STOCKLAND — Capital/Financing Update 2011

Dec 22, 2011

www.stockland.com.au

133 Castlereagh Street T 02 9035 2552 Sydney NSW 2000 F 02 8988 2552

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23 December 2011 ASX/Media Release

STOCKLAND SELLS ITS 50% STAKE IN EXCHANGE PLAZA

Stockland has sold its half stake in Exchange Plaza in Perth to AMP Capital Wholesale Office Fund for $157.7 million.

The price represents a premium of $7.7 million or 5.1% to 30 June 2011 book value.

CEO Commercial Property John Schroder said: “We continue to execute our strategy to selectively sell Office and Industrial assets to cost-effectively fund our security buyback, grow our core businesses and maintain low debt.

“This transaction brings our total sales so far in FY12 to $783 million, demonstrating the success of our asset sales program,” Mr Schroder said.

“The sale is an excellent result for Stockland, crystallising the increase in the asset value over the past year. By selling the asset now we have benefited from the current appetite for quality office property in the Perth market.”

For media enquiries contact Brett Zarb Media Relations Manager Stockland T +61 (0)2 9035 2552 M +61 (0)417 256 563

For investor enquiries contact Alex Abell Senior Manager Investor Relations Stockland T +61 (0)2 9035 2553 M +61 (0) 466 775 112

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