10:05     <09071><09104><09109><09124> - Announcement (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:     9071                                                      
    Type:   Call                                                              
    Board Lot:      2,000                                                     
    Entitlement:    One Share per Warrant                                     
    Shares: Existing issued ordinary shares of HK$0.10 each of                
                                                                              
            China Unicom Limited                                              
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    13 September 2004       HK$6.0100                                         
    13 December 2004        HK$6.0350                                         
    14 March 2005   #       HK$6.3400                                         
    13 June 2005            N/A                                               
                                                                              
    Stock Code:     9104                                                      
    Type:   Call                                                              
    Board Lot:      20,000                                                    
    Entitlement:    One Share per Ten Warrants                                
            China Merchants Holdings (International) Company                  
            Limited                                                           
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    6 September 2004        HK$11.9500                                        
    10 December 2004        HK$12.5600                                        
    16 March 2005   #       HK$13.6667                                        
    20 June 2005            N/A                                               
    26 September 2005       N/A                                               
    29 December 2005        N/A                                               
                                                                              
    Stock Code:     9109                                                      
    Type:   Call                                                              
    Board Lot:      20,000                                                    
    Entitlement:    One Share per Ten Warrants                                
    Shares: Existing issued ordinary shares of HK$0.10 each of                
             COSCO Pacific Limited                                            
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    6 September 2004        HK$11.7600                                        
    10 December 2004        HK$13.1750                                        
    16 March 2005   #       HK$14.5767                                        
    20 June 2005            N/A                                               
    26 September 2005       N/A                                               
    29 December 2005        N/A                                               
                                                                              
    Stock Code:     9124                                                      
    Type:   Call                                                              
    Board Lot:      10,000                                                    
    Entitlement:    One Share per Ten Warrants                                
    Shares: Existing issued ordinary shares of HK$0.10 each of Shanghai       
    Industrial Holdings Limited                                               
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    6 September 2004        HK$14.2700                                        
    9 December 2004         HK$14.9950                                        
    14 March 2005   #       HK$15.7167                                        
    16 June 2005            N/A