STOCKLAND — Capital/Financing Update 2007

Sep 27, 2007

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ASX Announcement 28 September 2007

Level 25 133 Castlereagh Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9035 2000 Fax: 02 8988 2551

STOCKLAND SEEKING TO OBTAIN CONTROL OF THE DEPARTMENT OF DEFENCE NATIONAL STORAGE AND DISTRIBUTION CENTRE

Stockland today announced it had agreed with Westpac Funds Management Ltd, as responsible entity of Moorebank Property Trust (MPT), to implement a transaction under which Stockland will obtain control of the main asset of MPT, the Department of Defence National Storage and Distribution Centre, for $301 million.

The transaction is subject to MPT unitholders' approval. Full details of the transaction will be set out in an explanatory memorandum to be sent to MPT unitholders shortly. Assuming unitholders approve the transaction, settlement is expected to occur in December 2007.

Stockland currently owns a 24.9 per cent interest in MPT

_______________ 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

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

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