STOCKLAND — Director's Dealing 2005

Aug 14, 2005

15 August 2005

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

Company Announcements Manager Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sirs

Change of Director's Interest

Stockland Managing Director Matthew Quinn has sold 1,000,000 of the securities that he acquired in 2001 under the Group's Executive Securities Scheme (ESS). The ESS allocation was approved at the 2001 Annual General Meeting and comprised the issue of securities funded by interest bearing loans. which fall due for repayment in 2006.

Ownership of the securities was subject to the achievement of certain performance hurdles for the period up to 31 December 2004, which were met.

The majority of the proceeds from the sale of the securities will be applied towards repayment of the related ESS loans.

Mr Quinn owns a further 1,511,000 securities after the sale.

Yours sincerely

They Hoth

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.

Name of entity	STOCKLAND(Joint listing of Stockland Corporation Limited and Stockland Trust)
ABN	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.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Matthew James Quinn
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	11 August 2005
No. of securities held prior to change	2,511,000
Class	Ordinary Stapled Securities
Number acquired

+ See chapter 19 for defined terms.

Number disposed	1,000,000
	These securities were acquired in 2001
	under Stockland's Executive Securities
	Scheme ("ESS") and approvedbγ
	securityholders at the 2001 Annual
	General Meeting. This issue of
	securities was funded by interest bearing
	loans which fall due for repayment in
	2006. Ownership was subject to the
	achievement of certain performance
	hurdles for the period to 31/12/04 which
	were met.
Value/Consideration	$6,056,685.00
Note: If consideration is non-cash, provide details and estimated
valuation
No. of securities held after change	1,511,000
Nature of change	On market sale
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back	The majority of the proceeds from the
	sale of securities will be applied towards
	repayment of related ESS loans.

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 towhich interest related prior to
changeNote: Details are only required for a contract in relation.to 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.