09:55     MBHLAND@XC0506A<09075> - Announcement                               

    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:     9075                                                      
    Type:   Call                                                              
    Board Lot:      10,000                                                    
    Entitlement:    One Share per Ten Warrants                                
    Shares: Existing issued ordinary shares of HK$2.00 each of                
            Henderson Land Development Company Limited                        
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    28 September 2004       HK$37.720                                         
    28 December 2004        HK$39.020                                         
    29 March 2005   #       HK$37.660                                         
    28 June 2005            N/A                                               
                                                                              
    # Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the Periodic   
    Reference Price in respect of that day or the sum of the Periodic         
    Reference                                                                 
    Prices 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:       
                                                                              
    Cash Settlement Amount per Board Lot =                                    
    (Sum of the Periodic Reference Prices/Number of Periodic Fixing Dates     
     - Exercise Price)  x One Board Lot/Number of Warrants per Entitlement    
    (such number of Warrants per Share)                                       
                                                                              
    Investors should note that the calculation of the Cash Settlement Amount  
    takes into account the Periodic Reference Price at each Periodic Fixing   
    Date.  The average of all the Periodic Reference Prices is then compared  
    with the Exercise Price before the Cash Settlement Amount is determined.  
    The Cash Settlement Amount of each series of Warrants will not be the     
    same as the relevant Periodic Reference Price set out above.              
                                                                              
    * Investors should note that the description "Average Return" refers to   
    the calculation of the return on the Warrants only; the return of the     
    Average Return Warrants is calculated by reference to the average of the  
    Periodic Reference Prices, that is, by reference to the sum of the        
    Periodic Reference Prices divided by the number of the Periodic Fixing    
    Dates; if the average of the Periodic Reference Prices is less than the   
    Exercise Price on the Expiry Date, the Warrants will expire worthless     
    and the holders of the Warrants will lose all their investment.           
                                                                              
    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                                                    
                                                                              
    1 April 2005