BALANCED EQUITY MANAGEMENT

Balanced Equity Management Pty Limited 35th Level 101 Collins Street Melbourne Victoria 3000 Telephone 03 9652 9400 Facsimile 03 9652 9448 Email [email protected] AFSL 247025 ABN 78 006 987 613

FACSIMILE

Lend Lease Group To:

William Hara, Company Secretary Attention:

Companies Announcement Office, Australian Stock Exchange Copy:

Andrew Sisson, Director, Balanced Equity Management Pty Limited From:

16 November 2010 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,

$A + C -$

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 Group
ACN/ARSN		Lend Lease Corporation Limited 000 226 228 Lend Lease Trust 128 052 595

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	12/11/2010
The previous notice was given to the company on	08 ,09,2010
The previous notice was dated	08/09/2010

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		Present notice
	Person's votes	Voting power (5)	Person's votes I	Voting power (5)
Ordinary Shares	53,421,631 9.45%		59,180,346 10,46%

3. Changes in relevant interests

Partículars 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)
Refer	attached	Annexure 'A'
	~~~
		.

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)
Refer	attached	Annexure 'B'

	بمسرب

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 valing interests in the company or scheme are as follows:

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

6. Addresses

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

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

Signature

	print name Andrew Sisson	capacity pirector ـــــــــــــــــــــــــــــــــــــــ
sign here		date 16/11 /2010 ----

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.
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.
$(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
$(6)$ 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
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.
$\left( 8\right)$ 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".
$(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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				Class and number of securities
	whose relevant		Consideration given in relation to change		affected		Person's
Date of	interest	Nature of				Number of	votes
Change	changed	change	Cash	Non-cash	Class	securities	affected
	Balanced
	Equity
$10-Scp-10$	Management Pty Limited	Disposed	$-150,317.27$		Ordinary Shares	$-20,000$	$-20,000$
$10-Scp-10$	As above	Disposed	$-565,440.75$		Ordinary Shares	$-75,000$	$-75,000$
10-Sep-10	As above	Disposed	$-776,017.85$		Ordinary Shares	$-103,000$	$-103,000$
15-Sep-10	As above	Disposed	-338,852.53		Ordinary Shares	$-45,000$	$-45,000$
16-Sep-10	As above	Acquired	478,490.32		Ordinary Shares	64,200	64,200
16-Sep-10	As above	Acquired	1,277,579.86		Ordinary Shares	172,518	172,518
16-Sep-10	As above	Acquired	2,252,113.55		Ordinary Shares	306,452	306,432
$16-Sep-10$	As above	Acquired	3,334,373.27		Ordinary Shares	450,000	450,000
21-Sep-10	As above	Acquired	340,910.00		Ordinary Shares	46,700	46,700
21-Sep-10	As above	Acquired		4,038,432.00	Ordinary Shares	548,700	548,700
21-Sep-10	As above	Disposed	$-131,373.72$		Ordinary Shares	$-18,000$	$-18,000$
21-Sep-10	As above	Disposed	-340,910.00		Ordinary Shares	$-46,700$	$-46,700$
11-Oct-10	As above	Acquired	1,296,279.24		Ordinary Shares	166,451	166.451
12-Oct-10	As above	Acquired	173,172.39		Ordinary Shares	22,822	22,822
12-Oct-10	As above	Acquired	2,034,128.19		Ordinary Shares	266,338	266,338
13-Oct-10	As above	Acquired	606,338.55		Ordinary Shares	80,000	80,000
$13-Oct-10$	As above	Acquired		3,165,372.00	Ordinary Shares	418,700	418,700
18-Oct-10	As above	Disposed		$-4,742,388.00$	Ordinary Shares	$-627,300$	$-627,300$
19-Oct-10	As above	Acquired	678,410.31		Ordinary Shares	90,000	90,000
20-Oct-10	As above	Acquired	702,397.98		Ordinary Shares	95,026	95,026
$21-Oct-10$	As above	Acquired	286,761.34		Ordinary Shares	38,711	38,711
25-Oct-10	As above	Acquired	745,650.98		Ordinary Shares	100,000	100,000
27-Oct-10	As above	Acquired	3,955,591.75		Ordinary Shares	540,000	540,000
28-Oct-10	As above	Acquired	891,032.93		Ordinary Shares	123,197	123,197
$28-Oct-10$	As above	Acquired	1,812,968.35		Ordinary Shares	250,000	250,000
$28$ -Oct-10	As above	Acquired	3,256,209.86		Ordinary Shares	450,000	450,000
29-Oct-10	As above	Acquired	728,806.27		Ordinary Shares	100,000	100,000
29-Oct-10	As above	Acquired	979,777.69		Ordinary Shares	135,000	135,000
29-Oct-10	As above	Acquired	1,625,259.76		Ordinary Shares	225,000	225,000
12-Nov-10	As above	Acquired		14,247,729.00	Ordinary Shares	2,003,900	2,003,900

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.

16/11/2010

ANC