STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Aug 25, 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

Tuesday 26 August 2003

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

Dear Sir/Madam

EXTENSION OF CLOSING DATE ALLOTMENT OF SHARES AND OPTIONS

The Directors of Gippsland Limited ("Gippsland or "the Company") hereby announce the extension of the Closing Date of the Placement Prospectus that Gippsland lodged with the ASIC and the ASX on 5 August 2003.

The Closing Date has been extended by 30 days from 25 August 2003 to 25 September 2003.

The application monies received by the Company to date pursuant to this Prospectus total to $340,110.00 and the Company has resolved today to issue and allot 8,502,750 shares and 8,502,750 options thereby raising $340,110.00 for the Company.

The shortfall therefore under the issue amounts to 5,497,250 shares and 5,497,250 options. Directors anticipate that the issue will be completed in full within 2 weeks. Yours sincerely

ruperd

RJ (Jack) Telford Executive Chairman Gippsland Limited