STOCKLAND — Director's Dealing 2005

Nov 1, 2005

2 November 2005

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

SGP: Appendix 3Y - Change of Director's Interest Notice

Please find attached an Appendix 3Y in relation to a change in relevant interests of Mr Hugh Thorburn.

Yours sincerely

The 14 Hoft

Phillip Hepburn Secretary

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741 AFSL No. 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

STOCKLAND(Joint listing of Stockland Corporation Limited and Stockland Trust)Stockland Corporation Limited - 43 000 181 733	Name of entity
ABN
Stockland Trust - 12 706 208 920

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Hugh Campbell Thorburn
Date of last notice	23 November 2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.
Date of change	26 October 2005
No. of securities held prior to change	290,000
Class	Ordinary Stapled Securities
Number acquired	178,000
Number disposed

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-eash, provide details and estimatedvaluation	Issued at $6.04 per stapled security,being the 5 day VWAP on ASX up to andincluding 25 October 2005, the date ofthe 2005 Stockland Annual GeneralMeeting at which the issue of securitieswas approved by securityholders
No. of securities held after change	468,000
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Issue of securities under theStockland Incentive Share Plan

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities to
which interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation.
Interest after change

$+$ See chapter 19 for defined terms.