STOCKLAND — AGM Information 2007

Oct 22, 2007

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Stockland Annual General Meeting 2007

Chairman’s address: Graham Bradley

Good afternoon ladies and gentlemen. I am Graham Bradley, and it is time to start our proceedings here today. A quorum is present and I declare the meeting open. It is my pleasure to welcome you to our 2007 Annual General Meeting, our 50[th] annual general meeting since the company first listed in 1957. The board of directors and I encourage you to take this opportunity to engage with us about the management, governance and performance of your company over the last twelve months.

Our agenda today will be as follows. After my introductory remarks, Matthew Quinn, our managing director, will provide an overview of the performance of the group and our strategies for the year ahead. We will then review the financial accounts, followed by the election of directors and the consideration of remuneration matters.

I would now like to introduce the people sitting before you today.

On my immediate left is Stockland’s Managing Director, Matthew Quinn. Matthew has been Managing Director since 2000. I am sure that all Stockland investors will join me in acknowledging the excellent job Matthew and his team are doing to deliver another strong result for investors this year.

Next to Matthew, is Stockland’s General Counsel and Company Secretary, Phillip Hepburn who has been our company secretary for the past six years.

Next along is Nick Greiner. Nick has been our Deputy Chairman since 1992, and until 1 October 2007 was the Chairman of the Board’s Nomination and Remuneration Committee, which we recently renamed our Human Resources Committee to better reflect its wider scope of responsibility.

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Next to Nick is Hugh Thorburn. Hugh has been Finance Director since July 2004 having commenced at Stockland in February 2004. Hugh is a chartered accountant and has held many senior finance and management positions in listed companies.

On my immediate right is Lyn Gearing. Lyn joined the Board in November 2005. Lyn was appointed chair of the Compliance Committee of both Stockland Trust Management Limited and Stockland Funds Management Limited in July 2006. Lyn also serves on the Audit and Risk Committee and the board of Stockland Funds Management Limited.

Next to Lyn is Terry Williamson. Terry joined the Board in 2003. He chairs our Audit and Risk Committee and served as a director of Stockland Funds Management Limited from 2004 until 2007. Terry now chairs our Treasury Policy Committee.

To Terry’s right is Peter Scott, who was appointed to the Board in August 2005. Peter is the Chairman of Stockland Funds Management Limited, and has served as a member of the Corporate Responsibility and Sustainability Committee for the past two years.

Next to Peter is Duncan Boyle, who was appointed to the Board in August 2007. We welcome him to his first Stockland AGM today.

Next to Duncan is Bruce Corlett. Bruce has been a Director since 1996 and is a member of the Nomination and Remuneration Committee and has served as a member of our audit and Risk Committee for many years until earlier this month. He has now joined our Treasury Policy Committee.

Let me now present a brief report on our results and a number of governance matters which are important to you, our investors.

2007 was yet another year of significant achievement for Stockland. It is very pleasing to report our 25[th] consecutive year of profit growth. Few Australian companies can match that continuity of performance.

Our operating profit was $611 million, an increase of 10.3 per cent compared to 2006. Our earnings per security rose 6 per cent to 44 cents. Our dividend and distribution rose 7 per cent to 44.3 cents per security.

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Our results are particularly noteworthy given the challenges we faced in some domestic markets, especially in the New South Wales residential market. Once again, our diversified properties and projects across the country have been the cornerstone of our business performance in 2007.

And as we reflect on our consistency over the last quarter of a century, we should pause to note another milestone for our company.

2007 marks the celebration of our 50[th] year as a publicly listed company.

The company that Ervin Graf, our founder, floated in 1957 has come a long way. Although the financial markets of 2007 would be unrecognisable to the people who first invested in Stocks and Holdings in 1957, they would recognise our business fundamentals today. It is our robust and innovative property capability, our strong balance sheet, our conservative levels of debt and our disciplined capital management that equip us now, as then, to produce superior returns for our investors.

Pleasingly, 2007 also marked two new milestones in our strategy for growth. After careful consideration, we have made our first major geographic expansion beyond Australasia, with our first entry into UK and continental European markets through our acquisition of UK property investment and development group, Halladale. We now have a solid, integrated platform for growth in Europe.

In Australia, our acquisition of Australian Retirement Communities, a top five participant in the retirement living sector, has laid the foundation for us to cement a market-leading position in this sector to complement our existing residential communities business. Matthew Quinn will say more about our growth plans for these two businesses in a few moments.

I would now like to comment on our continuing commitment to corporate responsibility and sustainability.

Last year, in our first Corporate Responsibility and Sustainability Report, we set out what we mean by corporate responsibility and sustainability and outlined our initial goals. This year we have made significant progress towards these goals, including more sustainable residential communities, lower energy and water use in our commercial offices and more sustainable retail centres by developing a 'green' fit out guide for retail tenancies. Our progress recently received external endorsement with our inclusion in the internationally prestigious Dow Jones Sustainability Index. We are very proud of this recognition.

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Looking forward, we see climate change concerns reshaping regulatory and corporate behaviour in Australia and around the world. In response, this year we submitted our second report to the Carbon Disclosure Project, reporting our carbon emissions for the past year. Our Climate Change Action Plan, currently in development, will define our further improvement goals for the years ahead which we are committed to publish. The board continues to actively oversee the progress of these initiatives through our corporate responsibility and sustainability committee.

For us, this is not a matter of simple compliance with legal requirements. We have taken steps to embed genuine responsibility for environmental and social outcomes across our organisation. This year we have appointed two teams, one for sustainability and one for health and safety, to manage these issues across our business. Further, all our employees now have the opportunity to be recognised and rewarded for their contribution to corporate responsibility and sustainability through our new performance management system. We are pleased with our leadership in corporate responsibility and we will be happy to respond to any questions you may have here today on these issues.

A copy of our second annual Corporate Responsibility and Sustainability Report is now available on our website, and a postcard is on your seat – I encourage you to read this report. If you wish to order a printed copy of the report you may do so via our website.

Like all companies, Stockland’s achievements result from the collective efforts of many people. One of the challenges that we face in the current business environment is to attract and retain high performing people. In a time of national skills shortages and high employment, our culture, values and workplaces are crucial ingredients for deepening our leadership and talent pool. I am pleased to say that we have made great progress in this critical area in 2007.

Also, as part of our continued Board renewal program, we were delighted earlier this year to welcome Duncan Boyle to the Board. Duncan brings to us his wealth of experience in senior executive roles both in Australia and in the UK. He offers himself for re-election at this meeting. We have also nominated Mr Barry Neil for election as a non-executive director at this AGM. As a director, he will bring many years of property industry expertise to our Board table and I commend his election to you.

The addition of the skills and expertise of these new directors will complement your existing board’s experience and I am also confident that they will add to the board’s vigorous and independent governance.

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I would like to thank my board colleagues for their support and input over the past year. I believe our investors are well served by the board’s collective efforts. Each of our directors makes a substantial and diligent contribution to board’s work. I would like to extend my thanks also to the external directors of Stockland Funds Management Limited, Tony Sherlock and David Kent, who have also made a valued contribution over the past year.

Ladies and gentlemen, looking toward 2008, we face the volatility in global debt and equity markets, and the potential impacts on property markets, from a position of considerable strength.

The disciplined and effective leadership of Matthew Quinn, the depth and cohesion of our leadership group and the dedication of our entire Stockland team provide a powerful springboard from which to continue our track record of profit growth in 2008.

In closing, I’d like to thank all of our people, on behalf of the board and our investors, for their dedication and achievements in 2007.

Thank you.

I’d now like to invite Matthew Quinn, your managing director, to provide an update on the company’s operational performance and future strategy.

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For investor enquiries contact: For media enquiries contact:

Joanne Trimboli Amy Menere Investor Relations Manager Media & Corporate Communication Manager Stockland Stockland Tel: +61 2 9035 2553 Tel: +61 2 9035 2551 Mob: +61 (0) 403 972 736 Mob: +61 (0)422 449 310

Johanna Keating

EGM Corporate Affairs Stockland Tel: +61 2 9035 2180 Mob: +61 (0)409 168 848

Stockland (ASX: SGP) is one of the largest and most diversified property groups in Australia with interests in retail, commercial, industrial, residential and retirement living investment and development, and funds management. Stockland currently has total assets in Australia, New Zealand and the United Kingdom of over $13.7 billion, market capitalisation in excess of $11 billion, and reported an operating profit of $611 million for the year ended 30 June 2007. Additional information can be found on our website www.stockland.com.au

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