LENDLEASE GROUP — Major Shareholding Notification 2009

Aug 26, 2009

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

Lend Lease Corporation Limited To: William Hara, Company Secretary Attention: Companies Announcement Office, Australian Stock Exchange Copy: Andrew Sisson, Director, Balanced Equity Management Pty Limited From: Date: 27 August 2009

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

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 ستسمد

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	-- -- ----

There was a change in the interests or the substantial holder on	25 / 08 / 2009
The previous notice was given to the company on	17/08/2009
The previous notice was dated	17/08/2009

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		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ستعمد Ordinary Shares	43,247,298 9.45%		38,239,408 8.36%
	بمسرمر

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 سيستعب	Person whose relevant interest changed	Nature of change (6)		Consideration given in relation to change (7)	Class and number of securíties affected	Person's votes affected
Refer	attached	Annexure 'A'
			ستتنب

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
Refer	attached سىب	Annexure 'B'

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
Not applicable	Not applicable ستعتب

6. Addresses

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

Name	Address
Refer attached	'Annexure 'C' مست
	--

Signature

	print name Andrew Sisson	capacity pirector
sign here	$\Omega$ l .	date 27 / 08 / 2009

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 $\left(1\right)$ 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.
• See the definition of "associate" in section 9 of the Corporations Law. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(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. $(5)$
• $\langle 6 \rangle$ 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 $\left( a\right)$ 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 $\left( 7\right)$ 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". $\langle 8 \rangle$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $\circledS$

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

	Person whose		Consideration given in relation to change		Class and number of securities affected
Date of Change	relevant interest changed	Nature of change	Cash	Non-cash	Class	Number of securities	Person's votes affected
	Balanced Equity Management
14-Aug-09	Pty Limited	Disposed	-2,590,359.63		Ordinary Shares	-274,961	-274,961
14-Aug-09	As above	Disposed	$-10, 156, 113.41$		Ordinary Shares	$-1,082,665$	$-1,082,665$
17-Aug-09	As above	Disposed	-400,452.70		Ordinary Shares	$-42,775$	$-42,775$
17-Aug-09	As above	Disposed	-938,412.25		Ordinary Shares	$-100,000$	$-100,000$
17-Aug-09	As above	Disposed	-3,749.708.86		Ordinary Shares	$-400,000$	$-400,000$
18-Aug-09	As above	Disposed	$-215,518.21$		Ordinary Shares	-22.989	$-22,989$
18-Aug-09	As above	Disposed	-935,496.65		Ordinary Shares	$-100,000$	$-100,000$
19-Aug-09	As above	Disposed	-947,915.13		Ordinary Shares	-100,000	$-100,000$
19-Aug-09	As above	Disposed	-948,458.09		Ordinary Shares	$-100,000$	$-100,000$
19-Aug-09	As above	Disposed	$-2,416,677,85$		Ordinary Shares	$-254,500$	$-254,500$
19-Aug-09	As above	Disposed	$-10,427,294.51$		Ordinary Shares	$-1,100,000$	$-1,100,000$
25-Aug-09	As above	Disposed	$-2,147,716.25$		Ordinary Shares	-230,000	$-230,000$
25-Aug-09	As above	Disposed	-936,562.50		Ordinary Shares	$-100,000$	$-100,000$
25-Aug-09	As above	Disposed	$-1,878,700.18$		Ordinary Shares	$-200,000$	$-200,000$
25-Aug-09	As above	Disposed	$-8,402,122.08$		Ordinary Shares	-900,000	-900,000

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

27/08/2009

$\beta$

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	Person entitled Registered holder			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	10,707,925	0
As above	JP Morgan Nominees Australia Ltd	JP Morgan Nominees Australia Ltd	22,627,383	0
As above	Westpac Custodian Nominees Limited	Westpac Custodian Nominees Limited	4,904,100	$\Omega$

27/08/2009

$R$

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

27/08/2009

$A^{2}C$