08:57     MB-PCCWL@EC0512<04954> - New Listing                                

    Market participants are requested to note that dealings in the            
    2005 European Style Call Warrants (Cash Settled) relating to              
    existing issued ordinary shares of HK$0.25 each of PCCW Limited           
    issued by Macquarie Bank Limited will commence at 9:30 a.m.               
    today (19/05/2005) under the following particulars:-                      
                                                                              
                                                                              
    Stock Code      Stock Short Name        Board Lot                         
    ----------      ----------------        ---------                         
    4954            MB-PCCWL@EC0512         1,000 units