DEVELOPMENT DIVISION APARTMENT OVERVIEW

Denis Hickey, CEO Development Division

• Development Division Strategy $\blacksquare$
• Apartments Strategy $\blacksquare$
• Projects Overview $\blacksquare$
• Question and Answer $\blacksquare$
• Drinks $\blacksquare$

Core Business Activities

% Gross Assets

As at 31 Dec 2003 $9%$ 73% 18% Benchmark $5 - 10%$ 65-75% 20-25%

Strategic Direction - Apartments

BUSINESS CASE

• Growing sector in the Residential Market $\blacksquare$
• Incremental growth for the Division $\blacksquare$
• Strong synergies with our Residential Estates operation $\blacksquare$
• Future trend will be mixed use developments $\blacksquare$

FRAMEWORK

• Establish this as a "National" business $\blacksquare$
• Focus on discerning purchasers (value, quality, design) $\blacksquare$

Strategic Direction - Apartments

FINANCIAL TARGETS

• Target to make a 15% net profit before tax $\blacksquare$
• 1H04 results reflected general business establishment / overhead $\blacksquare$ costs
• Anticipate achieving target in FY06 $\blacksquare$

APARTMENTS

Hugh Martin - General Manager

STRATEGY

• Building a Business $\blacksquare$
• National Structure $\blacksquare$
• Market Segment $\blacksquare$

Business Strategy

There are 3 key areas where significant "value added" is generated

TEAM

Internal experienced skilled resources $\blacksquare$

SOUTHBANK

Location Corner of Grey & Glenelg Streets South Bank, QLD

Planning Status

DA Approved - August 2003

Forecast Completion Date

September 2005

WEST END

Pigeon Close View

Location Beesley Street West End, QLD

Planning Status

DA Approved - March 2004

Forecast Completion Date

Late 2005

Riverside Drive View

RIVERSIDE DRIVE BUILDING

NORMAN PARK

Location 90 - 94 Wynnum Road Norman Park, QLD

Planning Status

DA forecast to be Submitted - May 2004

Forecast Completion Date

Late 2007

ABODE

Location 599 Pacific Highway St Leonards, NSW

Planning Status

DA Approved - November 2000

Completion Date

February 2004

BALGOWLAH VILLAGE

Location

Bounded by Sydney Road, Condamine, Woodland and Griffiths Streets Balgowlah, NSW

Planning Status

DA Submitted - December 2003 DA Approval - June 2004

Forecast Completion Date Early 2007

GORDON

McIntyre Street View

Merriwa Street View

Location

Merriwa & McIntyre Streets Gordon, NSW

Planning Status

DA Forecast to be Submitted - April 2004

Forecast Completion Date

Stage 1 Forecast: June 2006

Location East Lake Parade Kingston, ACT

Planning Status DA to be Submitted - May 2004

Forecast Completion Date February 2006

• Clear strategic plan $\blacksquare$
• Proven capabilities $\blacksquare$
• Risk Management / Pro-active Capital Management $\blacksquare$
• Confident of delivery $\blacksquare$

Disclaimer

Corporation/ Responsible Entity

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741 AFSL No. 241190 16^th Floor 157 Liverpool Street SYDNEY NSW 2000

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 presentation is free from errors or omissions or is suitable for your intended u 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 in this presentation. without notice.