MACMAHON HOLDINGS LIMITED — Major Shareholding Notification 2007

Oct 15, 2007

FORM 604 Corporations Act 2001 Section 671B

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

To: Company Name/Scheme

MAH - Macmahon Holdings Limited

ACN/ARSN 007 634 406

1. Details of Substantial Holder(1)

Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 There was a change in the interests of the 11-Oct-2007 substantial holder on The previous notice was given to the company on 14-Mar-2007 The previous notice was dated 14-Mar-2007

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	Previous notice	Present Notice	Present Notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	53,635,470	10.27%	48,118,607	9.15%

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
14-Mar-2007 to 11-Oct-2007	Acorn Capital Limited	Sold	($8,754,684.56)	5,516,863	5,516,863

4. Present relevant interests

Particulars of each relevant interests 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		Nature of relevant interest		Class and Number of Securities		Person's Votes
Military Superannuation & Benefits Board		National Nominees						1,825,694		1,825,694
Queensland Local Government Superannuation		JP Morgan Chase						2,366,331		2,366,331
Catholic Superannuation Fund		National Nominees						2,469,470		2,469,470
Commonwealth Bank Officers' Superannuation Fund		Citicorp Nominees						4,303,317		4,303,317
Qantas Superannuation		National Nominees						4,729,315		4,729,315
Health Super		JP Morgan Chase						4,797,654		4,797,654
Sunsuper Fund		National Nominees						5,226,866		5,226,866
UniSuper		National Nominees						11,026,289		11,026,289
Acorn Capital Microcap Trust		National Nominees						11,373,671		11,373,671

5. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change 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/ARSN (if applicable) Name of Association

6. Addresses

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

Name	Address
Military Superannuation & Benefits Board	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Queensland Local Government Superannuation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Catholic Superannuation Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Commonwealth Bank Officers' Superannuation Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Qantas Superannuation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Health Super	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Sunsuper Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
UniSuper	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Acorn Capital Microcap Trust	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Print Name BARRY FAIRLEY Capacity Managing Director

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16-Oct-2007 Date