STOCKLAND — Capital/Financing Update 2003

Jun 17, 2003

18 June 2003

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

Stockland ("SGP") Takeover Bid for AMP Diversified Property Trust ("ADP")

New Issue Announcement

Further to the Appendix 3B lodged on 3 June 2003 in relation to the takeover bid for ADP, we wish to advise that the following Stapled Securities had been issued:

Date of entering securities	No. of New Stapled Securities Issued
into uncertificated holdings	(SGPNA)
18 June 2003	21,299,063

As previously advised, the new Stapled Securities will be issued fully paid and will rank equally in all respects with existing issued Stockland Stapled Securities except that they will not be entitled to the dividend/distribution for the half year to 30 June 2003 (payable in August 2003).

The new Stapled Securities will be entitled to dividend/distribution earned from 1 July 2003.

The total issued and quoted capital of Stockland is now:

Number	Class
834,799,735	SGP
60,000,000	SGPN
32,277,228	SGPNA

Phillip Hepburn General Counsel and Group Secretary

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