Westpac Banking Corporation


As Agent Bank, please be advised of the following rate determined on:18-Jan-2007

Issue               : Westpac Banking Corporation - Series 587
                      USD 300,000,000 FRN due 20 Oct 2016
ISIN Number         : XS0272075705
Common Code /         27207570
144A ISIN
Issue Nomin     USD : 300,000,000.00
Period              : 22-Jan-2007 to 20-Apr-2007  Payment Date 20-Apr-2007
Number of Days      : 88
Rate                : 5.57
Denomination    US  : 100,000.00     300,000,000.
Amount Payable
per Denomination    : 1,361.56       4,084,666.67

Rate Fix Desk                     Telephone   44(0) 1202 32 8236
Institutional Trust Services      Facsimile   44(0) 1202 34 7939



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