB-HS BK@XC0505<02203> & MB-SHK P@XC0504<04451> - Ann. (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:     2203                                                      
    Type:   Call                                                              
    Board Lot:      1,000                                                     
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:        Ten                            
    Shares: Existing issued ordinary shares of HK$5.00 each of                
                                                                              
            Hang Seng Bank Limited                                            
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    30 September 2004       HK$104.200                                        
    10 December 2004        HK$106.550                                        
    21 February 2005 #      HK$106.433                                        
    3 May 2005              N/A                                               
                                                                              
    Stock Code:     4451                                                      
    Type:   Call                                                              
    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)##   
    28 October 2004         HK$71.000                                         
    28 December 2004        HK$74.050                                         
    21 February 2005#       HK$73.617                                         
    20 April 2005           N/A                                               
                                                                              
    # Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the sum        
    of the Periodic Reference Price(s) or the Periodic Reference Price(s)     
    in respect of these dates only.                                           
                                                                              
    ## Investors should note that the Warrants are European style and may     
    only be exercised on the relevant Expiry Date.  In respect of each        
    series of Warrants, every Board Lot will entitle the holder on exercise   
    thereof to receive from the Issuer a cash amount (if positive)            
    (the "Cash Settlement Amount") calculated by the Issuer as follows: