MBL Endowment Warrant Report

Document date:  Thu 09 Nov 2000
Published:  Thu 09 Nov 2000 16:47:24
Document No:  222652
Document part:  A
Market Flag:  N
Classification:  

MACQUARIE BANK LIMITED                        2000-11-09  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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ENDOWMENT WARRANTS - OUTSTANDING AMOUNTS AS AT 31 OCTOBER 2000

Pursuant to an Offering Circular dated 10 October 2000, Macquarie
Bank Limited has issued Endowment Warrants over the following
portfolio of ordinary shares:

                                                NUMBER IN
STOCK                                           PORTFOLIO

AMP Limited ("AMP")                                  6
Australia & New Zealand Banking Group Ltd ("ANZ")    7
The Broken Hill Proprietary Company Limited ("BHP")  5
Brambles Industries Limited ("BIL")                  2
Commonwealth Bank Of Australia ("CBA")               4
Coles Myer Limited ("CML")                          14
CSL Limited ("CSL")                                  3
Cable and Wireless Optus Limited ("CWO")            23
Fosters Brewing Group Limited ("FBG")               25
Lend Lease Limited ("LLC")                           5
National Australia Bank Limited ("NAB")              4
The News Corporation Limited ("NCP")                 4
Publishing and Broadcasting Limited ("PBL")          7
Rio Tinto Limited ("RIO")                            4
Telstra Corporation Limited("TLS")                  16
Westpac Banking Group Limited ("WBC")                8
WMC Limited ("WMC")                                 12
Woolworths Limited ("WOW")                          15
Woodside Petroleum Limited ("WPL")                   7
Westfield Holdings Limited ("WSF")                   8

As Warrant-Issuer, Macquarie Bank Limited provides the following
information in relation to the period ending 31 October 2000.

These warrants have been adjusted due to a Scheme of Arrangement by
BHP under which they floated the long steel products division, after
receiving shareholder and court approval.

On 31 August 2000 BHP announced its intention to float its steel long
products business via a Capital Reduction and Scheme of Arrangement.

Under the terms of the Capital Reduction the share capital of each
fully paid BHP share was reduced by $0.66. Under the Scheme of
Arrangement, the proceeds of the Capital Reduction were compulsorily
applied to the transfer of OneSteel Limited ("OneSteel") shares to
holders of fully paid BHP shares in the ratio of one OneSteel share
for every four fully paid BHP shares held.

The scheme received shareholder approval on 17 October 2000 and court
approval on 18 October 2000.

Clause 4.1 of the Terms of Issue of the Endowment Warrants state that
the cash return of capital proposed by BHP under the scheme is to be
treated as a Reduction Amount.

The value of the Reduction Amount that has been applied to the
Outstanding Amount of the Portfolio Endowment Warrants is one quarter
of the value of the OneSteel shares multiplied by the number of BHP
shares in the Portfolio. The value of the OneSteel shares is defined
as their weighted average price, in accordance with clause 4.2(a)
terms of the Offering Circular.

The Reduction Amount applied to the Outstanding Amount is shown in
the table below.

The number of BHP shares in the underlying parcel for this Endowment
Warrant is unaffected by this scheme.

For the period from 1 October 2000 to 31 October 2000, the following
Reduction Amounts were paid in respect of the shares in the Portfolio

ASX SHARE  DIVIDEND PER     PAYMENT DATE  NUMBER IN     REDUCTION
CODE          SHARE                       PORTFOLIO     AMOUNT

AMP           $0.230        25 Oct 2000   6             $1.38
BHP           $0.243        31 Oct 2000   5             $1.22
BIL           $0.410        12 Oct 2000   2             $0.82
CSL           $0.150        12 Oct 2000   3             $0.45
NCP           $0.015        18 Oct 2000   4             $0.06
TLS           $0.100        27 Oct 2000   16            $1.60
WOW           $0.130         5 Oct 2000   15            $1.95

Total                                                 $7.4756

As at 31 October 2000, the Outstanding Amount of each Portfolio
Endowment Warrant (and for the Specified Number of 1,000) was as
follows:

NUMBER OF     WARRANT       REDUCTION     REDUCTION     OUTSTANDING
WARRANTS      CODE          DATE          AMOUNT        AMOUNT

1,000         PEWEMI        31 Oct 2000   $7.4756       $1,098.58
1             PEWEMI        31 Oct 2000   $0.007476     $1.09858

In accordance with Page 50 of the Offering Circular dated 5 October
1999, the Base Rate that will apply to all series of Endowment
Warrants issued by Macquarie Bank Limited, pursuant to that Offering
Circular, from 3 October 2000 until and including 2 January 2001 is
6.5367% per annum.

If you require further information on this matter, please call me on
8232 4042.

R Dixon
MANAGER
EQUITY MARKETS
MACQUARIE BANK LIMITED