STOCKLAND — Major Shareholding Notification 2004

Nov 3, 2004

Form 604

Corporations Act 2001 Section 6718

Notice of change of interests of substantial holder

Stockland ĬΩ ACN/ARSN 092897348

1. Details of substantial holder

NameABN	Barclays Group ("Barclays")33 001 804 566 (Barclays Global Investors Australia Limited)
of the substantial holder on	There was a change in the interests	-26 October 2004
company on	The previous notice was given to the	19 July 2004

The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities	Previous notice		Present notice
	Person's votes	Votina power	Person's votes	Voting power
Ordinarv	65,247,183	5.16%	78.574.979	6.21%

19 July 2004

3. Changes in relevant interests

Particulars of each change in, or change on the nature of, a relevant interest of the substantial holder or an associate in votina securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature of change	Considerationgiven in relationto change	Class andnumber ofsecuritiesaffected	Person'svotesaffected
26/10/04	Barclays	Increase in votingpower	Average price$5.63	78,574,979ordinary	6.21%

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

	Holder of I Registered holder of securities	Nature of	Class and	Person's
relevant		relevant interest I number of		votes
interest			securities

	BGIAL/Ba JP Moraan & other custodians - See Annexure "A"	78.574.979 6.21%
rclavs		, ordinary

5. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Barciays Global Investors	1/111 Harrington Street, Sydney NSW 2000
I Australia Limited

Signature

Andrew Kuo Company Secretary Barclays Global Investors Australia Date

This is "Annexure A" of 1 page referred to in Form 604 Notice of change of interests of substantial holder

Relevant interest in Stockland ("SGP") held by the Barclays Group ("Barclays").

ASX	Program (a conseguidad de electronia)		$\frac{1}{2}$	.
CODE	STOCK NAME	HOLDING		ICOMPANY
SGP	Stockland	2,944,064		0.23 Barclays Global Fund Advisors
SGP	Stockland	51,204,596		4.05 Barclays Global Investors Australia Ltd
SGP	Stockland	8,253,163		0.65 Barclays Global Investors Ltd
SGP	Stockland	457.094		0.04 Barclays Global Investors Japan Ltd
SGP	Stockland	995.045		0.08 Barclays Global Investors Japan Trust &Banking
SGP	Stockland	465.773		0.04 Barclays Life Assurance Co Ltd
SGP	Stockland	179,853		0.01 Barclays Capital Securities Ltd
SGP	Stockland	14,075,391		1.11 Barclays Global Investors, N.A.
		78,574,979	6.21

The list of Barclays entities and their respective holdings are as follows:

The JP Morgan Chase Bank Inc. and various other custodians (Custodians) hold shares in SGP as custodian and for which Barclays is either:

• the responsible entity or trustee of pooled investment products such as registered managed $\bullet$ investment schemes (Funds); or
• the investment manager of Portfolios held for a number of institutional investors. The institutional $\bullet$ investors are generally superannuation funds regulated under the Superannuation Industry Supervision Act 1993.

The holding of shares in SGP was acquired as part of the wide portfolio of Australian shares and units acquired for the Funds and the Portfolios.

Barclays and the Custodians may hold relevant interests due to the capacity of these entities to dispose of the shares in SGP.

Each investor in a Fund owns an undivided interest in the Fund's assets, no client directly owns any asset of the Fund. The unitholding of each Fund varies from time to time as clients enter and withdraw from the Funds. The various institutional investors with portfolios delegate the management of the portfolios to Barclays.

Andrew Kuo Company Secretary Barclays Global Investors Australia

Date