PRL GLOBAL LTD — Board/Management Information 2003

Feb 24, 2003

Asset Backed Holdings Limited ABN 70 006 788 754

Level 2, Troika House 129 Melville Parade, Como Western Australia 6152

Postal: Locked Bag 4 COMO WA 6952

Phone: (618) 9474 1799 Fax: (618) 9474 2281

Email: email@abh.com.au

AUSTRALIAN STOCK EXCHANGE

ABK000117

24 February 2003

The Companies Announcement Office Australian Stock Exchange Ltd Level 10 Exchange Centre 20 Bond Street SYDNEY NSW 2000

ASSET BACKED

HOLDINGS LIMITED

BY FACSIMILE:	1300 300 021
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Dear Sirs

RESIGNATIONS FROM THE BOARD OF DIRECTORS OF PHOSPHATE RESOURCES LIMITED

Asset Backed Holdings Limited wishes to advise that Michael Perrott and Antony Rigoll have today retired from the Board of Directors of Phosphate Resources Limited. These retirements have been made after consideration of corporate governance and duality of interest issues as between the role of directors of the boards of Phosphate Resources Limited and Asset Backed Holdings Limited.

Notwithstanding these retirements, Asset Backed Holdings Limited remains the largest individual shareholder of Phosphate Resources Limited and is keen to advance and promote its equity and debt positions in that company. In the meantime, Asset Backed Holdings Limited will also consider the possibility of proposing other nominees to the board of Phosphate Resources Limited as representing the interest of Asset Backed Holdings Limited as the largest individual shareholder. Any such nominees will not be directors of Asset Backed Holdings Limited or its related companies.

Phosphate Resources Limited faces a number of challenges which Asset Backed Holdings Limited remains keen to support and assist with.

Yours faithfully

NIELS J KRØYER Company Secretary