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MBL`s Endowment Warrant Report-Outstanding amounts-31/5/2000

Document date:  Thu 25 May 2000
Published:  Thu 25 May 2000 12:50:51
Document No:  209225
Document part:  A
Market Flag:  N
Classification: 

MACQUARIE BANK LIMITED                        2000-05-25  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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Pursuant to an Offering Circular dated 10 October 1997, Macquarie
Bank Limited has issued Endowment Warrants ("PEWEMF") over the
following portfolio of ordinary shares:


STOCK                                                NO. IN PORTFOLIO

Amcor Limited ("AMC")                                       12
Australia & New Zealand Banking Group Ltd ("ANZ")           10
The Broken Hill Proprietary Company Limited ("BHP")          5
Brambles Industries Limited ("BIL")                          3
Boral Limited ("BLD")                                       12.5
Commonwealth Bank Of Australia ("CBA")                       6
Coca-Cola Amatil Limited ("CCL")                             6
Coles Myer Limited ("CML")                                  15
CSR Limited ("CSR")                                         20
Fosters Brewing Group Limited ("FBG")                       38
Lend Lease Limited ("LLC")                                   6
National Australia Bank Limited ("NAB")                      5
The News Corporation Limited ("NCP")                        16
Origin Energy Limited ("ORG")                               12.5
Paperlinx Limited ("PPX")                                    4
Publishing and Broadcasting Limited ("PBL")                 12
Pioneer International Limited ("PNI")                       20
Rio Tinto Limited ("RIO")                                    4
Westpac Banking Group Limited ("WBC")                       12
WMC Limited ("WMC")                                         13
Woolworths Limited ("WOW")                                  24
Woodside Petroleum Limited ("WPL")                           9


In November 1999, Hanson Australia Proprietary Limited ("Hanson"), a
wholly owned subsidiary of Hanson PLC, announced a takeover offer for
the ordinary shares of Pioneer International Limited ("Pioneer"). The
Consideration offered was one Hanson share plus A$35.75 for every ten
Pioneer shares.

On 10 May 2000, it was announced that Hanson had a relevant interest
in 97.83% of the issued ordinary shares of Pioneer, and that Hanson
intended to proceed with compulsory acquisition of the remaining
ordinary shares of Pioneer. Trading of Pioneer shares on ASX ceased
on 19 May 2000.

Clause 4.1(d) of the Terms of Issue of the PEWEMF Portfolio
Endowment Warrants ("Terms of Issue") states that both the cash
component of the Consideration and the value of the Hanson shares
issued to Pioneer shareholders as part of the Consideration for
Pioneer shares are to be treated as a Reduction Amount. The Reckoning
Day for this Reduction Amount will be 31 May 2000.

The value of the Hanson shares is defined by clause 4.2(a) of the
Terms of Issue as the weighted average price (excluding special
sales, overseas sales and option exercises) on the first three days
on which trading takes place. Hanson commenced trading on ASX on 15
May 2000.

The weighted average price for Hanson on the first three days of
trading (15, 16, and 17 May 2000) was $12.337 per share. This gives a
total value for the takeover Consideration of $48.087 per ten Pioneer
shares, or $4.8087 per share. The Portfolio underlying each 1,000
PEWEMFs contained 20 Pioneer shares, so the Reduction Amount will be
$96.174 per 1,000 PEWEMFs, or $0.09617 per PEWEMF.

If you require further information on this matter, please call me on
9237 4042.

R Dixon 
MANAGER EQUITY MARKETS