09:59     <02186><02200><02221> - 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:     2186                                                      
    Type:   Call                                                              
    Board Lot:      2,000                                                     
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:        One                            
    Shares: existing issued ordinary H shares of RMB1.00 each of              
            Aluminum Corporation of China Limited                             
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    11 October 2004         HK$5.3100                                         
    4 January 2005          HK$4.9575                                         
    1 April 2005    #       HK$4.8130                                         
    27 June 2005            N/A                                               
                                                                              
    Stock Code:     2200                                                      
    Type:   Call                                                              
    Board Lot:      5,000                                                     
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:        Ten                            
    Shares: Existing issued ordinary shares of HK$0.10 each of                
            China Mobile (Hong Kong) Limited                                  
    Periodic Fixing Dates  Periodic Reference Prices (cumulative to date)##   
    15 October 2004         HK$23.5400                                        
    10 January 2005         HK$24.3200                                        
    07 April 2005   #       HK$24.7000                                        
    04 July 2005            N/A                                               
                                                                              
    Stock Code:     2221                                                      
    Type:   Call                                                              
    Board Lot:      2,000                                                     
    Entitlement:    One Share                                                 
    Number of Warrants per Entitlement:        One                            
    Shares: Existing issued ordinary H shares of RMB1.00 each of              
            Huaneng Power International, Inc                                  
    19 October 2004         HK$6.0900                                         
    11 January 2005         HK$5.8500                                         
    6 April 2005    #       HK$5.8130                                         
    28 June 2005            N/A                                               
    20 September 2005       N/A                                               
    12 December 2005        N/A                                               
    6 March 2006            N/A                                               
    29 May 2006             N/A