Property Portfolio 2011 For personal use only use personal For 30 June 2011 Our Property Portfolio STOCKLAND IS ONE OF About AUSTRALIA’S LEADING DIVERSIFIED PROPERTY GROUPS. WE’RE ACTIVE IN RESIDENTIAL COMMUNITIES, Stockland RETIREMENT LIVING, RETAIL AS WELL AS OFFICE AND We have a long and proud history INDUSTRIAL PROPERTY. THIS PORTFOLIO IDENTIFIES of creating places that meet the needs ALL OF OUR PROPERTIES of our customers and communities. AND PROJECTS ACROSS AUSTRALIA AND THE UNITED KINGDOM. MORE INFORMATION ON STOCKLAND’S ACTIVITIES Ervin Graf, 1952 AND AN ONLINE VERSION OF PORTFOLIO DATA IS AVAILABLE AT www.stockland.com.au Our story Ervin Graf founded Stockland in 1952 with a vision to “not merely achieve growth and profits but to make a worthwhile contribution to the development of our cities and great country”. Pursuing that vision has seen Stockland grow to become one of Australia’s leading diversified property groups – developing and managing a large portfolio of residential community, apartment, retirement living, retail, office and industrial assets. With the benefit of our diverse property skills, we connect together property styles in shared locations, to create thriving communities; places that inspire people to gather, to share and to live life. We recognise our responsibilities to the environment and are striving to become a leader in sustainable business practices. Our positive and adaptable team shares Graf’s vision of making a

worthwhile contribution to our community. For personal use only use personal For We work hard, we expect a lot of one another, and we seek true worklife balance. For over half a century, we’ve worked hard to grow our diverse portfolio of assets and projects while maintaining a conservative balance sheet. It’s proven to be a sound approach and we’re now Australia’s largest Front cover image: diversified property group and a top 50 ASX Highlands, VIC listed company. Property Portfolio

Commercial Portfolio Retail Office Industrial (page 7) (page 25) (page 37) 42 properties 28 properties 15 properties 881,667m2 GLA 638,988m2 NLA 1.2 million m2 GLA Valued at $4.6 billion Valued at $2.5 billion Valued at $1.0 billion

Residential Portfolio retirement Portfolio Unlisted property funds Residential Retirement Unlisted Communities Living Property Funds (page 45) (page 63) (page 75) 73 communities 59 established villages Funds under 90,200 lots 7,535 units management End market value Development pipeline $439 million approximately of 3,413 units $24.2 billion

Residential Portfolio Stockland UK Apartments Stockland (page 80) UK

For personal use only use personal For 7 projects (page 82) 590 units with On balance sheet a remaining end market assets $142.5 million value of approximately $0.5 billion

Stockland Property Portfolio June 2011 1 Australia New south wales

Sydney Property CBD and Portfolio North Shore

118-120 Pacific Highway 601 Pacific Highway

77 Pacific Highway 110 Walker Street North Sydney

The Rocks

7 Macquarie Place

A 9 Castlereagh Street Colonial Centre

135 King Street Stockland Piccadilly, 133 Castlereagh Street 175-181 Castlereagh Street

The Hyde For personal use only use personal For Key A Key Retail Port Adelaide Distribution Centre Retail Office The Grange Retirement Village OfficeUltimo Industrial Salford Retirement Estate Apartments Residential Communities Unity Retirement Village Surry Hills Apartments Retirement Living Unlisted Property Funds

2 Commercial Industrial Retail Residential Communities Apartments New south wales RetirNeewmen st oLiuthving wales Cap/itACTal Partners North/South Coast Greater Canberra and Sydney surrounds

Hundred Hills

Tamworth Homespace

E Warriewood Stockland Forster/Woolworths Forster North West Sector Maybrook Village Golden Ponds Resort Castle Ridge Resort Hunter/North Coast Stockland McKeachie’s Run Baulkham Hills Lourdes Village Darcy’s Peak The Willows Village Macquarie Park, B North Ryde Chatswood Newcastle Parramatta Ryde C The Village Swansea 75 George Street, Parramatta Stockland Balgowlah/The Village Murrays Beach/Wallarah Peninsula 9-11a Ferndell Street, Granville North Lakewood Wamberal Gardens Merrylands Court Sydney Stockland Bathurst Stockland Bay Village Stockland Merrylands Stockland Cammeray The Cove Village 2 Davis Road, Wetherill Park Waterside Stockland Wetherill Park Yennora Distribution Glenmore Ridge Centre Bridgewater Sydney Macarthur Gardens East Leppington Cardinal Freeman Sydney Macquarie Grove Sandon Point Defence Distribution Centre, Village Waratah Highlands Moorebank Sydney Illawarra Stockland Corrimal Airport Stockland Shellharbour Shellharbour Retail Park Bexley Prince Henry Gardens Stockland Nowra Vincentia Shopping Centre Bayswood

ACT

D For personal use only use personal For Key B Key C E Retail Macquarie Technology Centre Retail Stockland Green Hills Hastings Parklands Village Office 16 Giffnock Avenue Office Stockland Glendale Lincoln Gardens Industrial Optus Centre, Macquarie Park Residential Communities Stockland Jesmond Bellevue Gardens Residential Communities 60-66 Waterloo Road Retirement Living Stockland Wallsend Queens Lake Village Apartments Triniti Business Campus Unlisted Property Funds D Camden View Village Retirement Living 78 Waterloo Road 40 Cameron Avenue, Belconnen Unlisted Property Funds Ridgecrest

Stockland Property Portfolio June 2011 3 Commercial Industrial Retail Residential Communities Apartments Retirement Living Capital Partners

Commercial 509 Boundary Road Industrial Queens514L anBoundaryD Road Retail QueensLanD 735 Boundary Road Residential Communities 60 Fulcrum Street Apartments Retirement Living Capital Partners Greater Brisbane Brisbane CBD

Caboolture Waters/Caboolture West/Ripeford Export Park Stone Ridge

Fig Tree Redcliffe North Lakes

Freshwater China Town

Kangaroo Point

Waterfront Place

Hendra Distribution Centre

Brisbane South Brisbane Woolworths Toowong 80-88 Jephson Street, 23 and 27-29 High Street, Toowong Stockland Cleveland

Garden Square, Mt Gravatt Interchange Industrial Estate, Wacol Greenleaves Salford Waters Retirement Estate Ipswich Brookbent Road Jimboomba Village Shopping Centre Sovereign Pocket Parkwood Paradise Waters

Augustine Heights M1 Yatala Enterprise Park For personal use only use personal For Key Key Retail Office Office Industrial Industrial Residential Communities Retirement Living Unlisted Property Funds

4 Commercial Office Industrial Industrial Retail Retail Residential Communities Residential Communities Apartments Apartments Retirement Living Retirement Living Capital Partners Capital Partners

Commercial Industrial Retail Residential Communities Commercial Apartments Industrial Retirement Living Retail Capital Partners QueensLanD QueensLanD Residential Communities QueensLanD Apartments Retirement Living Capital Partners Sunshine Gold Coast Coast Far North

Vale Lake Doonella Bahrs Scrub Ormeau Ridge Noosa Heads Hope Island Cairns Stockland Cairns Highland Reserve Oxenford Allisee

Riverstone Crossing

Pacific Pines Pacific Pines The Boardwalk Townsville Shopping Centre North Shore Southport Stockland Townsville

Ocean Drive Surfers Paradise

Benowa Gardens Maroochydore Mackay Brightwater Cane Bridge

Kawana Business Village Bokarina Beach Lake Kawana Burleigh Central Birtinya Island Stockland Burleigh Heads The Observatory Burleigh Heads Stockland Caloundra Rockhampton Bellcarra Retirement Resort Stockland Rockhampton Pine Lake Gladstone Stockland Gladstone Caloundra Bellvista Woodgrove

Caloundra Downs Stockland Hervey Bay For personal use only use personal For Key Key Key Retail Retail Retail Residential Communities Residential Communities Residential Communities Apartments Retirement Living Retirement Living Unlisted Property Funds 50% Unlisted Property Funds

Stockland Property Portfolio June 2011 5 Commercial Industrial Retail Commercial Residential Communities Industrial Apartments Retail Retirement Living Residential Communities Capital Partners Apartments Retirement Living Capital Partners

Victoria Victoria Western Australia

Greater Melbourne Perth and Melbourne CBD surrounds

Carlton Fitzroy Amberton The Vale Corimbia Whiteman Edge Midlands Terrace Lockerbie Stockland Wendouree 181 Great Eastern Mernda Village Highway, Belmont Hawkstowe Sunbury Highlands/Newbury Village Gowanbrae 40 Scanlon Drive, Epping G Perth 20-50 & 76-82 Fillo Drive & Arilla Adelaide Street Eucalypt Plaza Stockland Riverton 10 Stubb Street, Somerton Plenty Valley Stockland Bull Creek Bundoora The Islands South Beach Rylands 222 Russell Street Car Park Keilor Kew Latrobe Banjup The Lakes Estate Rylands Templestowe Taylors Hill Newhaven The Lakes Hawthorn Stockland The Pines Burnside Wungong Reach at Delbridge Tooronga H Baldivis Davis Road Donvale Brookdale Brooklyn Estate, Brooklyn West Tarneit Skies Retirement Village Cameron Close Riverside Plaza Toll Business Park, Vermont Salford Park Leakes Road Altona Wantirna Knox Halls Head Altona Distribution Centre Murray River Village 1090-1124 Centre Village Stockland Point Cook Oak Road, Oakleigh Grange Gillin Park Retirement Village Geelong Patterson Lakes Cranbourne F Long Island Selandra Rise

2-4 Yarra Street Rosebud The Point South Yarra Leschenault Retirement Village Stockland Traralgon

541 St Kilda Road Bunbury For personal use only use personal For Key F Key Key G H Retail Eve Office Retail Exchange Plaza Baldivis Town Centre Industrial Sierra Apartments Office Durack Centre Settlers Townside Residential Communities Cranbourne North Unlisted Property Funds Residential Communities 45 St Georges Terrace Settlers Hills Apartments Apartments 255 & 267 St Georges Stockland Baldivis Retirement Living Retirement Living Terrace Unlisted Property Funds Unlisted Property Funds River Parks Village River Pines Village

6 RETAIL COMMERCIAL PORTFOLIO

Retail Stockland is one of the largest retail property owners, developers and managers in Australia. At 30 June 2011 the portfolio comprises 42 retail centres valued at $4.6 billion. The properties accommodate more than 2,600 tenants and generate in excess Stockland Forster, NSW of $5.2 billion in retail sales per annum. Lease expiry profile %

1 11 12 9 10 57

Vacant FY

12 13 14 15 16+

Geographic split % For personal use only use personal For

55 12 29 4

NSW VIC QLD WA

Stockland Property Portfolio June 2011 7 RETAIL COMMERCIAL PORTFOLIO

Stockland North

For personal use only use personal For Shore, QLD A convenient neighbourhood centre, host to 13 specialty stores and a new generation Woolworths supermarket.

8 RETAIL COMMERCIAL PORTFOLIO

Retail Portfolio as at 30 June 2011 Specialty Book value AIFRS % of Retail Annual sales occupancy Specialty Page Property Location GLA (m2) ($m) NOI ($m) Portfolio June 2011 ($m) costs (%) sales ($/m2) 10 Stockland Rockhampton QLD 57,596 343.0 21.0 7.5 339.4 N/A N/A 10 Stockland Wetherill Park NSW 54,768 330.0 23.5 7.2 266.5 16.3 11,446 10 Stockland Merrylands NSW 33,887 324.9 3.3 7.1 152.6 N/A N/A 11 Stockland Shellharbour NSW 38,735 272.2 17.8 5.9 229.1 14.0 9,489 11 Stockland Green Hills NSW 33,191 259.0 18.1 5.6 322.1 13.0 13,232 11 Stockland Glendale NSW 55,014 247.0 16.8 5.4 325.7 13.0 8,045 12 Stockland Cairns QLD 49,529 205.2 13.5 4.5 274.4 11.5 9,646 12 Stockland Townsville QLD 26,860 201.5 13.8 4.4 156.7 N/A N/A 12 Stockland Point Cook VIC 42,642 186.3 N/A 4.0 N/A N/A N/A 13 Stockland Bay Village NSW 29,232 163.3 12.6 3.5 202.6 13.8 8,217 13 Stockland Burleigh Heads QLD 26,814 138.6 10.8 3.0 175.1 14.5 7,646 13 Stockland The Pines VIC 24,485 137.9 10.9 3.0 166.6 17.7 7,328 14 Stockland Forster* NSW 38,415 129.0 8.7 2.8 209.0 12.1 7,551 14 Stockland Jesmond NSW 21,012 120.2 9.3 2.6 153.6 13.4 9,198 14 Stockland Balgowlah NSW 12,856 112.5 6.4 2.4 132.2 16.1 6,883 15 Stockland Wendouree VIC 25,311 110.0 7.7 2.4 161.4 13.8 7,540 15 Stockland Baulkham Hills NSW 17,730 106.6 7.3 2.3 132.2 16.5 6,388 15 Stockland Caloundra/Stockland South QLD 20,486 100.1 7.9 2.2 168.1 11.2 10,510 16 Stockland Gladstone QLD 27,326 99.0 7.6 2.1 175.9 11.4 11,201 16 Stockland Nowra NSW 16,226 85.0 6.5 1.8 139.7 11.4 10,812 16 Stockland Cleveland QLD 15,798 80.0 6.9 1.7 131.5 12.8 7,792 17 Stockland Bull Creek WA 16,717 79.1 6.6 1.7 111.2 14.5 8,042 17 Stockland Traralgon VIC 19,435 76.8 6.0 1.7 119.2 12.6 7,639 17 Stockland Bathurst NSW 19,283 75.4 5.7 1.6 116.3 11.9 9,053 18 Stockland Hervey Bay QLD 15,569 70.4 0.8 1.5 84.3 9.8 10,106 18 Stockland Corrimal NSW 9,706 58.0 4.7 1.3 100.9 13.8 7,950 18 Stockland Piccadilly NSW 5,263 53.6 3.1 1.2 24.4 20.4 8,603 19 Stockland Wallsend NSW 11,607 51.4 4.0 1.1 78.6 10.5 8,890 19 Stockland Tooronga VIC 9,132 48.7 1.6 1.1 N/A N/A N/A 19 Stockland Riverton^ WA 19,813 47.5 4.1 1.0 130.2 N/A N/A 20 Stockland Baldivis WA 6,895 45.4 2.4 1.0 66.3 10.4 8,225 20 Shellharbour Retail Park NSW 22,145 44.0 3.8 1.0 126.9 N/A N/A – Glasshouse – 135 King Street, Sydney^ NSW 3,926 41.0 3.0 0.9 14.4 N/A N/A 20 Stockland Cammeray NSW 4,717 30.4 1.7 0.7 24.6 14.6 7,383 – Stockland Lilydale^^ VIC 8,751 29.5 2.4 0.7 64.2 9.3 7,366 21 Stockland North Shore QLD 5,777 19.0 0.3 0.4 N/A N/A N/A 21 Jimboomba Village Shopping Centre^ QLD 10,049 15.9 1.4 0.3 42.1 9.1 6,667

21 Stockland Burleigh Central QLD 7,914 15.2 1.3 0.3 4.0 N/A N/A For personal use only use personal For 22 Adelaide St Plaza, Fremantle WA 4,557 13.6 1.0 0.3 11.3 N/A N/A 22 Woolworths Toowong QLD 2,275 13.3 0.3 0.3 N/A N/A N/A 22 Stockland Vincentia Shopping Centre NSW 4,161 12.3 1.0 0.3 46.3 N/A N/A 23 Stockland Merrylands Court NSW 6,062 8.9 0.4 0.2 N/A N/A N/A 881,667 4,600.7 285.7 100.0

* Excludes adjacent land holdings ^ book value represents Stockland’s 50% ownership ^^ Asset sold 21/7/2011 n.b. Stockland Glenrose and Eagle Street Pier – Capital works in progress and sundry properties Stockland Property Portfolio June 2011 9 RETAIL COMMERCIAL PORTFOLIO

Stockland Rockhampton Stockland Wetherill Park Stockland Merrylands Stockland Rockhampton is a key regional city 700 kilometres north of Stockland Wetherill Park is a highly productive sub-regional shopping Located 25 kilometres west of the Sydney CBD this centre has Brisbane. Stockland Rockhampton has recently been redeveloped and centre located in the south-west of Sydney. The 12 hectare site boasts serviced the local community for 40 years. Currently undergoing a is anchored by two supermarkets, two discount department stores, a diverse offering including Big W and Target discount department major $400m redevelopment, the centre will offer 59,000sqm of GLA. a cinema complex, medical centre, gym, 10 mini majors and more stores, Woolworths and Franklins supermarkets, Hoyts Cinema and The redevelopment is continuing with Stage 3b construction, making than 160 specialty stores. These include Big W, Kmart, Coles and 140 specialty stores. ‘Big Guns 2010 Survey’, ranked the centre 7th way for a brand new Coles supermarket and the completion of a Woolworths. The centre is the largest shopping destination between in the category of Specialty MAT Store Sales per/sqm. A DA has been multi-deck car park, scheduled to open late 2011. The final stage Sunshine Coast and Cairns and provides Central Queensland with a lodged to expand the centre by 12,000sqm. of the project, Stage 4, will be opened in late 2012 and will include premier shopping experience. Woolworths, Big W, a fresh food precinct and over 100 specialty stores.

Location: Rockhampton, QLD Location: Western Sydney, NSW Location: Merrylands, NSW Acquisition date: Jun 2003 Acquisition date: Aug 1983 Acquisition date: Sep 1982 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $254.6 million Cost including additions: $112.4 million Cost including additions: $269.9 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Dec 2010 Date: Dec 2006 Valuation/($/m2): $340.0 million ($5,903/m2) Valuation/($/m2): $328.6 million ($6,000/m2) Valuation/($/m2): $151.0 million ($4,456/m2) Capitalisation rate: 6.75% Capitalisation rate: 7.00% Capitalisation rate: 6.50% Discount rate: 9.25% Discount rate: 9.00% Discount rate: 8.50% Car parking spaces: 3,015 Car parking spaces: 1,988 Car parking spaces: 2,000

Gross lettable area: 57,596m2 Gross lettable area: 54,768m2 Gross lettable area: 33,887m2 Annual sales: $339.4 million Annual sales: $266.5 million Annual sales: $152.6 million Specialty occupancy cost: N/A Specialty occupancy cost: 16.3% Specialty occupancy cost: N/A Weighted average lease expiry: 7.4 years Weighted average lease expiry: 8.8 years Weighted average lease expiry: 8.0 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Big W 8,211 Nov 2028 Big W 8,097 Jun 2025 Kmart 7,159 Nov 2017 Kmart 5,999 Aug 2024 Target 7,020 Jul 2018 Target 6,088 Nov 2028 Woolworths 4,223 Aug 2015 Hoyts 4,613 Nov 2023 Coles 3,634 Oct 2019

For personal use only use personal For Coles 3,642 Aug 2024 Woolworths 4,346 Jun 2021 Franklins 1,802 Jan 2014 Birch and Carrol & Coyle Cinemas 3,392 Dec 2013 Franklins 3,273 Nov 2016

Lease expiry profile %

2 4 8 10 15 61 9 7 11 3 70 2 4 3 2 89

Vacant FY

10 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland Shellharbour Stockland Green Hills Stockland Glendale Stockland Shellharbour is a sub-regional centre located on the south This strong performing centre houses a Woolworths and Coles Stockland Glendale was the first of the true super centre concepts coast of NSW. With a brand new Coles, Kmart, Target, Harris Scarfe supermarket, Big W department store, food court and 90 specialty combining retail, leisure and entertainment on a 19.6 hectare site. and 120 specialty shops, the centre has a strong presence in its trade shops. It is the largest shopping centre in its trade area and is ranked The retail mix includes Target, Kmart, Greater Union Cinemas, Coles, area. A $330 million redevelopment and expansion of the existing number two in Specialty MAT/sqm in the Shopping Centre News ‘Little Woolworths, Harris Farm Market, JB Hi-Fi, Trade Secret and ALDI. centre has commenced that will take the shopping centre to over Guns’ (2010) and number one in Australia for MAT/sqm. Due to the 75,000sqm GLA. The redevelopment will introduce a Myer, Woolworths centre’s successful performance, a DA is with Maitland City Council to a town square and restaurant precinct and 100 more specialty stores expand the centre to a full major regional centre with the addition of to the centre. Myer, Target and 130 new specialty stores.

Location: Shellharbour, NSW Location: East Maitland, NSW Location: Newcastle, NSW Acquisition date: Jun 2003 Acquisition date: Dec 2000 Acquisition date: Mar 1996 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $158.9 million Cost including additions: $122.5 million Cost including additions: $86.9 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009 Date: Jun 2011 Date: Jun 2011 Valuation/($/m2): $265.0 million ($6,841/m2) Valuation/($/m2): $259.0 million ($7,803/m2) Valuation/($/m2): $247.0 million ($4,490/m2) Capitalisation rate: 7.00% Capitalisation rate: 7.00% Capitalisation rate: 6.75% Discount rate: 9.25% Discount rate: 9.25% Discount rate: 9.25% Car parking spaces: 2,060 Car parking spaces: 1,604 Car parking spaces: 2,338

Gross lettable area: 38,735m2 Gross lettable area: 33,191m2 Gross lettable area: 55,014m2 Annual sales: $229.1 million Annual sales: $322.1 million Annual sales: $325.7 million Specialty occupancy cost: 14.0% Specialty occupancy cost: 13.0% Specialty occupancy cost: 13.0% Weighted average lease expiry: 3.0 years Weighted average lease expiry: 6.8 years Weighted average lease expiry: 5.2 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Kmart 7,460 Nov 2017 Big W 8,024 Sep 2022 Target 8,522 Jul 2016 Target 7,170 Jul 2015 Woolworths 4,871 Sep 2022 Kmart 6,425 Nov 2020 Coles 3,847 Nov 2012 Coles 3,702 Sep 2017 Coles 5,109 Mar 2016

For personal use only use personal For Harris Scarfe 2,753 Apr 2012 Dan Murphy 1,203 Sep 2022 Woolworths 4,952 Mar 2016 Greater Union 5,324 Dec 2016

Lease expiry profile %

2 19 24 10 4 41 12 12 7 4 65 9 4 4 2 81

Stockland Property Portfolio June 2011 11 RETAIL COMMERCIAL PORTFOLIO

Stockland Cairns Stockland Townsville Stockland Point Cook Located on the main southern arterial road accessing Cairns, Located in the centre of Townsville, the centre is host to over 100 Stockland Point Cook is a newly developed two level, sub regional the centre occupies an 11.13 hectare site and has two discount specialty stores plus major retailers such as Big W, Woolworths, Best shopping centre located in the Wydnham region, 23 kilometres department stores, two supermarkets and 125 speciality stores. & Less, and Rebel Sport. A redevelopment has commenced which south-west of the Melbourne CBD. The 42,642sqm centre is anchored A successful sub-regional centre, it now features a brand new Coles will deliver the first Myer in Townsville along with a new 4,500sqm by Target, Harris Scarfe, Coles, ALDI, Dan Murphy, nine mini-majors, concept supermarket and an upgraded council library. JB Hi-Fi was Woolworths and an additional 60 specialty stores. Due for completion 115 speciality stores and 6,000sqm of commercial office space. a new addition to the centre in 2010. in FY13, the centre will comprise 46,000sqm of GLA. The Townsville The centre is located in one of Melbourne’s fastest growing population redevelopment has recently achieved a 4 star Green Star Retail Centre corridors and has further expansion and remixing potential. Design v1 from the Green Building Council of Australia and is registered for a 4 star Green Star Retail Centre As Built rating.

Location: Cairns, QLD Location: Townsville, QLD Location: Point Cook, VIC Acquisition date: Jun 1992 Acquisition date: Jun 1987 Acquisition date: Jun 2011 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100% Freehold Cost including additions: $166.5 million Cost including additions: $103.3 million Cost including additions: $186.3 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Jun 2010 Date: N/A Valuation/($/m2): $204.0 million ($4,119/m2) Valuation/($/m2): $200.0 million ($7,446/m2) Valuation/($/m2): N/A Capitalisation rate: 7.00% Capitalisation rate: 7.75% Capitalisation rate: N/A Discount rate: 9.50% Discount rate: 9.50% Discount rate: N/A Car parking spaces: 2,382 Car parking spaces: 1,200 Car parking spaces: 1,534

Gross lettable area: 49,529m2 Gross lettable area: 26,860m2 Gross lettable area: 42,642m2 Annual sales: $274.4 million Annual sales: $156.7 million Annual sales: N/A Specialty occupancy cost: 11.5% Specialty occupancy cost: N/A Specialty occupancy cost: N/A Weighted average lease expiry: 6.8 years Weighted average lease expiry: 2.7 years Weighted average lease expiry: 8.2 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Big W 8,259 Jun 2024 Big W 6,987 Apr 2015 Target 6,500 Aug 2028 Target 7,079 Jul 2015 Woolworths 3,887 Feb 2015 Coles 4,000 Aug 2028 Woolworths 4,254 Jun 2016 Harris Scarfe 2,587 Nov 2019

For personal use only use personal For Coles 3,698 Mar 2029 ALDI 1,300 Aug 2018 Birch Carrol and Coyle Cinemas 3,184 Nov 2021

Lease expiry profile %

1 5 6 6 7 75 13 19 12 2 43 11 2 2 2 12 8 74

Vacant FY

12 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland Bay Village Stockland Burleigh Heads Stockland The Pines Stockland Bay Village is located on the NSW central coast and has Stockland Burleigh Heads is a fully enclosed, single level, sub-regional The Pines is well located in one of Melbourne’s strong socio-economic a convenience based offering. Tenants include three supermarkets, shopping centre located on the Gold Coast, 80 kilometres south of trade areas. The retail mix includes Coles, ALDI, Woolworths, a Target a Kmart department store and a full range of banks and services. Brisbane. Situated near the intersection of two arterial roads, the centre discount department store, over 100 specialty stores, a full suite of is anchored by Big W, Woolworths, and Drakes Supa IGA. The centre banks, services and cafes. also houses Best & Less, The Reject Shop, Dick Smith, 116 specialty stores and a 450-seat food court.

Location: Bateau Bay, NSW Location: Burleigh Heads, QLD Location: Doncaster East, VIC Acquisition date: Oct 2000 Acquisition date: Aug 2003 Acquisition date: Nov 2004 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $113.0 million Cost including additions: $116.6 million Cost including additions: $128.1 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Jun 2010 Date: Jun 2010 Valuation/($/m2): $162.0 million ($5,542/m2) Valuation/($/m2): $137.0 million ($5,109/m2) Valuation/($/m2): $136.5 million ($5,575/m2) Capitalisation rate: 8.00% Capitalisation rate: 7.75% Capitalisation rate: 7.50% Discount rate: 9.75% Discount rate: 9.50% Discount rate: 9.50% Car parking spaces: 1,269 Car parking spaces: 1,455 Car parking spaces: 1,400

Gross lettable area: 29,232m2 Gross lettable area: 26,814m2 Gross lettable area: 24,485m2 Annual sales: $202.6 million Annual sales: $175.1 million Annual sales: $166.6 million Specialty occupancy cost: 13.8% Specialty occupancy cost: 14.5% Specialty occupancy cost: 17.7% Weighted average lease expiry: 6.8 years Weighted average lease expiry: 7.5 years Weighted average lease expiry: 6.1 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Kmart 7,587 Aug 2019 Big W 6,673 Mar 2025 Target 6,829 Jul 2012 Coles 5,135 Aug 2019 Woolworths 4,356 Apr 2026 Woolworths 3,830 Jul 2024 Woolworths 3,600 Apr 2025 IGA 2,454 Dec 2013 Coles 3,197 Oct 2024

For personal use only use personal For ALDI 1,226 Sep 2015 ALDI 1,374 Oct 2019

Lease expiry profile %

1 9 4 3 7 76 2 8 6 19 6 59 1 4 34 3 6 52

Stockland Property Portfolio June 2011 13 RETAIL COMMERCIAL PORTFOLIO

Stockland Forster Stockland Jesmond Stockland Balgowlah Stockland Forster is located on the mid north coast of NSW and Located in the suburb of Jesmond, Newcastle, the centre is Located in the northern suburbs of Sydney, the centre occupies consists of a Coles, ALDI, Kmart, Target Country and a recently constructed on 4.65 hectares and anchored by a recently upgraded 13,000sqm of ‘The Village’, a mixed-use development with 240 acquired Woolworths. The centre has over 75 specialty stores including Woolworths and Big W as well as 75 specialty stores. The centre is residential apartments. Construction of this centre was completed an outdoor take-away food/café precinct, children’s play area and fully supported by extensive car parking, a new parents room and public in June 2009 and delivered a convenient and unique boutique style equipped parents room. The adjoining retail park houses large format transport facilities. centre with a new Coles concept supermarket, Platinum Fitness First retail boxes including a flagship Bunnings Warehouse. and 60 specialty stores including a quality fresh food market, a fashion precinct and 690 retail car spaces. The second level is an open air plaza offering a restaurant and service precinct.

Location: Forster, NSW Location: Newcastle, NSW Location: Balgowlah, NSW Acquisition date: Jul 2003/May 2010 Acquisition date: Feb 1984 Acquisition date: Jun 2009/Nov 2009 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $113.4 million Cost including additions: $43.8 million Cost including additions: $135.4 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Dec 2010 Date: Jun 2010 Valuation/($/m2): $129.0 million ($3,358/m2) Valuation/($/m2): $118.5 million ($5,640/m2) Valuation/($/m2): $113.0 million ($8,790/m2) Capitalisation rate: 7.50% Capitalisation rate: 7.75% Capitalisation rate: 7.00% Discount rate: 9.50% Discount rate: 9.50% Discount rate: 8.75% Car parking spaces: 1,435 Car parking spaces: 948 Car parking spaces: 690

Gross lettable area: 38,415m2 Gross lettable area: 21,012m2 Gross lettable area: 12,856m2 Annual sales: $209.0 million Annual sales: $153.6 million Annual sales: $132.2 million Specialty occupancy cost: 12.1% Specialty occupancy cost: 13.4% Specialty occupancy cost: 16.1% Weighted average lease expiry: 3.6 years Weighted average lease expiry: 9.3 years Weighted average lease expiry: 10.3 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Kmart 5,838 Jan 2015 Big W 7,944 Jun 2029 Coles 4,464 Jun 2029 Coles 4,083 Jan 2015 Woolworths 3,053 Nov 2019 Woolworths 3,800 Nov 2020

For personal use only use personal For Target 1,500 Nov 2016 Bunnings 8,008 Mar 2014

Lease expiry profile %

3 10 9 25 28 25 1 12 6 4 5 72 1 9 11 79

Vacant FY

14 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland Wendouree Stockland Baulkham Hills Stockland Caloundra/Stockland South Located in the historic city of Ballarat, 110 kilometres west of Baulkham Hills is located in the Hills district, 30 kilometres northwest of Caloundra is located within the southern part of the Sunshine Coast in Melbourne, this sub-regional shopping centre accommodates 78 the Sydney CBD, close to the M2 Motorway. Anchored by Woolworths, a population growth corridor. The centre includes a Coles supermarket, speciality stores, a new fresh food precinct, Kmart, Coles and Safeway. Coles, ALDI and Harris Farm, the centre also offers 69 specialty stores Kmart discount department store and 48 specialty stores. The centre The centre also includes a fully equipped parents room as well as the and services, 842 car parking spaces, an outdoor children’s play area, is in close proximity to the Caloundra town centre. There is over one regional library. Additional land surrounding Wendouree allows for community room and a fully equipped parent’s room. hectare of land adjacent for future expansion. Opposite Stockland future development and expansion with masterplanning well underway. Caloundra is Stockland South, completed in 2008 this neighbourhood shopping centre is anchored by a Woolworths supermarket and five specialty shops.

Location: Wendouree, VIC Location: Baulkham Hills, NSW Location: Caloundra, QLD Acquisition date: Jun 2003 Acquisition date: Sep 1982 Acquisition date: Jun 2003/Dec 2009 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $65.5 million Cost including additions: $85.3 million Cost including additions: $70.1 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2011 Date: Dec 2010 Date: Dec 2010 Valuation/($/m2): $110.0 million ($4,346/m2) Valuation/($/m2): $106.0 million ($5,979/m2) Valuation/($/m2): $98.8 million ($4,823/m2*) Capitalisation rate: 7.50% Capitalisation rate: 7.50% Capitalisation rate: 7.50% Discount rate: 9.75% Discount rate: 9.50% Discount rate: 9.41% Car parking spaces: 1,212 Car parking spaces: 842 Car parking spaces: 1,141

Gross lettable area: 25,311m2 Gross lettable area: 17,730m2 Gross lettable area: 20,486m2 Annual sales: $161.4 million Annual sales: $132.2 million Annual sales: $168.1 million Specialty occupancy cost: 13.8% Specialty occupancy cost: 16.5% Specialty occupancy cost: 11.2% Weighted average lease expiry: 4.2 years Weighted average lease expiry: 7.9 years Weighted average lease expiry: 6.6 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Kmart 7,831 May 2013 Woolworths 3,855 Jul 2027 Kmart 7,075 Mar 2012 Safeway 3,463 Nov 2020 Coles 3,034 Jun 2027 Woolworths 4,288 Dec 2029 Coles 3,252 Aug 2022 ALDI 1,429 Dec 2011 Coles 3,957 Jul 2020

For personal use only use personal For Harris Farm 1,049 Oct 2017

Lease expiry profile %

11 44 7 6 32 1 16 10 8 11 54 39 5 2 4 50 * Includes Caloundra Woolworths

Stockland Property Portfolio June 2011 15 RETAIL COMMERCIAL PORTFOLIO

Stockland Gladstone Stockland Nowra Stockland Cleveland Situated on the Dawson Highway, Stockland Gladstone is the only Stockland Nowra is a sub-regional centre conveniently located on the Located 25 kilometres south-east of the Brisbane CBD, Stockland major shopping centre in Gladstone, a thriving regional location Princes Highway, a major arterial road, 160 kilometres south of Sydney. Cleveland is a successful example of an integrated town centre 500 kilometres north of Brisbane. The property comprises two adjacent The centre is anchored by Kmart, a Woolworths supermarket and 50 development. The centre comprises two separate malls, anchored by centres, linked by a pedestrian and vehicular underpass. The shopping specialty stores. The centre has six hectares of zoned land adjacent to Coles and Woolworths supermarkets and over 60 specialty stores. centre includes Coles, Woolworths, Kmart, Big W, Target Country the site with DA approval for an additional 30,000sqm in GLA. and 47 specialty stores. There is 3.5 hectares of land adjacent for future expansion. The rezoning process is advanced and the DA documentation is progressing.

Location: Gladstone, QLD Location: Nowra, NSW Location: Cleveland, QLD Acquisition date: Oct 2000 Acquisition date: Jun 2003 Acquisition date: Oct 2002 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $62.8 million Cost including additions: $64.0 million Cost including additions: $71.3 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2011 Date: Jun 2011 Date: Jun 2011 Valuation/($/m2): $99.0 million ($3,623/m2) Valuation/($/m2): $85.0 million ($5,239/m2) Valuation/($/m2): $80.0 million ($5,064/m2) Capitalisation rate: 7.50% Capitalisation rate: 7.75% Capitalisation rate: 7.50% Discount rate: 9.50% Discount rate: 9.50% Discount rate: 9.50% Car parking spaces: 1,418 Car parking spaces: 819 Car parking spaces: 780

Gross lettable area: 27,326m2 Gross lettable area: 16,226m2 Gross lettable area: 15,798m2 Annual sales: $175.9 million Annual sales: $139.7 million Annual sales: $131.5 million Specialty occupancy cost: 11.4% Specialty occupancy cost: 11.4% Specialty occupancy cost: 12.8% Weighted average lease expiry: 2.7 years Weighted average lease expiry: 4.5 years Weighted average lease expiry: 3.8 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Big W 6,828 Aug 2016 Kmart 7,190 Nov 2013 Woolworths 4,031 Aug 2014 Kmart 6,687 Sep 2011 Woolworths 4,230 Nov 2020 Coles 3,536 Oct 2017 Woolworths 3,264 Aug 2016

For personal use only use personal For Coles 2,995 Sep 2011 Target 1,481 Sep 2011

Lease expiry profile %

45 3 3 5 44 5 1 49 9 36 1 9 6 11 35 38

Vacant FY

16 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland Bull Creek Stockland Traralgon Stockland Bathurst Stockland Bull Creek is a single level sub-regional centre located Stockland Traralgon is located in the region of the Latrobe Valley in Stockland Bathurst includes the only two discount department stores 15 kilometres south of the Perth CBD. The centre is anchored by Victoria, 160 kilometres east of Melbourne. The retail offer includes a in the region, Big W and Target, a Woolworths supermarket and 45 a Woolworths supermarket, Target discount department store and Coles supermarket, Kmart discount department store and 48 specialty specialty stores. The centre also provides convenient undercover 48 specialty stores. The centre is positioned as a convenience and stores with extensive undercover parking. parking for 525 cars. value destination in its trade area.

Location: Bull Creek, WA Location: Traralgon, VIC Location: Bathurst, NSW Acquisition date: Jun 2003 Acquisition date: Jun 2003 Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $55.6 million Cost including additions: $48.2 million Cost including additions: $56.3 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009 Date: Dec 2010 Date: Dec 2009 Valuation/($/m2): $76.0 million ($4,546/m2) Valuation/($/m2): $76.5 million ($3,936/m2) Valuation/($/m2): $73.8 million ($3,827/m2) Capitalisation rate: 7.75% Capitalisation rate: 7.75% Capitalisation rate: 8.00% Discount rate: 9.50% Discount rate: 9.50% Discount rate: 9.50% Car parking spaces: 920 Car parking spaces: 756 Car parking spaces: 525

Gross lettable area: 16,717m2 Gross lettable area: 19,435m2 Gross lettable area: 19,283m2 Annual sales: $111.2 million Annual sales: $119.2 million Annual sales: $116.3 million Specialty occupancy cost: 14.5% Specialty occupancy cost: 12.6% Specialty occupancy cost: 11.9% Weighted average lease expiry: 4.9 years Weighted average lease expiry: 1.8 years Weighted average lease expiry: 4.8 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Target 8,131 Jul 2018 Kmart 8,107 Nov 2012 Big W 6,150 Mar 2015 Woolworths 3,426 Nov 2013 Coles 4,737 Nov 2012 Target 5,973 Nov 2019

Woolworths 2,940 Nov 2014 For personal use only use personal For

Lease expiry profile %

4 8 24 2 62 10 73 2 2 13 4 5 2 53 36

Stockland Property Portfolio June 2011 17 RETAIL COMMERCIAL PORTFOLIO

Stockland Hervey Bay Stockland Corrimal Stockland Piccadilly Stockland Hervey Bay is a single level sub-regional shopping centre Located seven kilometres north of Wollongong, Stockland Corrimal Stockland Piccadilly is a two level shopping centre located in Sydney’s located on the Fraser Coast, 300 kilometres north of Brisbane. The is a neighbourhood centre anchored by a Dan Murphy’s and a strong premier CBD retail precinct, 150 metres from Pitt Street mall and recently acquired centre is anchored by Target, IGA, and 39 specialty Woolworths supermarket which will soon undergo an upgrade. opposite the Hilton International Hotel. The centre benefits from stores. The centre is located on a 12 hectare site and has development Constructed over a single level on a 2.3 hectare site, 42 specialty main entrances off both Pitt and Castlereagh Streets and adjoining approval to be expanded by 20,000sqm. The redeveloped centre stores trade from this shopping centre. The centre services the thoroughfare to David Jones. The food court has recently undergone a is expected to be the largest centre between Rockhampton and convenience shopping requirements for the local trade area. refurbishment and a retailer remix to include national retailers Nando’s Maroochydore. and Hokka Hokka. The centre is also home to award winning The Palace Chinese Restaurant.

Location: Hervey Bay, QLD Location: Corrimal, NSW Location: Sydney CBD, NSW Acquisition date: Apr 2011 Acquisition date: Jun 2003 Acquisition date: Oct 2000 Ownership/title: 100% Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Leasehold Cost including additions: $70.2 million Cost including additions: $40.2 million Cost including additions: $35.9 million

Last independent valuation Last independent valuation Last independent valuation Date: N/A Date: Jun 2011 Date: Dec 2010 Valuation/($/m2): N/A Valuation/($/m2): $58.0 million ($5,976/m2) Valuation/($/m2): $53.0 million ($10,070/m2) Capitalisation rate: N/A Capitalisation rate: 8.00% Capitalisation rate: 7.25% Discount rate: N/A Discount rate: 9.50% Discount rate: 9.50% Car parking spaces: 992 Car parking spaces: 524 Car parking spaces: N/A

Gross lettable area: 15,569m2 Gross lettable area: 9,706m2 Gross lettable area: 5,263m2 Annual sales: $84.3 million Annual sales: $100.9 million Annual sales: $24.4 million Specialty occupancy cost: 9.8% Specialty occupancy cost: 13.8% Specialty occupancy cost: 20.4% Weighted average lease expiry: 3.4 years Weighted average lease expiry: 11.1 years Weighted average lease expiry: 4.3 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Target 5,592 Jul 2015 Woolworths 5,974 Jan 2027 N/A

Supa IGA 2,349 Mar 2020 For personal use only use personal For

Lease expiry profile %

2 32 3 4 5 54 1 11 6 6 76 6 15 14 8 57

Vacant FY

18 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland Wallsend Stockland Tooronga Stockland Riverton Stockland Wallsend is located 10 kilometres north-west of the Stockland Tooronga is 12 kilometres south east of the Melbourne CBD. Stockland Riverton occupies a 6.3 hectare site on a major arterial road Newcastle CBD. The centre has a GLA of over 11,000sqm and The centre provides a Coles concept supermarket, 1st Choice Liquor in Riverton, 11 kilometres south east of Perth’s CBD. A substantial provides the Wallsend community with both Coles and ALDI and 22 new specialty stores over two retail levels. The first level is tenant remix and refurbishment was completed in December 2009. supermarkets, over 40 specialty stores and an extensive range fully enclosed with a fresh food market and premium specialty stores. The centre houses a Woolworths supermarket, Big W discount of services including RTA, Medicare, Australia Post and banks. The second level will be an open-air piazza providing a restaurant and department store, three mini-majors, over 60 specialty stores and ALDI has recently committed another 10 years to the centre. lifestyle offer including a spa and bistro. five pad sites, including an alfresco dining area and fully equipped parent’s room.

Location: Wallsend, NSW Location: Tooronga, VIC Location: Riverton, WA Acquisition date: Sep 2007 Acquisition date: Aug 2010 Acquisition date: Aug 2006 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 50%/Freehold Cost including additions: $62.7 million Cost including additions: $44.9 million Cost including additions: $52.9 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Dec 2010 Date: Jun 2010 Valuation/($/m2): $51.0 million ($4,394/m2) Valuation/($/m2): $47.8 million ($5,234/m2) Valuation/($/m2): $47.0 million ($4,744/m2*) Capitalisation rate: 8.25% Capitalisation rate: 7.25% Capitalisation rate: 7.50% Discount rate: 9.75% Discount rate: 9.50% Discount rate: 9.50% Car parking spaces: 585 Car parking spaces: 488 Car parking spaces: 1,200

Gross lettable area: 11,607m2 Gross lettable area: 9,132m2 Gross lettable area: 19,813m2 Annual sales: $78.6 million Annual sales: N/A Annual sales: $130.2 million Specialty occupancy cost: 10.5% Specialty occupancy cost: N/A Specialty occupancy cost: N/A Weighted average lease expiry: 3.1 years Weighted average lease expiry: 9.5 years Weighted average lease expiry: 4.7 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Coles 4,185 Oct 2012 Coles 4,139 Aug 2025 Big W 7,294 Sep 2016

ALDI 1,292 Jun 2020 Woolworths 3,963 Sep 2016 For personal use only use personal For

Lease expiry profile %

2 7 43 16 10 22 17 83 1 2 2 15 80 * 100% interest

Stockland Property Portfolio June 2011 19 RETAIL COMMERCIAL PORTFOLIO

Stockland Baldivis Shellharbour Retail Park Stockland Cammeray Stockland Baldivis is located eight kilometres from Rockingham City in Shellharbour Retail Park is located in close proximity to Stockland Stockland Cammeray is a 4,700sqm centre, located in the northern one of Western Australia’s fastest growing communities and adjacent Shellharbour on New Lake Entrance Road. This successful retail suburbs of Sydney, seven kilometres from the CBD. The centre is to Stockland’s residential community, Settlers Hills. The greenfield park development is anchored by Woolworths, Dan Murphy’s and anchored by Harris Farm and provides a unique combination of development created a GLA of 8,814sqm, which includes a full line a Bunnings Warehouse. boutique specialty retailers. There is a focus on fresh food including Coles supermarket, McDonalds, 21 specialty stores and a convenient restaurants and iconic Sydney fine food retailers, such as Simmone carpark consisting of 382 car spaces. There is potential for future Logue and Hudson Meats. The centre also includes a childcare expansion on the adjacent six hectares of land. centre and 850sqm of commercial suites.

Location: Baldivis, WA Location: Shellharbour, NSW Location: Cammeray, NSW Acquisition date: Aug 2006 Acquisition date: Jun 2003 Acquisition date: Dec 2008 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Stratum Cost including additions: $31.2 million Cost including additions: $35.1 million Cost including additions: $55.1 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2011 Date: Dec 2009 Date: Dec 2010 Valuation/($/m2): $45.4 million ($6,584/m2) Valuation/($/m2): $43.5 million ($1,964/m2) Valuation/($/m2): $29.8 million ($6,318/m2) Capitalisation rate: 7.50% Capitalisation rate: 8.25% Capitalisation rate: 7.50% Discount rate: 9.75% Discount rate: 9.75% Discount rate: 9.50% Car parking spaces: 382 Car parking spaces: 741 Car parking spaces: 80

Gross lettable area: 6,895m2 Gross lettable area: 22,145m2 Gross lettable area: 4,717m2 Annual sales: $66.3 million Annual sales: $126.9 million Annual sales: $24.6 million Specialty occupancy cost: 10.4% Specialty occupancy cost: N/A Specialty occupancy cost: 14.6% Weighted average lease expiry: 9.4 years Weighted average lease expiry: 3.6 years Weighted average lease expiry: 5.6 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Coles 3,205 May 2027 Bunnings 7,762 Feb 2013 Harris Farm 746 Oct 2023 Woolworths 4,370 Nov 2018

Dan Murphy’s 1,500 Sep 2015 For personal use only use personal For

Lease expiry profile %

1 9 23 4 63 3 37 7 12 41 34 2 2 62

Vacant FY

20 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland North Shore Jimboomba Village Shopping Centre Stockland Burleigh Central A convenient neighbourhood centre located within the Stockland Jimboomba Village Shopping Centre is located 50 kilometres south Stockland Burleigh Central is a strategic land holding for Stockland North Shore residential community in the suburb of Burdell QLD. of Brisbane and was acquired in 2007. Stockland own a 50 percent Burleigh Heads. The seven large format stores at Stockland Burleigh The centre opened in March 2011 and is host to 13 specialty stores interest together with management and development rights and Central include tenants such as Rip Curl and Spotlight. and a new generation Woolworths supermarket. The centre also associated land parcels. The centre has a GLA of over 10,000sqm features 250 undercover car spaces. There is also potential to and includes a Woolworths supermarket and Woolworths Plus Petrol, develop an additional 45,000sqm of retail space. and 40 specialty stores. A DA has been approved on the adjacent land to create a brand new 22,000sqm sub-regional shopping centre with further expansion potential.

Location: North Shore, QLD Location: Jimboomba, QLD Location: Burleigh Heads, QLD Acquisition date: Mar 2011 Acquisition date: Jan 2007 Acquisition date: Aug 2003 Ownership/title: 100%/Freehold Ownership/title: 50%/Freehold Ownership/title: 100%/Freehold Cost including additions: $17.6 million Cost including additions: $25.2 million Cost including additions: $15.2 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2011 Date: Jun 2011 Date: Jun 2010 Valuation/($/m2): $19.0 million ($3,289/m2) Valuation/($/m2): $15.9 million ($3,164/m2*) Valuation/($/m2): $15.0 million ($1,895/m2) Capitalisation rate: 7.50% Capitalisation rate: 8.75% Capitalisation rate: 8.75% Discount rate: 9.25% Discount rate: 10.00% Discount rate: 10.00% Car parking spaces: 250 Car parking spaces: 470 Car parking spaces: 242

Gross lettable area: 5,777m2 Gross lettable area: 10,049m2 Gross lettable area: 7,914m2 Annual sales: N/A Annual sales: $42.1 million Annual sales: $4.0 million Specialty occupancy cost: N/A Specialty occupancy cost: 9.1% Specialty occupancy cost: N/A Weighted average lease expiry: 8.1 years Weighted average lease expiry: 5.2 years Weighted average lease expiry: 3.9 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Woolworths 3,609 Mar 2021 Woolworths 3,716 Dec 2017 Spotlight 2,700 Jan 2013 Sam’s Warehouse 2,173 Apr 2017

Rip Curl 1,304 Nov 2013 For personal use only use personal For

Lease expiry profile %

1 99 4 6 14 7 3 66 34 16 14 36 * 100% interest

Stockland Property Portfolio June 2011 21 RETAIL COMMERCIAL PORTFOLIO

Adelaide St Plaza, Fremantle Woolworths Toowong Stockland Vincentia Shopping Centre Adelaide St Plaza is located in Fremantle, south of Perth. The centre Woolworths Toowong is a freestanding supermarket located Stockland Vincentia Shopping Centre is a single level, open air was recently developed and is anchored by a Woolworths supermarket. immediately opposite Toowong Village Shopping Centre. This property neighbourhood shopping centre of 4,161sqm GLA. The property is In addition to the supermarket, there are eight specialty stores, is held as part of the Toowong development site which offers medium- situated in Vincentia, a developing residential and tourist township 1,100sqm of upper floor office and basement parking for 122 vehicles. term mixed-use development potential. on the south coast of NSW. The centre is anchored by a strong performing BI-LO and 23 specialty stores.

Location: Fremantle, WA Location: Toowong, QLD Location: Vincentia, NSW Acquisition date: Dec 2009 Acquisition date: Oct 2000 Acquisition date: Jan 2007 Ownership/title: 100%/Leasehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $18.0 million Cost including additions: $4.9 million Cost including additions: $15.2 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2010 Date: Dec 2010 Date: Jun 2011 Valuation/($/m2): $13.3 million ($2,919/m2) Valuation/($/m2): $13.2 million ($5,802/m2) Valuation/($/m2): $12.3 million ($2,956/m2) Capitalisation rate: 8.75% Capitalisation rate: N/A Capitalisation rate: 9.00% Discount rate: 9.75% Discount rate: N/A Discount rate: 9.75% Car parking spaces: 122 Car parking spaces: 1,276 Car parking spaces: 198

Gross lettable area: 4,557m2 Gross lettable area: 2,275m2 Gross lettable area: 4,161m2 Annual sales: $11.3 million Annual sales: N/A Annual sales: $46.3 million Specialty occupancy cost: N/A Specialty occupancy cost: N/A Specialty occupancy cost: N/A Weighted average lease expiry: 11.6 years Weighted average lease expiry: 0.1 years Weighted average lease expiry: 2.4 years

Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry

Woolworths 2,529 Jun 2028 Woolworths 2,275 Holding over BI-LO 1,973 Mar 2014 For personal use only use personal For

Lease expiry profile %

5 1 12 8 74 100 7 10 16 47 11 9

Vacant FY

22 12 13 14 15 16+ RETAIL COMMERCIAL PORTFOLIO

Stockland Merrylands Court Located within the Merrylands CBD, Merrylands Court is a strategic land holding anchored by Harris Farm and includes retailers such as Car Lovers, Contours, Red Rooster, Subway and Video Ezy. The property was acquired as it is located adjacent to Stockland Merrylands, which is currently undergoing a major redevelopment.

Location: Merrylands, NSW Acquisition date: Dec 2002 Ownership/title: 100%/Freehold Cost including additions: $17.6 million

Last independent valuation Date: Dec 2009 Valuation/($/m2): $9.0 million ($1,485/m2) Capitalisation rate: 9.00% Discount rate: 10.00% Car parking spaces: 131

Gross lettable area: 6,062m2 Annual sales: N/A Specialty occupancy cost: N/A Weighted average lease expiry: 1.5 years

Major tenants GLA (m2) Lease expiry

Harris Farm 1,214 Dec 2014 For personal use only use personal For

Lease expiry profile %

37 4 16 23 20

Stockland Property Portfolio June 2011 23 Office Commercial Portfolio

2 Victoria Ave, Perth An A-Grade, 4 level office building For personal use only use personal For awarded WA’s first 6-star Green Star rating by the Green Building Council of Australia, along with PCA’s Property of the Year Award for WA.

24 Office Commercial Portfolio

Office At 30 June 2011 the portfolio comprises 28 properties valued at $2.5 billion. Our focus is on maximising investment returns across the portfolio.

135 King Street, Sydney, NSW

Lease expiry profile %

4 13 11 13 13 46

Vacant FY

12 13 14 15 16+

Geographic split % For personal use only use personal For

58 7 12 20 3

NSW VIC QLD WA ACT

Stockland Property Portfolio June 2011 25 Office Commercial Portfolio

2 Victoria Ave, Perth An A-Grade, 4 level office building For personal use only use personal For awarded WA’s first 6-star Green Star rating by the Green Building Council of Australia, along with PCA’s Property of the Year Award for WA.

26 Office Commercial Portfolio

Office Portfolio as at 30 June 2011

Book value# AIFRS % of Office Passing Page Property Location NLA (m2) ($m) NOI ($m) Portfolio rent ($/m2) Net/Gross 28 Piccadilly Complex, 133-145 Castlereagh Street, Sydney^ NSW 39,507 301.2 17.8 11.9 559* Net 28 Waterfront Place, Eagle Street, Brisbane** QLD 58,964 218.2 14.6 8.6 691 Gross 28 Riverside Plaza, 452 Flinders Street, Melbourne VIC 38,349 182.0 12.5 7.2 358 Net 29 Colonial Centre, 52 Martin Place, Sydney** NSW 39,073 167.7 13.4 6.6 771 Gross 29 9 Castlereagh Street, Sydney NSW 21,461 162.6 9.2 6.4 787 Gross 29 Triniti Business Campus, North Ryde NSW 28,139 156.3 9.6 6.2 330 Net 30 Exchange Plaza, 2 The Esplanade, Perth** WA 34,312 150.0 10.1 5.9 673 Net 30 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth WA 25,138 142.8 9.5 5.6 580 Net – BankWest Tower, 108 St Georges Terrace, Perth**^^^ WA 39,300 130.0 10.9 5.1 N/A N/A 30 Optus Centre, Macquarie Park^^ NSW 84,194 117.8 8.8 4.6 275 Net 31 135 King Street, Sydney**^ NSW 27,067 97.2 5.8 3.8 736 Gross 31 601 Pacific Highway, St Leonards NSW 12,681 71.8 6.2 2.8 426 Net 31 60-66 Waterloo Road, Macquarie Park NSW 18,238 69.0 5.3 2.7 320 Net 32 78 Waterloo Road, Macquarie Park NSW 14,959 64.3 3.8 2.5 316 Net 32 45 St Georges Terrace, Perth WA 10,003 54.8 5.4 2.2 522 Net 32 175-181 Castlereagh Street, Sydney NSW 11,948 54.4 4.4 2.1 459 Gross 33 77 Pacific Highway, North Sydney NSW 9,379 52.7 3.9 2.1 488 Net 33 7 Macquarie Place, Sydney** NSW 13,940 52.6 3.1 2.1 618 Net 33 40 Cameron Avenue, Belconnen ACT 15,506 41.8 5.1 1.6 375 Gross 34 Macquarie Technology Centre, Macquarie Park NSW 15,096 38.1 2.7 1.5 236 Net 34 Garden Square, Mt Gravatt QLD 12,698 38.0 3.2 1.5 353 Gross 34 16 Giffnock Avenue, Macquarie Park NSW 11,780 33.0 2.0 1.3 259 Net 35 80-88 Jephson Street, 23 and 27-29 High Street, Toowong QLD 7,864 25.8 2.1 1.0 385 Gross – 150 Charlotte Street, Brisbane^^^ QLD 11,255 25.0 3.6 1.0 N/A N/A – Myuna Complex, Canberra^^^ ACT 24,366 24.0 0.8 1.0 N/A N/A 35 255-267 St Georges Terrace, Perth WA 4,109 23.9 2.3 0.9 454 Net 35 110 Walker Street, North Sydney NSW 4,532 23.4 1.7 0.9 453 Net 36 118-120 Pacific Highway, St Leonards NSW 5,130 20.0 1.7 0.9 463 Gross 638,988 2,538.4 179.5 100.0

# represents the full carrying value of the investment property. * represents passing rent for tower only. Net Court passing rent is $354/m2 ** book value represents Stockland’s 50% ownership interest. ^ book value and NLA, office component only. Retail component included in Retail Portfolio. ^^ book value represents Stockland’s 31% ownership interest.

^^^ Assets held for sale For personal use only use personal For

Stockland Property Portfolio June 2011 27 Office Commercial Portfolio

Piccadilly Complex Waterfront Place Riverside Plaza The Piccadilly Complex comprises the Tower, an A-grade 32 storey Waterfront Place is located on Eagle Street, overlooking the Brisbane Riverside Plaza is an A-grade asset completed in 1994. The building office building, and Piccadilly Court, a 14 storey B-grade office building. River from a prime commercial location providing panoramic river views comprises 16 office levels with large, efficient floor plates of up to In addition a retail mall is situated over two levels constructed between and Brisbane vistas from all commercial levels. The building offers 2,700sqm, the majority of which have uninterrupted views of the Yarra the two office buildings, and basement parking accommodates 232 36 levels of premium grade office space over floor plates averaging River and Southbank. Stockland’s Victorian office is based at Riverside vehicles. Stockland’s head office is located within the Tower, occupying 1,800sqm. The building is currently undergoing an extensive upgrade Plaza, together with Victoria Police, SKM and ANZ. The building has nine floors, including the recently refurbished level two which includes to the foyer, lifts and a rolling refurbishment on the office floors. recently undergone a rolling refurbishment and foyer upgrade. Stockland’s child care facility “The Treehouse”. The space achieved The Australian Future Fund recently acquired a 50 percent interest the first 6-star Green Star rating for a tenant fitout. in the building.

Location: 133-145 Castlereagh Street, Sydney, NSW Location: Eagle Street, Brisbane, QLD Location: 452 Flinders Street, Melbourne, VIC Acquisition date: Oct 2000 Acquisition date: Feb 2004 Acquisition date: Oct 2000 Ownership/title: 100%/Leasehold (Expiry 2091) Ownership/title: 50%/Freehold/Leasehold Ownership/title: 100%/Freehold Cost including additions: $220.3 million Cost including additions: $159.9 million Cost including additions: $138.6 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Jun 2010 Date: Jun 2011 Valuation/($/m2): $301.0 million ($7,619/m2) Valuation/($/m2): $219.0 million ($7,428/m2*) Valuation/($/m2): $182.0 million ($4,746/m2) Capitalisation rate: 7.25-8.25% Capitalisation rate: 7.50% Capitalisation rate: 7.50% Discount rate: 9.00-9.25% Discount rate: 9.25% Discount rate: 9.50% Car parking spaces: 232 Car parking spaces: 498 Car parking spaces: 294

Net lettable area: 39,507m2 Net lettable area: 58,964m2 Net lettable area: 38,349m2 Weighted average lease expiry: 3.4 years Weighted average lease expiry: 5.2 years Weighted average lease expiry: 4.9 years NABERS energy rating: 4.5/3.5* NABERS energy rating: 4.5 NABERS energy rating: 4.0 Green Star rating: 6 Star** (Stockland Office only) Green Star rating: N/A Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Stockland 10,627 Ernst & Young 7,979 Sinclair Knight Merz 10,436 Uniting Church 4,906 Minter Ellison 7,860 Primus Telecommunications Pty Ltd 5,467 Commonwealth of Aust (HREOC) 4,418 DLA Phillips Fox 4,147 Victoria Police 5,390

For personal use only use personal For GHD Services 4,357 Corrs Chambers Westgarth 3,733 SPI Electricity Pty Ltd 4,192

Lease expiry profile %

3 23 3 11 20 40 1 7 8 28 56 3 2 14 11 13 57 * piccadilly Tower and Piccadilly Court respectively * 100% interest ** Green Star Office Interiors V.1 – www.gbca.org.au Vacant FY

28 12 13 14 15 16+ Office Commercial Portfolio

Colonial Centre 9 Castlereagh Street Triniti Business Campus The Colonial Centre is an A-grade landmark building. Completed in Designed and constructed in 1989 by Australia’s leading architect, Triniti Business Campus is located within Riverside Corporate Park 1985, the building comprises 33 office floors including Channel 7’s Harry Seidler, 9 Castlereagh Street is a landmark Sydney building. close to the new North Ryde railway station providing sweeping news studio, a two level banking chamber with a 10 storey atrium and Located in the heart of Sydney’s CBD, the property has significant views of the Sydney CBD and districts. Buildings one and two were a retail arcade linked at basement level to Martin Place railway station. frontage to Castlereagh Street and offers 31 levels of A-grade office completed in 2008 and Building three in 2009. The campus houses The property is located within the financial core of the Sydney CBD and accommodation, a ground floor child care centre and an automated blue chip companies including Baulderstone, Goodman Fielder, CSR the high-rise floors have views across the Domain and Royal Botanic stacking system for the carpark. The building has recently undergone and Downer EDI Engineering. The adjacent site has vacant land with Gardens to Sydney Harbour. The property is a leasehold title, with a rolling refurbishment and upgrade to the foyer. an approved DA for future development. Triniti won the 2010 PCA 33 percent of the area leased to the State Government of NSW for Innovation and Excellence Award for Business/Industrial Parks. the full term of the ground lease until March 2110.

Location: 52 Martin Place, Sydney, NSW Location: Sydney, NSW Location: North Ryde, NSW Acquisition date: Jun 2003 Acquisition date: Mar 2008 Acquisition date: Jun 2001 Ownership/title: 50%/Leasehold (Expiry 2110) Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $177.1 million Cost including additions: $209.7 million Cost including additions: $150.9 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009 Date: Dec 2009 Date: Dec 2009 Valuation/($/m2): $167.5 million ($8,574/m2*) Valuation/($/m2): $157.0 million ($7,316/m2) Valuation/($/m2): $156.2 million ($5,551/m2) Capitalisation rate: 7.13% Capitalisation rate: 7.25% Capitalisation rate: 7.75% Discount rate: 9.00% Discount rate: 9.25% Discount rate: 9.25% Car parking spaces: 127 Car parking spaces: 74 Car parking spaces: 995

Net lettable area: 39,073m2 Net lettable area: 21,461m2 Net lettable area: 28,139m2 Weighted average lease expiry: 5.7 years Weighted average lease expiry: 2.7 years Weighted average lease expiry: 5.2 years NABERS energy rating: 4.5 NABERS energy rating: 3.0 NABERS energy rating: 5.0* Green Star rating: N/A Green Star rating: N/A Green Star rating: 5 Star**

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Colonial First State/CBA 16,911 PTW Architects 1,494 Goodman Fielder 8,521 State Government of NSW 12,870 Talent 2 1,340 Downer EDI Engineering 7,030 Middletons 3,315 Van Eyk Research 922 CSR 6,536

For personal use only use personal For Coverforce 788 Baulderstone Hornibrook 4,666

Lease expiry profile %

20 40 1 39 22 11 14 10 20 23 1 99 * 100% interest * building 1 and 2 only ** Green Star Office AsB uilt V.2 – www.gbca.org.au

Stockland Property Portfolio June 2011 29 Office Commercial Portfolio

Exchange Plaza Durack Centre Optus Centre Exchange Plaza is a landmark premium grade office tower located The Durack Centre comprises a 13 storey building with large 1,300sqm The Optus Centre is located approximately 12 kilometres north-west of in the financial core of the Perth CBD. Completed in 1992, the floor plates, two basement levels and on-grade parking for 100 cars. the Sydney CBD in Macquarie Park. The integrated campus comprises building has 31 office levels with extensive views over the Swan River, The building enjoys extensive views across the Swan River. A second six low-rise office buildings with an NLA of 84,194sqm and parking for parklands and the Supreme Court Gardens. The building is undergoing building at 2 Victoria Avenue was completed recently and is anchored 2,100 vehicles. The floor plates average 3,000sqm and the prime office rolling refurbishment and has recently undergone a lift refurbishment. by Shell. The A Grade, four level office building was awarded WA’s first park is the largest single tenant workplace in Australia. 6-Star Green Star rating by the Green Building Council of Australia, along with PCA’s Property of the Year Award for WA.

Location: 2 The Esplanade, Perth, WA Location: 263 Adelaide Terrace and 2 Victoria Ave, Perth, WA Location: Macquarie Park, NSW Acquisition date: Jun 2003 Acquisition date: Oct 2006 Acquisition date: Jul 2000 Ownership/title: 50%/Leasehold (Expiry 2122) Ownership/title: 100%/Leasehold Ownership/title: 31%*/Freehold Cost including additions: $71.5 million Cost including additions: $107.8 million Cost including additions: $105.7 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2011 Date: Dec 2010 Date: Jun 2011 Valuation/($/m2): $150.0 million ($8,743/m2*) Valuation/($/m2): $140.5 million ($5,589/m2) Valuation/($/m2): $117.8 million ($4,513/m2**) Capitalisation rate: 7.75% Capitalisation rate: 8.25-8.75% Capitalisation rate: 7.25% Discount rate: 9.25% Discount rate: 9.50-9.75% Discount rate: 9.00% Car parking spaces: 236 Car parking spaces: 169 Car parking spaces: 2,100

Net lettable area: 34,312m2 Net lettable area: 25,138m2 Net lettable area: 84,194m2 Weighted average lease expiry: 3.6 years Weighted average lease expiry: 6.0 years Weighted average lease expiry: 11.0 years NABERS energy rating: 4.5 NABERS energy rating: 4.0* NABERS energy rating: N/A Green Star rating: N/A Green Star rating: 6 Star** Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Blake Dawson Waldron 5,032 Sinclair Knight Merz 10,319 Optus 84,194 Australian Bureau of Statistics 4,840 Shell 5,718 Paterson Ord Minnett 2,073 Stockland Development 1,269

For personal use only use personal For ANZ 1,684

Lease expiry profile %

4 11 20 28 37 10 3 1 2 84 100 * 100% interest * 263 Adelaide Terrace only * sdot2 has 49% ownership ** Green Star OfficeD esign V.2 (2 Vic only) – www.gbca.org.au ** 100% interest Vacant FY

30 12 13 14 15 16+ Office Commercial Portfolio

135 King Street 601 Pacific Highway 60-66 Waterloo Road The property was completed in 1990 and comprises a prominent Completed in 1988, 601 Pacific Highway is a high profile A-grade 60-66 Waterloo Road is located in Sydney’s Macquarie Park, 12 24 level, A-grade office tower as well as the Glasshouse, a three level office tower located 200 metres east of St Leonards railway station. kilometres north-west of Sydney CBD. 60 Waterloo Road comprises a retail centre in the heart of Pitt Street Mall that includes 27 specialty The property comprises 13 office levels, ground floor showroom, two modern office, laboratory and warehouse building which has recently retail tenancies. The building is currently undergoing a mechanical retail tenancies and basement car parking. The upper office levels enjoy been renewed to Laverty Pathology. 66 Waterloo Road offers A-grade upgrade and rolling refurbishment. spectacular city and district views. The office tower is wholly occupied office accommodation and offers average floor plates of 1,700sqm. by IBM as its Australian head office.

Location: Sydney, NSW Location: St Leonards, NSW Location: Macquarie Park, NSW Acquisition date: Jun 2003 Acquisition date: Jun 2003 Acquisition date: Oct 2000 Ownership/title: 50%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $82.1 million Cost including additions: $65.1 million Cost including additions: $52.3 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Dec 2009 Date: Jun 2010 Valuation/($/m2): $96.5 million* ($7,130/m2**) Valuation/($/m2): $71.0 million ($5,599/m2) Valuation/($/m2): $69.8 million ($3,827/m2) Capitalisation rate: 7.20% Capitalisation rate: 8.50% Capitalisation rate: 8.25-8.50% Discount rate: 9.00% Discount rate: 9.00% Discount rate: 9.25% Car parking spaces: 55 Car parking spaces: 155 Car parking spaces: 492

Net lettable area: 27,067m2 Net lettable area: 12,681m2 Net lettable area: 18,238m2 Weighted average lease expiry: 4.3 years Weighted average lease expiry: 2.1 years Weighted average lease expiry: 2.6 years NABERS energy rating: 3.0 NABERS energy rating: 4.5 NABERS energy rating: 5.0* Green Star rating: N/A Green Star rating: N/A Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Macquarie Bank 4,757 IBM 11,826 Laverty Health 8,167 Brookfield Multiplex 4,028 Schering Plough 5,270 Russell Investments 3,655 Jansen Cilag Pty Ltd 3,743

For personal use only use personal For TressCox Maddox 3,653 Genrx Pty Limited 1,038

Lease expiry profile %

10 6 12 13 22 37 45 52 3 23 32 45 * Excludes Retail * 66 Waterloo only ** 100% interest

Stockland Property Portfolio June 2011 31 Office Commercial Portfolio

78 Waterloo Road 45 St Georges Terrace 175-181 Castlereagh Street Completed in June 2009, 78 Waterloo Road is an innovatively 45 St Georges Terrace is located between William and Barrack Streets The 17 level building has 13 levels of commercial office designed building featuring a central atrium servicing two efficient floor within the historic heart and traditional financial precinct of the Perth accommodation and four levels of basement parking. The property plates. The building is an eight level commercial building anchored CBD. The building comprises nine office levels, ground floor banking is located in the mid-town precinct of the Sydney CBD close to by Schneider and sits in the heart of the Macquarie Park precinct. accommodation and 36 basement level parking spaces. Stockland’s head office. The 5-Star Green Star V.2 rated property has dual frontage access to Waterloo Road and Byfield Street, and is diagonally opposite the Macquarie University and Macquarie Park railway station.

Location: Macquarie Park, NSW Location: Perth, WA Location: Sydney, NSW Acquisition date: Aug 2007 Acquisition date: Mar 2007 Acquisition date: Sep 1982 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $76.3 million Cost including additions: $61.3 million Cost including additions: $36.4 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Jun 2011 Date: Dec 2009 Valuation/($/m2): $63.5 million ($4,245/m2) Valuation/($/m2): $54.8 million ($5,478/m2) Valuation/($/m2): $53.0 million ($4,436/m2) Capitalisation rate: 7.50% Capitalisation rate: 8.75% Capitalisation rate: 8.75% Discount rate: 9.00% Discount rate: 10.25% Discount rate: 9.50% Car parking spaces: 269 Car parking spaces: 36 Car parking spaces: 168

Net lettable area: 14,959m2 Net lettable area: 10,003m2 Net lettable area: 11,948m2 Weighted average lease expiry: 7.9 years Weighted average lease expiry: 3.1 years Weighted average lease expiry: 2.1 years NABERS energy rating: N/A NABERS energy rating: N/A NABERS energy rating: 4.5 Green Star rating: 5 Star* Green Star rating: N/A Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Schneider 9,595 Worley Parsons 5,946 HMGM QEII (Crown Property) 4,632 Boehringer Ingelheim 4,219 Amnet 1,096 Department For Women 884 Savill Hotel Group 878

For personal use only use personal For ACP Publishing 878

Lease expiry profile %

2 3 95 5 8 3 60 2 22 15 58 1 9 17 * Green Star Office Design V.2 – www.gbca.org.au

Vacant FY

32 12 13 14 15 16+ Office Commercial Portfolio

77 Pacific Highway 7 Macquarie Place 40 Cameron Avenue The property has a high profile location in close proximity to North 7 Macquarie Place is an A-grade boutique commercial building located The Chandler Building occupies a prominent corner site in the Sydney railway station and offers expansive harbour and city views. 200 metres from Circular Quay. The building has 12 office levels with south-eastern precinct of the Belconnen Town Centre. Constructed The property was redeveloped in 2002 to A-grade standard, including two lift rises with all office floors overlooking Macquarie Place Park. in 1993, 40 Cameron Avenue is an A-grade office building comprising expansion of the NLA by 1,900sqm, new floor to ceiling glass facade The top five levels also have large attractive garden terraces with views four upper levels of office accommodation, basement car parking for and an impressive double-height entry foyer. over Sydney Cove to the Opera House. The lower levels have a retail 50 cars and on-grade parking for 166 cars. The building has floor component that includes three ground floor tenancies and a lower plates in excess of 3,500sqm and is wholly occupied by the ATO. ground tavern.

Location: North Sydney, NSW Location: Sydney, NSW Location: Belconnen, ACT Acquisition date: Jan 2000 Acquisition date: Jun 2003 Acquisition date: Feb 2007/Nov 2009 Ownership/title: 100%/Freehold Ownership/title: 50%/Freehold Ownership/title: 100%/Leasehold (Expiry 2096) Cost including additions: $54.9 million Cost including additions: $49.7 million Cost including additions: $61.5 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009 Date: Dec 2010 Date: Jun 2011 Valuation/($/m2): $53.0 million ($5,651/m2) Valuation/($/m2): $52.5 million ($7,732/m2*) Valuation/($/m2): $41.8 million ($2,696/m2) Capitalisation rate: 8.25% Capitalisation rate: 7.25% Capitalisation rate: 9.25% Discount rate: 9.50% Discount rate: 9.25% Discount rate: 11.00% Car parking spaces: 39 Car parking spaces: 23 Car parking spaces: 216

Net lettable area: 9,379m2 Net lettable area: 13,940m2 Net lettable area: 15,506m2 Weighted average lease expiry: 2.1 years Weighted average lease expiry: 2.8 years Weighted average lease expiry: 0.7 years NABERS energy rating: 4.0 NABERS energy rating: 4.0 NABERS energy rating: 2.0 Green Star rating: N/A Green Star rating: N/A Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Comops 1,266 Centric Services 2,846 ATO 15,506 SHL 900 Platinum Asset Management 1,982 Health Administration 855 Booz Allen & Hamilton 1,273

For personal use only use personal For West LB AG 1,273

Lease expiry profile %

4 12 25 36 23 7 4 29 14 24 22 100 * 100% interest

Stockland Property Portfolio June 2011 33 Office Commercial Portfolio

Macquarie Technology Centre Garden Square 16 Giffnock Avenue Macquarie Technology Centre is located approximately 12 kilometres Garden Square occupies a high profile location in the regional business 16 Giffnock Avenue is located in Macquarie Park, 12 kilometres north-west of Sydney’s CBD in Macquarie Park. Erected on the site district of Upper Mt Gravatt, approximately 11 kilometres south of north-west of Sydney and is positioned adjacent to the Optus Centre. are two buildings, 33-39 Talavera Road and 11-17 Khartoum Road, Brisbane’s CBD. Garden Square is a good quality commercial office The building comprises a modern commercial office with an ancillary largely comprising of office space with on-site parking for 321 park comprising two buildings offering a total of seven levels of office warehouse and parking for 266 vehicles. vehicles. 33-39 Talavera Road is fully occupied by Sony Australia. accommodation and on-site parking for 367 vehicles. The building 11-17 Khartoum Road is leased to a range of smaller tenants, and is currently undergoing mechanical and service upgrades. A DA has comprises office and warehouse accommodation. been approved for the development of an additional 22,000sqm of office space.

Location: Macquarie Park, NSW Location: Mt Gravatt, QLD Location: Macquarie Park, NSW Acquisition date: Oct 2000 Acquisition date: Feb 2007 Acquisition date: Jul 2000 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $40.2 million Cost including additions: $63.0 million Cost including additions: $29.3 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009 Date: Dec 2010 Date: Jun 2011 Valuation/($/m2): $35.2 million ($2,332/m2) Valuation/($/m2): $37.6 million ($2,961/m2) Valuation/($/m2): $33.0 million ($2,801/m2) Capitalisation rate: 8.50-9.00% Capitalisation rate: 9.00% Capitalisation rate: 8.90% Discount rate: 9.50% Discount rate: 9.50% Discount rate: 9.50% Car parking spaces: 321 Car parking spaces: 367 Car parking spaces: 266

Net lettable area: 15,096m2 Net lettable area: 12,698m2 Net lettable area: 11,780m2 Weighted average lease expiry: 2.9 years Weighted average lease expiry: 2.2 years Weighted average lease expiry: 3.5 years NABERS energy rating: 3.5* NABERS energy rating: 3.5 NABERS energy rating: 2.0 Green Star rating: N/A Green Star rating: N/A Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) Sony (Australia) 10,643 Department of Public Works 8,370 Alstom Power 3,985 Softlink International Limited 910 Bausch & Lomb 2,277 Eli Lilly Australia 1,967

For personal use only use personal For Chloride Power Electronics 1,556

Lease expiry profile %

12 5 10 73 11 31 11 15 10 22 17 13 34 36 * 11-17 Khartoum Road only

Vacant FY

34 12 13 14 15 16+ Office Commercial Portfolio

80-88 Jephson Street, 23 and 27-29 High Street 255-267 St Georges Terrace 110 Walker Street 80-88 Jephson, 23 and 27-29 High Street are located in the heart of 267 St Georges Terrace is a four level office building with a total The seven level property is located in the heart of North Sydney CBD. Toowong’s commercial district. 80-88 Jephson Street is a five level NLA of 3,484sqm and secure basement car parking for 39 cars. The building comprises six upper levels of office accommodation, office building that adjoins Stockland’s Woolworths Toowong. 23 and 255 St Georges Terrace is a two level office building constructed in with several terrace areas, ground floor retail and 80 basement car 27-29 High Street offer 1,487sqm of retail and office accommodation 1987 with a total NLA of 590sqm. The building features a central parking bays. over two levels and are held as part of the Toowong development site atrium providing extensive natural light. which offers medium term mixed-use development potential.

Location: Toowong, QLD Location: Perth, WA Location: North Sydney, NSW Acquisition date: Jun 2006/Jul 2006/Jan 2008 Acquisition date: Jul 2007 Acquisition date: Oct 2000 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $37.9 million Cost including additions: $28.0 million Cost including additions: $24.5 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009/Jun 2010 Date: Dec 2010 Date: Dec 2009 Valuation/($/m2): $25.2 million ($3,204/m2) Valuation/($/m2): $23.5 million ($5,720/m2) Valuation/($/m2): $23.0 million ($5,075/m2) Capitalisation rate: 7.75-9.25% Capitalisation rate: 9.31% Capitalisation rate: 8.50% Discount rate: 9.00-9.50% Discount rate: 10.25% Discount rate: 9.50% Car parking spaces: 131 Car parking spaces: 86 Car parking spaces: 80

Net lettable area: 7,864m2 Net lettable area: 4,109m2 Net lettable area: 4,532m2 Weighted average lease expiry: 2.0 years Weighted average lease expiry: 3.1 years Weighted average lease expiry: 1.1 years NABERS energy rating: 2.0* NABERS energy rating: 2.5/3.0* NABERS energy rating: 4.0 Green Star rating: N/A Green Star rating: N/A Green Star rating: N/A

Major tenants NLA (m2) Major tenants NLA (m2) Major tenants NLA (m2) BDM Consultants 1,896 ASG Asia Pacific 939 Rice Daubney 1,454 ILAB 999 Advanced Well Technologies 934 DBM Australia 681 Regus 848 APN Newspapers 650

For personal use only use personal For

Lease expiry profile %

9 28 5 41 5 12 34 66 30 29 37 4 * 80-88 Jephson Street only * 255 and 267 St Georges Terrace respectively

Stockland Property Portfolio June 2011 35 Office Commercial Portfolio

118-120 Pacific Highway The Clemenger Building has a high profile location on the Pacific Highway, a short walk from St Leonards railway station. The Property Council of Australia award winning building comprises seven levels with expansive views of Sydney CBD and surrounding districts. There are terraces on three levels and two levels of basement car parking, with a generous ratio of one space per 34sqm.

Location: St Leonards, NSW Acquisition date: Oct 2000 Ownership/title: 100%/Freehold Cost including additions: $21.8 million

Last independent valuation Date: Dec 2010 Valuation/($/m2): $20.0 million ($3,898/m2) Capitalisation rate: 9.00% Discount rate: 9.75% Car parking spaces: 151

Net lettable area: 5,130m2 Weighted average lease expiry: 1.8 years NABERS energy rating: 4.0 Green Star rating: N/A

Major tenants NLA (m2) Clemenger 3,474 Total Communication Infrastructure 999 Indigo Pacific 658

For personal use only use personal For

Lease expiry profile %

13 19 68

Vacant FY

36 12 13 14 15 16+ Industrial Commercial Portfolio

Industrial At 30 June 2011 the portfolio comprises 15 properties incorporating over one million square metres of building area valued at $1.0 billion. Properties are strategically positioned in key locations for logistics, infrastructure and employment. Yennora Distribution Centre, Yennora, NSW

Lease expiry profile %

11 35 4 12 38

Vacant FY

12 13 14 15 16+

Geographic split % For personal use only use personal For

54 24 14 8

NSW VIC QLD SA

Stockland Property Portfolio June 2011 37 Industrial Commercial Portfolio

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 300,000SQM UNDER ROOF AND A FURTHER 60,000SQM OF DEDICATED CONTAINER HARDSTAND. THE SITE OPERATES AS AN INTERMODAL RAIL TERMINAL, WITH NEARLY 7KM OF RAIL SIDINGS CONNECTED TO THE For personal use only use personal For MAIN WESTERN RAIL LINE. CURRENTLY, STOCKLAND HAS MASTERPLAN DA CONSENT TO BUILD AN 8,500SQM WAREHOUSE FACILITY WITHIN THE WESTERN PRECINCT.

38 Industrial Commercial Portfolio

Industrial Portfolio as at 30 June 2011 Passing Book value# AIFRS % of Industrial warehouse Page Property Location GLA (m2)* ($m) NOI ($m) Portfolio rent ($/m2) Net/Gross 40 Yennora Distribution Centre, Yennora NSW 291,812 335.7 25.5 33.5 88 Net 40 Defence National Storage and Distribution Centre, Moorebank** NSW 238,876 133.4 9.2 14.4 74 Net 40 Brooklyn Estate, Brooklyn VIC 129,891 82.8 6.1 8.3 60 Net 41 Port Adelaide Distribution Centre, Port Adelaide SA 167,063 82.3 7.3 8.2 50 Net 41 Hendra Distribution Centre, Brisbane QLD 83,786 81.7 6.8 8.2 93 Net 41 Toll Business Park, Altona VIC 52,776 48.4 4.0 4.8 83 Net 42 9-11a Ferndell Street, Granville NSW 48,280 44.8 4.5 4.5 108 Net 42 20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton VIC 71,326 44.7 3.8 4.5 60 Net 42 3676 Ipswich Road, Wacol QLD 19,639 35.2 1.3 3.5 111 Net 43 1090-1124 Centre Road, Oakleigh VIC 44,401 33.8 2.7 3.4 68 Net 43 Altona Distribution Centre, Altona VIC 29,169 20.8 1.5 2.1 64 Net 43 2 Davis Road, Wetherill Park NSW 16,813 16.4 1.7 1.6 110 Net 44 Export Park, 9-13 Viola Place, Brisbane Airport QLD 8,468 11.4 1.3 1.1 182 Net 44 M1 Yatala Enterprise Park, Yatala QLD N/A 10.7 N/A 1.1 N/A N/A 44 40 Scanlon Drive, Epping VIC 9,371 7.7 0.3 0.8 75 Net 1,211,671 989.8 76.1 100.0

# represents the full carrying value of the investment property * Excludes hardstand

** book value represents Stockland’s 55% ownership interest For personal use only use personal For

Stockland Property Portfolio June 2011 39 Industrial Commercial Portfolio

Yennora Distribution Centre Defence National Storage and Distribution Centre Brooklyn Estate Yennora Distribution Centre is one of the largest distribution centres Moorebank National Defence Storage and Distribution Centre is Brooklyn Estate is a well established 22 hectare distribution centre, of its kind in the southern hemisphere with almost 300,000sqm under located approximately 26 kilometres south-west of Sydney’s CBD located 10 kilometres west of the Melbourne CBD and adjacent to the roof and a further 60,000sqm of dedicated container hardstand. with direct access to the M5 Motorway and only two minutes to the four-way interchange of West Gate Freeway and the Princes Highway. The site operates as an ‘intermodal’ rail terminal with nearly seven Prestons M7 interchange. The site comprises over 238,000sqm of The estate comprises eight separate warehouses, which were kilometres of rail sidings connected to the main western rail line. There existing buildings translating to a site coverage of 29 percent. completed in the 1980s and early 1990s. is a masterplan DA consent to build a 8,500sqm warehouse facility The objective is to create a significant intermodal estate connected within the western precinct. Stockland also acquired a 2.1 hectare to Port Botany via the proposed Southern Sydney freight rail line. site at 71-81 Byron Road in November 2010 which is currently under Planning has commenced under Part 3A of the State Environment construction following a successful pre lease. Planning and Assessment Act.

Location: Yennora, NSW Location: Moorebank, NSW Location: Brooklyn, VIC Acquisition date: Jul 2000/Nov 2010 Acquisition date: Dec 2007 Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Ownership/title: 55%/Freehold Ownership/title: 100%/Freehold Cost including additions: $243.1 million Cost including additions: $167.3 million Cost including additions: $62.7 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2010 Date: Jun 2011 Date: Jun 2011 Valuation/($/m2): $330.1 million ($1,131/m2) Valuation/($/m2): $133.4 million ($1,015/m2) Valuation/($/m2): $82.8 million ($637/m2) Capitalisation rate: 8.00% Capitalisation rate: 7.00% Capitalisation rate: 9.00% Discount rate: 9.50% Discount rate: N/A Discount rate: 9.75%

Lettable area: 291,812m2 Lettable area: 238,876m2 Lettable area: 129,891m2 Site area: 70ha Site area: 83ha Site area: 22ha Hardstand: 63,045m2 Hardstand: N/A Hardstand: 12,951m2 Weighted average lease expiry: 2.6 years Weighted average lease expiry: 1.7 years Weighted average lease expiry: 3.6 years

Major tenants GLA (m2) Major tenants GLA (m2) Major tenants GLA (m2) Australian Wool Handlers 77,614 Department of Defence 238,876 Ceva (TNT) 35,107 ACI Glass 53,817 Unitised Building (Aust) Pty Ltd 32,829 Linfox 43,881 P&O 14,474

P&O 17,785 Kagan Bros Consolidated Pty Ltd 12,309 For personal use only use personal For

Lease expiry profile %

5 62 3 3 27 100 27 14 59 * Excludes hardstand & Byron Rd * 100% interest * Excludes hardstand

Vacant FY

40 12 13 14 15 16+ Industrial Commercial Portfolio

Port Adelaide Distribution Centre Hendra Distribution Centre Toll Business Park Port Adelaide Distribution Centre is the largest distribution centre in The complex comprises 17 warehouses, including a large, modern Toll Business Park comprises three modern warehouses/distribution South Australia. The complex comprises 12 warehouses, the majority distribution centre along with offices, amenities and ancillary facilities. 11-25 Toll Drive consists of state of the art automated of which are of modern construction. There is surplus development improvements. The property is well situated in Brisbane’s Trade picking technology and is leased to Toll (IPEC) until 2015. 32-54 Toll land with potential to add a further 7,500sqm of building area. Recent Coast precinct, enjoying excellent road, port and air accessibility. Drive is a warehouse/distribution facility that is capable of expansion capital works have seen strong tenant retention which has improved up to 10,000sqm. 56-60 Toll Drive features a temperature controlled the WALE of the building. warehouse in addition to five recessed sunken docks and another nine loading bays. An additional freestanding single level office is also provided on the site.

Location: Port Adelaide, SA Location: Brisbane, QLD Location: Altona, VIC Acquisition date: Jul 2000 Acquisition date: Jul 2000 Acquisition date: Sep 2006 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $46.9 million Cost including additions: $48.4 million Cost including additions: $62.3 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Dec 2010 Date: Dec 2009/Dec 2010 Valuation/($/m2): $82.4 million ($493/m2) Valuation/($/m2): $81.5 million ($973/m2) Valuation/($/m2): $46.5 million ($881/m2) Capitalisation rate: 9.50% Capitalisation rate: 9.00% Capitalisation rate: 8.75-9.00% Discount rate: 10.50% Discount rate: 9.75% Discount rate: 9.50-9.75%

Lettable area: 167,063m2 Lettable area: 83,786m2 Lettable area: 52,776m2 Site area: 32ha Site area: 17ha Site area: 13ha Hardstand: N/A Hardstand: 23,160m2 Hardstand: 7,000m2 Weighted average lease expiry: 2.9 years Weighted average lease expiry: 5.2 years Weighted average lease expiry: 5.5 years

Major tenants GLA (m2) Major tenants GLA (m2) Major tenants GLA (m2) ACI 108,429 Kmart Distribution 28,500 Toll 52,776 Hi-Fert Pty Limited 20,728 Sleep City 8,271 P&O 13,355 Fletcher Wood Panels 7,902

ABB Grain 10,504 Lion Nathan 7,724 For personal use only use personal For

Lease expiry profile %

28 2 13 57 3 13 12 6 66 34 66 * Excludes hardstand * Excludes hardstand

Stockland Property Portfolio June 2011 41 Industrial Commercial Portfolio

9-11a Ferndell Street 20-50 and 76-82 Fillo Drive and 10 Stubb Street 3676 Ipswich Road 9-11a Ferndell Street comprises two modern office/warehouse The property comprises three warehouse facilities with adjacent The property is located in the industrial suburb of Wacol, approximately buildings on a 5.4 hectare site. 14,370sqm is leased by Australian boundaries. 20-50 Fillo Drive comprises a 31,000sqm distribution facility, 17 kilometres south-west of Brisbane’s CBD, and boasts direct Envelopes until 2013. 11a Ferndell Street is a factory/warehouse with clearance of eight metres and multiple loading points. 10 Stubb access to major arterial roads such as the Ipswich Motorway and building comprising three warehouse bays and ancillary office leased to Street is located on the same title and comprises a distribution facility, Logan Motorway. 3676 Ipswich Road has a 50,000sqm warehouse Visy until 2013. Both properties are located in the established industrial consisting of a two-level office attached to a medium-bay warehouse masterplan with Stage 1 comprising 13,000sqm, completed in 2008. suburb of Granville, 20 kilometres west of the Sydney CBD. with loading to three elevations. 76-82 Fillo Drive is a modern industrial building with extensive loading docks, functional awning areas and future expansion potential.

Location: Granville, NSW Location: Somerton, VIC Location: Wacol, QLD Acquisition date: Apr 2003/Jun 2003 Acquisition date: Sep 2006/Jul 2006 Acquisition date: Aug 2006 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $52.9 million Cost including additions: $63.9 million Cost including additions: $58.7 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2010 Date: Dec 2009 Date: Dec 2009 Valuation/($/m2): $44.9 million ($930/m2) Valuation/($/m2): $44.2 million ($620/m2) Valuation/($/m2): $29.8 million ($1,517/m2) Capitalisation rate: 9.50-10.25% Capitalisation rate: 9.25-9.50% Capitalisation rate: 8.75% Discount rate: 10.00% Discount rate: 9.75% Discount rate: 10.75%

Lettable area: 48,280m2 Lettable area: 71,326m2 Lettable area: 19,639m2 Site area: 9ha Site area: 16ha Site area: 9ha Hardstand: N/A Hardstand: N/A Hardstand: 9,500m2 Weighted average lease expiry: 2.1 years Weighted average lease expiry: 3.7 years Weighted average lease expiry: 12.1 years

Major tenants GLA (m2) Major tenants GLA (m2) Major tenants GLA (m2) Visy Industrial Plastics 17,546 Toll 52,504 Western Star Trucks 19,639 Australian Envelopes 14,370 Yakka Pty Ltd 18,822 Frucor Beverage’s (Australia) 5,909

Consortium Centre 4,612 For personal use only use personal For

Lease expiry profile %

10 36 42 12 74 26 100

Vacant FY

42 12 13 14 15 16+ Industrial Commercial Portfolio

1090-1124 Centre Road Altona Distribution Centre 2 Davis Road The property is well located in Melbourne’s south-eastern suburbs, The complex is located in the western industrial precinct of Melbourne This property is a modern office/warehouse building which was approximately 17 kilometres from Melbourne’s CBD. The 8.1 hectare adjacent to the Western Ring Road, and comprises eight separate completed in 1990. The building has three high-clearance warehouse site is situated on a prominent main road location and currently buildings. The centre incorporates vacant land of approximately bays and has further development potential to the rear with only comprises five fully occupied warehouses and a single office building. 12,400sqm, which is currently under construction following a 38 percent existing site coverage. Recent capital works have seen additional hardstand needed to successful pre lease. compliment the site.

Location: Oakleigh, VIC Location: Altona, VIC Location: Wetherill Park, NSW Acquisition date: Feb 2007 Acquisition date: Jul 2000 Acquisition date: Apr 2003 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $51.6 million Cost including additions: $22.0 million Cost including additions: $16.0 million

Last independent valuation Last independent valuation Last independent valuation Date: Jun 2010 Date: Dec 2009 Date: Dec 2009 Valuation/($/m2): $32.5 million ($732/m2) Valuation/($/m2): $19.9 million ($682/m2) Valuation/($/m2): $16.2 million ($964/m2) Capitalisation rate: 8.79% Capitalisation rate: 9.50% Capitalisation rate: 9.75% Discount rate: 9.50% Discount rate: 10.00% Discount rate: 10.25%

Lettable area: 44,401m2 Lettable area: 29,169m2 Lettable area: 16,813m2 Site area: 8ha Site area: 15ha Site area: 4ha Hardstand: N/A Hardstand: 66,051m2 Hardstand: N/A Weighted average lease expiry: 4.0 years Weighted average lease expiry: 2.6 years Weighted average lease expiry: 1.0 years

Major tenants GLA (m2) Major tenants GLA (m2) Major tenants GLA (m2) Amcor 11,489 Ceva (TNT) 8,919 Visy PET Pty Ltd 16,813 Steinhoff Asia Pacific 7,603 Autonexus 6,220 Avery Denison 7,470 Freight Specialists 4,877

SIMS Metal 6,846 For personal use only use personal For

Lease expiry profile %

9 15 3 17 56 17 13 13 47 10 100 * Excludes hardstand

Stockland Property Portfolio June 2011 43 Industrial Commercial Portfolio

Export Park M1 Yatala Enterprise Park 40 Scanlon Drive 9-13 Viola Place is a high tech office and warehouse facility located in The property is located in the industrial suburb of Yatala, approximately 40 Scanlon Drive is a new warehouse facility of 9,370sqm. The building the recently developed industrial estate of ‘Export Park’ at Brisbane 33 kilometres south of the Brisbane CBD. The 16.42 hectare property offers high quality warehouse and office accommodation and is located Airport. The property is fully leased to DHL and Union Switch & Signal boasts direct access to the Pacific (M1) Motorway, with main access in Northpoint Enterprise Park approximately 20 kilometres north of (US&S) expiring in 2017. This facility benefits from excellent access to through Darlington Drive. This development site has the potential to the Melbourne CBD. Access is available to the Craigeburn Bypass via the Gateway Motorway and port of Brisbane. deliver in excess of 45,000sqm of prime warehousing and distribution Cooper Street interchange and both properties are close to the Hume solutions. Divided into two precincts, the 6.1 hectare ‘Eastern Precinct’ Highway and Western Ring Road. is a 12-lot subdivision, with the ‘Western Precinct’ an 8.9 hectare lot.

Location: 9-13 Viola Place, Brisbane Airport, QLD Location: Yatala, QLD Location: Epping, VIC Acquisition date: Nov 2007 Acquisition date: Nov 2006 Acquisition date: Sep 2007 Ownership/title: 100%/Leasehold (Expiry 2047) Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $16.1 million Cost including additions: $26.7 million Cost including additions: $8.8 million

Last independent valuation Last independent valuation Last independent valuation Date: Dec 2009 Date: Dec 2009 Date: Jun 2011 Valuation/($/m2): $11.3 million ($1,334/m2) Valuation/($/m2): $10.3 million Valuation/($/m2): $7.7 million ($822/m2) Capitalisation rate: 9.80% Capitalisation rate: N/A Capitalisation rate: 8.75% Discount rate: 10.50% Discount rate: N/A Discount rate: 9.75%

Lettable area: 8,468m2 Lettable area: N/A Lettable area: 9,371m2 Site area: N/A Site area: 9ha Site area: 4ha Hardstand: N/A Hardstand: N/A Hardstand: N/A Weighted average lease expiry: 6.3 years Weighted average lease expiry: N/A Weighted average lease expiry: 5.5 years

Major tenants GLA (m2) Major tenants GLA (m2) Major tenants GLA (m2) DHL Global Forwarding 4,322 N/A Mission Australia 5,306

USS 4,146 Grace Australia 4,065 For personal use only use personal For

Lease expiry profile %

100 57 43

Vacant FY

44 12 13 14 15 16+ Residential Communities Residential Portfolio

Residential Communities Stockland is the leading residential Highlands, VIC developer in Australia and is focused on delivering a range of masterplanned and mixed-use communities in growth areas across the country. Stockland has 90,200 lots and projects with a total end value of

approximately $24.2 billion. Geographic split %* For personal use only use personal For

13 27 45 15 * By current lots

NSW VIC QLD WA

Stockland Property Portfolio June 2011 45 Residential Communities Residential Portfolio

Bayswood, NSW

For personal use only use personal For Bayswood is located in Vincentia, 2.5 hours from Sydney and on the doorstep of the National Park and stunning beaches of the Jervis Bay area.

46 Residential Communities Residential Portfolio

NSW – released to market

Property/ Total project Acquisition date Location value ($m)* Total lots % Sold^ Price range ($) Project description Bridgewater South Camden 192 639 99 N/A Contemporary country living 45 kilometres south-west of Sydney appealing to mature 2001 families and upgraders. McKeachies Run Maitland 192 1,017 29 160,000 – 276,000 Located in the Maitland area, 1.5 hours north of Sydney. This project is being 2003, 2011 developed to reflect a rural heritage within close proximity to the Hunter River. Waterside Penrith 173 596 40 175,000 – 380,000 Located on the edge of the Penrith Lakes District. This is a major lakes development, 2003 just 2 kilometres from the Penrith CBD. Sandon Point (including Bulli/Thirroul 150 288 45 364,000 – 546,000 Incorporating the latest release of McCauley’s Beach, Sandon Point has been McCauley’s Beach) developed for the discerning local home buyer. 1998 Lakewood Greystanes 148 517 90 198,000 – 294,000 Located high on Prospect Hill in the geographic heart of Sydney, 26 kilometres from 2002 the CBD. Murrays Beach Lake Macquarie 144 490 34 200,000 – 500,000 Approximately 1.5 hours drive north of Sydney having frontage to Lake Macquarie. 2004 This project offers superb natural living environments and lakeside living. Glenmore Ridge Penrith 132 523 43 160,000 – 303,000 Located 4 kilometres south of Penrith and 50 minutes drive west of Sydney, to the 2004 south of the established Glenmore Park project. Bayswood Jervis Bay 86 491 27 125,000 – 229,000 Bayswood is located in Vincentia surrounded by National Park, stunning beaches 2003 and amenities. 2.5 hours from Sydney and on the doorstep of the beautiful Jervis Bay area. Macarthur Gardens** Campbelltown 46 196 97 N/A A joint Venture with Landcom approximately 30 kilometres from the CBD, close to 2003 shopping and transport with appeal to a broad demographic. Darcy’s Peak** Hunter/North Coast 31 222 49 100,000 – 280,000 Located in the Maitland area, 1.5 hours north of Sydney. This project is being 2005 Regions developed to capture the open view landscapes and rural setting. 1,294 4,979

* total revenue generated throughout the life of the project ^ % sold relates to contracts settled

** represents Stockland’s estimated share of joint development income including an option for future development For personal use only use personal For

Stockland Property Portfolio June 2011 47

Residential Communities Residential Portfolio For personal use only use personal For

Glenmore Ridge, NSW Located 4km south of penrith and 50 minutes drive west of Sydney.

48 Residential Communities Residential Portfolio

NSW – development pipeline

Property/ Total project Acquisition date Location value ($m)* Total lots Price range ($) Project description East Leppington** East Leppington 1,080 3,200 285,000 – 435,000 A community of 3,000 new homes, with the capacity for retail and retirement opportunities. The site 2011 is located 1.5 kilometres from a proposed railway station and approximately 50 kilometres from the Sydney CBD. Hunter/North Coast** Hunter/North Coast 614 2,716 140,000 – 263,000 Future release lands located 45 minutes west of Newcastle in the Maitland hinterland. 2003 Regions Illawarra** South Coast 433 1,839 165,000 – 260,000 Located approximately 1.5 hours south of Sydney in the foothills of the Illawarra escarpment. 2003 Predominately first home buyers and upgraders. Wallarah Peninsula (Coast/ Lake Macquarie 315 948 199,000 – 577,000 Approximately 1.5 hours drive north of Sydney. This project will offer superb natural living North) environments, high on the hills and surf side living. 2004 North West Sector North Western 158 515 280,000 – 327,000 Future release lands within Northwest growth centre 50 minutes from Sydney CBD. 2003 Sydney Warriewood Northern Beaches 43 63 615,000 – 645,000 Future release lands located in Sydney’s northern beaches 40 minutes from CBD. 2003 2,643 9,281

* total revenue generated throughout the life of the project

** Includes options taken over land For personal use only use personal For

Stockland Property Portfolio June 2011 49 Residential Communities Residential Portfolio

NORTH LAKES, QLD AN AWARD WINNING MAJOR RESIDENTIAL For personal use only use personal For MASTERPLANNED COMMUNITY. SITUATED 30KM NORTH OF BRISBANE, INCORPORATING SCHOOLS, MAJOR SHOPS, BUSINESS PARK AND A GOLF COURSE.

50 Residential Communities Residential Portfolio

Queensland – released to market

Property/ Total project Acquisition date Location value ($m)* Total lots % Sold^ Price range ($) Project description North Lakes North Lakes, 1,150 4,751 71 173,000 – 338,000 An award winning major residential masterplanned community. Situated 30 kilometres 2004 Moreton Bay north of Brisbane with schools, a retail centre, commercial precinct and a golf course. North Shore Townsville 1,133 5,219 14 139,000 – 253,000 A masterplanned community 12 kilometres north of Townsville CBD, includes two 2001 schools, childcare centre, parks, leisure and shopping centre. Pacific Pines Gold Coast 655 5,040 99 212,000 – 300,000 Masterplanned community on the Gold Coast, minutes from Surfers Paradise and 1992 all Gold Coast attractions targeting predominantly first home buyers and upgraders. Brightwater Sunshine Coast 431 1,404 41 220,000 – 613,000 A vibrant residential community, which is situated on the southern end of the 2004 Sunshine Coast close to Mooloolaba. Birtinya Island Sunshine Coast 397 834 18 255,000 – 557,000 A precinct of the Kawana Waters community, which is situated on the southern end 2004 of the Sunshine Coast. Approximately one hour drive north of Brisbane. The Observatory Kingsmore 259 885 84 285,000 – 582,000 Elevated central Gold Coast location with sweeping views of bushland, creeks and 2002 Coolongatta Beaches. Highland Reserve Upper Coomera 250 1,071 55 200,000 – 470,000 25 kilometres north of Surfers Paradise in the northern Gold Coast growth corridor 2003 and only 40 minutes south of Brisbane. Riverstone Crossing** Otmoor 208 740 38 235,000 – 334,000 Located 20 kilometres north-west of Surfers Paradise and set on a magnificent 2002 194 hectares at the foot of the Tambourine Mountains. Augustine Heights Ipswich 199 816 60 153,000 – 300,000 Located in the Springfield growth corridor, this development offers contemporary 2003 country living. Parkwood Heathwood 152 659 97 250,000 – 280,000 25 kilometres south of Brisbane CBD and is located in the heart of the Forest Lakes 2003 district. Kawana Business Village Sunshine Coast 149 52 48 N/A A commercial and retail precinct of the Kawana Waters community situated on the 2004 southern end of the Sunshine Coast. Approximately one hour drive north of Brisbane. Sovereign Pocket Deebing Heights 145 752 1 164,000 – 227,000 Sovereign Pocket is 6 kilometres from the Ipswich CBD. It has easy access to both 2010 the Cunningham Highway and Centenary Highway. Stone Ridge Narangba 129 606 3 192,000 – 238,000 Stone Ridge is located in the Moreton Bay Regional Council situated between 2010 Brisbane and the Sunshine Coast. The community features an 8.5 hectare eco-corridor and views to the Glasshouse Mountains. Ormeau Ridge*** Ormeau 107 432 8 182,000 – 321,000 Situated half way between Brisbane and the Gold Coast beaches. 2008 The Boardwalk*** Mount Coolum 94 197 94 483,000 – 520,000 Beachside lifestyle development adjacent to Mount Coolum on the Sunshine Coast, 2002 targeting upgraders. Project total includes medium density sites. Lake Kawana Sunshine Coast 71 138 99 N/A A development precinct of the Kawana Waters community, situated on the southern 2004 end of the Sunshine Coast. Approximately one hour drive north of Brisbane. Lake Doonella Noosaville 70 224 31 250,000 – 318,000 On the shores of Lake Doonella, this community is a natural enclave that provides 2004 easy access to both Noosa and Brisbane. Woodgrove Beerwah 57 304 92 186,000 – 199,000 Situated only minutes away from Maleny, Woodgrove offers good local facilities for 2007 growing families. Cane Bridge Mackay 44 217 37 156,000 – 207,000 Located in Mackay’s southern corridor approximately 5 kilometres from the city 2008 centre. Cane Bridge caters to predominantly upgrade buyers. Freshwater^^ Griffin 39 174 49 187,000 – 262,000 24 kilometres north of Brisbane CBD, Freshwater offers a more intimate

For personal use only use personal For 2003 neighbourhood experience. Hundred Hills*** Murwillumbah 39 181 28 184,000 – 255,000 25 kilometres south of the NSW/QLD border and 25 kilometres east of the coast, 2007 the project will yield the full mix of product types from small courtyard to large rural residential lots. 5,778 24,696

* total revenue generated throughout the life of the project ^ % sold relates to contracts settled ** Includes Stockland’s estimated share of joint development income (Stage 1 only). Total lots represents 100% of the project. ^^ represents Stockland’s 20% share with SREEF1 *** represents Stockland’s 50% share with SREEF1 Stockland Property Portfolio June 2011 51

Residential Communities Residential Portfolio For personal use only use personal For HIGHLAND RESERVE, QLD 25KM NORTH OF SURFERS PARADISE IN THE NORTHERN GOLD COAST GROWTH CORRIDOR.

52 Residential Communities Residential Portfolio

Queensland – development pipeline

Property/ Total project Acquisition date Location value ($m)* Total lots Price range ($) Project description Caloundra Downs Caloundra 5,000 20,000 N/A 3,700 hectares of future developable land, including at least 20,000 residential lots, employment, retail, 2004 retirement living and community lands. Bellvista II Caloundra 140 649 195,000 – 235,000 Bellvista II is on the periphery of the future Caloundra Downs master planned community located 2004 within 5 kilometres of the Sunshine Coast beaches. Bellvista II will contain a variety of lot types and housing choices including detached lots and medium density units. It includes a 1,200sqm retail site, 3 major parks and significant open space. It will ultimately form one of the gateways to Caloundra Downs. Paradise Waters Deebing Heights 509 1,799 200,000 – 329,000 Paradise Waters is located in the Ripley Valley growth corridor and enjoys access from the newly 2010 constructed Centenary Highway. Rockhampton Rockhampton 489 1,968 179,000 – 275,000 Located approximately 8 kilometres north of the Rockhampton CBD in central Queensland. 2010 Caboolture West/Ripeford Caboolture 455 1,419 310,000 – 343,000 Approximately 45 kilometres north of Brisbane and 20 kilometres north-west of North Lakes. 2008 Bahrs Scrub Logan 302 1,200 216,000 – 286,000 131 hectares located within a major development area 35 kilometres south of Brisbane in the northern 2008 Gold Coast corridor. Ocean Drive Sunshine Coast 281 907 250,000 – 360,000 Development adjoining Twin Waters development on the Sunshine Coast. 2005 Brookbent Road Pallara 241 899 210,000 – 287,000 122 hectare site located 13 kilometres south of the Brisbane CBD. Comprises residential lots, as well 2003 as medium density dwellings together with a retail village, local park and access to extensive regional open space reserves. Bokarina Beach (Formerly Sunshine Coast 166 350 328,000 – 479,000 A future development precinct of the Kawana Waters community, situated on the southern end of the Kawana Beach) Sunshine Coast. One hour drive north of Brisbane. 2004 Vale (Formerly The Ridge) Logan 126 580 171,000 – 257,000 Located 2 kilometres north of Stockland’s Bahrs Scrub, approximately 35 kilometres south of Brisbane 2010 CBD and 25 kilometres north of Surfers Paradise. Accessible by Pacific Motorway, with nearby rail and regional shopping facilities. Caboolture Waters Caboolture N/A N/A N/A 117 hectares of potential industrial/commercial land, currently unzoned. 2004 7,709 29,771

* total revenue generated throughout the life of the project For personal use only use personal For

Stockland Property Portfolio June 2011 53 Residential Communities Residential Portfolio

EUCALYPT, VIC LOCATED IN THE EPPING NORTH GROWTH CORRIDOR, EUCALYPT FEATURES A RANGE OF QUALITY OPEN SPACES, INCLUDING A 3 HECTARE RIVER RED GUM For personal use only use personal For RESERVE WHICH WILL CONNECT THROUGH A LINEAR PARK TO THE FINDON CREEK VALLEY WITH WETLANDS, WALKING TRACKS AND CYCLING PATHS FOR RESIDENT ENJOYMENT.

54 Residential Communities Residential Portfolio

Victoria – released to market

Property/ Total project Acquisition date Location value ($m)* Total lots % Sold^ Price range ($) Project description Highlands (including Mt Craigieburn 1,518 6,988 38 165,000 – 382,000 A major masterplanned community located in Melbourne’s northern suburbs with Ridley Road) picturesque views of surrounding hills and the Melbourne CBD skyline. The project 2004, 2010 provides for residential, medium density, retirement living and schools, together with retail and commercial amenity. Highlands Newbury Village** Craigieburn 50 330 99 N/A Newbury Village is an entry level community that forms part of Highlands, located in 2008 Melbourne’s northern suburbs. The project provides for entry level residential living and draws from the extensive amenity that Highlands has to offer. Mernda Villages Mernda 596 3,026 49 108,000 – 287,000 Major masterplanned community, located 29 kilometres north of Melbourne, 2002 appealing to a broad market including young and mature families. Eucalypt Epping 374 1,619 10 130,000 – 277,000 Residential community located in Melbourne’s north-eastern suburbs with frontage 2009, 2011 to Findon Creek. The project provides for residential, medium density, mixed-use and school sites. Selandra Rise Clyde North 273 1,180 18 135,000 – 275,000 A market leading community that aims to set new benchmarks in liveability and social 2007 sustainability. Comprising retail, retirement, aged care, public and private schools, sporting fields and an abundance of open space. The Point Point Lonsdale 199 521 0 215,000 – 437,000 An innovative environmentally sustainable lifestyle development. Located on Victoria’s 2002 Bellarine Peninsula, appealing to local residents and holiday-makers. Eve Cranbourne North 161 799 98 185,000 – 285,000 A vibrant family focused community located 42 kilometres south-east of Melbourne. 2004 Eve is a masterplanned community providing facilities that appeal to active, growing families. Hawkstowe South Morang 131 749 99 170,000 – 265,000 A community surrounded by state parks, located 25 kilometres north of Melbourne 2002 appealing to space-seeking environmentally conscious families. Sierra Cranbourne North 46 243 99 N/A A boutique community in natural surrounds located 42 kilometres south-east of 2004 Melbourne, appealing to lifestyle-seeking upgraders. 3,348 15,455

* total revenue generated throughout the life of the project ^ % sold relates to contracts settled

** represents Stockland’s 50% share with SREEF1 For personal use only use personal For

Stockland Property Portfolio June 2011 55 Residential Communities Residential Portfolio

Highlands, VIC A MAJOR MASTERPLANNED COMMUNITY LOCATED IN MELBOURNE’S NORTHERN SUBURBS WITH VIEWS OF SURROUNDING HILLS AND THE MELBOURNE For personal use only use personal For CBD SKYLINE. THE PROJECT PROVIDES FOR RESIDENTIAL, MEDIUM DENSITY, RETIREMENT LIVING AND SCHOOLS, TOGETHER WITH RETAIL AND COMMERCIAL AMENITY.

56 Residential Communities Residential Portfolio

Victoria – development pipeline

Property/ Total project Acquisition date Location value ($m)* Total lots Price range ($) Project description Lockerbie** Kilkallo/Beveridge 4,290 11,500 199,000 – 540,000 Lockerbie is a 1,121 hectare land parcel located on the Hume Highway in Kalkallo, approximately 2010 35 kilometres north of the Melbourne CBD. The proposed masterplan includes a major activity centre comprising a large regional shopping centre, neighbourhood centres and retirement living, as well as schools, healthcare, childcare and other community facilities. Davis Road Tarneit 693 2,625 220,000 – 310,000 This site was included within Melbourne’s urban growth boundary in 2010 and adjoins the existing 2010 urban area of Tarneit. It is 28 kilometres west of the Melbourne CBD. The masterplanned community will include a neighbourhood activity centre, schools and a network of parks linked to Davis Creek and Werribee River. Leakes Road Truganina 290 1,096 200,000 – 260,000 Future masterplanned community incorporating residential, medium density, local parks and schools. 2009 Cranbourne North Cranbourne-Berwick 75 281 230,000 – 250,000 A community with waterway frontage 42 kilometres south-east of Melbourne. 2007 Road 5,348 15,502

* total revenue generated throughout the life of the project

** Includes options taken over land For personal use only use personal For

Stockland Property Portfolio June 2011 57

Residential Communities Residential Portfolio For personal use only use personal For

NEWHAVEN, WA AN AWARD WINNING MASTERPLANNED COMMUNITY JUST 18KM FROM THE PERTH CBD.

58 Residential Communities Residential Portfolio

Western Australia – released to market

Property/ Total project Acquisition date Location value ($m)* Total lots % Sold^ Price range ($) Project description The Vale^^ Aveley 776 2,744 0 179,000 – 351,000 An existing major residential masterplanned community. Situated 21 kilometres 2011 north-east of the Perth CBD incorporating schools, medium density residential and a retail centre. Newhaven Piara Waters 498 1,995 53 189,000 – 285,000 Outstanding quality and originality of design have culminated in this award winning 2001, 2005, 2007 masterplanned community which offers the opportunity to combine residential, educational and recreational facilities within a sought after location. Whiteman Edge^^ Henley Brook 332 1,224 0 235,000 – 265,000 Situated 17 kilometres north-east of the Perth CBD incorporating medium density 2011 residential and a retail centre. Corimbia Landsdale 309 1,006 23 230,000 – 375,000 Located 18 kilometres north of the CBD adjacent to Stockland’s award winning 2005, 2006, 2007, 2010, Landsdale Gardens Estate. This estate appeals to upgrader buyers. Tree lined 2011 avenues are a significant aspect of the estate, providing a connection with the natural environment. Settlers Hills Baldivis 259 2,152 99 180,000 – 190,000 This masterplanned community offers practical and modern family living centred 2001 around functionality. 18 landscaped parks and gardens, two schools, local shopping facilities including Stockland Baldivis and convenient location to the beach are key features of this vibrant and established community. South Beach South Beach, 147 229 86 480,000 – 593,000 Set in an unrivalled location, this multi UDIA award winning estate is just a short 2002, 2004 Fremantle walk from both the cosmopolitan charm of Fremantle and the natural beauty of the northern Cockburn coastline. Settlers Townside Baldivis 80 417 34 125,000 – 230,000 Townside leverages Settlers Hills premium position in Baldivis. Just 38 kilometres 2007 south of Perth’s CBD, this new village provides an affordable product mix which complements this masterplanned community and is located directly opposite Stockland Baldivis Town Centre. Baldivis Town Centre Baldivis 44 137 6 130,000 – 200,000 Baldivis Town Centre comprising retail, commercial, mixed-use lots and residential. 2001 2,445 9,904

* total revenue generated throughout the life of the project ^ % sold relates to contracts settled

^^ stockland ownership commenced on 1 July For personal use only use personal For

Stockland Property Portfolio June 2011 59

Residential Communities Residential Portfolio For personal use only use personal For Settlers Hills, WA MASTERPLANNED COMMUNITY OFFERING PRACTICAL AND MODERN FAMILY LIVING CENTRED AROUND FUNCTIONALITY.

60 Residential Communities Residential Portfolio

Western Australia – development pipeline

Property/ Total project Acquisition date Location value ($m)* Total lots Price range ($) Project description Banjup Banjup 500 1,703 265,000 18 kilometres south from the CBD this 145 hectare project is located close to the Kwinana Freeway, 2008 Cockburn Central railway station and district shopping centre. Amberton (Formerly Eglinton 453 2,364 185,000 – 650,000 A private partnership to develop a masterplanned coastal estate in Perth’s north-west corridor, Eglinton)** approximately 45 kilometres north of the CBD. The project will deliver a range of products to appeal 2010 to first home buyers, upgraders and premium ocean-front land. Wungong Reach** Brookdale 331 2,746 185,000 – 230,000 This joint venture with the WA State Government will create a new masterplanned community 2004, 2007, 2010 25 kilometres 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. Brookdale West Brookdale 53 255 195,000 – 215,000 Located in Brookdale 25 kilometres south-east of Perth’s CBD, Brookdale West will provide a range 2007 of suburban lot products. This site is near Stockland’s joint venture Wungong Reach project. 1,337 7,068

* total revenue generated throughout the life of the project

** Includes Stockland’s estimated share of joint development income For personal use only use personal For

Stockland Property Portfolio June 2011 61 Retirement Living Retirement Portfolio

Tarneit Skies Retirement Village,

For personal use only use personal For Vic Tarneit Skies features an indoor swimming pool, spa, gymnasium, dining room, crafts room, computer suite and billiard tables.

62 Retirement Living Retirement Portfolio

Retirement Living Stockland is a top 3 retirement living Rylands of Kew, VIC operator within Australia, with 7,535 established units across six states. The portfolio includes a short-medium term development pipeline of 3,413 units.

Geographic split %* For personal use only use personal For

25 49 17 6 1 2 * Established villages and pipeline units

NSW VIC QLD WA ACT SA

Stockland Property Portfolio June 2011 63 Retirement Living Retirement Portfolio

The Willows Retirement Village, NSW The Willows is situated at Winston For personal use only use personal For Hills in north west Sydney in close proximity to shopping centres, sports clubs, hospitals and 24 hour medical facilities.

64 Retirement Living Retirement Portfolio

Retirement Living – established villages

Property/ Units yet to Opening date Location Total units^ Established % Occupancy* be released Price range ($) Project description Arilla South Morang, 195 50 100 145 310,000 – 549,000 Arilla is situated in one of Melbourne’s key growth corridors. Demand for this village 2010 VIC continues to grow with display villas and sales office now open. Four Stages (83 villas) are now complete with the balance of the villas within the village completing by June 2012 and community centre due for completion in August 2011. Bellcarra Retirement Caloundra, QLD 124 124 90 0 224,400 – 311,100 Located in the newly established suburb of Bellvista, Bellcarra is close to the centre of Resort Caloundra and King’s Beach. The village features a swimming pool, bowling green and 2003 billiards room. Bellevue Gardens Port Macquarie, 175 175 97 0 220,000 – 417,200 The village is centrally located less than 2 kilometres from the Port Macquarie city centre Retirement Village NSW and is set on 5 hectares of landscaped gardens. Facilities include a restaurant, coffee 1994 shop, auditorium, library, hair salon, medical consulting room, bowling green and resident clubhouse adjoining an indoor heated swimming pool and barbeque area. Bexley Gardens Bexley North, 22 22 95 0 95,000 – 165,000 Located in south-west Sydney, Bexley Gardens is only 800 metres from Bexley North train 1974 NSW station which serves the East Hills line into Sydney CBD. It is also in close proximity to major shopping centres in Hurstville, Rockdale and Kogarah. Bundoora Bundoora, VIC 242 242 100 0 183,000 – 568,000 Bundoora Village is situated close to the Northern Ring Road, RMIT University, shopping 2003 strips and is well serviced by public transport. The 6.7 hectare site enjoys excellent views over the Plenty Valley Gorge. Burnside Burnside, VIC 256 256 100 0 157,000 – 410,000 Just 20 minutes from the Melbourne CBD, Burnside Village is located in Melbourne’s 2002 burgeoning west, just off the Western Highway. Virtually next door is Burnside shopping Centre complete with two supermarkets and specialty retail. Camden View Village Laurieton, NSW 54 54 98 0 262,600 – 399,000 Camden View is situated between North Brother Mountain and the Camden Haven River 2002 on the NSW mid-north coast. Camden View is just 100 metres away from the centre of Laurieton. Cameron Close Burwood, VIC 187 187 96 0 151,000 – 915,000 Cameron Close is situated in Burwood, close to the exclusive shopping and restaurant 1989 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. Cardinal Freeman Ashfield, NSW 230 230 89 0 130,300 – 621,200 Cardinal Freeman is set in the sought-after inner west suburb of Ashfield. Close to shops Village and transport, the village features a magnificent chapel along with the heritage listed 1980 Glentworth House. The village offers various levels of care ranging from independent living, assisted living and low and high aged care. Castle Ridge Resort Castle Hill, NSW 114 114 93 0 290,700 – 591,600 Castle Ridge Resort is less than 2 kilometres from Castle Towers shopping centre in Castle 1987 Hill with Dural, Carlingford, North Rocks and Pennant Hills within easy reach. It offers a swimming pool and spa, visiting doctor, snooker and billiard room and a hairdresser. Donvale Donvale, VIC 144 144 96 0 142,000 – 484,000 Donvale is located on Springvale Road in one of Melbourne’s prime eastern suburbs, 1990 surrounded by high quality housing and a strong potential catchment to the north and north east, with limited competition in the area. Fig Tree Murrumba 187 88 70 99 335,000 – 459,000 Fig Tree is well located adjacent to a neighbourhood shopping centre with access to 2009 Downs, QLD medical and recreational facilities. The project launched in August 2009 and is now home to over 100 residents (62 villas). The community centre opened in 2010 and offers a

For personal use only use personal For heated indoor pool, bowling green, bar, library, gym, billiards room and hair salon. Gillin Park Warrnambool, 103 103 87 0 115,000 – 365,000 Located in Warrnambool on the south west Victorian coast, it is close to the city 1990 VIC centre, hospital and shopping centres. The village offers various levels of care including independent living, serviced apartments and a 45-bed aged care facility. Golden Ponds Forster, NSW 159 159 80 0 159,000 – 460,000 Golden Ponds is set between Wallis Lake and the beaches of Forster on the NSW Retirement Resort mid-north coast. The resort is surrounded by 13 hectares of landscaped grounds, 1988 ponds and rainforest. ^ Excludes Aged Care (i.e. nursing homes and hostels) * occupied units as proportion of all units available for occupancy # Includes North Lakes Extension Stockland Property Portfolio June 2011 65 Retirement Living Retirement Portfolio

North Lakes, QLD

For personal use only use personal For The North Lakes Community resort is within an easy walking distance of the North Lakes Regional Shopping Centre, Health and Education precincts.

66 Retirement Living Retirement Portfolio

Retirement Living – established villages (continued)

Property/ Units yet to Opening date Location Total units^ Established % Occupancy* be released Price range ($) Project description Gowanbrae Gowanbrae, VIC 189 149 100 40 405,000 – 575,000 Gowanbrae enjoys an excellent location providing quick access to the city, airport and 2008 surrounding suburbs. Construction is complete on all units with more than 150 people now living at Gowanbrae. Construction of the final Independent Living Apartments is well underway with the first residents moving in September 2011. Greenleaves Upper Mt 103 103 100 0 140,000 – 345,000 Greenleaves is adjacent to a shopping centre and cinemas and has facilities including 1986 Graratt, QLD a bowling green and barbeque area. Halls Head Village Halls Head, WA 46 46 89 0 190,000 – 260,000 Halls Head is an hour’s drive south of Perth and 3 kilometres from Mandurah. The village 1988 offers a hairdressing salon, podiatrist, library, pool table, indoor bowls and barbeque facilities. Public transport is available opposite the village. Hastings Parklands Port Macquarie, 143 143 91 0 70,000 – 230,000 Hastings Parklands is a private retreat set on 5 hectares of landscaped parkland, just Village NSW minutes from transport, medical facilities and the centre of Port Macquarie. The village 1985 has a full-length artificial grass bowling green and heated indoor pool and spa. Highlands Craigieburn, VIC 198 60 90 138 259,000 – 475,000 Highlands is situated within Stockland’s Highlands masterplanned community and 2010 adjacent to the future town centre. The community centre and bowling green opened in February 2011. Keilor Keilor, VIC 191 191 94 0 126,000 – 452,000 Keilor Village benefits from close proximity to the Western Ring Road and Calder Freeway 1997 and bus services running directly past the site. It is a short distance to numerous shopping options. Knox Wantirna South, 204 204 98 0 237,000 – 470,000 Knox Village enjoys an excellent location directly opposite Knox Shopping Centre, 1978 VIC comprising cafes, restaurants, a cinema complex and a wide range of grocery and retail outlets. LaTrobe Reservoir, VIC 249 249 99 0 123,000 – 414,000 LaTrobe is located adjacent to the Summerhill shopping centre and close to Westfield 1989 Northland. Other facilities in the area, well serviced by bus and tram, include Bundoora Park, Preston Markets and major hospitals. Leschenault Retirement Bunbury, WA 38 38 100 0 302,000 – 345,000 Close to the Leschenault Inlet, Leschenault Retirement Village is within easy walking Village distance of Bunbury city centre. The village offers a wide range of amenities including a 1988 bowling green and an outdoor entertaining area overlooking the established gardens. Lincoln Gardens Port Macquarie, 54 54 98 0 299,000 – 345,000 Lincoln Gardens is ideally located in a quiet suburban enclave and is in close proximity Retirement Village NSW to Port Macquarie’s hospital and town centre. 2001 Long Island Frankston, VIC 158 158 97 0 126,000 – 355,000 Long Island Village is located just off the Nepean Highway, a short stroll from the Seaford 1987 foreshore. Retail amenities servicing the village include Frankston, Patterson Lakes and Mt Eliza centres, all of which have grown substantially in recent years. Lourdes Village Killara, NSW 173 173 84 0 301,500 – 791,700 Lourdes is located in Killara on Sydney’s North Shore overlooking Garigal National Park. 1983 The village offers a central clubhouse with coffee shop as well as a dining room, lounge, chapel, billiards room, hair salon, library, heated swimming pool and spa. The village offers various levels of care from independent living, assisted living and low and high aged care. Macquarie Grove Tahmoor, NSW 42 42 95 0 183,600 – 204,000 Macquarie Grove is located at the gateway to the Southern Highlands. It is close to local Retirement Village clubs, recreational activities, medical services and transport. It features computer facilities, 1996 hairdresser, library and barbeque facilities.

For personal use only use personal For Maybrook Village Cromer, NSW 98 98 73 0 94,000 – 795,000 Perched high on the ridge at Cromer in Sydney’s northern beaches, the village has a 1992 bushland outlook. It features a library and billiards room, a gym and indoor heated pool and spa. Midlands Terrace North Ballarat, 89 89 98 0 158,000 – 188,000 Midlands Terrace enjoys strong demand from prospective residents and is well positioned 1976 VIC in its local area market. The village adjoins Northway Shopping Centre with proximity to medical and community facilities. ^ Excludes Aged Care (i.e. nursing homes and hostels) * occupied units as proportion of all units available for occupancy # Includes North Lakes Extension

Stockland Property Portfolio June 2011 67

Retirement Living Retirement Portfolio For personal use only use personal For Taylors Hill, VIC Taylors Hill features modern community facilities with both independent living units and apartments.

68 Retirement Living Retirement Portfolio

Retirement Living – established villages (continued)

Property/ Units yet to Opening date Location Total units^ Established % Occupancy* be released Price range ($) Project description Murray River Village Mandurah, WA 37 37 81 0 280,000 – 350,000 Located 1 kilometre from Bunbury, Murray River offers amenities including air-conditioned 1988 clubhouse with outdoor terrace and barbeque area, solar-heated swimming pool, plus a lounge, hairdressing salon, podiatrist room and library. North Lakes# North Lakes, 353 301 92 52 139,000 – 580,000 Located in one of Australia’s fastest growing regions, the North Lakes Community is only 2005 QLD 35 minutes from Brisbane and 30 minutes from Brisbane International Airport. The resort layout provides security as well as an outstanding array of amenities. The resort is within the expanding North Lakes Town Centre and easy walking distance from the regional shopping centre, health and education precincts. Oak Grange Brighton East, 110 110 97 0 309,000 – 538,000 Oak Grange is located on Hawthorn Road, Brighton East, close to Brighton’s famous 1984 VIC beaches, the city and a tram ride to the vibrant shopping and entertainment strips of High Street, Chapel Street and Acland Street. Patterson Lakes Patterson Lakes, 207 207 99 0 125,000 – 349,000 Patterson Lakes Village is located directly opposite Patterson Lakes Shopping Centre 1980 VIC and Marina and features a central lake as the focal point of the village. Local bus services passing the front gate link to Carrum railway station. Pine Lake Elanora, QLD 147 147 100 0 135,000 – 295,000 Pine Lake is located at Elanora on Queensland’s Gold Coast and features a swimming 1982 pool and views of a nearby lake. Plenty Valley Epping, VIC 204 204 100 0 166,000 – 503,000 Plenty Valley Village is situated off McDonalds Road in Epping, within close proximity to the 2006 nearby Epping shopping complex. The location is well serviced with transport, healthcare, medical and aged care facilities. Queens Lake Village Laurieton, NSW 124 124 82 0 180,000 – 410,000 Situated on the Queens Lake waterfront, Queens Lake village is equipped with its own 1987 private jetty. It is conveniently located just 1 kilometre from Laurieton’s town centre. Ridgecrest Page, ACT 126 126 100 0 330,000 – 510,000 Ridgecrest at Page in Canberra is spread over 5.4 hectares and has facilities including 1986 barbeque areas, a bowling green and resident’s lounge. River Parks Village Wilson, WA 33 33 94 0 275,000 River Parks is set amongst private landscaped gardens adjacent to the Canning River 1988 and located in Wilson, only 13 kilometres from the centre of Perth. River Pines Village Wilson, WA 34 34 94 0 275,000 River Pines, adjacent to Canning River, is situated within easy access of local shopping 1988 centres. Rosebud Rosebud, VIC 104 104 99 0 145,000 – 293,000 Rosebud is located in the heart of the Mornington Peninsula and is well serviced by the 1980 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 railway station. Rylands Hawthorn Hawthorn, VIC 84 84 100 0 634,000 – 1,555,000 Rylands of Hawthorn is positioned close to the shopping and entertainment precinct of 2008 Camberwell Junction. This retirement resort features stunning modern apartments and spacious communal facilities. Rylands Kew Kew, VIC 65 65 100 0 559,000 – 1,501,000 Rylands of Kew is an apartment style retirement resort adjacent to shops and facilities 2007 at Kew Junction. The property’s centrepiece is a heritage building that has been blended with contemporary architecture to create a relaxing environment with state-of-the-art convenience. Salford Park Community Wantirna, VIC 171 171 98 0 265,200 – 443,700 Residents at Salford Park Community Village live independently in one or two bedroom Village units, however there are also aged care facilities available offering 120 rooms for those

For personal use only use personal For 1983 who require some extra assistance. Salford Retirement Aberfoyle Park, 74 74 91 0 290,000 – 338,000 Located in the tree-studded foothills of South Australia’s Aberfoyle Park, Salford Estate SA Retirement Estate is 20 kilometres from Adelaide’s CBD and less than 3 kilometres to 1990 the local shopping centre. Salford Waters Victoria Point, 181 181 94 0 127,500 – 622,200 Situated on the Moreton Bay waterfront in Victoria Point, Salford Waters is less than Retirement Estate QLD 3 kilometres to Victoria Point Shopping Centre and about a half hour drive to Brisbane’s 1993 CBD. ^ Excludes Aged Care (i.e. nursing homes and hostels) * occupied units as proportion of all units available for occupancy # Includes North Lakes Extension Stockland Property Portfolio June 2011 69 Retirement Living Retirement Portfolio

Lourdes, NSW Lourdes is located in Killara on Sydney’s North shore overlooking Garigal National Park. The village offers a central clubhouse For personal use only use personal For with a coffee shop as well as a dining room, lounge, chapel, billiards room, hair salon, library, heated swimming pool and spa.

70 Retirement Living Retirement Portfolio

Retirement Living – established villages (continued)

Property/ Units yet to Opening date Location Total units^ Established % Occupancy* be released Price range ($) Project description Tarneit Skies Retirement Tarneit, VIC 159 123 89 36 185,000 – 332,500 Tarneit Skies is located in Melbourne’s western suburbs. The village features an indoor Village swimming pool, spa, gymnasium, dining room, crafts room, computer suite and billiard 2003 tables. Taylors Hill Taylors Hill, VIC 199 199 100 0 215,000 – 401,000 Taylors Hill is located approximately 5 minutes from the Calder Freeway and Watergardens 2005 Regional Shopping Centre. The village features modern community facilities with both independent living units and apartments. Templestowe Templestowe, 151 151 96 0 120,000 – 444,000 Templestowe Village is set out in a park-like environment opposite beautiful Westerfolds 1983 VIC Park, which features walking tracks along the banks of the Yarra River, barbeque facilities and picnic areas. The Cove Village Daleys Point, 112 112 71 0 250,000 – 701,200 Situated on the NSW Central Coast, the village boasts absolute water frontage with most 1983 NSW units having views of Brisbane Waters. Construction of eight waterfront independent living units was recently completed. The village has two outdoor barbeque areas, three swimming pools, a spa and a private jetty. The Grange Retirement Grange, SA 57 57 100 0 380,000 – 395,000 The Grange is located just over 1 kilometre from the seafront suburb of Grange and Estate 12 kilometres from Adelaide’s CBD. The village is in close proximity to public transport, 1992 hospital and shopping centres. The Lakes at Delbridge Sydenham, VIC 29 29 79 0 184,000 – 247,000 The Lakes at Delbridge is a small village located close to the Taylors Lakes village, less 2001 than 1 kilometre from the Watergardens Regional shopping centre. The Lakes Estate Taylors Lake, 172 172 96 0 112,000 – 475,000 The Lakes Estate is ideally located on the corner of Kings Road and Melton Highway, 2000 VIC directly opposite Watergardens Shopping Centre and railway station. The Village Swansea Swansea, NSW 141 141 91 0 215,000 – 370,000 Located in the seaside peninsula township of Swansea, on the NSW Central Coast, the 1988 village is situated in close proximity to Lake Macquarie and Swansea Shopping Centre. The village features three salt-water swimming pools and two community centres. The Willows Retirement Winston Hills, 266 198 94 68 111,000 – 610,000 The Willows is situated at Winston Hills in north-west Sydney. The village is close to Village NSW shopping centres, sports clubs, hospitals, 24-hour medical facilities and less than 1988 1 kilometre to the M2 freeway leading to Sydney’s CBD. Unity Retirement Village Aberfoyle Park, 130 130 92 0 128,500 – 320,000 Located in Aberfoyle Park, Unity’s facilities include a bowling green, recreation hall, dining 1985 SA room, and half-court tennis. Vermont Vermont South, 125 125 98 0 247,000 – 366,000 Vermont Village benefits from an excellent location, plenty of open space and established 1981 VIC gardens. Located on Burwood Highway near Koomba Park, the village is close to several large shopping centres including Vermont South, Knox, The Glen and Forest Hill. Wamberal Gardens Wamberal, NSW 62 62 82 0 260,000 – 305,000 Wamberal Gardens is located on the NSW Central Coast adjacent to Wamberal Lagoon Retirement Village with the beach just one block away. The village features two swimming pools, two outdoor 1983 barbeque areas, an activities room and library. Wantirna Wantirna, VIC 178 178 98 0 125,000 – 381,000 Wantirna Village benefits from an outstanding range of retail and transport amenities. 1986 The 6.3 hectare site adjoins 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. Waratah Highlands Bargo, NSW 168 111 98 57 275,400 – 392,700 Set on 10 hectares of woodland, Waratah Highlands is in close proximity to the Southern 2002 Highlands and 500 metres to Bargo railway station. The village features a hairdresser,

For personal use only use personal For beautician, library and billiards room. 8,170 7,535 635

^ Excludes Aged Care (i.e. nursing homes and hostels) * occupied units as proportion of all units available for occupancy # Includes North Lakes Extension

Stockland Property Portfolio June 2011 71 Retirement Living Retirement Portfolio

Tarneit Skies, VIC Tarneit Skies is located in Melbourne’s For personal use only use personal For western suburbs and features an indoor swimming pool, spa, gymnasium, dining room and other recreational facilities.

72 Retirement Living Retirement Portfolio

Retirement Living – development pipeline

Property Location Total units Project description Banjup Banjup, WA 230 Incorporated within Stockland’s Banjup masterplanned community, 18 kilometres south of Perth CBD. The site is close to the Kwinana Freeway and Gateway regional shopping centre. Brookbent Road (formerly Brisbane, QLD 170 Potential retirement living opportunity identified 22 kilometres south of Brisbane, within Stockland’s residential community. Pallara) Caloundra Downs Caloundra, QLD 400 There is an opportunity for retirement communities within Stockland’s 3,700 hectare Caloundra Downs project which will include at least 20,000 residential lots, employment and retail. These will be developed concurrently as the broader project comes to market. Cardinal Freeman Village Ashfield, NSW 220 A major project application for new independent living units, to be developed in stages, has been approved by the NSW Department of Planning. Eucalypt Wollert, VIC 180 An 8.1 hectare parcel of land has been identified within Stockland’s Eucalypt Residential project for a retirement village. Gillin Park Warrnambool, VIC 40 There is an opportunity to build additional ILUs at the village based on the current DA. Golden Ponds Retirement Forster, NSW 40 A master plan for the remaining stages of development has been created and an amended development approval will be submitted. Resort Highlands Extension Craigieburn, VIC 50 An opportunity within Stockland’s residential community exists adjacent to the Highlands retirement village to acquire developable land to extend this key project. Further investigations are being undertaken by the project team. Highlands II Craigieburn, VIC 240 A 10 hectare parcel of land has been ear marked for a second village within the Highlands residential project. Lourdes Village Killara, NSW 10 A Development Application for the construction of additional independent living units and a partial upgrade of the existing community facilities has been approved. Macarthur Gardens Campbelltown, NSW 238 Incorporated within Stockland’s masterplanned community, 57 kilometres south-west of the Sydney CBD. The location is adjacent to the regional retail and transport centre. Maybrook Cromer, NSW 20 A Development Application has been approved for new ILAs. Mernda Mernda, VIC 240 Located within the Stockland Mernda Villages masterplanned community 25 kilometres north-east of Melbourne. Masterplan is currently being developed with commencement scheduled in 2012. Northshore Townsville, QLD 220 Potential retirement living opportunity identified within Stockland’s masterplanned North Shore residential community located approximately 10 kilometres north-west of Townsville. Selandra Rise Cranbourne, VIC 200 A retirement living opportunity within Stockland’s wider Selandra Rise masterplanned community in Cranbourne, south-east of Melbourne. Settlers East Baldivis, WA 220 Incorporated within Stockland’s Settlers Hills masterplanned community, 38 kilometres south of Perth CBD. The site is immediately adjacent to the Stockland shopping complex. The Cove Village Daleys Point, NSW 60 A Development Application approval has been granted for independent living units, new community facilities and sales/administration offices. 2,778 Developments at established villages 635 Total 3,413

Retirement Living – aged care

Property Location Total beds % Occupancy* Project description Cardinal Freeman Ashfield, NSW 119 97 Located in Ashfield, the Cardinal Freeman Lodge provides low-level nursing care while the village’s nursing home provides high-level care. 1980 Gillin Park Warrnambool, 45 93 Located in Warrnambool, the regional hub of South Western Victoria. 1990 VIC For personal use only use personal For Lourdes Killara, NSW 83 94 Located at Lourdes Retirement Village and set in beautifully landscaped, colourful gardens. Lourdes Aged Care provides short-term respite care, 1983 a low-care hostel and a high-care nursing home across 83 beds which caters to both general service and extra service high care. Salford Park Wantirna, VIC 120 94 Located at Salford Park Retirement Village in Wantirna. 1983 367

* occupied beds as a proportion of all beds available for occupancy

Stockland Property Portfolio June 2011 73 Unlisted Property Funds

541 ST KILDA ROAD, VIC 541 ST KILDA ROAD COMPRISES SIX LEVELS OF OFFICE ACCOMMODATION AND TWO GROUND FLOOR RETAIL TENANCIES, WITH A LETTABLE AREA OF 8,251M2 AND 128 PARKING SPACES. For personal use only use personal For THE PROPERTY FEATURES LARGE FLOOR PLATES OF 1,300M2 WITH NATURAL LIGHT ON ALL SIDES AND HAS A RECENTLY REFURBISHED FOYER AND FORECOURT.

74 Unlisted Property Funds

Unlisted Property Funds* Optus Centre, NSW Stockland has $439 million of funds under management across a range of funds and

asset classes. For personal use only use personal For

* Australian Funds only

Stockland Property Portfolio June 2011 75 Unlisted Property Funds

Unlisted Property Funds – summary

Funds under Establishment Expiry/ Fund Type of fund management ($m)* date review date Stockland Direct Office Trust No. 2 (SDOT2) Retail 189.5 Sep 2005 Jun 2013 Stockland Direct Office Trust No. 3 (SDOT3) Retail 92.9 Jun 2007 Jun 2014 Stockland Direct Retail Trust No. 1 (SDRT1) Retail 66.1 Dec 2006 Jun 2014 Stockland Residential Estates Equity Fund No. 1 (SREEF1) Wholesale 90.5** Aug 2006 Aug 2014 439.0

* represents gross assets ** represents SREEF1 total committed equity (less capital returned to unit holders) and drawn debt at 30 June 2011

Unlisted Property Funds – asset overview

% Book value Valuation Property type Property State Ownership ($m) ($m) NLA (m2)** % of fund Page SDOT2 Office Park Optus Centre NSW 49 186.2 186.2 84,194 100 30 Macquarie Park SDOT2

SDOT3 Commercial 75 George Street, Parramatta NSW 100 32.6 32.6 9,535 37 77 541 St Kilda Road, Melbourne VIC 100 25.0 25.0 8,251 28 77 181 Great Eastern Highway, Belmont WA 100 17.0 17.0 4,036 19 77 222 Russell Street Car Park, VIC 100 13.3 13.3 N/A 16 78 Melbourne SDRT1 Retail Benowa Gardens QLD 100 30.7 30.7 5,732 48 78 Pacific Pines QLD 100 19.5 19.5 5,518 31 78 Tamworth Homespace NSW 100 13.6 13.6 13,070 21 79

SREEF1 Residential Freshwater QLD 80 154.8* N/A N/A 41 51 Communities Ormeau Ridge QLD 50 107.4* N/A N/A 29 51 Highlands Newbury Village^ VIC 50 50.0* N/A N/A 13 55 Hundred Hills NSW 50 39.0* N/A N/A 10 51 The Boardwalk^^^ QLD 50 26.2* N/A N/A 7 51

* Fund share of total net revenue generated throughout the life of the project. ** 100% of NLA ^ newbury Village of Stockland’s Highlands Residential Communities project only

^^^ stages 4,6,7 and 9 only For personal use only use personal For

76 Unlisted Property Funds

75 George Street 541 St Kilda Road 181 Great Eastern Highway 75 George Street is a six level, twin tower, commercial office building. 541 St Kilda Road comprises six levels of office accommodation 181 Great Eastern Highway is a commercial building with a lettable The office levels comprise north and south wings which are linked by and two ground floor retail tenancies, with a lettable area of 8,251sqm area of 4,036sqm. The building provides three levels of office a central services core and a typical floor plate of 1,800sqm. There and 128 parking spaces. The property features large floor plates accommodation with 109 car parking spaces on the property, with are two retail areas on the ground floor, with basement and covered of 1,300sqm with natural light on all sides and a refurbished foyer another 126 bays located on an adjoining parcel of land. The building’s parking for 103 spaces. The property is located in the heart of the and forecourt. elevated position provides views of the Swan River and the Perth Parramatta CBD on the high profile corner of Smith and George CBD skyline. Streets. The Parramatta bus/rail interchange and RiverCat Wharf are also within close proximity of the property.

Location: Parramatta, NSW Location: Melbourne, VIC Location: Belmont, WA Acquisition date: Jun 2007 Acquisition date: Jun 2007 Acquisition date: Jun 2007 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $40.0 million Cost including additions: $30.4 million Cost including additions: $15.1 million

Last Independent Valuation Last Independent Valuation Last Independent Valuation Date: Jun 2011 Date: Jun 2011 Date: Jun 2011 Valuation/($/m2): $32.6 million ($3,419/m2) Valuation/($/m2): $25.0 million ($3,030/m2) Valuation/($/m2): $17.0 million (4,212/m2) Capitalisation rate: 9.00% Capitalisation rate: 9.25% Capitalisation rate: 8.50% Discount rate: 9.50% Discount rate: 9.25% Discount rate: 10.00% Car parking spaces: 103 Car parking spaces: 128 Car parking spaces: 235

Net lettable area: 9,535 Net lettable area: 8,251 Net lettable area: 4,036 Annual sales: N/A Annual sales: N/A Annual sales: N/A Weighted average lease expiry: 5.30 years Weighted average lease expiry: 1.40 years Weighted average lease expiry: 7.60 years

Major tenants NLA (m2) Lease expiry Major tenants NLA (m2) Lease expiry Major tenants NLA (m2) Lease expiry St George 6,485 Dec 2017 Seek 6,398 Oct 2012 NRW 4,036 Jan 2019

Hanson Construction 1,857 Sep 2015 Theiss 1,320 Sep 2012 For personal use only use personal For

Lease expiry profile %

3 1 8 88 1 93 4 2 100

Vacant FY

Stockland Property Portfolio June 2011 12 13 14 15 16+ 77 Unlisted Property Funds

222 Russell Street Car Park Benowa Gardens Shopping Centre Pacific Pines Town Centre The public car park at 222 Russell Street forms part of the Mantra on Benowa Gardens is a fully enclosed neighbourhood shopping centre Pacific Pines Town Centre was developed by Stockland as part of a Russell hotel/retail complex. The building is located in Melbourne’s located on the Gold Coast. The centre was originally constructed in masterplanned community, situated in the northern Gold Coast region, busy Chinatown precinct between Lonsdale and Little Lonsdale 1992, and has been periodically refurbished, with the most recent near Helensvale. The neighbourhood shopping centre has an open Streets and was completed in 1997. The property comprises 531 car refurbishment completed in 1998. The centre is anchored with a Coles plan style and is anchored by Woolworths plus 13 specialty stores parking spaces. SDOT3 acquired an interest in 479 car parking spaces supermarket and over 40 specialty retailers. There is on-site parking and parking for 362 vehicles. (including 52 which are privately owned and leased back by SDOT3). for 437 vehicles, including 200 covered bays.

Location: Melbourne, VIC Location: QLD Location: QLD Acquisition date: Jun 2007 Acquisition date: Dec 2006 Acquisition date: Dec 2006 Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Ownership/title: 100%/Freehold Cost including additions: $16.9 million Cost including additions: $27.1 million Cost including additions: $17.8 million

Last Independent Valuation Last Independent Valuation Last Independent Valuation Date: Jun 2011 Date: Jun 2011 Date: Jun 2011 Valuation/($/m2): $13.25 million (N/A) Valuation/($/m2): $30.7 million ($5,356/m2) Valuation/($/m2): $19.5 million ($3,534/m2) Capitalisation rate: 8.50% Capitalisation rate: 8.00% Capitalisation rate: 7.50% Discount rate: 9.50% Discount rate: 9.75% Discount rate: 9.25% Car parking spaces: 479 Car parking spaces: 437 Car parking spaces: 362

Net lettable area: N/A Gross lettable area: 5,732 Gross lettable area: 5,518 Annual sales: N/A Annual sales: $51.7 million Annual sales: $45.9 million Weighted average lease expiry: 3.70 years Weighted average lease expiry: 5.10 years Weighted average lease expiry: 9.30 years

Major tenants NLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry Major tenants GLA (m2) Lease expiry

Wilson Parking N/A Jun 2015 Coles 1,960 Apr 2022 Woolworths 3,541 Oct 2023 For personal use only use personal For

Lease expiry profile %

7 93 9 10 21 6 9 45 2 15 8 75

Vacant FY

78 12 13 14 15 16+ Unlisted Property Funds

Tamworth Homespace Tamworth Homespace is a modern single level bulky goods shopping centre located on the New England Highway, approximately 4 kilometres south of the Tamworth CBD. Developed by Stockland, the centre commenced trading in November 2004 and is anchored by leases to The Good Guys and Sleep City. There are 10 additional bulky goods tenancies, a restaurant and a medical centre, with on-site parking for 416 vehicles.

Location: NSW Acquisition date: Dec 2006 Ownership/title: 100%/Freehold Cost including additions: $22.4 million

Last Independent Valuation Date: Jun 2011 Valuation/($/m2): $13.6 million ($1,041/m2) Capitalisation rate: 10.50% Discount rate: 11.25% Car parking spaces: 416

Gross lettable area: 13,070 Annual sales: N/A Weighted average lease expiry: 2.90 years

Major tenants GLA (m2) Lease expiry The Good Guys 2,404 Oct 2014 Your Homemaker 2,153 Nov 2015 Sleep City & Everyday Living 1,800 Oct 2011

My Design Furniture 1,214 Oct 2015 For personal use only use personal For

Lease expiry profile %

10 21 6 18 45

Stockland Property Portfolio June 2011 79 Apartments Residential Portfolio

Apartments Stockland has a range of quality apartments projects in high profile locations across Australia, with a remaining end-market value of approximately $0.5 billion.

The Islands, WA

Geographic split %* For personal use only use personal For

2 86 2 10 * By current units

NSW VIC QLD WA

80 Apartments Residential Portfolio

Apartments – released to market

Property/ Total project % Current Acquisition date Location value ($m)* Total units Sold^ price range ($) Project description Tooronga** Glen Iris, Melbourne, 593 819 39 315,000 – 1,390,000 Located 7 kilometres from the CBD in the heart of Melbourne’s eastern suburbs, 2004 VIC Tooronga is a landmark mixed-use development which on completion will comprise 785 residential dwellings, a neighbourhood shopping centre, strata offices and a vibrant outdoor piazza with a range of dining options. Masterplanned over 5 stages, the first stage includes two residential towers, the Stockland Tooronga Shopping centre, outdoor piazza and strata offices. The Village** Balgowlah, NSW 325 236 98 1,385,000 – 1,535,000 The Village is a progressive mixed-use development on Sydney’s Northern Beaches. 2001 The development features Stockland Balgowlah, a shopping centre with a full line Coles and 60 speciality stores and premium quality apartments. Prince Henry Little Bay, Sydney 322 368 99 395,000 – 1,155,000 The redevelopment of the old Prince Henry Hospital at Little Bay is a landmark 2004 NSW residential development, unrivalled in its natural beauty and historic appeal. 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. The Islands Southbeach, Perth, 255 100 41 1,050,000 – 5,186,000 Located just minutes from Fremantle on the Cockburn coast, the site offers 2007 WA apartments, townhouses and beach houses with spectacular panoramic views of Garden, Carnac and Rottnest islands as well as Fremantle harbour. Allisee Gold Coast, QLD 241 196 93 1,040,000 – 2,900,000 Premium waterfront development with a private internal marina and direct Broadwater 2003 access. The Hyde*** Sydney, NSW 226 132 97 630,000 – 5,900,000 Overlooking Hyde Park, The Hyde is set to become one of Sydney’s most privileged 2006 addresses, 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 features a 34 level tower comprising 131 luxuriously appointed apartments. 1,962 1,851

Apartments – undeveloped sites

Property/ Total project % Current Acquisition date Location value ($m)* Total units Sold^ price range ($) Project description South Yarra ^^ South Yarra, VIC N/A N/A N/A N/A This sought-after location in the heart of South Yarra, provides unparalleled access 2008 to amenity and lifestyle opportunities in one of Melbourne’s most vibrant inner city locations. – –

* total revenue generated throughout the life of the project ** Including retail and commercial *** Including retail ^ % sold relates to contracts exchanged and settled

^^ sale contract exchanged with deferred settlement to occur in FY13 For personal use only use personal For

Stockland Property Portfolio June 2011 81 STOCKLAND UK

Stockland UK Stockland established a UK division One Tudor Street, London, UK following the acquisition of UK property company Halladale Group Plc in May 2007. Stockland UK specialises in property development, asset management and

trading. For personal use only use personal For

82 STOCKLAND UK

Stockland UK on-balance sheet properties

Stockland UK % Book value Project location County Category equity ($m) 1 Tudor Street, London Central London Commercial 100 48.9 Billingham Town Centre, Billingham Teesside Retail 100 31.2 St Andrew Square, Edinburgh Scotland Mixed-use 100 26.4 Three Horse Shoes Mall, Market Place, Warminster Wiltshire Retail 100 15.9 112 London Road North, Lowestoft Suffolk Retail 100 9.5 St Mungo’s Retail Park, St Mungo’s Road, Cumbernauld Scotland Retail 100 6.5 Keymarket House, Middle Street, Yeovil Somerset Retail 100 2.2 73, 73A, 73B High Street, Brentwood Essex Retail 100 1.0 Ascot Drive, Derby Derbyshire Industrial/Retail 100 0.6 William Hunter Way, Brentwood Essex Retail 100 0.2 Land at Dalgety Bay Scotland Retail 100 0.1 142.5

note: A$ at exchange rates prevailing at 30/6/2011 (0.6667) For personal use only use personal For

Stockland Property Portfolio June 2011 83

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STOCKLAND PROPERTY PORTFOLIO June 2011 85 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. For personal use only use personal For