FRN Variable Rate Fix

RNS Number:3978B
Income Partners Asian Coll.Ass.I Ld
29 July 2004


Dated July 28, 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 months 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;    July 30, 2004     to    January 30, 2005
                     Accrual Basis;       Actual/360
                    Number of Days;             184 days
                     6 Month Libor;        1.980000%
                     Payment Date;     January 31, 2005

                                                                              Payment
Note           Balance          Libor       Spread    Interest    Payment     Amount  
                                                       Rate       Amount      Per           
                                                                              $1,000,000    Factor
Senior Notes   42,639,924.24    1.980000%   0.25%     2.230000%   486,000.38   11,397.78   0.4263992


"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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RC UKRBRSORBUAR