LENDLEASE GROUP — Major Shareholding Notification 2007

Apr 19, 2007

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Lend Lease Corp Limited
ABN/ARSN	32 000 226 228
1. Details of substantial holder (1) Name		Schroder Investment Management Australia Limited
ACN/ARSN (if applicable)	22 000 443 274
There was a change in the interests of the substantial holder on		17/04/2007
The previous notice was given to the company on		26/10/2005
The previous notice was dated		21/10/2005
25. Phoenix can and more exist constant manual

Previous and present voting power .

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 required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	24.893.279	6.24%	20.318.219	5.08%

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 a substantial holding notice to the company are as follows:

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
21/10/2005
		Addition of
17/04/2007	SIMAL	Shares	25,071,904.97	1,425,335	1,425,335
21/10/2005
		Delivery of
17/04/2007	SIMAL	Shares	42,473,699.75	3,902,111	3,902,111
21/10/2005
17/04/2007	SIMAL	Purchase	84,122,696.13	5,835,889	5,835,889
21/10/2005
17/04/2007	SIMAL	Sale	139,587,563.46	8,142,099	8,142,099
$21/10/2005 -$ 17/04/2007	SIMSL	Sell
$21/10/2005 -$			9,514,219.34	581,402	581,402
17/04/2007	SIMSL	Purchase	26,377,564.81	1,782,692	1,782,692
$21/10/2005 -$		In-Specie
17/04/2007	SIMSL	Transfer Out	NA	746,212	746,212
$21/10/2005 -$		In-Specie
17/04/2007	SIMSL	Transfer In	NA	967,379	967,379
$21/10/2005 -$ 17/04/2007	SIMHK	Purchase	3,953,826.95	258,000	258,000
$21/10/2005 -$
17/04/2007	SIMHK	Sell	1,292,380.12	76,950	76,950
$21/10/2005 -$
17/04/2007	SIM	Disposal	$\Omega$	61331	61331
$21/10/2005 -$
17/04/2007	SIMNA	Disposal	$\Omega$	728672	728672

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$21/10/2005 -$ 17/04/2007	SIM	Purchase	3460418	256152	256152
$21/10/2005 -$ 17/04/2007	SIMNA	Purchase	10907985	874132	874132
$21/10/2005 -$ 17/04/2007	SIM	Sell	6252885	309802	309802
$21/10/2005 -$ 17/04/2007	SIMNA	Sell	7256571	523846	523846

4. Present relevant interests

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

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
SIMAL	BNP Paribas Securities Services	BNP Paribas Securities Services	Ordinary Shares	783,048	783,048
SIMAL	JP Morgan Custodial Services	JP Morgan Custodial Services	Ordinary Shares	5,694,136	5,694,136
SIMAL	Citicorp Nominees Ltd	Citicorp Nominees Ltd	Ordinary Shares	1,597,457	1,597,457
SIMAL	HSBC Custody Nominees (Australia) Ltd	HSBC Custody Nominees (Australia) Ltd	Ordinary Shares	368,324	368,324
SIMAL	National Nominees Ltd - Melbourne	National Nominees Ltd - Melbourne	Ordinary Shares	4,169,694	4,169,694
SIMAL	State Street Australia Limited	State Street Australia Limited	Ordinary Shares	654,453	654,453
SIMAL	Tower Managed Funds Limited	Tower Managed Funds Limited	Ordinary Shares	211,275	211,275
SIMSL	ANZ Nominees Ltd. Sydney Australia + New	ANZ Nominees Ltd, Sydney Australia + New	Ordinary Shares	232,010	232,010
SIMSL	Zealand Bank, Melbourne	Zeland Bank. Melbourne	Ordinary Shares	403,932	403,932
SIMSL	CitiCorp Nominees Pte Ltd, Melbourne	CitiCorp Nominees Pte Ltd, Melbourne	Ordinary Shares	414,380	414,380
SIMSL	JPMorgan Bank, Sydney	JPMorgan Bank, Sydney	Ordinary Shares	738,321	738,321
SIMSL	National Australia Bank, Melbourne	National Australia Bank, Melbourne	Ordinary Shares	559,759	559,759
SIMSL	Westpac Banking Corp, Sydney	Westpac Banking Corp, Sydney	Ordinary Shares	1,096,920	1,096,920
SIMHK	National Australia Bank, Melbourne	National Australia Bank, Melbourne	Ordinary Shares	42,900	42,900
SIMHK	HSBC, Sydney HSBC Bank Australia,	HSBC, Sydney HSBC Bank Australia,	Ordinary Shares Ordinary Shares	10,380	10,380
SIMHK	Melbourne JPMorgan Chase	Melbourne JPMorgan Chase	Ordinary Shares	91,970	91,970
SIMHK	Bank, Sydney	Bank, Sydney Nortrust	Ordinary Shares	53,480	53,480
SIM	Nortrust Nominees Limited	Nominees Limited		100914	100914
SIMNA	State Street Bank	State Street Bank	Ordinary Shares	302191	302191
SIMNA	Chase Nominees	Chase Nominees	Ordinary Shares	44628	44628
SIMNA	JP Morgan Bank	JP Morgan Bank	Ordinary Shares	1864228	1864228

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SIMNA	Bank of New York	Bank of New York	Ordinary Shares	657344	657344
SIM	State Street Nominees Limited 20ED	State Street Nominees Limited 20ED	Ordinary Shares	104324	104324
SIM	Chase Nominees Limited (SUTL)	Chase Nominees Limited (SUTL)	Ordinary Shares	122151	122151

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 fo

Name and ACN/ARSN (if applicable)	Nature of association
I SIMSL	Related Fund Manager
SIMNA	Related Fund Manager
SIMHK	Related Fund Manager
SIM	Related Fund Manager
SIMAL	Related Fund Manager

6. Addresses

The addresses of persons named in this form are:

Name	Address
Schroder Investment (Singapore) Limited ("SIMSL")	65 Chulia Street #46-00 OCBC Centre, Singapore 049513
Schroder Investment Management North America ("SIMNA")	31 Gresham Street, London EC2V 7QA, UK
Schroder Investment Management (Australia) Limited ("SIMAL")	Level 20 Angel Place, 123 Pitt Street, Sydney, 2000, Australia
Schroder Investment Management (Hong Kong) Limited ("SIMHK")	19 th Floor, Two Exchange Square, 8 Connaught Place, Central, Hong Kong SAR
Schroder Investment Management Limited ("SIM")	31 Gresham Street, London EC2V 7QA, UK