STOCKLAND — Capital/Financing Update 2004

Nov 8, 2004

Media Release 9 November 2004

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

STOCKLAND WELCOMES S&P CREDITWATCH POSITIVE

Stockland today welcomed Standard & Poor's advice that it has placed Stockland on CreditWatch with positive implications following the announcement of Stockland's off-market takeover bid for General Property Trust.

The CreditWatch Positive statement on Stockland said the re-rating "reflects the company's prospects for a stronger business profile, which would be boosted by the strong and stable cash flows from GPT's large, high quality, diversified asset portfolio".

The full announcement is attached.

For media enquiries:

Kristen Hannah EGM Corporate Affairs Stockland Tel 02 9020 8134 Mobile 0409 603 369

For Investor enquiries:

Johanna Keating GM Investor Relations Stockland Tel: 02 9321 1529 Mobile 0409 168 848

Stockland (ASX: SGP) is one of the largest and most diversified property groups in Australia with interests in retail, commercial, industrial and residential property investment and development, as well as hotel management. Stockland currently has total assets in Australia and New Zealand of over $7.2 billion, market capitalisation in excess of $7 billion, and reported a net profit of $456 million for the year ended 30 June 2004. Additional information can be found on our website www.stockland.com.au-

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348

Pinangan ka

Australian Property Trusts Stockland and GPT on Watch After Takeover Bid

Melbourne, Nov. 9, 2004—Standard & Poor's Ratings Services said today that, following the announcement of Stockland Trust Group's competing off-market takeover bid for General Property Trust (GPT), it has placed Stockland's 'A-/A-2' ratings on CreditWatch with positive implications. The 'A+/A-1' ratings on GPT remain on CreditWatch with negative implications, where they were placed on May 25, 2004, after announcement of impending merger with Lend Lease Corp. Ltd. (LLC).

Stockland is offering GPT unitholders 0.608 Stockland stapled securities for each GPT unit. The bid remains subject to unitholder and regulatory approvals, as well as competing bids.

The CreditWatch Positive on Stockland reflects the company's prospects for a stronger business profile, which would be boosted by the strong and stable cash flows from GPT's large, high-quality, diversified asset portfolio. Currently, Stockland benefits from the good market position and asset quality of its properties, and has a diversified investment portfolio by property sector, geographic mix, and number of assets. The stability of Stockland's cash flows are underpinned by its well-diversified investment portfolio, which helps alle viate the more cyclical, lumpy, and smaller cash flows from Stockland Corp.'s development activities.

If successful, the combined entity will become Australia's largest diversified property group, and the corporate credit rating is likely to be raised by one or two notches. To resolve the CreditWatches Standard & Poor's will seek to understand the following:

• ?? The combined group's financial policy in more detail;
• ?? Clarification of the future composition and sector weighting for the investment portfolio; and
• ?? Management's strategy for the size and future direction of its development business.

In addition, Standard & Poor's considers that, based on the information provided to date, the long-term rating on GPT may remain at 'A+' and is unlikely to fall by more than one notch under the Stockland proposal, compared with a fall of up to two notches under the LLC proposal.

About Standard & Poor's

Standard & Poor's is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data, and valuations. With 6,000 employees located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and provides investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. In Australia, we have been voted INSTO "Rating Agency of the Year" for the fourth year running. For more information, visit www.standardandpoors.com.au.

For more information contact:

Lucie Kistler, Corporate & Infrastructure Finance Ratings $(61)$ 3 9631 2072 Tel Paul Draffin, Corporate & Infrastructure Finance Ratings $(61)$ 3 9631 2122 Tel

Sharon Beach, Media $(61)$ 3 9631 2152 Tel