9 December 2004

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

STOCKLAND INVESTOR PRESENTATION

Please find attached the Stockland Commercial Division investor briefing presented by Stockland today.

For investor enquiries contact:

Johanna Keating GM Investor Relations Stockland Tel: 02 9321 1529 Mobile: 0409 168 848

For media enquiries contact:

Kristen Hannah EGM Corporate Affairs Stockland Tel: 02 9020 8134 Mobile: 0409 603 369

Stockland (ASX: SGP) is one of the largest and most diversified property groups in Australia with interests in retail, commercial, industrial and residential property investment and development, as well as hotel management. Stockland currently has total assets in Australia and New Zealand of over \$7.2 billion, market capitalisation in excess of \$7 billion, and reported a net profit of \$456 million for the year ended 30 June 2004. Additional information can be found on our website www.stockland.com.au

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

GOWNEROZYLEZ INDUSTRIAL DIVISION

Cominerata Portfolto Updata 9 Dacember 2004

Depth of management

Combined Stockland and CPT portfolio
Stockland performance update Z
Marketing and relationship management n
Stockland Service Centre Z

OGI LEADERSHPATEAM

17 years average industry experience

COMMERCIAL LEADERSHIP TEAM

GA KOPERATING BUSINESS

PUMPS RESIDENCES

Owner manager key point of difference B Best practice operating model 1

Ready of the Miles SIGHIEL Chysis

FUND

FITANCE

CONSTRUCTION OF REAL PROPERTY

Peak Contract

Operance

pusiness

ASSET

XIII A

CIUSTERMODEL

Quaters

Sychey OBD □
North Shore Ö
Meloourne O
Brisbane Ľ
Oanbarre П

mil

1288

COMMERCIAL PORTFOLIO

800a

GOMBINED PORTFOLIO

	Kilometha a shekara na shekara na shekara na shekara na shekara na shekara na shekara na shekara na shekara	TAGE	CONDITION
ABSTER	$\mathcal{P}$	TES	25
Asset Value (SM)&	EXCLOSE	3,030	42366
NIA GAY	6627466W	7641600H	ARZOROGICZ
AVEICE ASSES Size (SM)	GOD	2661	INTOB

As at 2 November 04 (includes properties contracted for sale which settle post Nov 04)

² Data per GPT Notice of Meeting and Explanatory Memorandum dated 15 October 2004

$\frac{3}{2}$ For co-owned properties, the asset value included represents ownership interest only

GEOGRAPHODIVERSITY

Strong focus maintained for NSW as preferred market
Increased exposure to Sydney CBD 54% Ľ

Increased exposure to VIC, well set for market slowdown with an 1 average lease term of 7.2 years

QUALITY ASSERGLASS

GPT continues to Г reposition the portfolio Towards Prime Grade ESSE
4 property disposals I fotaling \$172 million* (11% above book value)

SGPILEASE EXPIRY PROFILES

MAJOR LEASING DEALS-YTD

garana	Sternald	Least Tana	Area ODIA	Chart Date	Termi	Incentive
Die Staats E4 STAGE RENER	Transtrioan	Renewal & Exceptsion	2853	$\odot$ and $\odot$	5.96	<1%
234 SUSSEX ST SVG	Deptoi Fousing	Naw	2043	Feb 05	SYRS	25%
EEE Kan Si Kay a	Cental QLD Uni	EXEMPLE	8,898	MEV 05	12 yrs	125%
OTHER	24 renants	Vanons	ENOCK
RAGES
452 Elniers ST Melb	UOMS	Rajabwalk	54616	ADROS	ONE	16%
452 Finders St Melb	ODNS	Renewal	2,666	30005	2 76	NII
63-70 Northbourne Ave. Ozinerici	A E B	Oplich	13,609	890.05	1576	NII
118420 Pacific Hwy. STrantics	Olandrida	Renewal	24556	Oct 05	ENTE	18%
HOTAL			54526			12%

e gane

* Weighted average incentive

OGI BRAND ATTRIBUTES

OCI BRAND ATTRIBUTES

TEXDENT

HOLLSTEATTRACH ANOXIMORE

GOMMINIST

GGI BRAND AT TRIBUTES

SERVATORES

FUN MAGNETIC MOTIVATED SELFICIES

C&I BRAND ATTRIBUTES

RELATIONSHP MANAGEMENT

Committed to building and fostering relationships with our tenants at al evels of our business from EO to Senior Management to drive Occupancy

Dedicated Relationship Manager to develop and implement marketing ■ and business programs almed at building tenant loyalty
Unique model that outlines our holistic approach to managing 2 relationships with tenants

C&I RELATIONS HP PILLARS

STAND

STORT FREE THAT Construction Construction Construction
ACTIONS
Examas Mar
______________________________________ E BOLDER CHENOETICE
SERVICE ON HUILE en ee dechn II CHIE

KNOWLEDGE

Tenant database and profiling
Tenant Satisfaction surveys
Tenant in-depth $\Box$ interviews

RELATIONSHIP

Performance MAJORIALIST (MA Katharan na Kat Tenant welcome MEDICAL Indenity: SA discounts Newsterreis Entertainment
piotifari mum

STOCKLAND SERVICE CENTRE

One phone. One fax. One E-mail. My Hero.

STOCKLAND SERVICE GENTRE

Globally benchmarked Facilities Management platform, developed in partnership with Mowlem Acumen specifically for Stockland
Launched in September 2003 O
Integrated service model 100% owned assets in Sydney, Melbourne, Ő Brisbane and Canberra
23 assets

▋

ASSI GRANS
31 SSC employees

miller

INTEGRATED SSC HIMODEL

SSC INIECRATED TENANT EM

E 1BM Australian HQ 601 Pacific HWy, St Leonards
Bridging the gap between Ienant and owner
Tenant retention rate of 92% in n FY04
Web based tenant dashboard
- Open

▓

Transparent
A Real Pine

WATERFRONTPLACE TRANSITONED

Waterfront Place -Seanless iransition
F Market leading advaniage when transitioning assets
E Re-engineered FM Solution \$300,000pa Sávino

WATEREONEPLACE

Water efficient Waterfront Place

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bulliform. I assem united it allowsed but quant E.S. EX: Waves: 20 minutes and assistant

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... Waterfront Place consumes 10 million litres a month. By halving this amount, we are not only saving water, but the energy involved in pumping the extra 5 million litres of water up 87 floors"

Environmental Foous

Watar Savings
Encroy Sewings O
Tenant Awareness 73 - high quality newsletter

SUMMARY

Stockland's active management is continuing to add value.
The Stockland Service Centre is now a significant platform within our 2 Owner/manager culture.
We are continuing to manage early lease renewals and maintain high 2 ocoupaney.
Integration of the GPT portfolio will provide a close strategic fit Celivering!
Management synergies
Economies of scale
Continued improvement in asset quality
Maintain preferred geographic weightings
Potential growth through reduced vacancies

DISCUADER

Corporator/ Responsible Enliv

Stockland Corporation Linited ACN 000 181783

Stockland Trust Management Limited ACN 001 000 741

Table (e) 157 Eventool Street SYDNEY NSW 2000

DEGARDE TERRIT

While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. 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 informa information in this presentation is subject to change without notice.

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