STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2009

Aug 27, 2009

28 August 2009

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LOAN CONVERSION

On 16 April 2009 Gippsland Limited [ASX: GIP, DB: GIX] ("Company") announced that Abbotsleigh Pty Ltd a company associated with Melbourne businessman Mr Ian Gandel ("Lender") had provided the Company with the sum of AU$800,000 for working capital ("Loan").

Pursuant to the agreement, the Lender was provided with the option to convert the Loan into fully paid ordinary shares ("Shares") in the Company at a conversion rate of one Share for every AU$0.01 of the amount outstanding under the Loan.

The Directors announce that the Lender has today elected to convert the Loan and a total of 80 million Shares have been issued to Abbotsleigh Pty Ltd. Abbotsleigh’s shareholding equates to 18.89% of the Company's fully paid ordinary shares on issue.

RJ (Jack) Telford Director, Chief Executive Officer

For further information, please contact

Jack Telford Gippsland Limited Tel: +61 8 9340 6000 Email: info@gippslandltd.com Web: www.gippslandltd.com

DJ Carmichael & Co Paul Covich / Rob Matthews Tel: +61 8 9263 5271 Email: pcovich@djcarmichael.com.au / rmatthews@djcarmichael.com.au Web: www.djcarmichael.com.au

WH Ireland Limited (UK) John Molyneux / James Hughes Tel: +44 20 7220 1665 / +4420 7220 1663 Email: john.molyneux@wh-ireland.co.uk / james.hughes@wh-ireland.co.uk Web: www.wh-ireland.co.uk

ASX 090828 Abbotsleigh conversion of loan.doc

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