STOCKLAND — Director's Dealing 2007

Mar 29, 2007

30 March 2007

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 Peter B Scott.

Yours sincerely

Derwyn Williams Company 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	Peter Brooke Scott
Date of last notice	6 March 2007

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 tothe relevant interest.
Date of change	27 March 2007
No. of securities held prior to change	5,347
Class	Ordinary Stapled Securities
Number acquired	570
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	$8.75 per security
No. of securities held after change	5,917

$\div$ See chapter 19 for defined terms.

Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of securities under StapledSecurity Purchase 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 towhich 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.