STOCKLAND — AGM Information 2007

Oct 22, 2007

Annual General Meeting

23 October 2007

Graham Bradley Chairman

Matthew Quinn Managing Director

Phillip Hepburn General Counsel and Group Secretary

Nick Greiner Deputy Chairman

Hugh Thorburn Finance Director

Lyn Gearing Non-Executive Director

Terry Williamson Non-Executive Director

Peter Scott Non-Executive Director

Duncan Boyle Non-Executive Director

Bruce Corlett Non-Executive Director

Chairman's Address

Graham Bradley

Results of the Past Year

• • 25th consecutive year of profit growth
• •Excellent growth in earnings and distributions per security
• •Strong financial discipline
• •Diversity of busines s

Stockland Riverton, WA

Strategic Expansion

• •Halladale acquisition
• •Australian Retirement Communities acquisition

Corporate Responsibility & Sustainability

•Significant progress across the busines s

• Inclusion in prestigious Dow Jones Sustainability Index

•Strengthened HS&E platform

Leadership and Board

• •High performing people
• •Board renewal programme

Outlook

• • We expect 2008 will be another year of growth driven by:
  • Strength of our business model
  • Depth and expertise of management

Matthew Quinn Managing Director

2007 Performance

•Record results

•Diversity of busines s

•Integrated Platform

FY07 Revenue

•Gross Revenue - $3.3bn

FY07 Net Profit After Tax

•Operating Profit - $611m

FY07 Security holder returns

•Earnings per security – 44.0c

• Distributions per security – 44.3c

Total Security Holder Returns

Total Shareholder Returns1 July 2002 – 30 June 2007

Source: S&P/UBS

Strategic Approach

•Move into retirement living sector

•International expansion

•Capital Partners

New Initiatives

• Australian Retirement Communities acquisition

• •Halladale acquisition
• •Capital Partners

Retail Division

CEO, Retail Division

PORTFOLIO SUMMARY*

	NbfPitumeroroperes	43
	fNbRiltumeroeaers	3200,
	TlAVlttoasseaeu	$Ab43n
	VRtacancyae	01%(h)10sops
SJhhdoncroer	STlltoaaesperannum	$A1b5n

Retail Division –FY07 Profit Growth

Divisional operating profit

Comparable net income growth

Stockland WetherillPark, NSW

Development Focus - Merrylands, NSW

Retail –Market Outlook

• •Consumer sentiment positive
• • Retail sales outlook positive due to:
  • Strong employment market and increasing wages
  • Recovering east coast residential market
  • –Tax cuts
• •Retail sales continue to grow ahead of CPI

Retail -Strategy for Growth

•Increased productivity driving strong income growth

•Robust development pipeline

•Customer focus

Steve MannCEO, Commercial and Industrial

Commercial and Industrial Division –FY07 Highlights

PORTFOLIO SUMMARY*

NbfPitmeroroperesu	66
NbfTtmeroenansu	500>
TlAVlttoasseaue	$A42bn
ORtccpancaeuy	96%

Development Focus - Optus Centre, Macquarie Park

Commercial and Industrial –Market Outlook

Commercial

• •Resource-rich states continue to outperform
• •Sydney set for rental growth due to limited supply

Industrial

•Transport and storage sector outlook remains strong

Commercial & Industrial –Strategy for Growth

•Re-weighting to high growth resource rich markets

•Development pipeline

•C&I trading business

Development Division

Denis Hickey CEO, Development Division

PORTFOLIO SUMMARY*

fNbPjtumeroroecs	98
fNbFtmeroreuuuLtos	30007,
TlEdVltoanaeu	$Ab19n

Development Division – FY07 Highlights

Divisional operating profit

The Village, Balgowlah

Residential –Market Conditions

• •Demand remains strong in QLD
• •WA market volumes easing with steady prices
• •NSW market showing some signs of recovery
• • VIC market is stable with good affordability for new home buyers
• • Ageing population driving retirement living sector

Caloundra Downs, QLD

Development Division - Strategy for Growth

• •Increased market share
• •New initiatives
• •Unlocking development opportunities within existing portfolio
• •Focus on mixed-use opportunities

Capital Partners

Brett NewmanCEO, Capital Partners

• • Over $850m of wholesale and retail assets under management*
• •6 funds operating
• •Outperforming prospectus forecasts

*Represents equity commitments and assets under management

Capital Partners - Strategy for Growth

• • Grow capability in both UK/Europe & Australia
• •Cross border opportunities

UK/Europe

• •Over $A2.2bn under management
• • Stockland Halladale provides platform for growth
  • –Established UK JV partnerships
  • – European product and wholesale opportunities

Shaftesbury House, Glasgow

Stockland Halladale

David LockhartChairman, Stockland Halladale

•Performing in line with expectations

•Outstanding platform for growth

Lisa ScennaJoint Managing Director, Stockland Halladale

Ken Lindsay Joint Managing Director, Stockland Halladale

High Performing People & Culture

• •Leaders 'walk the talk'
• •Employee Engagement – 85%
• •Hewitt Best Employer
• •Hewitt Top Company for Leaders 2007
• •Employer o f Choice for Women
• •Talent Management

133 Castlereagh Street, Sydney, NSW

Group Outlook

•FY08 EPS growth – guidance 5%

•Operating businesses performing very well

•Strong balance sheet

Graham Bradley Chairman

RESOLUTIONS

To receive the Annual Financial Report, including the Directors' Report and Financial Statements for the year ended 30 June 2007, together with the Independent Auditor's Report.

"That Mr Duncan Boyle, who retires in accordance with the Company's Constitution and, being eligible and having offered himself for re-election, is re-elected as a Director of the Company."

RESOLUTION 2 –Re-Election of Director, Duncan Boyle

PROXIESHELD
fTlbitttoanumeroproxesovoeFORhlitteresouon:	811363375,,
TlbfitttoanmeroproesooeuxvSAGAINThlitteresoonu:	440117,
fTlbittoanumeroproxesoSABTAINhlittoneresouon:	14320815,,
fTlbihhttoanmeroproesereepromauxwxyyh'sdiittttvoeaeproxyscreon:	2604307,,
CTlbfihihhhittoanmeroproescearmanuxwhidiitttcanoeasscreonv:	9618395,,

"That Mr Barry Neil, who is eligible and having offered himself for election, is elected as a Director of the Company."

Barry Neil

RESOLUTION 3 –Election of Director, Barry Neil

SPROXIEHELD
TlbfitttoanmeroproesooeuxvFORhlitteresoonu:	819120459,,
TlbfitttoanmeroproesooeuxvSAGAINThlitteresoonu:	8103555,,
TlbfittoanmeroproesouxSABTAINhlittoneresoonu:	4198831,,
Tlbfihhttoanmeroproesereepromauxwxyyh'sdiittttoeaeproscreonvxy:	2761430,,
fCTlbihihhhittoanumeroproxeswcearmanhidiitttcanvoeasscreon:	9664435,,

"That Mr Nick Greiner, who retires by rotation in accordance with the Company's Constitution and, being eligible and having offered himself for re-election, is re-elected as a Director of the Company."

RESOLUTION 4 –Re-Election of Director – Nick Greiner

SPROXIEHELD
fTlbitttoanmeroproesooeuxvFORhlitteresouon:	108675577,,
TlbfitttoanmeroproesooeuxvAGAINSThlitteresoonu:	63160154,,
fTlbittoanumeroproxesoSABTAINhlittoneresouon:	14420775,,
Tlbfihhttoanmeroproesereepromauxwxyyh'sdiittttvoeaeproxyscreon:	2729965,,
CTlbfihihhhittoanumeroproxeswcearmanhidiitttcanoeasscreonv:	9888175,,

"That Mr Hugh Thorburn, who retires by rotation in accordance with the Company's Constitution and, being eligible and having offered himself for re-election, is re-elected as a Director of the Company."

PROXIESHELD
fTlbitttoanumeroproxesovoeFORhlitteresouon:	819016657,,
TlbfitttoanmeroproesooeuxvSAGAINThlitteresoonu:	8606695,,
fTlbittoanumeroproxesoSABTAINhlittoneresoonu:	4069947,,
Tlbfihhttoanmeroproesereepromauxwxyyh'sdiittttoeaeproscreonvxy:	2043077,,
fCTlbihihhhittoanumeroproxeswcearmanhidiitttcanvoeasscreon:	9920987,,

"That Mr Graham Bradley, who retires by rotation in accordance with the Company's Constitution and, being eligible and having offered himself for re-election, is re-elected as a Director of the Company."

SPROXIEHELD
TlbfitttoanmeroproesooeuxvFORhlitteresoonu:	699066889,,
TlbfitttoanumeroproxesovoeSAGAINThlitteresouon:	116392837,,
TlbfittoanmeroproesouxSABTAINhlittoneresoonu:	12189934,,
Tlbfihhttoanmeroproesereepromauxwxyyh'sdiittttoeaeproscreonvxy:	2775042,,
fCTlbihihhhittoanmeroproescearmanuxwhidiitttcanvoeasscreon:	9849461,,

"That the Company's Remuneration Report for the financial year ended 30 June 2007 be approved."

RESOLUTION 7 –Approval of Remuneration Report

SPROXIEHELD
fTlbitttoanmeroproesooeuxvFORhlitteresouon:	698843197,,
TlbfitttoanmeroproesooeuxvAGAINSThlitteresoonu:	16248335,,
fTlbittoanumeroproxesoSABTAINhlittoneresouon:	43093655,,
Tlbfihhttoanmeroproesereepromauxwxyyh'sdiittttoeaeproscreonvxy:	2182377,,
fCTlbihihhhittoanumeroproxeswcearmanhidiitttcanoeasscreonv:	10019020,,

RESOLUTION 8 – Approval to Increase Non-Executive Directors' Remuneration Limit

To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:

"That the maximum aggregate payment limit for Non-Executive Directors' fees be increased by an amount of $600,000 from $1,900,000 including superannuation to $2,500,000 including superannuation."

RESOLUTION 8 – Approval to Increase Non-Executive Directors' Remuneration Limit

SPROXIEHELD
TlbfitttoanmeroproesooeuxvFORhlitteresoonu:	764861752,,
fTlbitttoanumeroproxesovoeSAGAINThlitteresouon:	20280177,,
TlbfittoanmeroproesouxABSTAINhlittoneresoonu:	40283750,,
Tlbfihhttoanmeroproesereepromauxwxyyh'sdiittttoeaeproscreonvxy:	2569811,,
TlbfihihhChittoanmeroproescearmanuxwhidiitttcanvoeasscreon:	3886657,,

RESOLUTION 9 – Grant of Performance Rights to Managing Director

To consider and, if thought fit, to pass the following resolution as separate ordinary resolutions of each of the Company and the Trust:

"That approval is given for all purposes under the Corporations Act and the Listing Rules of ASX Limited for:

• a) the participation in the Stockland Performance Rights Plan by Mr M Quinn, Managing Director as to 395,000 performance rights; and
• b) the acquisition accordingly by Mr M Quinn of those performance rights and, in consequence of vesting of those performance rights, of Stockland Stapled Securities,

in accordance with the Stockland Performance Rights Plan Rules as amended from time to time and on the basis described in the Explanatory Notes on Items of Business accompanying the Notice of Meeting convening this meeting."

RESOLUTION 9 – Grant of Performance Rights to Managing Director

PRXIESHELDO
TlbfitttoanumeroproxesovoeFORhlitteresouon:	608887755,,
fTlbitttoanumeroproxesovoeSAGAINThlitteresouon:	22139777,,
TlbfittoanmeroproesouxABSTAINhlittoneresoonu:	48849427,,
fTlbihhttoanumeroproxeswereeproxymayh'sdiittttvoeaeproxyscreon:	2630847,,
TlbfihihhChittoanmeroproescearmanuxwhidiitttcanoeasscreonv:	3903409,,

RESOLUTION 10 – Grant of Performance Rights to the Finance Director

To consider and, if thought fit, to pass the following resolution as separate ordinary resolutions of each of the Company and the Trust:

"That approval is given for all purposes under the Corporations Act and the Listing Rules of ASX Limited for:

• a) the participation in the Stockland Performance Rights Plan by Mr H Thorburn, Finance Director as to 166,000 performance rights; and
• b) the acquisition accordingly by Mr H Thorburn of those performance rights and, in consequence of vesting of those performance rights, of Stockland Stapled Securities,

in accordance with the Stockland Performance Rights Plan Rules as amended from time to time and on the basis described in the Explanatory Notes on Items of Business accompanying the Notice of Meeting convening this meeting."

RESOLUTION 10 – Grant of Performance Rights to the Finance Director

PROXIESHELD
fTlbitttoanumeroproxesovoeFORhlitteresouon:	611389077,,
fTlbitttoanmeroproesooeuxvSAGAINThlitteresouon:	22182695,,
TlbfittoanumeroproxesoSABTAINhlittoneresoonu:	48841420,,
fTlbihhttoanumeroproxeswereeproxymayh'sdiittttvoeaeproxyscreon:	2621397,,
CTlbfihihhhittoanmeroproescearmanuxwhidiitttcanoeasscreonv:	3901399,,

Disclaimer

Corporation/ Responsible Entity

Stockland Corporation Limited ACN 000 181 733

Stockland Trust Management Limited ACN 001 900 741

25th Floor133 Castlereagh Street SYDNEY NSW 2000

DISCLAIMER OF LIABILITY

While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. Subject to any terms implied by law and which cannot be excluded, Stockland accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice.