DBS Bank Lead Manages SGD100M Fixed Rate Note For Westpac

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SINGAPORE, MAY 22, 2002 - Westpac today launched an issue of SGD100m Fixed Rate Notes into the Singapore bond market. The Development Bank of Singapore Ltd ("DBS Bank") is sole lead manager on the transaction.

The Notes have a coupon of 3.31%, payable quarterly, and a 5-year maturity. An application will be made to list the Notes on the Singapore Exchange Securities Trading Limited. The Notes will be cleared through The Central Depository (Pte) Limited.

The transaction is Westpac's fourth debt offering in the Singapore bond market. Andrew Smith, Head of Global Funding & Capital Management at Westpac, said: "This transaction enhances Westpac's debt market franchise in Asia and further cements our commitment to the Singapore market".

Stephen Finch, Managing Director of Debt Capital Markets at DBS Bank, said: "We are delighted to lead manage Westpac's issue. The transaction is an affirmation of DBS Bank's commitment to expand the domestic bond market with high grade foreign issuers".