essence

Property description essence is located in Maidstone, 8km North West of CBD. Offering a range of public transport options, essence is also conveniently situated within reach of major arterials. It is within close proximity to the Maribyrnong River, and offers good access to the CBD, Highpoint Shopping Centre and host of community and lifestyle amenities.

The 4.59 hectare site was launched in July 2005 and contains 115 homes designed and built by Stockland, in consultation with dKO architecture and Madisson Projects. essence offers a range of lifestyle options comprising 3 and 4 bedroom family homes, with a high standard in residential design, value and quality.

Summary information as at: 30 June 2006 30 September 2006 Location Maidstone, Melbourne Maidstone, Melbourne Total project value $51 million $51 million Total lots 115 115 Launched July 2005 July 2005 % Sold 6% 15% Current price range $400,000 - $470,000 $400,000 - $525,000 Open public space 1,500m2 1,500m2 Commercial space N/A N/A Buyer profiles 2nd home buyer families 2nd home buyer families

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stocklan d Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Hawkstowe

Property description Located just 26 kms north east of Melbourne, Hawkstowe is bordered on three sides by the beautiful Plenty Gorge Parklands which includes the renowned Hawkstowe Park.

Features include curved boulevards and avenues that meld effortlessly with the natural setting to create idyllic streetscapes. With many homes enjoying direct park frontage or views of the 10 hectares of public open spaces, this really is a place to retreat from the world and absorb the picturesque natural backdrop.

Summary information as at: 30 June 2006 30 September 2006 Location South Morang, Melbourne South Morang, Melbourne Total project value $120 million $120 million Total lots 686 686 Launched September 2005 September 2005 % Sold 12% 14% Current price range $120,000 - $180,000 $120,000 - $180,000 Open public space 10 ha 10 ha Commercial space N/A N/A Buyer profiles 2nd and 3rd home buyers 2nd and 3rd home buyers

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Hidden Grove

Property description Hidden Grove is a 257 lot project located in Keysborough, approximately 30 minutes south east of central Melbourne. The site sits adjacent to the Keysborough Golf Club to the south, an established wetland to the west and is located close to schools, shopping centres and major Council parkland and sporting facilities to the north.

Hidden Grove is almost complete with less than a dozen lots left to sell and has returned the highest average lot prices of any project in Stockland’s current Victorian portfolio.

This 30 hectare site features over 9 hectares of open space, including an award winning 8 hectare wetland that serves a regional stormwater management function.

Summary information as at: 30 June 2006 30 September 2006 Location Keysborough, Melbourne Keysborough, Melbourne Total project value $60 million $60 million Total lots 257 257 Launched April 2004 April 2004 % Sold 67% 70% Current price range $185,000 - $250,000 $175,000 - $285,000 Open public space 9 ha 9 ha Commercial space N/A N/A Buyer profiles 2nd + home buyers 2nd + home buyers

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Highlands

Property description With sweeping views of Port Phillip Bay, the Melbourne CBD and distant mountain ranges plus great lifestyle opportunities, Highlands is a fast-growing community within easy reach of local shopping, education, transport and community resources. Five minutes from Craigieburn and only 26 kms from Melbourne’s CBD, it combines the convenience of inner-city amenities with suburban peace and quiet.

Set on 760 hectares of prime land, with vast expanses devoted to parks, the lake and wetlands, residents can take advantage of the natural surrounds in a number of ways, including walking and cycling trails, lookouts, picnic and BBQ facilities, playing fields, playgrounds, reserves and the Craigieburn Golf Course across the road.

Summary information as at: 30 June 2006 30 September 2006 Location Craigieburn, Melbourne Craigieburn, Melbourne Total project value $994 million $994 million Total lots 7,260 7,260 Launched 1999 (Stockland Acquired 2004) 1999 (Stockland Acquired 2004) % Sold 6% 7% Current price range $90,000 - $155,000 $90,000 - $170,000 Open public space 150 ha 150 ha Commercial space 21 ha 21 ha Buyer profiles 1st, 2nd & 3rd home buyers 1st, 2nd & 3rd home buyerss

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Mernda

Property description A masterplanned community incorporating 20 hectares of parklands, wetlands, 2 schools and a village retail / community centre.

Mernda Villages features Freshwater Park which boasts a lake, wetland, walking trails, BBQ’s a birdhide and adventure playground. Environmental features include over 40 rain gardens and the innovative Acquifer Storage and Recovery System.

The raingardens are innovative ways to naturally treat stormwater and also help to create beautiful spaces for Mernda Villages residents to enjoy. Mernda Villages will have a total of 1,737 lots and boasts a 43 home display village, the largest in the corridor.

Summary information as at: 30 June 2006 30 September 2006 Location Mernda, Melbourne Mernda, Melbourne Total project value $293 million $293 million Total lots 1,737 1,737 Launched October 2005 October 2005 % Sold 7% 7% Current price range $130,000 - $170,000 $120,000 - $190,000 Open public space 20 ha 20 ha Commercial space 2,500m2 2,500m2 Buyer profiles 1st, 2nd and 3rd home buyers 1st, 2nd and 3rd home buyers

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

StocklanStocklandd Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Monterey Central

Property description Monterey Central is a quality address at the heart of Point Cook. A modern contemporary atmosphere is complemented by a cohesive streetscape character and open lifestyle.

Attributes include well planned pedestrian linkages to current and future amenities, as well as two stunning parks including ‘Central’ and ‘Jasmine’ Parks.

The future will be located on Dunnings Rd directly opposite Monterey Central. This impressive retail precinct is scheduled for completion in late 2007 and will feature a diverse range of shops and cafes and a number of nearby schools, both existing and planned. Also included within Monterey Central is an ABC child care centre plus a proposed medical centre.

Summary information as at: 30 June 2006 30 September 2006 Location Point Cook, Melbourne Point Cook, Melbourne Total project value $63 million $63 million Total lots 386 386 Launched September 2004 September 2004 % Sold 62% 65% Current price range $110,000 - $160,000 $150,000 - $195,000 Open public space 2.6 ha 2.6 ha Commercial space 13.8 ha 13.8 ha Buyer profiles 2nd and 3rd home buyers 2nd and 3rd home buyers

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

StocklanStocklandd ShoppingShopping Centres Centres Commercial Commercial & Industrial & Industrial Residential Residential Communities Communities Apartments Apartments Unlisted PropertyUnlisted FundPropertys Funds The Parks of Bellevue Hill

Property description The Parks Of Bellevue Hill is a family-orientated project with a focus on attractive vibrant colours and a sense of positive energy emitted by its sculptures and landscaping. Attributes include well designed pedestrian linkages and safe neighbourhood parks to promote healthy family living.

The Parks has everything you need close by for you and your family. A childcare centre is planned near the entrance and a number of schools are located within Hillside, with Sydenham-Hillside Primary and Cana Catholic Primary only moments away.

A short drive will take you to Watergardens Shopping Centre with restaurants and supermarkets to hardware stores and movie theatres.

Summary information as at: 30 June 2006 30 September 2006 Location Hillside, Melbourne Hillside, Melbourne Total project value $50 million $50 million Total lots 332 332 Launched September 2004 September 2004 % Sold 48% 48% Current price range $115,000 - $170,000 $115,000 - $180,000 Open public space 2.6 ha 2.6 ha Commercial space 1, 931m2 1, 931m2 Buyer profiles 1st, 2nd and 3rd home buyers 1st, 2nd and 3rd home buyers

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Altona Distribution Centre Slough Road, Melbourne

Property discription 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 Centre incorporates vacant land of approximately 33,000m², providing medium term development upside.

Summary information as at 30 September 2006 Location South West Melbourne, VIC Acquisition date July 2000 Ownership/title 100%/Freehold Independent valuation June 2005 Valuation/($/m²) $24.9 million ($624/m²) Capitalisation rate 9.50% Discount rate 9.50% Site area 18.9 hectares Lettable area 39,874m² Hardstand 88,185m²

Major tenants GLAm² Golden Brothers 10,732 A&S Transport 10,069 Thorpe Transport 6,610

Lease expiry profile

Vacant 15% FY07 20% FY08 13% FY09 5% FY10 12% FY11+ 35%

* Excludes hardstand

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.

SStotocckkland d ShoppingShopping C Cenetrentres s C o Cmmerommercialc &ia Indl & uIndstruiastl r Reials i dReenstiadle Cnotimalm Cunomitimesun Aitpieartms Aenptartms Unlenisttse d UPnlroipstertedy FuProndpserty Funds Altona Distribution Centre Slough Road, Melbourne

Slough Road 18 24 42 36-38 60

A & S Transport 2 5,220m (W) Vacant (exp 09/07) 2 201-207 2,267m Auto Nexus Thorpe Thorpe 2 2 2,706m 2 (W) 3,305m 3,305m (exp 08/14) A&S (exp 06/07) (exp 06/07) Transport Vacant 1,500m2 1,800m 2 (H) (month to month) Auto Nexus Auto Nexus H/S W/ Shp A&S Transport (month to month) 20,234m 2 (H) 31,630m 2 (H) 12400m2 (exp 08/14) (exp 08/14) 209-213

Not Source One 2 A&S Transport Maidstone Street 2,294m (W) owned 4,775m 2 (W) Vacant (exp 04/09) by (exp 10/09) Vacant Development Stockland 3,838m 2 Site 215-219

20-24 52-56 58-66 Ajax Road

10

Golden Bros Expires 31 Dec 06 Expires 1 Jan 07 – 31 Dec 07 Expires 1 Jan 08+ 2 221-229 10,670m (W) (exp 07/20)

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds Brooklyn Estate 413 Francis Street, Brooklyn

Property discription Brooklyn Estate is a well established 22 hectare distribution centre which is strategically located 10 kilometres west of the Melbourne CBD, with adjacent access to a four-way interchange of the Westgate Freeway and Princes Highway. The centre has eight large steel-framed buildings, which were completed in the 1980s and early 1990s. Building D was recently refurbished providing additional office amenity as well as the creation of a new adjoining hardstand.

Summary information as at 30 September 2006 Location West Melbourne, VIC Acquisition date June 2003 Ownership/title 100%/Freehold Independent valuation June 2006 Valuation/($/m²) $82.5 million ($647/m²*) Capitalisation rate 8.25% Discount rate 9.00% Site area 22.0 hectares Lettable area 127,572m² Hardstand 12,642m²

Major tenants GLAm² TNT 29,596 HAG 28,932 Booth Transport 17,324

Lease expiry profile

Vacant 9% FY07 10% FY08 28% FY09 11% FY10 42% FY11+ 0%

* Excludes hardstand

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds Brooklyn Estate 413 Francis Street, Brooklyn

Area K Unit C Unit A Unit J TNT 2 Toll Transport TNT Kagan Kagan 12,951m 15,516m 2 8,000m 2 4,816m 2 7,770m 2 (exp 07/09) (exp 08/07) (exp 05/07) (exp 05/07) (exp 08/07) Francis St Unit D Unit B Unit F (East) Unit I Booth K&S Freighters HAG TNT 2 17,324m 2 12,816m 2 10,118m 2 5,298m (exp 05/09) 2 (exp 01/09) (exp 01/08) (exp 06/10) 7,092m (exp 07/09)

Unit G HAG 18,814m 2 (exp 06/10) Unit F (West) Vacant Unit H 2 10,961m TNT 8,661m 2 (exp 05/09)

Millers Road

Expires 31 Dec 06 Expires 1 Jan 07 – 31 Dec 07 Expires 1 Jan 08+

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.

SStotocckkland d ShoppingShopping C Cenetrentres s C o Cmmerommercialc &ia Indl & uIndstruiastl r Reials i dReenstiadle Cnotimalm Cunomitimesun Aitpieartms Aenptartms Unlenisttse d UPnlroipstertedy FuProndpserty Fu 20-50, 76-82 Fillo Drive & 10 Stubb Street, Somerton

Property discription The property comprises three separate industrial facilities all with adjacent boundaries. 20-50 Fillo Drive comprises a distribution facility built in the 1980’s. The main warehouse component provides an internal minimum clearance of approximately 8 metres and provides multiple loading points. This building is occupied by the Australian Discount Retailers expiring in 2009.

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 (7.5 metres springing height) warehouse facility with loading to three elevations. An enclosed canopy extends across part of the eastern side elevation.

76-82 Fillo Drive comprises a fully sprinklered, modern industrial building with good internal clearance, functional canopy areas and future expansion potential. The building features loading docks and state of the art stock distribution technology.

Summary information as at 30 September 2006 Location Somerton, Victoria Acquisition date September 2006 Ownership/title 100% Freehold Independent valuation July 2006 Valuation $58.85m ($827/m²) Capitalisation rate 7.00% Discount rate 8.75% NLA 71,158m² Site Area 15.8ha

Major tenants NLAm² Australian Discount Retailers 31,139 Westgate Logistics 21,201 Yakka Pty Ltd 18,818

Lease expiry profile

Vacant 0% FY07 41% FY08 0% FY09 59% FY10 0% FY11+ 26%

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 20-50, 76-82 Fillo Drive & 10 Stubb Street, Somerton

10 Stubb Street Westgate Logistics Warehouse 20,177m²

Office 1,024m²

Office 566m² Office 1,696m²

76-82 Fillo Drive Yakka Australia 18,252m² 20-50 Fillo Drive Aust Discount Retailers 29,443m²

Fillo Drive

Expires 30 Nov 15 Expires 30 Apr 09 Expires May 07

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 17 McNaughton Road, Clayton

Property discription The property comprises an older style warehouse facility with freestanding office areas. The property provides a medium term redevelopment site with existing holding income.

The property is located in Clayton, an established industrial market in South East Melbourne.

Summary information as at 30 September 2006 Location Clayton, Victoria Acquisition date July 2006 Ownership/title 100% Freehold Independent valuation July 2006 Valuation $11.4m ($669/m²) Capitalisation rate 7.50% Discount rate 8.50% NLA 17,041m² Site Area 2.8ha

Major tenants NLAm² KD Trading 16,154

Lease expiry profile

Vacant 0% FY07 0% FY08 5% FY09 0% FY10 0% FY11+ 95%

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.

StocklandStockland ShoppingShopping Centres Centres Commercial Commercial & Industrial & Industrial Residential Residential Communities Communities Apartments Apartments Unlisted UnlistedProperty FundPropertys Funds 17 McNaughton Road, Clayton

KD Trading

15,965m² Orica Office 1,075m²

d a o R

n o t h g u a N c M

Expires 28 Feb 11 Expires 31 Jan 08

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 9-11 Somerton Park Drive, Somerton

Property discription 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 the Melbourne CBD.

Summary information as at 30 September 2006 Location Somerton, Victoria Acquisition date July 2006 Ownership/title 100% Freehold Independent valuation July 2006 Valuation $7.1m (891/m²) Capitalisation rate 7.50% Discount rate 8.50% NLA 7,967m² Site Area 2.3ha

Major tenants NLAm² Toll Transport 7,967m²

Lease expiry profile

Vacant 0% FY07 100% FY08 0% FY09 0% FY10 0% FY11+ 0%

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.

StocklandStockland ShoppingShopping Centres Centres Commercial Commercial & Industrial & Industrial Residential Residential Communities Communities Apartments Apartments Unlisted UnlistedProperty FundPropertys Funds 9-11 Somerton Park Drive, Somerton

Toll Transport 7,487m²

S o m e r to n P a rk Toll Transport D Office 480m² r iv e

Expires 31 Dec 06

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 11-25 Toll Drive, Altona

Property discription The property comprises a modern cross dock/warehouse facility. The warehouse provides a total of 94 raised loading docs accessed via automated roller doors. There is extensive hardstand, parking for 305 vehicles, as well as 50 semi-trailers, all of which is concrete paved.

Summary information as at 30 September 2006 Location Altona, Victoria Acquisition date October 2006 Ownership/title 100% Freehold Independent valuation September 2006 Independent valuation $21.4m ($1,309/m²) Capitalisation rate 7.15% Discount rate 8.50% NLA 16,343m² Site Area 4.8ha

Major tenants NLAm² Toll 16,343

Lease expiry profile

Vacant 0% FY07 0% FY08 0% FY09 0% FY10 0% FY11+ 100%

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 11-25 Toll Drive, Altona

Barnes Road e v i r D

l l o T Toll/Ipec 16,343m

Expires Sep 13

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 32-52 & 54-56 Toll Drive, Altona

Property discription 32-52 Toll Drive comprises a modern warehouse / distribution facility, capable of expansion up to 10,000m². Incorporating a two level office, the warehouse is climate controlled with ceiling mounted air-conditioning units and insulation lining to the internal walls and ceiling. Loading is provided to three sides with two breezeways along the eastern elevation. An additional freestanding single level office is also provided on the site.

56-60 Toll Drive features a substantial warehouse / distribution facility with associated office accommodation. The warehouse provides a minimum clearance of 10 metres, in addition there are five recessed loading docks and another 9 loading bays.

Summary information as at 30 September 2006 Location Altona, Victoria Acquisition date October 2006 Ownership/title 100% Freehold Independent valuation September 2006 Valuation $36.9m ($1,027/m²) Capitalisation rate 7.05% Discount rate 8.50% NLA 35,945m² Site Area 8.60ha (42%)

Major tenants NLAm² Toll 35,945

Lease expiry profile

Vacant 0% FY07 0% FY08 0% FY09 0% FY10 0% FY11+ 100%

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 32-52 & 54-60 Toll Drive, Altona

Toll Transport 17,242m² e v i r D

l l o T

Toll Transport 18,703m²

Expires Sep 11

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds Riverside Plaza, 452 Flinders Street, Melbourne

Property description Riverside Plaza was completed in 1994 and comprises 16 office levels with large, efficient floor plates up to 2,700m², the majority of which have uninterrupted views of the Yarra River and Southbank.

The building has won several awards for its advanced technology, being built to premium grade specifications.

Summary information as at 30 September 2006 Location Melbourne CBD, VIC Acquisition date October 2000 Ownership/title 100%/Freehold Independent valuation June 2006 Valuation $140.0 million ($3,635/m²) Capitalisation rate 7.00% Discount rate 8.50% NLA 38,513m² Car parking 300

Major tenants NLAm² TXU 7,481 ANZ Bank 5,424 UCMS 5,361

Lease expiry profile (by NLA) Vacant 42% FY07 7% FY08 19% FY09 0% FY10 16% FY11+ 35%

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.

StocklandStockland ShoppingShopping Centres Centres Commercial Commercial & Industrial & Industrial Residential Residential Communities Communities Apartments Apartments Unlisted UnlistedProperty FundPropertys Funds Riverside Plaza: 452 Flinders Street, Melbourne

SPI Powernet Level 19

SPI Powernet Level 18

SPI Powernet Level 17

SPI Powernet Level 16

SPI Powernet Level 15

SPI Powernet Level 14

ANZ Banking Group Level 13

ANZ Banking Group Level 12

UCMS Level 11

UCMS Level 10

Optus Level 9

Plant Room/Store Room Level 8

Vacant Level 7

Vacant Level 6

Vacant Level 5

Vacant Level 4

Vacant Level 3

Vacant Level 2

Multiple Tenants Level 1

Convest Park/Toshiba Ground

Wilson Parking Car Park

Basement

Carpark Office

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.

SStotocckkland d ShoppingShopping C Cenetrentres s C o Cmmerommercialc &ia Indl & uIndstruiastl r Reials i dReenstiadle Cnotimalm Cunomitimesun Aitpieartms Aenptartms Unlenisttse d UPnlroipstertedy FuProndpserty Fu 222 Russell Street Car Park, Melbourne

Property description The public car park at 222 Russell Street is part of the Saville on Russell hotel/retail complex. The building was completed in late 2000, and is located between Lonsdale and Little Lonsdale Street in Melbourne’s busy Chinatown precinct.

Summary information as at 30 September 2006 Location Melbourne, VIC Acquisition date September 2001 Ownership/title 100%/Freehold Strata Independent valuation $13.8 million - December 2004 Capitalisation rate 8.50% Discount rate 9.50% NLA N/A Car parking 447

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.

StocklandStockland ShoppingShopping Centres Centres Commercial Commercial & Industrial & Industrial Residential Residential Communities Communities Apartments Apartments Unlisted UnlistedProperty FundPropertys Funds 222 Russell Street Car Park, Melbourne

EziPark Pty Ltd Car Park

EziPark Pty Ltd Car Park

EziPark Pty Ltd Car Park

EziPark Pty Ltd Car Park

EziPark Pty Ltd Car Park

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 541 St Kilda Road, Melbourne

Property discription Completed in 1986 with the foyer and forecourt recently refurbished, the building comprises six upper office floors, ground floor retail, and basement parking for 133 cars. The property has large floor plates of 1,300m², with natural light on all sides.

Summary information as at 30 September 2006 Location Melbourne, VIC Acquisition date January 2000 Ownership/title 100%/Freehold Independent valuation June 2004 Valuation $22.3 million ($2,717/m²) Capitalisation rate 8.75% Discount rate 10.00% NLA 8,208m² Car parking 133

Major tenants NLAm² Transurban City Link 4,353 Logicalis 1,320

Lease expiry profile Vacant 0% FY07 69% FY08 16% FY09 8% FY10 7% FY11+ 0%

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds 541 St Kilda Road, Melbourne

Transurban Citylink Level 6

Transurban Citylink Level 5

Stockland Level 4

Westpac/Transurban Citylink Level 3

Logicalis Limited Level 2

Transurban Citylink Level 1

Perelkin Ground

Logical/Transurban Citylink - Parking Car Park

Carpark Office

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.

SStotockckland d ShoppingShopping Ce Centresntres C o Cmmercommercial &ia Indul & Industriastrl Resial id Resentiidale Cnotimmal Cuniommtiesuni Atpiesartme Anptsartme Unlinstets d UPnliropsteertyd FunPropdserty Funds Stockland Wendouree

Property description Lease expiry profile

Stockland Wendouree is a sub regional centre in the Vacant 6% Ballarat region of Victoria. The centre is built over a FY07 2% single level and incorporates a library, Safeway and FY08 50% , Kmart discount department store FY09 9% and 54 specialty shops with extensive parking. FY10 5% FY11 28% Stockland Wendouree is the dominant centre in the trade area with extremely strong community links.

Summary information as at: 30 June 2006 30 September 2006 . Location Wendouree, Victoria Wendouree, Victoria Acquisition date June 2003 June 2003 Ownership/title 100%/Freehold 100%/Freehold Cost including additions $44.0 million $44.0 million Independent valuation December 2005 December 2005 Valuation ($/m2) $69.5 million ($3,022/m2) $69.5 million ($3,022/m2) Capitalisation rate 7.5% 7.5% Discount rate 9.0% 9.0% Gross lettable area 22,996m2 22,996m2 Car parking spaces 1,276 1,276 Annual sales $134.5 million $134.5 million Specialty occupancy cost 9.8% 10.0%

Major tenants GLAm² Lease expiry Major tenants GLAm² Lease expiry 30 June 2006 30 September 2006 Kmart 7,830 May 2008 Kmart 7,830 May 2008 Safeway (Woolworths) 3,460 Nov 2010 Safeway (Woolworths) 3,460 Nov 2010 Coles 2,450 May 2008 Coles 2,450 May 2008

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Stockland The Pines

Property description Lease expiry profile

Stockland The Pines is located in Doncaster East, Melbourne. Vacant 2% The 24,490m2 centre was relaunched in 2004 after an extensive FY07 1% redevelopment, adding Coles, Aldi and 60 speciality shops to the FY08 3% existing Safeway, Target and 45 shops. FY09 2% FY10 13% FY11 79% The Pines continues to be one of the preferred convenience shopping destinations in its trade area.

Summary. information as at: 30 June 2006 30 September 2006 Location Doncaster East, Melbourne Doncaster East, Melbourne Acquisition date November 2004 November 2004 Ownership/title 100%/Freehold 100%/Freehold Cost including additions $123.0 million $123.0 million Independent valuation June 2006 June 2006 Valuation ($/m2) $134.6 million ($5,497/m2) $134.6 million ($5,497/m2) Capitalisation rate 6.75% 6.75% Discount rate 8.5% 8.5% Gross lettable area 24,485m2 24,485m2 Car parking spaces 1,400 1,400 Annual sales $132.8 million $132.8 million Specialty occupancy cost 17.3% 17.0%

Major tenants GLAm² Lease expiry Major tenants GLAm² Lease expiry 30 June 2006 30 September 2006 Target 6,829 Oct 2011 Target 6,829 Oct 2011 Safeway 3,829 Jul 2024 Safeway 3,829 Jul 2024 Coles 3,200 Oct 2024 Coles 3,200 Oct 2024 Aldi 1,374 Oct 2019 Aldi 1,374 Oct 2019

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds Stockland Traralgon

Property description Lease expiry profile

Stockland Traralgon is the dominant centre in the La Vacant 2% Trobe Valley region of Victoria. Located 160 kilometres FY07 5% east of Melbourne, the property is classified as a sub FY08 9% regional centre on a site area of 4.1 hectares. FY09 5% FY10 3% FY11 76% The retail offer includes Coles supermarket, Kmart discount department store and 41 specialty shops, with extensive undercover parking and a strong community presence..

Summary information as at: 30 June 2006 30 September 2006 . Location Traralgon, Victoria Doncaster East, Melbourne Acquisition date June 2003 June 2003 Ownership/title 100%/Freehold 100%/Freehold Cost including additions $44.4 million $44.4 million Independent valuation December 2004 December 2004 Valuation ($/m2) $60.0 million ($3,115/m2) $60.0 million ($3,115/m2) Capitalisation rate 7.75% 7.75% Discount rate 9.5% 9.5% Gross lettable area 19,264m2 19,264m2 Car parking spaces 774 774 Annual sales $93.2 million $93.2 million Specialty occupancy cost 10.9% 11.0%

Major tenants GLAm² Lease expiry Major tenants GLAm² Lease expiry 30 June 2006 30 September 2006 Woolworths 5,970 Jan 2008 Woolworths 5,970 Jan 2008

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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds 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.

Stockland Shopping Centres Commercial & Industrial Residential Communities Apartments Unlisted Property Funds