LENDLEASE GROUP — Major Shareholding Notification 2008

Jun 22, 2008

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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
Attention:	Sue Sharpe, Company Secretary
Copy:	Companies Announcement Office, Australian Stock Exchange
From:	Andrew Sisson, Director, Balanced Equity Management Pty Limited
Date:	23 June 2008

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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

23-06-'08 17:29 FROM-BEM

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)	COL 982 -613
There was a change in the interests of the substantial holder on	19,06,2008
The previous notice was given to the company on The previous notice was dated	25/10/2007 25 / 10 / 2007

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 r

Class of securities (4)	Previous notice		سيسم Present natice	والماليات
	Person's votes	Voting power (5) ---------------------------------------	Person's votes	Voting power (5)
ومعارض ومراجع المستحيل Refer attached	Annexure	'A'		مستحد
$\sim$ $\sim$		.

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	$\mathbf{B}$ Annexure			$\cdots$
					ومستنسب

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	والمحالي المستنبس المستحسنة المستحسنة Person entitled to be registered as holder (8)	Nature of relevant interest (6)	---- Class and number of securities	Person's votes مسمد
Refer	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, attached	⊟ ≀ C ! . Annexure ----	سيب		-----
		----		ستستعل
		~~~~		----

page 2/2 13 March 2000 604

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	----- ---- __
` applicable Not --------	'Not applicable .	محمد

6. Addresses

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

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	------
Name	Address CONTRACT www.communication.com
FRefer attached house	Annexure 'D' ---- $\sim$
.	------ سيبتعث

Signature

print name Andrew Sisson	capacity Director _________
sign here	date 23 / 06 / 2008 سس

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 $(1)$ equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to 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 "refevant interest" in sections 608 and 6718(7) of the Corporations Law. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• 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 $(a)$ 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
  to receive in relation to that acquisition. Details m $(7)$ 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 ANNEXURE A OF ONE PAGE REFERRED TO IN FORM 604 – NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

				----
Class of securities	Previous notice		Present notice
	Person's votes	Voting Power	Person's votes	Voting Power
Ordinary shares	23,881,840	5.95%	27,993,305	6.98%
Options over		0%	1,725,000	0.43%
ordinary shares			_________
TOTAL	23,881,840	5.95%	29,718,305	7.41%

23/06/2008

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

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

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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	Cash	Non-cash	Class	securities	affected
24-Oct-07	Balanced Equity Management Pty Limited	Disposed	$-$ \$234.621.07		Ordinary Shares	-11,900	-11,900
30-Oct-07	As above	Disposed	-\$601,972.25		Ordinary Shares	-30,000	$-30,000$
31-Oct-07	As above	Disposed	-\$101,870.23		Ordinary Shares	$-5,070$	$-5,070$
31-Oct-07	As above	Disposed	-\$996,550.47		Ordinary Shares	-49,600	-49,600
01-Nov-07	As above	Acquired		\$15,841,005.00	Ordinary Shares	781,500	781,500
01-Nov-07	As above	Disposed		$-515,841,005.00$	Ordinary Shares	-781,500	$-781,500$
05-Nov-07	As above	Disposed	-\$359,820.00		Ordinary Shares	$-18,000$	$-18,000$
09-Nov-07	As above	Disposed	-\$890,518.86		Ordinary Shares	-47,000	$-47,000$
10-Dec-07	As above	Disposed		-\$5,155,030.00	Ordinary Shares	$-267,100$	$-267,100$
14-Dec-07	As above	Disposed	-\$760,949.72		Ordinary Shares	$-40,000$	$-40,000$
14-Dec-07	As above	Disposed	-\$9,579,082.38		Ordinary Shares	$-500,000$	$-500,000$
17-Dec-07	As above	Acquired	\$1,803,221.41		Ordinary Shares	100,000	100,000
17-Dec-07	As above	Acquired	\$1,807,451.43		Ordinary Shares	100,000	100,000
18-Dec-07	As above	Acquired	\$2,307,814.25		Ordinary Shares	132,738	132,738
18-Dec-07	As above	Acquired	\$3,502,291.00		Ordinary Shares	200,000	200,000
19-Dec-07	As above	Acquired	\$626,632.48		Ordinary Shares	36,000	36,000
20-Dec-07	As above	Acquired	\$343,860.68		Ordinary Shares	20,000	20,000
20-Dec-07	As above	Acquired	\$1,742,923.20		Ordinary Shares	100,000	100,000
20-Dec-07	As above	Acquired	\$3,474,144.00		Ordinary Shares	200,000	200,000
21-Dec-07	As above	Acquired	\$231,508.29		Ordinary Shares	13,500	13,500
$21 - Dec-07$	As above	Acquired	\$1,446,855.21		Ordinary Shares	84,000	84,000
25-Jan-08	As above	Disposed		-\$4,231,868.00	Ordinary Shares	$-273,200$	$-273,200$
29-Jan-08	As above	Acquired	\$574,695.00		Ordinary Shares	38,700	38,700
29-Jan-08	As above	Disposed	$-5574,378.91$		Ordinary Shares	$-38,700$	$-38,700$
31-Jan-08	As above	Acquired	\$716,536.94		Ordinary Shares Ordinary Shares	50,000	50,000 62,257
$31 - Jan-08$	As above	Acquired	\$885,379.91		Ordinary Shares	62,257 101,180	101,180
$31 - Jan-08$ 01-Feb-08	As above As above	Acquired Acquired	\$1,448,622.53 \$2,171,796.25		Ordinary Shares	150,000	150,000
04-Feb-08	As above	Disposed	$-$ \$186,316.73		Ordinary Shares	$-12,600$	$-12,600$
12-Feb-08	As above	Acquired	\$1,004,853.98		Ordinary Shares	75,000	75,000
13-Feb-08	As above	Acquired	\$2,462,554.33		Ordinary Shares	177,437	177,437
14-Feb-08	As above	Acquired	\$1,057,872.85		Ordinary Shares	75,000	75,000
$15 - Feb - 08$	As above	Acquired	\$1,786,234.20		Ordinary Shares	128,397	128,397
18-Feb-08	As above	Acquired	\$274,892.63		Ordinary Shares	20,088	20,088
19-Feb-08	As above	Acquired	\$314,976.69		Ordinary Shares	22,704	22,704
19-Feb-08	As above	Acquired	\$772,578.24		Ordinary Shares	55,612	55,612
19-Feb-08	As above	Acquired	\$2,349,419.53		Ordinary Shares	170,044	170,044

23/06/2008

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE TWO OF ANNEXURE B OF THREE 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
22-Feb-08	As above	Disposed		$-$7,543,931.00$	Ordinary Shares	-537,700	$-537,700$
22-Feb-08	As above	Disposed		-\$16,319,800.00	Ordinary Shares	$-1,165,700$	$-1,165,700$
04-Маг-08	As above	Acquired	\$2,562,679.12		Ordinary Shares	200,000	200,000
04-Mar-08	As above	Acquired	\$3,044,511.82		Ordinary Shares	238,233	238,233
05-Mar-08	As above	Acquired	\$1,265,251.94		Ordinary Shares	100,000	100,000
07-Mar-08	As above	Disposed	-\$74,896.00		Ordinary Shares	$-6,200$	$-6,200$
20-Mar-08	As above	Acquired	\$2,357,125.57		Ordinary Shares	189,400	189,400
20-Mar-08	As above	Disposed	$-579,598.84$		Ordinary Shares	$-6,400$	$-6,400$
$01-Apr-08$	As above	Acquired	\$1,934,434.16		Ordinary Shares	150,820	150,820
$01 - Apr - 08$	As above	Disposed		-\$2,798,400.00	Ordinary Shares	-211,200	$-211,200$
$17 - Apr - 08$	As above	Acquired	\$1,280,701.10		Ordinary Shares	100,000	100,000
30-Apr-08	As above	Acquired	\$4,581,805.43		Ordinary Shares	368,584	368,584
01-May-08	As above	Acquired	\$702,190.14		Ordinary Shares	57,853	57,853
06-May-08	As above	Acquired	\$4,507,930.71		Ordinary Shares Ordinary Shares	361,901 20,000	361,901 20,000
07-May-08	As above	Acquired	\$240,452.21		Ordinary Shares	250,000	250,000
07-May-08 07-May-08	As above As above	Acquired Acquired	\$3,081,342.57 \$4,045,721.42		Ordinary Shares	330,000	330,000
08-May-08	As above	Disposed		$-53,168,200.00$	Ordinary Shares	$-255,500$	$-255,500$
09-May-08	As above	Disposed	$-$ \$153,469.30		Ordinary Shares	$-12,500$	$-12,500$
12-May-08	As above	Acquired	\$1,432,921.00		Ordinary Shares	115,992	115,992
$12-May-08$	As above	Acquired	\$3,100,467.50		Ordinary Shares	250,000	250,000
$14-May-08$	As above	Disposed	$-$ \$2,311,928.94		Ordinary Shares	$-185,058$	$-185,058$
15-May-08	As above	Acquired	\$852,121.85		Ordinary Shares	66,900	66,900
15-May-08	As above	Disposed	-\$6,172,344.99		Ordinary Shares	-485,588	-485,588
15-May-08	As above	Disposed	-\$7,619,648.80		Ordinary Shares	-600,000	-600,000
16-May-08	As above	Disposed	$-$1,316,442.60$		Ordinary Shares	$-100,000$	$-100,000$
20-May-08	As above	Disposed	-\$1,436,105.29		Ordinary Shares	$-113,676$	$-113,676$
$21-May-08$	As above	Disposed		-\$10,497,872.00	Ordinary Shares	$-852,100$	$-852,100$
$02 - Jun - 08$	As above	Acquired	\$1,437,552.00		Ordinary Shares	119,200	119,200
$02 - Jun - 08$	As above	Disposed	$-$ \$1,437,235.74		Ordinary Shares	-119,200	$-119,200$
03-Jun-08	As above	Disposed	-\$994,716.17		Ordinary Shares Ordinary Shares	$-84,772$ $-270,000$	-84,772 -270,000
04-Jun-08 10-Jun-08	As above As above	Disposed Acquired	$-$ \$3,147,620.17 \$3,472,080.16		Ordinary Shares	304,978	304,978
$11 - Jun-08$	As above	Acquired	\$47,395.82		Ordinary Shares	4,090	4,090
$11-Jun-08$	As above	Acquired	\$1,726,816.17		Ordinary Shares	150,000	150,000
$11-J$ un-08	As above	Acquired	\$1,826,303.59		Ordinary Shares	157,600	157,600
$11 - Jun-08$	As above	Disposed	-\$110,023.91		Ordinary Shares	$-9,300$	$-9,300$
$12-Jun-08$	As above	Acquired	\$551,876.78		Ordinary Shares	50,000	50,000
12-Jun-08	As above	Acquired	\$1,101,844.47		Ordinary Shares	100,000	100,000
12-Jun-08	As above	Acquired	\$7,257,063.36		Ordinary Shares	650,000	650,000

23/06/2008

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS PAGE THREE OF ANNEXURE B OF THREE 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
$12 - Jun-08$	As above	Acquired	\$8,487,580.28		Ordinary Shares	765,823	765,823
12-Jun-08	As above	Disposed		$-$ \$2,564,100.00	Ordinary Shares	$-233,100$	$-233,100$
13-Jun-08	As above	Acquired	\$653,580.35		Ordinary Shares	60,000	60.000
$13 - Jun - 08$	As above	Acquired	\$1,093,694.06		Ordinary Shares	100,000	100,000
13-Jun-08	As above	Acquired	\$5,499,596.09		Ordinary Shares	505,000	505,000
16-Jun-08	As above	Acquired	\$1,075,617.51		Ordinary Shares	100,000	100,000
16-Jun-08	As above	Acquired	\$1,375,093.57		Ordinary Shares	128,000	128,000
16-Jun-08	As above	Acquired	\$6,581,745.09		Ordinary Shares	612,733	612,733
$16$ -Jun-08	As above	Acquired	\$5,814,704.00		Options over Ordinary Shares	538,000	538,000
$17-Jun-08$	As above	Acquired	\$38,634.36		Ordinary Shares	3,653	3,653
17-Jun-08	As above	Acquired	\$2,129,031.62		Ordinary Shares	200,000	200,000
17-Jun-08	As above	Acquired	\$2,909,171.51		Ordinary Shares	271,953	271,953
17-Jun-08	As above	Acquired	\$2,031,858.00		Options over Ordinary Shares	191,000	191,000
18-Jun-08	As above	Acquired	\$68,818.53		Ordinary Shares	6,525	6,525
18-Jun-08	As above	Acquired	\$246,619.84		Ordinary Shares	23,227	23,227
18-Jun-08	As above	Acquired	\$1,029,678.20		Ordinary Shares	98,144	98,144
18-Jun-08	As above	Acquired	\$1,058,839.89		Ordinary Shares	100,000	100,000
18-Jun-08	As above	Acquired	\$1,475,099.84		Ordinary Shares	140,000	140,000
18-Jun-08	As above	Acquired	\$1,611,352.00		Options over Ordinary Shares	152,000	152,000
19-Jun-08	As above	Acquired	\$179,466.41		Ordinary Shares	17,693	17,693
19-Jun-08	As above	Acquired	\$2,775,673.89		Ordinary Shares	271,670	271,670
19-Jun-08	As above	Acquired	\$8,110,343.16		Ordinary Shares	800,000	800,000
$19$ -Jun-08	As above	Acquired	\$8,602,892.00		Options over Ordinary Shares	844,000	844,000

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.

23/06/2008

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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

Holder of	Registered holder	Class and number of securities Person entitled
relevant	of securities	to be registered	Ordinary shares	Options over
interest		as holder		ordinary shares
Balanced	National Nominees	National	9,981,971	331,000
Equity	Limited	Nominees
Management		Limited
Pty Limited
As above	JP Morgan	JP Morgan	12,409,234	782,000
	Nominees	Nominees
	Australia Ltd	Australia Ltd
As above	Westpac Custodian	Westpac	5,602,100	612,000
	Nominees Limited	Custodian
		Nominees
		Limited

23/06/2008

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

THIS IS ANNEXURE D 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

23/06/2008

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