STOCKLAND — Capital/Financing Update 2014

May 29, 2014

ASX announcement ASX code ALZ / AAZPB

30 May 2014

1 Homebush Bay Drive Building C, Level 3 Rhodes NSW 2138 02 9767 2000 PO Box 3307 Rhodes NSW 2138 australand.com.au

GROUP UPDATE AND ENGAGEMENT WITH STOCKLAND

Upgraded earnings guidance

Australand Property Group has completed a further review of its operating earnings outlook for the full year 2014 and advises that earnings per security for 2014 are now expected to increase by 20-25% on 2013. This compares favourably to the Group’s prior guidance of 1720% growth announced on 25 March 2014. In addition, assuming the current strength in the residential market is maintained, the Group expects to deliver 10-15% per annum growth in earnings per security to the end of calendar year 2016.

Australand’s Managing Director, Bob Johnston, said, “We have continued to see strong momentum in our Residential division which underpins the increase to our full year earnings guidance. The medium term outlook for the Group remains strong.”

The Group continues to expect to distribute 25.5 cents per security for the full year with the first half distribution expected to be 12.75 cents per security.

First half 2014 revaluations

The Group also advises that it has received draft independent valuations for its Investment Property portfolio. Accordingly, the Group’s first half 2014 net revaluation gain[1] is expected, subject to final Directors’ review, to be approximately $76 million equating to approximately 13 cents per stapled security. Net tangible assets per security at 30 June 2014 is expected to increase by 3% to $3.68[2] per stapled security.

Australand’s Managing Director, Bob Johnston, said, “Following the takeover proposal from Stockland in April, we indicated at the Group’s AGM that our regular independent valuation process would be accelerated and would encompass the Group’s entire Investment Property portfolio. This has resulted in an increase in the portfolio’s valuation of approximately 3% since December 2013.”

1. Includes revaluation gains on investment property held, revaluation gains on investment properties under construction and amortisation of lease incentives.

2. Unaudited and includes forecast retained earnings to 30 June 2014, including actual mark to market of derivatives to 30 April 2014.

Australand Holdings Limited ABN 12 008 443 696 Australand Property Limited ABN 90 105 462 137 AFSL 231130 as responsible entity of Australand Property Trust ARSN 106 680 424 and Australand ASSETS Trust ARSN 115 338 513 Australand Investments Limited ABN 12 086 673 092 AFSL 228837 as responsible entity of Australand Property Trust No.4 ARSN 108 254 413 and Australand Property Trust No.5 ARSN 108 254 771

==> picture [596 x 131] intentionally omitted <==

Stockland proposal

Following receipt of the revised proposal from Stockland on 28 May 2014, the Board has determined to provide Stockland with access to due diligence material subject to appropriate confidentiality arrangements being agreed. Accordingly, the Group will engage with Stockland to negotiate access to due diligence including the provision of reciprocal due diligence in order for the Board to form a view on the merits of the proposal.

Investor enquiries

Kieran Pryke Chief Financial Officer T +61 2 9767 2000 E kpryke@australand.com.au

Narelle Checchin Investor Relations Manager T +61 2 9767 2000 E nchecchin@australand.com.au

2/2