It is the last recorded moment of Jamie Gao's life – just a second of partially obscured CCTV footage as the young man slips into a south-west Sydney storage shed accompanied by a heavy-set man wearing a dark hoodie.

Minutes later the grainy footage reveals two men dragging a heavy, body-shaped object wrapped in a silver surfboard bag out of the shed and into the back of a station wagon.

Roger Rogerson leaving court earlier this week. Photo: Edwina Pickles

On Wednesday a packed gallery watched in total silence as the footage was played in the NSW Supreme Court murder trial of Roger Rogerson and Glen McNamara.

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Prosecutors allege that the pair shot Mr Gao, 20, twice in the chest at close range in the storage unit and then stole the 2.78 kilograms of the drug "ice" they had promised to buy from him.

Six days later Mr Gao's body was found floating in the ocean off Cronulla and the drugs were found in Mr McNamara's car.

Evidence: Rent A Space in Padstow on May 20, 2014 at 2:09:01pm. Photo: Supplied

Both accused have pleaded not guilty, with each declaring that the other is responsible for Jamie Gao's death and the theft of the drugs.

The jury was played a three-hour video on Wednesday containing a compilation of CCTV footage from before, during and after the alleged murder.

It included footage that appeared to show Mr Gao and Mr McNamara meeting on at least three occasions in the lead up to the student's death on May 20, 2014.

Shot: Jamie Gao. Photo: Facebook

Mr McNamara is also seen taking his boat out of dry dock and towing it into the basement garage of his apartment building in Cronulla the day before the alleged murder.

A few hours before Mr Gao is killed the two accused are recorded visiting the rent-a-space storage unit facility at Padstow where the alleged crime is said to have taken place.

They then return with Mr Gao at around 2pm and he is seen sneaking into the storage shed allegedly carrying the drugs.

Later that day, Mr Rogerson and Mr McNamara are captured on CCTV cameras at the Kennards Hire store at Taren Point.

The day after, they are seen returning to the rent-a-space facility in a different car. The following day, they are seen at the Crown Hotel in Revesby with a group of other men drinking a few beers.

The trial continues.