51LR Westpac B Frn29

    Westpactrust Securities NZ Ld

As Agent Bank, please be advised of the following rate determined on:
07-May-2004

Issue               : WestpacTrust Securities NZ Ltd - Series 306
                      NZD $158,000,000 (MTN) FRN due 7 Nov 2007
ISIN Number         : XS0157551994
Issue Nomin     NZD : 158,000,000.00
Period              : 07-May-2004 to 09-Aug-2004      Payment Date 09-Aug-2004
Number of Days      : 94
Rate                : 5.974
Denomination    NZ  : 500,000.00

Amount Payable 
per Denomination    : 7,671.53

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438

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