STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2009

Jun 25, 2009

Appendix 3B

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

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	Unlisted Convertible Note
2	Number of +securities issued or to be issued (if known) or maximumnumber which may be issued	36,030,500
3	Principal terms of the +securities (eg, if options, exercise price andexpiry date; if partly paid +securities, the amount outstanding and duedates for payment; if +convertible securities, the conversion price anddates for conversion)	Convertible into ordinary shares at a price of $0.01each, maturing on the earlier of 28 April 2010 andthe date repayment is demanded in accordancewith the terms of a loan agreementbetweenAbbotsleigh Pty Limited as trustee for the I. GandelShare Investment Trust and the Company
4	Do the +securities rank equally in all respects from the date ofallotment with an existing +class of quoted +securities?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 thecase of a trust, distribution) or interest payment•the extent to which they do not rank equally, other than in relationto the next dividend, distribution or interest payment	No,howeverordinarysharesissueduponconversion of the Unlisted Convertible Notes wouldrank equally.
5	Issue price or consideration	1 cent per Convertible Note
6	Purpose of the issue (If issued as consideration for the acquisition ofassets, clearly identify those assets)	Working Capital
7	Dates of entering +securities into uncertificated holdings or despatch ofcertificates	N/A
8	Number and +class of all +securities quoted on ASX (including thesecurities in clause 2 if applicable)	Number327,979,779	+ClassORD
		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
		17,000,000	Options 15 cents,
		80,000,000	31/5/12Unlisted ConvertibleNotes, 1 cent, 28April 2010

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (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)

(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: 26 June 2009

RJ Telford Executive Chairman Gippsland Limited