09:29 <04538>,<04539> & <04541> - Announcement 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 4538 4539 4541 Index Hang Seng Index Hang Seng Index Hang Seng Index Type Call Call Put Issue Size 888,000,000 888,000,000 888,000,000 Expiry Date 30 March 2005 30 March 2005 30 March 2005 Strike Level 13,600 14,000 13,800 Board Lot 10,000 10,000 10,000 Entitlement Ratio 4,350 Warrants for one Index 3,750 Warrants for one Index 6,350 Warrants for one Index Last Trading Date 22 March 2005 22 March 2005 22 March 2005 Closing prices of the Warrants as of 14 March 2005 HK$0.064 HK$0.019 HK$0.024 Closing level of the Index as of 14 March 2005 13,906.85 13,906.85 13,906.85 In/Out of the Money as of 14 March 2005 based on the Strike Level 2 .26% In the money 0.67% Out of the money 0.77% Out of the money Macquarie Bank Limited (the "Issuer") would like to remind holders of 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 the Cash Settlement Amount calculated by the Issuer as set out below: (1) In respect of the Call Warrants: (Closing Level - Strike Level) x HK$1.00 x 10,000 Cash Settlement Amount = _________________________________________ per Board Lot No. of Warrants per Entitlement (2) In respect of the Put Warrants: (Strike Level - Closing Level) x HK$1.00 x10,000 Cash Settlement Amount = ________________________________________ per Board Lot No. of Warrants per Entitlement "Closing Level" shall mean the final settlement price (the "Final Settlement Price") for settling the Hang Seng Index March 2005 Futures Contracts determined pursuant to Regulation 012 of the Regulations for trading Stock Index Futures and the Contract Specifications for Hang Seng Index Futures Contracts (as amended from time to time) of the Hong Kong Futures Exchange. Regulation 012 is as follows: "012. The Final Settlement Price of a Stock Index Futures Contract shall be a number determined by the Clearing House in accordance with the Contract Specifications." The Cash Settlement Amount shall be despatched no later than three Business Days following the last Valuation Date (as defined in the Conditions). The Issuer has made the following arrangements regarding dealings in and transfers and exercise of the Warrants: 1 Warrantholder should not be required to lodge any exercise notice if the Cash Settlement Amount is positive as the Warrants shall be automatically exercised. 2 Application will be made for the listing of the Warrants on the Stock Exchange to be withdrawn with effect from the close of business on the Expiry Date. The Issuer does not carry on banking business in Hong Kong. It is not an Authorised Institution under the Banking Ordinance (Chapter 155 of the Laws of Hong Kong) and therefore is not subject to the supervision of the Hong Kong Monetary Authority. Macquarie Bank Limited 15 March 2005