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Notice under Section 708A(5)(e)
of the Corporations Act

Brisbane, Australia Monday, 15 March 2010: Metal Storm Limited (ASX trading code: MST,
OTC Symbol: MTSXY).

On Monday, 15 March 2010 Metal Storm Limited (Company) proposes to issue 52,669,568 fully
paid ordinary shares (Shares) pursuant to a subscription agreement with Andrew Doyle.

The Company relies on case 1 in section 708A (5) of the Corporations Act 2001 (Act) in respect
of the issue of the Shares.

The Company gives notice under paragraph (5)(e) of section 708A of the Act that:
1. The Company issued the Shares without disclosure to the investor under Part 6D.2 of the
Act;
2. As at the date of this notice the Company has complied with:
a. The provisions of Chapter 2M of the Act (as applicable to the Company); and
b. Section 674 of the Act; and
3. As at the date of this notice there is no excluded information (as defined in section 708A
(7) of the Act) which is required to be disclosed by the Company.
This notice is given pursuant to a resolution of Directors.
For and on behalf of the Board of Directors of
METAL STORM LIMITED
PETER R WETZIG
Company Secretary