Westpac Banking Corporation


As Agent Bank, please be advised of the following rate determined on:18-Oct-2006

Issue               : Westpac Banking Corporation - Series 587
                      USD 300,000,000 FRN due 20 Oct 2016
ISIN Number         : XS0272075705
Common Code/
144A ISIN           : 27207570

Issue Nomin     USD : 300,000,000.00
Period              : 20-Oct-2006 to 22-Jan-2007  Payment Date 22-Jan-2007
Number of Days      : 94
Rate                : 6.58375
Denomination    US  : 100,000.00    300,000.00
Amount Payable
per Denomination    : 1,457.98      4,373,937.50

Institutional       Telephone   44(0) 1202 32 8226
Trust Services      Facsimile   44(0) 1202 34 7939
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