Zenith Investments Ld
20 May 2003

Zenith Investment Limited



20 May 2003



RE: RATE FIX NOTIFICATION



AS AGENT BANK, PLEASE BE ADVISED OF THE FOLLOWING RATE DETERMINED ON:16-May-2003



ISSUE: ZEINTH INVESTMENTS LIMITED - SERIES 2003-3
EUR 50,000,000 Secured Floating Volkswagen AG Linked Notes due 21 August 2004
ISIN: XS0162203615
ISSUE NOMINAL EUR 50,000,000.00
PERIOD: 21-May-2003 to 21-Aug-2003
PAYMENT DATE: 21-Aug-2003
NUMBER OF DAYS: 92
RATE: 2.408
DENOMINATION EU: 100,000.00
AMOUNT PAYABLE PER DENOMINATION: 615.38




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