STOCKLAND — Capital/Financing Update 2007

Sep 26, 2007

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ASX Announcement

CONSOLIDATED PROPERTIES SELLS TOWNSVILLE RETAIL CENTRE FOR $13.125 MILLION

Date: 27.09.2007

Consolidated Properties, the wholly owned development subsidiary of listed diversified property group Trinity (ASX: TCQ) has announced the sale of a retail centre in the Townsville suburb of Aitkenvale for $13.125 million.

Consolidated Properties acquired the Aitkenvale centre from a local private family for $8.35 million in October 2006 as an asset of Trinity’s Consolidated Development Trust (CDT).

Consolidated Properties Project Partner Kieran Cox, who sourced the opportunity and is responsible for the project, said the Aitkenvale retail centre had been a profitable investment for Consolidated Properties.

Mr Cox said Consolidated Properties had gained Development Approval for a major refurbishment of the centre, which added significant value to the site.

Trinity chief executive officer Ben McCarthy said the sale represented a strong profit result for CDT.

“This sale highlights Trinity and Consolidated Properties’ strengths in sourcing and capitalising on development opportunities across our workbook,” Mr McCarthy said.

“Although the Group had earmarked the asset for a major refurbishment, Consolidated Properties was presented with an offer that represents a strong return without development risk for CDT investors.”

The Aitkenvale retail centre, located on a 1.01 hectare site on Ross River Road, consists of a series of single level retail outlets in four separate buildings, including the Sunvale and Kingsvale complexes.

The centre has been acquired by Stockland (ASX: SGP), which also owns the neighbouring Stockland Townsville shopping centre, which has been flagged to be home to Townsville’s first Myer store in 2009.

Mr Cox said the transaction was an example of Consolidated Properties’ ability to identify opportunities in growing markets and capitalise upon them.

“The sale highlights the continued growth of the Townsville region and its strong retail demand,” he said.

“Aitkenvale is the geographic centre of greater Townsville and the property is located in a high profile well-established retail precinct.”

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Mr McCarthy said North Queensland remained an important focus of Trinity and Consolidated Properties’ national pipeline of development projects, currently valued at more than $2 billion.

Consolidated Properties has been closely involved in the development of the $1 billion Breakwater Quays leisure precinct in Townsville.

In addition to the Aitkenvale retail centre, Trinity also owns the Centrepoint Arcade retail centre in Innisfail and a freestanding Coles supermarket in Ayr.

Outside of North Queensland, Consolidated Properties also has shopping centre redevelopments currently nearing completion at Nerang on the Gold Coast and Albany Creek Woolworths Marketplace in Brisbane and underway at the IGA retail centre at Jindalee in Brisbane, and the Kippa Ring Village shopping centre at Redcliffe, north of Brisbane.

On 8 August 2007, Trinity announced a 69 per cent increase in net profit for the 2007 financial year to reach $24.1 million.

On the back of the strong results, Trinity has repositioned its growth strategy and is targeting to have $3 billion of assets under management by 2011, while continuing to generate at least 70 per cent of Group earnings from recurrent income.

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For further information Kieran Cox, Consolidated Properties 07 3229 8350 0419 782 862 Ben McCarthy, CEO, Trinity 07 3221 1221 Vanessa Wall, Communications Manager, Trinity 07 3221 1221 0417 626 196