Stockland Direct Office Trust No. 2

The new Optus Australian headquarters provides a workplace for over 6,500 employees on 7.6 hectares of landscaped secure surrounds. The property consists of six buildings with a total building area of 84,194 sqm.

The fund uses an innovative Instalment Receipt structure to allow investors to pay 40 cents on application with 60 cents due for payment on 30 June 2013.

Fund Highlights:

• Optus Headquarters won the Property Council of Australia Award for Business or Industrial Parks at the 2008 Innovation and Excellence Awards and two categories at the Green Globe Awards; and
• Distributions in line with Product Disclosure Statement forecasts.

# The performance and distribution to investors who have not provided their TFN/ABN will be less than that shown here as we are required to deduct withholding tax by law.

SDOT2 is an unlisted property fund with a limited secondary market provided by a Limited Liquidity Facility. This Facility provides our investors with the opportunity to sell their Instalment Receipts each quarter based on the latest net tangible assets of SDOT2 as published in the accounts, less 2.5% and transaction costs.

As at 30 June 2008, the SDOT2 net tangible asset (NTA) backing for each unit is $1.13, which includes the Final Instalment provided by Westpac Banking Corporation Limited as detailed in the PDS.

The NTA per Instalment Receipt includes a performance fee in relation to performance fees potentially payable to Stockland. The performance fee may be payable when the property is sold or when SDOT2 is wound up. The performance fee is subject to the future performance of SDOT2.

If you need to change your address, bank account details, Tax File Number or Australian Business Number, please advise the registrar in writing and quote your Holder Identifier Number.

Computershare Investor Services Pty Ltd
GPO Box 2975
Melbourne VIC 3001
Telephone: 1300 855 080

Alternatively you may use your unique Holder Identifier Number to change details by visiting www.computershare.com.

The Financial Ombudsman Services (FOS) independently and impartially resolves disputes between consumers, including some small businesses, and participating financial services providers. Membership of FOS is open to any financial services provider carrying on business in Australia. FOS independent dispute resolution processes cover complaints about financial services including banking, credit, loans, general insurance, life insurance, financial planning, investments, stock broking, managed funds and pooled superannuation trusts.

You will not be charged for using the service and your dispute will be handled as fairly and quickly as possible. FOS can be contacted on 1300 78 08 08.

Where an Instalment Receipt holder has identified a willing purchaser for their Instalment Receipts, they may transfer their Instalment Receipts by submitting the Transfer Form. Where no willing purchaser has been identified, the Instalment Receipt holder may transfer their Instalment Receipts under Limited Liquidity Facility ("LLF").

In the case of death, bankruptcy or incapacity of an Instalment Receipt holder, the legal representative of that holder may elect for themselves or a third party to be registered as the Instalment Receipt holder by submitting the Transmission Form.

Please note applications are processed on an 'order of receipt' principle. The maximum number of Instalment Receipts processed each quarter will not exceed 1,000,000.

If you would like to participate in the LLF for the quarter ending 30 September 2008, please complete the LLF form and submit to Westpac by Tuesday 9th September 2008. Please be aware that the September 2008 quarter is currently 99% allocated.

For further information regarding the Limited Liquidity Facility please contact our Client Relations Manager, Michael Raziowsky, on 02 9035 3208.