STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2008

Oct 5, 2008

Appendix 3B

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

We (the entity) give ASX the following information.

Part 1 - All issues

1	+Class of +securities issued or to be issued	Ordinary shares
2	Number of +securities issued or to be issued (if known) or maximum numberwhich may be issued	17,080,000
3	Principal terms of the +securities (eg, if options, exercise price and expirydate; if partly paid +securities, the amount outstanding and due dates forpayment; if +convertible securities, the conversion price and dates forconversion)	Ordinary shares
4	Do the +securities rank equally in all respects from the date of allotment withan existing +class of quoted +securities?	Yes, ordinary shares.
	If the additional securities do not rank equally, please state:•the date from which they do•the extent to which they participate for the next dividend, (in the case of atrust, distribution) or interest payment•the extent to which they do not rank equally, other than in relation to thenext dividend, distribution or interest payment
5	Issue price or consideration	A$0.0573 (£0.025)
6	Purpose of the issue (If issued as consideration for the acquisition of assets,clearly identify those assets)	Working Capital
7	Dates of entering +securities into uncertificated holdings or despatch ofcertificates	6 October 2008
		Number	+Class
8	Number and +class of all +securities quoted on ASX (including the securitiesin clause 2 if applicable)	323,434,325	ORD
		Number	+Class
9	Number and +class of all +securities not quoted on ASX (including thesecurities in clause 2 if applicable)	25,000,000	Options 13.5 cents,26/5/12
		4,000,000	Options 7 UK pence,15/12/11
10	Dividend policy (in the case of a trust, distribution policy) on the increasedcapital (interests)	N/A

Part 2 - Bonus issue or pro rata issue – N/A

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• (a) √ Securities described in Part 1

(b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

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.
  • 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.

Dated: 3 October 2008

RJ Telford Executive Chairman Gippsland Limited

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 26,800,000 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: 3 October 2008

RJ Telford Executive Chairman Gippsland Limited