51LR Westpac B Frn29

    Westpactrust Securities NZ Ld

As Agent Bank, please be advised of the following rate determined on: 08-Nov-2004

Issue               : Westpac Trust Securities NZ Limited - Series 306
                      NZD 158,000,000 FRN Due 7 Nov 2007
ISIN Number         : XS0157551994
Common Code/
144A ISIN           : 15755199
Issue Nomin     NZD : 158,000,000.00
Period              : 08-Nov-2004 to 07-Feb-2005      Payment Date 07-Feb-2005
Number of Days      : 91
Rate                : 6.87
Denomination    NZ  : 500,000.00
Amount Payable 
per Denomination    : 8,550.08

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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