STOCKLAND — Capital/Financing Update 2011

Nov 1, 2011

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

www.stockland.com.au

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2 November 2011

ASX/Media Release

STOCKLAND SELLS ITS HALF STAKE IN 52 MARTIN PLACE

Stockland has sold its half stake in 52 Martin Place, Sydney to joint owner QIC Global Real Estate.

The sale price reflects an underlying property value of $172.2 million (50% ownership interest), which is above the 30 June, 2011 book value of $167.7 million.

The landmark A grade office tower has 33 floors including the Channel 7 news studio and a retail arcade linked to the Martin Place railway station. The property management of the building is outsourced.

The property is a leasehold title, with 33 per cent of the area leased back to the NSW State Government until 2110.

The exchange and settlement of Stockland’s investment in the joint ownership trust were simultaneous.

CEO Commercial Property John Schroder said: “Given the high level of interest in quality assets such as this, the timing for the sale is right.

“This transaction is part of an ongoing asset sale program, the proceeds of which are being used to fund investment in the share buy-back currently underway as well as growth in our core businesses.”

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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.