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Introduction

About Stockland
Stockland is the largest diversified property group in Australia, with operations also in New Zealand and the United Kingdom.

We are active in retail, commercial and industrial property, as well as residential, retirement living and funds management sectors.

As at June 30 2007, we had a market capitalisation of over A$11 billion and assets valued in excess of A$13 billion. We are a top 30 Australian Securities Exchange listed company (ASX: SGP), and have achieved 25 consecutive years of profit growth.

During the past year, in line with our strategy, we made two significant acquisitions: the UK property investment and development group Halladale and Australian Retirement Communities (ARC - Retirement Living) – one of the top five retirement living operators in the country. Stockland Halladale is now our platform for future growth in the UK and Europe.

About this report
This report, for the year 1 July 2006 to 30 June 2007, covers our Australian operations:

• Retail
• Development - Residential Communities and Apartments
• Commercial & Industrial
• Capital Partners

Next year we will commence reporting on Retirement Living and Stockland Halladale. Our first step is to develop CR&S plans to support their strategic business plans. Our priorities include reporting on people metrics, learning and development, and understanding the best opportunities to enhance environmental performance of existing assets and projects in development.

Except where specifically noted, this report does not cover Stockland Halladale and Retirement Living, as they became part of Stockland only in the last half of the reporting year, Saville Hotel Group, due to the sale of the group in January 2007, nor our assets in New Zealand held in joint ownership and managed by others.

The content for this report has been determined and shaped by our CR&S Employee Committee, reporting on our actions reflecting the ongoing delivery of our CR&S strategy. Our CR&S Board Committee has provided sponsorship. We have used the Global Reporting Initiative (G3) critieria to inform the extent and detail of our reporting and we have been assured against the AA1000 Assurance Standard. Employees throughout the organisation have contributed reports on progress, learnings and case studies, capturing our performance over the past year.

Our vision and mission
Our vision is to create a world-class property group. We see that our purpose is to deliver enduring value for our stakeholders through innovative, customer focused property solutions.

Our responsibilities to our stakeholders shape our mission.

• We recognise our people are our most important asset.
• We strive to exceed our customers’ expectations.
• We aim to provide superior returns to our investors through outstanding performance.
• We respect our relationship with authorities and government.
• We create equitable, rewarding partnerships by being clear about our expectations and sharing innovation and knowledge.
• We aim to understand our role in the community – those that we create, and beyond - wherever we have an impact.