the latest on Chrismas

Asset Backed Holdings Limited is pleased to advise that it has entered into a Joint Venture with Nordana (Asia) Pte Ltd, Zentner Shipping Pty Ltd and Westlink Logistics Pty Ltd, to be known as "North West Express Line" for the operation of a shipping cargo Joint
Venture between Christmas Island, Fremantle, Cocos Island, Dampier,Geraldton, Singapore and various other Southeast Asian destinationsrelating to the movement of shipping cargo between these ports
commencing 25 June 2002.

Asset Backed Holdings Limited has an equal 25% interest in this Joint Venture for which it has paid an entrance consideration of $90,000 tobe paid in equal instalments from the net profit over the first three
voyages of the Joint Venture.

Asset Backed Holdings Limited estimates that its involvement in this Joint Venture will significantly enhance its fulcrum position on infrastructure operations on Christmas Island.

The North West Express Line Joint Venture brings together a unique combination of shipping, logistic, consolidation, organisation and
financial skills. This Joint Venture will result in significant
profits to the group especially as a result of the transport, infrastructure and support services required for the recently announced Commonwealth Detention Centre to be constructed on Christmas Island. In the May 2002 Budget, the Commonwealth Government
allocated $219 million on building and operating the Christmas Island Detention Centre with $455 million also budgeted to be spent in the next four years in processing asylum seekers at Christmas Island.

Registrations of interest have also been called by the Commonwealth
for the upgrade of the Christmas Island Airport which is estimated to
cost in excess of $50 million. In addition, development works are
continuing on the establishment of the proposed $800 million Asia
Pacific Space Centre satellite launch project on Christmas Island.