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Increase of Substantial or Relevant Interests

Gippsland Ltd

24/1/03

Telford Investments Pty Ltd (Telford RJ & Telford RK

Superannuation Fund) increased its relevant interest

from 9,078,395 ordinary shares (12.76%) to

13,097,075 ordinary shares (13.93%).

Gribbles Group Ltd

24/1/03

Deutsche Bank AG increased its relevant interest

from 21,443,295 ordinary shares (5.12%) to

27,286,009 ordinary shares (6.47%).

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