Zenith Inv. Ld.

FRN Variable Rate - Amendment

Zenith Investments Ld
24 December 2002
                             AMENDMENT


As Agent Bank, please be advised of the following rate determined on: 
23-DEC-2002.

Issue             :  ZENITH INVESTMENTS LIMITED - SERIES 2001-33  
                     EUR 20,000,000 FRN DUE 24 MARCH 2005
ISIN Number       :  XS0135563939
Issue Nominal EUR :  20,000,000.00
Period            :  27-DEC-2002  To  24-MAR-2003    Payment Date  24-MAR-2003 
Number of Days    :  87
Rate              :  *2.943*
Denomination EUR  :  10,000.00
Amount Payable
Per Denomination  :  *71.12*

From:
Institutional    Telephone 44 (0) 1202 34 1286
Trust Services   Facsimile 44 (0) 1202 34 7438




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