STOCKLAND — Capital/Financing Update 2007

Oct 30, 2007

ASX/Media Release 31 October 2007

==> picture [91 x 69] intentionally omitted <==

Level 25 133 Castlereagh Street SYDNEY NSW 2000 www.stockland.com.au

Tel: 02 9035 2000

STOCKLAND TO ASSUME OWNERSHIP OF DEFENCE DISTRIBUTION CENTRE AT MOOREBANK

Stockland today announced that the unit holders of Moorebank Property Trust (MPT) had voted overwhelmingly in favour of Stockland obtaining control of the Department of Defence National Storage and Distribution Centre at Moorebank, the main asset of MPT.

This announcement follows a vote at Westpac Funds Management Limited’s unit holder meeting in Sydney today. The completion of the transaction will see Stockland take ownership of the western Sydney site for a total of $301 million. Stockland previously held a 24.9% interest in MPT.

Stockland CEO Commercial and Industrial Steve Mann said “Ownership of this significant 83 hectare site gives us a number of strategic benefits, and we will focus on leveraging its future development potential.”

“The Moorebank site has an excellent location with direct access to the M5 Motorway, close to the intersection with the M7. The site also has an existing rail spur from the East Hills line, with excellent potential to create an inter-modal facility, offering warehousing and distribution solutions by train from Port Botany,” said Mr Mann.

“The property is leased to the Commonwealth Government (Department of Defence) until 2013. We see many opportunities to add value through our asset management, leasing and development expertise, with the passing rent 20% under market and the current building site coverage very low at 29%.”

Mr Mann said the volume of container freight through Sydney is forecast to more than double in the next ten years and Port Botany will expand by four berths by 2011 to meet this demand.

“Moorebank has been identified by the NSW State Government Infrastructure Advisory Board as one of two sites for a multi-user open access inter-modal facility to manage the continually increasing container volumes coming in to Sydney.”

Stockland owns a similar scale $300 million inter-modal facility at Yennora in Sydney’s west which has growing container volumes from Port Botany and rail-related warehousing at the site showing 10-15% increases above market rents.

___________________________________________________________________________ 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 / 0403 972 736 Tel: +61 2 9035 2551 / 0422 449 310

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

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

1