STREAMPLAY STUDIO LIMITED — Share Issue/Capital Change 2003

Mar 23, 2003

Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia A.B.N. 31 004 766 376 Tel: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: itelford@gippslandltd.com.au

24 March 2003

Company Announcements Office Australian Stock Exchange Limited 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam

ISSUE OF 500.000 GIPPSLAND SHARES - SECONDARY TRADING NOTICE NOTIFICATION PURSUANT TO ASIC CLASS ORDER 02/1180

The Directors of Gippsland Limited ("Gippsland" or "the Company") announce that Gippsland has today issued and allotted 500,000 fully paid ordinary shares in the Company at the price of 12 cents per share to Mr Ayman Ayyash, the Company's recently appointed Regional Manager for the Middle East and North Africa (MENA). No funds were raised by the Company as a result of this issue. This issue was pursuant to a provision of Mr Ayyash's employment contract with the Company.

These 500,000 new ordinary shares will rank equally with other ordinary shares on issue and will participate fully in any dividends announced after the date of allotment. No. assurance is given by the Directors of Gippsland as to future dividends since they are dependent on earnings, the financial condition of Gippsland and other factors. The Company will apply for these 500,000 shares to be quoted on ASX.

Secondary Trading

Significant changes to the secondary trading provisions of the Corporations Act 2001 (Cth) ("Act") came into effect on 11 March 2002 as a result of the Financial Services Reform Act 2001 (Cth), which severely restricts the on-sale of securities issued without a prospectus.

ASIC Relief

On 29 November 2002 the Australian Investments Commission ("ASIC") issued Class Order 02/1180 ("Class Order") granting relief from the secondary trading provisions in specified circumstances.

The Class Order modifies the new section 707(3) and 707(4) to remove their extended application to certain secondary sales by reverting to sections 707(3) and 707(4) as they stood prior to 11 March 2002.

The Class Order relief applies where an offer of securities for sale fulfils the following conditions:

$(a)$ the securities were issued on or after 12 December 2002; and

$(b)$ the securities are covered by at least one of the categories of relief set out in the Class Order.

Category 1 Relief

The issue of these 500,000 shares noted above will fall within Category 1 of the Class Order.

For the purpose of Item 5 of Category 1 of the Class Order, the Company hereby notifies the ASX that all information of the kind that would be required to be disclosed under subsection 713(5) of the Act if a prospectus were to be issued in reliance on section 713 of the Act in relation to an offer of the securities has been disclosed to ASX.

Yours sincerely

ruped

John (Jack) Telford Executive Chairman