STOCKLAND — Director's Dealing 2014

Nov 27, 2014

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 30/09/01 Amended 01/01/11

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	Mark Andrew Steinert
Date of last notice	4 September 2014

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 and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevant interest.	Name of Holder: Madison Way	Superannuation Fund
	Nature ofInterest:	Director andBeneficiary
Date of change	25 November 2014
No. of securities held prior to change	Issued Securities:326,028 comprising:
	Mr Mark Steinert:	255,979
	Madison WaySuperannuation Fund:	70,049
	Performance Rights:Mark Steinert:	1,443,000

+ See chapter 19 for defined terms.

Class	SecuritiesOrdinaryStapledandPerformance Rights
Number acquired	229,592 Ordinary Stapled Securities
	811,000 Performance Rights
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$4.01 per security acquired
No. of securities held after change	Issued Securities:555,620 comprising:
	Mr Mark Steinert:485,571
	Madison WaySuperannuation Fund:70,049
	Performance Rights:Mark Steinert:2,254,000
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Issued Securities:229,592 Ordinary Stapled Securitiespurchased on market as part of MrSteinert's 2014 financial year deferredShortTermIncentivearrangements(114,796 securities vesting in June 2015and 114,796 vesting in June 2016).
	Performance Rights:811,000 Performance Rights as part of2015Steinert'sfinancialMryearremuneration, acquired by Mr Steinert inwiththeStocklandaccordanceRights Plan Rules andPerformanceapproved by Stockland security holdersat the 2014 Annual General Meetingheld on 28 October 2014.

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	Not Applicable
Nature of interest	Not Applicable

÷.

+ See chapter 19 for defined terms.

Name of registered holder(if issued securities)	Not Applicable
Date of change	Not Applicable
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relation towhich the interest has changed	Not Applicable
Interest acquired	Not Applicable
Interest disposed	Not Applicable
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	Not Applicable
Interest after change	Not Applicable

Part 3 - +Closed period

Were the interests in the securities or contracts detailed Noabove traded during a + closed period where prior writtenclearance was required?
If so, was prior written clearance provided to allow the trade Not Applicableto proceed during this period?
If prior written clearance was provided, on what date was this Not Applicableprovided?

+ See chapter 19 for defined terms.