STOCKLAND — Notice of Dividend Amount 2004

17 June 2004

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

Stockland ("SGP")

Revision to Announcement of Estimated Distribution/Dividend

Further to the announcement made earlier today we note that the ex dividend/distribution date for the full year ending 30 June 2004 is Thursday, 24 June 2004 (not Tuesday, 22 June 2004 as stated in the earlier announcement).

For further information contact:

PHILLIP HEPBURN

Secretary Stockland Tel: $(02)$ 9561 2630 Fax: (02) 9561 2627

KRISTEN HANNAH

GM Corporate Affairs Stockland Tel: (02) 9020 8134 Mob: 0409 603369