This document includes particulars given in compliance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the
“Rules”) for the purpose of giving information with regard to the Issuer. The Issuer accepts full responsibility for the accuracy of the information contained in
the Listing Documents (as defined below) and confirm, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts
the omission of which would make any statement in the Listing Documents misleading.

Investors are warned that the price of the Warrants may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment.
Prospective purchasers should therefore ensure that they understand the nature of the Warrants and carefully study the risk factors set out in this document
and, where necessary, seek professional advice, before they invest in the Warrants.
The Warrants constitute general unsecured contractual obligations of the Issuer and of no other person and if you purchase the Warrants, you are relying upon
creditworthiness of the Issuer and have no rights under the Warrants against the company which has issued the underlying securities.
Supplemental Listing Document for Warrants
issued by
Macquarie Bank Limited (“Issuer”)
(ABN 46 008 583 542)
(incorporated under the laws of Australia)
Sponsor
Macquarie Equities (Asia) Limited
Key terms
Warrants Series 1 Series 2 Series 3 Series 4 Series 5
Stock Code 1595 1596 1597 1598 1599
Issue size 388,000,000 200,000,000 388,000,000 388,000,000 400,000,000
Style European style
cash settled
European style
cash settled
European style
cash settled
European style
cash settled
European style
cash settled
Type Call Call Call Call Call
Company China Merchants
Bank Co., Ltd.
China Telecom
Corporation
Limited
Hang Seng
Bank Limited
Bank of China
Limited
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 shares of
HK$5.00 each
Existing issued
ordinary H shares
of RMB1.00 each
Existing issued
ordinary H shares
of RMB1.00 each
Board Lot 5,000 Warrants 2,000 Warrants 10,000 Warrants 1,000 Warrants 1,000 Warrants
Issue Price per Warrant
(HK$)
0.422 1.011 0.255 0.531 0.405

Exercise Price (HK$) 45.000 7.500 160.000 5.500 6.000
Entitlement (applicable to
all series)
One Share, subject to adjustment in accordance with Product Condition 4.
Number of Warrants per
Entitlement
Ten One One Hundred One One

Entitlement x (Average Price - Exercise Price) x one Board Lot

Cash Settlement Amount
per Board Lot (if any)
payable at expiry
(applicable to all series)

Number of Warrants per Entitlement

Average Price (applicable to
all series)
The arithmetic mean of the closing prices of one Share for each of the 5 Valuation Dates subject to our right
to determine such closing prices in good faith in certain circumstances upon the occurrence of a Market
Disruption Event, as described further in Product Condition 1.
Launch Date 12 October 2007 12 October 2007 12 October 2007 12 October 2007 12 October 2007
Issue Date 18 October 2007 18 October 2007 18 October 2007 18 October 2007 18 October 2007
Listing date (“Dealing
Commencement Date”)
22 October 2007 22 October 2007 22 October 2007 22 October 2007 22 October 2007
Valuation Date (applicable
to all series)
Each of the five Business Days immediately preceding the relevant Expiry Date subject to any potential
postponement upon the occurrence of a Market Disruption Event, provided that no Valuation Date can fall
on or after the Expiry Date, please see Product Condition 1 for details.
Expiry Date 27 June 2008 30 July 2008 30 December 2008 27 June 2008 27 June 2008
Maximum number of
Shares to which the
Warrants relate
38,800,000 200,000,000 3,880,000 388,000,000 400,000,000

If such day is not a Business Day (as defined in Product Condition 1) in Hong Kong, the immediately succeeding Business Day.
You must read the above together with our base listing document dated 30 May 2007, in particular, the sections headed “General Conditions of
Structured Products” (“General Conditions”) and “Product Conditions of Cash Settled Warrants over Single Equities” (“Product Conditions”)
(General Conditions and Product Conditions are together, the “Conditions”) set out in Appendix 1 and Part A of Appendix 2, respectively.
18 October 2007

2
IMPORTANT INFORMATION

What is this document about?
This document is for information purposes only and does not
constitute an offer, an advertisement or invitation to the public to
subscribe for or to acquire the Warrants.
It is possible that there may have been dealings in the Warrants since
the Launch Date.
What documents should I read before investing in the
Warrants?
You must read:
(a) this document; and
(b) our base listing document dated 30 May 2007,
(together, “Listing Documents”). The Listing Documents are
accurate as at the date of this document. You should carefully study
the risk factors set out in the Listing Documents.
Terms used in this document apply to each series of Warrants
described on the cover page.
What are our credit ratings?
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+
Are we regulated by any bodies referred to in Rule 15A.13(2) or
(3) of the Listing Rules?
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.
Are we subject to any litigation?
Save as disclosed in the Listing Documents, we and our subsidiaries
are not aware of any litigation or claims of material importance
pending or threatened against us or them.
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.
.
If you
purchase the Warrants, you are relying upon our creditworthiness
and have no rights under the Warrants against the Company.
Has our financial position changed since last financial year-end?
There has been no material adverse change in our financial or
trading position since 31 March 2007.
Do I need to pay any transaction cost?
005 per cent. and the
Securities and Futures Commission charges a transaction levy of
0.004 per cent. in respect of each transaction effected on the Stock
Exchange payable by each of the seller and the buyer and calculated
on the value of the consideration for the Warrants. The levy for the
investor compensation fund is currently suspended. You do not
need to pay any stamp duty in respect of the Warrants.
Where can I inspect the relevant documents?
The following documents are available for inspection during usual
business hours on any weekday (Saturdays, Sundays and holidays
excepted) until the relevant Expiry Date at the offices of Macquarie
Equities (Asia) Limited at 19th Floor, CITIC Tower, 1 Tim Mei
Avenue, Central, Hong Kong:
(a) our annual financial statements for the year ended 31
March 2007 and auditors report;
(b) consent letter of PricewaterhouseCoopers
(“Auditors”);
(c) each of the Listing Documents (in separate English and
Chinese versions); and
(d) the instrument executed by us by way of deed poll on 30
May 2006.
The Listing Documents are also available on the website of the
Stock Exchange at www.hkex.com.hk and our website at
www.warrants.com.hk.
各上市文件亦可於聯交所網站(www.hkex.com.hk) 及我們的網站
(www.warrants.com.hk) 瀏覽。
Have the auditors consented to the inclusion of their report to
the Listing Documents?
The Auditors have given and have not withdrawn their written
consents to the inclusion of their report dated 14 May 2007 in our
base listing document and/or the references to their names in the
Listing Documents, in the form and context in which they are
included. Their report was not prepared exclusively for
incorporation into our base listing document. The Auditors do not
hold our shares or shares in our subsidiaries, nor do they have the
right (whether legally enforceable or not) to subscribe for or to
nominate persons to subscribe for our securities or securities of any
of our subsidiaries.
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).
The offer or transfer of the Warrants is also subject to the selling
restrictions specified in our base listing document.
How can I get information about Macquarie Bank Limited
You may visit www.macquarie.com to obtain information about us.

You must read the section headed “Additional information relating
to us” which contains further information relating to us. That
section supplements the information set out in our base listing
document.

3
OVERVIEW OF WARRANTS

What is a derivative warrant?
A derivative warrant is an instrument which gives the holder a
right to “buy” or “sell” an underlying asset at a pre-set price
called the exercise price on the expiry date. Investing in
derivative warrants does not give you a right in the underlying
asset.
Derivative warrants usually cost a fraction of the price of the
underlying asset and may provide leveraged return to you (but
conversely, it could also magnify your losses).
How and when can I get back my investment?
The Warrants are European style cash settled derivative
warrants linked to the underlying Shares. European style
warrants can only be exercised at expiry. The Warrants will be
automatically exercised on the Expiry Date, entitling the holder
to a cash amount called the “Cash Settlement Amount” (if
positive) according to the Conditions.
You will receive the Cash Settlement Amount less any
Exercise Expenses at expiry. If the Cash Settlement Amount is
equal to or less than the Exercise Expenses, the Warrants will
expire worthless on the Expiry Date.
How do the Warrants work?
The potential payoff at expiry for the Warrants is calculated by
us by reference to the difference between the Exercise Price
and the Average Price of the underlying Shares.
A call Warrant is suitable for an investor holding a bullish view
of the price of the underlying Shares during the term of the
Warrant.
A call Warrant will be exercised if the Average Price of the
underlying Shares is greater than its Exercise Price. The more
the Average Price is above the Exercise Price, the higher the
payoff at expiry. If the Average Price is at or below the
Exercise Price, the investor in the call Warrant will lose all of
his investment.
What are the factors determining the price of a derivative
warrant?
The price of a warrant generally depends on the price of the
underlying shares. However, throughout the term of the
warrants, their price will be influenced by a number of factors,
including:

• the price of the underlying shares and the exercise
price of the warrants;
• the volatility of the price of the underlying shares
(being a measure of the fluctuation in the price of the
underlying shares);
• the time remaining to expiry: a warrant is more
valuable the longer the remaining life of the warrants;
• interest rates;

• expected dividend payments on the underlying
shares; and
• the supply and demand for the warrants.
What is my maximum loss and return?
The maximum loss in warrants will be limited to your
investment amount plus any transaction cost.
Your potential return depends largely on the performance
on the underlying shares.
Can I sell the Warrants before maturity?
Yes. We have made an application for listing of, and
permission to deal in, the Warrants on the Stock Exchange.
All necessary arrangements have been made to enable the
Warrants to be admitted into the Central Clearing and
Settlement System (“CCASS”). Issue of the Warrants is
conditional upon listing being granted. From the Dealing
Commencement Date, you may sell or buy the Warrants on
the Stock Exchange.
The Liquidity Provider will make a market in the Warrants
by providing bid and/or sell prices. See “Liquidity” on
page 4 for further information.
How can I get information about the underlying
Shares?
You may obtain information on the underlying Shares
(including the Company’s financial reports) by visiting the
Stock Exchange website at www.hkex.com.hk or the
relevant Company’s website at:
Company website
China Merchants
Bank Co., Ltd.
http://www.cmbchina.com
China Telecom
Corporation Limited
http://www.chinatelecom-h.com
Hang Seng Bank Limited http://www.hangseng.com
Bank of China Limited http://www.boc.cn
How can I get information about the Warrants after
issue?
You may visit the Stock Exchange website at
www.hkex.com.hk to obtain any notice given by us or the
Stock Exchange in relation to the Warrants.
We have included references to websites in this document
to indicate how further information may be obtained.
Information appearing on those websites does not form
part of the Listing Documents. You should conduct your
own web searches to ensure that you are viewing the most
up-to-date information.

4
ISSUE DETAILS, LIQUIDITY AND SETTLEMENT

You must read this summary together with our base listing document, in particular, the Conditions.
Issue details
Form of the Warrants Each series of the Warrants will be represented by a global certificate in the name
of HKSCC Nominees Limited. We will not issue definitive certificates for the
Warrants. You may arrange for your broker to hold the Warrants in a securities
account on your behalf, or if you have a CCASS Investor Participant securities
account, you may arrange for the Warrants to be held in such account. You will
have to rely on the records of CCASS and/or the statements you receive from your
brokers as evidence of your beneficial interest in the Warrants.
Stock Exchange The Stock Exchange of Hong Kong Limited. No application has been made to list
the Warrants on any other exchange.
Liquidity
Liquidity Provider Macquarie Equities (Asia) Limited (in respect of Series 1 and 2: broker ID number
9589 ; in respect of Series 3: broker ID number 9557; in respect of Series 4 and 5:
broker ID number 9531). The Liquidity Provider is our wholly owned subsidiary
and is regulated by the Stock Exchange and the Securities and Futures
Commission. It will act as our agent in providing quotes.
Quotes You can request a quote by calling the Liquidity Provider at:
telephone number:+852 2823 3788.
The Liquidity Provider will respond within 2 minutes and the quote will be
displayed on the Stock Exchange’s designated stock page for the Warrants.
Maximum spread between bid and
offer prices
Ten spreads or $0.10, whichever is the greater
Factors for determining the bid and
offer prices
The Liquidity Provider will consider factors, including, without limitation, the
price of the underlying Shares, dividend expectations, expected volatility,
prevailing interest rates and the time left to the expiry of the Warrants.
Minimum quantity for which
liquidity will be provided
Ten Board Lots
Circumstances under which the
Liquidity Provider may not be able
to, and shall not be obliged to,
provide liquidity
(i) during the first five minutes of each morning trading session or the first five
minutes after trading commences for the first time;
(ii) when the Warrants are suspended from trading for any reason;
(iii) when there are no Warrants available for market making, in which event, only
a bid price will be available. Warrants held by us or any of our affiliates in a
fiduciary or agency capacity are not Warrants available for market making;
(iv) during the 5 Business Days immediately preceding the Expiry Date;
(v) when operational and technical problems affecting the market making
activities arise;
(vi) if the stock market experiences exceptional price movement and volatility;

5
(vii) if a market disruption event occurs;
(viii) when the ability of the Liquidity Provider acting on our behalf to source a
hedge or unwind an existing hedge is materially affected by the prevailing
market condition; and
(ix) if the theoretical value of the Warrants is less than HK$0.01.
Settlement
Settlement date upon a transfer The Warrants may only be transferred in a Board Lot (or integral multiples
thereof). Where a transfer of Warrants takes place on the Stock Exchange,
settlement must currently be made not later than two trading days.
Exercise The Warrants will be automatically exercised on the Expiry Date in integral
multiples of the Board Lot if the Cash Settlement Amount is positive; otherwise,
you will lose all of your investment. We will deliver the Cash Settlement Amount
(if any) net of any Exercise Expenses to HKSCC Nominees Limited, which will
then distribute such amount to the securities account of your broker or to your
CCASS Investor Participant securities account (as the case may be).
Exercise Expenses You are responsible for any Exercise Expenses. Exercise Expenses mean any
charges or expenses including any taxes or duties which are incurred in respect of
the exercise of the Warrants. If the Cash Settlement Amount is equal to or less
than the Exercise Expenses, no amount is payable.
Settlement Date upon automatic
exercise at expiry
Within 3 Business Days after the Expiry Date.

6
RISK FACTORS

You must read these risk factors together with the risk factors set out in our base listing document.

Warrants may expire worthless

Although the cost of a Warrant may cost a fraction of the
value of the underlying Shares, the Warrant’s price may
change more rapidly than the underlying Shares.

Unlike stocks, the Warrants have a limited life and will
expire at the Expiry Date. In the worst case, the Warrants
may expire with no value. The Warrants are only suitable
for experienced investors who have a positive view on the
performance of the underlying Shares during the term of the
Warrants and are willing to accept the risk that they may
lose all their investment.

The Warrants can be volatile

Prices of the Warrants may rise or fall rapidly. You should
carefully consider, among other things, the following factors
before dealing in the Warrants:

(i) the prevailing trading price of the Warrants;
(ii) the value and volatility of the underlying Shares;
(iii) the time remaining to expiry;
(iv) the probable range of the Cash Settlement Amount;
(v) the interim interest rates and expected dividend
payments on the underlying Shares;
(vi) the liquidity of the underlying Shares;
(vii) any related transaction cost; and
(viii) our creditworthiness.

Time decay

The value of a Warrant is likely to decrease over time.
Therefore, the Warrants should not be viewed as products
for long term investments.

There is no assurance that the value of the Warrants will
correlate with movements of the underlying Shares

The value of the Warrants may not correspond with the
movements in the price of the underlying Shares. If you buy
the Warrants with a view to hedge against your exposure to
that underlying Shares, it is possible that you could suffer
loss in your investment in the underlying Shares and the
Warrants.

The Listing Documents are not the sole basis for making
an investment decision

The Listing Documents do not take into account your
investment objectives, financial situation or particular needs.
Nothing in the Listing Documents should be construed as a
recommendation by us or our affiliates to invest in the
Warrants or the underlying Shares.

Adjustment related risk

The occurrence of certain events (including, without
limitation, a rights issue or bonus issue by the Company, a
subdivision or consolidation of the underlying Shares and a
restructuring event of the Company) may entitle us to adjust
the Conditions. However, we are not obliged to adjust the
Conditions for every event that affects the underlying
Shares. Any adjustment or decision not to make any
adjustment may adversely affect the value of the Warrants.
See Product Condition 4 for details about such adjustments.

Possible limited secondary market

The Liquidity Provider may be the only market participant
for the Warrants and therefore the secondary market for the
Warrants may be limited. The more limited the secondary
market, the more difficult it may be for you to realise the
value in the Warrants prior to expiry.

Suspension of trading

If trading in the underlying Shares is suspended on the Stock
Exchange, trading in the Warrants will be suspended for a
similar period.

Possible early termination

The Warrants will be terminated early in the event of
liquidation of the Company.

Conflict of interest

We and our subsidiaries and affiliates engage in a wide
range of commercial and investment banking, brokerage,
funds management, hedging, investment and other activities
and may possess material information about the underlying
Shares. Such activities and/or information may involve or
affect the underlying Shares and may cause consequences
adverse to you or otherwise create conflicts of interest in
connection with the issue of the Warrants. We have no
obligation to disclose such information and may engage in
any such activities without regard to the issue of the
Warrants.

In the ordinary course of our business, we and our
subsidiaries and affiliates may effect transactions for our
own account or for the account of our customers and may
enter into one or more transactions with respect to the
underlying Shares or related derivatives. This may
indirectly affect your interests.

7
ADDITIONAL INFORMATION ABOUT US

Non-Operating Holding Company (NOHC) update

We have announced our proposal to establish a non-operating holding company (“NOHC”) – Macquarie Group
Limited - holding both the banking and non-banking businesses. The proposal is in response to the changing
regulatory environment and is intended to provide future flexibility to deliver shareholder value. A major driver
for establishing a NOHC is to continue growth in our businesses, particularly our international businesses.
On 20 August 2007, we announced that we had received in-principle approval from the Australian Prudential
Regulation Authority (“APRA”) to establish a NOHC and that we had obtained commitments for a term bank
facility of $A8 billion from a syndicate of major international and Australian banks. On 14 September 2007, we
lodged with the Australian Securities Exchange an Explanatory Memorandum detailing the restructure proposal.
A meeting will be convened on 25 October 2007 for our shareholders and to consider a scheme of arrangement
to effect the proposal.
Under the proposal, Macquarie Group Limited (“MGL”) would be the new ultimate parent company of the
Macquarie group.
MGL would be regulated by APRA as a NOHC and be listed on the Australian Securities Exchange (“ASX”).
Under the schemes of arrangement, our shareholders and optionholders would exchange their shares and options
in us for shares and options in the new MGL. We would become a wholly-owned subsidiary of MGL and remain
a licensed Australian bank.
The structure of Issuer will not be directly impacted by the proposed NOHC. We will continue to be the Issuer
of Warrants. Our ability to perform our obligations under the Warrants will not be affected by the proposed
restructure involving the establishment of the NOHC. Investors should note that the ownership, capital structure
and other financial matters relating to us will change should the proposed establishment of a NOHC proceed.
However, investors’ rights in Warrants will not be affected by the proposed NOHC.

It is currently anticipated that, if approved by our shareholders, the restructure will be implemented on 13
November 2007.

It is anticipated that MGL’s Board and Executive Committee would comprise the same members as those
currently serving on our Board and Executive Committee.

PARTIES

OUR REGISTERED OFFICE

Macquarie Bank Limited
No. 1 Martin Place
Sydney, NSW 2000
Australia

SPONSOR AND LIQUIDITY PROVIDER

Macquarie Equities (Asia) Limited
19th Floor
CITIC Tower
1 Tim Mei Avenue
Central
Hong Kong

LEGAL ADVISORS AS TO HONG KONG LAW

Mallesons Stephen Jaques
37th Floor
Two International Finance Centre
8 Finance Street
Central
Hong Kong

AUDITORS

PricewaterhouseCoopers
Darling Park Tower 2
201 Sussex Street
Sydney, NSW 1171
Australia