LENDLEASE GROUP — Major Shareholding Notification 2011

Jul 10, 2011

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Lend Lease Group ACN/ARBN Lend Lease Corporation Limited 000 226 228 / Land Lease Trust 128 052 595

1. Details of substantial holder (1)

Name Franklin Resources, Inc. and its affiliates* ACN (if applicable) N/A

*Notice of change due to the acquisition of Balanced Equity Management Pty Ltd

There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	06/07/2011
	06/04/2011
	06/04/2011

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)
Ordinary Shares	47,074,790	8.25%	46,427,733	8.13%*

*Based on shares outstanding of 570,915,669

2

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 association 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 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
See Annexure B, item 1	See Annexure B, item 2	See Annexure B,item3	See Annexure B, item 4	See Annexure B, item 5	See Annexure B, item 6

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 See Annexure B, item 7	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
	See Annexure B, item 9	See Annexure B, item 12	See Annexure B, item 3	See Annexure B, item 8, 10 & 13	See Annexure B, item 8

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

6. Addresses

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

Name	Address
SeeAnnexureA	SeeAnnexureA

Signature

print name sign here	Robert Rosselot Capacity: Assistant Secretary, Franklin Resources, Inc.
	date8 July2011

3

Annexure A

1 Names and addresses of all associates for whom composite notice is given:

Name	Address
Franklin Resources, Inc.	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
Algebra Capital Limited	Level 7, Gate Precinct Building 3, Unit 5, Dubai International Financial Centre, Sheikh ZayedRoad,Dubai, UAE
Asian Infrastructure Mezzanine Capital Management Co., Ltd.	Unit 1607-1608, 16thFloor, Charter House, 8 Connaught Road, Central, Hong Kong
Balanced Equity Management Pty. Limited	Level 19, 101 Collins Street, Melbourne, Victoria 3000, Australia
C&EE General Partner Ltd.	St. Helier Jersey, Channel Islands
C&EE Private Equity Partners, L.P.	St. Helier Jersey, Channel Islands
Darby Asia Investors (HK), Ltd.	Unit 1607-1608, 16thFloor, Charter House, 8 Connaught Road, Central, Hong Kong
Darby Asia Investors (India) Private Limited	Sakhar Bhavan, 1st Floor, 230 Backbay Reclamation Nariman Point, Mumbai 400-021, India
Darby Asia Investors, Ltd.	Unit 1607-1608, 16thFloor, Charter House, 8 ConnaughtRoad, Central,HongKong
Darby Asia Mezzanine Fund II Management Co. Ltd.	Georgetown, Cayman Islands
Darby Brazil Mezzanine Management LLC	1133 Connecticut Ave., NW, Suite 400 Washington, DC 20036
Darby CEE Founder Partner II, LLC	1133 Connecticut Ave., NW, Suite 400 Washington,DC20036
Darby Converging Europe Founder Partner, L.P.	1133 Connecticut Ave., NW, Suite 400 Washington, DC 20036
DarbyEmergingMarkets Investments Ltd.	Georgetown,Cayman Islands
DarbyEuropeMezzanineManagement	Georgetown, Cayman Islands
Darby Holdings, Inc.	1133 Connecticut Ave., NW, Suite 400 Washington,DC20036
Darby Latin American Mezzanine Investments	Rua Jeronimo Da Veiga 45 – 4thFloor 04536-000 SaoPaulo (Sp)Brazil
Darby Latin American Mezzanine ManagementII,LLC	2711 Centerville Road, Suite 400, Wilmington, Delaware19808
Darby Overseas Investments Ltd.	1133 Connecticut Ave., NW, Suite 400 Washington,DC20036
Darby Overseas Partners, L.P.	1133 Connecticut Ave., NW, Suite 400 Washington,DC20036
Darby Private Equity Korea Ltd.	20th Floor, Korea First Bank Building, 100 Gongpyungdong, Jongno-Gu, Seoul, 110-702 Korea.
Darby Stratus Administracao De Investimentos LTDA.	Rua Jeronimo Da Veiga 45 – 4thFloor 04536-000 Sao Paulo (SP) Brazil
Darby-Hana Infrastructure Fund Management Co. Ltd.	18thFloor, SKC Building 23-10, Youido-Dong, Youngdungpo-Gu, Seoul, S. Korea 150-734

4

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		734
	Darby-Probanco Investors, LLC	1133 Connecticut Avenue, NW, Suite 400, Washington,DC20036
	FCC Receivables Corporation	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Fiduciary International Holding Inc.	1717 Pennsylvania Avenue N.W., Suite 630 Washington DC20006
	Fiduciary International Ireland Limited	Unit 2F, Block 71, The Plaza, Park West, Dublin 12,Ireland
	FiduciaryInternational,Inc.	600 5thAvenue, NewYork, NewYork 10020
	FiduciaryInvestment Corporation	600 5thAvenue, NewYork, NewYork 10020
	Fiduciary Investment Management International,Inc.	1133 Connecticut Avenue, NW, Suite 330, Washington D.C.20036
	Fiduciary Trust (International) S.A.	Bahnhofstrasse 22, Ch-8022 Zurich, Switzerland
	FiduciaryTrust CompanyInternational	600 5thAvenue, NewYork, NewYork 10020
	Fiduciary Trust Company Of Canada	350 Seventh Avenue SW, Suite 3000, Calgary, Alberta, T2P 3N9
	Fiduciary Trust International Limited	The Adelphi Building, 1-11 John Adam Street, London, WC2N 6HT
	Fiduciary Trust International Of California	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Fiduciary Trust International Of Delaware	1220 North Market Street, Wilmington, Delaware19801
	Fiduciary Trust International Of The South	200 South Biscayne Boulevard, Suite 3050, Miami,Florida 33131
	Franklin Advisers Gp, LLC	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin Advisers Inc.	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin Advisory Services, LLC	One Parker Plaza, 9thFloor, Fort Lee, NJ 07024-2938
	Franklin Capital Corporation	47 West 200 South, Salt Lake City, UT 84104- 1621
	Franklin Investment Advisory Services, LLC	1133 Connecticut Ave., NW, Suite 400 Washington, DC 20036
	Franklin Mutual Advisers, LLC	101 John F. Kennedy Parkway, Short Hills, NJ 07028-2789
	Franklin Receivables, LLC	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin SPE, LLC	47 West 200 South, Suite 500, Salt Lake City, UT84101
	Franklin Templeton Asset Management (India) Private Limited	Sakhar Bhavan, 1stFloor, 230 Backbay Reclamation, Nariman Point, Mumbai, 400- 021
	Franklin Templeton Asset Management (Malaysia) Sdn. Bhd.	Suite 1005, 10thFloor, Wisma Hamzah-Kwong Hing No. 1, Leboh Ampang, 50100, Kuala Lampur,Malaysia
	Franklin Templeton Asset Management Mexico, S.A. De C.V., Sociedad OperadoraDe SociedadesDeInversión	770 Montes Urales, Fourth Floor, Lomas de Chapultapec, 11000 Mexico, D.F.
	Franklin Templeton Austria GmbH	4th Floor, Vienna1010,Austria
	Franklin Templeton Bank & Trust, F.S.B.	Box 17406, Salt Lake City, UT 84117

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	Franklin Templeton Capital Holdings PrivateLimited	1st Floor, Empire Tower, 26-28 Ham Nghi District1,Ho Chi MinhCity, Vietnam
	Franklin Templeton Companies, LLC	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin Templeton France S.A.	16-18Avenue George V, 75008Paris,France
	Franklin Templeton Global Investors Limited	5 Morrison Street, Edinburgh, Scotland, EH3 8BH
	Franklin Templeton Holding Limited	C/O Pricewaterhouse Coopers LLP CathedralSquare,PortLouis,Mauritius
	Franklin Templeton Institutional Gp, LLC	1133 Connecticut Ave., NW, Suite 400 Washington, DC 20036
	Franklin Templeton Institutional, LLC	600 5thAvenue, New York, New York 10020
	Franklin Templeton International Services (India) Private Limited	Franklin Templeton Park, 18-23, Financial District, Nanakramguda,Hyderabad - 500019 India
	Franklin Templeton International Services S.A.	26 Boulevard Royal, L-2449 Luxembourg, Grand Duchy Of Luxembourg
	Franklin Templeton Investimentos (Brasil) Ltda.	Rua Jerônimo Da Veiga, 45 - 4º Andar SãoPaulo-Sp, 04536-000,Brasil
	Franklin Templeton Investment ManagementLimited	5 Morrison Street, Edinburgh,EH3 8BH
	Franklin Templeton Investment Services Gmbh	Mainzer Landstr. 16, D-60325 Frankfurt-Am- Main, Germany
	Franklin Templeton Investment Services Mexico S. De R.L.	Montes Urales 770, Oficina 401, Lomas De Chapultepec, Mexico City C.P. 11000, Mexico
	Franklin Templeton Investment Trust Management Co Ltd (Korea)	3rd Floor, Ccmm Building 12 Youido-Dong, Youngdungpo-Gu, Seoul, South Korea 150- 968
	Franklin Templeton Investments (Asia) Limited	17thFloor, Chater House, 8 Connaught Road Central, Hong Kong
	Franklin Templeton Investments Australia Ltd.	Level 25, 360 Collins Street, Melbourne, Victoria 3000, Australia
	Franklin Templeton Investments Corp	5000 Yonge Street Suite 900, Toronto, Ontario M2N 0A7, Canada
	Franklin Templeton Investments Japan Limited	Kanematsu Building, 6thFloor, 14-1, Kyobashi 2-Chome, Chuo-Ku,Tokyo104-0031, Japan
	Franklin Templeton Investments Poland Sp.Z.O.O	Rondo ONZ 1, 00-124 Warszawa
	Franklin Templeton Investor Services, LLC	10600 White Rock Road, Rancho Cordova, Ca 95670-6032
	Franklin Templeton Italia SIMS.P.A	C.SoItalia, N.1,20122 Milano,Italy
	Franklin Templeton Luxembourg Holding S.A.	26 Boulevard Royal, L-2449 Luxembourg GrandDuchy Of Luxembourg
	Franklin Templeton Magyarorszag Kft. (Also Known As Franklin Templeton HungaryL.L.C.)	Bank Center, Citibank Tower, Szabadsag ter 7, 1054 Budapest, Hungary
	Franklin Templeton Management Luxembourg SA	26 Boulevard Royal, L-2449 Luxembourg, GrandDuchy Of Luxembourg
	Franklin Templeton Portfolio Advisors, Inc.	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin Templeton Services Limited	The Sweepstakes Centre, Block C, Ballsbridge, Dublin 4,Ireland

6

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	Franklin Templeton Services, LLC	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin Templeton Strategic Investments, Ltd.	P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands.
	Franklin Templeton Switzerland Ltd.	Bahnhofstrasse 22, Ch-8022 Zurich, Switzerland
	Franklin Templeton Travel, Inc.	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Franklin Templeton Trustee Services Private Limited	Sakhar Bhavan, 1st Floor, 230 Backbay Reclamation, Nariman Point, Mumbai 400-021 India
	FS Capital Group	1800 Gateway Drive, San Mateo, CA 94404
	FSProperties,Inc	1800 GatewayDrive, San Mateo, CA94404
	FT Opportunistic Distressed Fund Ltd.	Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1- 1104, Cayman Islands.
	FTCI (Cayman) Ltd.	11 Dr. Roy’s Drive, Grand Cayman, Cayman Islands
	Iti Capital Markets Limited	Century Centre, 75 Ttk Road, Chennai, India 600018
	Mutual Recovery Fund, Ltd.	P.O. Box 309GT, Ugland House, George Town, Grand Cayman, Cayman Islands, KY1- 1104.
	Rensburg Fund Management Limited	Quayside House Canal Wharf, Leeds, LS11 5PU
	Riva Financial Systems Limited	Old Chapel, Union Mills, Main Road Braddan,Isle Of Man Im4 4ad
	Templeton Asset Management (Labuan) Limited	Lot H, Level 7, Wisma Oceanic, Jalan Okk Awang Besar, 87007 Federal Territory Of Labuan,Malaysia
	Templeton Asset Management Ltd.	7 Temasek Boulevard, #38-03 Suntec Tower One, Singapore, 038987
	Templeton China Research Limited	701b Citigroup Tower, 33 Hua Yuan Shi Qiao Road,Pudong Shanghai 200120P.R. China
	Templeton Do Brasil Ltda.	Rua Lauro Muller 116, Sala 2404, Rio De Janeiro,RJ,Brazil
	Templeton Franklin Global Distributors Limited	Appleby, Spurling & Kempe, 41 Cedar House Avenue, P.O. Box Hm 1179, Hamilton Hm Ex, Bermuda
	Templeton Global Advisors Limited	P.O. Box N-7759, Lyford Cay, Nassau, Bahamas
	Templeton Global Holdings Ltd.	P.O. Box N-7759, Lyford Cay, Nassau, Bahamas
	Templeton International, Inc.	300 S.E. 2ndStreet, Fort Lauderdale, FL 33301
	Templeton Investment Counsel,LLC	300 S.E.2nd Street,FortLauderdale,FL33301
	Templeton Restructured Investments III, Ltd.	300 S.E. 2ndStreet, Fort Lauderdale, FL 33301
	Templeton Restructured Investments, Ltd.	300 S.E. 2ndStreet, Fort Lauderdale, FL 33301
	TempletonWorldwideInc.	300 S.E.2nd Street,FortLauderdale,FL33301
	Templeton/Franklin Investment Services, Inc.	26515 Carmel Rancho Blvd., Carmel, CA 93923
	Franklin Templeton FinancialServices	600Fifth Avenue, NewYork, NY 10020

7

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	Corp.
	Franklin/Templeton Distributors,Inc.	OneFranklin Parkway, San Mateo, CA94403
	Darby Colpatria Capital SAS	1133 Connecticut Ave., NW, Suite 400 Washington,DC20036
	LSIMC, LLC	One Franklin Parkway, Building 910, First Floor, San Mateo, California 94403
	Darby Latin American Investors, Ltd.	PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands
	Darby Private Equity Brasil Administracao DeInvestimentosLtda	Av. Brigadeiro Faria Lima, 3311, 5th floor, Itaim Bibi, SãoPaulo
	DLAMF II Special Company, LLC	Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware19808
	Franklin Templeton InvestmentManagement GmbH	St. Helier Jersey, Channel Islands
	Darby Asia Founder Partner, L.P.	M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands
	Templeton Restructured Investments,L.L.C.	1013 Centre Road, Wilmington, DE 19805
	TSEMF III (Jersey) Limited	Whiteley Chambers, Don Street, St Helier, Jersey, JE49WG
	Franklin Templeton GSC Asset Management Sdn. Bhd.	Suite 31-02, 31st Floor, Menara Keck Seng, 203 Jalan Bukit Bintang, 55100, Kuala Lumpur,Malaysia
	Franklin Templeton Slovakia, s.r.o.	Karadźičova 8/a, Bratislava, 821 08, Slovak Republic
	FTC Investor Services Inc.	350 Seventh Avenue SW, Suite 3000, Calgary, Alberta,T2P3N9

This is the annexure of 5 pages marked Annexure A signed by me and dated 8 July 2011.

........................................................................... Robert Rosselot, Assistant Secretary

8

Annexure B Details of Entitlement and Relevant Interests

1. Date of Change	2. Person Whose Relevant Interest Changed	3. Nature of Change	4. Consideration in AUD$	5. Class and Number of Securities affected	6. Persons votes effected
05-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.17	(1,916)	(1,916)
05-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.17	(6,300)	(6,300)
05-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.14	(157,761)	(157,761)
05-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.13	(300,000)	(300,000)
06-Apr-11	Balanced Equity Management Pty Limited	Acquired	9.14	16,410	16,410
06-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.24	(49,180)	(49,180)
06-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.13	(180,000)	(180,000)
06-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.27	(311,606)	(311,606)
07-Apr-11	Balanced Equity Management Pty Limited	Acquired	9.01	29,600	29,600
07-Apr-11	Balanced Equity Management Pty Limited	Acquired	9.16	30,000	30,000
07-Apr-11	Balanced Equity Management Pty Limited	Acquired	8.99	148,000	148,000
07-Apr-11	Balanced Equity Management Pty Limited	Acquired	9.04	250,000	250,000
07-Apr-11	Balanced Equity Management Pty Limited	Acquired	9.01	950,000	950,000
13-Apr-11	Balanced Equity Management Pty Limited	Acquired	8.87	44,300	44,300
13-Apr-11	Balanced Equity Management Pty Limited	Disposed	8.87	(44,300)	(44,300)
13-Apr-11	Balanced Equity Management Pty Limited	Disposed	8.86	(169,400)	(169,400)
15-Apr-11	Balanced Equity Management Pty Limited	Disposed	8.73	(30,000)	(30,000)
21-Apr-11	Balanced Equity Management Pty Limited	Disposed	9.00	(167,942)	(167,942)
04-May-11	Balanced Equity Management Pty Limited	Disposed	8.74	(65,000)	(65,000)
05-May-11	Balanced Equity Management Pty Limited	Disposed	8.77	(2,900,000)	(2,900,000)
09-May-11	Balanced Equity Management Pty Limited	Disposed	8.84	(50,000)	(50,000)
09-May-11	Balanced Equity Management Pty Limited	Disposed	8.79	(161,139)	(161,139)
10-May-11	Balanced Equity Management Pty Limited	Disposed	8.84	(50,000)	(50,000)
12-May-11	Balanced Equity Management Pty Limited	Disposed	8.77	(19,018)	(19,018)
16-May-11	Balanced Equity Management Pty Limited	Acquired	8.32	200,000	200,000
16-May-11	Balanced Equity Management Pty Limited	Acquired	8.30	212,247	212,247
17-May-11	Balanced Equity Management Pty Limited	Acquired	8.34	50,000	50,000
17-May-11	Balanced Equity Management Pty Limited	Acquired	8.32	52,727	52,727
17-May-11	Balanced Equity Management Pty Limited	Acquired	8.33	100,000	100,000
17-May-11	Balanced Equity Management Pty Limited	Acquired	8.35	600,000	600,000
18-May-11	Balanced Equity Management Pty Limited	Acquired	8.30	595	595
18-May-11	Balanced Equity Management Pty Limited	Acquired	8.35	200,000	200,000
20-May-11	Balanced Equity Management Pty Limited	Acquired	8.56	61,759	61,759
20-May-11	Balanced Equity Management Pty Limited	Acquired	8.57	102,600	102,600
23-May-11	Balanced Equity Management Pty Limited	Acquired	8.40	66,094	66,094
23-May-11	Balanced Equity Management Pty Limited	Acquired	8.39	654,391	654,391
24-May-11	Balanced Equity Management Pty Limited	Acquired	8.37	1,616	1,616
24-May-11	Balanced Equity Management Pty Limited	Acquired	8.37	77,100	77,100
24-May-11	Balanced Equity Management Pty Limited	Disposed	8.44	(25,295)	(25,295)
25-May-11	Balanced Equity Management Pty Limited	Disposed	8.61	(140,000)	(140,000)
26-May-11	Balanced Equity Management Pty Limited	Acquired	8.80	158,500	158,500
26-May-11	Balanced Equity Management Pty Limited	Disposed	8.80	(158,500)	(158,500)
27-May-11	Balanced Equity Management Pty Limited	Acquired	8.77	297,479	297,479
30-May-11	Balanced Equity Management Pty Limited	Acquired	8.75	17,617	17,617
02-Jun-11	Balanced Equity Management Pty Limited	Acquired	8.78	12,400	12,400
06-Jun-11	Balanced Equity Management Pty Limited	Acquired	8.75	37,665	37,665
15-Jun-11	Balanced Equity Management Pty Limited	Acquired	8.71	35,600	35,600

9

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16-Jun-11	Balanced Equity Management Pty Limited		Acquired	8.61	2,500	2,500
16-Jun-11	Balanced Equity Management Pty Limited		Acquired	8.61	64,900	64,900
27-Jun-11	Balanced Equity Management Pty Limited		Disposed	8.90	(150,000)	(150,000)
30-Jun-11	Balanced Equity Management Pty Limited		Acquired	8.97	16,200	16,200
7. Holder of Relevant Interest				8. Person's votes
Balanced Equity Management Pty Limited			46,427,733		votes
9. Registered Holder of Securities		10. Class and	Number of Shares		11. Person's votes
National Nominees Limited		20,397,958	Ordinary		20,397,958	votes
JP Morgan Nominees Australia Ltd.		13,120,800	Ordinary		13,120,800	votes
HSBC Securities Services		12,908,975	Ordinary		12,908,975	votes

This is the annexure of 2 pages marked Annexure B referred to in the Form 604: Notice of change in interests or entitlements of substantial shareholder signed by me and dated 8 July 2011.

..............................................…….................. Robert Rosselot, Assistant Secretary