STREAMPLAY STUDIO LIMITED — Share Issue/Capital Change 2007

Dec 16, 2007

Appendix 3B

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

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity
Gippsland Ltd

ABN

31 004 766 376

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+Class of +securities issued or to beissued	Ordinary shares
2	Number of +securities issued or to beissued (if known) or maximum numberwhich may be issued	1,531,974
3	Principal terms of the +securities (eg, ifoptions, exercise price and expiry date;if partly paid +securities, the amountoutstanding and due dates for payment;if +convertible securities, the conversionprice and dates for conversion)	Ordinary shares
4	Do the +securities rank equally in allrespects from the date of allotment withan existing +class of quoted +securities?If the additional securities do not rankequally, please state:•the date from which they do•the extent to which they participatefor the next dividend, (in the case ofatrust,distribution)orinterestpayment•the extent to which they do not rankequally, other than in relation to thenext dividend, distribution or interestpayment	Yes

5 Issue price or consideration 9 cents

6	Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)	Exercise of listed options by optionholders
7	+securitiesDatesofenteringintouncertificated holdings or despatch ofcertificates	18 December 2007
		Number	+Class
8	Number and +class of all +securities	263,003,903	ORD
	quoted on ASX (including the securitiesin clause 2 if applicable)	40,253,082	Options 9c, 31/12/07
		Number	+Class
9	Number and +class of all +securities not	10,000,000	Options 4 UK pence, 31/12/07
	quoted on ASX (including the securities	4,500,000	Options 15 cents, 31/12/07
	in clause 2 if applicable)	25,000,000	Options 13.5 cents, 26/5/12
10	Dividend policy (in the case of a trust,distribution policy) on the increasedcapital (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)
• (a) √ Securities described in Part 1

(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

Entities that have ticked box 34(a)

Additional securities forming a new class of securities – N/A

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: 17 December 2007

RJ Telford Executive Chairman Gippsland Limited

NOTICE GIVEN UNDER SECTION 708A(5) OF THE CORPORATIONS ACT

This notice is given by the Company under section 708A(5)(e) of the Corporations Act in relation to an issue of 1,531,974 fully paid ordinary shares by the Company without disclosure to investors under Part 6D.2 of the Corporations Act.

As at the date of this notice, the Company has complied with:

• (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and
• (b) section 674 of the Corporations Act.

The Company confirms that, as at the date of this notice, there is no information that:

• (a) has been excluded from a continuous disclosure notice given to ASX in accordance with the ASX Listing Rules; and
• (b) investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
• (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and
• (ii) the rights and liabilities attaching to fully paid ordinary shares,

to the extent to which it would be reasonable for investors and their professional advisers to expect to find such information in a disclosure document.

Dated: 17 December 2007

RJ Telford Executive Chairman Gippsland Limited