1
This announcement appears for information purposes only and does not constitute an invitation or offer to acquire,
purchase or subscribe for the Warrants described below.



Launch Announcement for Warrants
issued by
Macquarie Bank Limited
(ABN 46 008 583 542)
(incorporated under the laws of Australia)
Sponsor
Macquarie Equities (Asia) Limited
Particulars of Warrants
We intend to issue the following Warrants:
Warrants Series 1 Series 2 Series 3 Series 4
Stock Code 4467 4510 4534 4562
Issue size 350,000,000 350,000,000 350,000,000 350,000,000
Type European style
cash settled call
warrants
European style
cash settled call
warrants
European style
cash settled put
warrants
European style
cash settled put
warrants
Company Bank of China
Limited
Industrial and
Commercial Bank
of China Limited
Bank of China
Limited
Industrial and
Commercial Bank
of China Limited
Shares Existing issued
ordinary H shares
of RMB1.00 each
Existing issued
ordinary H shares
of RMB1.00 each
Existing issued
ordinary H shares of
RMB1.00 each
Existing issued
ordinary H shares
of RMB1.00 each
Board Lot 1,000 Warrants 1,000 Warrants 1,000 Warrants 1,000 Warrants
Issue Price per Warrant
(HK$)
0.410 0.612 0.396 0.478

Exercise Price (HK$) 4.200 6.000 3.600 5.000
Launch Date 18 December 2007 18 December 2007 18 December 2007 18 December 2007
Issue Date 24 December 2007 24 December 2007 24 December 2007 24 December 2007
Expected listing date 27 December 2007 27 December 2007 27 December 2007 27 December 2007
Expiry Date 30 July 2008 30 July 2008 30 July 2008 30 July 2008
Entitlement One Share One Share One Share One Share
Number of Warrants per
Entitlement
One One One One
Implied Volatility 45.00% 45.00% 45.00% 45.00%
Effective Gearing 4.45x 4.40x 3.41x 3.60x
Gearing 9.32x 8.99x 9.65x 11.51x
Premium 20.68% 20.22% 16.13% 17.78%
This data may not be comparable to similar information provided by other issuers of derivative warrants.
Each issuer may use different pricing models.

2
How much will you receive on expiry?

You are not required to deliver any exercise notice and the Warrants will be automatically exercised
on the relevant Expiry Date. You will receive a Cash Settlement Amount per Board Lot in Hong
Kong dollars calculated as follows (if positive):

For a series of call Warrants:
Entitlement x (Average Price - Exercise Price) x one Board Lot
Cash Settlement Amount
per Board Lot
=
Number of Warrants per Entitlement

For a series of put Warrants:
Entitlement x (Exercise Price - Average Price) x one Board Lot
Cash Settlement Amount
per Board Lot
=
Number of Warrants per Entitlement

“Average Price” means the arithmetic mean of the closing prices of one Share (as derived from the
Daily Quotation Sheet of the Stock Exchange) for each of the five business days immediately
preceding the relevant Expiry Date, subject to adjustment in accordance with the product
conditions of the Warrants.

Listing of the Warrants

We will make an application to the Stock Exchange for listing of, and permission to deal in, the
Warrants on the Stock Exchange.

Where do you obtain quotes?

You may request to obtain a quote for your Warrants by calling the following telephone number:

Liquidity Provider: Macquarie Equities (Asia) Limited
Broker ID Number: 9589
Address 19th Floor, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong
Telephone number: +852 2823 3788

We do not have any special arrangements in place with any brokers with respect to our Warrants.

Where can you inspect the relevant documents?

The following documents (“Listing Documents”), each in separate English and Chinese versions,
are available for inspection until the relevant Expiry Date at 19th Floor, CITIC Tower, 1 Tim Mei
Avenue, Central, Hong Kong:

1 our base listing document dated 30 May 2007;
2 the addendum dated 13 November 2007; and
3 the supplemental listing document for each series of the Warrants to be dated on or about
24 December 2007.

3

IMPORTANT INFORMATION

Unsecured nature of the Warrants
The issue of the Warrants was authorised by our board of directors on 29 August 2002. The
Warrants constitute our general unsecured contractual obligations and of no other person and
will rank equally among themselves and with all our other unsecured obligations (save for
those obligations preferred by law) upon liquidation. You are relying upon our
creditworthiness and have no rights under the Warrants against any Company.

Macquarie Bank Limited
Our short term and long term credit ratings are:

Rating agency Rating as of the Launch Date
Standard and Poor’s Ratings Group A-1 and A
Moody’s Investors Service, Inc. P-1 and A1
Fitch Ratings Ltd. F1 and A+

We are regulated by, among others, the Australian Prudential Regulation Authority.

Since we do not carry on any banking business in Hong Kong, we are not an authorised
institution under the Banking Ordinance (Cap 155, The Laws of Hong Kong). As a result, we
are not subject to the supervision of the Hong Kong Monetary Authority.

Selling restriction
The Warrants have not been and will not be registered under the United States Securities Act
of 1933, as amended (the “Securities Act”), and will not be offered, sold, delivered or traded,
at any time, indirectly or directly, in the United States or to, or for the account or benefit of,
any U.S. person (as defined in the Securities Act).

Investment risk
The price of the Warrants may fall in value as rapidly as it may rise and you may sustain a
total loss of your investment. If the Cash Settlement Amount is less than or equal to zero, the
Warrants will expire worthless on the relevant Expiry Date.

The Liquidity Provider may be the only market participant for the Warrants. The secondary
market for the Warrants may be limited.

You must:
• carefully study the risk factors set out in the relevant Listing Documents;
• fully understand the potential risks and rewards and independently determine whether
the Warrants are appropriate for you given your objectives, experience, financial and
operational resources, and other relevant circumstances; and
• consult with such advisers as you deem necessary to assist yourself in making these
determinations.

Hong Kong, 19 December 2007