LENDLEASE GROUP — Major Shareholding Notification 2007

Oct 24, 2007

25-10-'07 17:23 FROM-BEM

61396529448

T-804

BALANCED EQUITY MANAGEMENT

Balanced Equity Management Pty Limited 35th Level 101 Collins Street Melbourne 3000 Victoria Facsimile 9650 9448 Telephone 9650 9177 Email beminfo@bem.com.au ABN 78 006 987 613

FACSIMILE

To: Lend Lease Corporation Limited Sue Sharpe, Company Secretary Attention: Companies Announcement Office, Australian Stock Exchange Copy: Andrew Sisson, Director, Balanced Equity Management Pty Limited From: 25 October 2007 Date:

Please find following a copy of a Form 604, Notice of Change of Interests of Substantial Holder. The original was posted to the company today.

Yours sincerely,

Andrew Sisson Director

$\ddot{\phantom{a}}$

604 page 1/2 13 March 2000

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Lend Lease Corporation Limited
ACN/ARSN	000 226 228
	.

1. Details of substantial holder(1)

Name		Balanced Equity Management Pty Limited
ACN (if applicable)	006 987 613
There was a change in the interests of the
substantial holder on		23/10/07
The orevious notice was given to the company on		04 , בב, דב

$17/11/04$

2. Previous and present voting power

The previous notice was dated

The previous notice was given to the company on

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3)
in when last required, and when now r

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (6)
Ordinary Shares	'27,761,041 6.96%		'23,881,840 5.95%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the
substantial holder was last required to give

Date of change	Person whose relevant interest changed	Nature of change (6)	-- Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
Refer	attached	Annexure	י בי معمعت		umm
			بسيسي

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

	ومحرسه		$-11$
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6) .	Class and number of securities	Person's votes
Refer	attached	---- "B" Annexure	$1.18 - 1.1$
	سيبير	ورب

604 page 2/2 13 March 2000

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN (if applicable) -----	Nature of association
Not applicable	Wot applicable بمعدد

6. Addresses

The addresses of persons named in this form are as follows:

Name	Album Mar Address سي	وسيعيب ---
-- Refer attached	- ' C ' Annexure بمحببت
محمد .	محصوص بالبراز	$1 - 1$ وسرور

Signature

	print name Andrew Sisson		capacity pirector سعيد
sign here		date	25/10/07

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an
  equity trust), the names could be included in an ann $(1)$ throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Law.
• See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Law. $\langle 3 \rangle$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document 囟 setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to (b) which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Law.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled $(7)$ to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $(8)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE ONE OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 – NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

	Person whose relevant		Consideration given in relation to change		Class and number of securities affected		Person's
Date of Change	interest changed	Nature of change	Cash	Non-cash	Class	Number of securities	votes affected
15-Nov-04	Balanced Equity Management Pty Limited	Acquired	\$912,110.32		Ordinary Shares	80,000	80,000
15-Nov-04	As above	Acquired	\$1,425,172.38		Ordinary Shares	125,000	125,000
16-Nov-04	As above	Acquired	\$1,778,437.62		Ordinary Shares	153,900	153,900
16-Nov-04	As above	Disposed	-\$5,809,853.79		Ordinary Shares	-500,000	-500,000
18-Nov-04	As above	Disposed	-\$3,612,179.23		Ordinary Shares	-300,000	$-300,000$
18-Nov-04	As above	Disposed	\$7,225,853.58		Ordinary Shares	-600,000	$-600,000$
19-Nov-04	As above	Disposed	-\$461,539.55		Ordinary Shares	$-37,872$	$-37,872$
19-Nov-04	As above	Disposed	$-$ \$3,678,131.12		Ordinary Shares	-300,000	$-300,000$
19-Nov-04	As above	Disposed	-\$3,677,822.99		Ordinary Shares	-300,000	$-300,000$
22-Nov-04	As above	Disposed	-\$12,143,546.07		Ordinary Shares	$-1,000,000$	$-1,000,000$
25-Nov-04	As above	Acquired	\$1,240,464.96		Ordinary Shares	100,800	100,800
26-Nov-04	As above	Acquired	\$274,836.00		Ordinary Shares	22,200	22,200
26-Nov-04	As above	Disposed	-\$274,836.00		Ordinary Shares	$-22,200$	$-22,200$
29-Nov-04	As above	Acquired		\$1,952,000.00	Ordinary Shares	160,000	160,000
$1-Dec-04$	As above	Disposed	-\$622,937.49		Ordinary Shares	-50,000	$-50,000$
$1 - Dec-04$	As above	Disposed	$-$1,245,947.72$		Ordinary Shares	-100,000	$-100,000$
$2$ -Dec-04	As above	Disposed	-\$252,198.86		Ordinary Shares	$-20,000$	$-20,000$
$6$ -Dec-04	As above	Acquired		\$1,921,290.00	Ordinary Shares	147,000	147,000
7-Dec-04	As above	Acquired	\$3,156,761.00		Ordinary Shares	244,900	244,900
7-Dec-04	As above	Disposed	$-$ \$3,156,761.00		Ordinary Shares	$-244,900$ 13,300	-244,900 13,300
14-Dec-04	As above.	Acquired	\$169,309.00		Ordinary Shares Ordinary Shares	$-13,300$	$-13,300$
14-Dec-04	As above	Disposed	-\$169,309.00 $-5267,241.78$		Ordinary Shares	$-21,000$	$-21,000$
$14$ -Dec-04 15-Dec-04	As above As above	Disposed Acquired		\$6,815,640.00	Ordinary Shares	530,400	530,400
$12-Jan-05$	As above	Acquired	\$1,999,206.00		Ordinary Shares	151,800	151,800
12-Jan-05	As above	Disposed	-\$1,999,206.00		Ordinary Shares	-151,800	$-151,800$
18-Jan-05	As above	Disposed	-\$6,127,053.80		Ordinary Shares	-450,000	-450,000
25-Jan-05	As above	Acquired	\$2,235,516.32		Ordinary Shares	164,900	164,900
27-Jan-05	As above	Acquired	\$82,226.25		Ordinary Shares	6,000	6,000
2-Feb-05	As above	Disposed	-\$3,743,600.64		Ordinary Shares	$-275,200$	-275,200
7-Feb-05	As above	Acquired		\$16,189,824.42	Ordinary Shares	1,168,097	1,168,097
8-Feb-05	As above	Disposed	-\$80,200.79		Ordinary Shares	$-5,700$	$-5,700$
8-Feb-05	As above	Disposed	$-$1,385,928.18$		Ordinary Shares	-98,494	-98,494
10-Feb-05	As above	Disposed	$-$ \$4,187,798.07		Ordinary Shares	-300,000	-300,000
11-Feb-05	As above	Disposed	-\$115,453.74		Ordinary Shares	$-8,400$	$-8,400$
11-Feb-05	As above	Disposed	$-$2,630,781.94$		Ordinary Shares	-191,600	$-191,600$

$2e$

BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE TWO OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 – NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

	Person whose relevant		Consideration given in relation to change		Class and number of securities affected		Person's
Date of Change	interest changed	Nature of change	Cash	Non-cash	Class	Number of securities	votes affected
14-Feb-05	As above	Disposed	-\$1,953,705.04		Ordinary Shares	$-140,000$	$-140,000$
14-Feb-05	As above	Disposed	-\$3,940,779.75		Ordinary Shares	$-280,000$	$-280,000$
15-Feb-05	As above	Disposed	-\$963,963.25		Ordinary Shares	$-67,952$	$-67,952$
16-Feb-05	As above	Disposed	-\$6,167,376.95		Ordinary Shares	-450,000	-450,000
23-Feb-05	As above	Acquired		\$3,313,802.84	Ordinary Shares	251,236	251,236
23-Feb-05	As above	Disposed	-\$181,581.68		Ordinary Shares	$-14,200$	$-14,200$
$2-Mar-05$	As above	Disposed	-\$102,686.92		Ordinary Shares	$-8,000$	$-8,000$
15-Mar-05	As above	Disposed	-\$1,335,646.76		Ordinary Shares	$-100,000$	$-100,000$
16-Mar-05	As above	Disposed	$-$1,327,674.30$		Ordinary Shares	$-100,000$	$-100,000$
16-Mar-05	As above	Disposed	-\$2,667,308.47		Ordinary Shares	$-200,000$	$-200,000$
17-Mar-05	As above	Disposed	-\$1,338,612.41		Ordinary Shares	$-100,000$	$-100,000$
21-Mar-05	As above	Acquired	\$172,301.43		Ordinary Shares	12,900	12,900
22-Mar-05	As above	Disposed	$-5581,295.11$		Ordinary Shares Ordinary Shares	$-44,500$ 47,400	-44,500 47,400
24-Mar-05	As above	Acquired	\$617,930.10		Ordinary Shares	$-60,000$	$-60,000$
24-Mar-05	As above	Disposed	-\$779,533.63		Ordinary Shares	358,126	358,126
29-Mar-05	As above	Acquired Acquired	\$481,239.58	\$4,659,219.26	Ordinary Shares	37,900	37,900
30-Mar-05 $1-Apr-05$	As above As above	Disposed	-\$127,259.86		Ordinary Shares	$-10,000$	$-10,000$
$20-Apr-05$	As above	Acquired	\$1,658,092.04		Ordinary Shares	136,400	136,400
28-Apr-05	As above	Disposed	-\$499,239.18		Ordinary Shares	$-40,700$	$-40,700$
9-May-05	As above	Acquired		\$12,755,085.56	Ordinary Shares	1,106,252	1,106,252
$10-May-05$	As above	Acquired	\$1,078,810.46		Ordinary Shares	93,967	93,967
$11$ -May-05	As above	Disposed	-\$594,033.21		Ordinary Shares	$-50,000$	-50,000
$11-May-05$	As above	Disposed	-\$1,786,691.90		Ordinary Shares	$-150,000$	$-150,000$
12-May-05	As above	Acquired		\$1,026,550.00	Ordinary Shares	83,800	83,800
13-May-05	As above	Disposed	-\$3,667,997.37		Ordinary Shares	$-300,000$	-300,000
18-May-05	As above	Disposed	-\$88,309.70		Ordinary Shares	$-7,274$	$-7,274$
31-May-05	As above	Acquired	\$589,878.73		Ordinary Shares	48,300	48,300 $-159,200$
$1-Jun-05$	As above	Disposed		-\$1,942,240.00	Ordinary Shares Ordinary Shares	-159,200 50,600	50,600
8-Jun-05	As above	Acquired	\$661,848.00 \$911,676.00		Ordinary Shares	69,700	69,700
8-Jun-05	As above As above	Acquired Disposed	-\$661,848.00		Ordinary Shares	-50,600	-50,600
8-Jun-05 8-Jun-05	As above	Disposed	-\$911,676.00		Ordinary Shares	$-69,700$	$-69,700$
9-Jun-05	As above	Disposed	-\$1,958,605.90		Ordinary Shares	$-150,000$	-150,000
15-Jun-05	As above	Disposed		-\$1,649,960.00	Ordinary Shares	$-123,500$	-123,500
21-Jun-05	As above	Acquired		\$1,220,400.00	Ordinary Shares	90,400	90,400
22-Jun-05	As above	Acquired	\$9,252,765.00		Ordinary Shares	675,000	675,000
22-Jun-05	As above	Disposed	-\$9,252,765.00		Ordinary Shares	-675,000	-675,000
$23 - Jun-05$	As above	Acquired	\$2,747,140.00		Ordinary Shares	200,000	200,000
23-Jun-05	As above	Disposed	$-$ \$2,747,140.00		Ordinary Shares	$-200,000$	$-200,000$

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$\overline{\phantom{a}}$

BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE THREE OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 – NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

	Person whose relevant		Consideration given in relation to change		Class and number of securities affected	Number of	Person's votes
Date of Change	interest changed	Nature of change	Cash	Non-cash	Class	securities	affected
27-Jun-05	As above	Acquired	\$503,874.00		Ordinary Shares	37,800	37,800
27-Jun-05	As above	Disposed	-\$503,874.00		Ordinary Shares	$-37,800$	-37,800
28-Jun-05	As above	Acquired	\$501,410.00		Ordinary Shares	37,700	37,700
28-Jun-05	As above	Acquired	\$3,990,000.00		Ordinary Shares	300,000	300,000
28-Jun-05	As above	Disposed	-\$501,134.22		Ordinary Shares	-37,700	$-37,700$
28-Jun-05	As above	Disposed	-\$3,990,000.00		Ordinary Shares	-300,000	$-300,000$
1-Jul-05	As above	Disposed	-\$328,672.51		Ordinary Shares	$-25,000$	$-25,000$
4-Jul-05	As above	Disposed	$-$ \$5,003,861.71		Ordinary Shares	-380,000	-380,000
$11 Jul-05$	As above	Disposed	-\$481,237.06		Ordinary Shares	-36,600	$-36,600$
19-Jul-05	As above	Acquired		\$2,205,440.00	Ordinary Shares	172,300	172,300
19-Jul-05	As above	Disposed		$-$ \$2,205,440.00	Ordinary Shares	$-172,300$	$-172,300$
21-Jul-05	As above	Acquired		\$18,981,372.00	Ordinary Shares	1,478,300	1,478,300
21-Jul-05	As above	Disposed	$-$1,296,467.16$		Ordinary Shares	-100,000	$-100,000$
22-Jul-05	As above	Disposed	$-285,819.71$		Ordinary Shares	$-21,700$	$-21,700$
4-Aug-05	As above	Disposed	-\$68,776.30		Ordinary Shares	$-5,100$	$-5,100$
$1-Sep-05$	As above	Acquired	\$95,886.45		Ordinary Shares	7,202	7,202
$1-Sep-05$	As above	Acquired	\$307,553.12		Ordinary Shares	23,200	23,200
$1-Sep-05$	As above	Acquired	\$977,066.32		Ordinary Shares	73,200	73,200 87,448
2-Sep-05	As above	Acquired	\$1,161,662.16		Ordinary Shares	87,448 850,000	850,000
2-Sep-05	As above	Acquired	\$11,296,500.00		Ordinary Shares Ordinary Shares	-850,000	-850,000
$2-Sep-05$	As above	Disposed	-\$11,296,500.00		Ordinary Shares	$-32,812$	$-32,812$
5-Sep-05 $6-Sep-05$	As above As above	Disposed Acquired	-\$438,462.17 \$737,550.00		Ordinary Shares	55,000	55,000
$6-$ Sep $-05$	As above	Disposed	$-$737,550.00$		Ordinary Shares	$-55,000$	$-55,000$
$6-Sep-05$	As above	Disposed	-\$2,998,075.96		Ordinary Shares	$-225,000$	$-225,000$
6-Sep-05	As above	Disposed	-\$3,331,519.63		Ordinary Shares	-250,000	-250,000
7-Sep-05	As above	Disposed	-\$3,356,948.14		Ordinary Shares	-250,000	-250,000
8-Scp-05	As above	Acquired	\$111,829.72		Ordinary Shares	8,300	8,300
12-Sep-05	As above	Acquired	\$306,450.00		Ordinary Shares	22,700	22,700
12-Sep-05	As above	Disposed	-\$306,450.00		Ordinary Shares	$-22,700$	-22,700
15-Sep-05	As above	Acquired	\$1,267,812.20		Ordinary Shares	93,300	93,300
15-Sep-05	As above	Disposed		$-$ \$2,613,795.00	Ordinary Shares	-192,900	-192,900
19-Sep-05	As above	Disposed	$-$ \$544,783.84		Ordinary Shares	$-40,400$	$-40,400$
28-Sep-05	As above	Disposed	-\$476,442.81		Ordinary Shares	-33,500	$-33,500$
12-Oct-05	As above	Acquired	\$246,400.00		Ordinary Shares	17,500	17,500
12-Oct-05	As above	Disposed	$-$ \$246,400.00		Ordinary Shares	$-17,500$	$-17,500$
17-Oct-05	As above	Acquired	\$283,226.07		Ordinary Shares	20,350	20,350
$19$ -Oct-05	As above	Disposed	$-$ \$194,433.37		Ordinary Shares	-14,000	$-14,000$
25-Oct-05	As above	Acouired	\$243,435.34		Ordinary Shares	18,000	18,000
25-Oct-05	As above	Acquired	\$741,107.86		Ordinary Shares	54,800	54,800

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE FOUR OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

	Person whose relevant		Consideration given in relation to change		Class and number of securities affected		Person's votes
Date of Change	interest changed	Nature of change	Cash	Non-cash	Class	Number of securities	affected
25-Oct-05	As above	Acquired	\$1,351,898.00		Ordinary Shares	99,300	99,300
8-Nov-05	As above	Acquired	\$1,063,807.29		Ordinary Shares	76,300	76,300
10-Nov-05	As above	Acquired	\$988,529.36		Ordinary Shares	71,000	71,000
18-Nov-05	As above	Acquired	\$1,286,690.80		Ordinary Shares	89,000	89,000
25-Nov-05	As above	Acquired	\$417,437.85		Ordinary Shares	30,000	30,000
28-Nov-05	As above	Acquired	\$301,007.10		Ordinary Shares	20,998	20,998
28-Nov-05	As above	Acquired	\$830,016.00		Ordinary Shares	57,600	57,600
28-Nov-05	As above	Disposed	-\$830,016.00		Ordinary Shares	$-57,600$	$-57,600$
29-Nov-05	As above	Acquired	\$1,025,733.99		Ordinary Shares	72,414	72,414
29-Nov-05	As above	Acquired	\$1,496,352.00		Ordinary Shares	105,600	105,600
29-Nov-05	As above	Disposed	-\$1,495,858.20		Ordinary Shares	-105,600	$-105,600$
30-Nov-05	As above	Acquired	\$1,737,096.56		Ordinary Shares	122,800	122,800
30-Jan-06	As above	Acquired		\$2,310,941.00	Ordinary Shares	157,100	157,100
$6$ -Feb-06	As above	Acquired	\$1,395,204.00		Ordinary Shares	99,800	99,800
6-Feb-06	As above	Disposed	$-$1,395,204.00$		Ordinary Shares	-99,800	$-99,800$
13-Feb-06	As above	Disposed	-\$240,301.66		Ordinary Shares	$-17,000$	$-17,000$
22-Feb-06	As above	Acquired	\$173,550.00		Ordinary Shares	13,000	13,000
22-Feb-06	As above	Acquired	\$1,121,775.04		Ordinary Shares	84,300	84,300
22-Feb-06	As above	Disposed	-\$173,550.00		Ordinary Shares	$-13,000$	$-13,000$
16-Mar-06	As above	Acquired	\$2,856,622.02		Ordinary Shares	205,300	205,300
28-Apr-06	As above	Acquired	\$311,086.00		Ordinary Shares	21,800	21,800
28-Apr-06	As above	Disposed	-\$567,662.03		Ordinary Shares	-39,800	-39,800
11-May-06	As above	Disposed		-\$3,170,435.00	Ordinary Shares	$-218,500$	$-218,500$
29-May-06	As above	Acquired		\$4,094,048.00	Ordinary Shares	298,400	298,400
31-May-06	As above	Acquired	\$635,482.72		Ordinary Shares	47,000	47,000
15-Jun-06	As above	Acquired	\$161,343.00		Ordinary Shares	11,700	11,700 144,400
15-Jun-06	As above	Acquired	\$2,009,252.35		Ordinary Shares Ordinary Shares	144,400 $-11,700$	$-11,700$
15-Jun-06	As above	Disposed	-\$161,343.00		Ordinary Shares	$-32,200$	$-32,200$
15-Jun-06	As above	Disposed	-\$443,949.19			133,500	133,500
12-Jul-06	As above	Acquired	\$986,282.00	\$1,915,725.00	Ordinary Shares Ordinary Shares	70,600	70,600
18-Jul-06 18-Jul-06	As above As above	Acquired Disposed	-\$986,282.00		Ordinary Shares	$-70,600$	-70,600
19-Jul-06	As above	Acquired	\$133,440.00		Ordinary Shares	9,600	9,600
19-Jul-06	As above	Disposed	$-$133,440.00$		Ordinary Shares	$-9,600$	-9,600
20-Jul-06	As above	Acquired		\$1,211,250.00	Ordinary Shares	85,000	85,000
3-Aug-06	As above	Acquired		\$2,832,690.00	Ordinary Shares	197,400	197,400
4-Aug-06	As above	Acquired	\$527,846.20		Ordinary Shares	37,000	37,000
4-Aug-06	As above	Acquired	\$1,215,254.57		Ordinary Shares	85,800	85,800
4-Aug-06	As above	Disposed	-\$1,040,760.00		Ordinary Shares	-73,500	$-73,500$
9-Aug-06	As above	Disposed	-\$32,689.65		Ordinary Shares	$-2,300$	$-2,300$
14-Aug-06	As above	Acquired	\$169,456.00		Ordinary Shares	11,900	11,900

25/10/2007

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE FIVE OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 – NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

Cash -11,900 Ordinary Shares -11,900 -\$169,456.00 Disposed 14-Aug-06 As above $-55,000$ Ordinary Shares $-55,000$ Disposed $-$ \$781,711.81 14-Aug-06 As above -63,932 Ordinary Shares $-63,932$ Disposed -\$953,471.51 18-Aug-06 As above $-200,000$ Ordinary Shares -200,000 18-Aug-06 -\$2,976,303.86 As above Disposed $-325,000$ Ordinary Shares -325,000 -\$4,859,165.40 Disposed 21-Aug-06 As above Ordinary Shares $-37,000$ $-37,000$ -\$559,804.63 22-Aug-06 As above Disposed Options over -163,000 ordinary shares $-163,000$ As above Disposed $-$ \$2,430,025.19 22-Aug-06 $-21,000$ Ordinary Shares $-21,000$ Disposed $-$ \$326,718.55 23-Aug-06 As above Options over -99,000 $-99,000$ ordinary shares Disposed $-$1,517,583.87$ As above 23-Aug-06 $-14,500$ Ordinary Shares $-14,500$ $-$218;884.31$ Disposed 25-Aug-06 As above -300,000 Ordinary Shares -300,000 Disposed -\$4,634,900.98 As above 29-Aug-06 $-100,000$ Ordinary Shares $-100,000$ -\$1,572,875.46 30-Aug-06 As above Disposed 11,200 Ordinary Shares 11,200 \$176,400.00 $6-Step-06$ As above Acquired $-11,200$ Ordinary Shares $-11,200$ -\$176,400.00 Disposed $6-Step-06$ As above 6,200 6,200 Ordinary Shares \$96,410.00 8-Sep-06 As above Acquired $-6,200$ $-6,200$ Ordinary Shares -\$96,410.00 8-Sep-06 As above Disposed Ordinary Shares 3,100 3,100 Acquired \$48,546.00 $11-Sep-06$ As above $-3,100$ $-3,100$ Ordinary Shares $-548,546.00$ $11-Sep-06$ Disposed As above $-3,000$ $-3,000$ Ordinary Shares $-$47,502.45$ Disposed $15-Sep-06$ As above 33,700 33,700 Ordinary Shares Acquired \$534,819.00 $18-Sep-06$ As above 98,600 Ordinary Shares 98,600 \$1,564,782.00 $18-Sep-06$ As above Acquired $-33,700$ Ordinary Shares $-33,700$ $18 - Sep-06$ Disposed -\$534,819.00 As above 58,800 Ordinary Shares 58,800 \$922,955.48 21-Sep-06 As above Acquired 50,100 50,100 Ordinary Shares \$776,550.00 26-Sep-06 Acquired As above $-50,100$ Ordinary Shares $-50,100$ 26-Sep-06 As above Disposed -\$776,550.00 Ordinary Shares $-262,000$ $-262,000$ 28-Sep-06 As above \$1,723.17 Disposed Options over 262,000 262,000 28-Sep-06 As above \$1,723.17 ordinary shares Disposed 1,755,809 Ordinary Shares 1,755,809 \$29,567,823.56 $1-Nov-06$ As above Acquired	Date of	Person whose relevant interest	Nature of	Consideration given in relation to change		Class and number of securities affected	Number of	Person's votes
	Change	changed	change		Non-cash	Class	securities	affected
	2-Nov-06	As above	Disposed	-\$1,378,891.19		Ordinary Shares	$-82,000$	$-82,000$
-63,700 -63,700 Ordinary Shares 8-Nov-06 As above Disposed $-$1,089,623.09$
Ordinary Shares -20,192 -20,192 20-Nov-06 As above Disposed -\$337,596.59
52,360 Ordinary Shares 52,360 22-Nov-06 Acquired \$874,412.00 As above
Ordinary Shares -18,500 $-18,500$ -\$328,343.07 $13$ -Dec-06 Disposed As above
$-41,822$ -41,822 Ordinary Shares -\$782,066.09 19-Dec-06 As above Disposed
25,900 Ordinary Shares 25,900 $21 - Dec-06$ Acquired \$482,029.04 As above
Ordinary Shares 120,000 120,000 21-Dec-06 \$2,241,600.00 As above Acquired

$AUC$

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE SIX OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

	Person whose relevant		Consideration given in relation to change		Class and number of securities affected	Number of	Person's votes
Date of Change	interest changed	Nature of change	Cash	Non-cash	Class	securities	affected
$21 - Dec-06$	As above	Disposed	-\$1,509,859.26		Ordinary Shares	$-81,200$	$-81,200$
$21 - Dec-06$	As above	Disposed	$-52,241,600.00$		Ordinary Shares	$-120,000$	-120,000
9-Jan-07	As above	Disposed	-\$145,386.92		Ordinary Shares	$-8,300$	$-8,300$
10-Jan-07	As above	Disposed	$-$ \$432,425.50		Ordinary Shares	$-24,800$	$-24,800$
17-Jan-07	As above	Acquired	\$17,555.32		Ordinary Shares	983	983
17-Jan-07	As above	Acquired	\$178,586.43		Ordinary Shares	10,000	10,000
17-Jan-07	As above	Acquired	\$1,320,306.29		Ordinary Shares	73,931	73,931
19-Jan-07	As above	Acquired	\$3,229,735.72		Ordinary Shares	180,000	180,000
22-Jan-07	As above	Acquired	\$560,480.00		Ordinary Shares	31,000	31,000
22-Jan-07	As above	Acquired	\$2,717,143.03		Ordinary Shares	150,000	150,000
22-Jan-07	As above	Disposed	-\$560,356.69		Ordinary Shares	$-31,000$	-31,000
29-Jan-07	As above	Acquired	\$798,195.00		Ordinary Shares	41,900	41,900
29-Jan-07	As above	Disposed	-\$798,195.00		Ordinary Shares	$-41,900$	-41,900
$l$ -Feb-07	As above	Acquired	\$406,617.00		Ordinary Shares	21,300	21,300
$1-Feb-07$	As above	Disposed	-\$406,617.00		Ordinary Shares	$-21,300$	$-21,300$
2-Feb-07	As above	Disposed	-\$437,738.50		Ordinary Shares	$-22,700$	$-22,700$
20-Feb-07	As above	Disposed	-\$657,942.00		Ordinary Shares	$-36,000$	-36,000
$1-Mar-07$	As above	Disposed	-\$536,253.98		Ordinary Shares	$-29,800$	$-29,800$
15-Mar-07	As above	Disposed	$-51,184,087.18$		Ordinary Shares Ordinary Shares	$-61,200$ $-19,800$	$-61,200$ -19,800
16-Mar-07	As above	Disposed	-\$378,690.67		Ordinary Shares	$-20,776$	$-20,776$
2-Apr-07	As above	Disposed	$-$ \$410,903.50		Ordinary Shares	-150,000	$-150,000$
3-Apr-07	As above	Disposed	-\$2,975,892.94		Ordinary Shares	$-100,000$	$-100,000$
5-Apr-07	As above	Disposed Disposed	$-$ \$2,042,439.16 -\$302,421.25		Ordinary Shares	$-14,800$	$-14,800$
$12-Apr-07$	As above As above	Disposed	-\$91,015.97		Ordinary Shares	$-4,400$	$-4,400$
16-Apr-07	As above	Acquired		\$1,233,124.00	Ordinary Shares	59,600	59,600
17-Apr-07 23-Apr-07	As above	Disposed	$-$150,194.95$		Ordinary Shares	$-7,500$	$-7,500$
30-Apr-07	As above	Disposed		$-$ \$2,047,710.00	Ordinary Shares	$-102,900$	$-102,900$
30-Apr-07	As above	Disposed	$-52,834,303.99$		Ordinary Shares	$-142,400$	$-142,400$
$1-May-07$	As above	Disposed	-\$131,604.16		Ordinary Shares	$-6,600$	-6,600
$1-May-07$	As above	Disposed	-\$997,285.00		Ordinary Shares	$-50,000$	$-50,000$
2-May-07	As above	Disposed	-\$4,009,080.15		Ordinary Shares	$-200,000$	$-200,000$
21-May-07	As above	Acquired		\$1,384,416.00	Ordinary Shares	68,400	68,400
23-May-07	As above	Disposed	-\$2,628,246.86		Ordinary Shares	-128,659	-128,659
24-May-07	As above	Acquired	\$7,687,818.00		Ordinary Shares	380,000	380,000
24-May-07	As above	Disposed	$-$7,687,818.00$		Ordinary Shares	-380,000	-380,000
25-May-07	As above	Acquired	\$179,010.00		Ordinary Shares	9,000	9,000
25-May-07	As above	Acquired	\$2,366,107.22		Ordinary Shares	119,191	119,191
25-May-07	As above	Disposed	-\$179,010.00		Ordinary Shares	$-9,000$	-9,000
31-May-07	As above	Acquired	\$259,212.39		Ordinary Shares	13,000	13,000
12-Jun-07	As above	Disposed	$-147,425.51$		Ordinary Shares	$-7,700$	$-7,700$
19-Jun-07	As above	Disposed	$-$ \$2,489,876.39		Ordinary Shares	-130,200	$-130,200$

$AC$

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE SEVEN OF ANNEXURE A OF SEVEN PAGES REFERRED TO IN FORM 604 - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

$\overline{\mathbf{r}}$

	Person whose relevant		Consideration given in relation to change		Class and number of securities affected		Person's
Date of	interest	Nature of				Number of	votes
Change	changed	change	Cash	Non-cash	Class	securities	affected
22-Jun-07	As above	Disposed	$-$ \$211,190.75		Ordinary Shares	$-11,100$	$-11,100$
22-Jun-07	As above	Disposed	-\$1,026,782.80		Ordinary Shares	$-54,000$	$-54,000$
$2-Jul-07$	As above	Disposed	-\$199,544.08		Ordinary Shares	$-10,800$	$-10,800$
$3-Jul-07$	As above	Disposed	$-1,471,534.42$		Ordinary Shares	$-80,430$	$-80,430$
10-Jul-07	As above	Disposed	-\$222,975.40		Ordinary Shares	$-11,800$	$-11,800$
16-Jul-07	As above	Disposed		$-51,647,240.00$	Ordinary Shares	$-88,800$	$-88,800$
26-Jul-07	As above	Acquired	\$3,249,870.00		Ordinary Shares	169,000	169,000
26-Jul-07	As above	Disposed	-\$3,249,870.00		Ordinary Shares	$-169,000$	$-169,000$
27-Jul-07	As above	Acquired	\$3,177,165.72		Ordinary Shares	169,000	169,000
27-Jul-07	As above	Disposed	$-$ \$3,157,274.90		Ordinary Shares	$-169,000$	-169,000
30-Jul-07	As above	Acquired	\$3,183,211.50		Ordinary Shares	172,500	172,500
30-Jul-07	As above	Disposed	$-$ \$3,183,211.50		Ordinary Shares	$-172,500$	$-172,500$
31-Jul-07	As above	Acquired	\$1,701,900.00		Ordinary Shares	91,500	91,500
31-Jul-07	As above	Disposed	-\$1,701,900.00		Ordinary Shares	-91,500	-91,500
1-Aug-07	As above	Disposed	$-$ \$8,422,740.65		Ordinary Shares	-460,000	-460,000
14-Aug-07	As above	Disposed	$-$1,194,815.76$		Ordinary Shares	-66,900	$-66,900$
20-Aug-07	As above	Acquired	\$531,078.96		Ordinary Shares	29,200	29,200
22-Aug-07	As above	Disposed	$-554,521.73$		Ordinary Shares	$-2,900$	$-2,900$
24-Aug-07	As above	Acquired	\$104,164.06		Ordinary Shares	5,500	5,500
24-Aug-07	As above	Acquired	\$1,990,384.00		Ordinary Shares	105,200	105,200
24-Aug-07	As above	Disposed	-\$1,989,946.11		Ordinary Shares	$-105,200$	$-105,200$
28-Aug-07	As above	Disposed	$-$ \$2,882,644.58		Ordinary Shares	$-150,000$	$-150,000$
31-Aug-07	As above	Acquired	\$71,106.86		Ordinary Shares	3,700	3,700
14-Sep-07	As above	Disposed	$-$ \$2,253,776.51		Ordinary Shares	$-117,600$	$-117,600$
19-Sep-07	As above	Disposed	-\$618,877.13		Ordinary Shares	$-32,900$	$-32,900$
20-Sep-07	As above	Disposed	-\$413,890.92		Ordinary Shares	$-21,800$	$-21,800$
28-Sep-07	As above	Acquired	\$579,348.00		Ordinary Shares	30,800	30,800
28-Sep-07	As above	Disposed	-\$579,220.54		Ordinary Shares	-30,800	$-30,800$
28-Sep-07	As above	Disposed	-\$989,867.67		Ordinary Shares	$-52,400$	$-52,400$
4-Oct-07	As above	Disposed	-\$981,203.32		Ordinary Shares	$-52,400$	$-52,400$
6-Oct-07	As above	Disposed		-\$9,982,598.00	Ordinary Shares	-529,300	-529,300
$10$ -Oct-07	As above	Disposed	-\$1,326,776.03		Ordinary Shares	-67,850	-67,850
11-Oct-07	As above	Acquired	\$486,780.00		Ordinary Shares	24,400	24,400
11-Oct-07	As above	Disposed	-\$486,672.90		Ordinary Shares	$-24,400$	$-24,400$
$11-Oct-07$	As above	Disposed	-\$2,985,397.67		Ordinary Shares	-150,000	$-150,000$
17-Oct-07	As above	Disposed	$-$ \$7,310,947.23		Ordinary Shares	$-368,000$	-368,000
22-Oct-07	As above	Disposed	-\$1,177,893.94		Ordinary Shares	-60,900	-60,900
$23$ -Oct-07	As above	Disposed	-\$1,185,547.38		Ordinary Shares	-60,900	-60,900

Note that all transactions in the 'Cash' column were made on a prescribed financial market. All other transactions were made at the request of a client by way of a share allocation or deallocation between BEM and the client.

25/10/2007

BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS ANNEXURE B OF ONE PAGE REFERRED TO IN FORM 604 - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

Holder of	Registered holder	Person entitled		Class and number of securities
relevant interest	of securities	to be registered as holder	Ordinary shares	Options over ordinary shares
Balanced Equity Management Pty Limited	National Nominees Limited	National Nominees Limited	3,602,000	0
As above	JP Morgan Nominees Australia Ltd	JP Morgan Nominees Australia Ltd	9,545,970	$\Omega$
As above	Westpac Custodian Nominees Limited	Westpac Custodian Nominees Limited	10,733,870	$\Omega$

$\bigwedge^{\ell} \begin{picture}(20,20) \put(0,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(1$

$\sim$

BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS ANNEXURE C OF ONE PAGE REFERRED TO IN FORM 604 – NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

Name	Address
Balanced Equity	Level 35, 101 Collins Street, Melbourne, Victoria 3000
Management Pty Limited
National Nominees	Level 21, 500 Bourke Street, Melbourne Vic 3000
Limited
JP Morgan Nominees	Locked Bag 7, Royal Exchange NSW 1225
Australia Ltd
Westpac Custodian	Level 9, 50 Pitt Street, Sydney NSW 2000
Nominees Limited

25/10/2007

$\label{eq:2.1} \mathcal{F}(\mathcal{F}) = \mathcal{F}(\mathcal{F}) \mathcal{F}(\mathcal{F})$