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MBL Endowment Warrant Report

Document date:  Thu 09 Nov 2000
Published:  Thu 09 Nov 2000 17:06:56
Document No:  222630
Document part:  A
Market Flag:  N
Classification: 

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

HOMEX - Sydney                                                        

+++++++++++++++++++++++++
Pursuant to an Offering Circular dated 10 October 1998, Macquarie
Bank Limited has issued Endowment Warrants over the following
portfolio of ordinary shares:
                                                    NUMBER IN
STOCK                                               PORTFOLIO 

AMP Limited ("AMP")                                     5
Australia & New Zealand Banking Group Ltd ("ANZ")      12 
AXA Asia Pacific Holdings Limited ("AXA")              32 
The Broken Hill Proprietary Company Limited ("BHP")     8 
Brambles Industries Limited ("BEL")                     3 
Commonwealth Bank Of Australia ("CBA")                  5 
Coca-Cola Amatil Limited ("CCL")                       23 
Coles Myer Limited ("CMU)                              14 
Fosters Brewing Group Limited ("FBG")                  28
Lend Lease Limited ("LLC")                              6
National Australia Bank Limited ("NAB")                 5 
The News Corporation Limited ("NCP")                    9 
Rio Tinto Limited ("RIO")                               5 
St George Bank Limited ("SGB")                          9 
Telstra Corporation Limited("TLS")                     16 
Westpac Banking Group Limited ("WBC")                  11
WMC Limited ("WMC")                                    19 
Woolworths Limited ("WOW")                             17 
Woodside Petroleum Limited ("WPL")                     11

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

AMP            $0.230       25 Oct 2000          5           $1.15 
BHP            $0.243       31 Oct 2000          8           $1.95 
BIL            $0.410       12 Oct 2000          3           $1.23 
CBA            $0.720       09 Oct 2000          5           $3.60 
NCP            $0.015       18 Oct 2000          9           $0.14 
TLS            $0.100       27 Oct 2000         16           $1.60 
WOW            $O.130       05 Oct 2000         17           $2.21  

Total                                                     $11.8700

As at 1 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         PEWEMG     31 Oct 2000    $11.8700      $1,019.374 
    1         PEWEMG     31 Oct 2000    $0.01187        $1.01937

In accordance with Page 52 of the Offering Circular dated 10 October
1998, 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