09:33     <04987>, <04988> & <04989> - Announcement (3)                       

                                                                              
    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.                                             
                                                                              
                                                                              
    30 May 2005                                                               
    Macquarie Bank Limited