STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Sep 7, 2003

Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia A.B.N. 31 004 766 376 Tel: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: itelford@gippslandltd.com.au

8 September 2003

Company Announcements Office Australian Stock Exchange Limited 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam

COMPLETION OF FUNDRAISING ALLOTMENT OF SHARES AND OPTIONS

The Directors of Gippsland Limited ("Gippsland or "the Company") hereby announce that the Placement Prospectus Gippsland lodged with the ASIC and the ASX on 5 August 2003 has been completed in full.

As announced on 26 August 2003, application monies received by the Company at that date pursuant to the Prospectus totalled to $340,110.00 and the Company subsequently issued and allotted 8,502,750 shares and 8,502,750 options thereby raising $340,110.00 for the Company.

Since 26 August 2003, application monies received by the Company pursuant to the Prospectus total to $219,890.00 and the Company shall issue and allot 5,497,250 shares and 5,497,250 options thereby completing the prospectus and the raising of $560,000.00 for the Company.

Oversubscriptions to the value of $48,660 will be mailed to shareholders by 11 September 2003.

Yours sincerely

ruperd

RJ (Jack) Telford Executive Chairman