Westpactrust Securities NZ Ld

As Agent Bank, please be advised of the following rate determined on:27-Oct-2003

Issue               : Westpac Trust Securities NZ Limited
                      USD300,000,000 Guaranteed FRN due 29 Jan 2004
ISIN Number         : XS0123291139
Issue Nomin     USD : 300,000,000.00
Period              : 29-Oct-2003 to 29-Jan-2004      Payment Date 29-Jan-2004
Number of Days      : 92
Rate                : 1.26125
Denomination    US  : 500,000.00

Amount Payable 
per Denomination    : 1,611.60

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