LENDLEASE GROUP — Major Shareholding Notification 2011

Apr 5, 2011

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 beminfo@bem.com.au 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:

06 April 2011 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,

Andrew Sisson Director

Page 1 of 7

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	04 , 04 , 2011
The previous notice was given to the company on	03 / 03 / 2011
The previous notice was dated	03 7037 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 r

----- Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes !	Voting power (5)
Ordinary Shares	52,302,161 9.25%		47,074,790 8.25%

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 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	Annexure 'A' محسب
aanna o
	∼

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	' B ' Annexure

604 page 2/2 13 March 2000

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	Wot applicable

6. Addresses

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

	ستسد
Name ومستعمد	Address
Refer attached	Annexure C' ---

Signature

	print name Andrew Sisson	capacity Director w
sign here		06/04/2011 date

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.
• $\boldsymbol{\mathcal{Q}}$ See the definition of "associate" in section 9 of the Corporations Law.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Law. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• 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 6718(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 $(D)$ 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 $(7)$ 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". $(8)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $\left(9\right)$

THIS IS PAGE ONE OF ANNEXURE A OF TWO PAGES REFERRED TO IN FORM 604 - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

	Person whose		Consideration given in relation to		Class and number of securities affected		Person's
Date of	relevant interest	Nature of	change			Number of	votes
Change	changed	change	Cash	Non-cash	Class	securities	affected
	Balanced Equity
	Management
04-Mar-11	Pty Limited	Disposed	$-26,776.45$		Ordinary Shares	$-2,928$	$-2,928$
04-Mar-11	As above	Disposed	$-218,373.30$		Ordinary Shares	$-23,853$	$-23,853$
04-Mar-11	As above	Disposed	$-6,030,727.79$		Ordinary Shares	$-660,000$	-660,000
08-Mar-11	As above	Disposed	$-2,324,123.55$		Ordinary Shares	$-255,820$	$-255,820$
09-Mar-11	As above	Disposed		-1,302,887.00	Ordinary Shares	$-145,900$	$-145,900$
$15-Mar-11$	As above	Disposed	$-172,505.06$		Ordinary Shares	$-20,000$	$-20,000$
$15-Mar-11$	As above	Disposed	$-1,719,514.67$		Ordinary Shares	-200,000	$-200,000$
16-Mar-11	As above	Disposed	-353,210.00		Ordinary Shares	$-40,856$	$-40,856$
16-Mar-11	As above	Disposed	$-1,257,589.62$		Ordinary Shares	$-145,000$	$-145,000$
16-Mar-11	As above	Disposed	$-1,298,422.34$		Ordinary Shares	$-150,000$	$-150,000$
16-Mar-11	As above	Disposed	$-1,644,175.51$		Ordinary Shares	-190,000	-190,000
17-Mar-11	As above	Disposed	-526,204.21		Ordinary Shares	$-61,200$	$-61,200$
$17 - Mar - 11$	As above	Disposed	-3,993,965.55		Ordinary Shares	-462,749	$-462,749$
21-Mar-11	As above	Disposed	$-1,243,723.02$		Ordinary Shares	$-143,754$	$-143,754$
23-Mar-11	As above	Disposed	-42,976.35		Ordinary Shares	$-5,000$ $-100,000$	$-5,000$ $-100,000$
23-Mar-11 24-Mar-11	As above	Disposed	$-856,640.95$ $-802,293.55$		Ordinary Shares Ordinary Shares	$-92,481$	$-92,481$
24-Mar-11	As above As above	Disposed Disposed	-864,117.09		Ordinary Shares	$-100,000$	$-100,000$
24-Mar-11	As above	Disposed	$-2,423,019.88$		Ordinary Shares	-280,000	$-280,000$
25-Mar-11	As above	Disposed	$-45,412.72$		Ordinary Shares	$-5,200$	$-5,200$
25-Mar-11	As above	Disposed	$-348,145.89$		Ordinary Shares	-39,810	$-39,810$
25-Mar-11	As above	Disposed	-434,914.23		Ordinary Shares	-49,800	-49,800
25-Mar-11	As above	Disposed	$-873,038.59$		Ordinary Shares	$-100,000$	$-100,000$
25-Mar-11	As above	Disposed	$-1,985,905.06$		Ordinary Shares	$-226,312$	$-226,312$
25-Mar-11	As above	Disposed	$-2,176,504.45$		Ordinary Shares	$-250,000$	-250,000
28-Mar-11	As above	Disposed	$-140,872.63$		Ordinary Shares	$-16,053$	$-16,053$
28-Mar-11	As above	Disposed	$-1,226,518.37$		Ordinary Shares	-139,800	-139,800
28-Mar-11	As above	Disposed	$-1,312,381.28$		Ordinary Shares	$-150,000$	$-150,000$
29-Mar-11	As above	Disposed	$-27,733.41$		Ordinary Shares Ordinary Shares	$-3,147$ $-15,300$	$-3,147$ $-15,300$
29-Mar-11 29-Mar-11	As above	Disposed Disposed	-134,833.56 $-220,628.59$		Ordinary Shares	$-25,000$	$-25,000$
29-Mar-11	As above As above	Disposed	$-3,449,089.48$		Ordinary Shares	-392,500	$-392,500$
30-Mar-11	As above	*Acquired		77,380.00	Ordinary Shares	9,178	9,178
30-Mar-11	As above	*Acquired		462,380.00	Ordinary Shares	54,849	54,849
30-Mar-11	As above	*Acquired		9,920,671.60	Ordinary Shares	1,176,854	1,176,854
30-Mar-11	As above	Disposed	$-249,948.39$		Ordinary Shares	$-28,134$	$-28,134$
30-Mar-11	As above	Disposed	-445,959.55		Ordinary Shares	-50,000	-50,000
30-Mar-11	As above	Disposed	$-2,215,397.29$		Ordinary Shares	$-250,000$	-250,000

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, other than the transactions marked with an asterisk. The shares marked with an asterisk on 30-Mar-2011 were acquired via participation in the Mar-11 Dividend Reinvestment Plan.

$\beta$

THIS IS PAGE TWO OF ANNEXURE A OF TWO 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
	Balanced
	Equity
$31-Mar-11$	Management Pty Limited	Disposed	-9.043,908.82		Ordinary Shares	$-1,003,293$	$-1,003,293$
$01-Apr-11$	As above	Disposed	-683.614.88		Ordinary Shares	$-75.000$	$-75,000$
$01-Apr-11$	As above	Disposed	-995.673.46		Ordinary Shares	$-109,236$	$-109,236$
$01-Apr-11$	As above	Disposed	$-2,724,526.88$		Ordinary Shares	$-300,000$	$-300,000$
$04-Apr-11$	As above	Disposed	-296,209.65		Ordinary Shares	-32.339	$-32,339$
$04-Apr-11$	As above	Disposed	-1.168.666.42		Ordinary Shares	$-127.787$	$-127,787$

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, other than the transactions marked with an asterisk. The shares marked with an asterisk on 30-Mar-2011 were acquired via participation in the Mar-11 Dividend Reinvestment Plan.

$\Delta$

THIS IS ANNEXURE B 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
relevant	of securities	to be registered	Ordinary shares	Options over
interest		as holder		ordinary shares
Balanced	National Nominees	National	18,755,300	0
Equity	Limited	Nominees
Management		Limited
Pty Limited
As above	JP Morgan	JP Morgan	24,441,512	0
	Nominees	Nominees
	Australia Ltd	Australia Ltd
As above	Westpac Custodian	Westpac	3,877,978	0
	Nominees Limited	Custodian
		Nominees
		Limited

$AC$

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

$\mathbb{A}$