STREAMPLAY STUDIO LIMITED — Major Shareholding Notification 2003

Jan 28, 2003

Notice of change of interest of substantial holder

Tо	Company Name		GIPPSLAND LIMITED ABN 31 004 766 376
1		Details of substantial holder	TELFORD INVESTMENTS PTY LTD ABN 31 008 941 937 TELFORD RJ & TELFORD RK SUPERANNUATION FUND
	24 January 2003 There was a change in the interests of the substantial shareholder on
		The previous notice was given to the company on		29 January 2002
	The previous notice was dated			29 January 2002
2	Previous and present voting power
	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in when last required, and now when required, to give a substantial holding notice to the company or scheme, are as follows:
	Class of securities			Previous notice				Present Notice
				Total number		% of class		Total number		% of class
	ORDINARY			9,078,395		12.76%		13,097,075	13.93%
	OPTIONS - QUOTED							1,994,680	12.73%
	OPTIONS - UNQUOTED			4,750,000		41.3%		4,750,000		41.3%
3	Changes in relevant interests
	Particulars of each change in, or change in the nature of, a relevant interest of a substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme, are as follow:
	Date of change	Person whose relevant interest changed		Nature of change		Consideration given in relation to change		Class & number of securities affected		Person's votes affected
	23/01/02 - 24/01/03	Telford Investments Pty Ltd		On-market trade		Market prices		Shares 2,026,000		2,026,000
	13/01/03	Telford Investments Pty Ltd		Entitlement Offer		\$59,780.40		Shares 1,992,680		1,992,680
	23/01/02 - 24/01/03	Telford Investments Pty Ltd		On-market trade		Market prices		Quoted Options 2,000
	13/01/03	Telford Investments Pty Ltd		Entitlement Offer		NIL.		Quoted Options 1,992,680
4	Present relevant interests
		Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
	Holder of relevant interest	Registered holder of securities		Person entitled to be registered as holder		Nature of relevant interest		Class and number of securities		Person's votes
		Not applicable
5		Changes in association
		The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial

	holder in relation to voting interests in the company or scheme are as follows:
	Name and ACN	Nature of association
	Not applicable
6	Addresses
	The address of persons in this form are as follows:
	Name		Address
	TELFORD INVESTMENTS PTY LTD		PO Box 352, Nedlands WA 6909
	TELFORD RJ & TELFORD RK SUPERANNUATION FUND		PO Box 352, Nedlands WA 6909
	TELFORD ROBERT JOHN		PO Box 352, Nedlands WA 6909

purped

Signature

Name: Robert John Telford, Director

Date: 29 January 2003