Westpactrust Securities NZ Ld

As Agent Bank, please be advised of the following rate determined on: 20-Nov-2003

Issue               : Westpac Trust Securities NZ Ltd
                      US $250,000,000 (MTN) FRN Due 23/5/05
ISIN Number         : XS0111581459
Issue Nomin     USD : 250,000,000.00 
Period              : 24-Nov-2003 to 23-Feb-2004      Payment Date 23-Feb-2004
Number of Days      : 91
Rate                : 1.27
Denomination    US  : 500,000.00

Amount Payable 
per Denomination    : 1,605.14

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