LENDLEASE GROUP — Major Shareholding Notification 2011

Mar 2, 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

$To:$ Lend Lease Group

William Hara, Company Secretary Attention:

Copy: Companies Announcement Office, Australian Stock Exchange

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

03 March 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,

$A^{\mu}$

Andrew Sisson Director

page 1/2 13 March 2000 504

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	وستعمل وتعرضهما والمراد
There were a cheanglin the intersets of the

There was a change in the interests of the substantial holder on	01/03/2011
The previous notice was given to the company on	16/11/2010
The previous notice was dated	16/11/2010

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 required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present natice
	Person's votes	Voting power (5)	Person's votes I	Voting power (5)
Ordinary Shares	59,180,346 10.46%		52,302,161 9.25%

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'
	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

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) بمحسوب	Nature of relevant interest (6)	Class and number of securities	Person's votes
Refer International Programs common	attached	'B' Annexure
www.community.com/www.com

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
Wot applicable _____ -----	,,,,,,,,,, Not applicable ,,,,,,,,,,,,,,,

6. Addresses

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

--------------------------------------	سس
Name	Address
Refer attached	- ' C ' -
________	Annexure

Signature

	printname Andrew Sisson	capacity Director
sign here	仏人	date 03 / 03 / 2011

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.
• $\left( 2\right)$ See the definition of "associate" in section 9 of the Corporations Law.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Law.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ 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 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
  which the relevant interest relates (indicating clearly the $(b)$

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. $\langle 9 \rangle$

$\sim$

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BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

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

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
	Balanced Equity Management
$17-Nov-10$	Pty Limited	Disposed	$-764,712.61$		Ordinary Shares	$-100,630$	$-100,630$
$18-Nov-10$	As above	Disposed	$-3,258,712.85$		Ordinary Shares	-430,000	-430,000
24-Nov-10	As above	Disposed	$-2,302,501.04$		Ordinary Shares	$-302,000$	$-302,000$
26-Nov-10	As above	Disposed	$-846,779.24$		Ordinary Shares	$-111,100$	$-111,100$
30-Nov-10	As above	Disposed	$-45,121.42$		Ordinary Shares	$-5,856$	$-5,856$
30-Nov-10	As above	Disposed	-72,967.23		Ordinary Shares	$-9,511$	$-9,511$
30-Nov-10	As above	Disposed	-289,229.80		Ordinary Shares	$-37,700$	$-37,700$
07-Dec-10	As above	Disposed	-738,334.44		Ordinary Shares	-95,010	$-95,010$
$09-Dec-10$	As above	Disposed	$-523,488.38$		Ordinary Shares	$-66,217$	$-66,217$
$09$ -Dec-10	As above	Disposed	$-1,184,736.76$		Ordinary Shares	$-150,000$	-150,000
$10-Dec-10$	As above	Disposed	$-85,966.05$		Ordinary Shares	$-10,874$	$-10,874$
$10-Dec-10$	As above	Disposed	-1,920,665.97		Ordinary Shares	$-242,000$	$-242,000$
$10$ -Dec- $10$	As above	Disposed	-2,001,986.19		Ordinary Shares	$-250,000$	$-250,000$
$10$ -Dec- $10$	As above	Disposed	-4,178,971.07		Ordinary Shares	-520,000	$-520,000$
$17-Dec-10$	As above	Disposed	$-42,876.40$		Ordinary Shares	$-5,000$	$-5,000$
$17-Dec-10$	As above	Disposed	$-2,797,325.26$		Ordinary Shares	$-326,208$	$-326,208$
$21 - Dec - 10$	As above	Disposed	$-1, 315, 793.16$		Ordinary Shares	$-152,500$	$-152,500$
22-Dec-10	As above	Acquired		22,972,250.00	Ordinary Shares Ordinary Shares	2,625,400	2,625,400
23-Dec-10	As above	Disposed	$-786,184.24$ -3,039,683.86		Ordinary Shares	$-90,000$ $-347,775$	$-90,000$ $-347,775$
30-Dec-10 $31 - Dec - 10$	As above As above	Disposed Disposed	$-91,771.64$		Ordinary Shares	$-10,518$	$-10,518$
$31 - Dec - 10$	As above	Disposed	$-1,520,714.81$		Ordinary Shares	$-173,888$	$-173,888$
04-Jan-11	As above	Disposed	-407,168.27		Ordinary Shares	$-47,043$	$-47,043$
$04 - Jan - 11$	As above	Disposed	$-1,729,095.89$		Ordinary Shares	$-200,000$	$-200,000$
04-Jan-11	As above	Disposed	$-8,192,975.70$		Ordinary Shares	-950,000	$-950,000$
06-Jan-11	As above	Disposed	$-1,723,291.65$		Ordinary Shares	$-200,000$	$-200,000$
$07 - Jan - 11$	As above	Acquired	937,691.77		Ordinary Shares	109,500	109,500
$07 - Jan - 11$	As above	Disposed	$-1,708,859.61$		Ordinary Shares	$-200,000$	$-200,000$
$12$ -Jan-11	As above	Acquired		7,662,375.00	Ordinary Shares	875,700	875,700
$13$ -Jan- $11$	As above	Disposed	$-362,965,46$		Ordinary Shares	$-40,668$	-40,668
$13$ -Jan-11	As above	Disposed	-667,908.15		Ordinary Shares	$-75,000$	-75,000
$18$ -Jan-11	As above	Disposed	-392,453.23		Ordinary Shares	-44,000	-44,000
$18 - Jan - 11$	As above	Disposed	-1,775,104.97		Ordinary Shares	-200,000	$-200,000$
$18$ -Jan-11	As above	Disposed	$-5.994,283.51$		Ordinary Shares	$-675,000$	$-675,000$
19-Jan-11	As above	Disposed	$-55,473.12$		Ordinary Shares	$-6,133$	$-6,133$
$19 - Jan - 11$	As above	Disposed	$-122,771.19$		Ordinary Shares	$-13,725$	$-13,725$
19-Jan-11	As above	Disposed	$-270,753.37$		Ordinary Shares	-30,000	$-30,000$

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.

03/03/2011

$\mu \subset$

BALANCED EQUITY MANAGEMENT PTY LIMITED ACN 006 987 613

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				Class and number of securities
	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
19-Jan-11	As above	Disposed	$-902,511,22$		Ordinary Shares	$-100,000$	$-100,000$
20-Jan-11	As above	Disposed	$-9,597.72$		Ordinary Shares	$-1,067$	$-1,067$
$21-Ian-11$	As above	Disposed	$-20,138.52$		Ordinary Shares	$-2.264$	$-2,264$
$21-Ian-11$	As above	Disposed	$-1,890,690.99$		Ordinary Shares	$-213,023$	$-213,023$
24-Jan-11	As above	Disposed	$-85,654.53$		Ordinary Shares	$-9,533$	$-9,533$
25-Jan-11	As above	Disposed	-984,184.02		Ordinary Shares	$-110,000$	$-110,000$
25-Jan-11	As above	Disposed	$-1,199,230.76$		Ordinary Shares	$-133,462$	$-133,462$
27-Jan-11	As above	Disposed	$-1,121,908.69$		Ordinary Shares	$-125,000$	$-125,000$
27-Jan-11	As above	Disposed	$-1,984,099.12$		Ordinary Shares	$-221,344$	$-221,344$
28-Jan-11	As above	Disposed	$-156,538.85$		Ordinary Shares	$-17,500$	$-17,500$
28-Jan-11	As above	Disposed	-499,891.27		Ordinary Shares	$-55,897$	-55,897
02-Feb-11	As above	Disposed	$-2,286,908.23$		Ordinary Shares	$-260,000$	-260,000
03-Feb-11	As above	Acquired	941,004.25		Ordinary Shares	107,400	107,400
$10 - Feb - 11$	As above	Disposed	$-224,627.28$		Ordinary Shares	$-25.000$	$-25,000$
$15 - Feb - 11$	As above	Disposed	$-444,258.68$		Ordinary Shares	$-50,000$	$-50,000$
$17 - Feb - 11$	As above	Acquired	482,898.00		Ordinary Shares	53,300	53,300
$17 - Feb - 11$	As above	Disposed	$-482,801.42$		Ordinary Shares	$-53,300$	$-53,300$
$17-Feb-11$	As above	Disposed	$-676,402.68$		Ordinary Shares	$-75,000$	$-75,000$
$23 - Feb - 11$	As above	Disposed	$-1,365,736.15$		Ordinary Shares	$-150,000$	$-150,000$
$24$ -Feb-11	As above	Disposed	$-2,902,673.78$		Ordinary Shares	$-322,360$	-322,360
25-Feb-11	As above	Disposed	-660,150.30		Ordinary Shares	$-73,209$	$-73,209$
28-Feb-11	As above	Disposed	-136,874.67		Ordinary Shares	$-15,000$	$-15,000$
28-Feb-11	As above	Disposed	-910,489.23		Ordinary Shares	$-100,000$	$-100,000$
28-Feb-11	As above	Disposed	-4,395,275.59		Ordinary Shares	$-484,038$	$-484,038$
01-Mar-11	As above	Disposed	$-193,773.78$		Ordinary Shares	$-21,024$	$-21,024$
$01-Mar-11$	As above	Disposed	-458,850.00		Ordinary Shares	$-50,000$	$-50,000$
01-Mar-11	As above	Disposed	$-1,149,120,00$		Ordinary Shares	$-125,000$	$-125,000$
$01-Mar-11$	As above	Disposed	$-1,340,796,77$		Ordinary Shares	$-145,000$	$-145,000$
$01-Mar-11$	As above	Disposed	$-2,295,247.50$		Ordinary Shares	$-250,000$	$-250,000$
01-Mar-11	As above	Disposed	$-12,346,893,14$		Ordinary Shares	$-1,343,108$	$-1,343,108$

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.

03/03/2011

$\mu \subset$

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	Registered holder	Person entitled	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	21,003,020	0
As above	JP Morgan Nominees Australia Ltd	JP Morgan Nominees Australia Ltd	26,938,641	0
As above	Westpac Custodian Nominees Limited	Westpac Custodian Nominees Limited	4,360,500	0

03/03/2011

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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

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

03/03/2011

$AC$