Beam Announces End of Agreement with Australian Mezzanine

Beam International Limited (ASX: BEM) today announced that it is no longer proceeding with the proposed funding by Australian Mezzanine Investments Trusts, as announced on 11th September 1998. The proposal was subject to approval by shareholders at the Company's Annual General Meeting on December 1, 1998. The Board of Directors is considering taking appropriate legal action against Australian Mezzanine in respect of its failure to proceed with the terms of the original Heads of Agreement with Beam. "We are extremely disappointed that this proposed funding is not proceeding, especially after having signed the Heads of Agreement over two months ago," commented Alfred Milgrom, Chairman of Beam International Limited.

Discussions are proceeding with other parties in relation to alternative equity placements in the Company. As indicated in the Information Memorandum to shareholders, the Company requires additional funding to continue with its planned activities. The Company will keep the market informed through further announcements. The Company's Annual General will be held on December 1, 1998 as previously advised. The resolutions relating to the Australian Mezzanine agreement and the election of Mr. Su-Ming Wong as director will not be put to the meeting.

Beam International Limited is Australia's only multimedia development company listed on the Australian Stock Exchange (and trades under the symbol BEM). More information about Beam International Limited, Melbourne House and Beam Software can be found on the Web site at http://www.beam.com.au.
For further information concerning Beam International Limited, please contact Ms. Camille Wall
Beam International Limited
By tel.: +61 (0)3 9866.8300, ext, 207,
by fax on +61 (0)3 9866.8674
or by email at camillew@beam.com.au
Press release:- Tuesday November 24, 1998