09:37     MB-HSBC @EC0603<04919> - Announcement (2)                           

    Prospective purchasers of Warrants should be aware that the price of      
    Warrants may fall in value as rapidly as they may rise and prospective    
    purchasers should be prepared to sustain a total loss of the purchase     
    price of their Warrants. In choosing to deal in the Warrants a prospective
    purchaser should consider carefully whether the Warrants are suitable for 
    him/her in light of his/her experience, objectives, financial position and
    other relevant circumstances.                                             
                                                                              
    The Issuer has appointed Macquarie Equities (Asia) Limited of 19th Floor, 
    Citic Tower, 1 Tim Mei Avenue, Central, Hong Kong, (Broker ID Number 9599)
    as liquidity provider (the "Liquidity Provider") by responding to requests
    for bid and offer quotes for the purpose of making a market in the        
    Warrants.  A request for a quote may be obtained by calling the telephone 
    number 2823 3788. Prospective purchasers of the Warrants should be aware  
    that such appointment does not guarantee liquidity in the market in the   
    Warrants, further, the Liquidity Provider may be the only market maker for
    the Warrants and the secondary market in the Warrants may therefore be    
    limited.                                                                  
                                                                              
    Based on the Issuer's own calculations and information, implied volatility
    of the Warrants was 13.50%, effective gearing was 12.25x, gearing was 32. 
    60x and premium was 5.83%.                                                
                                                                              
    It should be noted that the above values should not be compared to similar
    information provided by other derivative warrant issuers as different     
    issuers adopt different valuation models.                                 
                                                                              
    The Issuer may enter into discount, commission or fee arrangements with   
    brokers and/or any of its affiliates with respect to the primary and/or   
    secondary market in the Warrants. In respect of the Warrants, the Issuer  
    has entered into arrangements where it will agree to pay commission of up 
    to 1.00% to certain brokers on behalf of clients of the relevant brokers. 
    Such arrangements may result in a benefit to persons buying and selling   
    the Warrants through nominated brokers by reducing the commission that    
    would have been paid directly by such holders of the Warrants.            
                                                                              
    The Issuer is regulated by the Australian Prudential Regulation Authority 
    and is not regulated by any of the bodies referred to in Rules 15A.13(2)  
    or (3) of the Listing Rules.                                              
                                                                              
    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.                                             
                                                                              
    6 May 2005                                                                
    Macquarie Bank Limited