STOCKLAND — M&A Activity 2010

Sep 30, 2010

133 Castlereagh Street T 02 9035 2000 Sydney NSW 2000 F 02 8988 2000

www.stockland.com.au

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1 October 2010 ASX Release

STOCKLAND DESPATCHES NOTICE OF AUTOMATIC EXTENSION TO AEVUM SHAREHOLDERS

Stockland today despatched to Aevum shareholders the Notice of Automatic Extension of the Aevum Offer and a covering letter from the Chairman of Stockland Group.

A copy of the documents is attached.

For media enquiries contact For investor enquiries contact Katie Lennon Linda Assatoury Media Relations Manager Stockland Senior Manager Investor Relations Stockland T +61 (0)2 9035 2552 T +61 (0)2 9035 2553 M +61 (0)406 316 907 M +61 (0)402 283 769

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.

1 October 2010

Dear Aevum shareholder,

I write to advise you that Stockland has now achieved a majority ownership stake in Aevum. As a result, our unconditional Offer has been automatically extended, under the Corporations Act, until 13 October 2010 . A formal notice of extension is enclosed.

At close of trade on September 30 Stockland’s holding in Aevum was over 60 per cent. The extension of the offer until 13 October 2010 will provide additional time for remaining Aevum shareholders to accept the Offer.

The Offer

As set out in our previous correspondence with you, shareholders who accept will be paid $1.77 per Aevum share within three business days of acceptance and, if entitled to Aevum’s final dividend, will also receive that 3 cent per share dividend directly from Aevum, resulting in total value of $1.80 per share.

The Offer is unconditional and will not be increased.

Commitment to Aevum residents

Finally, I would like to reiterate that Aevum residents can be confident in Stockland’s track record as a successful retirement village operator. I am confident Aevum residents will benefit from our proven expertise in this sector.

How to accept

Stockland’s Offer is now scheduled to close at 7.00pm (Sydney time) on Wednesday 13 October 2010, unless further extended. To accept the Offer, please follow the instructions outlined on the Acceptance Form and included in your Bidder's Statement. If you would like more information, please call 1800 646 920 (within Australia) or +61 2 8280 7071 (outside Australia) or visit www.stockland.com.au/aevum.

Thank you again for your consideration of our Offer.

Yours sincerely,

Graham Bradley Chairman, Stockland Group

STOCKLAND DEVELOPMENT PTY LIMITED

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

NOTICE OF AUTOMATIC EXTENSION Section 624(2) of the Corporations Act 2001 (Cwlth)

• 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 ”)

Stockland gives notice under section 624(2)(b) of the Corporations Act 2001 (Cwlth) ( the “ Act ”) that its voting power in Aevum increased to more than 50% on 29 September 2010. This occurred within the last 7 days of the Offer Period.

By operation of section 624(2)(b) of the Act, the Offer Period for the Offer is automatically extended so as to end 14 days after 29 September 2010.

Accordingly, the Offer will now close at 7pm (Sydney time) on Wednesday 13 October 2010 (unless extended by Stockland).

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

This notice is dated: 30 September 2010

Signed on behalf of Stockland pursuant to a resolution passed by the directors of Stockland.

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Derwyn Williams Company Secretary

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