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    Shipping Joint Venture

    Document date: Thu 23 May 2002 Published: Thu 23 May 2002 16:01:39
    Document No: 216693 Document part: A
    Market Flag: Y
    Classification: Progress Report

    HOMEX - Perth

    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 destinations
    relating 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 to
    be 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.

    N J Kroyer

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