STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2007

Oct 29, 2007

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.Name of entity
	Gippsland Ltd
ABN
	31 004 766 376
	We (the entity) give ASX the following information.
	Part 1 - All issues
1	+Class of +securities issued or to be issued	Ordinary shares
2	of +securities issued or to be issued (ifNumberknown) or maximum number which may be issued	118,759
3	Principal terms of the +securities (eg, if options,exercise price and expiry date; if partly paid +securities,the amount outstanding and due dates for payment; if+convertible securities, the conversion price and datesfor conversion)	Ordinary shares
4	Do the +securities rank equally in all respects from thedate of allotment with an existing +class of quoted+securities?	Yes
	If the additional securities do not rank equally, pleasestate:•the date from which they do•the extent to which they participate for the nextdividend, (in the case of a trust, distribution) orinterest payment•the extent to which they do not rank equally, otherthan in relation to the next dividend, distribution orinterest payment
5	Issue price or consideration	9 cents
6	Purpose of the issue(If issued as consideration for the acquisition of assets,clearly identify those assets)	Exercise of options by optionholder
7	+securitiesDatesofenteringintouncertificatedholdings or despatch of certificates	26 October 2007

Number +Class 8 Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable) 259,643,351 ORD

		43,613,634	Options 9c, 31/12/07
9	Number and +class of all +securities not quoted onASX (including the securities in clause 2 if applicable)	Number	+Class
		10,000,000	Options 4 UK pence,31/12/07
		4,500,000	Options 15 cents,31/12/07

Options 13.5 cents,

• ASX (including the securities in clause 2 if applicable)
• 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

26/5/12 N/A

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.
• 2 We warrant the following to ASX.
  • The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

25,000,000

• There is no reason why those +securities should not be granted +quotation.
• An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

RJ Telford Executive Chairman 30 October 2007

NOTICE GIVEN UNDER SECTION 708A(5) OF THE CORPORATIONS ACT

This notice is given by the Company under section 708A(5)(e) of the Corporations Act in relation to an issue of 118,759 fully paid ordinary shares by the Company without disclosure to investors under Part 6D.2 of the Corporations Act.

As at the date of this notice, the Company has complied with:

• (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and
• (b) section 674 of the Corporations Act.

The Company confirms that, as at the date of this notice, there is no information that:

• (a) has been excluded from a continuous disclosure notice given to ASX in accordance with the ASX Listing Rules; and
• (b) investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
• (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and
• (ii) the rights and liabilities attaching to fully paid ordinary shares,

to the extent to which it would be reasonable for investors and their professional advisers to expect to find such information in a disclosure document.

Dated: 26 October 2007

RJ Telford Executive Chairman Gippsland Limited