STOCKLAND — Interim / Quarterly Report 2021

Feb 24, 2021

1H21 RESULTS PRESENTATION -

1H21 Results 25 February 2021

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CALLEYA, WA
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1H21 RESULTS PRESENTATION -

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Artwork created by Maurice Mickelo

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Group update

Mark Steinert

Managing Director & CEO

Financial results and capital management

Tiernan O’Rourke

CFO

Commercial Property

Louise Mason

Group Executive & CEO, Commercial Property

Communities

Andrew Whitson Group Executive & CEO, Communities

Summary

Mark Steinert Managing Director & CEO

1H21 RESULTS PRESENTATION -

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Figures are rounded to nearest million, unless otherwise stated. Percentages are calculated based on the figures rounded to one decimal place. Percentage changes are calculated on the prior corresponding period unless otherwise stated.

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1H21 RESULTS PRESENTATION -
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Group update Mark Steinert

YENNORA DISTRIBUTION CENTRE, NSW 4

1H21 RESULTS PRESENTATION -

1H21 result

Diversified business model delivers value Residential market rebounds, improved retail metrics

Funds from operations[1] (FFO)

$386m

FFO[1] per security

16.2 cents

Adjusted FFO[1] (AFFO) $337m

AFFO[1] per security

14.1 cents

0.4% on 1H20

0.6% on 1H20

(0.2)% on 1H20

(0.7)% on 1H20

Statutory profit

$350m

Return on equity[2]

11.4%

Net tangible assets (NTA) per security $3.78

Distribution per security (DPS)

11.3 cents

$504m 1H20

(80) bps on 31 December 2019

0.3%[3 ] on 30 June 2020

6.6% on 2H20

1. Funds from operations (FFO) and Adjusted Funds From Operations (AFFO) are determined with reference to the PCA guidelines.

2. Return on equity accumulates individual business return on assets and adjusts for cash interest paid and average drawn debt for the 12 month period ended 31 December 2020. Excludes Residential Communities workout projects. 3. Compared to 30 June 2020 NTA per security of $3.77.

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GROUP UPDATE

1H21 RESULTS PRESENTATION -

COVID-19 decisive and proactive response

Stockland continues to adapt to protect our people and business

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||||||
|---|---|---|---|---|
|•|
|Prioritised safety and wellbeing of tenants, customers, contractors and our teams|
|•|
|Safety and wellbeing|COVIDSafe operational plans remain active across all assets|
|•|
|‘Hub and Home’ hybrid working model in place for employees to navigate return to office|
|Industry and government|•|Proactive engagement affecting industry support measures; Commercial Code of Conduct (|Code|), HomeBuilder stimulus|
|engagement|[1]|
|•|
|Reduced or deferred non-critical expenses and implemented cost saving initiatives in recruitment, employee leave and|
|Cost savings|
|remuneration|
|•|
|Continued assessment of non-essential capital and development expenditure|
|Capital management and|•|
|90% rent collection, net of abatements, at 31 January 2021|
|financial health|
|•|
|Maintained strong available liquidity of $1.9bn at 31 December 2020|
|•|
|Commercial Property tenant negotiations almost complete, with unresolved arrangements relating to less than 5% of monthly|
|Tenant support|billings|
|•|
|99.6% of stores now open and trading|
|•|
|Releases and production|Increased Residential production and brought forward stage releases in response to strong demand|
|levels|•|Maintained civil infrastructure and construction works throughout lockdowns|
|Customer experience|•|Innovation, digital and data capability driving online residential enquiry and improved retail customer experience|

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1. Stockland did not apply to receive funds from the Federal Government under its JobKeeper scheme.

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GROUP UPDATE

1H21 RESULTS PRESENTATION -

Creating value through our diversified business model

• Managing our diversified business to deliver superior risk-adjusted returns

• 7-year[1] Stockland EPS growth of 7.2% p.a. vs AREIT[2] average of 5.2% p.a.

CAPITAL ALLOCATION[4,5]

• Reweighting our portfolio, predominantly through redevelopment, to enhance expected returns and manage risk

• Addressing structural retail challenges via remixing and non-core divestments

• Capitalising on our leading Residential business through increased production

• 81,000 lot Residential landbank, geographically spread in key growth corridors with an 86% skew to the eastern seaboard

• Scaling our Workplace and Logistics portfolio using our proven capability to acquire, develop and manage with a $5.9bn[3] development pipeline

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33%
Retail 39%
49%
Town
Centres
21% 33%
Workplace 31%
21%
and Logistics
29%
Communities 29% 30% 33%
31-DEC-13 31-DEC-20 TARGET
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1. FY13 – FY20.

2. Includes comparable peers within the S&P ASX 200 A-REIT Index on the Australian Securities Exchange.

3. Expected incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021. 4. Includes WIP and sundry properties of $0.4bn.

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1. Excludes UK and apartments, representing 1% at 31 December 2013.

GROUP UPDATE

1H21 RESULTS PRESENTATION -

Strong momentum in delivering strategic priorities

PRIORITY	ACHIEVEMENTS	ACHIEVEMENTS
Increase Workplace & Logistics weighting	Acquisitions	• Completed 122 Walker Street, North Sydney (NSW) acquisition in July 2020 • Two Logistics fund-through developments in Melbourne (VIC), cost of $108m (land and development), forecast average yield 5.6% • Acquired 10.3 Ha Logistics development site in Leppington (NSW) for $42m • Completed acquisition of 21 Ha Logistics site in Willawong (QLD) in a joint venture with FIFE Group
	$5.9bn development pipeline1	• Commenced civil works at Melbourne Business Park (VIC) and Gregory Hills (NSW) • Lodged Piccadilly, Sydney (NSW) Stage 1 planning proposal and Walker Street, North Sydney (NSW) DA in January 2021 • Optus Centre (NSW) refurbishment underway post Optus 12 year lease renewal
Improve the quality of our Retail portfolio	Portfolio resilience	• Comparable sales growth of 2.6%2 reflects successful convenience and non-discretionary strategy • Sale of $402m3,4 non-core divestments in line with 30 June 2020 valuations • Contracted to sell Traralgon (VIC) for $85m in line with book value
Accelerate Communities growth opportunities	Communities	• Residential settlements of 3,101, up 43.7% reflecting the strength of our market leading business • Continued strategic restocking on capital efficient terms; $560m for five new acquisitions5adding ~9,200 lots to our landbank across South East Queensland, Melbourne and Sydney • Delivered 201 townhomes settlements in 1H21, representing 6.5% of total settlements • Commenced construction at Minta (VIC), our second Land Lease Community • Divested four non-core Victorian Retirement Living villages for $89m
Broaden sources of capital	Group	• Established a Logistics capital partnership6 with JP Morgan Asset Management focused on the eastern seaboard, targeting up to $1bn7

1. Expected incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021. 2. Reflects comparable sales for six months to 31 December 2020.

2. Settlement of The Pines occurred post balance date, on 8 January 2021.

3. Includes transactions contracted to sell in FY20 which settled in 1H21.

4. Includes acquisitions and exchange of contracts subject to planning and other approvals and one acquisition subject to finalisation of due diligence.

5. A special purpose vehicle managed by JP Morgan Asset Management.

6. Subject to the special purpose vehicle obtaining FIRB approval.

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GROUP UPDATE

1H21 RESULTS PRESENTATION -

Sustainability leadership, a strategic priority Shaping tomorrow by acting today

Successful execution of our ESG strategy

Shape thriving communities – boosted community health and wellbeing, connection and education

• Industry leading Liveability Index – 74% score driving higher customer satisfaction and referrals

• Awarded most Australian Green Star retail and retirement living development ratings in 2020

• Highest ever 6 Star ‘World Leadership’ masterplanned community rating at Aura (QLD)

Optimise and innovate – reduced our impact while creating resilient communities and assets

• 65% emissions reduction since FY06, over $123m in cost savings (four years ahead of forecast)

• Climate risk assessed across portfolio, 45% with detailed resilience plans

• Net positive biodiversity value across all new masterplanned communities since 2016

Enrich our value chain – managed risks and opportunities in collaboration with key stakeholders

• Employee engagement consistently above Australian Norm >80%

• PCA Diversity Award, exceeded women in management target, WGEA citation for six consecutive years

• Supply chain safety enhanced - Sites on Safety awards for innovation and implementation

• First Modern Slavery Statement published August 2020

• Third Reconciliation Action Plan launched February 2021

Global recognition of sustainability leadership

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Global Top 5
for 10 years
DJSI
Real Estate
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Climate A-list
AAA
CDP leadership
ESG Risk Rating
ranking
from MSCI
for 4 years
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Green Star 8th
GRESB Sustainalytics
top quartile Global
for 7 years Real Estate
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1. Coverage include scope 1 and 2 emissions within operational control.

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GROUP UPDATE

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1H21 RESULTS PRESENTATION -
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Financial results and capital management Tiernan O’Rourke

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1H21 RESULTS PRESENTATION -

Capital position At 31 December 2020

• Significant headroom in capital metrics to comply with covenants

• Strong cashflow and liquidity to support future opportunities

Gearing Investment grade credit ratings Weighted average cost of debt S&P 24.2% A-/Stable 3.7% 25.4% at 30 June 2020 For 1H21 A3/Stable Moody’s Fixed / hedge ratio Interest cover FY21 expected weighted average cost of debt 76% 6.4:1 3.7% For 1H21

Weighted average debt maturity 5.6 years FY21 gearing target range

20% to 30%

FINANCIAL RESULTS AND CAPITAL MANAGMENT 11

1H21 RESULTS PRESENTATION -

Strong operating cashflows

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$m
1,200
1,000 (261)
333
(253)
800
597 (217)
600 (104)
(104)
400 787 787 859
642
538
200 443 443 434 434
-
30 Jun 20 Operating Distributions Sale of Net proceeds CP and RL Land Other 31 Dec 20
opening cash cashflow investments from acquisitions acquisitions 1 closing cash
balance before land borrowings and balance
acquisitions development
$m 1H21 1H20
Operating cashflow before land acquisitions 597 569
Includes residential cashflows as follows
Sales and other revenue 787 789
Current year stage costs (113) (106)
Future stage infrastructure costs (271) (228)
SG&A and other costs (88) (90)
Total 315 365
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~~FOCUSED CASHFLOW MANAGEMENT~~

• Strong operating cashflow covering distributions and strengthening our balance sheet

• 2H20 distribution of 10.3 cps reflected our continued focus on retaining capital, reducing gearing and strengthening the balance sheet through the pandemic

• 88% of land acquisition payments were made on capital efficient terms

• The business has a demonstrated ability to increase Residential production for FY21 settlements

~~FUNDING AND LIQUIDITY~~

• $1.9bn of available liquidity at 31 December 2020

• Gearing improved to 24.2% driven by strong 1H21 operating cashflows

• Completed $491m of non-core divestments including $402m[2,3 ] Retail Town Centres and $89m Retirement Living villages

• Includes Residential and Logistics projects.

• Includes the settlement of transactions previously announced in FY20 results disclosures. 3. Settlement of The Pines occurred post balance date on 8 January 2021.

FINANCIAL RESULTS AND 12 CAPITAL MANAGMENT

1H21 RESULTS PRESENTATION -

COVID-19 rental support – accounting treatment

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1H21 RENT COLLECTION
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500
450 447 (396)
400
350
300
250
200
150
100
51 (11) 40
50 (16) 24
6
-
Total 1H21 Collected 1H21 debt at 31- Abatement 1 Net debt before ECL 2 Net debt Collected post
Billings Dec-20 ECL balance date 3
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• Portfolio net collections for 1H21 has reached 90% compared with 61% for 4Q20 at 30 June 2020, showing significant improvement in speed of collection, noting 4Q20 net collections have also reached 90%

• Improved rent collections in 2Q21 as foot traffic and sales increased post restrictions easing

• 86%[5] of tenant rental support negotiations completed with less than 5% of monthly billings outstanding. Abatements reduced to $11m (~50% of FY20)

• Lower than forecast ECL and abatements due to stronger cash collections and completed negotiations to date. This has led to a release of provisions relating to 4Q20 in 1H21 results

Debt and provisions	Debt4 Abatements ECL	Debt4 Abatements ECL	Debt4 Abatements ECL
	as a % of billings
4Q20 (at 30 Jun 20)	39%	12%	16%
1H21 (at 31 Dec 20)	12%	3%	3%

No remaining net exposure on FY20 debt

• Outstanding debt is assessed and categorised by tenant. An ECL percentage is booked using best estimate of historical, current and forward-looking information available at 31 December 2020

• Due to strong cash collections and progress of negotiations, ECL provisioning as a % of billings has fallen significantly to 3% (FY20: 16%)[6]

• Abatements include agreed deals and estimates for deals yet to be completed.

• Expected Credit Loss ( ECL ) relates to outstanding debt assessed for risk of non-collection.

• At 31 January 2021.

• Pre COVID debt as a % of 6 months billings was typically within the range of 2-3%.

• By number of tenants forecast to be eligible for, and for those seeking, support under the Code at 31 January 2021. 6. Refer to our 2021 Interim Report for further detail on ECL.

FINANCIAL RESULTS AND CAPITAL MANAGMENT 13

1H21 RESULTS PRESENTATION -

Funds from operations

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FFO reflects:

• Strong Communities business performance

• The impact of COVID-19 on rental collections, particularly retail, driven by abatements and ECL, and the impact of ongoing disposals

• Partially offset by growth in Workplace driven by the acquisition of the residual 50% of Piccadilly, Sydney and Walker Street, North Sydney assets in NSW

$m	1H21	1H20	CHANGE	COMPARABLE GROWTH1
Logistics	81	81	0.5%	1.3%
Workplace	30	26	14.7%	1.0%
Retail Town Centres	185	209	(11.5)%	(9.9)%
Commercial Property net overheads	(10)	(8)	32.0%
Commercial Property	286	308	(7.2)%	(6.2)%
Residential Communities	136	134	1.8%
Retirement Living	36	17	109.5%
Unallocated corporate overheads	(28)	(27)	(2.9)%
Other income	-	-	-
Net interest expense	(44)	(48)	9.0%
Total	386	384	0.4%
FFO per security	16.2 cents	16.1 cents	0.6%

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1. Includes comparable assets excluding acquisitions, divestments and assets under development.

FINANCIAL RESULTS AND CAPITAL MANAGMENT 14

1H21 RESULTS PRESENTATION -

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Statutory profit to FFO and AFFO reconciliation

The table below shows the reconciliation of statutory profit to FFO and AFFO with reference to the definitions outlined in the Property Council of Australia (PCA) white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”

$m		1H21	1H20	CHANGE
PCA reference	Statutory profit	350	504	(30.4)%
	Adjusted for:
D1/D4	Amortisation of lease incentives and lease fees	43	43
D5	Straight-line rent	1	(1)
A3/A4	Net change in fair value of Commercial investment property1	(24)	(198)
A3/A4	Net unrealised change in fair value of Retirement Living investment properties and obligation	45	33
F2	Unrealised DMF revenue	(20)	(16)
C2	Net loss/(gain) on financial instruments	10	(6)
F2	Net (gain)/loss on other financial assets	(1)	1
A1/A2	Net loss/(gain) on sale of other non-current assets	15	(11)
A6	Net impairment of inventories	5	-
B1	Impairment of Retirement Living goodwill	-	21
F2	Restructuring cost2	-	2
E	Tax (benefit)/expense (non-cash)3	(38)	12
G	Funds from operations (FFO)	386	384	0.4%
G2	Maintenance capital expenditure4	(19)	(13)
G3	Incentives and leasing costs for the accounting period5	(30)	(33)
	Adjusted funds from operations (AFFO)	337	338	(0.2)%
	AFFO per security	14.1 cents	14.2 cents	(0.7)%

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1. Includes Stockland's share of revaluation movements relating to properties held through joint venture entities (1H21: $5m loss; 1H20: $45m gain), stapling adjustment for owner occupied space (1H21: $7m gain; 1H20:

2. $10m loss) and fair value unwinding of ground leases recognised under AASB 16 (1H21: $0.4m; 1H20: $1m).

3. 1. Restructuring cost incurred during the prior period to improve operational efficiencies and position the business for sustainable growth in the future.

4. The Group has accumulated tax losses of $1.4bn and as a result does not have any near-term material income tax expense that will be settled in cash.

5. Includes $3m (1H20: $2m) Retirement Living maintenance capital expenditure. 5. Excludes assets under construction.

FINANCIAL RESULTS AND CAPITAL MANAGMENT 15

1H21 RESULTS PRESENTATION -

Balance sheet

Maintenance of strong cash position; stable valuations

	$m 31 DEC 20 30 JUN 20 CHANGE
	Cash 434 443 (2.2)%
	Real estate related assets
	- Commercial Property 10,054 10,140 (0.8)%
	- Residential1 3,243 3,395 (4.5)%
	- Retirement Living 1,155 1,287 (10.2)%
	- Other 129 130 (0.9)%
	Retirement Living gross-up 2,446 2,682 (8.8)%
	Intangible assets2 183 170 8.1%
	Other financial assets 394 749 (47.4)%
	Other assets 374 235 58.2%
	Total assets 18,412 19,231 (4.3)%
	Borrowings 4,410 5,022 (12.2)%
	Retirement Living resident obligations3 2,458 2,695 (8.8)%
	Other financial liabilities 359 313 14.9%
	Other liabilities4 1,984 2,051 (3.3)%
	Total liabilities 9,211 10,081 (8.6)%
	Net assets 9,201 9,150 0.6%
	NTA per security 3.78 3.77 0.3%

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1. Includes gross-up of deferred payments and land options. 2. Includes software.

2. This amount comprises $2,446m of existing resident obligations (30 June 2020: $2,682m), being a balance sheet gross-up and $12m of former resident obligations (30 June 2020: $13m). 4. Includes payables, development provisions and other liabilities.

FINANCIAL RESULTS AND CAPITAL MANAGMENT 16

1H21 RESULTS PRESENTATION -

Commercial Property Louise Mason

1H21 RESULTS PRESENTATION -

Operating metrics

Maintenance of strong cash position; stable valuations

• Logistics – portfolio weighting increased from 14% to 24% in three years

• Workplace – FFO growth through COVID-19

• Retail – remixed and repositioned to a more resilient portfolio

				FFO
KEY		PORTFOLIO		COMPARABLE
METRICS	ASSET VALUE1	WEIGHTING	FFO2	CHANGE3
Retail Town Centres	$5,662m	39%	$185m	(9.9)%
Workplace	$1,014m	7%	$30m	1.0%
Logistics	$3,003m	24%	$81m	1.3%
Total	$9,679m	70%	$296m4	(6.2)%

1. Excludes WIP and sundry properties.

2. Includes net $8m of tenant abatements and net release of $1m ECL provision.

3. Includes comparable assets excluding acquisitions, divestments and assets under development. 4. Excludes Commercial Property net overheads of $10m.

COMMERCIAL PROPERTY 18

1H21 RESULTS PRESENTATION -

Valuation results at 31 December 2020

Commercial Property

Net increase of $25m[1] With 87%[2] of assets independently revalued

Commercial Property
Net increase of$25m1	BALDIVIS, WA	PICCADILLY, NSW	QUARRY ROAD, NSW
With87%2 of assets independently
revalued
	Retail Town Centres	Workplace	Logistics
Net increase	$(104)m, (1.7)%	$(28)m, (2.7)%	$157m, 5.5%
Weighted average capitalisation rate	6.1% (unchanged)	5.8% (unchanged)	5.4% (firmed by ~25 bps)
Assets independently revalued2,3	100%	70%	67%
Assumptions	The large majority of capitalisation rates	External valuers have increased reletting	Capitalisation rate compression for the
	remained unchanged, however external	times and incentive allowances over the	majority of portfolio; underpinned by
	valuers have continued to scrutinise the	short-medium term.	recent transactional activity and strong
	sustainability of income, capital and rental		investment market demand and pricing
	growth over the next two years:
	• Market income reduced
	• Capital allowances increased

1. Excludes WIP, sundry properties and stapling adjustment for owner-occupied space.

1. By value.

2. Further detail on fair value measurement, valuation techniques and inputs for Commercial Property is outlined in our 2021 Interim Report.

COMMERCIAL PROPERTY 19

1H21 RESULTS PRESENTATION -

COVID-19 – rental negotiations advanced Commercial Property

• SME and national tenant negotiations almost complete with unresolved arrangements relating to less than 5% of monthly billings

• 1H21 rent collection now ~90% of net billings at 31 January 2021

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WENDOUREE, VIC
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RENT COLLECTION DURING 1H21
Total 1H21 billings Cash collection 1H21 Cash collection post balance date Total cash collection	Rent collected net of abatements1
Retail $316m $325m $11m $336m	87%
Logistics $94m $99m <$1m $99m	98%
Workplace $37m $37m <$1m $37m	95%
Total $447m1 $461m $11m $472m1	90%

1. At 31 January 2021, relating to total outstanding debt, net of abatements at 31 December 2020.

COMMERCIAL PROPERTY 20

1H21 RESULTS PRESENTATION -

Active management drives strong operating metrics Retail Town Centres

• Specialty occupancy cost ratio has moderately increased to 16.0%[1]

• Negative rent reversions of 7.8% reflects ongoing impact of COVID-19 and the strategic remixing and rebasing to create a sustainable portfolio

• 182 tenants on holdover[2] at 31 December 2020 compared to long-term average of ~140, reflecting the continued impact of COVID-19

• Lease deals completed is equivalent to 83% of those completed in 1H20

		1H21	1H20
	Occupancy3	98.7%	99.4%
	WALE4,5	5.5 yrs	6.0 yrs
	Specialty retail leasing activity6
	Tenant retention7 Total lease deals8	71% 322	63% 386
	Specialty occupancy cost ratio1	16.0%	15.1%
	Average rental growth on lease deals9	(7.8)%	(5.2)%
	Renewals: number, area	177, 25,931 sqm	168, 20,324 sqm
	rental growth9	(7.6)%	(2.5)%
	New leases: number, area	82, 10,494 sqm	122, 16,502 sqm
	rental growth9	(8.4)%	(9.0)%
	incentives: months10	14.2	13.8

1. Occupancy cost reflects those tenants with active leases of 12 months or more and rental abatements.

2. Includes 23 stores with national retailers. These renewals are often deferred 1224 months to collectively negotiate on multiple sites.

3. Occupancy reflects stable assets for the period. This calculation is based on signed leases at 31 December 2020, 99.6% of stores by rental income are open and trading at 31 January 2021.

4. Assumes all leases terminate at earlier of expiry / option date.

5. By area.

6. Metrics relate to stable assets unless otherwise stated.

7. Adjusted for operational centre remixes and reconfiguration as well as retailers subject to administration.

8. Includes project and unstable centre leases.

9. Rental growth on an annualised basis.

10. Represents the contributions made towards the retailers’ fit outs, expressed in equivalent months of net rent.

21

COMMERCIAL PROPERTY

1H21 RESULTS PRESENTATION -

Improving sales trends Retail Town Centres

• COVID-19 materially impacted the Retail sector; our portfolio benefited from active remixing to convenience based, low and nondiscretionary categories

• Rebasing and non-core asset divestment strategy implemented over the last 3 years is delivering improved performance

• Suburban and regional locations demonstrated resilience

• Comparable specialty sales of $9,066 MAT per sqm, ~10% above Urbis benchmark[1]

• Low and non-discretionary MAT growth of 4.6%

TO 31 DECEMBER 2020 TOTAL PORTFOLIO5	COMPARABLE CENTRES6
Retail sales by category MAT MAT growth	MAT growth 1H21 growth
Total 5,994 (0.6)% Specialties 1,740 (8.0)% Supermarkets 2,295 8.7% DDS/DS 911 9.0% Mini-majors 749 16.5%	(2.1)% 2.6% (8.8)% (0.8)% 7.1% 9.3% 9.0% 15.2% 13.9% 21.0%

DIVERSIFIED MAT >70% LOW AND NON-DISCRETIONARY

1H21 PERFORMANCE

72% Low and non-discretionary Service/needs based resilient to online shopping 23% 5% SUPERMARKET, DDS, FOOD, FASHION, MINI-MAJORS NON-FOOD, RETAIL SERVICES, GENERAL RETAIL LEISURE, HOMEWARES, DS LOW /NON-DISCRETIONARY[[2]] DISCRETIONARY[3] OTHER[4]

LOW /NON-DISCRETIONARY[[2]]

Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA	Comparable sales growth6 2H20 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 1H21 1H21 EXCLUDING VICTORIA
Total (7.1)% 2.8%	(2.8)%	0.2%	1.0%	6.2%	4.1%	2.6%	2.8%
Specialties (18.0)% 0.5%	(8.7)%	(5.4)%	(3.9)%	3.5%	4.2%	(0.8)%	0.9%

1. COVID-19 adjusted Urbis benchmark for the subregional DDS Urbis industry average. 2. Includes food catering, food retail and mini major foods. 3. Fashion includes apparel and jewellery.

2. Other includes pad sites, non-retail, cinemas and travel agents.

3. Sales data includes all Stockland managed retail assets, including joint venture assets.

4. Comparable basket of assets as per SCCA guidelines, which excludes assets which have been redeveloped within the past 24 months.

COMMERCIAL PROPERTY 22

1H21 RESULTS PRESENTATION -

Digital capabilities – Retail Town Centres Shaping Australia’s retail future with digitally enabled assets

Investments in digital and data have connected our shopper community at home and in-centre

Delivery on demand

• Customer connection to personal shopper and delivery app

• Now in nine centres with planned rollout in 2H21

Click and collect

• Operating at 24 Retail Town Centres

• Shared specialty retailer collection point trialled at centres

Enhancing digital customer experiences

• Online customer experiences, enhanced digital content and product visualisation to drive retailer sales and customer engagement

• 53,000+ products available on SStore product search platform within the first month

• Increase in online website page views by 24%[1]

Marketing efficiency powered by data capabilities

• Enriched customer insights to drive targeted marketing campaigns

• Digital and marketing capabilities underpinned Christmas sales with 4.1% sales uplift in December 2020

• Dynamic scenario planning enabled by AI, machine learning models and advanced Salesforce platform

• Increase time spent on website by 18%[1]

• Reflects growth for the six months to 31 December 2020 from prior period 2H20.

COMMERCIAL PROPERTY 23

1H21 RESULTS PRESENTATION -

Solid performance with development opportunity Workplace

• Comparable FFO growth of 1.0%

• Rental growth on new leases and renewals of 12.4%

• 91.3% Sydney exposure with 97.1% occupancy

• Portfolio WALE of 2.8 years to support the development pipeline, with less than 4% leases expiring in 2H21

• Well positioned to execute our $2.6bn[1] development pipeline

• 95% of 1H21 rent collected, net of abatements[2 ]

	1H21	1H20
FFO	$30m	$26m
Asset value3	$1,014m	$1,032m
Leases executed	2,797 sqm	6,447 sqm
Leases under HOA4	1,103 sqm	3,662 sqm
Average rental growth on new leases and renewals	12.4%	15.8%
Portfolio occupancy4,5	93.2%	94.1%
Portfolio WALE4,5	2.8 yrs	3.6 yrs

1. Stockland share of incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021. 2. At 31 January 2021.

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ST LEONARDS, NSW
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1. Excludes WIP and sundry properties.

2. At 31 December 2020.

3. By income.

COMMERCIAL PROPERTY 24

1H21 RESULTS PRESENTATION -

$2.6bn[1] development pipeline Workplace

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Walker Street North Sydney (NSW) Piccadilly, Sydney (NSW)
expected construction expected construction
commencement ~1H23 commencement~2H23
ARTIST IMPRESSION
ARTIST IMPRESSION
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Piccadilly, Sydney (NSW)
expected construction
commencement~2H23
ARTIST IMPRESSION
ARTIST IMPRESSION
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Major projects requiring minimal capital in the near term:

• Stage 1 Piccadilly planning proposal lodged in August 2020

• Walker Street DA lodged in January 2021

We are well positioned in our development stage to create design elements reflecting changes to the post COVID-19 workplace

Planning processes incur ~3.5% of total project cost (excluding land cost) for major workplace developments

Development commencements Targeting capital are subject to acceptable partners in place financial metrics, preat project commitment levels and market commencement conditions

1. Expected incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021.

COMMERCIAL PROPERTY 25

1H21 RESULTS PRESENTATION -

Strong performance demonstrates portfolio quality Logistics – including Business Parks

24% $3.0bn portfolio weighting - asset value[4] more than doubled since 2013

• Comparable FFO growth 1.3%

• 91% of income retained[1] on expired leases

• Leasing demand strengthening with 182,000 sqm leased

• Portfolio WALE[2,3] of 4.8 years with 3.4% leases expiring in FY21

• 98% 1H21 rent collected, net of abatements at 31 January 2021

• Significant leasing transactions at Forrester Distribution Centre (NSW) (54,962 sqm) and Somerton Distribution Centre (VIC) (18,826 sqm) with no downtime

• Negative rent reversion of 1.9% due to one lease; the majority of leases were contracted above passing market rents

		1H21	1H20
	FFO Asset value4 Leased area Leases under HOA3,5	$81m $3,003m 182,019 sqm 71,954 sqm	$81m $2,771m 300,835 sqm 107,887 sqm
	Average rental growth on new leases and renewals	(1.9)%	11.5%
	Portfolio occupancy2,3 Portfolio WALE2,3	96.3% 4.8 yrs	98.3% 5.4 yrs

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COOPERS PADDOCK (NSW)
PCA Innovation
Excellence Awards
2020 WINNER
Best Business or
Industrial Park
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1. Reflects retained and new tenants.

2. By income.

3. At 31 December 2020.

4. Excludes WIP and sundry properties.

5. Represents 100% interest.

COMMERCIAL PROPERTY 26

1H21 RESULTS PRESENTATION -

Scaling through development Logistics – including Business Parks

Master planning

Detailed planning

Future proofing

Restocking our pipeline

• Yatala Distribution Centre, (QLD) 3 Ha, 16,000 sqm GLA

• Willawong Joint Venture Project, (QLD) 21 Ha, 96,000 sqm GLA

• M_Park Stg 2 Johnson & • Cranbourne (VIC) 6 Ha, 34,000 Johnson Family of Companies sqm GLA site Macquarie Park, (NSW) • M_Park Stg 1 Bldg D (NSW) 110,000 sqm GFA 9,500 sqm NLA

• Cranbourne (VIC) 6 Ha, 34,000 sqm GLA

Civil work underway

DA approved

DA lodged

Projects currently under development totalling over 108 Ha of space

Projects ready to start developing

Projects development application lodged awaiting approval

• Leppington Business Park, (NSW) 10 Ha (earthworks)

• Melbourne Business Park, (VIC) 61 Ha net saleable area, ~30% lots reserved

• Leppington Business Park, (NSW) 10 Ha

• M_Park Stg 1 Bldg A (NSW) 16,800 sqm NLA

• Kemps Creek, (NSW)

• Gregory Hills Industrial Estate, (NSW) 11 Ha net saleable area, ~90% lots contracted to sell

• Willawong Distribution Centre, (QLD)

• Truganina (VIC) 6 Ha, 38,500 sqm GLA

• M_Park Stg 1 Bldg B (NSW) 25,500 sqm NLA

• Silica Street Industrial Park, Carole Park (QLD) 31,300 sqm GLA

• M_Park Stg 1 Bldg C (NSW) 10,200 sqm NLA

$3.3bn[1]

230 Ha

development pipeline over 8 years

development land

Stockland share of expected incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021.

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WILLAWONG, QLD
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COMMERCIAL PROPERTY 27

1H21 RESULTS PRESENTATION -

M_Park $1.5bn[1,2] development gaining momentum

M_Park Business Campus, Macquarie Park, NSW

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----- Start of picture text -----

Third
party
site
Stage 1
Johnson & Johnson
development A Family of Companies
C
Stage 2 D
future development stages
(4 Ha / 95,000 sqm GFA) 84,194 sqm NLA leased
Stage 1 NLA [2] Construction timing [2] B
Building A 16,800 sqm Mar 21 – Sep 22
Stage 1 Tenant negotiations
Building B 25,500 sqm Jul 21 – Dec 22 ongoing
60%
Building C 10,200 sqm Oct 22 – Apr 24
Building D 9,500 sqm Nov 22 – Jun 24 terms agreed
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Stage 1 Building A	NLA2 16,800 sqm	Construction timing2 Mar 21 – Sep 22	Stage 1
Building B Building C	25,500 sqm 10,200 sqm	Jul 21 – Dec 22 Oct 22 – Apr 24	60%
Building D	9,500 sqm	Nov 22 – Jun 24	terms agreed
Total	62,000 sqm

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1. Stockland share of expected incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021. 2. Indicative.

COMMERCIAL PROPERTY 28

1H21 RESULTS PRESENTATION -

Strategic priorities Commercial Property

RETAIL TOWN CENTRES	WORKPLACE	LOGISTICS
Strengthen Retail	Grow Workplace	Grow and execute pipeline
• Non-core disposals to reallocate capital • Remixing and repositioning: • Replaced Harris Scarfe at Green Hills (NSW) and Rockhampton (QLD) with high performing mini majors forecast to double sales productivity • Replacing H&M in two of three locations • Replaced Target Hervey Bay (QLD) with new supermarket operator • Developing health and wellbeing and education opportunities to supplement our strong Retail Town Centre locations and mix to deliver to our customers • Growing our digital ecosystem to support our retailers with their omni channel offering	• Advanced planning approvals on $2.6bn1 pipeline • Development commencement subject to financial hurdles, pre commitments and capital partners • Advancing Piccadilly, Sydney (NSW) Planning Proposal through Local and State Government • Lodged Walker Street, North Sydney (NSW) Development Application • Utilising the planning timeframe to develop the workplace of the future	• $3.3bn1 development pipeline roll out • Progressed JV and capital partnering opportunities in growth areas – established logistics capital partnership2 with JP Morgan Asset Management3 • Commenced civil works at Melbourne Business Park (VIC) • Strong sales results at trading asset – Gregory Hills (NSW)

1. A special purpose vehicle managed by JP Morgan Asset Management.

2. Stockland share of expected incremental development spend, excluding land cost and subject to planning approvals at 25 February 2021.

3. The arrangement is subject to the JP Morgan Asset Management special purpose vehicle obtaining FIRB approval.

COMMERCIAL PROPERTY 29

1H21 RESULTS PRESENTATION -

Communities Andrew Whitson

1H21 RESULTS PRESENTATION -

Strong result reflects market leading business Residential

• 44% increase in settlements on 1H20; default rate has returned to normalised levels

• FFO increase of 1.8%, or 44% excluding one-off earnings in 1H20¹

• 17.4% operating profit margin in line with 1H20

3,101

Total lots settled[4]

43.7%

Increase on 1H20

• 2H skew to high margin Sydney projects to drive full year margin to around 19%

• 4,358 contracts on hand[2] provides good visibility, on track to deliver over 6,000 settlements in FY21

$136m

FFO

1.8%

FFO growth

• Early cycle restocking with five new acquisitions[3] , adding ~9,200 lots to our (5,507)

• landbank across south east Queensland, Melbourne and Sydney

IMPROVING LOT SALES

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----- Start of picture text -----

8,000
7,000
6,000 (3,101)
3,835
5,000 451
79
4,000
3,000 4,809
4,358
2,000 3,545 3,545
1,000
0
30 Jun 2020 Net deposits Settlements Providence (QLD) 31 Dec 2020 2 Jan 2021 Contracts on hand
contracts on hand acquisition contracts on hand net deposits 31 Jan 2021 [5]
----- End of picture text -----

17.4%

Operating profit margin

21.1%

ROA

1. 1H20 includes revenue recognised from the capital partnering transaction at Aura (QLD). 2. Contracts on hand at 31 December 2020.

2. Includes acquisitions and exchange of contracts subject to planning and other approvals and one acquisition subject to finalisation of due diligence. 4. Includes 826 settlements under joint venture/project development agreements (1H20: 534).

3. Excludes January 2021 settlements.

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COMMUNITIES

1H21 RESULTS PRESENTATION -

Uniquely positioned to capitalise on market recovery Residential

~~MONTHLY ENQUIRIES~~

• 3,835 net sales – strongest result in four years driven by record low interest rates, shift in customer preferences, and government stimulus

• Increased production by 1,800 lots to capitalise on strong demand

• Solid price growth across NSW & SEQ, flat in VIC & WA

• January 2021 sales and enquiry demonstrates strength of demand post reduction in HomeBuilder

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AURA, QLD
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----- Start of picture text -----

13,365
14,000
12,000 10,983
10,000 9,175 9,128
7,750 7,691
8,000 6,743 6,733
6,326
5,935 5,752
6,000
3,865 3,611
4,000
2,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021
NSW QLD VIC WA
NET SALES BY QUARTER
2,500
2,036
2,000 1,799
1,561 1,535
1,500 1,337 1,293 1,295 1,350 1,375
1,149 1,121
963
846
1,000
500
-
2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
NSW QLD VIC WA
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COMMUNITIES

1H21 RESULTS PRESENTATION -

Market leader in masterplanned communities (MPC) Residential

Competitive advantage built on three key elements

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Brand Scale Landbank
Our brand is built on the quality of Driving efficiency and deep customer Size and quality of landbank difficult
Communities we have created for the last 65 insights to replicate
years • Scale provides project delivery and overhead • Deep, geographically spread ~81,000 ~81,000 lot landbank
• Customers actively choose Stockland cost efficiency, reflected in margins in key growth corridors; 86%² skew to eastern 86%² skew to eastern ² skew to eastern
Communities over competing product within • seaboard
Strength of data capability drives deep
our trading corridors •
understanding of our customers ~9,200 lots acquired over the period [3]
•
Brand drives price premiums and superior • •
Ability to attract and retain the best people Providence (QLD)
sales rates
• Follett (VIC)
----- End of picture text -----

Size and quality of landbank difficult to replicate

• Deep, geographically spread ~81,000 ~81,000 lot landbank in key growth corridors; 86%² skew to eastern 86%² skew to eastern ² skew to eastern seaboard

  • Follett (VIC)

• Our commitment to livability and affordability sets us apart

• The Gables (NSW)

• Clydesdale[4] (NSW)

13% market share[1] more than 3x our nearest competitor

1. National Land Survey, December 2020. Research 4 – market share over the six months to December 2020 (Greater Sydney, Melbourne, Perth and south east Queensland). 2. Calculated on total lots divided by total lots managed.

1. Includes acquisitions and exchange of contracts subject to planning and other approvals and one acquisition subject to finalisation of due diligence.

2. Consolidation site adjoining the existing “Elara” project settlement subject to planning and other approvals.

COMMUNITIES

33

1H21 RESULTS PRESENTATION -

Our digital capability is a key differentiator Enhancing the customer experience driving higher sales conversion

Website upgrade driving lead ~~c~~ onversion

+83%

lead conversion

from digital[1]

+16%

customer engagement[1]

+30%

website traffic[1]

End-to-end virtual sales

• Online customer sales journey

• Virtual launch for Katalia (VIC) and Altona North (VIC) – Stage 1 sell outs across both projects

Data insights and AI capabilities

• Segmentation model uses AI to predict customers most likely property purchase

• 50% reduction in cost per enquiry resulting from digital geo-targeting

• Dynamic lead scoring algorithm has generated ~$13m incremental profit since FY18

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1. Reflects year on year gains.

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COMMUNITIES

1H21 RESULTS PRESENTATION -

Market fundamentals remain supportive for MPC Residential

12 MONTH OUTLOOK

• Key drivers continue to support ongoing demand; low interest rates, access to credit and shift in customer preferences to lower density living, which together with limited serviced land availability on the eastern seaboard should offset the impact of reduced net overseas migration on the MPC segment

• The roll off of HomeBuilder likely to moderate 2H21 sales in the eastern states, but sales expected to remain strong compared to historical averages with price growth over 2021

• Further easing of WA sales volumes over 2H21 as the market absorbs the pull forward of demand associated with HomeBuilder and state-based stimulus

	STATE	PRICE	VOLUMES	MARKET COMMENTARY	MARKET COMMENTARY
				•	Record sales volumes over 1H21 despite COVID-19 restrictions and less than
	NSW			• •	10% HomeBuilder qualifying product, with strong price growth in 2020 Expect historically low levels of available stock will see volumes remain robust and price growth continue throughout 2021 Sales volume uplift was delayed until December 2020, price growth flat
	VIC			• •	Strong January 2021 enquiry to translate into volume and price growth in 3Q21 Impact of HomeBuilder roll off to be moderate, strong fundamentals remain to drive price growth and robust sales volumes through 2021
				•	Sales volumes over 1H21 set record highs and prices rose strongly
				•	There will be some easing in activity due to HomeBuilder roll off, however
	QLD				strong fundamentals remain in place to drive sales volumes and price growth

• Established market performance is strong and is set to continue with the lowest rental vacancy rate in a decade throughout SEQ

• • Strongest stimulus in the country saw record uplift in sales volumes in 1H21 • Further moderation in sales volumes over 2H21; prices have remained steady • Expect 1H22 volume increases in response to the strong demand associated with lowest level of available stock since 2014, a rising established market and the tightest rental market in the country

WA

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COMMUNITIES

1H21 RESULTS PRESENTATION -

Supply and Demand outlook for detached housing Vacant land market to remain undersupplied

• Detached dwelling segment (vacant land) to reach equilibrium in 2021 post a prolonged period of undersupply¹

• Low interest rates, access to credit and shift in customer preferences has released pent up demand and brought forward future demand, largely offsetting net negative net overseas migration in 2021

• Pull forward of demand to be partially offset by population growth as borders reopen in 2022

• 255,000 Australians (net) have returned for the short term since March 2020 and have the potential to increase dwelling demand over the short to medium term (further information refer Annexure page 52)

• Supply to remain low in 2021 and fall further in 2022 due to easing of demand, with shortages of englobo land in Greater Sydney and SEQ to limit supply over the medium term

• Overall, the 2021-2025 period is expected to be characterised by material undersupply in Greater Sydney and SEQ, market equilibrium in Greater Melbourne and moderate oversupply in WA

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SUPPLY-DEMAND BALANCE FOR DETACHED DWELLINGS [1,2] - AUSTRALIA
Net Balance (LHS) Detached Dwelling Demand (RHS) Detached Dwelling Supply (RHS)
100,000 140,000
80,000
120,000
60,000
40,000 100,000
20,000
80,000
0
60,000
-20,000
-40,000 40,000
-60,000
20,000
-80,000
-100,000 0
2019 2020 2021 2022 2023 2024 2025
----- End of picture text -----

1. Stockland Research.

2. Forecasts include allowance for net demolitions and withdrawals.

36

COMMUNITIES

1H21 RESULTS PRESENTATION -

Continued increase in customer preference for village living Retirement Living

• FFO of $36m, compared to $17m in 1H20, reflecting higher established sales and accrued DMF release associated with non-core village disposals

• Full year FFO to reflect a material skew to 1H21

$36m

386

Total units settled FFO

• 6% improvement in established sales despite Victoria restrictions, reflecting growing customer preferences for the support and wellbeing that village living provides

• Land Lease Communities development pipeline has grown to over 3,000 lots

• Improved the quality of the portfolio though the disposal of four non-core villages for $89m

6.3% 6.6% Established sales Established settlements growth growth

30%

	1H21	1H20	CHANGE
Established sales	319	300	6.3%
Development sales	109	121	(9.9)%1

Established contracts on hand growth

6.9%

ROA

1. Reflects strategic shift to focus on Land Lease Communities.

37

COMMUNITIES

1H21 RESULTS PRESENTATION -

Retirement Living Improve returns from the established retirement village portfolio

Enhance Retirement Living villages

• Invested in enhancing the capability of the operations team

• Executed on rental strategy to drive income

• Reduced overhead through leveraging Group capability

• Customer value proposition strengthened through leveraging wellbeing opportunities, simplifying choice of contracts and enhancing the visual appearance of our assets

• Leveraged investment in digital and data to improve sales and marketing efficiency; 89%[1] increase in digital leads

• Further non-core village disposals

• Progressed NSW planning approvals for redevelopment of Lourdes, Castle Ridge and Epping

Digital wellbeing initiative 8.55/10 in pilot Stockland’s 2020 Residents ‘Our Voice’ survey result

Simplified contract choice

1. Reflects year on year gains.

COMMUNITIES

38

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1H21 RESULTS PRESENTATION -
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----- Start of picture text -----

Retirement Living
----- End of picture text -----

Scale up Land Lease Communities

Land Lease pipeline growth to over 3,000 lots

• First Land Lease sales launch at Aura (QLD) by March 2021, Minta (VIC) to launch June 2021

• Dedicated Land Lease team in place, supported by our development and sales teams

• Developing digital portal for customers to visualise their home, customise options and save personalisations

• Significant development pipeline growth of ~1,000+ lots associated with recent MPC acquisitions of The Gables (NSW), Katalia (VIC), Providence (QLD) and Follett (VIC)

• Annual sales run rate of 300 expected within three years

• Subject to approvals.

	Land Lease pipeline1	Approx. yield	First settlements
	Aura, QLD Minta, VIC	495 175	FY22 FY22
	Cloverton, VIC	460	FY23
	Providence, QLD	220	FY24
	Mt Atkinson, VIC	200	FY24
	Follett, VIC	200	FY24
	The Gables, NSW	200	FY24
	West Dapto, NSW	180	FY24
	Highlands, VIC	230	FY25
	Botanica, QLD Caboolture West, QLD	220 220	FY25 FY26
	Katalia, VIC	220	FY26
	Total	3,020

COMMUNITIES

39

1H21 RESULTS PRESENTATION -

Summary Mark Steinert

1H21 RESULTS PRESENTATION -

Clear strategic choices underpin strategy execution

1. Asset weighting

To maintain the appropriate strategic asset weighting to drive resilience and enduring growth

Focus on upweighting Logistics, Business Parks and Workplace through development

4. Communities

To leverage our strong foundation in Communities and accelerate Land Lease

2. Capital partnering

To increase access to capital via partnership to fuel growth and increase ROIC

5. Customers

To accelerate and scale innovative digital and data customer offerings to drive growth

3. Repositioning

To reposition our core Retail portfolio and execute Workplace developments to create the workspaces for the future

6. Capabilities

To further develop our digital and data capabilities as well as invest and deepen our people’s capabilities

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WATERLEA, VIC
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41

SUMMARY

1H21 RESULTS PRESENTATION -

A digital and data driven future

New revenue opportunities driven by innovation, advanced data analytics and digital experiences for our customers

Digital CX enhancement driving revenue

Communities additional revenue of +$10m from seamless integration with digital collateral, sales tools, virtual tours and sales appointments

Integrated systems and AI driving operational excellence

Integrated system will provide real time business KPIs and straight through processing enabling more agile decision making

Predictive analytics enables rapid, complex scenario modelling including:

• Leasing optimisation

• Communities settlement forecast tools

• Retail Town Centre customer segmentation modelling

Powering Stockland through innovation

LAB-52 invests in high-growth innovation solutions that leverage our assets, capabilities and customer relationships

• Partnership with data specialists, smrtr , building a powerful data platform

• Unique industry datasets, deep data science, improved commercialisation capability

• Advanced data analytics and system integration driving 83% digital customer conversion

• Bricklet fractional home ownership platform, with opportunities to deliver new ownership models

42

SUMMARY

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1H21 RESULTS PRESENTATION -
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Outlook [1]
----- End of picture text -----

Key priorities

FY21 guidance

• Seamless leadership transition with new MD/CEO to commence 1 June 2021

FFO per security within the range of 32.5c to 33.1c

• Optimise customer experience, continue strong focus on safety and wellbeing

• Upweight Logistics exposure through development and capital partnership

Distribution per security at the lower end of our target payout ratio of 75% to 85% of FFO

• Undertake Residential land acquisitions to restock pipeline

• Maintain leading Communities market share

• Manage costs and adjust to macro conditions flexibly

• Continue acceleration of innovation, digital and data capabilities

Assumptions:

• Residential settlements over 6,000 lots

• Residential operating profit margin ~19%

• Recent rent collection trends maintained in Commercial Property

• Closely monitor COVID-19 pressures and the implications for our business

• Delivery of 2030 Sustainability Strategy

• Due to gaining more certainty around our business performance and market conditions, guidance has been re-established. All forward-looking statements are subject to the continuation of positive trends in rental collection and residential settlements and no material change in market conditions; including the level of COVID-19 transmission, the impact of restrictions including state border closures and other impacts from COVID-19 on the economy, broader community and business performance.

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43

SUMMARY

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As responsible entity for Stockland Trust ARSN 092 897 348

LEVEL 25 133 Castlereagh Street SYDNEY NSW 2000

Important Notice

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. While Stockland has provided some guidance in relation to FY21 earnings in this presentation, this remains subject to no material change in market conditions including the impact of any state border closures, COVID-19 transmission and other impacts from COVID19 on the economy, the broader community and business performance including all forward-looking statements.

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.

This announcement is authorised for release to the market by Ms Katherine Grace, Stockland’s Company Secretary.

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