STREAMPLAY STUDIO LIMITED — Director's Dealing 2003

Jan 6, 2003

Appendix 3Y

Change of Director's Interest Notice

Name of entity	GIPPSLAND LIMITED
ABN	31 004 766 376

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Robert John TELFORD
l Date of last notice i	i 20 November 2002 i

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect Interest
Nature of indirect interest(including registered holder).	Being a Director of Telford Investments Pty LtdTelford RJ Telford RK Superannuation Fund
Date of change	27 December 2002
No. of securities held prior to change	9,963,395 Fully Paid Ordinary Shares4,750,000 Unquoted Options
Number acquired	1,992,680 Fully Paid Ordinary Shares1,992,680 Quoted Options
Number disposed	Nil
Value/Consideration	Nil
No. of securities held after change	11,956,075 Fully Paid Ordinary Shares1,992,680 Quoted Options4,750,000 Unquoted Options
Nature of change	Pursuant to pro-rata non-renounceable rights issue

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

	Detail of contract	N/A
--	--------------------	-----