LENDLEASE GROUP — Major Shareholding Notification 2008

Jul 2, 2008

3 July 2008

The Manager Companies Section ASX Limited

The Manager Companies Section New Zealand Exchange Limited

Pages: Two (2) pages

Dear Sir

Stock Exchange Announcement

Notice of Change of Interests of Substantial Holder

We enclose Notice of Change of Interests of Substantial Holder in Babcock & Brown Communities Group.

Yours faithfully LEND LEASE CORPORATION LIMITED

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S J SHARPE Company Secretary

Lend Lease Corporation Limited ABN 32 000 226 228 Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

Telephone +612 9236 6111 Facsimile +612 9252 2192 www.lendlease.com

1

604 page 1/1 15 July 2001

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company name/Scheme BABCOCK & BROWN COMMUNITIES GROUP ACN/ARSN

1. Details of substantial holder (1)

Name Lend Lease Corporation Limited

ACN/ARSN (if applicable) 000 226 228

There was a change in the interests of the substantial holder on 2 July 2008

The previous notice was given to the company on 25 June 2008

The previous notice was dated 25 June 2008

2. 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	Previous notice	Present notice	Present notice
	Person's votes	Voting power(5)	Person's votes	Voting power(5)
Ordinary Fully PaidStapled Securities	40,282,729	6.18%	47,379,509	7.27%

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 or scheme are as follows:

Date of change	Person whoserelevant interestchanged	Nature of change (6)	Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person's votesaffected
2 July 2008	Lend LeaseCorporationLimited	Purchase	$3,061,685.74	7,096,780ordinary fullypaid stapledsecurities	7,096,780ordinary fullypaid stapledsecurities

4. Present relevant interests

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

Holder of relevantinterest	Registered holderof securities	Persons entitled to beregistered as holder(8)	Nature of relevantinterest (6)	Class and number ofsecurities	Person's votes
Lend LeaseCorporationLimited	Lend LeaseCorporationLimited	Lend LeaseCorporationLimited	BeneficialHolder	47,379,509ordinary fullypaid stapledsecurities	47,379,509ordinary fullypaid stapledsecurities

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/ARSN (if applicable) Nature of association N/A

6. Addresses

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

Name	Address
Lend Lease Corporation Limited	Level 4, 30 The Bond, 30 Hickson Road
	Millers Point NSW 2000

��������������������� Signature

print name S J Sharpe

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sign here

capacity Company Secretary

date 3 July 2008

ASX\Babcock & Brown Communities Group Change 030708.doc