STOCKLAND — Capital/Financing Update 2011

May 11, 2011

133 Castlereagh Street Sydney NSW 2000

T 02 9035 2552 F 02 8988 2552

www.stockland.com.au

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12 May 2011 ASX/Media Release

STOCKLAND SELLS MELBOURNE APARTMENTS SITE

Stockland today announced it had sold a land site at South Yarra in Melbourne for $22.5 million, as part of its strategy to exit the apartments market and reinvest proceeds in Residential Communities.

The site at 2-4 Yarra Street is approximately 2,150 square meters and has development approval for 353 residential apartments.

Stockland has agreed to deferred settlement terms until FY13 with the purchaser Little Projects.

Stockland CEO Residential, Mark Hunter, said he was pleased with the sale.

“The transaction is in line with our 3-R growth strategy, which is focused on Residential Communities, Retail development and Retirement Living.

“The strategy includes the disposal of undeveloped apartment sites and the completion of apartment projects already underway,” Mr Hunter said.

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Karyn Munsie Brett Zarb Karyn Munsie EGM – Corporate Affairs Acting Media Manager EGM – Corporate Affairs Stockland Stockland Stockland T +61 (0)2 9035 2180 T +61 (0)2 9035 2552 T +61 (0)2 9035 2180 M +61 (0)421 050 430 M +61 (0)417 256 563 M +61 (0)421 050 430

Linda Assatoury Senior Manager Investor Relations Stockland

T +61 (0)2 9035 2553 M +61 (0)402 283 769

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.