Asset Backed Capital

                            RATE FIX NOTICE

Issue Name:                Asset Backed Capital Ltd Series 1
                           US$ 100,000,000 Floating Rate Senior Subordinated
                           Notes Due 2007
ISIN Code:                 XS0074233148
Interest Rate:             1.620000%
Base Rate:                 1.170000%
Interest Period:           28-Nov-03 to 27-Feb-04
Day Count Method:          Actual/360
Number of Days in Period:  91
Payment Date:              27-Feb-04
Denomination:              Coupon:
100,000.00                 USD 409.50