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Property Portfolio 2008 30 June 2008

> Our Property Portfolio identifies all of our properties and projects across Australia, and the United Kingdom.

Our focus is on active management of the portfolio. We continually assess value by unlocking development potential, strategic acquisitions and disposals and leveraging our integrated platform to drive long-term value. We offer customers access to a full range of quality facilities in prime locations. More information on Stockland’s activities is available

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> Where are we?

1 Sydney, Australia 2 Melbourne, Australia 3 Brisbane, Australia 4 Perth, Australia 5 London, United Kingdom 6 Glasgow, United Kingdom 7 Edinburgh, United Kingdom

at www.stockland.com.au.

One Stockland

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Diversity by asset class and geography underpins our continued performance. Our capability is strengthened by being one diversified company with the strength of one platform.

Residential

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Commercial

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Office page 9 39 properties 674,514 m[2] NLA Valued at $ 3.3 billion

Industrial page 25

29 properties 1.4 million m[2] GLA Valued at $ 1.4 billion

Retail page 39

38 properties 794,777 m[2] GLA Valued at $ 4.0 billion

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Communities page 57

65 communities 66,000 lots End market value approximately $ 17 billion

Apartments page 75 12 projects 2,246 units End market value approximately $ 3 billion

page 81

Retirement Living

20 existing villages 3,445 existing units Development pipeline of over 4,700 units

Unlisted Property Funds

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Unlisted Property Funds page 90 15 properties Assets under management $ 0.9 billion

Stockland UK

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Stockland UK page 97 Assets under management $ 2.3 billion Development pipeline approximately $ 1 billion

Stockland Property Portfolio June 2008

Stockland’s portfolio of properties is diversified by asset class, geography and product type. This diversity ensures continued performance through changing market cycles.

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Our Properties
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A
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Key A Office n Chesser House Industrial n 81–95 Waymouth Street Retail n Port Adelaide Residential Communities Distribution Centre Apartments Retirement Living Unlisted Property Funds

Sydney CBD and North Shore

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118-120 Pacific Highway
601 Pacific Highway
72 Christie Street
77 Pacific Highway
110 Walker Street Mosman
North Sydney
The Rocks
7 Macquarie Place
9 Castlereagh Street
Colonial Centre
135 King Street
333 Kent Street
Stockland Piccadilly
234 Sussex Street
175-181 Castlereagh Street
The Hyde
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Stockland Property Portfolio June 2008

Key B Office n Macquarie Technology Centre Industrial n 16 Giffnock Avenue Retail n 3 Byfield Street Residential Communities Optus Centre, Macquarie Park Apartments n 60–66 Waterloo Road Retirement Living n Triniti Business Campus Unlisted Property Funds n 78 Waterloo Road

Greater Sydney

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North West Warriewood
Sector
Stockland
Glenrose
Stockland Elysium
Baulkham Hills
Lenore Lane,Erskine Park Parramatta n B Macquarie Park,North Ryde Chatswood The Village
Ryde
75 George Street, Parramatta
Riverwalk
M4 Greystanes Industrial Park
Lakewood 9-11 Ferndell Street, Granville North
159-163 Newton Road, Merrylands Court Sydney
Wetherill Park Stockland Merrylands
2 Davis Road, Wetherill Park Lidcombe Industrial Park
Stockland Wetherill Park Amory Gardens, Ashfield
Yennora Distribution
Centre
55-63 Bourke Road,
Alexandria
1-11 Amour Street, Sydney
Defence Distribution Centre,Moorebank Revesby Sydney
Prestons Industrial Airport
Estate, Prestons
Prince Henry
Sydney Orbital Park,
Smeaton Grange
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C

n Stockland Green Hills n Stockland Glendale n Stockland Jesmond n Stockland Wallsend

D

n Edmund Barton Building n Myuna Complex 40 Cameron Avenue, Belconnen

NSW and ACT

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Hundred Hills
Tamworth Homespace
Stockland Forster
Hunter/North Coast
Darcy’s Peak
McKeachie’s Run
Newcastle Area
n C
Wallarah Peninsula
Stockland Bathurst
Stockland Bay Village
Waterside
Glenmore Park
Bridgewater
Macarthur Gardens
The Point
Illawarra Stockland Corrimal
Stockland Shellharbour
Shellharbour Retail Park
Stockland Nowra
Vincentia Shopping Centre
Bayswood
ACT
n D
Stockland Batemans Bay
Bridge Plaza (incl. 8 North Street)
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ACT

Stockland Property Portfolio June 2008

Key E Office n 509 Boundary Road Industrial n 514 Boundary Road Retail n 735 Boundary Road Residential Communities n 60 Fulcrum Street Apartments Retirement Living Unlisted Property Funds

Greater Brisbane

Brisbane CBD

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Caboolture Waters
Redcliffe
North Lakes
Freshwater China Town
Kangaroo
300 Ann Street Point
Eagle Street Pier
150 Charlotte Street
Waterfront Place
Hendra Distribution Centre Mantra Hotel Norman Reach
Koko
South Brisbane
Brisbane
Woolworths Toowong
80-88 Jephson Street,
23 and 27-29 High Street, Toowong
Stockland
Cleveland
Garden Square, Mt Gravatt
Richlands n E
Interchange Industrial Bahrs Scrub
Estate, Wacol
Ipswich Brookbent Road
Jimboomba Village Shopping Centre
Parkwood
Augustine Heights
M1 Yatala Enterprise Park
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Stockland Property Portfolio June 2008

Key

Office Industrial Retail Residential Communities Apartments Retirement Living Unlisted Property Funds

Gold Coast

Sunshine Coast

Far North Queensland

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Lake Doonella
Noosa Heads
Jacobs Ridge Cairns
Stockland Cairns
Hope Island
Highland Reserve
Oxenford
Allisee
The Boardwalk Townsville
Riverstone Crossing
North Shore
Stockland Townsville
Southport
Ocean Drive
Pacific Pines
Pacific Pines Shopping Centre Surfers Paradise Maroochydore Cane Bridge Mackay
Cutters Field
Benowa Gardens Brightwater
Kawana Entrance Island
Kawana Waters
Kawana Business Village Kawana Beach
Kawana Forest Lake Kawana
Birtinya Island
Beerburrum Street
Bellvista
Burleigh Central
Stockland Caloundra Rockhampton
Stockland Burleigh
The Observatory Heads Stockland Rockhampton
Gladstone
Burleigh Heads Stockland Gladstone
Caloundra Auckland Creek, Gladstone
Caloundra Downs
Woodgrove
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Stockland Property Portfolio June 2008

Key

Office Industrial Retail Residential Communities Apartments Retirement Living Unlisted Property Funds

F n Exchange Plaza n Durack Centre n Bankwest Tower n 1 Havelock Street n 45 St Georges Terrace n 255 & 267 St Georges Terrace

Greater Melbourne

Melbourne CBD Perth

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Carlton Fitzroy
Midlands Terrace
Stockland Wendouree Mernda Villages
Hawkstowe
Sunbury Highlands
Gowanbrae 17 & 40 Scanlon Drive, Epping
20-50 & 76-82 Fillo Drive & 9-11 Somerton Park Drive, Somerton
10 Stubb Street, Somerton Plenty Valley
The Parks of Bellevue Hill Bundoora
222 Russell Street Car Park
Keilor Latrobe
Taylors Lakes Templestowe
Taylors Hill The Lakes Essence Stockland The Pines
Burnside at Delbridge Tooronga Stockland LilydaleDonvale
Brooklyn Estate, Brooklyn
Cameron Close Riverside Plaza
Toll Business Park, Altona RVIB St Kilda Road Vermont
Altona Distribution Centre Wantirna Knox
1090-1124 Centre
Oak Road, Oakleigh
Grange 17 McNaughton
Street, Clayton
Geelong Patterson Lakes
Clyde North
Cranbourne
Long Island
Eve (Ravenhurst)
Sierra (Rossiters Hill)
Cranbourne North/East 2-4 Yarra Street
Rosebud
Point
Lonsdale South Yarra
Stockland Traralgon
541 St Kilda Road
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East Lansdale
181 Great Eastern
Highway, Belmont
n F
Fremantle Stockland Riverton
Shopping Centre Stockland Bull Creek
South Beach
Vertu Private Estate
Settlers Hills Newhaven
Stockland Baldivis Brookdale
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Stockland Property Portfolio June 2008

1 Aberdeen Gateway 11 Bramley Shopping, Leeds 2 Donbristle Industrial Estate, Dalgety Bay 12 Orrell Park Works, Bootle 3 Onesixty (Fountain House), Edinburgh 13 St Mary’s Gate, Sheffield 4 Westway Retail Park, Cumbernauld 14 Ascot Drive, Derby 5 St Mungo’s Retail Park, Cumbernauld 15 Princes and Mount Street, Stafford 6 Herschell St, Glasgow 16 The Beeches, Long Eaton 7 One Waterloo Street, Glasgow 17 4–16 Brook Square, Rugeley 8 The Forum Shopping Centre, Wallsend 18 Queens Shopping Centre, West Bromwich 9 Queen Street Shopping, Darlington 19 Central Square, Birmingham 10 Billingham Town Centre, Billingham 20 St Andrew Square, Edinburgh

21 9–12 Market Street, Wellingborough 35 68/70 Week St & Union House, Maidstone 22 88/89 Rigsbygate Street, Bury St Ed. 36 Martlets Shopping Centre, Burgess Hill 23 Maltings Shopping Centre, Ross on Wye 37 Langney Shopping Centre, Eastbourne 24 Waterbourne Walk Shopping Centre, 38 Marlborough Trading Mews, Basingstoke 25 Leighton Buzzard 39 Wellington Way, Waterlooville Broadwalk, Harlow 40 Locks Heath District Centre, Fareham 26 ITT Jabsco Building, Hoddesdon 41 4/9 Hanover Buildings, Southampton 27 Dolphin Bridge House, Uxbridge 42 Hanover House, Southampton 28 Sunbury Cross Shopping Centre, Staines 43 33–35 St James Street, Newport 29 Arrundell House, Windsor 44 33–35 South Street, Newport 30 Signal Point, Swindon 45 Three Horse Shoes Mall, Warminster 31 Crown Glass Shopping Centre, Nailsea 46 Keymarket House, Yeovil 32 Grays Shopping Centre, Grays 47 Angel Place Shopping Centre, Bridgewater 33 Thamesgate Shopping Centre, Gravesend 48 Market Walk Shopping Centre, Newton Abbot 34 The Corn Exchange, Maidstone 49 Harlow

50	1 Tudor Street, London	57	72–73 Strand, London
51	17 Moorgate and	58	Aldermary House, London
	56 Coleman Street, Moorgate, London	59	33 Gracechurch Street, London
52	High Street, Brentwood	60	Boundary House, London
53	William Hunter Way, Brentwood	61	The Rotunda, Camden, London
54	Philips and Carolyn House, Croydon	62	19 Bolsover Street, London
55	68–72 Hammersmith Road,	63	Seymour Mews House, London
	Hammersmith, London	64	Clive House, London
56	26–28 Hammersmith Grove, London

United Kingdom (North) United Kingdom (South)

London

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1
Aberdeen
York
Scotland
Dundee
Manchester
2 Liverpool
4 5 Edinburgh
Glasgow 6 7 3 20 Brent Redbridge
52 53
61 51
Newcastle 60
Upon Tyne 8 Birmingham 64 63 62 57City51 58 59
21 56 55
9 England 22 Hammersmith
10 Ipswich
24 Greenwich
23 Oxford 49 Richmond
25
26
11 York Bristol 31 30 290 2728 London 32 33
12 Manchester 47 45 38 34 35 Croydon
Liverpool 46 39 40 36 54 Bromley
13 Southampton
41 42 37
43 44
15 14
17 16 48
18
19
Birmingham
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Stockland Property Portfolio June 2008

Optus Centre, Macquarie Park NSW

The new office park is the largest single tenant workplace in Australia. Located approximately 12km north-west of the Sydney CBD, this integrated campus comprises six low-rise office buildings (floor plates on the six buildings average 3,000m²) with an NLA of 84,000m[2] and parking for 2,100 vehicles.

Stockland Property Portfolio June 2008

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Commercial Portfolio

Office The office portfolio comprises 39 properties valued at $3.3 billion. The team is focused on maximising investment returns in its key markets of Sydney, Brisbane and Perth.

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Lease expiry profile
Vacant 2% FY10 18% FY12 11%
FY09 8% FY11 14% FY13+ 47%
By NLA
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Geographic split*

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NSW 52% WA 18% ACT 5%
QLD 16% VIC 6% SA 3%
By Asset Value
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Stockland Property Portfolio June 2008

Durack Centre, Perth, WA

The Durack Centre is located on the corner of Adelaide Terrace and Victoria Avenue in the CBD eastern precinct. The building enjoys extensive views across the Swan River and also includes EB Johnson House, a restored 1890s brick mansion. Development of the office building, which is adjacent to the existing complex is due for completion early 2009.

(Artist’s impression)

Stockland Property Portfolio June 2008

Office Portfolio as at 30 June 2008

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BOOK VALUE# % OF OFFicE PASSiNG
PAGE PROPERTY STATE NLA (m [2] ) ($m) PORTFOLiO RENT ($/m [2] ) NET/GROSS
12 Piccadilly complex, 133–145 castlereagh Street, Sydney^ NSW 39,452 $318.4 9.6% Tower $492 Net
Court $321 Net
12 Waterfront Place, Eagle Street, Brisbane QLD 59,311 $285.0 8.6% $510 Gross
12 9 castlereagh Street, Sydney NSW 21,382 $212.0 6.4% $689 Gross
13 colonial centre, 52 Martin Place, Sydney NSW 39,071 $209.8 6.3% $731 Gross
13 Riverside Plaza, 452 Flinders Street, Melbourne VIC 38,490 $192.4 5.8% $291 Net
13 BankWest Tower, 108 St. George’s Terrace, Perth WA 39,525 $184.9 5.6% $507 Net
14 Exchange Plaza, 2 The Esplanade, Perth WA 34,479 $164.7 5.0% $424 Net
14 Optus centre, Macquarie Park^^ NSW 84,194 $124.0 3.7% $252 Net
14 135 King Street, Sydney^ NSW 27,157 $113.5 3.4% $618 Gross
15 Durack centre, 263 Adelaide Terrace, Perth WA 17,312 $111.5 3.4% $296 Net
15 60–66 Waterloo Road, Macquarie Park NSW 18,219 $81.5 2.5% $286 Net
15 Edmund Barton Building, canberra ACT N/A $79.5 2.4% N/A N/A
16 601 Pacific Highway, St Leonards NSW 12,690 $77.8 2.3% $393 Net
16 45 St Georges Terrace, Perth WA 9,908 $70.0 2.1% $382 Net
16 72 christie Street, St Leonards NSW 11,221 $68.4 2.1% $352 Net
17 Myuna complex, canberra ACT 24,366 $66.6 2.0% $354 Gross
17 175–181 castlereagh Street, Sydney NSW 11,984 $66.0 2.0% $421 Gross
17 77 Pacific Highway, North Sydney NSW 9,379 $64.0 1.9% $398 Net
18 234 Sussex Street, Sydney NSW 11,071 $62.0 1.9% $350 Net
18 7 Macquarie Place, Sydney NSW 13,641 $61.6 1.9% $534 Net
18 Garden Square, Mt Gravatt QLD 12,681 $60.3 1.8% $325 Gross
19 150 charlotte Street, Brisbane QLD 11,255 $59.0 1.8% $338 Gross
19 333 Kent Street, Sydney NSW 8,938 $50.5 1.5% $444 Gross
19 81–95 Waymouth Street, Adelaide SA 17,878 $50.0 1.5% $327 Gross
20 Macquarie Technology centre, Macquarie Park NSW 15,143 $47.2 1.4% $234 Net
20 300 Ann Street, Brisbane QLD 7,155 $45.1 1.4% $407 Gross
20 16 Giffnock Avenue, Macquarie Park NSW 11,739 $41.6 1.3% $284 Net
21 1 Havelock Street, West Perth WA 5,087 $39.0 1.2% $295 Net
21 Mantra Hotel, 161 Grey Street, South Bank QLD N/A $39.0 1.2% N/A N/A
21 chesser House, 91–97 Grenfell Street, Adelaide SA 11,377 $37.3 1.1% $325 Gross
22 80–88 Jephson Street, 23 and 27–29 High Street, Toowong QLD 7,875 $36.1 1.1% $336 Gross
22 40 cameron Avenue, Belconnen ACT 15,506 $31.7 1.0% $341 Gross
22 110 Walker Street, North Sydney NSW 4,532 $29.4 0.9% $394 Net
23 Amory Gardens, 2–6 cavill Avenue, Ashfield NSW 10,597 $29.1 0.9% $296 Gross
23 118–120 Pacific Highway, St. Leonards NSW 5,131 $28.4 0.9% $425 Gross
23 255–267 St Georges Terrace, Perth WA 4,073 $27.6 0.8% $318 Net
24 Triniti Business campus, North Ryde NSW N/A $24.4 0.7% N/A N/A
24 78 Waterloo Road, Macquarie Park NSW N/A $13.2 0.4% N/A N/A
24 3 Byfield Street, Macquarie Park NSW 2,695 $11.3 0.3% $270 Net
Total 674,514 $3,313.8 100%
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Represents the full carrying value of the investment property.
^ Book value and NLA, office component only. Retail component included in Retail Portfolio. ^^ Book value represents Stockland’s 31% ownership interest.

** Book value represents Stockland’s 50% ownership interest.

Stockland Property Portfolio June 2008

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Waterfront Place,
Eagle Street, Brisbane, QLD
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Piccadilly complex, 133–145 castlereagh Street, Sydney, NSW

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Piccadilly Centre comprises the Tower, an A grade 32 storey office building, and Piccadilly Court, a 14 storey B grade office building, with a retail mall over three levels constructed between the two office buildings. Basement parking is provided for 232 vehicles.

Waterfront Place is a 36 level premium grade office building. Located on Eagle Street and fronting the Brisbane River, Waterfront Place is Brisbane’s prime commercial location providing panoramic river and Brisbane vistas from all commercial levels.

The Stockland Head Office is now located within the building, occupying nine floors, including the recently refurbished Level 2 which includes Stockland’s new child care facility.

The building’s foyer presents a grand entrance with extensive marble, granite and stainless steel. The building provides floor plates averaging 1,800m[2] .

Location:	Sydney CBD, NSW
Acquisition date:	October 2000
Ownership/title:	100%/Leasehold (Expiring 2091)
Cost including additions:	$215.4 million*
Independent valuation:	June 2007
Valuation/($/m2):	$315.0 million ($7,984/m2*)
Capitalisation rate:	5.88 – 6.50%
Discount rate:	8.13 – 8.25%
Net lettable area:	39,452m2
Car parking spaces:	232

Location:	Brisbane CBD, QLD
Acquisition date:	February 2004
Ownership/title:	50%/Freehold/Leasehold
Cost Including additions:	$155.3 million
Independent valuation:	June 2008
Valuation/($/m2):	$285.0 million ($9,610/m2*)
Capitalisation rate:	6.50%
Discount rate:	8.75%
Net lettable area:	59,311m2
Car parking spaces:	494

Major Tenants	NLA (m2)
Stockland	10,437
Commonwealth of Aust (HREOC)	4,092
Uniting Church	4,078
ICAC	2,456

Major Tenants	*NLA (m2)**
Minter Ellison	7,876
Ernst & Young	6,187
Phillips Fox	4,247
Corrs Chambers Westgarth	3,733

Lease expiry profile

Vacant 13% FY10 10% FY12 6% FY09 3% FY11 28% FY13+ 40%

Vacant 1% FY10 7% FY12 13% FY09 0% FY11 28% FY13+ 51%

100% interest.
Excludes retail.

9 castlereagh Street, Sydney, NSW

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Designed and constructed in 1989 by Australia’s leading architect, Harry Seidler, 9 Castlereagh Street is a landmark in Sydney architecture.

Located in the heart of Sydney’s CBD, the property has significant frontage to Castlereagh Street and offers 31 levels of A Grade office accommodation, a ground floor child care centre and parking for 74 cars, 50 of which are incorporated into an automated stacking system.

Location:	Sydney CBD, NSW
Acquisition date:	March 2008
Ownership/title:	100% Freehold
Cost including additions:	$203.2 million
Independent valuation:	February 2008
Valuation/($/m2):	$212.0 million ($9,915/m2)
Capitalisation rate:	5.63%
Discount rate:	8.50%
Net lettable area:	21,382
Car parking spaces:	74

Major Tenants	NLA (m2)
Talent 2	1,727
Coin Software	1,663
Macquarie Bank	1,509
PTW Architects	1,494

Lease expiry profile

Vacant 5% FY10 27% FY12 15% FY09 30% FY11 6% FY13+ 17%

Stockland Property Portfolio June 2008

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Riverside Plaza,
452 Flinders Street, Melbourne, Vic
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BankWest Tower,
108 St Georges Terrace, Perth, WA
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colonial centre,

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52 Martin Place, Sydney, NSW
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Riverside Plaza was completed in 1994 and comprises 16 office levels with large, efficient floor plates of up to 2,700m[2] , the majority of which have uninterrupted views of the Yarra River and Southbank. Stockland’s Victorian office now occupies over 2,800m[2] , within Riverside Plaza, together with numerous state and federal government bodies.

BankWest Tower is a landmark, premium grade office building comprising 52 levels of office accommodation, the Palace Hotel complex and basement parking over two levels for 123 vehicles. Completed in 1989, BankWest Tower is located at the corner of St Georges Terrace and William Street, a premier CBD location, and offers extensive views of the Swan River, parklands and the Supreme Court Gardens.

Colonial Centre is a landmark building which was completed in 1985 and comprises 33 office floors including Channel 7’s news studio, a two level banking chamber with a ten storey atrium and a retail arcade linked at basement level to Martin Place railway station.

The property is located within the financial core of the Sydney CBD and the high-rise floors have views across the Domain and Botanic Gardens to Sydney Harbour.

The property is a leasehold title, with 33% of the area leased to the State Government of NSW for the full term of the ground lease until March 2110.

Location: Sydney CBD, NSW Acquisition date: June 2003 Ownership/title: 50%/Leasehold (Expiring 2110) Cost including additions: $175.9 million Independent valuation: June 2007 Valuation/($/m[2] ): $209.2 million ($10,709/m[2] *) Capitalisation rate: 5.50% Discount rate: 8.00% Net lettable area: Office 37,312m[2] /Retail 1,759m[2] Car parking spaces: 142

Major Tenants NLA (m[2] *) Colonial First State/CBA 17,289 State Government of NSW 12,870

Location:	Melbourne CBD, VIC
Acquisition date:	October 2000
Ownership/title:	100%/Freehold
Cost including additions:	$129.8 million
Independent valuation:	June 2007
Valuation/($/m2):	$188.0 million ($4,884/m2)
Capitalisation rate:	6.50%
Discount rate:	8.25%
Net lettable area:	38,490m2
Car parking spaces:	298

Major Tenants NLA (m[2] ) ANZ Bank 8,833 UCMS 8,062 State Police 5,390 SPI Electricity 4,192

Location:	Perth CBD, WA
Acquisition date:	April 2007
Ownership/title:	50%/Freehold
Cost including additions:	$146.8 million
Independent valuation:	December 2007
Valuation/($/m2):	$185.0 million ($9,361/m2*)
Capitalisation rate:	6.30%
Discount rate:	8.25%
Net lettable area:	39,525m2
Car parking spaces:	123
Major Tenants	*NLA (m2)**
BankWest	39,525

Lease expiry profile

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Vacant 1% FY10 7% FY12 20%
FY09 0% FY11 0% FY13+ 72%
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* 100% interest.
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Vacant 0% FY10 23% FY12 17%
FY09 0% FY11 7% FY13+ 53%
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Vacant 0% FY10 100% FY12 0%
FY09 0% FY11 0% FY13+ 0%
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100% interest.

Stockland Property Portfolio June 2008

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135 King Street,
Sydney, NSW
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Optus centre, Macquarie Park, NSW

Exchange Plaza, 2 The Esplanade, Perth, WA

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Exchange Plaza is a landmark premium grade office tower, which was completed in 1992. The building has 31 office levels, which have extensive views over the Swan River, parklands and the Supreme Court Gardens.

The Optus Centre is located approximately 12km north-west of the Sydney CBD in Macquarie Park. The integrated campus comprises six low-rise office buildings with an NLA of 84,000m[2] and parking for 2,100 vehicles.

The property was completed in 1990 and comprises a prominent 24 level office tower. A comprehensive upgrade of the tower and foyer has resulted in a fully refurbished A grade building that meets design and performance requirements of the market.

The new office park is the largest single tenant workplace in Australia, where the floor plates on the six buildings average 3,000m[2] .

With the Australian Securities Exchange in the building, Exchange Plaza is at the financial core of the Perth CBD. The building has five basement car parking levels and Perth’s prestigious Weld Club is also located on the site.

135 King Street also includes the Glasshouse, a three level retail centre fronting Pitt Street Mall that includes 24 specialty retail tenancies.

Location: Perth CBD, WA Acquisition date: June 2003 Ownership/title: 50%/Leasehold (Expiring 2122) Cost including additions: $69.1 million Independent valuation: December 2007 Valuation/($/m[2] ): $165.0 million ($9,571/m[2] *) Capitalisation rate: 6.00% Discount rate: 8.50% Net lettable area: 34,479m[2] Car parking spaces: 236

Major Tenants NLA (m[2] *) Australian Bureau of Statistics 4,840 Blake Dawson Waldron 2,668 Paterson Ord Minnett 2,073 Inpex Browse 2,050

Location: North-west Sydney, NSW Acquisition date: July 2000 Ownership/title: 31%/Freehold Cost including additions: $105.5 million Independent valuation: June 2008 Valuation/($/m[2] ): $124.0 million ($4,751/m[2] *) Capitalisation rate: 6.50% Discount rate: 8.50% Net lettable area: 84,194m[2] Car parking spaces: 2,100

Major Tenants NLA (m[2] *) Optus 84,194

Location:	Sydney CBD, NSW
Acquisition date:	June 2003
Ownership/title:	50%/Freehold
Cost including additions:	$80.7 million**
Independent valuation:	June 2008
Valuation/($/m2):	$113.5 million* ($8,359/m2)
Capitalisation rate:	6.25% Offce
Discount rate:	8.75% Offce
Net lettable area:	Offce 27,157m2/Retail 3,920m2
Car parking spaces:	55

	Major Tenants	*NLA (m2)**
	Macquarie Bank	16,111
	Tresscox Maddox	3,653
	Towers Perrin	1,227
	M&D Services Pty Ltd	1,227

Lease expiry profile

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Vacant 0% FY10 14% FY12 11% Vacant 0% FY10 0% FY12 0%
FY09 11% FY11 13% FY13+ 51% FY09 0% FY11 0% FY13+ 100%
100% interest. * 100% interest.
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Vacant 0% FY10 2% FY12 5%
FY09 2% FY11 10% FY13+ 81%
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100% interest.
** Excludes retail.

Stockland Property Portfolio June 2008

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Durack centre,
263 Adelaide Terrace, Perth, WA
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60–66 Waterloo Road,
Macquarie Park, NSW
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Edmund Barton Building,
canberra, AcT
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Waterloo Road is located in Sydney’s Macquarie Park Office Market, 12km north-west of the Sydney CBD.

The Durack Centre is located on the corner of Adelaide Terrace and Victoria Avenue in the CBD eastern precinct.

This landmark Harry Seidler designed building sits in the parliamentary triangle in Barton, close to Parliament House and conveniently located to a number of Government Departments.

The property comprises a 13 storey building with large 1,300m[2] floor plates, two basement levels and on-grade parking for 100 cars. The building enjoys extensive views across the Swan River and also includes EB Johnson House, a restored 1890s brick mansion. Development of the adjacent office building is due for completion early 2009.

Construction was completed in early 2007 at 66 Waterloo Road, offering over 10,000m[2] of A grade office accommodation. The property comprises an average floor plate of 1,700m[2] .

The Australian Federal Police (AFP) have announced they will occupy the building on a long term lease at completion of a major refurbishment in mid 2009.

60 Waterloo Road comprises a modern office, laboratory and warehouse building which is leased to Symbion Health until 2010.

The new AFP headquarters at the Edmund Barton Building will accommodate over 2,000 staff and will offer quality A Grade office accommodation.

Location:	Perth CBD, WA
Acquisition date:	October 2006
Ownership/title:	100%/Leasehold
Cost including additions:	$65.8 million
Independent valuation:	June 2008
Valuation/($/m2):	$111.5 million ($6,441/m2)
Capitalisation rate:	7.75%
Discount rate:	9.50%
Net lettable area:	17,312m2
Car parking spaces:	100

Major Tenants NLA (m[2] ) Sinclair Knight Merz 6,124 iinet Limited 2,654

Location: North-west Sydney, NSW Acquisition date: October 2000 Ownership/title: 100%/Freehold Cost including additions: $52.2 million Independent valuation: June 2007 Valuation/($/m[2] ): $79.4 million ($4,364/m[2] ) Capitalisation rate: 6.50% – 7.25% Discount rate: 8.50% – 9.00% Net lettable area: 18,219m[2] Car parking spaces: 494

Major Tenants NLA (m[2] ) Mayne Nickless 8,167 Schering Plough 5,920 Jansen Cilag 3,092 Genrx Pty Ltd 1,015

Location: Barton, Canberra, ACT Acquisition date: October 2000 Ownership/title: 100%/Leasehold (Expiring 2098) Cost including additions: $81.2 million Independent valuation: December 2004 Valuation/($/m[2] ): $87.5 million ($1,900/m[2] ) Capitalisation rate: 8.25% Discount rate: 10.75% Net lettable area: N/A Car parking spaces: 243 Major Tenants NLA (m[2] )* N/A

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N/A
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Vacant 0% FY10 50% FY12 3%
FY09 39% FY11 2% FY13+ 6%
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Vacant 0% FY10 0% FY12 26%
FY09 0% FY11 45% FY13+ 29%
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Property is held for development.

Stockland Property Portfolio June 2008

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45 St Georges Terrace,
Perth, WA
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72 christie Street,
St Leonards, NSW
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601 Pacific Highway, St Leonards, NSW

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Completed in 1988, 601 Pacific Highway is a high profile A grade office tower located 200 metres east of St Leonards railway station. The property comprises 13 office levels, ground and lower ground floor showroom, retail tenancies and basement car parking. The upper office levels enjoy spectacular harbour and city views.

Completed in 1990, 72 Christie Street is a modern A grade office building. The building has eight office floors with large terraced areas on levels four to six. The lower floors of the building provide large efficient plates averaging 1,700m[2] .

An A grade building, 45 St Georges Terrace underwent a significant refurbishment in 1995. The building has nine office levels, ground floor banking accommodation and 29 basement level parking spaces.

The property is located 100 metres south of Pacific Highway and is close to St Leonards railway station.

The building is located within the historic heart and traditional financial precinct of the Perth CBD, between William and Barrack Streets.

The office tower is wholly occupied by IBM as their Australian head office.

A comprehensive refurbishment of the building was completed in August 2005. The lease over the whole premises has recently been assigned to STW Communication Group Limited.

Location:	St Leonards, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$63.5 million
Independent valuation:	June 2008
Valuation/($/m2):	$77.8 million ($6,131/m2)
Capitalisation rate:	7.50%
Discount rate:	8.75%
Net lettable area:	12,690m2
Car parking spaces:	155

Major Tenants NLA (m[2] ) IBM 11,826

Location:	Perth CBD, WA
Acquisition date:	March 2007
Ownership/title:	100%/Freehold
Cost including additions:	$60.4 million
Independent valuation:	June 2008
Valuation/($/m2):	$70.0 million ($7,065/m2)
Capitalisation rate:	8.25%
Discount rate:	9.00%
Net lettable area:	9,908m2
Car parking spaces:	29
Major Tenants	NLA (m2)
Worley Parsons	5,962
Amnet	984

Location:	St Leonards, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$63.6 million
Independent valuation:	December 2006
Valuation/($/m2):	$69.0 million ($6,149/m2)
Capitalisation rate:	6.60%
Discount rate:	8.25%
Net lettable area:	11,221m2
Car parking spaces:	228
Major Tenants	NLA (m2)
STW Communication Group	11,221

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Vacant 0% FY10 2% FY12 0% Vacant 0% FY10 2% FY12 3%
FY09 3% FY11 2% FY13+ 93% FY09 24% FY11 10% FY13+ 61%
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Stockland Property Portfolio June 2008

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Myuna complex,
canberra, AcT
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175–181 castlereagh Street,
Sydney, NSW
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77 Pacific Highway,
North Sydney, NSW
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The five properties are located on one of Canberra’s major thoroughfares, with frontage to Northbourne Avenue, Mort and Cooyong Streets, occupying a whole city block.

The 17 level building has four levels of basement parking and 13 levels of commercial office accommodation. The building was completed in 1971 and has recently undergone a substantial refurbishment of the lobby, lift cars, bathrooms and some office floors.

The property was redeveloped in 2002 to A grade standard, including expansion of the NLA by 1,900m[2] , new floor to ceiling glass façade and an impressive double-height entry foyer. The property has a high profile location in close proximity to the railway station and offers expansive harbour and city views.

The Todd building was completed in 1992; major refurbishments of the Cox and Trace buildings followed in 2000 and 2001 respectively.

The property is located in the mid-town precinct of the Sydney CBD close to Stockland’s head office.

The complex also includes the Drakeford building and 68 Northbourne Avenue, completing ownership of the entire commercial block.

Location:	Canberra CBD, ACT
Acquisition date:	October 2000/August 2003
Ownership/title:	100%/Leasehold (Exp 2084/5)
Cost including additions:	$50.7 million
Independent valuation:	June 2008
Valuation/($/m2):	$66.6 million ($2,733/m2)
Capitalisation rate:	8.50 – 8.75%
Discount rate:	10.00%
Net lettable area:	24,366m2
Car parking spaces:	202

Major Tenants NLA (m[2] ) Australian Federal Police 13,597 DEST 5,518 Department of Transport 3,681

Location: Sydney CBD, NSW Acquisition date: September 1982 Ownership/title: 100%/Freehold Cost including additions: $34.9 million Independent valuation: June 2007 Valuation/($/m[2] ): $65.0 million ($5,424/m[2] ) Capitalisation rate: 6.50% Discount rate: 8.25% Net lettable area: 11,984m[2] Car parking spaces: 168

Major Tenants NLA (m[2] ) HMGM QE II 3,754 ACP 1,490 Australia Post 733

Location: North Sydney CBD, NSW Acquisition date: January 2000 Ownership/title: 100%/Freehold Cost including additions: $54.2 million Independent valuation: June 2008 Valuation/($/m[2] ): $64.0 million ($6,824/m[2] ) Capitalisation rate: 7.00% Discount rate: 8.75% Net lettable area: 9,379m[2] Car parking spaces: 43 Major Tenants NLA (m[2] ) GMAC 1,899 SHL 900

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Vacant 1% FY10 21% FY12 4%
FY09 17% FY11 57% FY13+ 0%
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Vacant 2% FY10 7% FY12 10%
FY09 5% FY11 15% FY13+ 61%
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Vacant 0% FY10 4% FY12 32% FY09 5% FY11 7% FY13+ 52%

Stockland Property Portfolio June 2008

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7 Macquarie Place,
Sydney, NSW
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Garden Square,
Mt Gravatt, QLD
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234 Sussex Street, Sydney, NSW

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Garden Square occupies a high profile location in the regional business district of Upper Mt Gravatt, approximately 11km south of Brisbane’s CBD.

This 13 level office building was built in 1988 and is located in the western precinct of the Sydney CBD.

7 Macquarie Place is an A grade boutique commercial and retail building, located 200 metres from Circular Quay. The building has 12 office levels with two lift rises and all office floors overlook Macquarie Place Park. The top five levels also have large, attractive garden terraces with views over Sydney Cove to the Opera House. The retail component includes three ground floor tenancies and a lower ground tavern.

The building has a typical floor plate of 1,000m[2] and secure car parking for 75 spaces.

Garden Square is a good quality commercial office park comprising three buildings offering a total of seven levels of office accommodation and on-site parking for 257 vehicles. A DA has been lodged for the development of an additional 20,715m[2] of office space on the adjoining car park.

Opposite the Darling Park Complex, view corridors are available from the building over Darling Harbour.

Location: Sydney CBD, NSW Acquisition date: October 2000 Ownership/title: 100%/Freehold Cost including additions: $43.5 million Independent valuation: December 2007 Valuation/($/m[2] ): $61.7 million ($5,573/m[2] ) Capitalisation rate: 6.25% Discount rate: 8.25% Net lettable area: 11,071m[2] Car parking spaces: 75

Major Tenants NLA (m[2] ) Dept of Housing 2,024 Flight Centre 2,001 Alphawest Services 1,262

Location:	Sydney CBD, NSW
Acquisition date:	June 2003
Ownership/title:	50%/Freehold
Cost including additions:	$48.7 million
Independent valuation:	June 2007
Valuation/($/m2):	$61.5 million ($9,017/m2*)
Capitalisation rate:	5.75%
Discount rate:	8.25%
Net lettable area:	Offce 12,251m2/Retail 1,390m2
Car parking spaces:	23

Major Tenants NLA (m[2] ) Centric Services 2,846 West LB/Mellon 2,147 Platinum Asset Mgt. 1,982 Booz Allen & Hamilton 1,618

Location:	Upper Mount Gravatt, QLD
Acquisition date:	February 2007
Ownership/title:	100%/Freehold
Cost including additions:	$60.1 million
Independent valuation:	February 2007
Valuation/($/m2):	$57.0 million ($4,495/m2)
Capitalisation rate:	7.50%
Discount rate:	9.25%
Net lettable area:	12,681m2
Car parking spaces:	257

	Major Tenants	NLA (m2)
	QLD Dept of Public Works	8,370

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Vacant 11% FY10 9% FY12 7%
FY09 18% FY11 21% FY13+ 34%
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Vacant 0% FY10 0% FY12 18%
FY09 12% FY11 18% FY13+ 52%
100% interest.
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Vacant 0% FY10 17% FY12 44% FY09 24% FY11 15% FY13+ 0%

Stockland Property Portfolio June 2008

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150 charlotte Street,
Brisbane, QLD
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333 Kent Street,
Sydney, NSW
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81–95 Waymouth Street,
Adelaide, SA
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The property comprises eight upper levels of office accommodation, two levels of parking and ground floor retail accommodation. The building was constructed in 1984 and incorporates the original four level historic masonry façade.

Energex House is located in the heart of Brisbane CBD at the western perimeter of the “Golden Triangle”.

Completed in 1993 and purpose built for the Australian Taxation Office, 81–95 Waymouth Street is a modern, highly specified A grade office building located 300 metres from the Adelaide Post Office. The building has 11 large office floors and one basement level.

The property comprises a modern 19 level, commercial office tower constructed in 1988 and provides three basement levels of car parking, ground floor foyer and retail accommodation, and 14 full-floor levels of office accommodation. Level 1 provides cafeteria and terrace area. A gymnasium area is also located on part of Level 18 with showers and amenities provided.

Central Queensland University occupies the entire building on a 12 year lease.

Car parking for the property (100 car spaces) is secured in the basement of the adjoining property by way of lease until December 2008, with option terms extending to 2092.

Location:	Brisbane, QLD
Acquisition date:	January 2006
Ownership/title:	100%/Freehold
Cost including additions:	$47.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$59.0 million ($5,242/m2)
Capitalisation rate:	7.00%
Discount rate:	9.00%
Net lettable area:	11,255m2
Car parking spaces:	100

Major Tenants NLA (m[2] ) Energex 11,255

Location:	Sydney CBD, NSW
Acquisition date:	January 2000
Ownership/title:	100%/Freehold
Cost including additions:	$35.8 million
Independent valuation:	December 2006
Valuation/($/m2):	$50.9 million ($5,695/m2)
Capitalisation rate:	6.50%
Discount rate:	8.50%
Net lettable area:	8,938m2
Car parking spaces:	41
Major Tenants	NLA (m2)
Central Queensland University	8,938

Location:	Adelaide CBD, SA
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$41.4 million
Independent valuation:	December 2006
Valuation/($/m2):	$50.0 million ($2,797/m2)
Capitalisation rate:	8.00%
Discount rate:	8.75%
Net lettable area:	17,878m2
Car parking spaces:	100
Major Tenants	NLA (m2)
Australian Taxation Offce	17,878

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Vacant 0% FY10 100% FY12 0% Vacant 0% FY10 0% FY12 0%
FY09 0% FY11 0% FY13+ 0% FY09 0% FY11 0% FY13+ 100%
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Stockland Property Portfolio June 2008

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300 Ann Street,
Brisbane, QLD
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16 Giffnock Avenue,
Macquarie Park, NSW
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Macquarie Technology centre, Macquarie Park, NSW

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16 Giffnock Avenue comprises a modern commercial office with an ancillary warehouse. The property has an NLA of 11,739m[2] , basement parking for 153 vehicles and on-grade car parking for 118 vehicles.

The property is located approximately 12km north-west of Sydney’s CBD in Macquarie Park.

300 Ann Street is located on a prominent site directly opposite Brisbane Central Railway Station.

Erected on the site are two buildings largely comprising office space with on-site parking for 345 vehicles.

The property comprises a 16 level commercial tower, with a ground floor foyer, three levels of above ground car parking and 12 levels of office accommodation. The building was completed in 1988, and provides a high standard of office accommodation.

The property is well located in Macquarie Park 12km north-west of Sydney. It is strategically located adjacent to the Optus Centre extending Stockland’s presence in this growing precinct.

Building one located at 33–39 Talavera Road is fully occupied by Sony Australia, expiring January 2010. Building two located at 11–17 Khartoum Road has recently been refurbished and is leased to a range of smaller tenants.

Location:	North-west Sydney, NSW
Acquisition date:	October 2000
Ownership/title:	100%/Freehold
Cost including additions:	$38.8 million
Independent valuation:	June 2008
Valuation/($/m2):	$47.2 million ($3,117/m2)
Capitalisation rate:	7.50%
Discount rate:	8.75%
Net lettable area:	15,143m2
Car parking spaces:	345

Major Tenants NLA (m[2] ) Sony (Australia) 10,643

Location:	Brisbane CBD, QLD
Acquisition date:	December 2006
Ownership/title:	100%/Freehold
Cost including additions:	$42.5 million
Independent valuation:	December 2007
Valuation/($/m2):	$45.0 million ($6,289/m2)
Capitalisation rate:	6.50%
Discount rate:	8.50%
Net lettable area:	7,155m2
Car parking spaces:	94

	Major Tenants	NLA (m2)
	QR Limited	3,044
	Bechtel Australia	2,145
	Oracle	1,347

Location:	North-west Sydney, NSW
Acquisition date:	July 2000
Ownership/title:	100%/Freehold
Cost including additions:	$28.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$41.6 million ($3,544/m2)
Capitalisation rate:	7.50%
Discount rate:	9.00%
Net lettable area:	11,739m2
Car parking spaces:	271

	Major Tenants	NLA (m2)
	Alstom Power	3,985
	Kenwood Electronics	2,277
	Eli Lilly Australia	1,967
	Chloride Power Electronics	1,556

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Vacant 0% FY10 73% FY12 0%
FY09 17% FY11 10% FY13+ 0%
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Vacant 0% FY10 23% FY12 0%
FY09 0% FY11 47% FY13+ 30%
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Vacant 17% FY10 19% FY12 0%
FY09 13% FY11 17% FY13+ 34%
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Stockland Property Portfolio June 2008

1 Havelock Street, West Perth, WA

Mantra Hotel, 161 Grey Street, South Bank, QLD

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1 Havelock Street comprises a five level A grade office building, with two basement levels of car parking for 207 vehicles. The property is situated within the prime commercial locality of West Perth. The property is fully leased to six separate office tenants with Golder Associates occupying over 40% of the NLA.

Mantra is a premium hotel completed in January 2006 offering 161 rooms, being a combination of studio, one and two bed accommodation. The hotel is part of a larger 13 level development which includes 88 residential apartments.

The hotel is located on Grey Street, adjacent to the Brisbane Convention and Exhibition Centre and includes a restaurant, bar, first floor meeting rooms, and access to a pool, spa and gym.

Location:	West Perth, WA
Acquisition date:	April 2007
Ownership/title:	100%/Freehold
Cost including additions:	$30.7 million
Independent valuation:	June 2008
Valuation/($/m2):	$39.0 million ($7,667/m2)
Capitalisation rate:	7.75%
Discount rate:	9.50%
Net lettable area:	5,087m2
Car parking spaces:	207

Location:	South Bank, QLD
Acquisition date:	April 2007
Ownership/title:	100%/Leasehold
	(999 year lease term)
Cost including additions:	$38.7 million
Independent valuation:	June 2007
Valuation:	$39.0 million
Rate per room	$242.00
Discount rate:	9.5%
Number of rooms:	161
Accommodation standard:	4.5 Star
Lease Details
Lease Term	15 years
Review Structure	3% annual increases
	Market every 3 years

Major Tenants NLA (m[2] ) Golder Associates 2,706 Unisys West 1,234

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Vacant 0% FY10 29% FY12 12%
FY09 0% FY11 17% FY13+ 42%
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chesser House, 91–97 Grenfell Street, Adelaide, SA

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Chesser House is a modern A grade building, which was completed in 1990. The building comprises 11 upper office levels, ground floor retail accommodation and basement parking for 22 cars.

The property has a prime office location and is in close proximity to Adelaide’s premier retail shopping strip, Rundle Mall.

The State Government of South Australia has a lease over 81% of the building for a 10 year period, which commenced in 2005.

Location:	Adelaide CBD, SA
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$24.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$37.3 million ($3,274/m2)
Capitalisation rate:	8.00%
Discount rate:	9.50%
Net lettable area:	11,377m2
Car parking spaces:	22
Major Tenants	NLA (m2)
State Government of SA	9,247
Commonwealth Government	1,905

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Vacant 0% FY10 2% FY12 0%
FY09 0% FY11 0% FY13+ 98%
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Stockland Property Portfolio June 2008

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40 cameron Avenue,
Belconnen, AcT
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110 Walker Street,
North Sydney, NSW
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80–88 Jephson Street, 23 and 27–29 High Street, Toowong, QLD

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80–88 Jephson, 23 & 27–29 High Street are located in the heart of Toowong’s commercial district.

The Chandler Building occupies a prominent corner site in the south-eastern precinct of the Belconnen Town Centre. Constructed in 1993, 40 Cameron Avenue is an A grade office building comprising four upper levels of office accommodation and offers basement car parking for 50 cars and surface parking for 166 cars. The building has a typical floor plate in excess of 3,500m[2] and is wholly occupied by the ATO.

The seven level property is located in the heart of the North Sydney CBD.

80–88 Jephson Street includes 6,388m[2] of accommodation over five levels and adjoins Stockland’s Woolworth Toowong property.

The building was completed in 1989 and comprises six upper levels of office accommodation, with several terrace areas, ground floor retail and 80 basement car parking bays.

23 & 27–29 High Street offer 1,504m[2] of retail and office accommodation over two levels and are held as part of the Toowong development site which offers medium term mixed use development potential.

Location:	Toowong, QLD
Acquisition date:	June 2006/July 2006/January 2008
Ownership/title:	100%/Freehold
Cost including additions:	$37.3 million
Independent valuation:	June 2007 / June 2008 / December 2007
Valuation/($/m2)*:	$35.9 million ($4,559/m2*)
Capitalisation rate:	6.00% – 7.50%
Discount rate:	9.00%
Net lettable area:	7,875m2*
Car parking spaces:	117

Major Tenants	NLA (m2)
Data #3	1,907
State Government	1,352

Location:	Belconnen, ACT
Acquisition date:	February 2007
Ownership/title:	50%/Leasehold (Expiring 2096)
Cost including additions:	$33.2 million
Independent valuation:	June 2008
Valuation/($/m2):	$31.7 million ($4,089/m2*)
Capitalisation rate:	7.75%
Discount rate:	9.00%
Net lettable area:	15,506m2
Car parking spaces:	216

Major Tenants	*NLA (m2)**
ATO	15,506

Location:	North Sydney CBD, NSW
Acquisition date:	October 2000
Ownership/title:	100%/Freehold
Cost including additions:	$23.6 million
Independent valuation:	December 2006
Valuation/($/m2):	$29.4 million ($6,487/m2)
Capitalisation rate:	7.00%
Discount rate:	8.50%
Net lettable area:	4,532m2
Car parking spaces:	80

Major Tenants	NLA (m2)
Rice Daubney	1,454

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Vacant 3% FY10 3% FY12 0% Vacant 0% FY10 0% FY12 100%
FY09 37% FY11 56% FY13+ 1% FY09 0% FY11 0% FY13+ 0%
Includes 27–29 High Street. * 100% interest.
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Vacant 0% FY10 15% FY12 34%
FY09 32% FY11 15% FY13+ 4%
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Stockland Property Portfolio June 2008

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Amory Gardens,
2 and 4–6 cavill Avenue, Ashfield, NSW
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clemenger Building,
118–120 Pacific Highway, St Leonards, NSW
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255–267 St Georges Terrace,
Perth, WA
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Amory Gardens is located in the Ashfield town centre, a short walk from the railway station. The property includes two separate buildings, which were constructed in 1984 and 1987 and substantially refurbished in 2002. Each building comprises basement parking, ground floor lobby and four upper levels of office accommodation.

The building has a high profile location on the Pacific Highway, a short walk from St Leonards railway station.

267 St Georges Terrace is a four level office building constructed in 1982 with a total NLA of 3,484m[2] and secure basement car parking for 39 cars.

This Property Council of Australia award-winning building comprises seven levels with expansive views of Sydney Harbour and the CBD. There are terraces on three levels and two levels of basement car parking, with a generous ratio of one space per 34m[2] .

255 St Georges Terrace is a two level office building constructed in 1987 with a total NLA of 590m[2] . The building provides accommodation that features a central atrium providing extensive natural light.

Both buildings incorporate terraces and balconies with landscaped garden surrounds. The buildings have generous car parking in a ratio of one space per 37m[2] .

The site has medium term redevelopment potential.

Contracts have been exchanged for the sale of this property.

Location: Inner Western Sydney, NSW Acquisition date: July 2000 Ownership/title: 100%/Freehold Cost including additions: $38.5 million Independent valuation: December 2006 Valuation/($/m[2] ): $29.1 million ($2,746/m[2] ) Capitalisation rate: 7.75% Discount rate: 8.75% Net lettable area: 10,597m[2] Car parking spaces: 287

Major Tenants NLA (m[2] ) NSW Department of Community Services 10,597

Location:	St Leonards, NSW
Acquisition date:	October 2000
Ownership/title:	100%/Freehold
Cost including additions:	$21.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$28.4 million ($5,535/m2)
Capitalisation rate:	7.25%
Discount rate:	8.75%
Net lettable area:	5,131m2
Car parking spaces:	151

Major Tenants NLA (m[2] ) Clemenger 2,983 Total Communications Infrastructure 999

Location:	Perth CBD, WA
Acquisition date:	July 2007
Ownership/title:	100%/Freehold
Cost including additions:	$27.6 million
Independent valuation:	July 2007
Valuation/($/m2):	$26.1 million ($6,408m2)
Capitalisation rate:	7.75%
Discount rate:	9.25%
Net lettable area:	4,073m2
Car parking spaces:	87
Major Tenants	NLA (m2)
AMCON Solutions	939
Advanced Well Technologies	934
Regus	848

Lease expiry profile

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Vacant 0% FY10 0% FY12 0%
FY09 0% FY11 0% FY13+ 100%
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Vacant 0% FY10 0% FY12 13%
FY09 0% FY11 0% FY13+ 87%
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Vacant 0% FY10 23% FY12 54%
FY09 0% FY11 23% FY13+ 0%
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Stockland Property Portfolio June 2008

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Triniti Business campus,
North Ryde, NSW
Artist’s impression
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78 Waterloo Road,
Macquarie Park, NSW
Artist’s impression
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3 Byfield Street,
Macquarie Park, NSW
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Located within Riverside Corporate Park, this property was acquired in June 2001.

Located in Macquarie Park north-west of Sydney, 78 Waterloo Road is an innovative design that features a central atrium servicing two efficient floor plates. The property will be a six level commercial building of 15,152m[2] that sits in the heart of the Macquarie Park corridor.

The property comprises a modern, high technology complex constructed in 1990, providing office and data centre accommodation over ground and two upper levels. There is ample on-site car parking for 76 cars. The building is largely occupied by Australian Radio Network for a lease term of 10 years.

The site is strategically located adjacent to the Microsoft building and close to the new railway station due to open in 2008. The site is also elevated with CBD and district views.

The property has dual frontage access to Waterloo Road and Byfield Street and is diagonally opposite the Macquarie University and Macquarie Park railway station (due for completion mid 2009).

Location:	North-west Sydney, NSW
Acquisition date:	June 2001
Ownership/title:	100%/Freehold
Cost including additions:	$24.4 million
Independent valuation:	June 2004
Valuation:	$16.5 million
Capitalisation rate:	N/A
Discount rate:	N/A
Site area:	2.7 hectare

Major Tenants NLA (m[2] ) N/A

Location:	North-west Sydney, NSW
Acquisition date:	August 2007
Ownership/title:	100%/Freehold
Cost including additions:	$13.2 million
Independent valuation:	July 2007
Valuation:	$12.0 million
Capitalisation rate:	N/A
Discount rate:	N/A
Site area:	4,622m2

	Major Tenants	NLA (m2)
	N/A

Location:	North-west Sydney, NSW
Acquisition date:	January 2000
Ownership/title:	100%/Freehold
Cost including additions:	$9.4 million
Independent valuation:	December 2007
Valuation/($/m2):	$11.3 million ($4,193/m2)
Capitalisation rate:	7.00%
Discount rate:	8.50%
Net lettable area:	2,695m2
Car parking spaces:	76

	Major Tenants	NLA (m2)
	Australian Radio Network	2,226

Lease expiry profile

N/A

Lease expiry profile N/A

Lease expiry profile

Vacant 0% FY10 0% FY12 83% FY09 0% FY11 17% FY13+ 0%

Stockland Property Portfolio June 2008

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Commercial Portfolio

Industrial

Stockland’s industrial portfolio is valued at $1.4 billion, with 29 properties, incorporating well over one million square metres of building area. Properties are strategically positioned in key locations for logistics, infrastructure and employment.

Geographic split*

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NSW 56% VIC 21%
QLD 17% SA 6%
By Asset Value
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Lease expiry profile
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Vacant 5% FY10 14% FY12 16% FY09 13% FY11 13% FY13+ 39% * By NLA

Stockland Property Portfolio June 2008

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Yennora Distribution Centre, Yennora NSW
Yennora Distribution Centre is one of the largest
distribution centres of its kind in the southern hemisphere,
and is a site of state significance with almost 300,000m [2]
under roof, and a further 60,000m [2] of dedicated hard
stand. The site operates as an ‘integrated intermodal’
rail terminal with nearly 7km of rail spurs.
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Stockland Property Portfolio June 2008

Industrial Portfolio as at 30 June 2008

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PASSING
BOOK VALUE# % OF INDUSTRIAL WAREHOUSE
PAGE PROPERTY STATE GLA (m [2] ) ($m) PORTFOLIO RENT ($/m [2] ) NET/GROSS
28 Yennora Distribution Centre, Yennora NSW 292,969 $345.0 24.9% $85 Net
28 Defence Distribution Centre, Moorebank NSW 238,876 $160.8 11.6% $68 Net
28 Hendra Distribution Centre, Brisbane QLD 83,728 $92.4 6.7% $85 Net
29 Brooklyn Estate, Brooklyn VIC 127,184 $81.1 5.9% $58 Net
29 Port Adelaide Distribution Centre, Port Adelaide SA 168,799 $78.5 5.7% $44 Net
29 Toll Business Park, Toll Drive, Altona VIC 52,206 $58.1 4.2% $78 Net
30 M4 Greystanes Industrial Park, Greystanes NSW 38,579 $58.0 4.2% $107 Net
30 9–11a Ferndell Street, Granville NSW 48,279 $57.6 4.2% $105 Net
30 20–50 and 76–82 Fillo Drive and 10 Stubb Street, Somerton VIC 71,326 $51.7 3.7% $59 Net
31 1090–1124 Centre Road, Oakleigh VIC 46,931 $38.5 2.8% $59 Net
31 Interchange Industrial Park, Wacol QLD 15,732 $37.1 2.7% $94 Net
31 Altona Distribution Centre, Altona VIC 39,917 $30.0 2.2% $57 Net
32 55–63 Bourke Road, Alexandria NSW 15,846 $29.3 2.1% $128 Net
32 509 Boundary Road, Richlands QLD 16,440 $23.2 1.7% $102 Net
32 514 Boundary Road, Richlands QLD 14,585 $23.2 1.7% $99 Net
33 M1 Yatala Enterprise Park, Yatala QLD N/A $22.7 1.6% N/A N/A
33 1–11 Amour Street, Revesby NSW 19,421 $21.6 1.6% $95 Net
33 Prestons Industrial Estate, Prestons NSW 13,215 $19.8 1.4% $134 Net
34 2 Davis Road, Wetherill Park NSW 16,813 $19.2 1.4% $100 Net
34 17 and 40 Scanlon Drive, Epping VIC 22,361 $18.7 1.3% $77 Net
34 Export Park, 9–13 Viola Place, Brisbane Airport QLD 8,468 $16.0 1.2% $164 Net
35 735 Boundary Road, Richlands QLD 9,884 $15.7 1.1% $113 Net
35 73–91 Lenore Lane, Erskine Park NSW 8,975 $14.0 1.0% $122 Net
35 Lidcombe Industrial Park, 42 Birnie Avenue, Lidcombe NSW 8,069 $13.6 1.0% $147 Net
36 159–163 Newton Road, Wetherill Park NSW 12,264 $13.2 1.0% $84 Net
36 9 Orielton Road, Smeaton Grange NSW 11,030 $12.5 0.9% $82 Net
36 17 McNaughton Road, Clayton VIC 17,507 $12.3 0.9% $46 Net
37 60 Fulcrum Street, Richlands QLD 7,847 $10.7 0.8% $94 Net
37 9–11 Somerton Park Drive, Somerton VIC 8,017 $7.3 0.5% $69 Net
Total 1,435,268 $1,381.8 100%
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Represents the full carrying value of the investment property.
Excludes hardstand.
** Book value represents Stockland’s 60% ownership interest.

Stockland Property Portfolio June 2008

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Yennora Distribution Centre,
Dennistoun Avenue, Yennora, NSW
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Defence National Storage and Distribution Centre,
Moorebank Avenue, Moorebank, NSW
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Hendra Distribution Centre,
Nudgee Road, Brisbane, QLD
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Yennora Distribution Centre is one of the largest distribution centres of its kind in the southern hemisphere and is a site of state significance with almost 300,000m[2] under roof and a further 60,000m[2] of dedicated container hardstand. The site operates as an “integrated intermodal” rail terminal with nearly 7km of rail spurs. Currently Stockland have masterplan DA consent to build a 8,500m[2] warehouse facility within the Western precinct.

Moorebank National Defence Storage and Distribution Centre is located approx 26 km south-west of Sydney’s CBD with direct access to the M5 Motorway Interchange and only 2 minutes to the Prestons M7 intersection. The site comprises over 238,000m[2] of existing buildings translating to a site coverage of 29%.

The complex comprises 17 industrial warehouses, including a large, modern distribution centre along with offices, amenities and ancillary improvements.

The property is situated in Brisbane’s Trade Coast precinct, enjoying excellent road, port and air accessibility.

The site includes rail infrastructure with a rail spur connected to the East Hills Passenger Rail Line to the south. There is substantial potential to create an Inland Intermodal Port and Interstate Freight Facility offering rail connected warehousing solutions with direct rail access to Port Botany, via the proposed dedicated freight line.

Location: Western Sydney, NSW Acquisition date: July 2000 Ownership/title: 100%/Freehold Cost including additions: $226.6 million Independent valuation: June 2008 Valuation/($/m[2] ): $345.0 million ($1,178/m[2] *) Capitalisation rate: 7.50% Discount rate: 9.00% Lettable area: 292,969m[2] Site area: 67.9 hectare Hardstand: 57,598m[2]

Major Tenants	GLA (m2)
Australian Wool-Handlers	69,124
ACI Glass	53,817
LINFOX	52,541
QLD Rail	18,468

Location:	South-west Sydney, NSW
Acquisition date:	December 2007
Ownership/title:	60%/Freehold
Cost including additions:	$180.6 million*
Independent valuation:	June 2008
Valuation/($/m2):	$160.8 million ($673/m2*)
Capitalisation rate:	7.00%
Discount rate:	N/A
Lettable area:	238,876m2
Site area:	82.9 hectare
Major Tenants	GLA (m2)
Department of Defence	238,876

Location:	North Brisbane, QLD
Acquisition date:	July 2000
Ownership/title:	100%/Freehold
Cost including additions:	$47.1 million
Independent valuation:	June 2008
Valuation/($/m2):	$92.4 million ($1,104/m2*)
Capitalisation rate:	8.25%
Discount rate:	9.00%
Lettable area:	83,728m2
Site area:	16.7 hectare
Hardstand:	27,300m2
Major Tenants	GLA (m2)
K-Mart Distribution	28,500
Priority Secure Park	8,460
Fletcherwood Panels	7,902
Global Express	6,889

Lease expiry profile

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Vacant 0% FY10 15% FY12 50%
FY09 11% FY11 9% FY13+ 15%
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Excludes hardstand.

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Vacant 0% FY10 0% FY12 0%
FY09 0% FY11 0% FY13+ 100%
60% interest.
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Vacant 3% FY10 25% FY12 13% FY09 0% FY11 9% FY13+ 50%

Excludes hardstand.

Stockland Property Portfolio June 2008

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Brooklyn Estate,
413 Francis Street, Brooklyn, VIC
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Port Adelaide Distribution Centre,
Bedford Street, Port Adelaide, SA
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Toll Business Park,
Toll Drive Altona, VIC
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Toll Business Park comprises three modern warehouses/ distribution facilities. 11–25 Toll Drive has a fitout consisting of state of the art automated picking technology and is leased to Toll (IPEC) until 2015. 32–54 Toll Drive is a warehouse/distribution facility that is capable of expansion up to 10,000m[2] .

Brooklyn Estate is a well established 22 hectare distribution centre which is strategically located 10km west of the Melbourne CBD and is adjacent to the four-way interchange of West Gate Freeway and the Princes Highway. The centre has eight steel-framed buildings, which were completed in the 1980s and early 1990s.

The complex comprises 12 separate buildings, the majority of which are of modern construction. There is surplus development land with potential to add a further 7,500m[2] of building area.

Recent capital works at the property include new awnings and hardstand areas for ACI, further improving the functionality of the estate.

56–60 Toll Drive features a temperature controlled warehouse in addition to five recessed loading docks and another nine loading bays. An additional freestanding single level office is also provided on the site.

Location: West Melbourne, VIC Acquisition date: June 2003 Ownership/title: 100%/Freehold Cost including additions: $58.8 million Independent valuation: June 2008 Valuation/($/m[2] ): $81.1 million ($638/m[2] ) Capitalisation rate: 7.75% Discount rate: 8.75% Lettable area: 127,184m[2] Site area: 22.0 hectare Hardstand: 12,951m[2] Major Tenants GLA (m[2] )* HAG 28,932 CEVA 24,737 Booth Transport 17,324 Kagan Bros 12,349

Location: Port Adelaide, SA Acquisition date: July 2000 Ownership/title: 100%/Freehold Cost including additions: $46.0 million Independent valuation: December 2007 Valuation/($/m[2] ): $78.5 million ($467/m[2] ) Capitalisation rate: 8.25% Discount rate: 9.25% Lettable area: 168,799m[2] Site area: 31.95 hectare Major Tenants GLA (m[2] ) ACI 108,617 Hi Fert Pty Ltd 26,358 ABB Grain 10,504

Location: West Melbourne, VIC Acquisition date: September 2006 Ownership/title: 100%/Freehold Cost including additions: $62.1 million Independent valuation: June 2008 Valuation/($/m[2] ): $58.1 million ($1,113/m[2] ) Capitalisation rate: 7.25% Discount rate: 8.75% Lettable area: 52,206m[2] Site area: 13.4 hectare Major Tenants GLA (m[2] ) Toll 52,206

Lease expiry profile

Lease expiry profile

Lease expiry profile

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Vacant 13% FY10 46% FY12 0%
FY09 30% FY11 6% FY13+ 5%
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Vacant 0% FY10 29% FY12 4% Vacant 0% FY10 0% FY12 36%
FY09 8% FY11 57% FY13+ 2% FY09 0% FY11 0% FY13+ 64%
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Excludes hardstand.

Stockland Property Portfolio June 2008

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M4 Greystanes Industrial Park,
Greystanes, NSW
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9–11A Ferndell Street,
Granville, NSW
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20–50 and 76–82 Fillo Drive and
10 Stubb Street, Somerton, VIC
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9–11 Ferndell Street comprises two modern office/warehouse buildings on a 5.4 hectare site. The first stage of the development was completed in December 2001, being a 14,370m[2] facility leased by Australian Envelopes for a term of 12 years expiring in 2013. The second stage of the development was completed in June 2003.

M4 Greystanes Industrial Park is located approximately 30km from the Sydney CBD and 7km from Parramatta. The property is well located to take advantage of western Sydney’s major arterial roads, such as the M4, M7, Great Western Highway and Prospect Highway.

The property comprises three separate industrial facilities with adjacent boundaries. 20–50 Fillo Drive comprises a 31,000m[2] distribution facility, with clearance of 8 metres and multiple loading points.

Stockland developed a new flagship 36,220m[2] warehouse facility for State Warehousing Distribution Services (SWADS) which has taken a 15 year lease. A 2,358m[2] Forensic Laboratory has also been developed for NSW Police for an eight year lease term.

10 Stubb Street is located on the same title and comprises a recently completed distribution facility, consisting of a two level office attached to a medium bay warehouse with loading to three elevations.

11a Ferndell Street comprises an older style factory/warehouse building completed in the 1970s. The improvements comprise three warehouse bays and ancilliary office leased to Visy until 2013.

76–82 Fillo Drive is a modern industrial building with extensive loading docks, functional canopy areas and future expansion potential.

Both properties are located in the established industrial suburb of Granville, which is 20km west of the Sydney CBD.

Location: Western Sydney, NSW Acquisition date: June 2005 Ownership/title: 100%/Freehold Cost including additions: $54.5 million Independent valuation: June 2008 Valuation/($/m[2] ): $58.0 million ($1,503/m[2] ) Capitalisation rate: 7.00% Discount rate: 8.75% Lettable area: 38,579m[2] Site area: 7.3 hectare

Major Tenants GLA (m[2] ) SWADS 36,220 NSW Police 2,359

Location:	Western Sydney, NSW
Acquisition date:	June 2003/April 2003
Ownership/title:	100%/Freehold
Cost including additions:	$52.5 million
Independent valuation:	June 2008
Valuation/($/m2):	$57.6 million ($1,192/m2)
Capitalisation rate:	8.00 – 8.50%
Discount rate:	9.00 – 9.75%
Lettable area:	48,279m2
Site area:	8.5 hectare

	Major Tenants	GLA (m2)
	Visy Industrial Plastics	17,546
	Australian Envelopes	14,370
	Schenker	8,043
	Frucor Beverages	5,909

Location:	North Melbourne, VIC
Acquisition date:	September 2006 / July 2006
Ownership/title:	100%/Freehold
Cost including additions:	$62.6 million
Independent valuation:	June 2008
Valuation/($/m2):	$51.7 million ($725/m2)
Capitalisation rate:	7.75%
Discount rate:	8.75 – 9.00%
Lettable area:	71,326m2
Site area:	15.8 hectare

	Major Tenants	GLA (m2)
	Australian Discount Retailers	31,185
	Yakka Pty Ltd	18,822
	Australian Tyre Marketers	10,000

Lease expiry profile

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FY09 0% FY11 0% FY13+ 100%
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Vacant 0% FY10 0% FY12 27%
FY09 7% FY11 0% FY13+ 66%
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Vacant 16% FY10 0% FY12 0%
FY09 58% FY11 0% FY13+ 26%
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Stockland Property Portfolio June 2008

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1090–1124 Centre Road,
Oakleigh, VIC
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Interchange Industrial Park,
Wacol, QLD
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Altona Distribution Centre,
Slough Road, Altona, VIC
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The property is situated in Melbourne’s south-eastern suburbs, approximately 17km from Melbourne’s Central Business District.

The properties are located in the industrial suburb of Wacol, approximately 17km south-west of Brisbane’s CBD, and boast direct access to major arterial roads such as the Ipswich Motorway and Logan Motorway. The two sites combine to make up almost 12 hectares.

The complex comprises eight separate buildings of varying size, age and construction and is located in the western industrial precinct of Melbourne adjacent to the Western Ring Road. The majority of these buildings are modern and were constructed in the 1980s and 1990s.

The 8.1 hectare site occupies a prominent main road location and currently comprises three modern warehouses, two older style warehouse buildings and a single office building.

72 Formation Street comprises two levels of office at the front and a building with warehouse and production accommodation to the rear. 3676 Ipswich Road has a 50,000m[2] warehouse master plan with stage 1 comprising 13,000m[2 ] currently under construction and due for completion by the end of 2008.

The Centre incorporates vacant land of approximately 12,400m[2] , providing medium-term development upside.

Location:	South Melbourne, VIC
Acquisition date:	February 2007
Ownership/title:	100%/Freehold
Cost including additions:	$46.2 million
Independent valuation:	June 2007
Valuation/($/m2):	$38.0 million ($810/m2)
Capitalisation rate:	7.16%
Discount rate:	8.25%
Lettable area:	46,931m2
Site area:	8.1 hectare

Major Tenants	GLA (m2)
Fantastic Furniture	10,046
Avery Denison	7,440

Location:	South Brisbane, QLD
Acquisition date:	August 2006/June 2007
Ownership/title:	100%/Freehold
Cost including additions:	$37.6 million
Independent valuation:	July 2006/June 2008
Valuation:	$35.0 million
Capitalisation rate:	7.50%*
Discount rate:	9.50%*
Lettable area:	15,732m2
Site area:	11.5 hectare

Major Tenants	GLA (m2)
Transpacifc Industries Group	9,621
Nomad Consolidated	6,111

Location:	West Melbourne, VIC
Acquisition date:	July 2000
Ownership/title:	100%/Freehold
Cost including additions:	$25.6 million
Independent valuation:	June 2008
Valuation/($/m2):	$30.0 million ($752/m2*)
Capitalisation rate:	8.15%
Discount rate:	9.00%
Lettable area:	39,917m2
Site area:	17.3 hectare
Hardstand:	63,711m2
Major Tenants	GLA (m2)
Golden Brothers	10,748
A&S Transport	10,098
Autonexus	6,165

Lease expiry profile

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Vacant 39% FY10 8% FY12 0%
FY09 21% FY11 0% FY13+ 32%
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Vacant 0% FY10 0% FY12 0%
FY09 36% FY11 0% FY13+ 64%
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Refers to 72 Formation Street.

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Vacant 8% FY10 12% FY12 9%
FY09 18% FY11 0% FY13+ 53%
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Excludes hardstand.

Stockland Property Portfolio June 2008

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55–63 Bourke Road,
Alexandria, NSW
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509 Boundary Road,
Richlands, QLD
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514 Boundary Road,
Richlands, QLD
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55–63 Bourke Road comprises two detached office/warehouse buildings on a 2.4 hectare site. The northern building includes 7,076m[2] of improvements, leased to CSR Ltd. The southern building comprises 8,770m[2] of improvements, leased to Metcash.

509 Boundary Road is an office/warehouse distribution facility constructed in 1995 and subsequently extended in April 1996.

This property comprises two modern freestanding industrial warehouse buildings constructed in 2000, with substantial hardstand area.

Forming part of the Richlands Industrial Estate, the property is 14km from the Brisbane CBD. The Richlands industrial area is serviced by three major arterial roads: Centenary Highway, Ipswich Road and Logan Motorway, which links the property with the CBD and the Gold Coast.

The property boasts excellent road access and is located within close proximity to both Ipswich Road and the Centenary Highway.

The property is located on a major thoroughfare with ready access to Kingsford Smith Airport, Princes Highway, Port Botany and the Sydney CBD.

The eastern and western buildings have a total GLA of 14,585m[2] and are occupied by Toll Ipec and Toll Express. Site coverage is low at 25%, with a large functional servicing yard.

Location:	South Sydney, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$20.5 million
Independent valuation:	June 2008
Valuation/($/m2):	$29.3 million ($1,846/m2)
Capitalisation rate:	6.75%
Discount rate:	8.75%
Lettable area:	15,846m2
Site area:	2.4 hectare

Major Tenants	GLA (m2)
Metcash	8,770
CSR Ltd	7,076

Location:	South Brisbane, QLD
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$16.9 million
Independent valuation:	December 2007
Valuation/($/m2):	$23.1 million ($1,405/m2)
Capitalisation rate:	7.00%
Discount rate:	8.75%
Lettable area:	16,440m2
Site area:	3.9 hectare

Major Tenants GLA (m[2] ) EW Reinforcement 9,193 Australian Brushware Corporation 7,247

Location: South Brisbane, QLD Acquisition date: October 2005 Ownership/title: 100%/Freehold Cost including additions: $18.0 million Independent valuation: December 2007 Valuation/($/m[2] ): $23.1 million ($1,584/m[2] *) Capitalisation rate: 7.25% Discount rate: 8.75% Lettable area: 14,585m[2] Site area: 5.8 hectare Hardstand: 16,863m2

	Major Tenants	GLA (m2)
	Toll Transport	14,585

Lease expiry profile

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Vacant 0% FY10 0% FY12 0% Vacant 0% FY10 0% FY12 0%
FY09 45% FY11 0% FY13+ 55% FY09 0% FY11 0% FY13+ 100%
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Excludes hardstand.
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Stockland Property Portfolio June 2008

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M1 Yatala Enterprise Park,
Yatala, QLD
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1–11 Amour Street,
Revesby, NSW
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Prestons Industrial Estate,
Prestons, NSW
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1a and 1b Amour Street are recently acquired industrial facilities offering two freestanding office and warehouse buildings with a total GLA of 6,456m[2] .

The property is located in the industrial suburb of Yatala, approximately 33km south of the Brisbane Central Business District. The 16.42 hectare property boasts direct access to The Pacific (M1) Motorway, with main access through Darlington Drive.

The property comprises three modern industrial warehouse buildings constructed on a staged basis between 2001 and 2005. The warehouse building located at 7–9 Jessica Place features a cross dock facility. The other two traditional warehouse buildings feature 10 metre clearance and are fully sprinklered.

Adjoining is 11 Amour Street, an existing Stockland asset comprising a 12,969m[2] warehouse building fully leased to Impress Australia.

This development site has the potential to deliver in excess of 45,000m[2] of prime warehousing and distribution solutions.

The property is strategically located approximately 2km north-west of the M5 Motorway and less than 1km from the M7 Motorway.

The properties are located in the centre of the established Milperra Industrial precinct and offer potential for future amalgamation and possible redevelopment.

Location:	South-east Brisbane, QLD
Acquisition date:	November 2006
Ownership/title:	100%/Freehold
Cost including additions:	$22.7 million
Independent valuation:	September 2006
Valuation:	$20.0 million
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	N/A
Site area:	16.4 hectare

Location:	South-west Sydney, NSW
Acquisition date:	June 2003 / September 2007
Ownership/title:	100%/Freehold
Cost including additions:	$22.0 million
Independent valuation:	December 2006/July 2007
Valuation/($/m2):	$23.2 million ($1,195/m2)
Capitalisation rate:	7.50% – 7.75%
Discount rate:	8.75 – 9.00%
Lettable area:	19,421m2
Site area:	3.34 hectare

Location: Western Sydney, NSW Acquisition date: May 2005 Ownership/title: 100%/Freehold Cost including additions: $21.7 million Independent valuation: June 2008 Valuation/($/m[2] ): $19.8 million ($1,498/m[2] ) Capitalisation rate: 8.00% Discount rate: 9.50% Lettable area: 13,215m[2] Site area: 2.7 hectare

Major Tenants GLA (m[2] ) N/A

Major Tenants GLA (m[2] ) Impress Australia 12,969 Clearly Aus Beverages 3,243 Rapala Freetime 3,209

Major Tenants GLA (m[2] ) Mainfreight Distribution 8,932 Pets International 4,283

Lease expiry profile N/A

Lease expiry profile

Lease expiry profile

Vacant 0% FY10 0% FY12 0% FY09 0% FY11 0% FY13+ 100%

Vacant 0% FY10 32% FY12 0% FY09 0% FY11 0% FY13+ 68%

Stockland Property Portfolio June 2008

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2 Davis Road,
Wetherill Park, NSW
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17 and 40 Scanlon Drive,
Epping, VIC
17 Scanlon Drive
40 Scanlon Drive
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Export Park, 9–13 Viola Place,
Brisbane Airport, QLD
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This property is a modern office/warehouse building which was completed in 1990 and occupies a prominent location adjacent to the T-Way bus link between Liverpool and Parramatta.

9–13 Viola Place is a new high tech office and warehouse facility located in the recently developed industrial estate of “Export Park” at Brisbane Airport.

17 and 40 Scanlon Drive comprise two new industrial warehouses of 9,371m[2] and 13,000m[2] which are nearing completion and were acquired with a leaseback to the developer for a six month term. Both buildings offer high quality warehouse and office accommodation and are located in Northpoint Enterprise Park approximately 20km north of the Melbourne CBD.

The building has a 10% office component built over two levels and a high clearance fully-sprinklered warehouse. The property has a low site coverage of 38%, with potential expansion at the rear of the site. The property is leased for nine years to Visy PET Pty Ltd, expiring in 2012.

The property is fully leased to DHL and Union Switch and Signal on long term, ten year leases and benefits from excellent access to the Gateway Motorway and Port of Brisbane. The building has a high office component of 57%.

Access is available to the Craigeburn Bypass via Cooper Street interchange and both properties are in close proximity to the Hume Highway and Western Ring Road.

Location: Western Sydney, NSW Acquisition date: April 2003 Ownership/title: 100%/Freehold Cost including additions: $15.7 million Independent valuation: December 2006 Valuation/($/m[2] ): $19.3 million ($1,148/m[2] ) Capitalisation rate: 7.25% Discount rate: 8.75% Lettable area: 16,813m[2] Site area: 4.3 hectare

Major Tenants GLA (m[2] ) Visy PET Pty Ltd 16,813

Location:	Epping, VIC
Acquisition date:	June 2007/September 2007
Ownership/title:	100%/Freehold
Cost including additions:	$18.2 million
Independent valuation:	June 2008
Valuation/($/m2):	$18.7 million ($836/m2)
Capitalisation rate:	7.75%
Discount rate:	8.75%
Lettable area:	22,361m2
Site area:	4.2 hectare

	Major Tenants	GLA (m2)
	N/A

Location:	Brisbane Airport, QLD
Acquisition date:	November 2007
Ownership/title:	100%/Leasehold
Cost including additions:	$16.0 million
Independent valuation:	June 2007
Valuation/($/m2):	$15.3 million ($1,812/m2)
Capitalisation rate:	7.00%
Discount rate:	9.00%
Lettable area:	8,468m2

	Major Tenants	GLA (m2)
	DHL Global Forwarding	4,322
	USS	4,146

Lease expiry profile

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FY09 0% FY11 0% FY13+ 0% FY09 42% FY11 0% FY13+ 0%
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Stockland Property Portfolio June 2008

735 Boundary Road, Richlands, QLD

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This modern office warehouse building was constructed in 2001 and features a high office component of 29%.

The property boasts excellent road access and is located within close proximity to the Kelliher Road roundabout, providing access to both Ipswich Road and the Centenary Highway.

The property is occupied by Corporate Express.

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Lidcombe Industrial Park,
42 Birnie Avenue, Lidcombe, NSW
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73–91 Lenore Lane, Erskine Park, NSW

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Erskine Park is an industrial subdivision situated on the northern side of Lenore Lane.

The property comprises two modern industrial warehouse buildings completed in December 2003. Building one features high quality office accommodation and amenities such as a gymnasium and café. Building two is a traditional warehouse building featuring high quality office accommodation. The property boasts excellent road access with Parramatta Road and the M4 Motorway located within close proximity.

The property forms part of the emerging industrial precinct of Erskine Park, located approximately 20km west of the Parramatta CBD and approximately 46km west of the Sydney CBD.

The property is 100% leased to Coil Steels until 2016 and comprises two levels of office space, together with warehouse accommodation fitted out by the tenant to function as a processing plant for steel coils.

Location:	South Brisbane, QLD
Acquisition date:	October 2005
Ownership/title:	100%/Freehold
Cost including additions:	$12.4 million
Independent valuation:	December 2007
Valuation/($/m2):	$15.7 million ($1,583/m2)
Capitalisation rate:	7.00%
Discount rate:	8.75%
Lettable area:	9,884m2
Site area:	17,320m2

Location: Erskine Park, NSW Acquisition date: February 2007 Ownership/title: 100%/Freehold Cost including additions: $16.2 million Independent valuation: June 2008 Valuation/($/m[2] ): $14.0 million ($1,560/m[2] ) Capitalisation rate: 7.50% Discount rate: 9.00% Lettable area: 8,975m[2] Site area: 2.5 hectare

Location: Western Sydney, NSW Acquisition date: June 2005 Ownership/title: 100%/Freehold Cost Including additions: $15.4 million Independent valuation: June 2008 Valuation/($/m[2] ): $13.6 million ($1,685/m[2] ) Capitalisation rate: 8.00% Discount rate: 9.25% Lettable area: 8,069m[2] Site area: 1.4 hectare

Major Tenants GLA (m[2] ) Corporate Express 9,884

Major Tenants GLA (m[2] ) Coil Steels 8,975

Major Tenants GLA (m[2] ) Hanson Precast 7,974

Lease expiry profile

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Stockland Property Portfolio June 2008

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159–163 Newton Road,
Wetherill Park, NSW
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9 Orielton Road,
Smeaton Grange, NSW
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17 McNaughton Road,
Clayton, VIC
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This property is a modern office/warehouse building, which was completed circa 1990. The improvements comprise two level office accommodation, with a two bay warehouse. The property is leased to Amcor Packaging (Australia) Pty Ltd.

9 Orielton Road is located in south-western Sydney and features a 11,030m[2] warehouse facility leased to Bridgestone until 2016. The property also contains an additional 3,000m[2] of expansion land for Bridgestone.

The property comprises an older style warehouse facility with freestanding office areas. The property provides a medium-term redevelopment site with existing holding income. Located in Clayton, an established industrial market in south-east Melbourne, the site has a high profile frontage to the Princes Highway.

Location:	Western Sydney, NSW
Acquisition date:	October 2003
Ownership/title:	100%/Freehold
Cost including additions:	$11.3 million
Independent valuation:	December 2006
Valuation/($/m2):	$13.3 million ($1,084/m2)
Capitalisation rate:	7.75%
Discount rate:	9.00%
Lettable area:	12,264m2
Site area:	2.0 hectare

Major Tenants	GLA (m2)
Amcor Packaging	12,264

Location:	South-west Sydney, NSW
Acquisition date:	September 2003
Ownership/title:	100%/Freehold
Cost including additions:	$11.6 million
Independent valuation:	June 2008
Valuation/($/m2):	$12.5 million ($1,133/m2)
Capitalisation rate:	7.75% (Bridgestone)
Discount rate:	9.00% (Bridgestone)
Lettable area:	11,030m2
Site area:	2.3 hectare

Major Tenants	GLA (m2)
Bridgestone	11,030

Location:	South-east Melbourne, VIC
Acquisition date:	July 2006
Ownership/title:	100%/Freehold
Cost including additions:	$12.3 million
Independent valuation:	December 2007
Valuation/($/m2):	$12.3 million ($700/m2)
Capitalisation rate:	7.50%
Discount rate:	8.50%
Lettable area:	17,507m2
Site area:	2.8 hectare
Major Tenants	GLA (m2)
KD Trading	16,732

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Stockland Property Portfolio June 2008

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60 Fulcrum Street,
Richlands, QLD
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9–11 Somerton Park Drive,
Somerton, VIC
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60 Fulcrum Street is an office/warehouse distribution facility which was completed in 1996 and is leased to Toyota Materials.

The property comprises an industrial facility, providing a single level freestanding office and warehouse, with surplus hardstand at the rear of the site. The property is located in an established industrial location approximately 19km north of Melbourne CBD.

This property forms part of the Richlands Industrial Estate and is 2km to the west of 509 Boundary Road, another of Stockland’s industrial investments in Brisbane.

Location:	South Brisbane, QLD
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$5.9 million
Independent valuation:	December 2007
Valuation/($/m2):	$10.7 million ($1,364/m2)
Capitalisation rate:	7.25%
Discount rate:	8.75%
Lettable area:	7,847m2
Site area:	2.2 hectare

Major Tenants GLA (m[2] ) Toyota Materials 7,847

Location:	North Melbourne, VIC
Acquisition date:	July 2006
Ownership/title:	100%/Freehold
Cost including additions:	$7.7 million
Independent valuation:	June 2008
Valuation/($/m2):	$7.3 million ($904/m2)
Capitalisation rate:	7.75%
Discount rate:	9.00%
Lettable area:	8,017m2
Site area:	2.3 hectare
Major Tenants	GLA (m2)
Mainfreight Distribution	8,017

Lease expiry profile

Lease expiry profile

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Stockland Property Portfolio June 2008

Stockland Forster, NSW

Located on the mid north coast of NSW, this recently redeveloped centre consists of a new Target Country, ALDI, upgraded Coles and Kmart as well as over 50 specialty stores. A new Retail Park consisting of a flagship Bunnings Warehouse and seven bulky good tenancies also forms part of the overall centre which provides a modern, comprehensive retail offer to the region.

Stockland Property Portfolio June 2008

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Commercial Portfolio

Retail Stockland is one of the largest Retail property owners, developers and managers in Australia. Its portfolio comprises 38 retail centres valued at approximately $4.0 billion. The properties accommodate more than 2,600 tenants and generate in excess of $4.7 billion in retail sales per annum.

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Lease expiry profile
Vacant 0% FY10 14% FY12 12%
FY09 15% FY11 9% FY13+ 50%
By GLA
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Geographic split
NSW 59% WA 4%
QLD 27% VIC 9%
By Asset Value
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Stockland Property Portfolio June 2008

Stockland Townsville, QLD proposed development

Located in the demographic centre of greater Townsville, the property continues to be the largest retailing centre in its trade area. Retail demand remains strong, with many national retailers choosing Stockland Townsville as their preferred representation in the region.

Stockland Property Portfolio June 2008

Retail Portfolio as at 30 June 2008

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SPECIALTY
BOOK VALUE# % OF RETAIL ANNUAL SALES OCCUPANCY
PAGE PROPERTY LOCATION GLA (m [2] ) ($m) PORTFOLIO JUN 2008 ($m COSTS (%)
42 Stockland Wetherill Park NSW 51,267 $341.4 8.4% $252.4 13.9%
42 Stockland Shellharbour NSW 39,277 $281.2 6.9% $214.6 12.8%
42 Stockland Green Hills NSW 32,004 $243.8 6.0% $296.8 11.4%
43 Stockland Glendale NSW 54,967 $240.8 5.9% $300.5 11.4%
43 Stockland Townsville QLD 32,439 $231.5 5.7% $224.5 12.7%
43 Stockland Rockhampton QLD 59,500 $195.4 4.8% $255.2 11.2%^
44 Stockland Bay Village NSW 29,176 $187.5 4.6% $184.2 14.1%
44 Stockland Cairns QLD 48,621 $184.8 4.6% $239.7 11.0%
44 Stockland Burleigh Heads QLD 26,697 $159.0 3.9% $193.8 11.4%
45 Stockland Merrylands NSW 21,383 $152.3 3.8% $153.3 11.2%
45 Stockland The Pines VIC 24,457 $151.8 3.7% $177.1 15.6%
45 Stockland Baulkham Hills NSW 17,919 $137.0 3.4% $101.9 N/A
46 Stockland Forster NSW 34,078 $126.5 3.1% $117.6 12.4%
46 Stockland Jesmond NSW 20,999 $123.8 3.1% $156.3 11.7%
46 Stockland Wendouree VIC 24,884 $115.0 2.8% $136.1 12.6%
47 Stockland Gladstone QLD 26,788 $102.0 2.5% $159.1 10.1%
47 Stockland Nowra NSW 16,015 $90.2 2.2% $126.1 10.8%
47 Stockland Bull Creek WA 16,726 $88.2 2.2% $115.9 12.9%
48 Stockland Cleveland QLD 15,701 $87.5 2.2% $124.0 11.4%
48 Stockland Bathurst NSW 19,419 $84.0 2.1% $134.9 11.0%
48 Stockland Caloundra QLD 15,721 $82.5 2.0% $127.6 9.7%
49 Stockland Traralgon VIC 19,343 $78.6 1.9% $99.4 12.0%
49 Stockland Batemans Bay NSW 14,918 $67.4 1.7% $91.1 10.0%
49 Stockland Corrimal NSW 9,858 $65.1 1.6% $93.6 10.6%
50 Stockland Wallsend NSW 11,569 $57.1 1.4% $72.9 8.4%
50 Shellharbour Retail Park NSW 22,145 $51.6 1.3% $84.3 N/A
50 Stockland Piccadilly NSW 5,186 $47.3 1.2% $18.6 19.3%
51 Stockland Baldivis WA 6,497 $46.5 1.1% $36.2 12.7%
– 135 King Street, Sydney~ NSW 3,920 $45.0 1.1% $16.5 N/A
51 Stockland Riverton~ WA 17,057 $39.2 1.0% $111.0 13.1%
51 Stockland Lilydale VIC 8,749 $29.4 0.7% $60.6 N/A
52 Stockland Glenrose NSW 9,089 $20.1 0.5% $60.8 N/A
52 Jimboomba Village Shopping Centre~ QLD 11,164 $18.2 0.4% $52.6 N/A
52 Burleigh Central QLD 7,914 $18.0 0.4% $3.9 N/A
53 Merrylands Court NSW 6,304 $16.3 0.4% N/A N/A
53 Vincentia Shopping Centre NSW 4,155 $15.0 0.4% $34.7 N/A
53 Bridge Plaza (including 8 North Street) NSW 6,596 $13.1 0.3% $44.9 9.3%
54 Woolworths Toowong QLD 2,275 $10.0 0.2% N/A N/A
– Auckland Creek, Gladstone QLD N/A $3.9 0.1% N/A N/A
Total 794,777 $4,048.0 100%
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~ Represents the full carrying value of the investment property.
Retail component only. Refer to Commercial Portfolio for balance.
^ Rockhampton Kmart Plaza excluded for calculation of occupancy cost.
~ Book value represents Stockland’s 50% ownership. – Annual sales and specialty occupancy costs are ** Under development during the period. reported in accordance with SCCA guidelines.
Book value represents Stockland’s 25% ownership.

Stockland Property Portfolio June 2008

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Stockland Wetherill Park,
NSW
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Stockland Shellharbour,
NSW
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Stockland Green Hills,
NSW
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Stockland Shellharbour is a sub-regional centre located on the mid South Coast of NSW. With one supermarket, three discount department stores and 120 specialty shops the centre has a strong presence in its trade area. The centre also currently enjoys an outdoor dining precinct.

Stockland Wetherill Park is a highly successful, sub-regional centre with extensive retail facilities complimented by community services on a 11.8 hectares. The centre trades strongly with specialty sales of $10,900 per m[2] which is 37% above the Urbis JHD benchmark for double DDS based centres.

This strong performing centre consists of a Woolworths supermarket, Big W department store, Coles supermarket, food court and 90 specialty shops. It is the largest shopping centre in its trade area.

A Development Application has been lodged to expand the centre to 70,000m[2] which will include a Myer department store, new discount department store, a new fresh food precinct, two new supermarkets, an additional 100 speciality shops as well as a Town Square.

A Development Application has been lodged to expand the centre to 73,000m[2] which will include a Myer department store, two supermarkets, one new discount department store as well as an additional 120 speciality shops and a new Town Square.

In 2007 the customer experience was enhanced by including an additional ‘First Choice’ Parents Room.

Master planning has commenced to further capitalise on this strong asset in this solid growth Sydney metropolitan market.

Location: Western Sydney, NSW Acquisition date: August 1983 Ownership/title: 100%/Freehold Cost including additions: $108.5 million Independent valuation: December 2007 Valuation/($/m[2] ): $340.0 million ($6,632/m[2] ) Capitalisation rate: 5.75% Discount rate: 8.25% Gross lettable area: 51,267m[2] Car parking spaces: 1,978 Annual sales: $252.4 million Specialty occupancy cost: 13.9% Major Tenants GLA (m[2] ) Lease Expiry Big W 7,955 Jun 2025 Target 7,020 Jul 2018 Hoyts 4,613 Nov 2023 Woolworths 4,346 Jun 2021 Franklins 3,273 Nov 2016

Location:	Shellharbour, NSW	Shellharbour, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$149.6 million
Independent valuation:	December 2007
Valuation/($/m2):	$280.0 million	($7,129/m2)
Capitalisation rate:	5.75%
Discount rate:	8.25%
Gross lettable area:	39,277m2
Car parking spaces:	2,196
Annual sales:	$214.6 million
Specialty occupancy cost:	12.8%
Major Tenants	GLA (m2)	Lease Expiry
Kmart	7,460	Nov 2017
Target	7,170	Jul 2015
Coles	3,847	Nov 2012
Harris Scarfe	2,753	Nov 2010

Location:	East Maitland,	NSW
Acquisition date:	December 2000
Ownership/title:	100%/Freehold
Cost including additions:	$114.4 million
Independent valuation:	June 2007
Valuation/($/m2):	$243.0 million	($7,593/m2)
Capitalisation rate:	5.75%
Discount rate:	8.75%
Gross lettable area:	32,004m2
Car parking spaces:	1,600
Annual sales:	$296.8 million
Specialty occupancy cost:	11.4%
Major Tenants	GLA (m2)	Lease Expiry
Big W	8,024	Sep 2022
Woolworths	4,871	Sep 2022
Coles	3,702	Sep 2017
Dan Murphy	1,203	Sep 2022

Lease expiry profile

Lease expiry profile

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Vacant 0% FY10 4% FY12 10%
FY09 18% FY11 2% FY13+ 66%
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Vacant 0% FY10 6% FY12 8%
FY09 17% FY11 10% FY13+ 59%
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Vacant 0% FY10 9% FY12 10% FY09 9% FY11 4% FY13+ 68%

Stockland Property Portfolio June 2008

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Stockland Glendale,
NSW
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Stockland Townsville,
QLD
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Stockland Rockhampton,
QLD
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Situated on 19.6 hectares, the property showcases a predominance of major retailers, offering easy access via on-grade parking. Stockland Glendale was the first of the true super centre concepts combining retail, leisure and entertainment on one large level site. The retail mix includes a JB Hi-Fi, Kmart, Target and First Choice Liquor. Master planning is continuing to further capitalise on the strength of this unique asset.

Located in the demographic centre of greater Townsville, the property continues to be the largest retail centre in its trade area. Retail demand remains strong, with many national retailers choosing Stockland Townsville as their preferred representation in the region.

Rockhampton is a key regional city 600km’s north of Brisbane. Stockland Rockhampton and Kmart Plaza form the largest retail offer for the region with two supermarkets, two discount department stores, a cinema complex and over 140 specialty stores.

Construction has commenced which will result in the current Kmart Plaza being linked to the main centre. On completion Rockhampton will be the leading regional centre with a GLA of 60,000m[2] , six majors and 190 specialty stores. Master planning is underway for the next stage of expansion.

Major tenants include Big W, Woolworths, Rebel Sport, Crazy Clarks and Best & Less.

Stockland Glendale recently reached a record $300m sales turnover in June 2008.

A Development Application has been lodged to expand the centre to 55,000m[2] which will include a Myer department store.

Location:	Newcastle, NSW	Newcastle, NSW
Acquisition date:	March 1996
Ownership/title:	100%/Freehold
Cost including additions:	$83.2 million
Independent valuation:	December 2007
Valuation/($/m2):	$240.0 million	($4,366/m2)
Capitalisation rate:	6.00%
Discount rate:	8.25%
Gross lettable area:	54,967m2
Car parking spaces:	2,338
Annual sales:	$300.5 million
Specialty occupancy cost:	11.4%
Major Tenants	GLA (m2)	Lease Expiry
Target	8,522	Jul 2011
Kmart	6,425	Nov 2020
Greater Union	5,324	Dec 2016
Coles	5,109	Mar 2016
Woolworths	4,952	Mar 2016
Aldi	1,363	Feb 2017

Lease expiry profile

Location:	Townsville, QLD	Townsville, QLD
Acquisition date:	June 1987
Ownership/title:	100%/Freehold
Cost including additions:	$100.2 million
Independent valuation:	December 2006
Valuation/($/m2):	$230.0 million	($7,090/m2)
Capitalisation rate:	6.25%
Discount rate:	8.75%
Gross lettable area:	32,439m2
Car parking spaces:	1,914
Annual sales:	$224.5 million
Specialty occupancy cost:	12.7%
Major Tenants	GLA (m2)	Lease Expiry
Big W	6,987	Apr 2009
Woolworths	3,880	Feb 2009

Lease expiry profile

Location:	Rockhampton, QLD	Rockhampton, QLD
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$137.2 million
Independent valuation:	December 2007
Valuation/($/m2):	$193.0 million ($3,244/m2)
Capitalisation rate:	6.50%
Discount rate:	8.75%
Gross lettable area:	59,500m2
Car parking spaces:	2,948
Annual sales:	$255.2 million
Specialty occupancy cost:	11.2%^
Major Tenants	GLA (m2)	Lease Expiry
Coles/Kmart	10,915	Mar 2029
Big W	8,211	Aug 2010
Woolworths	4,223	Aug 2010
Birch Carroll & Coyle	3,392	Dec 2013

Lease expiry profile**

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Vacant 0% FY10 6% FY12 24%
FY09 7% FY11 4% FY13+ 59%
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Vacant 0% FY10 9% FY12 6%
FY09 63% FY11 10% FY13+ 12%
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Vacant 0% FY10 8% FY12 4% FY09 14% FY11 51% FY13+ 23%

^ Rockhampton Kmart Plaza excluded for ** Lease expiry profile excludes calculation of occupancy cost. Kmart Plaza due to redevelopment. Stockland Property Portfolio June 2008

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Stockland Bay Village,
NSW
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Stockland Cairns,
QLD
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Stockland Burleigh Heads,
QLD
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Located on the central coast of New South Wales, Stockland Bay Village offers convenient shopping over a single level with three supermarkets and one discount department store.

Located on the main southern arterial road accessing Cairns, the centre occupies an 11.13 hectare site and provides 2,600 parking spaces.

Stockland Burleigh Heads is a sub-regional centre located on the Gold Coast. The centre is anchored by a Woolworths and IGA supermarkets and a Big W discount department store.

The Gold Coast is Australia’s fastest growing region and the population continues to grow at a rate of 3.7% pa.

The centre continues to strengthen its position as a competitive sub-regional shopping centre that services this strong growth area.

In 2007, the centre court was upgraded, incorporating new amenities, customer care, a new centre stage and a ‘First Choice’ Parents Room. With over 125 specialty stores, work is now underway to remix the centre to further enhance the overall retail offer by introducing a brand new Coles supermarket, a relocated Earlville Library and a mini-major precinct.

Master planning is currently underway to further capitalise on this strong trade area.

Location:	Bateau Bay, NSW	Bateau Bay, NSW
Acquisition date:	October 2000
Ownership/title:	100%/Freehold
Cost including additions:	$109.2 million
Independent valuation:	June 2008
Valuation/($/m2):	$187.5 million ($6,427/m2)
Capitalisation rate:	6.75%
Discount rate:	8.75%
Gross lettable area:	29,176m2
Car parking spaces:	1,269
Annual sales:	$184.2 million
Specialty occupancy cost:	14.1%
Major Tenants	GLA (m2)	Lease Expiry
Kmart	7,587	Aug 2009
Coles	5,135	Aug 2009
Woolworths	3,600	Apr 2025
Aldi	1,226	Sep 2015

Location:	Cairns, QLD
Acquisition date:	June 1992
Ownership/title:	100%/Freehold
Cost including additions:	$147.9 million
Independent valuation:	December 2006
Valuation/($/m2):	$181.0 million	($3,723/m2)
Capitalisation rate:	6.50%
Discount rate:	8.75%
Gross lettable area:	48,621m2
Car parking spaces:	2,600
Annual sales:	$239.7 million
Specialty occupancy cost:	11.0%
Major Tenants	GLA (m2)	Lease Expiry
Big W	8,259	Jun 2024
Target	7,079	Jul 2015
Woolworths	4,254	Jun 2016
Birch Carroll & Coyle	3,184	Nov 2021

Location:	Burleigh Heads, QLD	Burleigh Heads, QLD
Acquisition date:	August 2003
Ownership/title:	100%/Freehold
Cost including additions:	$112.9 million
Independent valuation:	December 2006
Valuation/($/m2):	$158.0 million	($5,918/m2)
Capitalisation rate:	6.25%
Discount rate:	8.75%
Gross lettable area:	26,697m2
Car parking spaces:	1,462
Annual sales:	$193.8million
Specialty occupancy cost:	11.4%
Major Tenants	GLA (m2)	Lease Expiry
Big W	6,673	Mar 2025
Woolworths	4,356	Apr 2026
IGA	2,562	Dec 2013

Lease expiry profile

Vacant 1% FY10 57% FY12 5% FY09 1% FY11 14% FY13+ 22%

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Vacant 0% FY10 4% FY12 5%
FY09 14% FY11 9% FY13+ 68%
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Vacant 0% FY10 8% FY12 4% FY09 5% FY11 17% FY13+ 66%

Stockland Property Portfolio June 2008

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Stockland Merrylands,
NSW
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Stockland The Pines,
VIC
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Stockland Baulkham Hills,
NSW
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Located in the CBD of Merrylands, the centre is constructed on two levels incorporating 1,299 parking spaces on 6.44 hectares. Development approval has been granted to expand the centre by 19,000m[2] . Construction has commenced on the initial stage which will create Kmart and Target and approximately 100 additional specialty shops.

Stockland The Pines is well located in one of Melbourne’s strong socio-economic trade areas.

This newly redeveloped, highly convenient food anchored centre is located 30km north-west of the Sydney CBD, close to the M2 Motorway. The Hills District is one of Sydney’s largest urban areas with strong population growth.

The GLA is 24,457m[2] and the retail mix includes Coles, ALDI and Safeway supermarkets, a Target discount department store and over 100 specialty stores and services.

Stockland Baulkham Hills is a unique centre that consists of an Aldi, Coles and Woolworths supermarkets as well as Harris Farm.

Stockland The Pines continues to be one of the preferred convenience based shopping destinations in its trade area.

A Development Application for the final stages is being prepared to be lodged which will include three new supermarkets and a third discount department store which will extend the centre to 60,000m[2] .

With a GLA of 17,919m[2] the centre has 100 specialty stores, a brand new 3 level car park accommodating over 840 car spaces, an outdoor children’s play area, a fully equipped ‘First Choice’ Parents Room as well as a unique community room.

Location: Western Sydney, NSW Acquisition date: September 1982 Ownership/title: 100%/Freehold Cost including additions: $38.7 million Independent valuation: December 2006 Valuation/($/m[2] ): $151.0 million ($7,062/m[2] ) Capitalisation rate: 6.50% Discount rate: 8.50% Gross lettable area: 21,383m[2] Car parking spaces: 1,299 Annual sales: $153.3 million Specialty occupancy cost: 11.2% Major Tenants GLA (m[2] ) Lease Expiry* Kmart 7,814 Nov 2017 Coles 3,634 Oct 2019 Franklins 1,802 Jan 2014

Location: Doncaster East, VIC Acquisition date: November 2004 Ownership/title: 100%/Freehold Cost including additions: $124.5 million Independent valuation: June 2007 Valuation/($/m[2] ): $150.6 million ($6,158/m[2] ) Capitalisation rate: 6.25% Discount rate: 8.15% Gross lettable area: 24,457m[2] Car parking spaces: 1,400 Annual sales: $177.1 million Specialty occupancy cost: 15.6% Major Tenants GLA (m[2] ) Lease Expiry Target 6,829 Jun 2012 Safeway 3,830 Jul 2024 Coles 3,197 Oct 2024 Aldi 1,374 Oct 2019

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Location: Baulkham Hills, NSW
Acquisition date: September 1982
Ownership/title: 100%/Freehold
Cost including additions: $80.9 million
Independent valuation: June 2008
Valuation/($/m [2] ): $137.0 million ($7,646/m [2] )
Capitalisation rate: 6.50%
Discount rate: 8.75%
Gross lettable area: 17,919m [2]
Car parking spaces: 840
Annual sales: $101.9 million
Specialty occupancy cost: N/A
Major Tenants GLA (m [2] ) Lease Expiry
Woolworths 3,415 Oct 2008
Coles 3,034 Jun 2027
Aldi 1,429 Dec 2011
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Lease expiry profile

Lease expiry profile

Lease expiry profile

Vacant 0% FY10 2% FY12 4% FY09 32% FY11 2% FY13+ 60%

Under development during the period.

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Vacant 0% FY10 10% FY12 8%
FY09 4% FY11 9% FY13+ 69%
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Vacant 0% FY10 5% FY12 18% FY09 24% FY11 4% FY13+ 49%

Under development during the period.

Stockland Property Portfolio June 2008

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Stockland Forster,
NSW
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Stockland Jesmond,
NSW
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Stockland Wendouree,
VIC
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Located on the mid north coast of NSW, this recently redeveloped centre consists of a new Target Country, ALDI, upgraded Coles and Kmart as well as over 50 specialty stores.

Located in the suburb of Jesmond, Newcastle, the centre is constructed on 4.65 hectares. Anchored by a Woolworths supermarket, Big W discount department store and 70 specialty stores, the centre is supported by extensive car parking which has recently been upgraded as well as public transport facilities. With specialty sales of $8,900 per m[2] , the opportunity for future development is currently being investigated.

Located in the historic city of Ballarat, 110kms west of Melbourne this recently redeveloped sub-regional shopping centre accommodates 78 specialty stores, a brand new fresh food precinct as well as Safeway, Kmart, Go-Lo and a new Coles supermarket.

The centre has a GLA in excess of 34,000m[2] which provides a modern, comprehensive retail offer to the region and includes a fully equipped ‘First Choice’ Parents Room as well as an outdoor children’s play area. A new Retail Park (13,000m[2] ) consisting of a flagship Bunnings Warehouse and seven bulky good tenancies also forms part of the overall centre.

The redevelopment also includes a fully equipped ‘First Choice’ Parents Room as well as the newly refurbished Regional Library. Master planning and land consolidation is continuing for future development opportunities.

Location:	Forster, NSW
Acquisition date:	July 2003
Ownership/title:	100%/Freehold
Cost including additions:	$94.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$126.5 million	($3,712/m2)
Capitalisation rate:	6.25%
Discount rate:	8.75%
Gross lettable area:	34,078m2
Car parking spaces:	830
Annual sales:	$117.6 million
Specialty occupancy cost:	12.4%
Major Tenants	GLA (m2)	Lease Expiry
Kmart	5,838	Jan 2010
Coles	4,083	Jan 2010
Target Country	1,500	Nov 2016
Aldi	1,428	Nov 2016

Location:	Newcastle, NSW	Newcastle, NSW
Acquisition date:	February 1984
Ownership/title:	100%/Freehold
Cost including additions:	$41.1 million
Independent valuation:	June 2007
Valuation/($/m2):	$122.0 million ($5,810/m2)
Capitalisation rate:	6.50%
Discount rate:	8.5%
Gross lettable area:	20,999m2
Car parking spaces:	948
Annual sales:	$156.3 million
Specialty occupancy cost:	11.7%
Major Tenants	GLA (m2)	Lease Expiry
Big W	7,944	Jan 2010
Woolworths	3,053	Nov 2009

Location:	Wendouree, VIC	Wendouree, VIC
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$64.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$115.0 million	($4,621/m2)
Capitalisation rate:	6.50%
Discount rate:	8.75%
Gross lettable area:	24,884m2
Car parking spaces:	1,276
Annual sales:	$136.1 million
Specialty occupancy cost:	12.6%
Major Tenants	GLA (m2)	Lease Expiry
Kmart	7,831	May 2013
Safeway	3,463	Nov 2010
Coles	3,252	Aug 2022

Lease expiry profile

Lease expiry profile

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Vacant 0% FY10 31% FY12 15%
FY09 1% FY11 0% FY13+ 53%
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Vacant 0% FY10 72% FY12 5%
FY09 9% FY12 9% FY13+ 5%
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Vacant 0% FY10 5% FY12 8%
FY09 8% FY11 23% FY13+ 56%
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Stockland Property Portfolio June 2008

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Stockland Gladstone,
QLD
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Stockland Nowra,
NSW
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Stockland Bull Creek,
WA
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Situated on the Dawson Highway, Stockland is the only major centre in Gladstone, a thriving regional location 500km north of Brisbane.

Stockland Nowra is a sub-regional centre anchored by a supermarket, discount department store and 50 specialty stores. Recent land acquisitions and a secured Development Approval can enable a staged expansion of Stockland Nowra up to 65,000m[2] creating a regional shopping centre offering a comprehensive retail offer for the Shoalhaven region.

This single level sub-regional centre is located 15km south of the Perth CBD.

Stockland Bull Creek is anchored by a Woolworths supermarket, Target discount department store and 48 specialty stores and is positioned as a convenience and value centre in its trade area.

The property comprises two adjacent centres, linked by a pedestrian and vehicular underpass. It includes five majors, Coles and Woolworths supermarkets and Kmart and Big W discount department stores and Target Country.

Master planning is currently underway to further capitalise on this strong trade area.

Stockland Gladstone is the premier shopping centre in its main trade area. Land has been acquired to facilitate an expansion to further enhance this retail offering for the community and master planning has commenced.

Location: Gladstone, QLD Acquisition date: October 2000 Ownership/title: 100%/Freehold Cost including additions: $55.7 million Independent valuation: June 2008 Valuation/($/m[2] ): $102.0 million ($3,808/m[2] ) Capitalisation rate: 6.25% Discount rate: 8.75% Gross lettable area: 26,788m[2] Car parking spaces: 1,390 Annual sales: $159.1 million Specialty occupancy cost: 10.1% Major Tenants GLA (m[2] ) Lease Expiry Kmart 6,687 Sep 2011 Big W 6,828 Aug 2016 Coles 2,995 Sep 2011 Woolworths 3,264 Aug 2016 Target Country 1,481 Sep 2011

Location:	Nowra, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$52.8 million
Independent valuation:	June 2007
Valuation/($/m2):	$88.0 million ($5,495/m2)
Capitalisation rate:	6.50%
Discount rate:	8.5%
Gross lettable area:	16,015m2
Car parking spaces:	824
Annual sales:	$126.1 million
Specialty occupancy cost:	10.8%
Major Tenants	GLA (m2)	Lease Expiry
Kmart	7,190	Nov 2008
Woolworths	4,230	Nov 2010

Location:	Bull Creek, WA
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$53.6 million
Independent valuation:	June 2007
Valuation/($/m2):	$88.0 million ($5,261/m2)
Capitalisation rate:	6.25%
Discount rate:	8.50%
Gross lettable area:	16,726m2
Car parking spaces:	920
Annual sales:	$115.9 million
Specialty occupancy cost:	12.9%
Major Tenants	GLA (m2)	Lease Expiry
Target	8,131	Jul 2018
Woolworths	3,426	Nov 2013

Lease expiry profile

Lease expiry profile

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Vacant 0% FY10 1% FY12 45%
FY09 8% FY11 3% FY13+ 43%
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Vacant 1% FY10 4% FY12 4%
FY09 57% FY11 34% FY13+ 0%
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Vacant 0% FY10 5% FY12 4%
FY09 14% FY11 4% FY13+ 73%
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Stockland Property Portfolio June 2008

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Stockland Cleveland,
QLD
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Stockland Bathurst,
NSW
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Stockland Caloundra,
QLD
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Located approximately 25km south-east of the Brisbane CBD, Stockland Cleveland is a successful example of a Town Centre development designed around a main street.

Stockland Bathurst is located in the CBD of Bathurst in the central west of NSW.

Located south of the Sunshine Coast in a strong population growth corridor, Stockland Caloundra includes a Coles supermarket, Kmart discount department store and 50 specialty stores.

Stockland Bathurst consists of a Woolworths supermarket, Big W and a new Target discount department store and over 45 specialty stores. The centre also provides convenient undercover parking for 530 cars.

The centre comprises of two separate malls, anchored by Coles and Woolworths supermarkets and approximately 60 specialty stores.

Master planning and land acquisition is well advanced to capitalise on the position of this centre in this strong growth corridor.

Land acquisition and master planning has further progressed to expand this asset, incorporating increased retail GLA and mixed use elements.

Location: Cleveland, QLD Acquisition date: October 2002 Ownership/title: 100%/Freehold Cost including additions: $68.4 million Independent valuation: June 2008 Valuation/($/m[2] ): $87.5 million ($5,573/m[2] ) Capitalisation rate: 6.25% Discount rate: 9.00% Gross lettable area: 15,701m[2] Car parking spaces: 780 Annual sales: $124.0 million Specialty occupancy cost: 11.4% Major Tenants GLA (m[2] ) Lease Expiry Woolworths 4,031 Aug 2009 Coles 3,536 Oct 2017

Location: Bathurst, NSW Acquisition date: June 2003 Ownership/title: 100%/Freehold Cost including additions: $54.2 million Independent valuation: December 2006 Valuation/($/m[2] ): $83.0 million ($4,274/m[2] ) Capitalisation rate: 6.25% Discount rate: 9.00% Gross lettable area: 19,419m[2] Car parking spaces: 530 Annual sales: $134.9 million Specialty occupancy cost: 11.0% Major Tenants GLA (m[2] ) Lease Expiry Target 5,973 Nov 2019 Big W 6,150 Mar 2010 Woolworths 2,940 Nov 2009

Location:	Caloundra, QLD	Caloundra, QLD
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$49.6 million
Independent valuation:	December 2006
Valuation/($/m2):	$82.0 million ($5,216/m2)
Capitalisation rate:	6.25%
Discount rate:	8.75%
Gross lettable area:	15,721m2
Car parking spaces:	870
Annual sales:	$127.6 million
Specialty occupancy cost:	9.7%
Major Tenants	GLA (m2)	Lease Expiry
Kmart	7,075	Mar 2012
Coles	3,957	Jul 2020

Lease expiry profile

Vacant 0% FY10 39% FY12 8% FY09 14% FY11 3% FY13+ 36%

Vacant 0% FY10 60% FY12 3% FY09 1% FY11 4% FY13+ 32%

Vacant 0% FY10 8% FY12 50% FY09 4% FY11 8% FY13+ 30%

Stockland Property Portfolio June 2008

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Stockland Traralgon,
VIC
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Stockland Batemans Bay,
NSW
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Stockland Corrimal,
NSW
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Stockland Batemans Bay has 14,918m[2] of lettable area and includes Coles and ALDI supermarkets and a Kmart discount department store. The centre also offers 50 specialty stores and services and car parking for 945 cars.

Stockland Traralgon is the leading centre in the La Trobe Valley region of Victoria. Located 160km east of Melbourne, the property is classified as a sub-regional centre on a site area of 4.1 hectares.

Stockland Corrimal is a neighbourhood centre anchored by a strong Woolworths supermarket. Constructed over a single level on a 2.3 hectare site, 42 specialty stores trade from this shopping centre. Located 7km north of Wollongong, Stockland Corrimal services the convenience shopping requirements for the local trade area.

The retail offer includes a Coles supermarket, Kmart discount department store and 41 specialty stores, with extensive undercover parking and a strong community presence. Master planning is underway to capitalise on the growth in the trade area.

Batemans Bay is a growing regional location situated in the Eurobodalla region on the NSW south coast. The shopping centre is strongly positioned within the trade area and services an extensive tourist market predominantly from Canberra.

A contract has been exchanged for the sale of this property.

Location:	Traralgon, VIC
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$46.3 million
Independent valuation:	December 2007
Valuation/($/m2):	$77.5 million ($4,007/m2)
Capitalisation rate:	6.25%
Discount rate:	8.50%
Gross lettable area:	19,343m2
Car parking spaces:	774
Annual sales:	$99.4 million
Specialty occupancy cost:	12.0%
Major Tenants	GLA (m2)	Lease Expiry
Coles/Kmart	12,844	Nov 2012

Location: Batemans Bay, NSW Acquisition date: June 2002 Ownership/title: 100%/Freehold Cost including additions: $65.6 million Independent valuation: N/A Valuation/($/m[2] ): $67.4 million ($4,518/m[2] ) Capitalisation rate: N/A Discount rate: N/A Gross lettable area: 14,918m[2] Car parking spaces: 945 Annual sales: $91.1 million Specialty occupancy cost: 10.0% Major Tenants GLA (m[2] ) Lease Expiry* Kmart 4,575 Aug 2019 Coles 3,502 Aug 2019 Aldi 1,358 Aug 2014

Location:	Corrimal, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$37.6 million
Independent valuation:	December 2007
Valuation/($/m2):	$64.7 million ($6,563/m2)
Capitalisation rate:	6.25%
Discount rate:	8.25%
Gross lettable area:	9,858m2
Car parking spaces:	521
Annual sales:	$93.6 million
Specialty occupancy cost:	10.6%
Major Tenants	GLA (m2)	Lease Expiry
Woolworths	5,974	Jun 2027

Lease expiry profile

Lease expiry profile

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Vacant 0% FY10 3% FY12 6%
FY09 5% FY11 2% FY13+ 84%
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Vacant 1% FY10 20% FY12 1% FY09 0% FY11 8% FY13+ 70%

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Vacant 0% FY10 8% FY12 2%
FY09 9% FY11 3% FY13+ 78%
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Valuation relates to the exchanged contract price.

Stockland Property Portfolio June 2008

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Stockland Wallsend,
NSW
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Shellharbour Retail Park,
NSW
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Stockland Piccadilly,
NSW
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Stockland Wallsend is located approximately 10km north-west of the Newcastle CBD. This newly acquired centre has a GLA of over 11,000m[2] and provides the Wallsend community with both Coles and ALDI supermarkets and over 40 specialty stores as well as an extensive range of services including; RTA, Medicare, Australia Post and Banks.

Stockland Piccadilly is a two level shopping centre located in Sydney’s premier CBD retail precinct, 150 metres from Pitt Street mall and opposite the Hilton International Hotel.

This successful big box development combines a range of retailers in a convenient retail park format.

Anchors include a Woolworths supermarket and Bunnings Hardware store. The property is located in close proximity to Stockland Shellharbour on New Lake Entrance Road.

The centre has main entrances from both Pitt and Castlereagh Streets and adjoining thoroughfare to David Jones on Market Street.

Piccadilly has been recently refurbished to include a new child care centre – The Treehouse.

Location:	Wallsend, NSW	Wallsend, NSW
Acquisition date:	September 2007
Ownership/title:	100%/Freehold
Cost including additions:	$60.5 million
Independent valuation:	June 2008
Valuation/($/m2):	$57.1 million ($4,936/m2)
Capitalisation rate:	6.50
Discount rate:	8.75%
Gross lettable area:	11,569m2
Car parking spaces:	585
Annual sales:	$72.9 million
Specialty occupancy cost:	8.4%
Major Tenants	GLA (m2)	Lease Expiry
Coles	4,185	Oct 2012
Aldi	1,292	Jun 2010

Location:	Shellharbour, NSW	Shellharbour, NSW
Acquisition date:	June 2003
Ownership/title:	100%/Freehold
Cost including additions:	$34.5 million
Independent valuation:	June 2007
Valuation/($/m2):	$51.0 million ($2,303/m2)
Capitalisation rate:	6.75%
Discount rate:	8.75%
Gross lettable area:	22,145m2
Car parking spaces:	785
Annual sales:	$84.3 million
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
Bunnings	7,762	Feb 2008
Woolworths	4,370	Nov 2018

Location:	Sydney CBD, NSW	Sydney CBD, NSW
Acquisition date:	October 2000
Ownership/title:	100%/Leasehold
Cost including additions:	$38.1 million
Independent valuation:	June 2007
Valuation/($/m2):	$39.5 million ($7,617/m2)
Capitalisation rate:	6.25%
Discount rate:	8.25%
Gross lettable area:	5,186m2
Car parking spaces:	N/A
Annual sales:	$18.6 million
Specialty occupancy cost:	19.3%
Major Tenants	GLA (m2)	Lease Expiry
N/A

Lease expiry profile

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Vacant 3% FY10 21% FY12 3%
FY09 23% FY11 1% FY13+ 49%
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Vacant 0% FY10 12% FY12 2%
FY09 7% FY11 7% FY13+ 72%
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Vacant 1% FY10 9% FY12 8%
FY09 3% FY11 8% FY13+ 71%
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Stockland Property Portfolio June 2008

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Stockland Baldivis,
WA
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Stockland Riverton,
WA
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Stockland Lilydale,
VIC
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Stockland Baldivis is a recently developed shopping centre located 8km from Rockingham City, in one of Western Australia’s fastest growing communities and is adjacent to Stockland’s residential community, Settlers Hills.

Stockland Riverton is a sub-regional shopping centre located south-west of Perth. The centre consists of a Woolworths supermarket, Big W discount department store, 40 specialty stores and four pad sites.

Stockland Lilydale is located within the Shire of Yarra Ranges, approximately 35km north-east of the Melbourne CBD.

The centre has a GLA of 8,749m[2] and was built in 1999. It is anchored by a Safeway supermarket, Safeway liquor and discount retailer Go-Lo. There are 32 specialty stores which help position the centre as a convenient, fresh food centre.

This greenfield development has created a gross lettable area of 6,497m[2] , which includes a full line Coles supermarket, over 20 specialty stores, and a convenient car park consisting of 380 car spaces.

The centre is currently located on 6.3 hectares and the current

site utilisation and centre performance provides excellent development potential.

Master planning is well advanced to expand the centre with the adjacent land acquisition.

A Development Application has been secured to increase the centre to 20,000m[2] .

Master planning is continuing for future staged expansion.

Location:	Baldivis, WA
Acquisition date:	August 2006
Ownership/title:	100%/Freehold
Cost including additions:	$31.0 million
Independent valuation:	June 2007
Valuation/($/m2):	$46.4 million	($7,142/m2)
Capitalisation rate:	6.50%
Discount rate:	8.75%
Gross lettable area:	6,497m2
Car parking spaces:	380
Annual sales:	$36.2 million
Specialty occupancy cost:	12.7%
Major Tenants	GLA (m2)	Lease Expiry
Coles	3,205	May 2027

Location:	Riverton, WA
Acquisition date:	August 2006
Ownership/title:	50%/Freehold
Cost including additions:	$35.4 million
Independent valuation:	June 2007
Valuation/($/m2):	$38.8 million ($4,544/m2*)
Capitalisation rate:	6.25%
Discount rate:	8.50%
Gross lettable area:	17,057m2
Car parking spaces:	1,242
Annual sales:	$111.0 million
Specialty occupancy cost:	13.1%
Major Tenants	GLA (m2)	Lease Expiry
Big W	7,294	Sep 2011
Woolworths	3,963	Sep 2011

Location:	Lilydale, VIC
Acquisition date:	September 2007
Ownership/title:	100%/Freehold
Cost including additions:	$31.6 million
Independent valuation:	June 2008
Valuation/($/m2):	$29.4 million	(3,300/m2)
Capitalisation rate:	7.00%
Discount rate:	9.00%
Gross lettable area:	8,749m2
Car parking spaces:	544
Annual sales:	$60.6 million
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
Safeway	3,442	Jan 2020

Lease expiry profile

Lease expiry profile

Lease expiry profile

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Vacant 1% FY10 0% FY12 2%
FY09 0% FY11 0% FY13+ 97%
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Vacant 0% FY10 2% FY12 66% FY09 26% FY11 4% FY13+ 2%

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Vacant 0% FY10 27% FY12 7%
FY09 14% FY11 1% FY13+ 51%
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100% interest.

Stockland Property Portfolio June 2008

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Stockland Glenrose,
NSW
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Jimboomba Village Shopping Centre,
QLD
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Burleigh Central,
QLD
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Stockland Glenrose was first opened in the late 1960s with refurbishments completed in 1977, 1982 and in 1996. Located in the northern Sydney suburb of Belrose, the centre currently offers a Woolworths supermarket and 55 specialty stores and services.

A 50% interest together with management and development rights and associated land parcels were acquired in the Jimboomba Village Shopping Centre in 2007.

This property was developed to capitalise on the growth in the bulky goods sector. The centre adjoins Stockland Burleigh Heads with seven tenants including Crazy Clarks, Rip Curl and Spotlight.

Jimboomba Village shopping centre has a GLA of over 11,000m[2] including a Woolworths supermarket, Woolworths Plus Petrol, Mitre 10 hardware and 37 specialty stores.

The combination of Stockland Burleigh Heads with this centre provides the opportunity to service tenants with a full range of retail tenancy options.

A Development Application has been lodged to redevelop the centre in order to provide the local community with an enhanced retail offer.

A Development Application has been lodged to create a new sub-regional shopping centre of 22,000m[2] adjacent to the current site.

Location: Belrose, NSW Acquisition date: January 2003 Ownership/title: 100%/Freehold Cost including additions: $40.0 million Independent valuation: December 2007 Valuation/($/m[2] ): $20.0 million ($2,200/m[2] ) Capitalisation rate: 6.00% Discount rate: 8.25% Gross lettable area: 9,089m[2] Car parking spaces: 366 Annual sales: $60.8 million Specialty occupancy cost: N/A Major Tenants GLA (m[2] ) Lease Expiry* Woolworths 2,400 Mar 2012

Location:	Jimboomba, QLD	Jimboomba, QLD
Acquisition date:	January 2007
Ownership/title:	50%/Freehold
Cost including additions:	$24.8 million
Independent valuation:	June 2008
Valuation/($/m2):	$18.2 million ($3,260/m2*)
Capitalisation rate:	7.50%
Discount rate:	9.25%
Gross lettable area:	11,164m2
Car parking spaces:	470
Annual sales:	$52.6 million
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
Woolworths	3,716	Dec 2017

Location:	Burleigh Heads, QLD	Burleigh Heads, QLD
Acquisition date:	August 2003
Ownership/title:	100%/Freehold
Cost including additions:	$14.9 million
Independent valuation:	December 2007
Valuation/($/m2):	$18.0 million	($2,274/m2)
Capitalisation rate:	6.75%
Discount rate:	8.50%
Gross lettable area:	7,914m2
Car parking spaces:	242
Annual sales:	$3.9 million
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
Spotlight	2,700	Jan 2013
Crazy Clarks	2,173	Apr 2010
Rip Curl	1,304	Nov 2008

Lease expiry profile

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Vacant 0% FY10 2% FY12 34%
FY09 63% FY11 1% FY13+ 0%
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Under development during the period.

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Vacant 0% FY10 10% FY12 3%
FY09 14% FY11 6% FY13+ 67%
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100% interest.

Vacant 0% FY10 27% FY12 0% FY09 21% FY11 0% FY13+ 52%

Stockland Property Portfolio June 2008

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Merrylands Court,
NSW
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Vincentia Shopping Centre,
NSW
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Bridge Plaza,
NSW
8 North Street
Bridge Plaza
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Vincentia Village Shopping Centre is a single level, open air, neighbourhood shopping centre of 4,155m[2] GLA. The property is situated in Vincentia, a developing residential and tourist township approximately 1.5km to the east of the proposed greenfield Stockland Jervis Bay retail development.

This property is adjacent to Stockland Batemans Bay, providing a strategic position in the local retail area with opportunities for further expansion. The centre has a convenience focus and a strong-trading Woolworths supermarket.

Anchored by Harris Farm this property is also occupied by a number of national retailers. The acquisition of this property supports significant expansion opportunities to capitalise on the strength of the existing adjacent Stockland Merrylands shopping centre.

A contract has been exchanged for the sale of this property.

The centre is anchored by a strong performing BI-LO and 23 specialty stores.

Location:	Merrylands,	NSW
Acquisition date:	December 2002
Ownership/title:	100%/Freehold
Cost including additions:	$16.1 million
Independent valuation:	June 2004
Valuation/($/m2):	$16.0 million	($2,538/m2)
Capitalisation rate:	7.00%
Discount rate:	N/A
Gross lettable area:	6,304m2
Car parking spaces:	140
Annual sales:	N/A
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
Harris Farm	1,214	Dec 2014

Location:	Vincentia, NSW	Vincentia, NSW
Acquisition date:	January 2007
Ownership/title:	100%/Freehold
Cost including additions:	$15.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$15.0 million ($3,610/m2)
Capitalisation rate:	7.50%
Discount rate:	9.50%
Gross lettable area:	4,155m2
Car parking spaces:	198
Annual sales:	$34.7 million
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
BI-LO	1,973	Mar 2014

Location:	Batemans Bay, NSW	Batemans Bay, NSW
Acquisition date:	September 2003
Ownership/title:	100%/Freehold
Cost including additions:	$19.4 million including North Street
Independent valuation:	N/A
Valuation/($/m2):	$13.1 million* ($1,986/m2)
Capitalisation rate:	N/A
Discount rate:	N/A
Gross lettable area:	6,596m2
Car parking spaces:	201
Annual sales:	$44.9 million
Specialty occupancy cost:	9.3%
Major Tenants	GLA (m2)	Lease Expiry
Woolworths	4,062	Apr 2010

Lease expiry profile

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Vacant 0% FY10 8% FY12 0%
FY09 54% FY11 5% FY13+ 33%
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Vacant 2% FY10 7% FY12 1%
FY09 28% FY11 5% FY13+ 57%
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Vacant 9% FY10 62% FY12 0% FY09 6% FY11 19% FY13+ 4%

Valuation relates to the exchanged contract price.

Stockland Property Portfolio June 2008

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Woolworths Toowong,
QLD
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The property is a freestanding supermarket located immediately opposite Toowong Village Shopping Centre.

Master planning and further land consolidation has been underway to realise a significant mixed-use development opportunity for the property given its unique location.

Location:	Toowong, QLD
Acquisition date:	October 2000
Ownership/title:	100%/Freehold
Cost including additions:	$4.9 million
Independent valuation:	June 2007
Valuation/($/m2):	$10.0 million ($4,396/m2)
Capitalisation rate:	6.25%
Gross lettable area:	2,275m2
Car parking spaces:	137
Annual sales:	N/A
Specialty occupancy cost:	N/A
Major Tenants	GLA (m2)	Lease Expiry
Woolworths	2,275	Holding over

Lease expiry profile

Vacant 0% FY10 0% FY12 0% FY09 100% FY11 0% FY13+ 0%

Stockland Property Portfolio June 2008

Stockland Balgowlah development, Balgowlah NSW

Combining retail and apartments, this mixed-use development consists of 247 apartments and a boutique shopping centre. Incorporating a fully enclosed gourmet fresh food market and a vibrant open air piazza with restaurants, this convenient two level shopping centre will also include a full line Coles, Vintage Cellars, a mini major and over 60 specialty stores.

Stockland Property Portfolio June 2008

Kawana, QLD

One hour north of Brisbane located on the Sunshine Coast. This extensive community development includes numerous projects in both released and unreleased phases of development, including, Kawana Island, Kawana Business Village, Lake Kawana, Kawana Beach, Kawana Forest and Entrance Island.

Stockland Property Portfolio June 2008

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Residential Portfolio

Communities

Stockland is the leading residential developer in Australia and is focused on delivering a range of master planned and mixed use communities in growth areas across the country. Stockland has over 66,000 lots and projects with a total end value of approximately $17 billion.

Geographic split*

NSW 26% WA 14% QLD 37% VIC 22% * By current lots

Stockland Property Portfolio June 2008

Waterside, NSW

Waterside is an award winning residential community located in the beautiful Penrith Valley and opposite the International Regatta Centre. Waterside is nestled around five glorious lakes and waterways and many of its new homes enjoy water and Blue Mountains views.

Stockland Property Portfolio June 2008

New South Wales – released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold^ Price raNGe deScriPtioN of Project
Wallarah Peninsula Lake Macquarie $258 560 11% $210,000 – $875,000 Approximately 1.5 hours drive north of Sydney having dual frontage to
(lake) Lake Macquarie and the Pacific Ocean. This project will offer 3 superb
2004 natural living environments, lakeside living, high on the hills and surfside living.
Bridgewater South Camden $200 635 69% $170,000 – $638,000 Contemporary country living 45km south-west of Sydney appealing to move
2001 up and downsizing 2nd and 3rd home buyers.
Waterside Penrith $161 607 10% $198,000 – $600,000 Located on the edge of Penrith Lakes, 2km from the Penrith CBD. This is a
2003 major lakes development.
lakewood Greystanes $154 520 33% $230,000 – $500,000 Located high on Prospect Hill in the geographic heart of Sydney, 26km from
2002 the CBD.
the Point Bulli $153 322 34% $250,000 – $1,500,000 Absolute beachfront development that has been developed with care and
1998 sensitivity for the discerning 2nd and 3rd local home buyer.
Bayswood Jervis Bay $120 501 4% $166,000 – $280,000 A sea change development located in the south coast region. This project
2003 will be a high quality mixed use development and will incorporate a
retirement component.
macarthur Gardens Campbelltown $69 806 15% $180,000 – $480,000 Joint Venture with Landcom. Approximately 30km from the CBD appealing
2003 to a broad demographic. Close to shopping and transport. Including potential
retirement living.
riverwalk Sydney, Ermington $63 78 44% $655,000 – $1,070,000 Riverfront integrated housing project.
2004
Glenmore Park Penrith $44 93 75% $255,000 – $400,000 Established masterplanned community located 4km south of Penrith and
2004 50 minutes drive west of Sydney CBD. Precinct includes residential, school
and retail sites.
darcy’s Peak Hunter/North Coast $29 212 12% $120,000 – $475,000 Located in the Maitland area, 1.5hours north of Sydney. This project is
2005 Regions being developed with the rural setting and open view landscapes in mind.
$1,251 4,334
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Total revenue generated throughout the life of the project.
** Represents Stockland’s estimated share of Joint Development income including an option for future development.
^ % sold relates to contracts settled.

Stockland Property Portfolio June 2008

Wallarah Peninsula, NSW

Located 1.5 hours drive north of Sydney, Murrays Beach Wallarah Peninsula was crowned the Residential Lifestyle Development of the Year, 2008 by the HIA. Set within the stunning surroundings of Wallarah National Park on the banks of Lake Macquarie, this development provides an exciting holiday lifestyle.

Stockland Property Portfolio June 2008

New South Wales – yet to be released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold Price raNGe deScriPtioN of Project
illawarra South Coast $695 1,789 N/A $150,000 – $270,000 Future release lands. Stockland has recently secured control of additional
2003 lots in this area.
Hunter/North coast Hunter/North Coast $647 4,049 N/A $125,000 – $210,000 Future release lands. Stockland has recently secured control of additional
2003 Regions lots in this area.
Wallarah Peninsula Lake Macquarie $438 1,151 N/A $260,000 – $800,000 Approximately 1.5 hours drive north of Sydney having dual frontage to Lake
(coast/North) Macquarie and the Pacific Ocean. This project will offer 3 superb natural
2004 living environments, lakeside living, high on the hills and surfside living.
Glenmore Park Penrith $176 631 N/A $200,000 – $400,000 Future release lands located 4km south of Penrith and 50 minutes drive west
release area of Sydney, to the south of the established Glenmore Park project.
2004
mcKeachies run Maitland $133 596 N/A $160,000 – $190,000 Located in the Maitland area, 1.5hours north of Sydney. This project is being
2003 developed to reflect it's rural heritage with the proximity to the Hunter River
offering quality & convenience.
North West Sector North Western $113 514 N/A $180,000 – $360,000 Future release lands.
2003 Sydney
Warriewood Northern Beaches $21 41 N/A $330,000 – $650,000 Future release lands.
2003
$2,223 8,771
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Total revenue generated throughout the life of the project.

** Includes options taken over land.

Stockland Property Portfolio June 2008

Pacific Pines, QLD

Pacific Pines is the Gold Coast’s largest master planned community on the Northern Gold Coast, just 10 minutes from the Broadwater and Gold Coast’s surf beaches. This family focused community offers a convenient and relaxed lifestyle for predominately 1st, 2nd and 3rd home buyers.

Stockland Property Portfolio June 2008

queensland – released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold^ Price raNGe deScriPtioN of Project
North Shore (formerly Townsville $1,746 4,241 0% $125,000 – $220,000 An innovative masterplanned community development 10km north of Townsville CBD.
Waterway Gardens) Including potential retirement living.
2001
North lakes Mango Hill, $1,299 4,391 38% $120,000 – $500,000 An existing major residential masterplanned community. Situated 25km north of
2004 Brisbane Brisbane incorporating schools, a retail centre, commercial precinct and a golf course.
Pacific Pines Gold Coast $650 5,000 89% $250,000 – $260,000 Masterplanned community on the Gold Coast, minutes from Surfers Paradise and
1992 all Gold Coast attractions targeting predominantly 1st, 2nd and 3rd home buyers.
the observatory Kingsmore $261 866 66% $310,000 – $350,000 Elevated central Gold Coast location launched May 2003 attracting mainly 2nd
2002 and 3rd home buyers.
Highland reserve Upper Coomera $252 910 31% $240,000 – $250,000 25km north of Surfers Paradise, target market will be 2nd and 3rd home buyers.
2003
riverstone crossing Otmoor $224 718 13% $250,000 – $260,000 20km north-west of Surfers Paradise, target market is 2nd and 3rd home buyers.
2002
augustine Heights Springfield $212 813 38% $170,000 – $315,000 Located in the Springfield growth corridor, this development will offer contemporary
2003 country living.
jacobs ridge Ormeau $206 1,071 85% $240,000 – $245,000 Contemporary country living 25km south of Brisbane CBD.
2002
Parkwood Heathwood $162 659 54% $170,000 – $315,000 25km south of Brisbane CBD, target market is 2nd and 3rd home buyers.
2003
Kawana Business Village Sunshine Coast $139 31 77% N/A A commercial and retail precinct of the Kawana Waters community, which is situated
2004 on the Southern end of the Sunshine Coast. One hour drive north of Brisbane.
Kawana island Sunshine Coast $124 313 96% $330,000 – $895,000 A precinct of the Kawana Waters community, which is situated on the Southern end
2004 of the Sunshine Coast. One hour drive north of Brisbane.
Bellvista Caloundra $118 580 83% $170,000 – $315,000 A precinct of the Kawana Waters community, situated in Caloundra West, at the
2004 southern end of the Sunshine Coast. The precinct provides for residential, medium
density, school and child care centre sites.
lake doonella Noosaville $101 224 3% $360,000 – $430,000 On the shores of Lake Doonella, Doonella Noosa is a natural enclave that provides
2004 easy access to both Noosa and Brisbane.
the Boardwalk Mount Coolum $98 197 77% $350,000 – $775,000 Beachside lifestyle development adjacent to Mt Coolum on the Sunshine Coast.
2002 Project will be 2nd and 3rd home buyers. Project total includes medium density sites.
Kawana forest Sunshine Coast $76 314 90% $185,000 – $470,000 A precinct of the Kawana Waters community, Kawana Forest has as a backdrop over
2004 300 hectares of sub-tropical rainforests, yet is only minutes from the Sunshine Coast's
signature beaches and waterways.
lake Kawana Sunshine Coast $60 137 99% $220,000 – $460,000 A development precinct of the Kawana Waters community, which is situated on the
(formerly regatta Park) Southern end of the Sunshine Coast. One hour drive north of Brisbane. Including
2004 potential retirement living.
Woodgrove Beerwah $58 304 15% $180,000 – $220,000 An idyllic hinterland setting only 25 minutes from the beaches of the Sunshine Coast
2007 and 1 hour from Brisbane.
cutters field Mackay $38 205 57% $150,000 – $270,000 7km south of the Mackay CBD, this site is well located close to the employment base.
(formerly Boundary road)
2004
$5,824 20,974
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Total revenue generated throughout the life of the project.
** Includes Stockland’s estimated share of joint development income.
*** Represents Stockland’s 50% share with SREEF
^ % sold relates to contacts settled.

Stockland Property Portfolio June 2008

Caloundra Downs, QLD

3,700 hectares of future developable land, including at least 20,000 residential lots, employment, retail and community lands. This site also has potential for a retirement living development.

Stockland Property Portfolio June 2008

queensland – yet to be released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold Price raNGe deScriPtioN of Project
caloundra downs Caloundra $5,000 20,000 N/A N/A 3,700 hectares of future developable land, including at least 20,000
2004 residential lots, employment, retail and community lands. Including potential
retirement living.
Brightwater Sunshine Coast $465 1,338 N/A $205,000 – $850,000 A future development precinct of the Kawana Waters community, which is
(formerly Bundilla) situated on the Southern end of the Sunshine Coast. One hour drive north
2004 of Brisbane.
Birtinya island Sunshine Coast $416 703 N/A $250,000 – $540,000 A future development precinct of the Kawana Waters community, which is
2004 situated on the Southern end of the Sunshine Coast. One hour drive north
of Brisbane.
Bahrs Scrub Logan $374 1,100 N/A $290,000 – $300,000 131ha located within a major development area 35km south of Brisbane
2008 in the Northern Gold Coast corridor
ocean drive Sunshine Coast $305 757 N/A N/A Lakefront development adjoining Twin Waters development on the
2005 Sunshine Coast.
Kawana Beach Sunshine Coast $214 245 N/A N/A A future development precinct of the Kawana Waters community, which is
2004 situated on the Southern end of the Sunshine Coast. One hour drive north
of Brisbane.
Brookbent road Pallara $214 892 N/A $150,000 – $250,000 22km south of Brisbane CBD, target market is 2nd and 3rd home buyers.
2003
freshwater Griffin $180 788 N/A $180,000 – $220,000 24km north of Brisbane CBD, target market will be 2nd home buyers.
2003
caboolture West Caboolture $110 430 N/A $150,000 – $250,000 Approximately 45km north of Brisbane and 20km north-west of North Lakes.
2008
cane Bridge Mackay $44 173 N/A $190,000 – $205,000 Located in Mackay’s southern corridor approximately 5km from the city
2008 centre. Caters to predominantly 2nd to 3rd home buyers.
Hundred Hills Murwillumbah $40 158 N/A $190,000 – $205,000 25km south of the NSW/QLD border and 25km East of the coast, the project
2007 will yield the full mix of product types from small courtyard to large rural
residential lots.
caboolture Waters Caboolture N/A N/A N/A N/A 117 hectares of potential industrial / commercial land, currently unzoned.
2004
$7,362 26,584
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Total revenue generated throughout the life of the project.
** Represents Stockland’s 50% share with SREEF

Stockland Property Portfolio June 2008

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Mernda, VIC
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Mernda Villages is located among picturesque River Red Gums in the Plenty Valley, 25kms north of Melbourne. With a blend of contemporary Australian living and provincial town charm, Mernda Villages embodies Native Beauty, guarded by statuesque Red River Gums.

Stockland Property Portfolio June 2008

Victoria – released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS^ Sold Price raNGe deScriPtioN of Project
Highlands Craigieburn $1,180 6,610 16% $121,000 – $250,000 An established masterplanned community located in Melbourne's northern
2004 suburbs with picturesque views of surrounding hills and the Melbourne
CBD skyline. Project provides for residential, medium density & school
sites together with retail and commercial components.
mernda Villages Mernda $380 1,944 23% $142,000 – $362,000 Major masterplanned community, located 29km north of Melbourne,
2002 appealing to a broad market including young families and mature families.
eve (ravenhurst) Cranbourne North $152 778 5% $145,000 – $200,000 A vibrant family address located 42km south east of Melbourne. Eve is an
2004 environmentally sensitive, master planned community that appeals to active,
growing families.
Hawkstowe South Morang $128 657 51% $156,000 – $209,000 Exclusive community surrounded by state parks, located 25km north of
2002 Melbourne appealing to space seeking environmentally conscious families.
essence Maidstone $56 111 88% $625,000 – $710,000 Premium infill integrated housing project, located 8km from Melbourne.
2002 Appealing to 2nd home and subsequent buyer families.
the Parks of Hillside $50 330 99% $150,000 – $150,000 Community focused, infill-style development located 20km north west of
Bellevue Hill Melbourne, appealing to lifestyle seeking 1st, 2nd and 3rd home buyers.
2002
Sierra (rossiters Hill) Cranbourne North $44 253 33% $145,000 – $210,000 Premium living in natural surrounds located 42km south east of Melbourne,
2004 appealing to lifestyle seeking 2nd and 3rd home buyers.
$1,990 10,683
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Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.

Stockland Property Portfolio June 2008

Point Lonsdale, VIC

Located on Victoria’s Bellarine Peninsula, this development incorporates residential, retirement and aged care living. The project will comprise a balance of residential, recreational and community amenities combined with sustainable initiatives.

Stockland Property Portfolio June 2008

Victoria – developments yet to be released to market

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

ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold Price raNGe deScriPtioN of Project
Point lonsdale Point Lonsdale $292 598 N/A $200,000 – $320,000 An environmentally sustainable lifestyle development incorporating
2002 residential, retirement and aged care living. Located on Victoria's
Bellarine Peninsula, appealing to local residents holiday-makers and retirees.
cranbourne east Clyde North $280 1,102 N/A $155,000 – $243,000 Superior living located 45km south east of Melbourne, appealing to
2007 2nd and 3rd home buyers.
cranbourne North Cranbourne-Berwick Rd $70 315 N/A $180,000 – $216,000 Premium future release land in the south east of Melbourne 42km from
2007 the CBD. This community will be marketed to active growing families.
$642 2,015
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Total revenue generated throughout the life of the project.

Stockland Property Portfolio June 2008

South Beach, WA

This award winning, boutique coastal estate by Stockland is transforming the area into a contemporary and sustainable living environment, showcasing Fremantle’s charm and the natural beauty of the northern Cockburn coastline.

Stockland Property Portfolio June 2008

Western australia – released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold^ Price raNGe deScriPtioN of Project
Newhaven Forrestdale $491 1,904 18% $180,000 – $310,000 Award winning masterplanned community located just 18km from Perth's
2001, 2005, 2007 CBD offering a relaxed and active lifestyle. It is a high quality estate based on
sustainable design principles with residential, educational and recreational
opportunities.
Settlers Hills Baldivis $244 2,209 78% $206,000 – $233,000 Masterplanned community located just 38km south of Perth's CBD providing
2001 relaxed community living. 18 landscaped parks and gardens, 2 schools, local
shopping facilities and convenient location to the beach are key features of
this estate. Appeals to a number of home buyers offering land, completed
homes and house & land package products.
South Beach South Beach, $162 228 60% $430,000 – $770,000 Premium costal living award winning estate just 5km from the Fremantle CBD.
2002, 2004 Fremantle
Vertu Private estate Forrestdale $105 558 47% $269,000 – $322,000 Located just 20km south-east of Perth's CBD in Forrestdale, Vertu Private
2004 Estate is a luxurious expression of contemporary living. Appeals to 2nd and
3rd homebuyers looking to upgrade their lifestyle.
$1,002 4,899
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Total revenue generated throughout the life of the project.
** Represents Stockland’s 50% share of the JV held with SREEF.
^ % sold relates to contracts settled.

Stockland Property Portfolio June 2008

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Brookdale, WA
Located in Wungon, Brookdale West will offer a range
of suburban lot product over a 10 year period providing
employment and economic growth to the region.
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Stockland Property Portfolio June 2008

Western australia – yet to be released to market

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ProPerty/ total Project total % curreNt
acquiSitioN date locatioN Value ($m) lotS Sold Price raNGe deScriPtioN of Project
Brookdale Brookdale $286 2,932 N/A $187,000 – $207,000 This joint venture with the WA State Government will create a new
2004, 2007 masterplanned community 25km south-east of the CBD. The Project will
be delivered over 10 years and will see the land transformed into a vibrant,
cohesive community providing much needed employment and economic
growth to the region.
east landsdale Landsdale $168 577 N/A $188,000 – $345,000 Located 18km north of the CBD adjacent to Stockland's award winning
2005, 2006, 2007 Landsdale Gardens Estate. This estate will appeal to 2nd and 3rd home
buyers. Artwork will be a siginficant aspect of the estate, connecting with
the natural environment.
Settlers Hills east Baldivis $98 517 N/A $155,000 – $230,000 These two acquisitions will leverage off Settlers Hills premium position in
2007 Baldivis. Just 38km south of Perth's CBD, this parcel of land will provide
the opportunity to offer an affordable product mix which complements this
masterplanned community.
Brookdale West Brookdale $48 225 N/A $190,000 – $245,000 Located in Wungong (formerly Brookdale) 25km south east of Perth's CBD,
2007 Brookdale West will provide a range of suburban lot product. This acquisition
is a consolidation of Stockland's joint venture with the WA State Government.
$600 4,251
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Total revenue generated throughout the life of the project.
** Includes Stocklands estimated share of joint development income.

Stockland Property Portfolio June 2008

The Islands, South Beach WA

Overlooking the Indian Ocean with 180º stunning views of Garden, Carnac and Rottnest Islands, The Islands is a destination set within a beautiful coastal landscape.

Stockland Property Portfolio June 2008

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Residential Portfolio

Apartments Stockland has a range of quality apartments projects in high profile locations across Australia, with an end market value of over $3 billion.

Geographic split of current units*

NSW 32% WA 6% QLD 16% VIC 46% * By current units

Stockland Property Portfolio June 2008

The Hyde, NSW

Overlooking Hyde Park, The Hyde is set to become Sydney’s most privileged address, boasting contemporary world-class design and embracing breathtaking views of Hyde Park and Sydney Harbour. The Hyde will feature a 34 level tower comprising 131 luxuriously-appointed apartments.

Stockland Property Portfolio June 2008

Apartments – released to market

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ProPerty/ totAL ProjeCt
ACQUISItIoN dAte LoCAtIoN VALUe ($m) totAL UNItS % SoLd^ CUrreNt PrICe rANGe deSCrIPtIoN of ProjeCt
Prince Henry Little Bay, Sydney $471 448 34% $460,000 – $2,550,000 The $471 million redevelopment of the old Prince Henry Hospital at Little Bay
2004 is a landmark residential development, unrivalled in its natural beauty and
historic appeal. With 448 dwellings across 16 precincts, the development
embodies inspiring beachside living just 20 minutes from Sydney's CBD with
leading edge architectural design, rich architectural heritage, beautiful
streetscapes and open parklands.
South Beach Southbeach, Perth $385 183 25% $750,000 – $5,600,000 Located on the coastal foreshore of the Fremantle – Cockburn coast, the
2007 site will offer 183 apartments, townhouses and beach houses with expansive
views to the ocean, offshore islands and Fremantle harbour.
the Village Balgowlah NSW $347 264 18% $395,000 – POA The Village is a progressive mixed use development on Sydney's Northern
2001 Beaches. The development will feature a Stockland shopping centre with a
full line Coles and 60 speciality stores, al fresco dining, 239 premium quality
apartments and 25 townhouses.
Allisee Gold Coast $258 218 58% $495,000 – $3,625,000 Premium waterfront development with a private internal marina and direct
2003 Broadwater access.
the Hyde Sydney $233 131 53% $435,000 – POA Overlooking Hyde Park and echoing the grace of 5th Avenue, New York,
2006 The Hyde is set to become Sydney’s most privileged address, boasting
contemporary world-class design and embracing breathtaking views of
Hyde Park and Sydney Harbour. The Hyde is located at 157 Liverpool Street,
Sydney and will feature a 34 level tower comprising 131 luxuriously-
appointed apartments, a 25 metre infinity-edge pool and recreation area,
two sub-penthouses and a spectacular penthouse with private rooftop
terrace and swimming pool.
Norman reach Norman Park, Brisbane $108 36 69% $1,528,000 – $5,392,000 This exclusive riverfront development offers uninterrupted views of the
2006 Hambug and Shaftson Reaches of the Brisbane River. The development
comprises 9 houses, 4 villas, 20 apartments, 3 penthouses and 10 marina
berths.
Koko West End, Brisbane $90 110 95% $330,000 – $2,399,000 This development comprises 110 apartments including 14 riverfront
2002 apartments set in sub-tropical landscaped gardens with river front access.
Located at West End, Koko is within 5 minutes of Brisbane's CBD
& South Bank precinct.
$1,892 1,390
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Including retail/commercial.
^ % sold relates to contracts exchanged as a % of total project lots.

Stockland Property Portfolio June 2008

The Village, Balgowlah

Set in the stunning northern beaches, ‘The Village’ will offer residents luxury apartments and a convenient new shopping centre with enviable proximity to the city and the surf.

Stockland Property Portfolio June 2008

Apartments – developments yet to be released

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ProPerty/ totAL ProjeCt
ACQUISItIoN dAte LoCAtIoN VALUe ($m) totAL UNItS % SoLd CUrreNt PrICe rANGe deSCrIPtIoN of ProjeCt
eagle Street Pier Brisbane $1,121 262 N/A Initial planning ongoing Eagle Street Pier represents Brisbane's last absolute riverfront site in
2003 the heart of the CBD. The site will deliver a landmark mixed-use strata
development comprising of premium grade commercial space, high quality
apartments and ground/river-front retail.
tooronga Glen Iris, Melbourne $611 600 N/A Initial planning ongoing Located 7km from the CBD in the heart of Melbourne's eastern suburbs,
2004 Tooronga will comprise a wide range of apartments and townhouses, an
8,000m [2] neighbourhood shopping centre, 4,000m [2] of strata office,
landscaped open space and a vibrant outdoor piazza featuring al fresco
restaurants and cafes.
South yarra Melbourne $233 258 N/A Initial planning ongoing This sought-after location will consist of 258 quality apartments in the
2008 heart of south Yarra, providing unparalleled access to amenity and lifestyle
opportunities in one of Melbourne's boutique suburbs.
rVIB St Kilda road St Kilda, Melbourne $213 167 N/A Initial planning ongoing A picturesque and historic garden setting on Melbourne's premier
2007 boulevard only 2km from the CBD, this site will consist of 167 premium
residential apartments and 240m [2] of retail.
elysium Gordon, Sydney $110 140 N/A Initial planning ongoing Located on Sydney's exclusive Upper North Shore, the development
2003 will offer 140 premium quality apartments designed in context to the
leafy surrounds.
$2,288 1,427
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Including retail/office.

Stockland Property Portfolio June 2008

North Lakes, QLD Located in one of Australia’s fastest growing regions, The North Lakes Community is only 35 minutes from Brisbane. The village offers a wide variety of accommodation options including Villas, Condominiums and Serviced Apartments.

Stockland Property Portfolio June 2008

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Residential Portfolio

Retirement Living

Stockland is now positioned as a Top 5 retirement living operator within Australia, with 3,445 established units across Victoria and Queensland. The portfolio also includes a short-medium term development pipeline of over 3,600 units.

Geographic split*

QLD 13% VIC 87%

By current units

Stockland Property Portfolio June 2008

Keilor, VIC

The cornerstone of the portfolio’s north-western cluster, the modern Keilor Village is serviced by a range of transport options. The site benefits from close proximity to the Western Ring Road and Calder Freeway and bus services running directly past the site.

Stockland Property Portfolio June 2008

Retirement Living – released to market

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PROPERTY NAME/
ACQUISITION DATE LOCATION ILU^ SA TOTAL LOTS % OCCUPANCY CURRENT PRICE RANGE DESCRIPTION Of PROjECT
Burnside Burnside, VIC 238 17 255 100% $146,000 – $334,000 Just 20 minutes from the Melbourne CBD via Citylink, Burnside Village is
2004 located in Melbourne's burgeoning west, just off the Western Highway.
Virtually next door is Burnside Shopping Centre complete with two
supermarkets and specialty retail.
North Lakes North Lakes, 226 27 253 96% $142,000 – $470,000 Located in one of Australia's fastest growing regions, the North Lakes
2007/2008 QLD Community is only 35 minutes from Brisbane and 20 minutes from
Brisbane International Airport. The fantastic resort layout provides security
as well as an outstanding array of amenities.
Latrobe Reservoir, VIC 219 30 249 98% $121,000 – $340,000 Latrobe Village is located on a 8.34ha site within immediate proximity to
1993 Summerhill Shopping Centre and close to Northland. Other amenity in the
area, which is well serviced by bus and tram, includes Bundoora Park,
Preston Markets and three major hospitals.
Bundoora Bundoora, VIC 220 19 239 99% $155,000 – $419,000 Bundoora Village is situated close to the Northern Ring Road, RMIT,
2005/2008 shopping strips and is well serviced by public transport. The 6.7Ha site
enjoys excellent views over the Plenty Valley Gorge.
Patterson Lakes Patterson 187 20 207 99% $121,000 – $238,000 Patterson Lakes Village is located directly opposite Patterson Lakes
1981 Lakes, VIC Shopping Centre and Marina and boasts a fabulous central lake feature,
the focal point of the village centre and service apartments. Local bus
services passing the front gate link to Carrum rail station.
Knox Wantirna South, 204 0 204 100% $220,000 – $315,000 The third, and arguably best located, of the Vermont-Wantirna-Knox cluster,
1979 VIC Knox Village is located directly opposite Knox Shopping Centre, which
contains cafes, restaurants, cinema complex and a wide range of grocery
and retail outlets.
Plenty Valley Epping, VIC 178 23 201 82% $135,000 – $363,000 Plenty Valley Village is situated on the corner of McDonalds Rd and Civic
2007/2008 Drive in Epping, diagonally opposite the Plenty Valley Town Centre, which
contains a Coles supermarket and more than 20 specialty stores. The
property is co-located with ARCare's South Morang facility.
Taylors Hill Taylors Hill, VIC 199 0 199 46% $205,000 – $306,000 Taylors Hill is a new village partly sold, with the balance under construction,
2007/2008 and is part of the portfolio's north-west cluster. The Western Ring road is
5 minutes away and Water Gardens Regional Shopping Centre and rail
station are in close proximity.
Keilor Keilor, VIC 159 32 191 94% $121,000 – $389,000 The cornerstone of the portfolio's north-western cluster, the modern Keilor
1998 Village is serviced by a range of transport options. The site benefits from
close proximity to the Western Ring Road and Calder Fwy and bus services
running directly past the site.
Cameron Close Burwood, VIC 158 29 187 97% $150,000 – $617,000 Cameron Close is situated in sought-after Burwood, close to the exclusive
2000 shopping and restaurant precincts of Camberwell and Canterbury and is
well serviced by bus and tram routes linking to rail and Chadstone
Shopping Centre. Elevated parts of the property enjoy district and CBD
skyline views.
----- End of picture text -----*

^ Independent living units.
Serviced apartments.

Stockland Property Portfolio June 2008

Taylors Hill, VIC

Located in a prime position and within close range to major shopping centres and community services, Taylor’s Hill offers a complete range of facilities and activities to ensure an active lifestyle. The village has architecturally designed accommodation options from Independent Living Villas to Condominiums.

Stockland Property Portfolio June 2008

Retirement Living – released to market continued

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PROPERTY NAME/
ACQUISITION DATE LOCATION ILU^ SA TOTAL LOTS % OCCUPANCY CURRENT PRICE RANGE DESCRIPTION Of PROjECT
Wantirna Wantirna, VIC 150 28 178 100% $121,000 – $279,000 Wantirna Village, along with Vermont and Knox, benefits from an outstanding
1986 range of retail and transport amenities. The 6.3Ha site abuts the Blind Creek
Reserve and is in close proximity to the Dandenong Ranges National Park,
Morack and Ringwood Golf Course, Knox library and several hospitals.
Taylors Lakes Taylors Lake, 145 27 172 95% $115,000 – $358,000 Taylors Lakes is ideally situated in its precinct on the corner of Kings Rd and
2000 VIC Melton Hwy, directly opposite Water Gardens shopping centre and railway
station. The village abuts Taylors Lakes, which provides a good outlook
from the community facilities.
Long Island Frankston, VIC 140 18 158 100% $121,000 – $266,000 Long Island Village is located just off the Nepean Highway, a short stroll
1988 from the beautiful Seaford foreshore. Retail amenities servicing the village
include Frankston, Patterson Lakes, Mt Eliza and Mornington centres,
all of which have grown substantially in recent years.
Templestowe Templestowe, 135 16 151 99% $121,000 – $318,000 Templestowe Village is set out in a relatively low density park-like format
1984 VIC and is situated opposite beautiful Westerfolds Park, which features walking
tracks along the banks of the Yarra River, BBQ facilities and picnic areas.
Donvale Donvale, VIC 119 25 144 97% $150,000 – $364,000 Donvale Village is located on Springvale Road in one of Melbourne's prime
1993 eastern suburbs, surrounded by high quality housing and a strong potential
catchment to the north and north east, with limited competition in the area.
The 5.34Ha site is very well maintained and managed with high quality
landscaping.
Vermont Vermont South, 125 0 125 100% $214,000 – $259,000 Like most of the established villages in the portfolio, Vermont Village
1983 VIC benefits from an excellent location, plenty of open space and established
gardens. Located on Burwood Highway near Koomba Park, the property
is close to several large shopping centres including Vermont South (500m),
Knox (3km), Wantirna, The Glen and Forest Hill.
Oak Grange Brighton East, 110 0 110 99% $260,000 – $439,000 Oak Grange is brilliantly located on Hawthorn Rd, Brighton East: close to
1985 VIC Brighton's famous beaches, the city and a tram ride to the vibrant shopping
and entertainment strips of High St., Chapel St. and Acland St.
Rosebud Rosebud, VIC 104 0 104 94% $176,000 – $275,000 Rosebud Village is located in the heart of the Mornington Peninsula and is
1981 well serviced by the region's many championship golf courses, wineries
and beaches. In addition, several bowling clubs and the Rosebud RSL are
convenient to the site. Public transport services link to Rosebud town
centre and Frankston train station.
Midlands Terrace North Ballarat, 89 0 89 100% $133,000 – $156,000 Midlands Terrace was the first village in the original ARC portfolio and, with
1978 VIC that experience, is well run, in strong demand from prospective residents
and well positioned in its local area market. The 2.89Ha village adjoins
Northway Shopping Centre.
The Lakes Sydenham, VIC 29 0 29 100% $164,000 – $180,000 Less than 1km from the Water Gardens Regional Shopping Centre, The
At Delbridge Lakes at Delbridge is a small village located close to the Taylors Lakes
2000 property, co-located with the Delbridge Hostel.
3,134 311 3,445
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^ Independent living units.
Serviced apartments.

Stockland Property Portfolio June 2008

Gowanbrae Village, VIC

Gowanbrae Village is located close to the Western Ring Rd and the Tullamarine Fwy providing easy access to the Melbourne CBD. The village is now under construction and will consist of 150 villas and 32 condominiums, all featuring energy efficient design initiatives that will with lower energy emissions and conserve water usage.

Stockland Property Portfolio June 2008

Retirement Living – yet to be released to market

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PROPERTY NAME LOCATION TOTAL LOTS % OCCUPANCY CURRENT PRICE RANGE DESCRIPTION Of PROjECT
Highlands Craigieburn, VIC 196 N/A $290,000 – $310,000 An established mixed use master planned community presenting excellent
retirement opportunities, close to retail amenities, walking paths and lakes.
Murrumba Downs Murrumba Downs, QLD 187 N/A $365,000 – $411,000 The 5.1Ha Dohles Rocks Road site is located at Murrumba Downs, Queensland.
Surrounding development is predominantly residential with strip shops directly to
the south and a retirement village to the north. The site will be developed into a
187 unit retirement village and on completion will provide a mixture of duplex style
single residences.
Gowanbrae Gowanbrae, VIC 182 N/A $299,000 – $419,000 Gowanbrae is an excellent location off the Tullamarine Fwy, providing quick access
to the city, airport and surrounds. The 150 ILU, 32 condominium project commenced
construction in October 2007. The site benefits from high exposure to passing traffic
which will assist in the initial marketing of the project.
North Lakes Northlakes, QLD 110 N/A $390,000 – $450,000 The North Lakes Extension site abuts the existing and very popular North Lakes
Extension Retirement Resort.
675
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Stockland Property Portfolio June 2008

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South Morang, VIC
The South Morang site is approximately 8.1ha with frontages to
Gordons and Williamsons Roads. The site benefits from limited
competition in the local area and has the potential to be
developed into a 188 unit retirement village.
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Stockland Property Portfolio June 2008

Retirement Living – yet to be commenced

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PROPERTY NAME LOCATION TOTAL LOTS DESCRIPTION
Lakewood Greystanes, NSW 201 Retirement Living opportunity within Stockland's excellent middle-ring Lakewood community, on Prospect Hill.
Caloundra Downs Caloundra, QLD 200 Retirement living opportunities may exist in several locations within this community as the development progresses over time.
Waterway Gardens Townsville, QLD 200 A further Retirement Living opportunity within Stockland's Waterway Gardens development, 10km north of Townsville.
(No. 2)
Baldivis Baldivis, WA 198 Excellent retirement opportunity close to Baldivis town centre.
Brookdale Brookdale, WA 198 Located 25km southeast of Perth and 2km west of the Armadale town centre site, this major holding will provide an excellent
retirement location as part of the broader community development.
Macarthur Gardens Campbeltown, NSW 196 Close to shopping and transport, retirement living is a natural extension for this award winning community.
Wallarah Peninsula Lake Macquarie, NSW 196 Retirement Living opportunity within Stockland's Wallarah Peninsula project between Lake Macquarie and the Pacific Ocean.
South Morang South Morang, VIC 188 The South Morang site is approximately 8.1Ha with frontages to Gordons and Williamsons Roads. The site benefits from limited
competition in the local area and has the potential to be developed into a 188 unit retirement village.
Waterway Gardens Townsville, QLD 185 Retirement Living opportunity within Stockland's Waterway Gardens development, 10km north of Townsville.
Mernda Mernda, VIC 180 Located within the Stockland Mernda Villages community just 25km north of Melbourne, appealing to a broad market, which will
bring generations together.
Bundilla Sunshine Coast, QLD 175 A second retirement living development opportunity in the Kawana Waters mixed use community, one hour north of Brisbane.
Hillside Hillside, VIC 173 Hillside is an 8Ha site located on Beattys Road, Hillside. The total site purchased and preliminary drawings allow for residential
and commercial development in addition to the retirement village. The product is likely to be positioned as more affordable than
The Lakes Retirement Village and on completion will produce 173 ILU's. The urban growth boundary abuts the western boundary
of the site, with surrounding development to the north, south and east being residential.
Point Lonsdale Point Lonsdale, VIC 160 Retirement Living opportunity within Stockland's Point Lonsdale community, located on Victoria's Bellarine Peninsula.
Bayswood Jervis Bay, NSW 155 Classic seachange destination on the NSW south coast, to be co-located with Stockland residential and retail amenity.
Birtinya Island Sunshine Coast, QLD 120 A future development precinct of the Kawana Waters community, situated at the southern end of the Sunshine Coast.
Pilara Sunshine Coast, QLD 120 Retirement Living opportunity identified on the Sunshine Coast, one hour north of Brisbane.
North Lakes Southern Northlakes, QLD 110 Retirement Living opportunity within Stockland's North Lakes community, 25km north of Brisbane.
Region
2,955
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Included in Residential Communities total.

Stockland Property Portfolio June 2008

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Unlisted Property Funds[*] Stockland has more than $900 million of funds under management across a range of funds and asset classes.

Australian Funds only.

Stockland Property Portfolio June 2008

Unlisted Property Funds

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ASSetS Under
FUnd tyPe oF FUnd mAnAgement ($m) eStAbliShment dAte exPiry/review dAte
Stockland direct office trust no. 1 (Sdot1) Retail 289 Nov 2004 Jun 2010
Stockland direct office trust no. 2 (Sdot2) Retail 209 Sep 2005 Jun 2013
Stockland direct office trust no. 3 (Sdot3) Retail 147 Jun 2007 Jun 2014
Stockland direct retail trust no. 1 (Sdrt1) Retail 102 Dec 2006 Jun 2014
Stockland residential estates equity Fund no. 1 (SreeF1) Wholesale 106 Aug 2006 Aug 2014
macquarie Park trust (mPt) Wholesale 81 Dec 2005 Open ended
total 934
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Represents unaudited equity commitments and assets under management.

Stockland Property Portfolio June 2008

Unlisted Property Funds

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book vAlUe vAlUAtion
ProPerty tyPe ProPerty StAte ownerShiP ($m) ($m) nlA (m [2] ) % oF FUnd PAge
Sdot1 Commercial Waterfront Place QlD 50% 285.0 285.0 59,227 100% 12
Sdot2/mPt office Park Optus HQ NSW
Macquarie Park
SDOt2 49% 196.0 196.0 84,194 100% 14
MPt 20% 80.0 80.0 100% 14
Sdot3 Commercial 75 George Street NSW 100% 37.5 37.5 9,545 28% 94
40 Cameron Avenue ACt 50% 32.5 32.5 15,506 24% 22
541 St Kilda Road VIC 100% 29.8 29.8 8,251 22% 94
222 Russell Street Car Park VIC 100% 16.8 16.8 N/A 12% 95
181 Great Eastern Highway WA 100% 18.8 18.8 4,036 14% 95
book vAlUe vAlUAtion
ProPerty tyPe ProPerty StAte ownerShiP ($m) ($m) glA (m [2] ) % oF FUnd PAge
Sdrt1 retail Benowa Gardens QlD 100% 31.1 31.0 5,811 34% 93
tamworth Homespace NSW 100% 19.5 19.5 13,073 21% 93
Fremantle WA 100% 22.5 22.5 4,787 25% 93
Pacific Pines QlD 100% 18.8 18.8 5,519 20% 94
SreeF1 residential Vertu Private Estate WA 50% [^^] 60.1 N/A N/A 18.5% 71
Communities the Boardwalk QlD 50% [^^^] 29.9 N/A N/A 9.2% 63
Hundred Hills NSW 50% 36.1 N/A N/A 11.1% 65
Freshwater QlD 80% 52.0 N/A N/A 46.7% 65
Newbury Village~ VIC 50% 47.2 N/A N/A 14.5% 67
----- End of picture text -----**

100% of NlA.
** SREEF Share.
^^ Stages 2–5 only. 411 lots in total.
^^^ Stages 4, 6, 7 and 9.
~ DP5 of Stockland’s Highlands residential communities project.

Stockland Property Portfolio June 2008

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benowa gardens Shopping Centre,
Qld
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tamworth homespace,
nSw
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Fremantle Shopping Centre,
wA
Artist’s impression
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Benowa Gardens is a fully enclosed neighbourhood centre located on the Gold Coast. the centre was originally constructed in 1992, and has been periodically refurbished, with the most recent refurbishment completed in 1998.

Fremantle Shopping Centre was recently developed and commenced trading in June 2008.

tamworth Homespace is a modern single level bulky goods shopping centre located on the New England Highway, approximately 4km south of the tamworth CBD.

the centre is anchored by a Woolworths supermarket. In addition to the supermarket are eight specialty stores, four kiosks, 1,107m[2] of upper floor office and basement parking for 124 vehicles.

Developed by Stockland, the centre commenced trading in November 2004 and is anchored by long-term leases to the Good Guys and Sleep City. there are 12 additional bulky goods tenancies, a restaurant and a medical centre, with on-site parking for 416 vehicles.

the centre is anchored with a Coles supermarket and incorporates 41 specialty retailers. there is on-site parking for 437 vehicles, including 200 covered bays.

At the end of FY08 Woolworths, the newsagency and the hairdresser commenced trade. to date, pre-committed leases total approximately 66% of GlA.

location:	Benowa, QlD
Acquisition date:	December 2006
Ownership/title:	100%/Freehold
Cost including additions:	$26.3 million
Independent valuation:	December 2007
Valuation/($/m2):	$31.0 million ($5,335/m2)
Capitalisation rate:	6.50%
Discount rate:	8.50%
Gross lettable area:	5,811m2
Car parking spaces:	437
Annual sales:	$41.6 million
Specialty occupancy cost:	N/A
major tenants	glA (m2)	lease expiry
Coles	1,960	Sep 2022

lease expiry profile

location: tamworth, NSW Acquisition date: November 2007 Ownership/title: 100%/Freehold Cost including additions: $21.3 million Independent valuation: June 2008 Valuation/($/m[2] ): $19.5 million ($1,492/m[2] ) Capitalisation rate: 8.25% Discount rate: 9.25% Gross lettable area: 13,073m[2] Car parking spaces: 416 Annual sales: N/A Specialty occupancy cost: N/A major tenants glA (m[2] ) lease expiry the Good Guys 2,404 Oct 2014 Everyday living/Sleep City 1,800 Oct 2011 Beach house Health & Fitness tamworth 1,568 Apr 2017 Old But New 1,303 Aug 2012 tamworth Furniture One 1,312 Nov 2011

lease expiry profile

location:	Fremantle, WA
Acquisition date:	Date of practical completion
Ownership/title:	100%/leasehold
Cost including additions:	$18.1 million
Independent valuation:	June 2008
Valuation/($/m2):	$22.5 million* ($4,700/m2)
Capitalisation rate:	7.00%
Discount rate:	9.00%
Gross lettable area:	4,787m2
Car parking spaces:	124
Annual sales:	N/A
Specialty occupancy cost:	N/A
major tenants	glA (m2)	lease expiry
Woolworths*	2,669	Dec 2027

lease expiry profile*

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Vacant 0% FY10 9% FY12 3%
FY09 19% FY11 21% FY13+ 47%
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Vacant 5% FY10 6% FY12 29% FY09 0% FY11 13% FY13+ 47%

Includes rental guarantee which expiries Dec 08.

Vacant 0% FY10 0% FY12 0% FY09 41% FY11 0% FY13+ 59%

Includes Rental guarantee which expiries in Jun 09.

Stockland Property Portfolio June 2008

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Pacific Pines Shopping Centre,
Qld
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75 george Street, Parramatta,
nSw
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541 St kilda road, melbourne,
viC
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541 St Kilda Road comprises six levels of office accommodation and two ground floor retail tenancies, with a lettable area of 8,251m[2] and 128 parking spaces. the property features large floor plates of 1,300m[2] with natural light on all sides and has a newly refurbished foyer and forecourt, which will include a cafe as one of the retail tenancies.

Pacific Pines Shopping Centre was developed by Stockland as part of a master planned community, situated in the northern Gold Coast region, near Helensvale.

75 George Street is a six level, twin tower, commercial office building. the recently refurbished upper office levels comprise north and south wings which are linked by a central services core and a typical floor plate of 1,800m[2] . there are two retail areas on the ground floor, with basement and covered parking to the rear for 104 spaces.

the neighbourhood shopping centre has an open plan style and is anchored by Woolworths plus 15 specialty stores and parking for 362 vehicles. the Woolworths supermarket is the only supermarket within the main trade area.

the property is located in the heart of the Parramatta CBD on the high profile corner of Smith and George Streets. the Parramatta bus/rail interchange and RiverCat Wharf are also within close proximity of the property.

location: Pacific Pines, QlD Acquisition date: December 2006 Ownership/title: 100%/Freehold Cost including additions: $17.1 million Independent valuation: December 2007 Valuation/($/m[2] ): $18.8 million ($3,406/m[2] ) Capitalisation rate: 6.25% Discount rate: 8.50% Gross lettable area: 5,519m[2] Car parking spaces: 362 Annual sales: $37.2 million Specialty occupancy cost: N/A major tenants glA (m[2] ) lease expiry Woolworths 3,541 Oct 2023

location: Parramatta, NSW Acquisition date: June 2007 Ownership/title: 100%/Freehold Cost including additions: $40.0 million Independent valuation: June 2008 Valuation/($/m[2] ): $37.5 million ($3,929/m[2] ) Capitalisation rate: 8.00% Discount rate: 9.00% Net lettable area: 9,545m[2] Car parking spaces: 104

major tenants nlA (m[2] ) St George 5,552 Hanson Construction 1,857

location:	Melbourne, VIC
Acquisition date:	June 2007
Ownership/title:	100%/leasehold
Cost including additions:	$30.2 million
Independent valuation:	June 2008
Valuation/($/m2):	$29.8million ($3,612/m2)
Capitalisation rate:	7.75%
Discount rate:	8.75%
Net lettable area:	8,251m2
Car parking spaces:	128
major tenants	nlA (m2)
Seek	5,700
IBM	1,320

lease expiry profile

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Vacant 0% FY10 14% FY12 1%
FY09 15% FY11 9% FY13+ 61%
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Vacant 0% FY10 0% FY12 42% FY09 0% FY11 8% FY13+ 50%

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Vacant 3% FY10 17% FY12 1%
FY09 9% FY11 0% FY13+ 69%
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Stockland Property Portfolio June 2008

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222 russell Street Car Park, melbourne,
viC
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181 great eastern highway, belmont,
wA
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the public car park at 222 Russell Street forms part of the Saville on Russell hotel/retail complex. the building is located in Melbourne’s busy Chinatown precinct between lonsdale and little lonsdale Streets and was completed in 1997. the property comprises 531 car parking spaces; SDOt3 acquired an interest in 479 car parking spaces and 52 privately owned.

181 Great Eastern Highway is a commercial building with a lettable area of 4,036m[2] . the building provides three levels of office accommodation with 109 car parking spaces on the property, with another 126 bays located on an adjoining parcel of land. the building’s elevated position provides views of the Swan River and the Perth CBD skyline.

location:	Melbourne, VIC
Acquisition date:	June 2007
Ownership/title:	100%/leasehold
Cost including additions:	$16.9 million
Independent valuation:	June 2008
Valuation/($/m2):	$16.8 million
Capitalisation rate:	7.50%
Discount rate:	8.75%
Net lettable area:	N/A
Car parking spaces:	479
major tenants	nlA (m2)
EziPark	N/A

location:	Belmont, WA
Acquisition date:	June 2007
Ownership/title:	100%/Freehold
Cost including additions:	$13.0 million
Independent valuation:	June 2008
Valuation/($/m2):	$18.8 million ($4,646/m2)
Capitalisation rate:	7.50%
Discount rate:	9.25%
Net lettable area:	4,036m2
Car parking spaces:	235
major tenants	nlA (m2)
telstra	4,036

lease expiry profile

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Vacant 0% FY10 92% FY12 8%
FY09 0% FY11 0% FY13+ 0%
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Vacant 0% FY10 0% FY12 100%
FY09 0% FY11 0% FY13+ 0%
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Stockland Property Portfolio June 2008

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St Andrew Square, Edinburgh

This major mixed-use redevelopment project is situated in the city’s prime commercial centre, adjacent to Edinburgh’s main shopping thoroughfares. The completed development will comprise 15,422m[2] of mixed use space, dominated by 3 levels of retail and 5 levels of predominantly open plan grade A contemporary office space. The project is targeted for completion in 2011.

Stockland Property Portfolio June 2008

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Stockland UK

Stockland established a UK division following the acquisition of UK property company Halladale Group Plc in May 2007. Stockland has grown significantly in the UK specialising in property development, management and investment. Spanning major retail, office and mixed use projects, properties under management are valued at over $2.3 billion and the development pipeline has an end value in excess of $1 billion.

Sector split*

Office 46% Retail 53% Industrial 1%

Stockland Property Portfolio June 2008

1 Tudor Street, London

This striking new office building comprising over 6,500m[2] is currently under construction with open plan grade A office space, dedicated cycle store and a recycling centre. Located on the north side of the River Thames in Central London’s Mid-Town professional district, this project is due for completion in summer 2009.

(Artist’s impression)

Stockland Property Portfolio June 2008

Stockland UK on-balance sheet properties (Portfolio at 30 June 2008)

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StocKland UK BooK % of UK
ProJect location category region % eqUity ValUe ($m) Portfolio
Billingham town centre, Billingham Retail Teeside 100% 70.2 20.0%
St andrew Square, edinburgh Mixed use Scotland 100% 47.4 13.5%
three Horse Shoes Mall, Market Place, Warminster Retail Wiltshire 100% 31.9 9.1%
onesixty (fountain House), 160 dundee Street, edinburgh Commercial Scotland 100% 30.4 8.7%
1 tudor Street Commercial Central London 100% 29.4 8.4%
St Mungo’s retail Park, St Mungo’s road, cumbernauld Retail Scotland 100% 23.2 6.6%
17 Moorgate and 56 coleman Street, Moorgate Commercial Central London 100% 22.0 6.3%
St Mary’s gate, Sheffield Retail Yorkshire 100% 18.2 5.2%
ascot drive, derby Industrial/Retail Derbyshire 100% 14.7 4.2%
one Waterloo Street, glasgow Commercial Scotland 100% 12.8 3.7%
112 london road north, lowestoft Retail Suffolk 100% 11.4 3.2%
Keymarket House, Middle Street, yeovil Retail Somerset 100% 7.3 2.1%
9–12 Market Street, Wellingborough Retail Northamptonshire 100% 7.0 2.0%
33–35 St James Street, newport Retail Isle of Wight 100% 7.0 2.0%
Herschell Street, anniesland, glasgow Commercial Scotland 100% 6.6 1.9%
William Hunter Way, Brentwood Retail Essex 100% 3.1 0.9%
73, 73a, 73B High Street, Brentwood Retail Essex 100% 2.9 0.8%
4–16 Brook Square, rugeley Retail Staffordshire 100% 2.5 0.7%
33–35 South Street, newport Retail Isle of Wight 100% 1.9 0.5%
donibristle industrial estate, Hill end, dalgety Bay Retail Scotland 100% 0.2 0.1%
Harlow Mixed use Essex 100% 0.4 0.1%
total 100.0% 350.6 100.0%
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Note: A$ at exchange rates prevailing at 30/6/08 (0.4829).

Stockland Property Portfolio June 2008

100

Stockland UK on-balance sheet properties (Portfolio at 30 June 2008)

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Potential
acqUiSition deVeloPMent
ProJect location coUnty ProPerty tyPe date gla (m [2] ) deScriPtion
Billingham Teeside Retail Sep 2006 24,165 Billingham is located north of the River Tees close to Middlesbrough in the north-east
town centre, of England. Billingham is a New Town constructed in the 1960s. Stockland has completed
Billingham a two phase purchase of the town’s city centre and now controls the majority of the retail
in Billingham. A master planning exercise is in progress with the aim of rejuvenating the
town’s retail offer. Plans include a new supermarket and modern, well configured retail
space to attract national retail operators to the town.
St andrew Square, Scotland Mixed use Jan 2008 15,400 The buildings were the former Headquarters of Scottish Provident. Situated on the south
edinburgh side of St Andrew Square, the property is located in the prime commercial location in
Edinburgh. The buildings were purchased with an existing planning consent in place
which would result in the demolition of the majority of the existing buildings except No3,
a Grade A listed property and 6/7 a Grade B Listed property. The completed development
will produce a 15,400m [2] mixed use development dominated by 3 levels of retail and 5
levels of offices.
three Horse Shoes Mall, West Wiltshire Retail Jul 2007 5,295 Warminster is located in West Wiltshire. Three Horseshoes Walk is a 1970s development
Market Place, comprising ground floor retail with residential above and approximately
Warminster 350 car spaces to the rear.
onesixty Scotland Commercial Oct 2005 6,645 Onesixty was constructed as Fountain House in 1996 and sits adjacent to the Western
(fountain House), Approach Road in the Fountainbridge area of Edinburgh. The building has been
160 dundee Street, rebranded as Onesixty and Stockland have completed an extensive refurbishment and
edinburgh reconfiguration. All suites are currently let.
1 tudor Street Central London Commercial Sep 2005 6,503 1 Tudor Street is the former north wing of Unilever House, on the north side of the River
Thames close to Blackfriars Bridge in London. Planning permission has been granted
to demolish the existing structure and build a new six floor office building of 6,410m [2] .
Demolition is complete and new build works have commenced.
St Mungo’s retail Park, Scotland Retail Jun 2007 3,285 St.Mungo’s Retail Park comprises a first generation retail warehouse park located in
St Mungo’s road, Cumbernauld Town Centre. Stockland intend to refurbish the stand alone
cumbernauld unit and re-let.
17 Moorgate and Central London Commercial Jun 2005 1,394 17 Moorgate represents a modern office facility located in London’s “Square Mile”
56 coleman Street, precinct. Vacant possession has been obtained and refurbishment works have
Moorgate commenced. Stockland has secured a pre-let to Starbucks on the ground floor.
Marketing for the upper floors is yet to commence.
St Mary’s gate, Yorkshire Retail Jan 2005 2,973 Sheffield is located in the north-east of England. This property comprises two retail
Sheffield warehouse units.
ascot drive, Derbyshire Industrial/ Retail Apr 2007 7,804 Derby is a city located in the East Midlands of England. The property comprises a retail
derby warehouse and three industrial showroom units on a site of 2 hectares. There are also
109 car parking spaces on the site. Planning has been secured to create four retail units
on part of the site.
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Note: A$ at exchange rates prevailing at 30/6/08 (0.4829).

Represents the date the site was acquired by Stockland.

Stockland Property Portfolio June 2008

101

Stockland UK on-balance sheet properties (Portfolio at 30 June 2008)

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Potential
acqUiSition deVeloPMent
ProJect location coUnty ProPerty tyPe date gla (m [2] ) deScriPtion
one Waterloo Street, Scotland Commercial Sep 2004 5,300 One Waterloo Street is a commercial building in a prime city centre location opposite
glasgow Glasgow’s Central Station. Planning consent was secured in May 2006 to demolish the
existing tired structure and replace it with a modern 5,300m [2] building comprising quality
office accommodation over eight floors. Demolition works are complete and ground works
are now underway.
112 london road north, Suffolk Retail Oct 2007 4,142 Lowestoft is a Suffolk coastal town. The property is a former Somerfield supermarket
lowestoft with a multi-storey car park to the rear and above. The store is likely to be split into
two/three units.
Keymarket House, Somerset Retail Oct 2007 3,048 Yeovil is one of the main commercial centres in Somerset. The subject property is a
Middle Street, former Somerfield supermarket. Stockland are exploring the option to subdivide or
yeovil completely redevelop the property.
9–12 Market Street, Northamptonshire Retail Jun 2005 2,787 Wellingborough is a town located in central England. The property comprises a large self
Wellingborough contained high street store, over ground and first floors, with an adjoining lock-up retail
unit. The units occupy a prime location within the pedestrianised high street.
33–35 South Street, Isle of Wight Retail Jul 2005 556 The South Street property is situated adjacent to the Newport bus station development
newport which was completed in 2006. The property is being held for future redevelopment.
Herschell Street, Scotland Commercial Jul 2001 3,809 Herschell Street is located in the north-west section of Glasgow and is let to a government
anniesland, glasgow occupier. The property is being held for potential future re-development purposes.
William Hunter Way, Essex Retail Dec 2007 9,994 Brentwood is located within London’s commuter belt. William Hunter Way represents
Brentwood part of the redevelopment of an area within the Brentwood Town Centre, in partnership
with Brentwood Borough Council. The new development will comprise a 3,716m [2]
food store, two major fashion stores, a six screen multiplex cinema and a 650 space
multi-storey car park. The development agreement has been exchanged and planning
is being progressed.
73, 73a, 73B High Street, Essex Retail Feb 2005 334 The property comprises two lock-up retail units on the High Street and represents a
Brentwood strategic holding as it is the key entrance point to William Hunter Way development site.
4–16 Brook Square, Staffordshire Retail Feb 2005 675 Rugeley is a small market town located approximately 50 kilometres north of Birmingham.
rugeley The property is a block of five retail units situated over the ground floor with two units built
over two floors fronting the main High Street.
33–35 St James Street, Isle of Wight Retail Sep 2003 1,393 Newport is a town located on the Isle of Wight. The unit was refurbished by Stockland as
newport part of a larger development.
donibristle industrial estate, Scotland Retail Dec 2005 2,000 Dalgety Bay is located in Fife, East Scotland. The remaining holding at Donibristle
Hill end, dalgety Bay Industrial Estate, Dalgety Bay comprises approximately 2 acres of land fronting the
A921 and Regents Way. We are currently investigating the possibility of a site assembly
in order to maximise value.
Harlow Essex Mixed use Apr 2008 120,000 Stockland has been selected as preferred developer by the Local Authority to undertake a
comprehensive town centre development. The scheme, including its viability is being
reviewed currently in conjunction with the Local Authority.
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Note: A$ at exchange rates prevailing at 30/6/08 (0.4829).

Represents the date the site was acquired by Stockland.

Stockland Property Portfolio June 2008

Joint ventures as at 30 June 2008

102

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StocKland UK BooK ValUe
naMe & Partner % eqUity aSSetS location coUnty ($m) nla (m [2] )
Hammersmith grove lP 30% 26–28 Hammersmith Grove London London 170.2 18,766
(tyburn lane Private equity)
capita Portfolio limited Partnership 30% Boundary House – London London 144.1 2,787
(tyburn lane Private equity) 91–93 Charterhouse Street
The Rotunda – London London 4,181
42–43 Gloucester Crescent
12 Oval Road
57 and 59 James Road
19 Bolsover Street London London 2,044
Seymour Mews House, London London 2,508
26–37 Seymour Mews
Clive House, 5–6 Connaught Place London London 1,858
anglo Halladale lP’s 30% Queens Square Shopping Centre, West Bromwich West Midlands 50.7 20,903
(tyburn lane Private equity) 167–169/175–177 High Street
Queen Street Shopping Centre, Darlington County Durham 58.6 6,968
37–45 Northgate and Regent House
Sunbury Cross Shopping Centre Staines Surrey 46.4 10,498
cumbernauld retail Park limited 50% Westway Retail Park Cumbernauld Scotland 77.7 10,219
Partnership (the carlyle group)
nailsea trustee company limited 7% Crown Glass Shopping Centre Nailsea Somerset 50.5 12,077
(citigroup)
Halladale anglo Ventures 50% Philips and Carolyn House, Dingwall Croydon London 49.5 10,219
(anglo irish Bank) and Landsdown Road
1–21 Broad Walk, 27–35 East Gate, Harlow Essex 35.4 4,924
2–24 Terminal Street, 1–7 East Walk Harlow
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Note: A$ at exchange rates prevailing at 30/6/08 (0.4829). ** Represents value of the Capita Portfolio.

Stockland Property Portfolio June 2008

Joint ventures as at 30 June 2008

103

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StocKland UK BooK ValUe
naMe & Partner % eqUity aSSetS location coUnty ($m) nla (m [2] )
Halladale Ventures 50% The Beeches, Long Eaton Derbyshire 6.4 1,858
(Bank of Scotland) 42–48 Market Place
The Corn Exchange, Market Buildings Maidstone Kent 5.6 650
Orrell Park Works, Orrell Lane Bootle Merseyside 11.8 7,154
68–72 Hammersmith Road Hammersmith London 88.2 10,870
72–73 Strand London London 29.2 2,415
Aldermary House, 10–15 Queen Street London London 53.6 4,181
and 59–62 Watling Street
88 and 89 Rigsbygate Street Bury St Suffolk 8.5 3,437
Edmunds
Langney Shopping Centre, 64 Kingfisher Drive Eastbourne East Sussex 48.7 12,542
Halladale opportunity fund 50% Signal Point, Station Road Swindon Wiltshire 7.2 7,618
(Kodak Pension Plan)
gracechurch JPUt 25% 33 Gracechurch Street London London 55.1 9,290
(Jersey Property Unit trust) (citigroup)
Halladale Muir limited 50% Aberdeen Gateway, Aberdeen Scotland 19.9 N/A
(Muir group) Moss-side, Cove
total 1,017.4
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Note: A$ at exchange rates prevailing at 30/6/08 (0.4829).

Stockland Property Portfolio June 2008

funds management as at 30 June 2008

104

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StocKland (UK) aSSetS Under
fUnd % eqUity tyPe of fUnd ManageMent ($m) eStaBliSHMent date exPiry/reVieW date
co-inVeStMent fUndS – Stockland UK
cPi retail active Management Programme 10.0% Wholesale 430.7 Oct 2004 Expiry October 2010 with the option to extend to 2012.
(creaM)
Halladale nelson limited Partnership 9.4% Retail 51.4 May 2004 The fund has a seven year life from the closing of fund raising
with two one year extension options.
inVeStMent ManageMent – rynda
rynda en Primeur S.a. 9.4% Wholesale 447.6 Sept 2006 The fund has a seven year life from 28 September 2007
with two one year extension options.
total 929.7
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Note: A$ at exchange rates prevailing at 30/6/08 (£ – 0.4829, ¤ – 0.791).

Rynda Property Investors is owned 90% by Stockland.

Stockland Property Portfolio June 2008

Funds management as at 30 June 2008

105

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FUnd
PROPERTY
CO-inVESTMEnT FUndS – Stockland UK TYPE PROPERTY LOCaTiOn COUnTY nLa (m [2] )
CPi Retail active Management Programme (CReaM) Retail Grays Shopping Centre Grays Essex 19,912
The Forum Shopping Centre Wallsend Tyneside 8,450
Thamesgate Shopping Centre Gravesend Kent 8,577
Angel Place Shopping Centre Bridgwater Somerset 7,941
Market Walk Shopping Centre Newton Abbot Devon 8,519
Bramley Shopping Centre Leeds Yorkshire 10,646
Martlets Shopping Centre Burgess Hill Sussex 11,485
Waterbourne Walk Shopping Centre Leighton Buzzard Bedfordshire 7,846
Central Square Shopping Centre Birmingham Birmingham 7,255
Wellington Way Waterlooville Hampshire 5,434
Locks Heath District Centre Fareham Hampshire 8,633
Maltings Shopping Centre Ross on Wye Herefordshire 3,672
Halladale nelson Limited Partnership diversified ITT Jabsco Building Hoddesdon Hertfordshire 8,053
2–18 Princes Street and
1–3 Mount Street Stafford Staffordshire 1,737
4–9 Hanover Buildings Southampton Hampshire 1,149
Dolphin Bridge House Uxbridge Middlesex 1,707
Marlborough Trading Mews Basingstoke Hampshire 2,876
68–70 Week Street and Union House Maidstone Kent 1,421
Hanover House Southampton Hampshire 303
Arrundell House Windsor Berkshire 531
FUnd
PROPERTY
inVESTMEnT ManaGEMEnT – RYnda TYPE nUMBER OF PROPERTiES LOCaTiOn COUnTRY nLa (m [2] )
Rynda en Primeur S.a. Commercial 26 Various France N/A
industrial 25 Various France N/A
Retail 10 Various France N/A
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Rynda Property Investors is owned 90% by Stockland.

Stockland Property Portfolio June 2008

Stockland Corporation Ltd ACN 000 181 733

Head Office Level 25, 133 Castlereagh Street Sydney NSW 2000

Sydney Telephone 02 9035 2000 Melbourne Telephone 03 9095 5000 Brisbane Telephone 07 3305 8600 Perth Telephone 08 9368 9222 United Kingdom 37 Maddox Street London W1S 2PP Telephone +44 (0) 845 070 4633

www.stockland.com.au

Disclaimer of Liability

While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this brochure is free from errors or omissions or is suitable for your intended use. 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 information. Note: All figures are in Australian dollars unless otherwise indicated.

This property portfolio has been produced on a stock that has fibrous raw material used in the manufacture Pacesetter Coated Gloss and Satin is sourced from plantations and sustainable forests and FSC Mixed Sources. The Mill operate under ISO 14001 environmental systems and practices. Pulp used in the manufacture of Pacesetter Coated is Elemental Chlorine Free (ECF).

Cert no. SGS-COC-003898

AI assistant

STOCKLAND — Management Reports 2008

65781_rns_2008-08-13_0a0e64ac-abfb-400f-b9a8-e11bbee9be65.pdf

> Where are we?

One Stockland

Residential

Commercial

Industrial page 25

Retail page 39

page 81

Unlisted Property Funds

Stockland UK

Sydney CBD and North Shore

Greater Sydney

C

D

NSW and ACT

ACT

Greater Brisbane

Brisbane CBD

Key

Gold Coast

Sunshine Coast

Far North Queensland

Key

Melbourne CBD Perth

United Kingdom (North) United Kingdom (South)

London

Optus Centre, Macquarie Park NSW

Geographic split*

Durack Centre, Perth, WA

Represents the full carrying value of the investment property.

Piccadilly complex, 133–145 castlereagh Street, Sydney, NSW

Lease expiry profile

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9 castlereagh Street, Sydney, NSW

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colonial centre,

Optus centre, Macquarie Park, NSW

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601 Pacific Highway, St Leonards, NSW

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234 Sussex Street, Sydney, NSW

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Macquarie Technology centre, Macquarie Park, NSW

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1 Havelock Street, West Perth, WA

Mantra Hotel, 161 Grey Street, South Bank, QLD

chesser House, 91–97 Grenfell Street, Adelaide, SA

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80–88 Jephson Street, 23 and 27–29 High Street, Toowong, QLD

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Industrial

Geographic split*

Represents the full carrying value of the investment property.

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735 Boundary Road, Richlands, QLD

73–91 Lenore Lane, Erskine Park, NSW

Lease expiry profile

STOCKLAND Management Reports 2008