Westpac Securities Administration

RE: WESTPAC SECURITIES ADMIN LIMITED
    USD 1,116,000,000.00
    MATURING: 05-Jun-2033
    ISSUE DATE: 14-Mar-2002
    ISIN: DTC96121RAD4

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
06-Dec-2004 TO 07-Mar-2005 HAS BEEN FIXED AT 2.597500 PCT.

DAY BASIS 91/360.

INTEREST PAYABLE VALUE 07-Mar-2005 WILL AMOUNT TO
USD 203.70 PER USD 31,024.35 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881
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