STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Jan 14, 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

15 January 2003

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

Dear Sir/Madam

COMPLETION OF NON-RENOUNCEABLE ENTITLEMENT ISSUE

On 30 December 2002 the Directors of Gippsland Limited ("Gippsland or "the Company") announced the issue and allotment of 7,877,810 shares and 7,877,810 options pursuant to the pro-rata non-renounceable entitlement issue to the Company's shareholders. The shortfall under the entitlement issue was 7,793,583 shares and 7,793,583 options.

The Directors are pleased to announce that the shortfall has been placed in full thus raising a further \$233,807.49. The monies raised will go towards funding the ongoing bankable feasibility study currently being conducted upon the Abu Dabbab tantalite, tin and feldspar deposit located in Egypt, in which Gippsland has a 50% economic interest by way of an incorporated joint venture with the Eqyptian Government.

Attached is an updated Appendix 3B in respect of the issue and allotment of the 7,793,583 shares and 7,793,583 options.

Yours sincerely

uperd

Jack Telford Executive Chairman Gippsland Limited