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    HOMEX - Perth

    We are pleased to advise that Phosphate Resources Limited (in which
    Asset Backed Holdings Ltd has a shareholding of 19.9%) has today
    issued a Notice of Meeting of its Shareholders to be held on 1st June
    2002 to obtain approval for an off market buy back of its shares.
    Phosphate Resources Limited is seeking authorisation from its
    shareholders to buy back up to 25% of its shares at $4.00 per share.

    The maximum number of shares which can be bought back under this
    approval is 1,050,000 shares. If all of these shares are bought back
    the issued capital of Phosphate Resources Limited will reduce from
    4,206,007 shares to 3,156,007 shares.

    Phosphate Resources Limited has also announced an interim dividend of
    20 cents per share to be paid on 18 July 2002 and has advised that it
    will review future dividend opportunities with a view to continuing
    its policy of distributing 50% of after tax profits to shareholders.

    Asset Backed Holdings holds approximately 806,000 shares in Phosphate
    Resources Limited. If Asset Backed Holdings Limited does not
    participate in the share buy back then its percentage shareholding in
    Phosphate Resources Limited will increase to approximately 25%.
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