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    CHANGE OF DIRECTOR'S INTEREST NOTICE


    Name of Company Asset Backed Holdings Limited

    ABN 70 006 788 754

    We (the entity) give the ASX the following information under listing
    rule 3.19A.2 and as agent for the director for the purposes of section
    205G of the Corporations Act.

    Name of Director Peter Ernest Huston

    Date of last notice 26/04/2002


    Part 1 - Change of director's relevant interests in securities

    Direct or indirect interest Indirect
    Direct

    Nature of indirect interest
    (including registered holder) Troika Securities Ltd
    ("Troika")
    Mr Huston controls 50% of
    Troika Securities
    Mandalup Investments Pty Ltd
    ("Mandalup")
    Mr Huston controls 100% of
    Mandalup

    Date of change 03/05/2002

    No. of securities held prior
    to change Troika:
    6,267,730 Shares
    1,450,000 Options
    Manalup:
    1,200,000 Shares
    1,000,000 Options

    Class Ordinary Fully Paid
    Shares
    35 cents Options expiring
    8 August 2002

    Number Acquired Troika: 16,000 Ordinary Fully
    Paid Shares

    Number disposed Troika: 322,500 Options
    expiring 8 August 2002

    Value/consideration Acquisition:
    $6,632 Ordinary Fully Paid
    Shares
    Disposal:
    $868 Options expiring
    8 August 2002

    No. of securities held after
    change Troika:
    6,283,730 Ordinary Fully
    Paid Shares
    1,127,500 Options expiring
    8 August 2002
    Mandalup:
    1,200,000 Ordinary Fully
    Paid Shares
    1,000,000 Options expiring
    8 August 2002

    Nature of change On market trade:
    Acquisition: 16,000 Ordinary
    Fully Paid Shares
    Disposal: 22,500 Options
    expiring 8 August 2002

    Off market trade:
    300,000 Options expiring
    8 August 2002
 
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