FRN Variable Rate Fix

RNS Number:7595U
Income Partners Asian Coll.Ass.I Ld
28 January 2004


RE: Income Partners Asian Collateralized Assets I Limited - 6 Month LIBOR
    Setting

Pursuant to the Trust Deed Dated 30 July 1997, the Calculation Agent will
determine the offered rate for 6 month US dollar deposits as of 11:00 a.m.
(London Time) on the Interest Determination Date in question. Such offered rate
will be that which appears on the display designated as page 3750 on the
Telerate Monitor (or such other page or service as may replace it for the
purpose of displaying London interbank offered rates of major banks for US
dollar deposits)
 
Interest Accrual for the Period:     January 30, 2004  to  July 30, 2004
                  Accrual Basis:           Actual/360
                 Number of Days:               182.00 days
                  6 Month Libor:            1.170000%
                   Payment Date:        July 30, 2004

                                                                                     Payment
Note          Balance         Libor       Spread   Interest Rate  Payment Amount    Amount Per
                                                                                    $1,000,000   Factor

Senior Notes  78,778,769.31   1.170000%   0.25%    1.420000%          565,544.03      7,178.89   0.7877877


* The Per $1,000,000 amount is based on the Adjusted Denomination (balance)

Adjusted Denomination means, US$1,000,000 such amount as adjusted from time to
time by deduction of each amount applied in redemption in part of each
US$1,000,000 principal amount of Senior Notes.



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