STOCKLAND — Director's Dealing 2005

Oct 31, 2005

Appendix 3X

Rule 3.19A.1

Initial 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.

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

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Lyn Gearing
Date of appointment	1 November 2005

Part 1 - Director's relevant interests in securities of which the director is the registered holder

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.

Number & class of securities

2,974 SGP Stapled Securities held in own name

+ See chapter 19 for defined terms.

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

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

Name of holder & nature of Number & class of SecuritiesinterestNote: Provide details of the circumstances giving rise tothe relevant interest.
Not Applicable	Nil

Part 3 – 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	Nil
Nature of interest	Not Applicable
Name of registered holder(if issued securities)	Not Applicable
No. and class of securities towhich interest relates	Not Applicable

$+$ See chapter 19 for defined terms.