STOCKLAND — Capital/Financing Update 2011

Dec 15, 2011

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

www.stockland.com.au

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16 December 2011

ASX/Media Release

STOCKLAND TO BUY BACK £189.9 MILLION OF MEDIUM TERM NOTES

Stockland today announced it would buy back £189.9m ($295.1m) of its £250 million 5.625% Medium Term Notes due October 2013, following the close of its any and all offer announced on 7 December 2011.

The 5.625% coupon is significantly higher than the benchmark two year UK gilt, which is currently 0.4%, and as a result the notes were re-purchased at 106% of face value. Settlement is scheduled to occur on 19 December 2011 for a total consideration of £203m ($315.5m), which includes accrued interest.

This buy back will lengthen Stockland’s weighted average debt maturity and will have no material impact on the group’s weighted average cost of debt.

Following this transaction the outstanding amount of European Medium Term Notes maturing in FY14 is £60.1m.

Chief Financial Officer Tim Foster said: “Stockland is very pleased with this outcome, which further demonstrates our success at actively managing our pending debt maturities.

“With credit markets remaining volatile, we believe it is prudent to maintain a variety of debt sources and a long dated maturity profile.”

Barclays Capital was Dealer Manager to the transaction.

For media enquiries contact For investor enquiries contact Brett Zarb Alex Abell Media Relations Manager Senior Manager Investor Relations Stockland Stockland T +61 (0)2 9035 2552 T +61 (0)2 9035 2553 M +61 (0)417 256 563 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