Gippsland Limited

('Gippsland' or 'the Company')

Update regarding change of adviser

The board of Gippsland ('the Board') today announces that, following the announcement on 11 February 2009, that its Nominated Adviser ('Nomad') and Broker had resigned, the Company has been unable to appoint a replacement Nomad.

Accordingly, the Company's AIM quotation will be cancelled with effect from 0700 on Monday 23 March 2009. The Company retains its quote on the Australian Securities Exchange, albeit this has been suspended pending publication of Gippsland's accounts for the six months ended 31 December 2008.

The release of the Company's accounts for the six months ended 31 December 2008 is expected shortly and an announcement regarding this will be made at the appropriate time.

For further information on Gippsland please visit www.gippslandltd.com or contact:

Jack Telford

Gippsland Limited

T: +61 8 9340 6000

E: jtelford@gippslandltd.com