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funtastic update on abc learning centres

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    Funtastic Limited (Funtastic) notes the announcement yesterday of the
    appointments of receivers and voluntary administrators to A.B.C. Learning Centres
    Limited (ABC Learning) and a number of its subsidiaries including ABC
    Developmental Learning Centres Pty Ltd (ABCDLC).
    As has previously been disclosed, one of Funtastic's subsidiaries, Judius Pty Ltd
    (Judius), has a contract with ABCDLC for the exclusive supply of child care
    products to ABC Learning child care centres in Australia, New Zealand and the
    United States.
    The appointments of receivers and voluntary administrators to ABC Learning and
    certain of its subsidiaries could have an adverse effect on the earnings of Funtastic
    for the year ending 31 December 2008 and potentially future years earnings.
    It is also possible that the potential effect could be material. However, it is not
    currently possible to quantify the potential effect of the appointments, nor to
    assess how material or otherwise that effect might be.
    The board of Funtastic has resolved to conduct a detailed review of its economic
    exposure to ABC Learning and seek to establish the potential effect of the
    appointments to that exposure and Funtastic's expected earnings. This is likely to
    take some time. Funtastic will keep the market informed as to the material
    outcomes of the review.
    The receivers of ABC Learning were quoted yesterday as having stated their
    intention to keep ABC Learning's child care centres open, to manage the
    receivership smoothly and to avoid disruption to families.
    Given the existing supply arrangements between Judius and ABCDLC, Funtastic
    expects to enter discussions with the receivers and administrators with a view to
    continuing the contractual arrangements.
    For more information on Funtastic, visit the web site at and for
    comment contact Tony Oates, Managing Director of Funtastic Limited Ph: 03 8545 0781.
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