STOCKLAND — M&A Activity 2010

Nov 11, 2010

Level 25, 133 Castlereagh Street SYDNEY NSW 2000

T 02 9035 2000 F 02 8988 2000

www.stockland.com.au

GPO Box 998 Sydney NSW 1041

12 November 2010

Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Stockland Development Pty Limited as trustee for The Retirement Living Acquisition Trust - takeover offer for Aevum Limited ("Aevum") ("Offer") -Notice of Variation Extending Offer Period

Stockland Development Pty Ltd as trustee for The Retirement Living Acquisition Trust ("Stockland") has varied the Offer by extending the Offer Period from 7.00pm (Sydney time) on 12 November 2010 to 7.00pm (Sydney time) on 26 November 2010 (unless further extended).

Attached is a copy of the formal notice of variation to extend the Offer period in accordance with section 650D of the Corporations Act 2001 (Cwith) (the "Act") (the "Notice") and a copy of an accompanying letter to be sent to Aevum shareholders (the "Letter").

A copy of the Notice has today been lodged with the Australian Securities and Investments Commission and given to Aevum, and will be despatched with the Letter to Aevum shareholders shortly (subject to section 650D(2) of the Act).

Yours faithfully,

Prug 14

Phillip Hepburn Company Secretary

STOCKLAND DEVELOPMENT PTY LIMITED (ACN 000 064 835) as trustee for THE RETIREMENT LIVING ACQUISITION TRUST (ABN 32 474 093 417)

NOTICE OF VARIATION EXTENDING OFFER PERIOD

TO:

Aevum Limited (ABN 80 087 648 691) ("Aevum")

AND TO:

Each person to whom an offer was made ("Offer") pursuant to the replacement bidder's statement dated 12 August 2010 (as supplemented) ("Bidder's Statement") by Stockland Development Pty Limited (ACN 000 064 835) as trustee for The Retirement Living Acquisition Trust (ABN 32 474 093 417) ("Stockland")

AND TO: ASX Limited

Stockland gives notice under section 650D of the Corporations Act 2001 (Cwith) that it varies the Offer Period (as described in the Bidder's Statement) so as to change the close of the Offer Period from 7.00pm (Sydney time) on Friday, 12 November 2010 to 7.00pm (Sydney time) on Friday, 26 November 2010 (unless further extended).

Unless the context requires otherwise, defined terms in this notice have the same meaning as in the Bidder's Statement.

A copy of this notice was lodged with the Australian Securities and Investments Commission ("ASIC") on Friday, 12 November 2010. ASIC takes no responsibility for the contents of this notice.

This notice is dated: 12 November 2010

Signed on behalf of Stockland pursuant to a resolution passed by the directors of Stockland in accordance with ASIC Class Order CO 03/633.

hilf Hill

Phillip Hepburn Company Secretary

12 November 2010

Dear Aevum shareholder.

Our records, as at 9 November 2010, indicate that you have not yet accepted Stockland's Offer to acquire your Aevum shares. Stockland has now acquired a relevant interest of more than 90 per cent of Aevum's shares. As such Stockland is entitled under the Corporations Act to compulsorily acquire any remaining shares.

Offer extended to 7.00pm (Sydney time) 26 November 2010

To provide you with the opportunity to accept before Stockland compulsorily acquires your shares, the Offer has been extended until 7.00pm (Sydney time) on 26 November 2010. If you accept Stockland's Offer before the close of the Offer you will receive payment for your shares within three business days of receiving your valid acceptance.

If you do not accept Stockland's Offer

Having now acquired a relevant interest of more than 90 per cent. Stockland intends to proceed to compulsorily acquire your Aevum shares in accordance with the Corporations Act. If you choose to not accept the Offer and Stockland decides to compulsorily acquire your shares, you may have to wait more than six weeks for payment due to the legal requirements of the process.

The Offer

Shareholder's who accept Stockland's Offer will be paid $1.77 per Aevum share. The Offer is unconditional and will not be increased.

How to accept

To accept the Offer, please follow the instructions outlined on the Acceptance Form enclosed and included in your Bidder's Statement. If you would like more information. please call 1800 646 920 (callers in Australia) or +61 2 8280 7071 (callers outside Australia).

Please disregard this letter if you have already validly accepted the Offer for your Aevum shares.

Yours sincerely,

Graham Lenzner Chairman, Aevum

Graham Bull

Graham Bradley Chairman, Stockland Group