Update on Acquisition by Global Approach Ltd

May 3, 2006

ASX RELEASE – Wednesday 3rd May 2006

Jumbo Corporation Limited (ASX:JUM) is a substantial shareholder of Global Approach Limited (ASX:GLO) with 18.0% of the shares. GLO today announced an update to the progress of the Due Diligence for the acquisition of Tusk Investment Corporation Limited (attached).

The main points of the Acquistion are: • Purchase Consideration $19.375 million through the issue of 155 million fully paid ordinary GLO shares at an issue price of 12.5c per share. • Tusk anticipated results for the 12 months to June 2006 include Revenue $7.1 million and EBITDA $2.5 million. • Post acquistion gaming operations will consist of 5 mature online casinos and 3 online poker sites. • Number of depositing players is expected to grow from 42,000 to 151,000.   Mr Mike Veverka, CEO of Jumbo and Alan Phillips, Chairman of Jumbo are both non-executive directors of Global Approach Limited. Jumbo Corporation Limited currently holds 11.6 million ordinary shares (18.0%) of the fully paid ordinary shares in GLO. The full GLO announcement is attached.   For further enquiries, please contact: Mike Veverka, CEO Email: mike@jumbocorporation.com Web: www.jumbocorporation.com       ASX & MEDIA ANNOUNCEMENT Wednesday 3rd May 2006   Update On Progress Of Due Diligence Process By Global To Create One Of Australia’s Premier On-line Gaming Companies   On-line Gaming Company, Global Approach Limited (ASX Code: GLO), announced on 29th March 2006 plans for a significant acquisition to increase it’s portfolio of on-line casinos and poker rooms having signed a Heads of Agreement to acquire Tusk Investment Corporation Limited (the Tusk Group) and associated entities, the owner and operator of a portfolio of on-line casinos and poker rooms. The initial time frame indicated that the Due Diligence process would be completed by the 28th April 2006. However, as this process involved a number of overseas entities the final Due Diligence is now expected to be completed by 11th May 2006 (with final overseas reports in our possession by 19th May 2006). The delay in completing the Due Diligence process will not delay the settlement date with the time frame now amended as follows:   TIME FRAME The proposed timetable includes: • Completion of GLO & Vendors due diligence by both parties (11th May 2006). • Despatch of notice of meeting documentation to GLO shareholders (15th May 2006). • GLO shareholder meeting to approve transaction (13th June 2006) • Settlement of transaction (30th June 2006).   The effective purchase date will still remain 1st July 2006 allowing for the full 2007 financial year to be accounted for in GLO.   For further enquiries, please contact: David Barwick, Executive Chairman Ph: (07) 3831 5650 Fx: (07) 3831 5694 Email: davidb@globalapproach.com.au Web: www.globalapproach.com.au


Media Assets
 030520061.pdf