Zenith Inv. Ld.

Redemption of Notes

Zenith Investments Ld
11 February 2002



(1) EUR10,000,000 Secured Floating Rate Callable Royal KPN N.V. Linked Notes due
    November 2005, Series 2001-14 issued by Zenith Investments Limited (ISIN:
    XS0131496233) (the 'Notes')


Terms used and not defined herein shall have the same meanings given thereto in 
the terms and conditions of the Notes.


On 1 February 2002 in a meeting of the Board of Directors of Zenith Investments 
Limited (the 'Company') it was resolved that the Company should redeem 
EUR3,500,000 in principal amount of the Notes, being those Notes as agreed prior 
to such redemption between the Company, the Trustee and the Noteholders, by 
delivery of EUR3,500,000 in principal amount of the Underlying Assets on 4 
February 2002 to an account nominated by all the Noteholders.
 

Pursuant to the terms of such resolution EUR3,500,000 in principal amount of the 
Notes were redeemed on 4 February 2002.



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