STOCKLAND — Interim / Quarterly Report 2015

Oct 25, 2015

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26 October 2015

133 Castlereagh Street T 02 9035 2000 Sydney NSW 2000 F 02 8988 2552 www.stockland.com

For media enquiries

STOCKLAND 1Q16 MARKET UPDATE

Greg Spears

Senior Manager Media Relations Stockland T +61 (0)2 9035 3263 M +61 (0)406 315 014

Michelle Taylor

General Manager Stakeholder Relations Stockland T +61 (0)2 9035 2786 M +61 (0)400 356 692

For investor enquiries

Antoinette Plater

Senior Manager Investor Relations Stockland T +61 (0)2 9035 3148 M +61 (0)429 621 742

Stockland has reported strong performance across all key business areas in the first quarter of FY16 and is on track to deliver underlying earnings per security growth of 6 – 7.5% and FFO per security growth of 8.5 – 10% for the year, assuming no material change in market conditions.

Residential sales remained robust with a further 1,557 net deposits for the quarter, with project release timing in Sydney influencing the NSW result. First quarter deposits combined with the deposits already on hand at the end of FY15, total 5,299. The majority of these will settle in FY16, with the balance in FY17.

Managing Director and CEO Mark Steinert said the group was very well placed to achieve its target of around 6000 residential settlements this year.

“This result provides a high level of confidence for our earnings outlook this financial year and confirms that the markets where we operate remain healthy, underpinned by 73% owner occupier demand,” Mr Steinert said.

“Residential markets around the country are at different stages, however, our active projects are generally well placed in high demand, low supply corridors. We also offer a clear affordability advantage, coupled with our reputation for creating desirable, liveable communities.

“In line with our previous commentary, we expect markets in Sydney and inner Melbourne will moderate with a more normalised level of growth. Brisbane is showing improvement, Melbourne growth corridors remain sound and Perth has continued to slow as anticipated.

“We remain confident we are well placed for these conditions and will continue to capitalise on strong demand for our differentiated and affordable offerings. Our new projects continue to strengthen our returns with operating profit margins over 14%.

“We are also starting to see the benefits of our strategy to broaden our market reach with our medium density offerings and completed homes selling well.”

Stockland launched two new residential projects in the first quarter which have both attracted a positive response from customers. Aura on the Sunshine Coast, the largest project in Australia under single ownership, has attracted over 900 leads since launching earlier this month. Stockland’s first stand-alone medium density project, Arve in Ivanhoe Melbourne, is already 80% pre-sold.

Stockland

Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, retirement living villages, office and industrial assets. Stockland was recognised by the S&P Dow Jones Sustainability Indices (DJSI) as the as the global real estate sector leader for 2015-16, demonstrating world leadership across the areas of stakeholder engagement, customer relationship management, supply chain management, biodiversity and climate change strategy. Stockland was recognised as the Regional Sector Leader for Listed, Australian, Diversified Property Companies in the 2015 GRESB Report. www.stockland.com.au

Stockland Corporation Ltd ACN 000 181 733 Stockland Trust Management Ltd ACN 001 900 741 AFSL 241190 as Responsible Entity for Stockland Trust ARSN 092 897 348

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Stockland’s Retail business, the single largest contributor to the Group’s earnings, also continued to perform well in the quarter with comparable specialty sales up 2.8% on the prior corresponding quarter, and comparable specialty moving annual turnover up 4.2%. Total MAT was up 4.8%.

The strongest performing categories were communication technology, food catering, retail services and homewares.

Mr Steinert said Stockland’s substantial retail development program was progressing very well with flagship project Wetherill Park in Sydney, on track to open ahead of schedule before Christmas, reflecting a 7.3% stabilised FFO yield and 14% incremental IRR.

“Our development program overall is progressing on time and in line with feasibility,” Mr Steinert said. “Point Cook opened during the first quarter and is fully leased, H&M will open at Glasshouse in the Sydney CBD this month, ahead of schedule, and Harrisdale in WA is leasing well and on track to open in the second half of FY16.”

Stockland continued to grow its Logistics and Business Parks portfolio in the first quarter with the acquisition of an asset at Eastern Creek in Sydney on an 8% initial yield. Development of new buildings at the Oakleigh Distribution Centre in Victoria is now underway.

The performance of the Office portfolio is benefiting from Stockland’s strong weighting to Sydney. Around 65% of the portfolio is now located in the Sydney market, following the settlement of its 50% share in Waterfront Place and Eagle Street Pier in Brisbane during the quarter.

Retirement Living delivered a strong first quarter with both established and development reservations substantially higher than the same period last year, reflecting a successful sales campaign.

“The continued growth of our Retirement Living returns is underpinned by development. In the first quarter we commenced construction on our new village at Willowdale in Sydney which will launch in 2Q16,” Mr Steinert said.

“Cardinal Freeman, in Sydney’s inner west, continues to sell very well with over 85% of the first two buildings released now reserved, ahead of forecast. These are due for completion in the fourth quarter of FY16.”

The Retirement Living business is expected to have a stronger than usual profit skew to the second half, due to the timing and mix of sales.

During the quarter, Stockland received substantial recognition for its sustainability and operational excellence initiatives. Stockland was recognised as the most sustainable real estate company in the world in the Dow Jones Sustainability Index and also received the top ranking for a diversified property group in the region in the GRESB survey. The group also won the CIPS Australasia Award for best procurement process improvement and was the winner of the NSW Government’s Green Globe Award for energy efficiency for the solar installation at Stockland Shellharbour.

Stockland

Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, logistic centres, business parks, office assets and retirement living villages. Stockland is rated as one of the most sustainable real estate companies in the world by the Dow Jones Sustainability World Index (DJSI). Stockland is also an Employer of Choice for Gender Equality, as recognised by the Workplace Gender Equality Agency.

Stockland Corporation Ltd ACN 000 181 733 Stockland Trust Management Ltd ACN 001 900 741 AFSL 241190 as Responsible Entity for Stockland Trust ARSN 092 897 348

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Mr Steinert said the outlook for FY16 remained positive and he reconfirmed Stockland is targeting a full year distribution of 24.5 cents, assuming no material changes in market conditions.

“Our diversified portfolio continues to deliver growing returns for our investors, with a strong foundation of recurring income from our Commercial Property portfolio, enhanced by good growth in our Residential business and continuing improvement in Retirement Living,” Mr Steinert said.

“Our disciplined focus on implementing our strategy has enabled us to capture the opportunities in the market and improve the resilience of our portfolio, positioning us well through the cycle.”

Stockland

Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, logistic centres, business parks, office assets and retirement living villages. Stockland is rated as one of the most sustainable real estate companies in the world by the Dow Jones Sustainability World Index (DJSI). Stockland is also an Employer of Choice for Gender Equality, as recognised by the Workplace Gender Equality Agency.

Stockland Corporation Ltd ACN 000 181 733 Stockland Trust Management Ltd ACN 001 900 741 AFSL 241190 as Responsible Entity for Stockland Trust ARSN 092 897 348

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1Q16 Stockland Update
Delivering Sustainable Growth
Aura, Caloundra South
Artist impression
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Agenda

Agenda
Topic	Page
Group Update	03
Commercial Property	05
Residential	08
Retirement Living	09
Summary and Outlook	11
Annexure	12

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Stockland 1Q16 update

Group Update

All businesses contributing to sustainable growth:

• Solid comparable specialty sales growth

• Maintaining high occupancy in commercial property portfolio

• Current retail developments on or ahead of schedule and feasibility

• Residential net deposits steady, after allowing for limited releases in NSW and slowing Perth market, as expected

• Successful project launches including Arve (Medium Density, Melbourne) and Aura (Caloundra South, Qld)

• Strong Q1 for Retirement Living net reservations

• Rated the Global Real Estate Sector Leader on the Dow Jones Sustainability Index

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Stockland 1Q16 update

Creating sustainable, organic growth

		TRUST	Optimise returns - tactical allocation Occupancy improved to 95.1% Settled on sale of 50% interest on Waterfront Place and Eagle St Pier, Brisbane for a significant capital gain 135 King St/Glasshouse, NSW Office **8% of SGP portfolio1 **	Optimise returns - tactical allocation Occupancy improved to 95.1% Settled on sale of 50% interest on Waterfront Place and Eagle St Pier, Brisbane for a significant capital gain 135 King St/Glasshouse, NSW Office **8% of SGP portfolio1 **	CORPORATION	CORPORATION
	Create market leading shopping centres Wetherill Park to open ahead of schedule H&M flagship opening ahead of schedule at Glasshouse on October 31 Delivering 7-8% development yields2and 11-14% incremental IRRs for our $1.1b pipeline Stockland Wetherill Park, NSW Retail 50% of SGP portfolio1	Grow and develop a quality portfolio Acquisition of Distribution Centre in Eastern Creek (NSW) for $34m delivering 8% initial yield $350m development pipeline with target 7-8% incremental yields2and 11% - 14% incremental IRR3 Commenced brownfields development at Oakleigh (Vic) Wonderland Drive, NSW Logistics & Business Parks **13% of SGP portfolio1 **	Optimise returns - tactical allocation Occupancy improved to 95.1% Settled on sale of 50% interest on Waterfront Place and Eagle St Pier, Brisbane for a significant capital gain 135 King St/Glasshouse, NSW Office **8% of SGP portfolio1 **		Maximise returns by creating better places to live Launch of Aura, at Caloundra South (Qld), Australia’s largest masterplanned community under single ownership Launch of our first infill Medium Density project Arve, Ivanhoe (Vic) North Lakes, Qld Residential **20% of SGP portfolio1 **	Leading operator and developer  Strong 1Q16 sales momentum  460 homes under construction and completed  Cardinal Freeman, Sydney – over 85% of first 2 stages reserved, ahead of forecast Highlands, Vic Retirement Living **9% of SGP portfolio1 **

1. Portfolio weightings as at 30 June 2015

2. Stabilised incremental FFO yield

3. Greenfield development

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Stockland 1Q16 update

Retail

Retail Sales:

• Steady 1Q16 sales performance

• 1Q16 comparable specialty sales growth up 2.8% reflecting moderation of growth relative to 1Q15

• Strong MAT growth maintained at 4.2%

• Growth categories include communication technology, food catering, retail services and homewares

Retail development:

• Current developments progressing on time and in line with feasibility

Total Sales by Category1 to 30 September	MAT Growth	Comp Annual Growth	1Q16 Total Growth (pcp)	1Q16 Comp Growth (pcp)
Specialties	7.4%	4.2%	6.9%	2.8%
Supermarkets	2.7%	1.3%	1.8%	0.5%
DDS/DS	2.2%	0.2%	1.7%	1.1%
Mini-Majors and Other	8.1%	5.3%	10.5%	5.8%
Total	4.8%	2.5%	4.6%	1.9%

• Wetherill Park expected to complete before Christmas, ahead of schedule

• Successful opening of Point Cook, fully leased

• Harrisdale, WA stage one development on track for 2H16 opening, leasing well

• Glasshouse H&M flagship store to open 31 October ahead of schedule

Under Construction	Spend to 1Q16 ($m)	Stabilised **yield2 **	Incremental **IRR3 **
Wetherill Park	186	7.3%	~14.0%
Glasshouse (50%)	7	8.5%	~18.0%
Harrisdale	14	7.8%	~11.2%

1. Sales data includes all Stockland managed retail assets – including UPF assets

2. FFO Incremental Yield

3. Estimated unlevered 10 year IRR on incremental development from completion

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Stockland 1Q16 update

Incorporating retail trends into our centres

• Online leakage is growing, but at markedly slower pace than levels of three years ago

• Entertainment focus: after hours offerings including cinemas, restaurants, fast casual dining, bars and bowling

• Globalisation of retailing and larger format specialty apparel concept stores

• Food and dining themes

• Fast casual dining – growing rapidly to 175 outlets in our centres by calendar year end

• Pad site demand from traditional food court operators - drive through and 24 hour operation

• Services, health and well being, meeting demands of the time poor, lifestyle conscious and aging demographics

• Majors

• Traditional DDS shrinking and fewer SKU’s

• Supermarket competition – ALDI, Costco, click and collect from Woolworths and Coles, driving changing formats

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Stockland 1Q16 update

Logistics and Business Parks, Office

Logistics & Business Parks:

• Over 176,000sqm of leasing activity for 1Q16, portfolio occupancy improved to 93.8% with a further 62,000 sqm leasing since 1Q16

• Acquisition of Wonderland Drive, Sydney: 4.3 hectare site for $34m, 8% initial yield, first asset at Eastern Creek

• Site works commenced at 10,702 sqm pre-committed facility at Oakleigh (Vic), forecast for completion in May 2016 with an incremental IRR of 10.6%

Logistics and Business Parks	1Q16	FY15
Leases executed	93,200sqm	142,600sqm
Leasing activity under HOA	83,300sqm	40,800sqm
Portfolio occupancy by income	93.6%	94.3%
Portfolio WALE1	4.7yrs	4.7yrs

• DA lodged at Yennora, North West Precinct for two buildings of 13,500sqm and 9,100sqm

Office:

• Settled the sale of our 50% interest in Waterfront Place and Eagle St Pier for $317.5m. We achieved a cash IRR of 14.3% on the Tower since acquisition in 2004

• Over 60% of our portfolio now weighted to Sydney. Improving fundamentals across Sydney flowing through to our portfolio

Office	1Q16	FY15
Leases executed	5,900sqm	40,100sqm
Leasing activity under HOA	5,100sqm	3,600sqm
Portfolio occupancy by income	95.1%	95.4%
Portfolio WALE1	4.4yrs	4.5yrs

1. By income

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Stockland 1Q16 update

Residential Communities

• Remain on target for settlements of around 6,000 lots in FY16

• NSW and Victorian market conditions remain robust; net deposits influenced by timing of project releases in the first quarter

• Queensland market continues to show signs of improvement

• WA deposits reflective of softening market conditions, in line with expectations

• New projects trading well, successful launch of Aura (South Caloundra, Qld) and Arve (Ivanhoe, Melbourne)

• Over 900 expressions of interest at Aura

• Medium density deposits to date: over 80% at Ivanhoe and over 85% from 1[st] stage at North Lakes

• Whilst cancellations have trended upwards in Perth, they remain largely unchanged over the past year in our other markets

• 73% of buyers are owner-occupiers for the year to September 30, with offshore buyers continuing to represent less than 1% of net deposits

Residential net deposits

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1,712
1,652 1,642
1,557
238 1,427 251
309 190 NSW
96
348
432 317 WA
343
502
429
478 Qld
462
519
425
684
463 528 404 572 Vic
1Q15 2Q15 3Q15 4Q15 1Q16
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• Whilst we expect a moderation in the rate of price growth in Sydney and Melbourne over the year ahead, trading conditions remain positive overall

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Stockland 1Q16 update

Retirement Living

• Net reservations strongly ahead of 1Q15 due to successful sales campaign

• Development remains a key focus in improving returns

• 460 homes under construction or completed

• Cardinal Freeman (NSW) on target to deliver first two buildings in April 2016, over 85% are reserved

• New village at Willowdale (NSW) has commenced construction, to launch 2Q16

• Recently acquired South Australian villages performing in line with acquisition assumptions

• Planning underway to commence construction of 33 homes at Lightsview. First settlements anticipated FY17

• 1H profit to be affected by timing of settlements with significant skew to 2H

Retirement Living net reservations

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281 284
260
214
183
193 190 167 Established
140
128
88 74 94 93 Development
55
1Q15 2Q15 3Q15 4Q15 1Q16
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Cardinal Freeman, Ashfield NSW
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[Stockland 1Q16 update]

Operational achievements

• Recipient of CIPS Australasia Award for best procurement process improvement

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• Global leader in Sustainability:

• DJSI 2015 Real Estate Industry Group Leader

• Top ranking for a diversified property group within the region by GRESB

• Winner of NSW Government’s Green Globe Award for energy efficiency for our solar installation at Stockland Shellharbour

• Stockland CARE Foundation:

• Delivered 4 inclusive playspaces including Victoria’s first inclusive playground within a shopping centre, at Stockland Point Cook, and 3 social enterprise cafes to date with Touched By Olivia, with additional projects in planning

LEADER IN SUSTAINABILITY

1 Globally

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CHARITY PARTNERS

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1. DJSI: Dow Jones Sustainability Index

2. GRESB: Global Real Estate Sustainability Benchmark

3. CIPS: Chartered Institute of Procurement & Supply

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Stockland 1Q16 update

Positioned for sustainable long term growth and value creation

• We anticipate revaluing the majority of the Commercial Property portfolio in 1H16

• Pursuing capital partnering opportunities across our businesses including Retirement Living, with key criteria of high quality partners, maintaining alignment of interest and retaining all aspects of management

• Reviewing opportunities to reset interest rate hedges, in line with our policy, following the sale of Waterfront Place

• Well placed to achieve:

• full year lot settlements of around 6,000

• Commercial Property comparable FFO growth of 3-4% and comparable NOI growth of 2-3%

• FY16 Distribution per security targeted at 24.5c

• Remain on track to achieve Underlying EPS growth of 6-7.5% and FFO per security growth of 8.5-10% in FY16, assuming no material change in market conditions

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Stockland 1Q16 update

Annexure- Economic overview Shellharbour, NSW, Australia’s largest single rooftop solar system

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Positive outlook for our businesses

• Moderate economic growth is expected to continue to underpin commercial property demand

• Residential market fundamentals remain sound albeit individual markets are variable

• Stockland’s residential business is well positioned

• High geographic diversification

• Low supply in our corridors

Large housing undersupply remains[1 ]

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-40.0
-20.0
0.0
20.0
40.0
60.0 Vic
80.0 WA
100.0
120.0 NSW
Qld
140.0
1983 1987 1991 1995 1999 2003 2007 2011 2015
Annual Rolling Sum ('000s)
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• Strong focus on affordability

• Owner occupiers represent 73% of our buyer mix

• Conservative approach to margin recognition

• ANZ Economics

Land Supply - only two months of trading at current levels[2 ]

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9
8
7
6
5
4 Estimated months
3 of trading – National
2 Estimated months of
1 trading – Stockland Markets
0
Jun-2008 Jun-2009 Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015
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1. National Land Survey Program June Qtr 2015, Charter Keck Cramer

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Stockland 1Q16 update

Contribution to Australia’s GDP by industry(%)

No single industry represents more than 15% Industry contribution to GDP[1] (%)

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Mining
Financial services
Ownership of dwellings
Construction
Health care
Professional services
Manufacturing
Public admin
Education
Retail trade
Wholesale trade
Transportation
Info media & telco
Tourism
Property services
Utilities 2003-04
Admin services
2013-14
Agriculture
Other services Forecast 2019-20
Accom. & food services
Arts
0% 2% 4% 6% 8% 10% 12%
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1. ABS, Stockland Research, Deloitte Access Economics June 2015

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Stockland 1Q16 update

Population growth remains the key driver of demand

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2008: Increased number
AUS Population Growth - Annual 2009: Cuts to General Migration Program,
of places offered by 37k
removals of Occupations eligible for migration
500,000 2.5%
450,000 Mid-1980s: Immigration focused on economic outcomes Migration Planning Levels 2010: Reduced Skilled
Encouraged people to apply for residency Occupation List from 219 to 181
Removed restrictions on age, marital status, nationality Net International
400,000 and language. English language requirements reduced. Migration Natural Increase 2.0%
350,000 1999: Intro of
Total 2004-05:
Occupation List
300,000 Growth (%) containing occupations Occupation List 1.5%
considered in shortage. expanded
250,000
200,000 1.0%
150,000
100,000 0.5%
50,000
0 0.0%
1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
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AUS Population Growth - Annual

• Migration Planning Levels are set by the Commonwealth Government according to economic and social needs. Historically, actual outcomes are on target, with deviations of less than 5% in a small number of years. This program covers Skilled Migration, Family Migration, Special Eligibility and Humanitarian Migration. It does not account for Temporary Migration i.e. Students, Workers, Temporary Residents.

Source: ABS, Deloitte Access Economics, Department of Immigration

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Stockland 1Q16 update

Interstate migration reflected in building activity

Dwelling commencements and population growth converging since 2013[1 ]

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500 30
450
25
400
350 Population
(LHS) 20
300
250 15
200
10
150
100
5
Dwelling Dwelling
50 Commencements Commencements per
(LHS) 1000 people (RHS)
0 0
1987 1990 1993 1996 1999 2002 2005 2008 2011 2014
Thousands
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Interstate migration reflecting current economic strength[1 ]

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50,000
40,000
30,000
20,000
10,000 Vic
Qld
0 WA
NSW
-10,000
-20,000
-30,000
-40,000
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Annual Rolling Sum (‘000s)
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1. ABS, Stockland Research

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Stockland 1Q16 update

Capital city house price growth

Supply has increased, but has been driven by apartments Annualised Building Approvals[1] (no. thousands)

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250 Total – Trend
Total – Seasonally
200 Adjusted
Houses – Trend
150 Houses – Seasonally
Adjusted
100
Units - Trend
Units – Seasonally
50 Adjusted
0
2000 2003 2006 2009 2012 2015
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Annual % growth in House Prices by Capital City[1 ]

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60%
50%
40%
30% Sydney
National
20%
Melbourne
10% Brisbane
0% Perth
-10%
-20%
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Source: ABS
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Stockland 1Q16 update

With new detached dwelling supply close to historical averages

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4,000 NSW Detached Housing Approvals
3,000
2,000 +16%
1,000
Now seeing supply response
after a decade of undersupply
0
1985 1990 1995 2000 2005 2010 2015
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----- Start of picture text -----

4,000 Vic Detached Housing Approvals
3,000
+13.2%
2,000
1,000
Operating at
strong levels
0
1985 1990 1995 2000 2005 2010 2015
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----- Start of picture text -----

4,000 Qld Detached Housing Approvals
3,000
2,000 -7%
1,000
Signs of improvement in supply but
remains below long term average
0
1985 1990 1995 2000 2005 2010 2015
Source: ABS
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----- Start of picture text -----

2,000 WA Detached Housing Approvals
1,500
+19%
1,000
500
Moderating in line with
our expectations
0
1985 1990 1995 2000 2005 2010 2015
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Stockland 1Q16 update

2015 Calendar snapshot: Indicative investor event details[1]

Upcoming Announcements	Location	Date
1Q16 Stockland Update	Sydney	27 October 2015
Annual General Meeting	Sydney	28 October 2015
Stockland Investor Day	Sydney	19 November 2015
1H16 Results	Sydney	10 February 2016

1. Indicative dates, subject to change

19

Stockland 1Q16 update

Important Notice

Stockland Corporation Limited ACN 000 181 733

Stockland Trust Management Limited ACN 001 900 741; AFSL 241190

As a responsible entity for Stockland Trust ARSN 092 897 348

25th Floor

133 Castlereagh Street SYDNEY NSW 2000

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While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. This presentation contains forward-looking statements, including statements regarding future earnings and distributions that are based on information and assumptions available to us as of the date of this presentation. Actual results, performance or achievements could be significantly different from those expressed in, or implied by these forward looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in the release.

The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, Stockland accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this presentation. All information in this presentation is subject to change without notice.

This presentation is not an offer or an invitation to acquire Stockland stapled securities or any other financial products in any jurisdictions, and is not a prospectus, product disclosure statements or other offering document under Australian law or any other law. It is for information purposes only.