Westpac Securities Administration

RE: WESTPAC SECURITIES ADMINISTRATION LTD
    USD 32,300,000.00
    MATURING: 19-Jly-2029
    ISSUE DATE: 10-Jun-1998
    ISIN: US96121RAB87

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
19-Jan-2005 TO 19-Apr-2005 HAS BEEN FIXED AT 2.935000 PCT.

DAY BASIS 90/360

INTEREST PAYABLE VALUE 19-Apr-2005 WILL AMOUNT TO
USD 179.59 PER USD 24,476.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.
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