09:26 <09113>, <09756>, <09123>, <04664> & <09791>-Announcement(1) The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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. MACQUARIE BANK LIMITED (ABN 46 008 583 542) (incorporated under the laws of Australia) Notice of Expiry relating to the following warrants (the "Warrants"): Stock Code 9113 9756 9123 4664 9791 Company PCCW Limited CNOOC Limited Huaneng Power International, Inc. PCCW Limited PetroChina Company Limited Shares Existing issued ordinary shares of HK$0.25 each of the Company Existing issued ordinary shares of HK$0.02 each of the Company Existing issued ordinary H shares of RMB1.00 each of the Company Existing issued ordinary shares of HK$0.25 each of the Company Existing issued ordinary H shares of RMB1.00 each of the Company Type Average Return Call Average Return Call Average Return Call Call Average Return Call Issue Size 188,000,000 300,000,000 100,000,000 200,000,000 300,000,000 Expiry Date 2 June 2005 3 June 2005 3 June 2005 3 June 2005 3 June 2005 Exercise Price HK$5.68 per Warrant HK$3.68 per Warrant HK$7.68 per Warrant HK$4.88 per Warrant HK$4.00 per Warrant Board Lot 1,000 1,000 2,000 1,000 2,000 Entitlement Ratio One Share per Warrant One Share per Warrant One Share per Warrant One Share per Warrant One Share per Warrant Periodic Fixing Dates 1 September 20041 December 20042 March 20052 June 2005 3 September 20043 December 20044 March 20053 June 2005 2 September 20042 December 20043 March 20053 June 2005 Not applicable 3 September 20043 December 20044 March 20053 June 2005 Last Trading Date 27 May 2005 30 May 2005 30 May 2005 30 May 2005 30 May 2005 Closing prices of the Warrants as of 20 May 2005 HK$0.010 HK$0.495 HK$0.18 HK$0.019 HK$0.50 Closing prices of the Shares as of 20 May 2005 HK$4.725 HK$4.225 HK$5.60 HK$4.725 HK$4.85 Macquarie Bank Limited (the "Issuer") would like to remind holders of the Warrants that under the terms and conditions of the Warrants (the " Conditions"), the Warrants will expire at 10:00 a.m. (Hong Kong time) on the Expiry Date. Each Warrant will automatically be exercised at 10:00 a. m. (Hong Kong time) on the Expiry Date without notice being given to the holders of the Warrants if the Cash Settlement Amount (defined below) is greater than zero. Unless automatically exercised, the Warrants will expire immediately after the Expiry Date and all rights of the holders of Warrants and obligations of the Issuer shall cease. Warrants may only be exercised in a Board Lot or integral multiples thereof. The Warrants are European Style and exercisable only on the Expiry Date. The Warrants are in global registered form. No registrar has been appointed. Every Board Lot gives the holder thereof the right to receive from the Issuer on exercise an amount in Hong Kong dollars (the "Cash Settlement Amount") calculated by the Issuer as set out below: In respect of Stock Codes 9113, 9756, 9123 and 9791, Cash Settlement Amount per Board Lot = (Sum of the Periodic Reference Prices - Exercise Price) x One Board Lot ------------------------------------- ---------------- Number of Periodic Fixing Dates Number of Warrants per Entitlement (such number of Warrants per Share) In respect of Stock Code 4664, Cash Settlement Amount per Board Lot = (Average Price - Exercise Price ) x One Board Lot Entitlement x ------------------------------------------------- Number of Warrants per Entitlement "Average Price" shall be the arithmetic mean of the closing prices of one Share (as derived from the Daily Quotation Sheet of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), subject to any adjustments (as determined by the Issuer in accordance with the Conditions) to such closing prices as may be necessary to reflect any capitalisation, rights issue, distribution or the like) for each of the 5 Valuation Dates (as defined in the Conditions) prior to expiry. "Periodic Reference Price" means, in respect of each Periodic Fixing Date, the arithmetic mean of the closing prices of one Share (as derived from the Daily Quotation Sheet of the Stock Exchange, subject to any adjustments (as determined by the Issuer in accordance with the Conditions) to such closing prices as may be necessary to reflect any capitalisation, rights issue, distribution or the like) for each of the 5 Valuation Dates prior to such Periodic Fixing Date.