STOCKLAND — Director's Dealing 2008

Oct 28, 2008

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

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 - 43 000 181 733 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	26 October 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 to the relevant interest.	Not Applicable
Date of change	24 October 2008
No. of securities held prior to change	Issued Securities: Hugh Thorburn: 468,000 Performance Rights: Hugh Thorburn: 370,000
Class	Ordinary Stapled Securities

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	296,000 performance rights acquired by Mr Thorburn in accordance with the Stockland Performance Rights Plan Rules, approved by security holders at the 2008 Stockland Annual General Meeting held on 21 October 2008. Each performance right provides Mr Thorburn with the right to acquire one ordinary stapled security during August 2011, subject to specified service and performance conditions being met.
Number disposed	Nil.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Not Applicable.
No. of securities held after change	Issued Securities: Hugh Thorburn: 468,000 Performance Rights: Hugh Thorburn: 666,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of additional Performance Rights.

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 to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

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