Preliminary Final Report - Financial Review

13 February 2012ASX Market AnnouncementsAustralian Securities Exchange LimitedLevel 420 Bridge StreetSYDNEY NSW 2000Please find attached copies of the following documents:a) Preliminary Final Report for the December 2011 T ransitional F inancial Year (forthe period between 1 July 2011 and 31 December 2011) and December update;b) Media Release dated 13 February 2012 entitled “Underlying strength putsLeighton back on track”; andc) Investor Presentation entitled “Preliminary Final Report”.Yours faithfully,A. J. MOIRCompany Secretary

2011DECEMBERPRELIMINARYFINAL REPORT ANDDECEMBER UPDATEFOR THE DECEMBER 2011 TRANSITIONAL FINANCIALYEAR (FOR THE PERIOD BETWEEN 1 JULY 2011 AND31 DECEMBER 2011) / ISSUED 13 FEBRUARY 2012LEIGHTON HOLDINGS LIMITEDABN 57 004 482 982

APPENDIX 4E &PRELIMINARY FINALREPORTFOR THE DECEMBER 2011 TRANSITIONAL FINANCIALYEAR (FOR THE PERIOD BETWEEN 1 JULY 2011 AND31 DECEMBER 2011) / ISSUED 13 FEBRUARY 2012For more information please contact:Hamish TyrwhittChief Executive OfficerPeter GreggChief Financial OfficerCover: John Holland, Jellinbah Plains Coal Mine, QldLeighton Holdings LimitedABN 57 004 482 982472 Pacific Highway St Leonards NSW 2065T +61 2 9925 6666 F +61 2 9925 6000 www.leighton.com.au

Results for Announcement to the Marketfor the period ended 31 December 2011Name of EntityLEIGHTON HOLDINGS LIMITED† 6 months toDecember 2011$m6 months toDecember 2010$m% ChangeRevenue ‐ Group, joint ventures and associates 12,176.9 9,709.1 Up 25.4 %Revenue ‐ joint ventures and associates 2,007.7 2,338.5 Down 14.1 %Revenue 10,169.2 7,370.6 Up 38.0 %Profit / (loss) attributable to members of the parent entity 340.0 216.7 Up 56.9 %For a brief explanation of the figures reported above: refer to pages 3 to 31 of this document.Details Of Reporting PeriodCurrent reporting period† Six (6) months to 31 December 2011Previous corresponding period† Twelve (12) months to 30 June 2011† Leighton Holdings Limited obtained approval from the Australian Securities and Investments Commission (“ASIC”) to change its financialyear end date from 30 June to 31 December. As a result the current financial year of the Company is the 6 month period 1 July 2011 to 31December 2011. As such the amounts presented in the financial report are not entirely comparable. Effective 1 January 2012, the financialyears of the Company are for twelve month periods ending 31 December. The results for the 6 months to 31 December 2010 are presentedabove as the comparable period.Dividends ‐ December 2011 Amount per security Franked amount per securityFinal dividend 60.0¢ nil nilKey Dividend DatesDateEx dividend date: 12 March 2012Record date for determining entitlements to the dividend: 16 March 2012Date for payment of dividend: 30 March 2012Dividends ‐ June 2011 Amount per security Franked amount per securityFinal dividend nil nil nilInterim dividend 60.0¢ 60.0¢ 100%Annual General Meeting DetailsDate 22 May 2012TimePlace10:00amGrand Ballroom, The Four Seasons Hotel, 199 George Street, SydneyApproximate date the Annual Report will be available Late March 2012Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 2

Commentary on the Resultsfor the period ended 31 December 2011Total revenue, including joint ventures and associates, for the 6 month transitional financial year from 1 July 2011 to 31December 2011 was $12.2 billion compared to $19.4 billion for the twelve month period to 30 June 2011. The major revenuegenerating markets for the Group were infrastructure $6.7 billion, resources $4.4 billion, property (including building work)$0.9 billion and Corporate $0.2 billion. The Group’s work in hand at 31 December 2011 was $44.6 billion. New work won,including variations and extensions to existing contracts, totalled $10.1 billion.For the 6 month transitional financial year from 1 July 2011 to 31 December 2011, the Leighton Group reported a net profitafter tax and minority interests of $340 million. This represents a significant turnaround from the $409 million net loss after taxand minority interests reported for the twelve month financial year ended 30 June 2011. The main factors contributing to thepositive net profit result were: a strong operating performance, largely driven by improved earnings from the Group’soperations in Australia and Asia; an after tax gain of $167 million from the sale of HWE Mining’s iron ore operation in thePilbara, WA, to BHP Billiton Iron Ore; offset by after tax impairments of $49 million for the Group’s deferred equitycommitment in BrisConnections and $50 million for the Group’s investment in the Habtoor Leighton Group.Leighton Contractors earned a segment result of $492 million before tax for the transitional financial year ($323 million for thetwelve month period to 30 June 2011). This was achieved on segment revenue of $3.6 billion. Both the result and revenuewere positively impacted by the sale of the HWE Mining Iron Ore business which had approx $1.2 billion of work in hand. TheHWE Mining iron ore entities and assets in the Pilbara, WA, were sold to BHP Billiton Iron Ore on 30 September 2011 for $452million resulting in a before tax gain of $229 million and an after tax gain of $167 million. Net assets reduced by $223 millionfollowing the sale. Leighton Contractors’ work in hand was $9.8 billion at 31 December 2011, compared to $10.8 billion at 30June 2011. The decrease was mostly due to the HWE sale. During the period, new contracts, extensions and variations totalled$3.7 billion.Thiess’ financial results continued to be impacted by the Victorian Desalination Project and the BrisConnections impairment,which masked strong performances from the bulk of its construction and contract mining operations. The VictorianDesalination Project made a loss of $218 million during the period (forecast loss at completion $496 million). Despite this,Thiess reported a segment result of $24 million before tax for the transitional financial year (loss $318 million for the twelvemonth period to 30 June 2011). Segment revenue was $3.8 billion. Thiess’ work in hand was $16.0 billion at 31 December2011, compared to $16.5 billion at 30 June 2011. During the period, new contracts, extensions and variations totalled $2.8billion.John Holland boosted its revenue and work in hand due to its unique position in a number of construction sectors, particularlyrail, water and civil infrastructure. John Holland, despite the impact of the BrisConnections impairment, earned a segmentresult of $25 million before tax for the transitional financial year (loss $255 million for the twelve month period to 30 June2011). This was achieved on segment revenue of $2.4 billion. John Holland’s work in hand was $6.9 billion at 31 December2011, compared to $7.7 billion at 30 June 2011. During the period, new contracts, extensions and variations totalled $1.6billion.The operations of Leighton Asia, Leighton Welspun India and Leighton Offshore now report through a single segment ‐ LeightonAsia, India & Offshore (“LAIO”). LAIO earned a segment result of $135 million before tax for the transitional financial year ($369million for the twelve month period to 30 June 2011). This was achieved on segment revenue of $1.4 billion. LAIO’s work inhand rose to $8.2 billion at 31 December 2011, up 9% compared to $7.5 billion at 30 June 2011. During the period, newcontracts, extensions and variations totalled $1.7 billion.The operations of the Habtoor Leighton Group (“HLG”) and Leighton Africa now report through a single segment, LeightonMiddle East & Africa (“LMEA”). LMEA reported a disappointing segment loss of $154 million before tax for the transitionalfinancial year (loss of $492 million for the twelve month period to 30 June 2011). The loss was mainly attributable to theoperating loss and impairment of HLG. Segment revenue for the transitional financial year was $330 million. LMEA’s work inhand rose to $2.3 billion at 31 December 2011, up 10% compared to $2.1 billion at 30 June 2011. During the period, newcontracts, extensions and variations totalled $0.3 billion.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 3

Commentary on the Results continuedfor the period ended 31 December 2011Commercial and Residential property, which includes the wholly owned Leighton Properties and a 50.28% stake in listedproperty developer Devine Limited, recorded a segment profit of $1 million for the transitional financial year to 31 December2011 (loss of $93 million for tshe twelve month period to 30 June 2011). This was achieved on segment revenue of $528million. Leighton Properties recorded a number of successes during the period achieving some significant sales including HQNorth Tower in Brisbane. The Leighton Properties / Devine joint venture Hamilton Harbour development in Brisbane wascompleted in November and is almost sold out. Both sales have helped in the recycling of the Group’s capital. Commercial andResidential’s work in hand fell slightly to $1.3 billion at 31 December 2011, compared to $1.7 billion at 30 June 2011.The Leighton Group has maintained a strong balance sheet which remains a strategic priority. This is essential for the Group tocontinue to support its global operations through the funding of bonds and guarantees, provision of working capital, andmaking investments in plant and equipment. At 31 December 2011 the Group’s capital structure was sound with shareholder’sequity of $2.8 billion, total assets of $9.9 billion, and net debt of $641 million. Off balance sheet operating leases totalled $668million.Cash at the end of the transitional financial year remained high at $1.5 billion, boosted by $452 million from the sale of HWEMining’s iron ore business. Cash generated from operating activities of $328 million was lower than a normal period due topayment of the cost overruns on Airport Link and Victorian Desalination Plant projects. Primary uses of cash during the periodwere loan repayments totalling $200 million, shareholder loans to HLG of $122 million, and plant and equipment purchases of$502 million. In addition, $219 million of cash pledged as security against bank loans secured by HLG was reclassified asnon‐current receivables during the period.Gross debt, including recourse and non‐recourse loans, stood at $2.1 billion at 31 December 2011. The Group’s debt maturityprofile remains relatively long term despite $670 million of loans and other facilities falling due within the next twelve months.Plant and equipment purchases for the 6 month period to 31 December 2011 totalled $502 million, including $179 million formajor component parts. Although the sale of the HWE Mining iron ore business in the Pilbara resulted in a reduction ofproperty, plant and equipment on the balance sheet by $229 million, other contract mining operations continue to require thepurchase of new plant and equipment to undertake new and existing projects.Depreciation of plant and equipment was $505 million, including $235 million for major component parts. The Group’s plantfleet is now worth a combined $3.1 billion comprising $1.9 billion of owned plant and equipment, $0.5 billion under financeleases and $0.7 billion under operating leases.Gearing, expressed as net debt plus operating leases to net debt plus operating leases plus shareholder equity, reduced overthe period from 35% at 30 June 2011 to 32% at 31 December 2011. This was due to the receipt of cash from the sale of theHWE Mining iron ore businesses and good cash flow management.Bonds and guarantees at 31 December 2011 totalled $3.6 billion, in line with the Group’s high levels of construction work. Inaddition to this amount, $308 million was undrawn.During the 6 months to 31 December 2011, a total of 572,000 options were exercised, bringing the total number of ordinaryshares on issue to 337,087,596.The earnings per share for the 6 month period of 101 cents compares to earnings per share of negative (133.1) cents for thetwelve month period to 30 June 2011. An unfranked final dividend of 60 cents per share was announced by the Directors forthe transitional financial year to 31 December 2011. This compares with 60 cents per share fully franked for the 12 monthperiod ended 30 June 2011.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 4

Consolidated Income Statementfor the period ended 31 December 2011Note6 months toDecember 2011$m12 months toJune 2011$mRevenue 2 10,169.2 15,561.3Expenses 3 (9,365.5) (15,363.2)Finance costs 4 (90.5) (159.6)Share of profits / (losses) of associates and joint venture entities (237.8) (529.4)Profit / (loss) before tax 475.4 (490.9)Income tax (expense) / benefit (130.5) 85.2Profit / (loss) for the period 344.9 (405.7)Attributable to:Members of the parent entity 340.0 (408.8)Minority interest 4.9 3.1Profit / (loss) for the period 344.9 (405.7)Dividends per share ‐ Final* 6 60.0¢ nil‐ Interim* 6 n/a 60.0¢Basic earnings per share 101.0¢ (133.1¢)Diluted earnings per share 101.0¢ (133.1¢)∗ The effect of the change in the financial year to a 31 December year end date is that a dividend declared in respect of a 6month period ended 31 December is a final dividend and a dividend declared in respect of a 6 month period ended 30 June isan interim dividend.The consolidated income statement is to be read in conjunction with the notes to the consolidated preliminary final report.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 5

Consolidated Statement of Comprehensive Incomefor the period ended 31 December 20116 months toDecember 2011$m12 months toJune 2011$mProfit / (loss) for the period (before minority interest) 344.9 (405.7)Other comprehensive income:‐ Foreign exchange translation differences (net of tax) 68.5 (269.2)‐ Effective portion of changes in fair value of cash flow hedges (net of tax) 30.4 3.0‐ Change in fair value of available‐for‐sale assets (net of tax) ‐ (6.7)‐ Change in value of equity reserves (net of tax) (0.8) (7.1)Net gain / (loss) recognised directly in equity 98.1 (280.0)Total comprehensive income / (expense) for the period 443.0 (685.7)Attributable to:Members of the parent entity 438.1 (688.8)Minority interest 4.9 3.1Total comprehensive income / (expense) for the period 443.0 (685.7)The consolidated statement of comprehensive income is to be read in conjunction with the notes to the consolidatedpreliminary final report.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 6

Consolidated Balance Sheetas at 31 December 2011NoteDecember 2011$mJune 2011$mAssetsCash and cash equivalents 8 1,503.2 1,414.7Trade and other receivables 9 2,461.6 2,484.0Current tax assets 92.6 102.8Inventories: consumables and development properties 481.3 726.7Property, plant and equipment 4.6 4.7Total current assets 4,543.3 4,732.9Trade and other receivables 9 777.9 373.3Inventories: development properties 420.4 422.2Investments accounted for using the equity method 998.8 1,003.6Other investments 63.6 65.2Deferred tax assets 307.3 432.8Property, plant and equipment 2,520.0 2,614.5Intangibles 269.1 155.7Total non‐current assets 5,357.1 5,067.3Total assets 9,900.4 9,800.2LiabilitiesTrade and other payables 4,025.8 4,639.3Current tax liabilities 59.3 47.0Provisions 305.3 292.6Interest bearing liabilities 13 669.8 271.3Total current liabilities 5,060.2 5,250.2Trade and other payables 352.3 421.2Provisions 247.1 253.7Interest bearing liabilities 13 1,473.9 1,555.2Total non‐current liabilities 2,073.3 2,230.1Total liabilities 7,133.5 7,480.3Net assets 2,766.9 2,319.9EquityShare capital 14 2,027.2 2,016.2Reserves (209.3) (305.7)Retained earnings 866.2 526.2Total equity attributable to equity holders of the parent 2,684.1 2,236.7Minority interest 82.8 83.2Total equity 2,766.9 2,319.9The consolidated balance sheet is to be read in conjunction with the notes to the consolidated preliminary final report.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 7

Consolidated Statement of Changes in Equityfor the period ended 31 December 2011ShareCapital$mReserves$mRetainedEarnings$mAttributableto EquityHolders$mMinorityInterest$mTotalEquity$mTotal equity at 30 June 2010 1,232.9 (40.5) 1,372.3 2,564.7 3.4 2,568.1Total comprehensive income ‐ (280.0) (408.8) (688.8) 3.1 (685.7)Transactions with owners in theircapacity as owners:- Contributions of equity 783.3 783.3 783.3- Dividends (437.3) (437.3) (437.3)- Share based payments 14.8 14.8 14.8- Other 2.2 2.2Total transactions with owners 783.3 14.8 (437.3) 360.8 2.2 363.0Minority ‐ acquisition of controlledentity74.5 74.5Total equity at 30 June 2011 2,016.2 (305.7) 526.2 2,236.7 83.2 2,319.9Total comprehensive income ‐ 98.1 340.0 438.1 4.9 443.0Transactions with owners in theircapacity as owners:- Contributions of equity 11.0 11.0 11.0- Dividends- Share based payments (1.7) (1.7) (1.7)- Other (5.3) (5.3)Total transactions with owners 11.0 (1.7) ‐ 9.3 (5.3) 4.0Total equity at 31 December 2011 2,027.2 (209.3) 866.2 2,684.1 82.8 2,766.9The consolidated statement of changes in equity is to be read in conjunction with the notes to the consolidated preliminaryfinal report.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 8

Consolidated Statement of Cash Flowsfor the period ended 31 December 2011Note6 months toDecember 2011$m12 months toJune 2011$mCash flows from operating activitiesCash receipts in the course of operations (including GST) 11,000.7 17,040.5Cash payments in the course of operations (including GST) (10,672.8) (15,340.6)Cash flows from operating activities 327.9 1,699.9Dividends received ‐ 0.1Interest received 24.0 23.9Finance costs paid (66.9) (128.4)Income taxes paid (50.8) (274.2)Net cash from operating activities 12 234.2 1,321.3Cash flows from investing activitiesPayments for intangibles (30.8) ‐Payments for plant and equipment (502.3) (1,378.5)Proceeds from sale of property, plant and equipment 44.8 25.4Payments for investments in controlled entities and businesses (5.0) (8.7)Cash acquired from acquisition of investments in controlled entities and businesses ‐ 22.8Proceeds from sale of investments in controlled entities and businesses 458.5 90.5Cash disposed from sale of investments in controlled entities and businesses ‐ (108.5)Proceeds from sale of other investments 0.8 56.9Loans to associates (122.3) (300.6)Net cash from investing activities (156.3) (1,600.7)Cash flows from financing activitiesProceeds from share issues 11.0 783.3Proceeds from borrowings 223.0 396.7Repayment of borrowings (199.5) (207.6)Repayment of finance leases (68.8) (62.3)Distributions to minority interest (5.1) (0.3)Dividends paid ‐ (437.3)Net cash from financing activities (39.4) 472.5Net increase / (decrease) in cash held 38.5 193.1Net cash at the beginning of the period 1,414.7 1,313.7Effects of exchange rate fluctuations on cash held 50.0 (92.1)Net cash at reporting date 8 1,503.2 1,414.7The consolidated statement of cash flows is to be read in conjunction with the notes to the consolidated preliminary final report.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 9

Notes to the Consolidated Preliminary Final Reportfor the period ended 31 December 20111. BASIS OF PREPARATIONChange in financial year end dateLeighton Holdings Limited (the “Company”) obtained approval from the Australian Securities and Investments Commission(“ASIC”) to change its financial year end date from 30 June to 31 December. As a result the current financial year of theCompany is the 6 month period 1 July 2011 to 31 December 2011. As such, the amounts presented in the financial report arenot entirely comparable. Effective 1 January 2012, the financial years of the Company are for twelve month periods ending 31December which aligns with the financial year of its major shareholder, HOCHTIEF Aktiengesellschaft (“HOCHTIEF”) and itsultimate parent, Actividades de Construcción y Servicios, SA (“ACS”).Preliminary final reportThe consolidated preliminary final report is presented in Australian dollars and has been prepared on a historical cost basis,except for derivative financial instruments and available‐for‐sale assets that have been measured at fair value at reportingdate.Leighton Holdings Limited is a company domiciled in Australia. The consolidated preliminary final report of the Company forthe period ended 31 December 2011 comprises the Company and its controlled entities (the “Consolidated Entity” or “Group”)and the Consolidated Entity’s interest in associates and jointly controlled entities.The Company is a company of the kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and in accordance with thatClass Order, all financial information presented in Australian dollars has been rounded off to the nearest hundred thousanddollars, unless otherwise stated.The consolidated preliminary final report is based on extracts from the Group’s financial statements which have been auditedand have been prepared in accordance with Australian Accounting Standards (“AASB’s”) (including Australian AccountingInterpretations) adopted by the Australian Accounting Standards Board (“AASB”) and the Corporations Act 2001. The financialstatements also comply with International Financial Reporting Standards adopted by the International Accounting StandardsBoard. The accounting policies adopted are consistent with those of the previous financial year.The Company has received an unqualified audit opinion which is attached as an appendix to this preliminary final report.The consolidated preliminary final report was authorised for issue by the Directors on 13 February 2012.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 10

Notes continuedfor the period ended 31 December 20112. REVENUENote6 months toDecember 2011$m12 months toJune 2011$mConstruction contracting services 5,798.2 9,159.7Mining contracting services 3,138.5 5,177.0Property development revenue 519.1 76.5Other services revenue 683.4 1,118.3Revenue from external customers 10,139.2 15,531.5Interest- Related parties 8.6 4.4- Other parties 15.5 18.3Unwinding of discounts on non‐current receivables- Related parties 3.5 5.6- Other parties 2.4 1.4Dividends / distributions ‐ 0.1Other revenue 30.0 29.8Total revenue 5 10,169.2 15,561.3Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 11

Notes continuedfor the period ended 31 December 20113. EXPENSESNote6 months toDecember 2011$m12 months toJune 2011$mMaterials (2,369.4) (4,369.9)Subcontractors (2,364.8) (3,777.2)Plant costs (779.3) (1,166.2)Personnel costs (2,292.0) (4,100.8)Depreciation of property, plant and equipment 4 (512.7) (865.6)Amortisation of intangibles 4 (33.0) (0.6)Net gain / (loss) on sale of assets 4 244.8 322.2Net gain on acquisition of controlled entities 4 ‐ 101.0Impairments 4 (123.9) (301.1)Property development and property joint ventures write‐downs (0.6) (80.1)Property development ‐ cost of goods sold (548.7) (78.1)Foreign exchange gains / (losses) (8.7) 2.8Operating lease payments ‐ plant and equipment (151.3) (324.8)Operating lease payments ‐ other (46.2) (84.7)Professional and consultancy fees (150.6) (245.5)Other expenses (229.1) (394.6)Total expenses (9,365.5) (15,363.2)Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 12

Notes continuedfor the period ended 31 December 20114. ITEMS INCLUDED IN PROFIT / (LOSS) BEFORE TAXNote6 months toDecember 2011$m12 months toJune 2011$mFinance costsInterest- Related parties (1.2) (4.2)- Other parties (52.0) (108.2)Finance charge for finance leases (9.6) (10.3)Facility fees (16.3) (26.0)Impact of discounting- Related parties (10.5) (9.3)Interest rate swap close out transferred from equity (0.9) (1.6)Total finance costs (90.5) (159.6)Depreciation of property, plant and equipment- Buildings (1.4) (3.0)- Plant and equipment (505.5) (849.5)- Leasehold land, buildings and improvements (5.8) (13.1)Total depreciation of property, plant and equipment (512.7) (865.6)Amortisation- Intangibles (33.0) (0.6)Net gain / (loss) on sale of assets- Controlled entities and businesses 11 229.3 259.4- Other investments ‐ 49.0- Land and buildings ‐ 0.2- Plant and equipment 15.5 13.6Total gain / (loss) on sale of assets 244.8 322.2Net gain on acquisition of controlled entities- Controlled entities ‐ 101.0Impairments‐ Investments in infrastructure toll road companies (70.0) (4.0)‐ Investments accounted for using the equity method 10 (50.0) (296.4)‐ Other investments (0.8) ‐‐ Intangibles (3.1) (0.7)Total impairments (123.9) (301.1)Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 13

Notes continuedfor the period ended 31 December 20115. SEGMENT INFORMATION6 months toDecember 2011Thiess$mLeightonContractors$mJohnHolland$mLeightonMiddle East& Africa$mLeightonAsia, India &Offshore$mCommercial& Residential$mCorporate$mEliminations$mTotal$mRevenueSegment revenue beforeinterest3,809.3 3,594.5 2,400.0 329.8 1,388.6 527.8 205.4 (108.5) 12,146.9Interest revenue 0.2 ‐ ‐ ‐ ‐ ‐ 29.8 ‐ 30.0Segment revenue 3,809.5 3,594.5 2,400.0 329.8 1,388.6 527.8 235.2 (108.5) 12,176.9Inter‐segment revenue ‐ 14.4 ‐ ‐ ‐ 89.8 4.3 (108.5) ‐Segment joint venture andassociate revenue703.8 250.3 305.5 329.8 215.4 2.7 200.2 ‐ 2,007.7External revenue 3,105.7 3,329.8 2,094.5 ‐ 1,173.2 435.3 30.7 ‐ 10,169.2ResultSegment result beforeinterest, gains on saleand impairments61.8 279.8 67.9 (71.1) 145.0 18.3 (41.2) ‐ 460.5Interest ‐ (16.5) (7.9) (32.8) (9.8) (17.3) (6.2) ‐ (90.5)Segment result before gainson sale and impairments*Gain on sale of controlledentities and businesses61.8 263.3 60.0 (103.9) 135.2 1.0 (47.4) ‐ 370.0‐ 229.3 ‐ ‐ ‐ ‐ ‐ ‐ 229.3Impairments (37.8) (0.3) (35.0) (50.0) ‐ ‐ (0.8) ‐ (123.9)Segment result 24.0 492.3 25.0 (153.9) 135.2 1.0 (48.2) ‐ 475.4Income tax (expense) / benefit (130.5)Profit / (loss) for the period 344.9OtherShare of profit / (loss) ofassociates and joint ventureentities(170.0) (28.3) 20.0 (78.2) 14.1 1.1 3.5 ‐ (237.8)Depreciation (221.8) (156.9) (41.7) ‐ (90.0) (0.5) (1.8) ‐ (512.7)Other material non‐cashexpenses(37.8) (32.2) (35.0) (50.0) ‐ (0.6) (2.0) ‐ (157.6)Assets and liabilitiesReportable segment assets 1,602.9 2,000.9 998.4 1,118.0 1,512.1 903.1 2,433.0 ‐ 10,568.4Investments accounted forusing the equity method65.9 93.0 12.4 389.2 229.9 116.2 92.2 ‐ 998.8Capital expenditure 275.2 282.1 75.6 ‐ 132.6 ‐ 0.6 ‐ 766.1Reportable segment liabilities 1,637.6 1,142.3 1,003.0 20.3 615.6 278.1 3,104.6 ‐ 7,801.5∗Profit after tax attributable to members of the parent entity before gains on sale and impairments was $272.0 million.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 14

Notes continuedfor the period ended 31 December 20115. SEGMENT INFORMATION CONTINUED12 months toJune 2011Thiess$mLeightonContractors$mJohnHolland$mLeightonMiddle East& Africa$mLeightonAsia, India &Offshore$mCommercial& Residential$mCorporate$mEliminations$mTotal$mRevenueSegment revenue beforeinterest6,619.4 6,178.8 3,672.5 846.9 1,888.4 132.5 23.1 (14.6) 19,347.0Interest revenue 17.4 ‐ ‐ ‐ ‐ ‐ 12.3 ‐ 29.7Segment revenue 6,636.8 6,178.8 3,672.5 846.9 1,888.4 132.5 35.4 (14.6) 19,376.7Inter‐segment revenue ‐ 1.4 ‐ ‐ 13.2 ‐ ‐ (14.6) ‐Segment joint venture andassociate revenue1,665.2 461.4 518.1 846.9 281.7 42.1 ‐ ‐ 3,815.4External revenue 4,971.6 5,716.0 3,154.4 ‐ 1,593.5 90.4 35.4 ‐ 15,561.3ResultSegment result beforeinterest, gains on sale andacquisition and impairments(316.8) 366.4 (243.8) (176.7) 137.3 (71.7) (85.3) ‐ (390.6)Interest ‐ (39.9) (11.2) (28.8) (27.9) (21.5) (30.3) ‐ (159.6)Segment result before gainson sale and acquisition andimpairments*(316.8) 326.5 (255.0) (205.5) 109.4 (93.2) (115.6) ‐ (550.2)Gain on sale of controlledentities and businessesGain on acquisition ofcontrolled entities‐ ‐ ‐ ‐ 259.4 ‐ ‐ ‐ 259.4‐ ‐ ‐ ‐ ‐ ‐ 101.0 ‐ 101.0Impairments (0.7) (4.0) ‐ (286.9) ‐ ‐ (9.5) ‐ (301.1)Segment result (317.5) 322.5 (255.0) (492.4) 368.8 (93.2) (24.1) ‐ (490.9)Income tax (expense) / benefit 85.2Profit / (loss) for the period (405.7)OtherShare of profit / (loss) ofassociates and joint ventureentities(486.3) 2.0 61.0 (155.7) 41.5 9.5 (1.4) ‐ (529.4)Depreciation (367.3) (304.9) (83.4) ‐ (105.2) (0.4) (4.4) ‐ (865.6)Other material non‐cashexpenses(0.7) (4.6) ‐ (286.9) ‐ (80.1) (9.5) ‐ (381.8)Assets and liabilitiesReportable segment assets 1,520.1 2,336.2 848.3 950.3 1,253.9 909.8 2,845.4 ‐ 10,664.0Investments accounted forusing the equity method70.3 47.0 14.0 474.9 212.2 98.9 86.3 ‐ 1,003.6Capital expenditure 515.2 656.4 152.9 ‐ 265.8 1.3 9.9 ‐ 1,601.5Reportable segment liabilities 1,550.8 1,233.0 957.5 ‐ 742.5 291.9 3,568.4 ‐ 8,344.1∗Loss after tax attributable to members of the parent entity before gains on sale and acquisition and impairments was$392.9 million.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 15

Notes continuedfor the period ended 31 December 20115. SEGMENT INFORMATION CONTINUEDDescription of segmentsOperating segments have been identified based on separate financial information that is regularly reviewed by the LeightonCEO, the Chief Operating Decision Maker (“CODM”). The Leighton Group is structured on a decentralised basis comprising thefollowing main operating companies and a corporate head office:• Thiess• Leighton Contractors• John Holland• Leighton Middle East & Africa (“LMEA”)• Leighton Asia, India & Offshore (“LAIO”)• Commercial & ResidentialThe performance of each operating company forms the primary basis for all management reporting to the CODM. From 1 July2011, the following changes have been reflected in the presentation of segment information:• In the year ended 30 June 2011, Habtoor Leighton Group (“HLG”) was disclosed as a separate segment to LeightonInternational (effective 1 July 2010) as its performance was reported separately to the CODM. Since 1 July 2011, togetherwith Leighton’s operations in Africa, LMEA has been disclosed as a combined segment as their performance is reported inaggregate to the CODM;• Leighton International has been disclosed as part of the LAIO segment since 1 July 2011 as its performance is nowreported together with that of Leighton Asia’s to the CODM; and• Leighton Properties and Devine Limited have been disclosed as a combined segment (Commercial & Residential) since 1July 2011 as their performance is reported in aggregate to the CODM. The restructure aligns both operations with thestrategic focus of the Group.Accordingly, segment data for the prior period presented for comparative purposes has been restated to reflect the newlyreportable and amended segments in accordance with AASB 8 Operating Segments. The types of services from whichsegments derive revenue, are included in note 2: Revenue. The Group’s share of revenue from joint ventures is included in therevenue reported for each applicable operating company. Performance is measured based on segment result. Informationregarding the results of each reportable segment, as reported to the CODM, is included on pages 14 to 15. The corporatesegment represents the corporate head office and includes transactions relating to Group finance, taxation, treasury,corporate secretarial and certain strategic investments.Plant and equipment leased under operating lease facilities of $0.7 billion (30 June 2011: $0.9 billion) is included in segmentassets with a corresponding amount in segment liabilities. Other than this, differences in the reporting for management andfinancial accounting are individually, and in total, not material. These differences are contained in the results of the corporatesegment and include:• Interest capitalised on property developments held indirectly through joint ventures and associates; and• Adjustments for tax on earnings from equity accounted investments, as earnings from equity accounted investments arereported on a pre‐tax basis in the applicable operating company.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 16

Notes continuedfor the period ended 31 December 20115. SEGMENT INFORMATION CONTINUEDGeographical segmentsNon‐current assetsDecember 2011$mJune 2011$mRevenue6 months toDecember 2011$m12 months toJune 2011$mGeographical informationAustralia Pacific 2,401.0 2,512.8 8,573.6 13,329.9Asia, Middle East & Africa 808.5 679.6 1,595.6 2,231.4Total 3,209.5 3,192.4 10,169.2 15,561.3In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of thecustomer and the location of the service provided. Segment assets are based on the geographical location of the assets.Major customersNo revenue from transactions with a single external customer amount to 10% or more of the Group’s revenue.6. DIVIDENDSCents pershare $m2011 final dividendSubsequent to reporting date the Company announced an unfranked final dividendin respect of the period ended 31 December 2011. The dividend is payable on30 March 2012. This dividend has not been provided for in the balance sheet60.0 202.3Dividends recognised in the reporting period to 31 December 2011No final dividend was declared by the Company in respect of the period ended 30June 2011nilnilDividends recognised in the reporting period to 30 June 20112011 interim ordinary dividend 100% franked paid on 31 March 2011 60.0 181.72010 final ordinary dividend 100% franked paid on 30 September 2010 85.0 255.6437.3Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 17

Notes continuedfor the period ended 31 December 20117. NET TANGIBLE ASSET BACKINGDecember 2011 June 2011Net tangible asset backing per ordinary share $7.41 $6.438. CASH AND CASH EQUIVALENTSDecember 2011$mJune 2011$mFunds on deposit 1 252.6 603.9Cash at bank and on hand 1,250.6 810.8Total cash and cash equivalents 1,503.2 1,414.71 At 31 December 2011 cash pledged as security against borrowings by Habtoor Leighton Group (“HLG”) of US$218.5 million,equivalent to $218.5 million, has been classified as a non‐current receivable (refer to note 9: Trade and other receivables). At30 June 2011 funds on deposit included a total US$142.4 million, equivalent to $133.1 million, pledged as security againstborrowings by HLG which were classified as cash as at 30 June 2011 as the arrangements were expected to be restructured toenable the release of the cash security within twelve months.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 18

Notes continuedfor the period ended 31 December 20119. TRADE AND OTHER RECEIVABLESDecember 2011$mJune 2011$mContract debtors 1,499.5 1,655.3Trade debtors 427.6 428.8Other amounts receivable 325.3 293.6Prepayments 110.0 49.1Derivative financial assets 2.9 8.1Non‐current cash collateral 1 218.5 ‐Amounts receivable from related parties 2 610.5 422.4Non‐current tax asset 3 45.2 ‐Total trade and other receivables 3,239.5 2,857.3Current 2,461.6 2,484.0Non‐current 777.9 373.3Total trade and other receivables 3,239.5 2,857.31 Funds on deposit of US$218.5 million (30 June 2011: US$142.4 million), equivalent to $218.5 million (30 June 2011: $133.1million) has been pledged as security against borrowings by Habtoor Leighton Group (“HLG”) under two loan facilitiestotalling US$272.1 million. A letter of credit of US$40.0 million, equivalent to $40.0 million, has also been pledged as securityagainst one loan facility. The funds on deposit are classified as non‐current trade and other receivables as the securityarrangements are not expected to be repaid within twelve months of the reporting date. Subsequent to the reporting date afurther US$13.6 million, equivalent to $13.6 million, has been placed on deposit as security against the loan facilities.2 Amounts receivable from related parties include the following amounts relating to HLG:• non‐current interest free shareholder loans provided to HLG of US$110.6 million (30 June 2011: US$117.6 million)equivalent to $110.6 million (30 June 2011: $109.9 million) maturing on 31 March 2014;• interest bearing loans of US$374.1 million (30 June 2011: US$244.9 million) equivalent to $374.1 million (30 June 2011:$228.9 million) maturing on 31 March 2014. Subsequent to reporting date, the Group provided a further interestbearing loan of US$20.4 million equivalent to $20.4 million under the same terms as the loans provided at the reportingdate;• interest of US$12.0 million (30 June 2011: US$3.8 million), equivalent to $12.0 million (30 June 2011: $3.6 million), isreceivable from HLG on the interest bearing shareholder loans; and• trade and other receivables from HLG of $4.5 million.3 The non‐current tax asset of $45.2 million (30 June 2011: $nil) represents the amount of income taxes recoverable from thepayment of tax in excess of the amounts due to the relevant tax authority not expected to be received within twelve monthsafter reporting date.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 19

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODAssociatesOwnership interestName of entity Principal activity Country December 2011%June 2011%Al Habtoor Leighton LLC Construction United Arab Emirates 45 45Aurum Partnership Pty Limited 1 Investment Australia 33 ‐Dunsborough Lakes Village Syndicate 1 Development Australia 20 20LMACH Pty Limited 1 Development Australia 33 ‐Macmahon Holdings Limited 1, 2Construction, Contract Australia 19 19MiningMetro Trains Melbourne Pty Limited 1 Services Australia 20 20SA Health Partnership Holding Nominees Investment Australia 20 20Pty Ltd 1SA Health Partnership Nominees Pty Ltd 1 Investment Australia 20 20Sedgman Limited 1Construction, ContractMiningAustralia 32 32All associates have a statutory reporting date of 31 December with the following exceptions:1 Entities have a 30 June statutory reporting date.2 The Group’s investment has been equity accounted as a result of the Group’s active participation on the respective Boards andthe Group’s ability to impact decision making.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 20

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDAssociates continuedAl Habtoor Leighton LLCDuring the reporting period, the carrying value of the Group’s investment in Al Habtoor Leighton LLC (“HLG”) decreased from$474.9 million to $379.4 million (equivalent to US$508.2 million and US$379.4 million). The decrease was due to operatinglosses of $79.0 million and an impairment of $50.0 million, offset by a foreign exchange revaluation gain of $33.5 million. Theimpairment was due to a downward revision to forecast cash flow, reflecting HLG’s current performance and prevailing marketconditions in the Middle East & Africa (“MEA”) region. The recoverable amount was determined using a value in usecalculation.The key assumptions used in the value in use calculation:Discount rate ‣ 15% (30 June 2011: 16%)Growth rate‣3% (30 June 2011: 3%) for cash flows beyond five years. This rate does not exceed theexpected long‐term average growth rate for the MEA regionLegacy project receivables ‣The economic downturn in the MEA region continues to delay payment from clients,particularly for projects in progress at the time the Group invested in HLG. It is assumedof the remaining unprovided legacy project receivables, 48% will be collected withintwenty‐four months and 52% collected subsequently (30 June 2011: 45% and 55%respectively)Borrowings‣Borrowings obtained to fund working capital will be progressively repaid during theforecast periodForecast cash flow‣The calculation uses five year cash flow projections based on forecasts provided by HLG’smanagement, risk adjusted downward by the Group. Cash flows beyond five years areextrapolated using the estimated growth rateRefer to note 9: Trade and other receivables for further details relating to cash security, loans and other receivables provided toHLG.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 21

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDJoint VenturesOwnership interestName of entity Principal activity Country December 2011%June 2011%400 George Street Partnership 1 Development Australia 50 50APM Group (Aust) Pty Ltd & Broad Construction Services Construction Australia 45 45(NSW/VIC) Pty Ltd 1APN No. 19 Pty Ltd & Leighton Properties (VIC) Pty Ltd 1 Development Australia 50 50Aspire Schools (Qld) Pty Limited 1Construction, Australia 50 50ServicesAspire Schools Financing (Qld) Pty Limited 1 Investment Australia 50 50Aspire Schools Financing Services (Qld) Pty Limited 1 Construction Australia 50 50Aspire Schools Holdings (Qld) Pty Limited 1 Investment Australia 50 50Auckland Road Maintenance Alliance (West) Management Construction New Zealand 50 50JV 1Bac Devco Pty Limited 1 Development Australia 33 33Barclay Mowlem Thiess Joint Venture 1 Construction Australia 50 50Baulderstone Leighton Joint Venture 1 Construction Australia 50 ‐Bayview Project Noosa Partnership 1 Development Australia 50 50BGC & John Holland & Macmahon Joint VentureConstruction Australia 40 40(Roy Hill Rail JV) 1BJB Joint Venture Services Australia 38 38Brisbane Motorway Services Pty Limited 1 Services Australia 50 50China State Leighton Joint Venture Construction Hong Kong 50 50City West Property Holding Trust (Section 63 Trust) Development Australia 50 50City West Property Holdings Pty Limited Development Australia 50 50City West Property Investment (No. 1) Trust Development Australia 50 50City West Property Investment (No. 2) Trust Development Australia 50 50City West Property Investment (No. 3) Trust Development Australia 50 50City West Property Investment (No. 4) Trust Development Australia 50 50City West Property Investment (No. 5) Trust Development Australia 50 50City West Property Investment (No. 6) Trust Development Australia 50 50City West Property Investments (No. 1) Pty Limited Development Australia 50 50City West Property Investments (No. 2) Pty Limited Development Australia 50 50City West Property Investments (No. 3) Pty Limited Development Australia 50 50City West Property Investments (No. 4) Pty Limited Development Australia 50 50City West Property Investments (No. 5) Pty Limited Development Australia 50 50City West Property Investments (No. 6) Pty Limited Development Australia 50 50Cockatoo Iron Ore 1 Contract Mining Australia 50 50Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 22

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDJoint Ventures continuedOwnership interestName of entity Principal activity Country December 2011%June 2011%Cockatoo Mining Pty Ltd 1 Contract Mining Australia 50 50Coleman Rail Pty Ltd & John Holland Pty Ltd & York Civil Pty Construction Australia 38 38Ltd Joint Venture (Tracksure Rail Upgrade) 1Coleman Rail Pty Ltd & John Holland Pty Ltd & York Civil Pty Construction Australia 38 38Ltd Joint Venture (Trackworks Upgrade Adelaide) 1Coleman Rail Pty Ltd & John Holland Pty Ltd Joint Venture Construction Australia 50 50(Rail Revitalisation Project, SA) 1Conneq Infrastructure Services (Australia) Pty Ltd and John Services Australia 50 50Holland Pty Ltd 1Copperstring Pty Ltd 1 Construction Australia 50 50Cotter Googong Bulk Transfer Joint Venture 1 Construction Australia 50 50Degremont Thiess Services Joint Venture 1 Services Australia 40 40Erskineville Residential Project Development Australia 50 50Fallingwater Trust 1 Development Australia 15 15Folkestone/Leighton JV Pty Limited 1 Development Australia 50 50Gammon ‐ Leighton Joint Venture Construction Hong Kong 50 50Garlanja Joint Venture 1 Construction Australia 75 75Gateway Motorway Services Pty Limited 1 Services Australia 50 50GHD & John Holland Joint Venture (Perth City Link Rail Construction Australia 80 80Alliance) 1Great Eastern Alliance 1 Construction Australia 75 75Green Square Consortium Pty Ltd 1 Development Australia 50 50Hassall Street Pty Ltd Development Australia 50 50Hassall Street Trust Development Australia 50 50Hazell Brothers John Holland Joint Venture 1 Construction Australia 50 50Holland York Joint Venture 1 Construction Australia 50 50HPAL Freehold Pty Limited Development Australia 50 50HYLC Joint Venture 1 Construction Australia 50 50Infocus Infrastructure Management Pty Limited 1 Services Australia 50 50JM Joint Venture 1 Construction Australia 50 50JM JV SIA Joint Venture 1 Construction Australia 80 80John Holland & Leed & Macmahon Joint Venture (Urban Construction Australia 40 40Contractors Pty Ltd) 1Superway) (formerly known as John Holland Pty Ltd & LeedEngineering and Construction Pty Ltd & MacmahonJohn Holland & Leed Engineering Joint Venture (NIAW) 1 Construction Australia 67 ‐Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 23

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDJoint Ventures continuedOwnership interestName of entity Principal activity Country December 2011%June 2011%John Holland & UGL Joint Venture (Murrumbidgee Irrigation) Construction Australia 50 50Infrastructure Pty Ltd) 1(formerly known as John Holland Pty Ltd & UGLJohn Holland Abigroup Contractors Joint Venture (Bulk Construction Australia 50 50Water) 1John Holland Abigroup Contractors Joint VentureConstruction Australia 50 50(Coffs Infrastructure) 1John Holland BRW Joint Venture 1 Construction Australia 50 50John Holland Coleman Rail Joint Venture 1 Construction Australia 50 50John Holland Colin Joss Joint Venture 1 Construction Australia 50 50John Holland Downer EDI Engineering Power Joint Venture 1 Construction Australia 65 65John Holland Downer EDI Joint Venture 1 Construction Australia 60 60John Holland Fairbrother Joint Venture 1 Construction Australia 50 50John Holland Fulton Hogan Joint Venture 1 Construction Australia 50 50John Holland Laing O’Rourke Joint Venture 1 Construction Australia 50 50John Holland Macmahon Joint Venture (Bell Bay) 1 Construction Australia 80 80John Holland Macmahon Joint VentureConstruction Australia 50 50(Roe and Tonkin Highways) 1John Holland Macmahon Joint Venture (Ross River Dam) 1 Construction Australia 50 50John Holland McConnell Dowell Joint Venture 1 Construction Australia 50 50John Holland Tenix Alliance Joint Venture 1 Construction Australia 50 50John Holland Thames Water Joint Venture 1 Construction Australia 50 50John Holland United Group Infrastructure Joint Venture 1 Construction Australia 47 47John Holland Veolia Water Australia Joint Venture Construction Australia 74 74(Blue Water) 1John Holland Veolia Water Australia Joint Venture Construction Australia 64 64(Gold Coast Desalination Plant) 1Kentz E & C Pty Ltd 1 Construction Australia 50 50Kurunjang Development Pty Ltd 1 Investment Australia 50 50Leighton ‐ Gammon Joint Venture Construction Hong Kong 50 ‐Leighton Abigroup Joint Venture 1 Construction Australia 50 50Leighton Able Joint Venture Construction Hong Kong 51 51Leighton BMD JV 1 Construction Australia 50 50Leighton China State John Holland Joint VentureConstruction Macau 70 70(City Of Dreams) 1Leighton China State Joint Venture (Wynn Resort) 1 Construction Macau 50 50Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 24

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDJoint Ventures continuedOwnership interestName of entity Principal activity Country December 2011%June 2011%Leighton China State Van Oord Joint Venture Construction Hong Kong 45 45Leighton Construction India (Private) Limited Construction India 50 50Leighton Contractors & Baulderstone Hornibrook Bilfinger Construction Australia 50 50Berger Joint Venture 1Leighton Hsin Chong Joint Venture 1 Construction Hong Kong 50 50Leighton Kumagai Joint Venture (MetroRail) 1 Construction Australia 55 55Leighton Kumagai Joint Venture (Route 9 ‐ Eagle’s Nest Construction Hong Kong 51 51Tunnel)Leighton Kumagai Joint VentureConstruction Hong Kong 51 51(Wanchai East & North Point Trunk Sewerage)Leighton Monnis Infrastructure JV LLC Construction Mongolia 55 55Leighton Swietelsky Joint Venture 1 Services Australia 50 50Leighton Welspun Contractors Private Ltd Construction India 65 65Leighton‐Chubb E&M Joint Venture Construction Hong Kong 50 ‐Link 200 Joint Venture 1 Construction Hong Kong 48 48Link 200 Station Joint Venture 1 Construction Hong Kong 60 60Link 200 Tunnel Joint Venture 1 Construction Hong Kong 60 60Macmahon Leighton Joint Venture 1 Construction Australia 50 50Majwe Mining (Proprietary) Limited Contract Mining Botswana 60 60Manukau Motorway Extension 1 Construction New Zealand 50 50Marine & Civil Pty Ltd 1 Construction Australia 50 50Mulba Mia Leighton Broad Joint Venture 1 Construction Australia 63 63N.V Besix S.A & Thiess Pty Ltd Construction Australia 50 ‐New Future Alliance (SIHIP) Construction Australia 66 66Ngarda Civil and Mining Pty Limited 1 Contract Mining Australia 50 50Ngarda Civil and Mining Pty Limited and LeightonConstruction Australia ‐ 50Contractors Pty Limited 1Northern Gateway Alliance Construction New Zealand 50 50Norton Street Investments Pty Ltd 1 Development Australia 45 45Promet Engineers Pty Limited 1 Construction Australia 50 50Rail Link Joint Venture 1 Construction Australia 65 65Riverina Estate Developments Pty Ltd 1 Development Australia 50 50Riverina Estate Developments Trust 1 Development Australia 50 50Roche Thiess Linfox Joint Venture 1 Contract Mining Australia 44 44RTL Mining and Earthworks Pty Ltd 1 Construction Australia 44 ‐Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 25

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDJoint Ventures continuedOwnership interestName of entity Principal activity Country December 2011%June 2011%SA Health Partnership Pty Ltd 1 Construction Australia 50 50Silcar Pty Limited 1 Services Australia 50 50Southern Gateway Alliance (Mandurah) Construction Australia 69 69Taiwan Track Partners Joint Venture Construction Taiwan 28 28The Kurunjang Development Trust 1 Development Australia 50 50Thiess Alstom Joint Venture 1 Construction Australia 50 50Thiess Balfour Beatty Joint Venture Construction Australia 65 ‐Thiess Barnard Joint Venture Construction Australia 50 ‐Thiess Black and Veatch Joint Venture 1 Construction Australia 50 50Thiess Decmil Kentz Joint Venture 1 Construction Australia 33 33Thiess Degremont Joint Venture 1 Construction Australia 65 65Thiess Degremont Nacap Joint Venture 1 Construction Australia 33 33Thiess Downer EDI Works Joint Venture 1 Construction Australia 75 75Thiess Hochtief Joint Venture 1 Construction Australia 50 50Thiess MacDow Joint Venture 1 Construction Australia 50 50Thiess Sedgman Joint Venture 1 Construction Australia 50 50Thiess Services Arkwood Joint Venture 1 Services Australia 50 50Thiess Services Middle East LLC 1 Services United Arab50 50EmiratesThiess United Group Joint Venture 1 Construction Australia 50 50TSDI Pty Ltd 1 Services Australia 50 50Ubique Finance Pty Ltd 1 Construction Australia 50 50Veolia Water ‐ Leighton ‐ John Holland Joint Venture Construction Hong Kong 40 40Viridian Noosa Pty Limited 1 Development Australia 50 50Viridian Noosa Resort Management Pty Ltd 1 Development Australia ‐ 50Viridian Noosa Trust 1 Development Australia 50 50VR Pakenham Pty Ltd 1 Development Australia 50 50VR Pakenham Trust 1 Development Australia 50 50Wedgewood Road Hallam No. 1 Pty Ltd Development Australia 50 50Wedgewood Road Hallam Trust Development Australia 50 50Wellington Tunnels Alliance Construction New Zealand 50 50Westlink (Services) Pty Limited Services Australia 50 50Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 26

Notes continuedfor the period ended 31 December 201110. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD CONTINUEDJoint Ventures continuedAll joint venture entities have a statutory reporting date of 31 December with the following exceptions:1 Entities have a 30 June statutory reporting date.These entities have different statutory reporting dates to the Group as they are aligned with the joint venture partners’reporting date and / or the reporting date is prescribed by local statutory requirements.Where the Group has an ownership interest in a joint venture entity greater than 50% but does not have the power to governthe joint venture’s financial and operating policies due to joint control, the joint venture is not consolidated.11. ACQUISITION AND DISPOSALS OF CONTROLLED ENTITIES AND BUSINESSESAcquisitionsAcquisitions ‐ DPS Bristol Malaysia businessOn 5 December 2011 the Group acquired the business of DPS Bristol (M) Sdn Bhd (“DPSM”) for $3.0 million in cash. In the onemonth to 31 December 2011, DPSM contributed a net profit after tax of nil to the consolidated net profit for the period.DisposalsDisposals ‐ HWE Mining iron ore businessOn 30 September 2011 HWE Mining Pty Limited, a wholly owned subsidiary of Leighton Contractors Pty Limited, signed a Shareand Asset Purchase Agreement (“SAPA”) with BHP Billiton IO Mining Pty Limited (“BHP”) for the sale of the HWE Mining ironore businesses, comprising entities and assets that provided iron ore contract mining services to BHP in Western Australia.The controlled entities sold to BHP were HWE Newman Mining Pty Limited, HWE Newman Services Pty Limited and WelshpoolFacility Pty Limited. The SAPA excluded trade and other receivables as these were settled by BHP prior to sale for $246.4million.The disposal has been accounted for under the requirements of Accounting Standard AASB 127 Consolidated and SeparateFinancial Statements as follows: the total consideration received was $451.7 million in cash less the carrying value of the HWEMining iron ore businesses’ net assets of $222.4 million, resulting in a gain before tax of $229.3 million (refer to note 4: Itemsincluded in profit / (loss) before tax). The gain on sale after tax was $167.0 million. The HWE Mining iron ore business’contribution to profit after tax during the period was $103.5 million (30 June 2011: $61.7 million).Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 27

Notes continuedfor the period ended 31 December 201112. RECONCILIATION OF PROFIT / (LOSS) FOR THE PERIOD TO NET CASH FROM OPERATING ACTIVITIES6 months toDecember 2011$m12 months toJune 2011$mProfit / (loss) for the period 344.9 (405.7)Adjustments for non‐cash items:- Depreciation of property, plant and equipment 512.7 865.6- Amortisation of intangibles 33.0 0.6- Net (gain) / loss on sale of assets (244.8) (322.2)- Net (gain) on acquisition of a controlled entity ‐ (101.0)- Impairment of investments in infrastructure toll road companies 70.0 4.0- Impairment of investments accounted for using the equity method 50.0 296.4- Impairment of other investments 0.8 ‐- Impairment of goodwill 3.1 0.7- Property development and property joint ventures write‐downs 0.6 80.1- Net amounts set aside to provisions 245.9 427.7- Share of profits of associates 70.7 144.4- Foreign exchange losses 2.4 (4.6)- Share based payments (1.7) 14.8Net changes in assets / liabilities:- Decrease / (increase) in receivables (215.1) (190.2)- Decrease / (increase) in joint ventures (30.0) (2.2)- Decrease / (increase) in inventories 201.5 (62.9)- Increase / (decrease) in payables (719.5) 1,301.6- Increase / (decrease) in provisions (207.7) (379.9)- Current and deferred income tax movement 117.4 (345.9)Net cash from operating activities 234.2 1,321.3Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 28

Notes continuedfor the period ended 31 December 201113. INTEREST BEARING LIABILITIESDecember 2011$mJune 2011$mCurrentInterest bearing loans 460.4 68.6Finance lease liabilities 155.6 68.8Interest bearing liabilities ‐ limited recourse loans 53.8 133.9Total current liabilities 669.8 271.3Non‐currentInterest bearing loans 914.0 1,152.2Finance lease liabilities 418.5 275.2Interest bearing liabilities ‐ limited recourse loans 141.4 127.8Total non‐current liabilities 1,473.9 1,555.2Total interest bearing liabilities 2,143.7 1,826.5Interest Bearing LoansSyndicated LoansOn 10 October 2008, Leighton Finance Limited, a wholly owned subsidiary of the Company, entered into a syndicated bankfacility for $520.0 million, maturing on 10 October 2011. On 8 December 2010, the syndicated bank facility was amended andrestated to $600.0 million, maturing on 8 December 2013. Carrying amount as at 31 December 2011: $nil (30 June 2011: $nil).LMENA No.1 Pty Limited, a wholly owned subsidiary of the Company, has a syndicated bank loan for US$368.2 million which isguaranteed by the Group. Carrying amount at 31 December 2011: US$312.3 million (30 June 2011: US$331.6 million)equivalent to $312.3 million (30 June 2011: $309.9 million), of which all is due for repayment within twelve months of thereporting date.Guaranteed Senior NotesOn 15 October 2008, Leighton Finance Limited, a wholly owned subsidiary of the Company, issued a total of US$280.0 millionGuaranteed Senior Notes in three series:• Series A Notes: US$111.0 million Guaranteed Senior Notes at the rate of 6.91% maturing on 15 October 2013• Series B Notes: US$90.0 million Guaranteed Senior Notes at the rate of 7.19% maturing on 15 October 2015• Series C Notes: US$79.0 million Guaranteed Senior Notes at the rate of 7.66% maturing on 15 October 2018Interest on the above notes is paid semi‐annually on the 15 th day of April and October in each year. Carrying amount at 31December 2011: US$278.9 million (30 June 2011: US$278.5 million) equivalent to $278.9 million (30 June 2011: $260.3 million).Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 29

Notes continuedfor the period ended 31 December 201113. INTEREST BEARING LIABILITIES CONTINUEDOn 21 July 2010, Leighton Finance (USA) Pty Limited, a wholly owned subsidiary of the Company, issued a total of US$350.0million Guaranteed Senior Notes in three series:• Series A Notes: US$90.0 million Guaranteed Senior Notes at the rate of 4.51% maturing on 21 July 2015• Series B Notes: US$145.0 million Guaranteed Senior Notes at the rate of 5.22 % maturing on 21 July 2017• Series C Notes: US$115.0 million Guaranteed Senior Notes at the rate of 5.78 % maturing on 21 July 2020Interest on the above notes is paid semi‐annually on the 21 st day of January and July in each year. Carrying amount at 31December 2011: US$348.6 million (30 June 2011: US$348.4 million) equivalent to $348.6 million (30 June 2011: $325.6 million).Medium Term NotesLeighton Finance Limited, a wholly owned subsidiary of the Company, issued a total of $280.0 million Medium Term Notes onthe following dates:• 28 July 2009: $230.0 million• 12 August 2009: $50.0 millionThe Notes bear interest at the rate of 9.5% paid quarterly and mature on 28 July 2014.Bilateral LoansOn 4 August 2011, Leighton Finance (USA) Pty Limited, a wholly owned subsidiary of the Company, entered into a bilateralbank facility with The Hong Kong and Shanghai Banking Corporation Limited for US$110.0 million, maturing on 31 July 2012.Carrying amount at 31 December 2011: US$110.0 million (30 June 2011: US$nil) equivalent to $110.0 million (30 June 2011:$nil).Other Unsecured LoansOther unsecured loans outstanding as at 31 December 2011: $44.6 million (30 June 2011: $45.0 million). Other unsecuredloans expected to be settled more than twelve months after reporting date: $6.5 million (30 June 2011: $7.8 million).Finance Lease LiabilitiesThe Group has leased mining plant and equipment in Indonesia, Mongolia and Australia under finance leases that expire withinfive years of the reporting date.Limited Recourse LoansThe Group has limited recourse property development loans secured against certain property development assets of theGroup. Carrying amount as at 31 December 2011: $195.2 million (30 June 2011: $261.7 million).Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 30

Notes continuedfor the period ended 31 December 201114. TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERSDuring the period the Company issued 572,000 shares to satisfy options issued in 2006 under the Leighton Senior ExecutiveOption Plan (“LSEOP”) at an issue price of $19.27, resulting in an increase in share capital of $11.0 million.15. EVENTS SUBSEQUENT TO REPORTING DATESubsequent to reporting date the Group:• declared an unfranked final dividend of 60 cents;• provided a further $13.6 million in cash collateral for amounts drawn by HLG on a loan facility (refer to note 9: Trade andother receivables); and• provided a further interest bearing loan of $20.4 million to HLG under the same terms as the loans provided at thereporting date (refer to note 9: Trade and other receivables).Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 31

Appendix: AUDIT REPORT OF THE FINANCIAL REPORT OF LEIGHTON HOLDINGS LIMITED FOR THE SIX MONTHPERIOD ENDED 31 DECEMBER 2011†INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEIGHTON HOLDINGS LIMITEDReport on the financial reportWe have audited the accompanying financial report of Leighton Holdings Limited (“the Company”), which comprises theConsolidated Balance Sheet as at 31 December 2011, and the Consolidated Income Statement and the Consolidated Statementof Comprehensive Income, the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows forthe six month period ended on that date, notes 1 to 39 comprising a summary of significant accounting policies and otherexplanatory information and the Directors’ declaration of the Group comprising the Company and the entities it controlled atthe period’s end or from time to time during the financial period.Directors’ responsibility for the financial reportThe Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view inaccordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directorsdetermine is necessary to enable the preparation of the financial report that is free from material misstatement whether dueto fraud or error. In note 1, the directors also state, in accordance with Australian Accounting Standard AASB 101 Presentationof Financial Statements, that the financial statements of the Group comply with International Financial Reporting Standards.Auditor’s responsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordancewith Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirementsrelating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report isfree from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement ofthe financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.We performed the procedures to assess whether in all material respects the financial report presents fairly, in accordance withthe Corporations Act 2001 and Australian Accounting Standards, a true and fair view which is consistent with ourunderstanding of the Group’s financial position and of its performance.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.IndependenceIn conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.Auditor’s opinionIn our opinion:a) the financial report of the Group is in accordance with the Corporations Act 2001, including:i) giving a true and fair view of the Group’s financial position as at 31 December 2011 and of its performance for the sixmonth period ended on that date; andii) complying with Australian Accounting Standards and the Corporations Regulations 2001.b) the financial report of the Group also complies with International Financial Reporting Standards as disclosed in note 1.KPMGA W YoungPartnerSydney, 13 February 2012† As required under ASX listing rule 4.3A Appendix 4E, the Independent Auditor’s Report on the Leighton HoldingsLimited consolidated financial report for the six month period ended 31 December 2011 (‘Financial Report’) isappended to the Appendix 4E & Preliminary Final Report. While the Appendix 4E & Preliminary Final Report is basedon extracts from the audited Financial Report, no Independent Auditor’s Report is required to be, or has been, issuedover the information provided in the Appendix 4E & Preliminary Final Report. The Independent Auditor’s Reportshould only be read in conjunction with the Financial Report.Leighton Holdings LimitedAppendix 4E and Consolidated Preliminary Final Report for the Period Ended 31 December 2011 32

DECEMBER UPDATEFOR THE DECEMBER 2011 TRANSITIONAL FINANCIALYEAR (FOR THE PERIOD BETWEEN 1 JULY 2011 AND31 DECEMBER 2011) / ISSUED 13 FEBRUARY 2012Leighton Holdings LimitedABN 57 004 482 982472 Pacific Highway St Leonards NSW 2065T +61 2 9925 6666 F +61 2 9925 6000 www.leighton.com.au

Financial HighlightsProfit & Loss Items6 months to31 Dec 20116 months to31 Dec 2010Change12 months to30 June 2011$M $M $MRevenue - Group 10,169.2 7,370.5 +38% 15,561.3- Joint ventures and associates 2,007.7 2,338.6 -14% 3,815.4Total Revenue 12,176.9 9,709.1 +25% 19,376.7EBITDA (post sales and impairments) 1111.6 865.1 +28% 534.9Depreciation of property, plant and equipment (512.7) (448.4) +14% (865.6)Amortisation of intangibles (33.0) - n/a (0.6)EBIT 565.9 416.7 +36% (331.3)Finance Costs (90.5) (92.2) -2% (159.6)Profit/(loss) before tax 475.4 324.5 +47% (490.9)Income tax benefit/(expense) (130.5) (106.2) +23% 85.2Profit/(loss) after tax 344.9 218.3 +58% (405.7)Profit/(loss) attributable to minority interests 4.9 (1.5) n/a 3.1Profit/(loss) attributable to members 340.0 216.8 +57% (408.8)EPS and DPS6 months to31 Dec 20116 months to31 Dec 2010Change 12 months to30 June 2011cents cents CentsEarnings per ordinary share 101.0 72.0 +40% (133.1)Dividends per ordinary share 60.0 60.0 nil 60.0New Contracts & Work in Hand (Backlog)6 months to31 Dec 20116 months to31 Dec 2010Change 12 months to30 June 2011$M $M $MNew contracts, extensions & variations 10,054.0 16,053.8 -37% 26,065.0Value of work in hand at end of period # 44,559.7 45,641.5 -2% 46,225.8Balance Sheet ItemsAs at As at Change31 Dec 2011 30 June 2011$M $MTotal capital and reserves 2,766.9 2,319.9 +19%Total assets 9,900.4 9,800.2 +1%Cash and cash equivalents 1,503.2 1,414.7 +6%Interest bearing liabilities 2,143.7 1,826.5 +17%Undrawn loan and guarantee facilities (excl. Devine) 1,163.9 1,191.7 -2%Gearing (including operating leases)^ 32% 35% n/aKey performance indicators for the 6 month periods to 31 December50040012,00050,00045040035030035030025010,0008,00040,00030,0002502006,00020015010050'150100504,0002,00020,00010,000007 08 09 10 11007 08 09 10 11007 08 09 10 11007 08 09 10 11Profit/(Loss)Before Tax $MProfit/(Loss) Attributableto Members $MTotal Revenue #$MWork in Hand ## Includes the Group’s share of Joint Ventures and Associates ^Gearing expressed as: net debt including operating leases to net debtincluding operating leases plus total equity$MLeighton Holdings Limited DECEMBER 2011 UPDATE Page 34

December 2011 UpdateExplanatory NoteIn the 2011 Concise Annual Report, Leighton HoldingsLimited (the Company) reported its intention to change itsfinancial year end from 30 June to 31 December. Thischange was approved by ASIC and the Company isreporting a six month transitional financial year ending 31December 2011. According to current regulations, this sixmonth transitional financial year must be compared to theprevious 12 month financial year ending 30 June 2011. Thenext 12 month financial year will end on 31 December2012. In summary:• Financial Year 2010/11 was a 12 month period ending30 June 2011;• Transitional Financial Year 2011 was a six monthperiod ending 31 December 2011; and• Financial Year 2012 will be a 12 month period ending31 December 2012.To ensure meaningful data comparisons on a like for likebasis, the commentary below compares the transitionalfinancial year to 31 December 2011 to the six month halfyear to 31 December 2010 unless otherwise stated.Financial PerformanceFor the transitional financial year to 31 December 2011, theLeighton Group (comprising the Company and itscontrolled entities (“the Group”)) reported a net profit aftertax and minority interests of $340 million. This represents asignificant turnaround from the $409 million net loss aftertax and minority interests reported for the financial yearending 30 June 2011, and was a 57% improvement overthe $217 million net profit after tax and minority interestsreported for the half year to 31 December 2010.The Group’s operations generated EBITDA of $1,112million for the transitional financial year, compared with$865 million for half year to December 2010. EBIT was$566 million (versus $417 million at 31 December 2010)and profit before tax was $475 million (versus $325 millionat 31 December 2010).Total revenue for the transitional financial year to 31December 2011 was $12.2 billion, a 25% increase over thehalf year to 31 December 2010. Revenue from jointventures and associates decreased by 14% to $2 billionover the same period, primarily due to the VictorianDesalination Project moving closer towards completion.The main factors contributing to the positive result were:• Underlying profit after tax of $272 million, largelydriven by improved earnings from the Group’soperations in Australia and Asia;• An after tax gain of $167 million from the sale of HWEMining’s iron ore operation in the Pilbara, WA, to BHPBilliton Iron Ore; and• After tax impairments of $49 million for the Group’sinvestment in BrisConnections and $50 million for theGroup’s investment in Habtoor Leighton Group.• Resulting in a total profit after tax and minorities of$340 million.In addition, operating performance at the two loss makingprojects, the $4.1 billion Airport Link and the $3.5 billionVictorian Desalination Project, has stabilised.CurrencyThe value of the Australian dollar remained high relative tothe US dollar over the period. The rate used for the sixmonths to 31 December 2011 was $1.00 compared to$1.00 at 31 December 2010, and $1.07 at 30 June 2011.TaxThe Group recorded a tax expense for the year of $131million. This equates to a 27.45% effective tax rate. Whilstno tax benefit arises from the impairment of the investmentor segment loss in relation to the Habtoor Leighton Group,this is largely offset by benefits from the Group’s claimsunder the Research and Development concession. For thesix month transitional financial year to 31 December 2011,the total income tax paid was $51 million.DividendAn unfranked final dividend of 60 cents per share wasannounced by the Directors for the six month transitionalfinancial year to 31 December 2011. This compares with60 cents per share fully franked for the half year toDecember 2010.Work in HandWork in hand for the Group at 31 December 2011decreased by 2% to $44.6 billion, largely due to the sale ofthe HWE Mining iron ore business which reduced the totalby approximately $1.2 billion. This compares with $46.2billion at 30 June 2011 and $45.6 billion at 31 December2010. Australia Pacific comprised 64% of work in hand with36% in offshore markets. The depreciation of the Australiandollar positively impacted the value of work in hand at 31December 2011 by approximately $1.0 billion versus 30June 2011.During the six months to 31 December 2011, the Groupwas awarded new contracts to the value of $6.2 billion and$3.9 billion in extensions and variations. Based on currentrevenue levels, the burn rate for work in hand stands atapproximately $2.0 billion per month. The value of contractmining and services contracts beyond five years that arenot included in work in hand currently stand at $12.4 billion.In addition, contracts worth $1.7 billion have been securedsince 1 January 2012 and Leighton Group companies havepreferred tenderer status on projects worth approximately$6 billion that are highly likely to be awarded within the next6 to 12 months.The margin in the Group’s work in hand remains in excessof 10% at the project level. The pipeline for new workremains strong and the Group is currently tendering some$30 billion worth of work as at 31 January 2012.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 35

Balance SheetA strong balance sheet remains an important strategicpriority for the Group. The Group has implemented newmetrics to ensure that management and Directors havebetter visibility of operational performance. In addition toReturn on Revenue (ROR) and Return on Funds Employed(ROFE), the Group is monitoring an Economic Profitmeasure called Cash Flow Return on Investment (CFROI).This has a dual effect of providing operating companieswith the discipline of a virtual balance sheet and highlightsunderperforming assets where capital can be recycled.This is essential if the Group is to continue to support itsglobal contracting operations through the funding of bondsand guarantees, provision of working capital, andsignificant investments in plant and equipment.During the six months to 31 December 2011, a total of572,000 options were exercised, bringing the total numberof ordinary shares on issue to 337,087,596.At 31 December 2011, the Group’s capital structure wassound with shareholder’s equity of $2.8 billion, total assetsof $9.9 billion, and net on-balance sheet debt of $641million. Off balance sheet operating leases totalled $668million.Cash at the end of the transitional financial year remainedhigh at $1.5 billion, including $452 million from the sale ofHWE Mining’s iron ore business. Cash flows from operatingactivities reduced to $328 million. Uses of cash during theperiod included loan and finance lease repayments totalling$268 million, shareholder loans to the Habtoor LeightonGroup of $122 million, and plant and equipment purchasesof $502 million. Cash pledged as security against bankloans extended to the Habtoor Leighton Group totalled$219 million and is shown as a non-current receivable onthe balance sheet.Gross debt, including recourse and non-recourse loans,stood at $2.1 billion at 31 December 2011. The averageinterest rate for the year was 6.23% and interest cover was4.7 times. Interest bearing liabilities falling due within thenext 12 months total $670 million and the Group plans torefinance the majority of this debt. In December 2013, a$600 million syndicated working capital facility (undrawn asat 31 December 2011) will mature. This is the major creditfacility maturing in 2013 and will be refinanced.In October 2011, Leighton Holdings successfully closed aUS$600 million syndicated Master Lease Facility. The sixyearfacility streamlines existing Indonesian leasingarrangements and provides the Group’s two operatingsubsidiaries in Indonesia with additional capacity to fundtheir expanding Indonesian mining activities.Bonds and guarantees in use at 31 December were upslightly to $3.6 billion, and in line with the high levels ofconstruction work. In addition to this amount, $308 millionwas undrawn.Although the sale of the HWE Mining iron ore business inthe Pilbara resulted in a reduction of property, plant andequipment on the balance sheet by $229 million, othercontract mining operations continue to require the normalpurchase of new plant and equipment to undertake newand to continue existing projects.Plant and equipment purchases for the transitional financialyear totalled $502 million, including $179 million for majorcomponent parts, up 4% on the half year to December2010. Depreciation for plant and equipment was $505million, including $235 million for major component parts,up 13% on the half year to December 2010.The Group’s plant fleet is now worth a combined $3.1billion comprising $1.9 billion of owned plant andequipment, $490 million under finance leases and $668million under operating leases.The Group continues to target a gearing range between35% and 45% including off balance sheet operating leases.Gearing, expressed as net debt plus operating leases tonet debt plus operating leases plus total equity, reducedover the period from 35% to 32% at 31 December 2011.The Group continues to operate comfortably within itsbanking covenants.In October 2011, the Company’s credit rating wasdowngraded by Standard & Poor’s from BBB/A-2 to BBB-/A-3 despite acknowledging that “the Company’sstandalone credit quality remains satisfactory”. This wasfollowed by a downgrade by Moody’s from Baa1 to Baa2.The Company fundamentally disagrees with the approachtaken by the ratings agencies in this instance and contendsthat its credit rating should, in both cases, have beenretained and that Leighton deserves a higher credit ratinggiven its inherent strength. The immediate impact to theCompany from the ratings downgrade was minimal;however, increased funding costs are expected over timeas new facilities and loans are negotiatedInvestments, Acquisitions and SalesThe HWE Mining iron ore entities and assets in the Pilbara,WA, owned by Leighton Contractors, were sold to BHPBilliton IO Mining on 30 September 2011 for $452 millionresulting in a pre-tax gain of $229 million and a post-taxgain of $167 million. Net assets reduced by $222 millionfollowing the sale of property, plant and equipment to BHPBilliton IO Mining as part of the transaction. The impact onrevenue on an annual basis is approximately $1.0 billion.Thiess and John Holland are committed to invest $200million in BrisConnections - the company that will own,operate and maintain the Airport Link toll road project inBrisbane - in 2014, two years after the completion of theproject. The deferred equity commitment is treated as acash flow hedge on the Group’s balance sheet. During theperiod, the Company recognised an impairment of thisfuture investment of $70 million pre-tax or $49 million posttax. When added to the $67 million pre-tax impairmentrecognised in FY2009, the total impairments recognised todate on the future BrisConnections investment total $137million.The Group’s 45% investment in the Habtoor LeightonGroup was further impaired by $50 million pre and post taxduring the period. Exchange rate gains of $33 million andoperating losses of $79 million also impacted the carryingvalue which reduced from $475 million to $379 million at 31December 2011.In December 2011, Leighton Offshore acquired theMalaysian based engineering business DPS Bristol(Malaysia) to form Leighton Engineering. This newbusiness is based in Kuala Lumpur and employs around100 engineering and professional staff. Bringingengineering solutions in house is an important strategicinitiative to better manage project execution risk. It alsosupports the Group’s strategy of exporting its coreLeighton Holdings Limited DECEMBER 2011 UPDATE Page 36

engineering and construction competencies into Asia, theMiddle East and emerging markets.GovernanceHamish Tyrwhitt was appointed CEO and ManagingDirector of Leighton Holdings Limited on 24 August 2011succeeding David Stewart in the role. Hamish waspreviously Managing Director of Leighton Asia, India andOffshore (LAIO). Currently, Bob Cooke is acting ManagingDirector of LAIO until a formal appointment is made, whichis expected in the first half of 2012. Bruce Munro wasformally appointed Managing Director of Thiess inSeptember 2011 after a brief period as acting ManagingDirector of that business. Subsequent to the reportingperiod, Dharma Chandran was appointed Chief HumanResource Officer of Leighton Holdings.The Group Executive now comprises Hamish Tyrwhitt,Chief Executive Officer; Peter Gregg, Chief FinancialOfficer; Craig van der Laan, Chief Risk Officer and GroupGeneral Counsel; Dharma Chandran, Chief HumanResource Officer; Craig Laslett, Managing Director ofLeighton Contractors; Bruce Munro, Managing Director ofThiess; Glenn Palin, Managing Director of John Holland;Bob Cooke, acting Managing Director of LAIO; LaurieVoyer, Managing Director of Leighton Middle East andAfrica (LMEA); and Mark Gray, Managing Director ofLeighton Properties.At Board level, Stephen Johns was elected to succeedDavid Mortimer as Chairman following his resignation fromthe Board on 24 August 2011. Dr Burkhard Lohr alsoresigned from the Board during the period. ManfredWennemer, Chairman of the Supervisory Board and theStrategy Committee of HOCHTIEF AG, was appointed aNon-executive Director on 6 October 2011. PeterSassenfeld, CFO of HOCHTIEF AG, was appointed a NonexecutiveDirector on 29 November 2011. Paula Dwyerwas appointed a Non-executive Director and Chairman ofthe Audit Committee effective 1 January 2012. As at 13February 2012, the Board comprises four HOCHTIEFdirectors, two Leighton executive directors, and sixindependent directors including the Chairman, StephenJohns.RemunerationThe Board has conducted a comprehensive review ofexecutive remuneration and incentives over recent months.The review has included consultation with shareholders,external stakeholders and independent advisers.The revised remuneration and incentive scheme isunderpinned by a number of principles which include:• an increase in variable rather than fixed remunerationbased on performance, including the forfeiture ofunvested incentives in appropriate circumstances;• an increased focus on long term rather than short termincentives;• a greater proportion of total remuneration to be paid inshares rather than cash; and• alignment of total remuneration with the market so thatwe can continue to attract and retain the highestquality executives.The revised remuneration and incentive scheme reflects abest practice approach. It achieves the objective ofensuring that the Group has in place a remuneration andincentive framework to drive performance and behavioursaligned to the long term interests of its shareholders, whileproviding appropriate rewards for its executives in acompetitive environment.Risk ManagementIdentifying, analysing, treating and continually monitoringrisks are essential in the risk management process. In mostcases the Group has managed risk extremely well;however, as the events of last year demonstrated, there isalways more that can be done.As a result of a review we have refined our processes forrisk selection, further strengthened the Work ProcurementGuidelines and revised delegations for the negotiation oftenders prior to the award of contracts.Safety, Workforce and EnvironmentAt 31 December 2011, the Group directly employed 53,920people (up from 51,281 at 30 June 2011) including 548graduates and 558 trainees/apprentices.Female participation in the Australian OperatingCompanies has increased slightly from 16% at 30 June2011 in the 6 months 17% at 31 December 2011. AtLeighton Holdings, female participation at the executiveand senior management level continues to improve, withan increase from 15% at 30 June 2011 to 22% at 31December 2011.Indigenous participation remains a continued focus for theGroup. In those areas of operations with a high aboriginalpopulation, Group companies continue to invest inemploying indigenous persons in their workforce. TheGroup currently employs 1.3% of Aboriginal and TorresStrait Islanders in its domestic workforce.Safety is a core value that is demonstrated through theGroup’s commitment to the elimination of fatalities andpermanent disabling injuries (class 1 injuries) and thesystematic reduction of all other injuries across ouroperations. This is achieved through the Leighton HoldingsSafety Framework which outlines the Group’s safetystandards and places an uncompromising emphasis onhazard identification, risk assessment and riskmanagement.The Leighton Group believes that all participants in theconstruction procurement chain (including clients,designers, contractors and employees) should play a rolein ensuring workplace safety, and that only throughcollaboration and co-operation can Class 1 injuries beentirely eliminated.In the six-month transitional financial year to 31 December2011, the Group recorded three fatalities. Two of theseoccurred within the Group’s Australian operations and oneoccurred within the Group’s international operations. Thefatalities that occurred during the period are highlydistressing and additional strategies and actions have beeninitiated to seek to eliminate Class 1 injuries and wherepossible apply “hard” engineering controls to preventreoccurrences.There were five Class 1 injuries in the 6 months to 31December 2011 compared to nine Class 1 injuries in the 12months to 30 June 2011. This class of injury is a continuingpriority for the Group. As a leading indicator, the Groupmonitors potential Class 1 incidents, which totalled 214 inthe 6 months ending 31 December 2011 in its Australianoperations compared to 452 in the 12 months ending 30Leighton Holdings Limited DECEMBER 2011 UPDATE Page 37

June 11. For international operations the figure was 49 inthe 6 months ending 31 December 2011 compared to 100in the 12 months ending 30 June 2011 in our internationaloperations.The Group’s Total Recordable Injury Frequency Rate(TRIFR) 1 measured per million hours worked in itsAustralian operations was 14.4 in the 6 months ending 31December 2011 compared to 15.6 in the 12 months ending30 June 2011. For international operations the TRIFR was3.2 in the 6 months ending 31 December 2011 comparedto 3.0 in the 12 months ending 30 June 2011.The Company recognises that Lost Time Injury FrequencyRate (LTIFR) is a lag indicator where lower rates do notnecessarily equate to a safer workplace. Rather, theCompany believes that the promotion of a reporting culturewhere a higher number of incidents are reported can bepositive, reflecting openness and enabling greater learningacross the Group. Although not a key internal indicator, theCompany has chosen to report LTIFR as it is a recognisedindustry benchmark. The Group’s LTIFR in Australianoperations (measured per million hours worked) was 1.6 inthe 6 months ending 31 December 2011 compared to 1.8in the 12 months ending 30 June 2011. For internationaloperations the LTIFR was 0.4 in the 6 months ending 31December 2011 compared to 0.6 in the 12 months ending30 June 2011.During 2012, the Company intends to undertake thefollowing initiatives to improve Group performance:• safety performance will be directly linked to Groupexecutive remuneration;• safety KPIs will be revised to include a broader rangeof leading indicators that provide a clearer picture ofperformance and encourage an open culture ofreporting;• Board review of all Class 1 risks to ensure effectivestrategies are in place to manage and reduce theserisks;• a new verification program will commence to identifyand address gaps in the implementation of theLeighton Holdings Safety Framework requirements,including the Group safety standards; and• increased initiatives to share safety lessons across theGroup, with a focus on actual and potential Class 1incidents.The Group continues to focus on improving its reporting ofenvironmental incidents. During the period, there were noLevel 1 environmental incidents across the Group’sAustralian or International operations. Additionally, thenumber of Level 2 environmental incidents has reduced incomparison to the six monthly equivalent figures.The Environmental Incident Frequency Rate (EIFR), thefrequency of Level 1 and 2 incidents occurring on projectsunder the control of an operating company per millionhours worked, decreased from 0.43 to 0.28 for Australianoperations. The EIFR for international operationsdecreased during the period from 0.05 to 0.02.Whilst there has been an increase in minor (Level 3)environmental incidents reported, this can be attributed toan increase in the scale of the Group’s projects and anemphasis on reporting minor occurrences rather than adeterioration in performance. Going forward, the Group will1 TRIFR is an indicator of injuries (class 1 damage injuries+ lost time injuries + medical treatment injuries + alternatework injuries) for each million hours worked.continue to encourage an open reporting culture as this iskey to continuous improvement.Industrial relations and productivity continue to be areas ofconcern to the Group as they have the potential to impactAustralia’s competitiveness as a destination for investment,a situation which is exacerbated by the high Australiandollar and uncertain global financial markets. Risingconstruction costs could also negatively impact domesticconstruction budgets in both the public and private sectors.Operational PerformanceProfit before tax was $475 million compared with $324million before tax for the six months to 31 December 2010.The Group’s operations generated underlying profit aftertax of $272 million (profit adjusted for a capital gain andimpairments) for the six months to 31 December 2011.The underlying profit of $272 million after tax includes afurther charge of $218 million before tax taken at theVictorian Desalination Plant project during the period. Thiswas offset by strong performances in contract mining inIndonesia and Australia, offshore oil and gas operations,and a one-off operational gain from the sale of the HWEMining iron ore business resulting from the close out ofthree mining contracts that formed part of the sale process.The standout performances during the period were fromIndonesian and Australian contract mining, offshore oil andgas operations, and civil and infrastructure constructionboth in Australia and Asia.Revenue for the year, including joint ventures andassociates, totalled $12.2 billion with $10 billion comingfrom Australia Pacific, and $2.2 billion from offshore. Themajor revenue generating markets for the Group wereinfrastructure $6.7 billion, resources $4.4 billion andproperty (including building work) $885 million. Groupcompanies provided a range of services to these marketsincluding construction $7.3 billion, contract mining $3.1billion, and services $1 billion.Major Projects UpdateThe operational performances at both the Airport Link andVictorian Desalination Project have stabilised. Goodprogress continues on both projects and costs are beingclosely monitored.The $4.1 billion Airport Link project in Brisbane, a jointventure between Thiess and John Holland, is now morethan 92% complete by cost. Major construction works areexpected to complete in February 2012. The remainingwork to be done includes completing the mechanical andelectrical fitout, testing and commissioning. The Companyexpects that traffic will be on the road by 30 June 2012.The $3.5 billion Victorian Desalination Project, a jointventure between Thiess and Degremont, is also makinggood progress and is now more than 87% complete bycost. Critical path elements of the construction programwere completed during the period, including the sea waterlift pump station, the marine tunnels and works, the pipelineand the connection of electricity to the site. The main planthas been fully enclosed and landscaping of the roof andsurrounds is underway. Weather improved over the period,but is less of an issue as a good deal of the work is nowLeighton Holdings Limited DECEMBER 2011 UPDATE Page 38

under cover. Industrial relations pressures have easedafter an agreement was reached on the redeployment of anumber of electrical trades employees to subcontractors,and productivity is trending up.During the transitional financial year an additional charge of$218 million was taken on the Victorian DesalinationProject, bringing the total forecast loss at completion to$496 million. This amount includes cost overruns as well asa level of provisions to mitigate late completion. Thiessexpects that first water will be produced in July 2012(versus the original date of December 2011) with finalcompletion forecast for November 2012 (versus the originaldate of June 2012).Leighton ContractorsContract mining and telecommunications were the bestperforming business units within Leighton Contractors forthe transitional financial year to 31 December 2011. Thesale of the HWE Mining iron ore entities and assetsreduced work in hand by $1.2 billion but this is expected tobe replaced by new contract mining opportunities overtime.Leighton Contractors earned a segment result of $492million before tax for the transitional financial year versus$128 million for the half year to 31 December 2010. Thiswas achieved on segment revenue of $3.6 billion, up 24%on the $2.9 billion recorded in 2010. Both the segmentresult and segment revenue were positively impacted bythe sale of the HWE Mining iron ore business. The mainsources of revenue were infrastructure $1.4 billion,resources $2 billion and property $193 million. The split ofrevenue by services was construction $1.9 billion, contractmining $1.3 billion, services $311 million and development$90 million.The company’s work in hand was $9.8 billion at 31December 2011 compared to $10.8 billion at 30 June 2011and $12.3 billion at 31 December 2010. During the period,new contracts, extensions and variations totalled $3.7billion.Leighton Contractors had reportable segment assets of $2billion at 31 December 2011 compared with $2.3 billion at30 June 2011.In Australia, infrastructure spending continued to provide agood range of opportunities, particularly in rail construction.The Victorian Government’s Regional Rail Link Authorityawarded a number of design and construct packagesduring the period. Leighton Contractors has a half share in$505 million worth of work that includes the design andconstruction of 25 kilometres of new broad gauge doublerailway track, two new railway stations and a number ofgrade separations and new rail bridges.Based on their competency in developing complex urbaninfrastructure, an alliance including Leighton Contractorswas selected to deliver the $240 million final stage of thededicated 36-kilometre Southern Sydney Freight Line. Inrelated work, Leighton Contractors was also awarded a$113 million contract to deliver the main construction phaseof the Sydney Ports Corporation’s Intermodal LogisticsCentre at Enfield in Sydney.Water projects are providing a number of otheropportunities and Leighton Contractors was awarded a$146 million contract to deliver phase two of the Ord EastKimberley Expansion Project in Kununurra, WesternAustralia.Work on the $1.85 billion New Royal Adelaide HospitalPPP in South Australia, a joint venture with HansenYuncken, made good progress. Leighton Contractors shareof construction is $930 million.In the energy sector, work on the $288 million Macarthurwind farm in Victoria and the $73 million Mumbida windfarm in Western Australia progressed according toschedule.Leighton Contractors is undertaking two significantcontracts for Chevron’s Gorgon LNG project in WesternAustralia, with a total value of around $1.5 billion. Despitethe inherent challenges of remote logistics and marineworks, both projects are proceeding in line with the client’sexpectations and remain on track.The global demand for minerals and metals continues todrive the contract mining sector. A number of new projectswere awarded during the period supporting activity levels.Leighton Contractors was awarded a $120 million, oneyearcontract extension for the provision of mining servicesat the Dawson coal mine. The contract has also beenexpanded to include an additional excavator fleet toincrease production capacity and scale up projectmanagement services.In South Australia, Leighton Contractors’ subsidiary HWEMining was awarded a 12-month $240 million contractextension for the provision of mining services at the SouthMiddleback Ranges iron ore operations. HWE Mining hasbeen the major contractor on site since 1998, and theirproven track record in iron ore mining was a key factor insecuring the contract extension which has the provision fora further four-year extension. In Western Australia, theLeighton Ngarda Joint Venture, a joint venture betweenLeighton Contractors and indigenous contractor NgardaCivil & Mining, was awarded a $104 million earthworkscontract at Hope Downs mine by Rio Tinto.The telecommunications sector continues to see significantinvestments being made by both the private sector and theNational Broadband Network for the Federal Government.Leighton Contractors’ wholly owned subsidiaryVisionstream was awarded a number of contracts andextensions worth over $250 million during the period.Visionstream is a leading provider of design, constructionand operation of carrier grade, mission criticalcommunications assets, including bespoke communicationsolutions to industries such as resources, health andtransport.In New Zealand, the Visionstream business is currentlyworking on the deployment of New Zealand’s Ultra FastBroadband (UFB) Initiative for Chorus and continues toperform well on the field services contract for Chorus.Nextgen Networks delivered the successful construction ofthe final component of the Federal Government’s $250million Regional Backbone Blackspots Program (‘RBBP’)serving as a foundation for the National BroadbandNetwork (‘NBN’). The new Darwin, Emerald and Longreachfibre link is now operational and joins other routes alreadyin service under the RBBP initiative. This Nextgen projecthas established more than 6,000 kilometres of world classand competitive fibre optic infrastructure and connectsLeighton Holdings Limited DECEMBER 2011 UPDATE Page 39

more than 100 regional locations. As at January 2012, 10service providers had signed up with Nextgen to takeRBBP backhaul services.Nextgen Networks also secured a $36 million contract withVodafone to provide high capacity fibre connectivityservices to base stations across Vodafone’s nationalmobile network.Phase one of the development of the telecommunicationssubmarine cable between Perth and Singapore known as“ASC” via the 100% owned subsidiary Australia-SingaporeCable (International) Limited is progressing with the routesurvey completed. A number of key international permitshave been secured with the remaining few progressing.The second phase, subject to permitting and final boardapproval, involves the construction of the cable system andcommercial operation. The cable will have initial capacity of6.4 Tera bits per second, expandable to 16 Tera bits persecond. The Group is also continuing to see growth in theintelligent network services area through contracts toprovide services for the New Royal Adelaide Hospitaldelivering connectivity and wireless networkedinfrastructure. Visionstream also announced the renewalof a contract for the Emergency Alerting System for theEmergency Services Telecommunications Authority(ESTA) worth $170 million. Visionstream also securedadditional contracts in the resources sector involving fibreoptic communications solutions for WA mines.The Metronode Data Centre expansion program hasprogressed significantly with the construction of purposebuiltand environmentally friendly data centre facilities inDeer Park in Victoria and Shenton Park, Perth with theVictorian centre almost complete. These new ‘eco friendly’data centres adopt world’s best practice for power densityand power utilisation, and offer a real reduction in energyusage of up to 90 per cent on traditional data centres.Leighton Contractors’ Services division has grown into oneof the largest private road maintenance providers inAustralia. The division recently secured the M5 Eastmaintenance contract worth $55 million.ThiessThiess’ financial results were impacted by the VictorianDesalination Project and the BrisConnections impairment,which masked strong performances from the bulk of itsconstruction, services and contract mining operations.Thiess reported a segment result of $24 million before taxfor the transitional financial year versus the $101 millionprofit reported for the half year to 31 December 2010. Thesegment result for December 2011 included a $35 millionshare of the BrisConnections impairment. Segmentrevenue was $3.8 billion, up 6% on the $3.6 billionrecorded in 2010. The main sources of revenue wereinfrastructure $2.4 billion and resources $1.4 billion. Thesplit of revenue by services was construction $2.2 billion,contract mining $1.2 billion, and services $445 million.The company’s work in hand was $16 billion at 31December 2011 compared to $16.5 billion at 30 June 2011and $16.2 billion at 31 December 2010. During the period,new contracts, extensions and variations totalled $2.8billion.Thiess had reportable segment assets of $1.6 billion at 31December 2011, compared with $1.5 billion at 30 June2011.In Victoria, the Regional Rail Link Authority awarded an$835 million alliance contract to Thiess to construct 7.5kilometres of new regional track, new rail bridges, a newstation and to deliver other associated infrastructure.Thiess has a 60% share of the alliance. In Queensland, thesuccessful TrackStar Alliance was awarded anotherproject, the $475 million Stage 2 Richlands to SpringfieldProject of the Darra to Springfield Transport Corridor.Thiess is the major contractor within the alliance team.Thiess’ approach to relationship-based contracting wasevident in an alliance entered into with one of Australia’slargest energy network providers, Ausgrid. The alliance willdeliver transmission cable projects for Ausgrid’s five yearnetwork investment program which is expected to providethe alliance with approximately $50 million of project workper annum, with a potential value to Thiess of around $210million over five years. Thiess’ tunnelling expertise saw thatbusiness awarded a further $142 million contract withAusgrid to deliver vital infrastructure for Sydney’s futureelectricity requirements.In Sydney, work on the $721 million Royal North ShoreHospital redevelopment, a major health PPP for New SouthWales, progressed well..Thiess has a major role delivering the Gorgon LNG projectand was awarded a $60 million contract to deliverinfrastructure at the Wheatstone project. Thiess willconstruct a 1.2 kilometre long tunnelled shore crossingunder the ocean connecting two offshore gas reserves withChevron’s new LNG plant. Work on the other Gorgonprojects is proceeding according to schedule.Thiess maintained its position as a leading contract minerwith the award of a $185 million, one year extension to acontract to operate the Meandu coal mine in South-EastQueensland. Thiess also won a major $97 million contractwith Fortescue Metals Group for Phase One developmentworks on the Solomon Hub iron ore mine in WesternAustralia’s Pilbara region. The 18 month contract is forinitial pioneering and mine establishment works such ashaul roads, stockpile pads and the mining of early ore andwaste. The contract represents a welcome return toWestern Australia for Thiess’ mining business and opensup a new market for that company.Thiess has maintained a solid presence in Indonesia,signing a US$446 million contract with PT BayanResources Tbk which extends the existing contract bythree years for the further development and operation ofthe Teguh Sinar Abadi and Firman Ketaun Perkasa CoalMines, near Melak in East Kalimantan. Thiess has forged astrong partnership with the Bayan Group which is evidenceof their ability to build and maintain long-term relationshipswith clients in Indonesia.Civil works for the Pakri Barwardi mine in India commencedand are making good initial progress. The construction ofmine infrastructure will continue for another 12 monthsbefore mining operations can commence.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 40

John HollandJohn Holland boosted its revenue during the period due toits position in a diverse number of construction andservices sectors, particularly rail, water and civilinfrastructure.John Holland earned a segment result of $25 million beforetax for the six month transitional financial year versus $20million for the six month period to 31 December 2010. Thesegment result for December 2011 included a $35 millionshare of the BrisConnections impairment. This wasachieved on segment revenue of $2.4 billion, up 33% onthe $1.8 billion recorded in 2010. The main sources ofrevenue were infrastructure $1.8 billion, resources $534million and property $39 million. The split of revenue byservices was construction $2 billion, contract mining $165million, and services $217 million.The company’s work in hand was $6.9 billion at 31December 2011 compared to $7.7 billion at 30 June 2011and $7.1 billion at 31 December 2010. During the period,new contracts, extensions and variations totalled $1.6billion.John Holland had reportable segment assets of $998million at 31 December 2011 compared with $848 million at30 June 2011.John Holland remains a leading contractor in the waterservices sector and was selected as the preferred tendererfor the construction of the $400 million proposed ConnorsRiver Dam to Moranbah Pipeline in central Queensland.This project involves the construction of 136 kilometres oflarge diameter buried pipeline that will carry around 45,000megalitres of water per annum to the Bowen Basin andsurrounding areas. John Holland has built a strongpartnership with SunWater, having delivered a number ofsuccessful projects over the last 40 years, and this awardconsolidates their position as one of the leading contractorsin Queensland.In Perth, John Holland was announced as the ManagingContractor to deliver the design and construction of a new,$1.2 billion state-of-the-art children’s hospital. The awardbuilds on John Holland’s long history of delivering majorpublic health projects both in Western Australia and aroundthe country. The value of works to be delivered by JohnHolland on the project will total approximately $800 million,subject to progression to the second phase of the twostage Managing Contractor process.In Sydney, John Holland’s reputation for the delivery ofhigh end building solutions and the strength of theirtunnelling expertise has seen them engaged as contractorto deliver vital upgrade works at the Sydney Opera House.This contract, with an approximate value of just over $100million, is part of a $150 million upgrade and is the biggestbuilding works on the site since the opening of the OperaHouse in 1973.In the resources related sector, John Holland secured akey contract to design and construct the accommodationvillage for Chevron’s Wheatstone gas project near Onslowon Western Australia’s Pilbara coast. With a contract valueof approximately $370 million, the 3,800-bed village is oneof the first major projects to be awarded for Wheatstone.John Holland was also awarded a $223 million contract todesign and construct a package of 12 permanent buildingsessential to the operation of the onshore gas processingfacilities, including an operations building, laboratory,maintenance centre, vehicle maintenance shop, fire stationand plant warehouse. Six other smaller ancillary buildingswill also be constructed.In Queensland, John Holland was awarded a marinesubcontract worth in excess of $100 million to design andconstruct a new product loading facility, comprising a 168-metre jetty and loading platform, for Australia Pacific LNG’sproposed Curtis Island LNG facility. This brings the totalproject value of LNG related work in Queensland to $545million.The diversity of the business was underscored with anumber of milestones in transport services. Financial andoperational performance of Metro Trains Melbournecontinued to track to forecast, while work ramped up inpreparation for John Holland to commence operations asthe new manager of the NSW regional rail network. Theoperations, management, maintenance and upgradecontract, which commenced on 15 January, will generateapproximately $1.5 billion in revenue over the next 10years.Elsewhere in transport services, John Holland AviationServices (JHAS) secured a key partnership with BoeingCommercial Airplanes. JHAS will provide Boeing GoldCaremaintenance, repair and overhaul (MRO) services for theregion, part of a broader strategy of securing strategicpartnerships with key Original Equipment Manufacturers(OEMs) and key operators to drive growth.Leighton Asia, India and OffshoreAs outlined in the previous reporting period, the operationsof Leighton Asia, Leighton Welspun India and LeightonOffshore now report through a single entity – LeightonAsia, India and Offshore (LAIO).LAIO earned a segment result of $135 million before tax forthe six month transitional financial year versus $290 millionfor the six month period to 31 December 2010, whichincluded a gain on the sale of 35% of the Indian businessto Welspun. This was achieved on segment revenue of$1.4 billion, up 72% on the $807 million recorded in 2010.The main sources of revenue were infrastructure $843million, resources $514 million and property $32 million.The split of revenue by services was construction $915million, contract mining $462 million, and services $12million.The company’s work in hand rose to $8.2 billion at 31December 2011 compared to $7.5 billion at 30 June 2011and $7 billion at 31 December 2010. During the period,new contracts, extensions and variations totalled $1.7billion. LAIO had reportable segment assets of $1.5 billionat 31 December 2011 compared with $1.3 billion at 30June 2011.In Hong Kong, a major highlight was the award of a $1.0billion contract to a Leighton Asia joint venture for theconstruction of the West Kowloon Terminus Station North,part of the Guangzhou-Shenzhen-Hong Kong Express RailLink (XRL). This is the largest and final XRL civil contract tobe awarded and the fifth MTR Corporation contractsecured by Leighton Asia in the past two years, giving atotal value of projects of $2.4 billion. On completion, theproject will provide a world-class rail terminus and serve asan international gateway to the mainland of China with adaily pass-through of over 100,000 passengers. Facilitieswill include nine long-haul and six shuttle platforms,Leighton Holdings Limited DECEMBER 2011 UPDATE Page 41

customs and immigration facilities, departure lounges, dutyfree and other retail outlets. A key element is a dramaticsteel and glass roof structure above the entrance that willbe a prominent feature of the Kowloon skyline.A Leighton Asia joint venture has also secured $88 millionworth of contracts to provide fire services, plumbing anddrainage to the West Kowloon Terminus Station.Leighton Asia will build a new $52 million campus for theHong Kong Academy. The 20,000 square metre five-storeyschool features classrooms, learning support facilities, aninternational standard gymnasium and a multi-useperformance space containing a 350 seat auditorium andan 80 seat theatre.The Group’s strategy to become a major player in theoffshore construction industry is delivering with LeightonOffshore awarded a major contract by Iraq’s South OilCompany. The US$518 million contract is part of aprogram that aims to stabilise and expand Iraq’s crude oilexport capacity with the development of two offshoreplatforms, a 75 kilometre 48 inch oil pipeline and a SinglePoint Mooring (SPM) system. Leighton Offshore was alsoawarded an $80 million contract to deliver a SPM systemand other related infrastructure.Although no significant new work was won in Mongolia andIndonesia during the period, contract mining and relatedinfrastructure projects in those countries continued to makegood progress. Production at Indonesian mine sites for thesix months to December 2011 was much better than theprevious year, which had been impacted by extremely badweather. In Mongolia, output at the UHG and Khushuutmines was according to forecast.In India, no significant new contracts were won during thesix months to 31 December 2011. Progress was made onthe Chenani Nashri road tunnel and the Ramanujan ITPark at Chennai is approaching completion. LeightonWelspun India is the preferred bidder on several buildingprojects and there are a number of major oil and gasprojects to be bid in early 2012.Leighton Middle East and AfricaThe operations of the Habtoor Leighton Group (HLG) andLeighton Africa now report through a single entity, LeightonMiddle East and Africa (LMEA).LMEA reported a segment loss of $154 million before taxfor the six month transitional financial year, compared witha $158 million loss for the six month period to 31December 2010. The loss was mainly attributable to HLG.The segment result for December 2011 included a $50million impairment at Leighton Holdings level. Segmentrevenue was $330 million, down 35% on the $509 millionrecorded in 2010. The main sources of revenue wereinfrastructure $138 million, resources $9 million andproperty $183 million. The split of revenue by services wasconstruction $303 million, contract mining $9 million, andservices $18 million.Work in hand was $2.3 billion at 31 December 2011compared to $2.1 billion at 30 June 2011 and $2.1 billion at31 December 2010. During the period, new contracts,extensions and variations totalled $347 million.LMEA had reportable segment assets of $1.1 billion at 31December 2011 compared with $950 million at 30 June2011.The Middle East market has experienced mixed resultsover recent years but is still providing a number ofopportunities for the HLG. The level of bidding remainshigh and HLG has over US$7 billion in live bids.HLG has refocussed its business away from traditionalbuilding and property development exposure to a broaderbase including civil, rail, water, oil & gas and services. Thegeographic footprint of the business is also diversifyingaway from Dubai into other Emirates, nearby countries inthe region and North Africa.During the period, payment terms were agreed with DubaiProperties for works associated with a number of projectsincluding the Business Bay development. The termsincluded an initial payment and a scheduled monthlypayment plan over five years. All due amounts have beenreceived. The recovery of other outstanding payments forlegacy projects continues to be challenging.In Abu Dhabi, the award of new work continues to be slowand the postponement and rescheduling of theGuggenheim Museum, the Louvre Museum, and the ZayedMuseum projects has reduced the potential winable work inthe short term. However, HLG is confident that the pipelineof civil engineering and infrastructure projects will bedelivered and may increase over time.In Doha, Qatar, HLG was awarded the construction ofPhase 1 of the Northgate Mall and Buildings, a US$290million mixed use shopping mall and office project. Work onthe Doha City Centre project and the Al Shaqab EquestrianCentre are both approaching completion.Reflecting the success of the strategy to diversify into morecivil engineering work in new geographic areas, HLG wasawarded a US$306 million contract to expand a 75kilometre section of road from a single, two-lanecarriageway to a four-lane dual carriageway in Oman. Thescope of work also includes the construction of nineinterchanges and 50 kilometres of service roads and is asignificant win in one of the Group’s target growth markets.HLG has an established reputation for deliveringinfrastructure and building projects in the UAE and Qatarbut this award represents a significant step forward as theGroup expands its operating footprint further afield.HLG has made inroads into Saudi Arabia and is wellplaced on a number of infrastructure and building projectsin this important market.Leighton Africa has made a good start on the JwanengDiamond Mine in Botswana, and operations will be rampedup over the first half of 2012. The company is pursuing anumber of good mining prospects in Southern Africa, a keygrowth market.Commercial & Residential PropertyCommercial and Residential Property recorded a segmentresult of $1 million for the transitional financial year to 31December 2011 versus a loss of $20 million in the half yearto 31 December 2010.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 42

The Leighton Properties portfolio has an approximate endvalue of $1.8 billion over the next five years with somedevelopments stretching over a ten year period.Leighton Properties recorded a number of successesduring the period achieving some significant sales whichhave contributed to the recycling of the Group’s capital.In Brisbane, Queensland, Leighton Properties and LeightonContractors sold the completed HQ North Tower inBrisbane’s inner-city suburb of Fortitude Valley for $186million. The Tower, a fully leased prime grade office asset,which is part of the iconic HQ precinct, contains 28,000square metres of office space with ground floor retail.Leighton Properties also pre-sold the planned new officetower in the Ipswich CBD for $93 million. The nine-storeybuilding will comprise over 16,000 square metres ofcommercial office space and is fully pre-committed to theQueensland Government for an initial term of 15 years. Itforms part of the $1 billion Ipswich ICON revitalisationproject for which Leighton Properties was awarded soledevelopment rights. This project is one of the largest CBDrenewal developments in Australia in more than a decadeand draws upon Leighton Properties’ capabilities in mixeduseprecinct developments.Also in Brisbane, Leighton Properties’ experience has beencrucial in their selection as the developer of the nextimportant phase of the Boggo Road Urban Villagedevelopment. This $350 million investment will transformthe site into a vibrant, inner-city mixed-use precinct.In construction, Leighton Properties has two commercialtowers that will complete in 2012; Eclipse Tower,Parramatta, and King George Central, Brisbane. TheMosaic apartment development in Fortitude Valley,Brisbane, commenced construction in January 2012 withexpected completion in 2013.The majority owned residential developer, Devine,achieved a number of milestones during the period,including the successful completion of the first two stagesof the $500 million Hamilton Harbour project and hassettled over 200 new owners into the development.Following the success of Hamilton Harbour Stages 1 and 2,commencement of the $70 million Riverside stage wasinitiated, comprising 189 units. The Hamilton Harbourproject is being undertaken in joint venture with LeightonProperties.Long term landholdings in targeted growth areas continueto be developed by Devine including a major newGladstone community of nearly 3,000 dwellings which willhave a development life of 15 years. Approval for the new110 unit Teneriffe apartment building has been grantedwith completion expected in late 2013.In the general residential sector, market conditions havecontinued to deteriorate across most Australian propertymarkets which have had a significant impact on Devine’sability to bring new projects to the market. Soft marketconditions have also contributed to delays on a number ofnon-residential sales, which it now expects to realisebeyond financial year 2012.Market OutlookDespite global uncertainty in financial markets, the Groupcontinues to enjoy a very positive outlook. Leighton’sstrategy has it positioned in the best parts of the world for acontracting organisation – Australia, Asia, the Middle Eastand Southern Africa – with brands that are highly regarded.In fact, the Leighton Group has the broadest footprint ofany international contractor operating in this part of theworld. Group companies are located in markets that arecontinuing to grow and offering good opportunities toprovide construction, mining, and operations andmaintenance services. The Group will continue to export itscompetencies into new markets that value the services itcan provide.AustraliaIn Australia, the construction market is expected to remainstrong, driven particularly by private sector investment inthe gas sector. This is an area where the Group has greatexperience and competency in delivering civil engineeringand building work for major LNG and coal seam methaneprojects such as the Gorgon, Devil Creek and Plutoprojects in Western Australia and APLNG in Queensland.Some $140 billion of capital is currently being invested inenergy-related projects and the Group’s OperatingCompanies have the experience and skills to bid for asubstantial portion of this work.Government spending on infrastructure is likely to remainat high levels with some major rail projects in New SouthWales and Victoria driving opportunities. As the leading railcontractor in Australia, the Group is well placed to take onthis work. Government spending on roads and othertransport infrastructure will continue to underpin a solidoutlook for civil construction work.The telecommunications market and the NationalBroadband Network (NBN) in particular represent asignificant opportunity. The Group has substantial expertisein delivering this complex infrastructure and is wellpositioned as more packages of the NBN are awarded.A boom in demand from Asia for commodities such as gas,coal and iron ore has continued to drive construction andmining opportunities for the Group’s Operating Companies.Massive investments by the petroleum companies istransforming Australia into one of the leading globalsuppliers of LNG and the Group is capitalising on the civiland building opportunities where its Operating Companieshave real capability.ResourcesDespite the sale of the HWE Mining iron ore business,contract mining remains a core market for the Group inAustralia, Indonesia, the Philippines and Mongolia.Contract mining, while capital intensive, offers stableearnings and opportunities for growth, fuelled by continuedhigh demand from Asia for more coal and other minerals.The Group has a strong position as the world’s largestcontract miner which it is using to leverage into newmarkets such as Southern Africa. Additionally, substantialinvestment in new mine, rail and port infrastructure for coalprojects will continue to be made in Australia, underwritinga range of construction opportunities for our OperatingCompanies.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 43

InternationalAsia’s growth is also providing construction opportunitiesfor the Group. No other contractor has the Group’s footprintacross Asia and, when combined with a reputation fordelivery, this positions Leighton uniquely for growth. HongKong, Macau, India and other selected Asian markets arecontinuing to look for the experience and capability of aninternational contractor like the Leighton Group. OperatingCompanies will target opportunities in these markets wheretheir services are valued and they can extract value forshareholders.In the Middle East, petro-dollar driven economies willcontinue to invest strongly in infrastructure, theconstruction of which is a core competency of the Group.Leighton is bringing this competency to the HabtoorLeighton Group – traditionally a builder – and diversifyingthe business into new markets such as Oman, SaudiArabia and Kuwait. While some parts of the Middle Eastare still suffering the fallout of the global financial crisis, theregion continues to provide a good range of opportunitiesin the mid-to-long term that suit the evolving HabtoorLeighton Group.Group ProspectsThe Group is confident it is positioned in the best possiblemarkets in the world for at least the foreseeable future. TheAustralian and Asian regions, the Middle East andSouthern Africa are continuing to grow based on theindustrialisation and urbanisation of Asia and the region’sdemand for minerals and energy. These markets haveEnglish as a business language and the Group has a longestablished presence which is well known to many clients.As a contractor, Leighton has leverage to these markets,both directly by working in them, and indirectly as asupplier of services to clients that are supplying to Asia.Backing these market opportunities is a strong balancesheet and a near record level of work in hand with ahealthy level of inherent profitability.GuidanceThe Company had previously issued guidance for the 12month period ending 30 June 2012 for underlying profitafter tax of between $600-650 million, excluding gains fromsales and impairments. The Company remains committedto this guidance. For the full financial year to 31 December2012, the Group expects to deliver profit in a similar rangeto that forecast for the 12 month period ending 30 June2012.InvestmentsEngineering & Infrastructure• AquaSure: Thiess has a 5.2% share of the consortiumthat will finance, design, build, operate and maintainthe Victorian Desalination Project.• BrisConnections: Thiess and John Holland will invest$200 million in the consortium that will own, operateand maintain the Airport Link Project in Brisbane.• Aspire Schools: Leighton Contractors has a 50%share of the consortium that will finance, design,construct and maintain over 30 years, 7 schools inSouth East Queensland.• Cross City Motorway: Leighton Contractors has 6%of the company that owns, operates and maintains theCross City Tunnel in Sydney.• SA Health Partnership: Leighton Contractors has a19.9% share in the consortium that will finance, design,construct and maintain the new Royal AdelaideHospital for 35 years.Mining and Resources• Cockatoo Island Project: HWE Mining is a 50:50 jointventure owner of an iron ore mine in WesternAustralia.Listed Entities• Sedgman Limited: Thiess owns 32.43% of the listedresources engineering company.• Macmahon Holdings Limited: Leighton Holdingsowns 19.45% of the listed engineering and miningcontracting company.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 44

Operating Revenue AnalysisOperating Revenue for6 month period to DecemberOperating Revenue for12 month period to December(Reconstructed from previously releaseddata to reflect Jan-Dec FY)Group 31 Dec 2011 31 Dec 2010 Group 31 Dec 2011 31 Dec 2010by Company $M % $M % by Company $M % $M %Thiess 3,809 31 3,596 37 Thiess 6,850 31 7,043 36Leighton Contractors 3,580 29 2,865 29 Leighton Contractors 6,892 32 5,412 28John Holland 2,400 20 1,848 19 John Holland 4,224 20 3,685 19Leighton Asia, India & 1,389 11 807 5 Leighton Asia, India &OffshoreOffshore2,456 11 1,806 9Leighton Middle East & 330 3 509 5 Leighton Middle EastAfrica& Africa670 3 1,060 5Commercial &438 4 78 1 Commercial &493 2 238 1Residential PropertyResidential PropertyCorporate/Eliminations 231 2 6 0 Corporate/Eliminations 260 1 95 0TOTAL 12,177 100 9,709 100 TOTAL 21,845 100 19,339 100Group 31 Dec 2011 31 Dec 2010 Group 31 Dec 2011 31 Dec 2010by Market $M % $M % by Market $M % $M %Infrastructure 6,661 55 5,577 57 Infrastructure 11,765 54 10,770 56Resources 4,400 36 3,375 35 Resources 8,406 38 7,150 37Property 885 7 751 8 Property 1,414 7 1,324 7Corporate/Eliminations 231 2 6 0 Corporate/Eliminations 260 1 95 0TOTAL 12,177 100 9,709 100 TOTAL 21,845 100 19,339 100Group 31 Dec 2011 31 Dec 2010 Group 31 Dec 2011 31 Dec 2010by Activity $M % $M % by Activity $M % $M %Construction 7,267 60 6,114 63 Construction 13,159 60 12,037 63Contract Mining 3,148 26 2,517 26 Contract Mining 5,808 27 4,968 26Services 1,003 8 994 10 Services 2,035 9 2,001 10Development 528 4 78 1 Development 583 3 238 1Corporate/Eliminations 231 2 6 0 Corporate/Eliminations 260 1 95 0TOTAL 12,177 100 9,709 100 TOTAL 21,845 100 19,339 100Australia/Pacific 31 Dec 2011 31 Dec 2010 Australia/Pacific 31 Dec 2011 31 Dec 2010by Market $M % $M % by Market $M % $M %Infrastructure 5,640 56 4,937 61 Infrastructure 9,906 55 9,312 59Resources 3,452 35 2,792 35 Resources 6,815 39 5,823 37Property 670 7 319 4 Property 943 5 461 3Corporate/Eliminations 231 2 6 0 Corporate/Eliminations 260 1 95 1TOTAL 9,993 100 8,054 100 TOTAL 17,924 100 15,691 100Asia & Middle East 31 Dec 2011 31 Dec 2010 Asia & Middle East 31 Dec 2011 31 Dec 2010by Country $M % $M % by Country $M % $M %Middle East 714 33 624 38 Middle East 1,336 34 1,175 32Indonesia 836 38 520 31 Indonesia 1,402 36 1,212 33Hong Kong/Macau 329 15 179 11 Hong Kong/Macau 546 14 448 12India 103 5 170 10 India 244 6 419 12Mongolia 86 4 46 3 Mongolia 142 4 75 2Other 116 5 116 7 Other 251 6 319 9TOTAL 2,184 100 1,655 100 TOTAL 3,921 100 3,648 100Note 1:Note 2:Operating revenue includes the Group’s share ofjoint venture and associates revenue.Reconstructed tables do not reflect annual currencymovementsNote 3:See Note 5 Segment information on pages 14 & 15 of theAppendix 4E & Consolidated Preliminary Final Report for greaterdetail.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 45

Work in Hand AnalysisWork in HandGroup 31 Dec 2011 30 June 2011 31 Dec 2010 30 June 2010by Company $M % $M % $M % $M %Thiess 16,013 36 16,492 36 16,257 36 16,261 39Leighton Contractors 9,826 22 10,786 23 12,296 27 9,797 24John Holland 6,928 16 7,673 16 7,053 15 5,302 13Leighton Asia, India & Offshore 8,171 18 7,452 16 6,984 15 7,190 17Leighton Middle East & Africa 2,280 5 2,101 5 2,126 5 2,426 6Commercial & Residential Property 1,342 3 1,722 4 925 2 565 1TOTAL 44,560 100 46,226 100 45,641 100 41,541 100Group 31 Dec 2011 30 June 2011 31 Dec 2010 30 June 2010by Market $M % $M % $M % $M %Infrastructure 20,180 45 20,100 44 19,533 43 17,910 43Resources 20,852 47 22,393 48 23,061 50 20,151 49Property 3,528 8 3,733 8 3,047 7 3,480 8TOTAL 44,560 100 46,226 100 45,641 100 41,541 100Group 31 Dec 2011 30 June 2011 31 Dec 2010 30 June 2010by Activity $M % $M % $M % $M %Construction 18,407 41 19,847 43 19,561 43 18,645 45Contract Mining 17,823 40 18,479 40 19,178 42 17,399 42Services 6,988 16 6,178 13 5,977 13 4,932 12Development 1,342 3 1,722 4 925 2 565 1TOTAL 44,560 100 46,226 100 45,641 100 41,541 100Australia/Pacific 31 Dec 2011 30 June 2011 31 Dec 2010 30 June 2010by Market $M % $M % $M % $M %Infrastructure 16,620 58 17,054 53 16,391 52 15,492 58Resources 10,033 35 12,602 40 14,076 44 10,227 38Property 2,038 7 2,337 7 1,327 4 1,112 4TOTAL 28,691 100 31,993 100 31,794 100 26,831 100Asia & Middle East 31 Dec 2011 30 June 2011 31 Dec 2010 30 June 2010by Country $M % $M % $M % $M %Middle East 2,515 16 2,122 15 6,355 46 2,426 17Indonesia 8,456 53 7,109 50 2,744 20 8,096 55Hong Kong/Macau 1,865 12 1,409 10 1,452 10 877 6India 677 4 1,185 8 1,120 8 946 6Mongolia 1,487 9 1,440 10 1,496 11 1,674 11Other 869 6 968 7 680 5 691 5TOTAL 15,869 100 14,233 100 13,847 100 14,710 100Note 1:Work in hand includes the Group’s share of work inhand from joint ventures and associates.Note 2:Work in hand only includes work for 5 years from the reportingdate. The value of long-term contracts running past December2016 is not included.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 46

Significant Current Contracts and Property Developments- Unless otherwise stated total contract values are shown in A$ for all projects (less than 95% complete),including joint ventures (JVs) and associates, with the figures in brackets indicating the operating company’sshare of the contract.- For long term contracts extending beyond five years, the total contract value shown includes the value of workcompleted to date plus five years worth of work in hand.Leighton Contractors• $505m ($270m) JV to design and construct 25km ofnew dual rail track linking Deer Park & West WerribeeJunction for Dept of Transport, VIC.• $240m to construct the 36km Southern Sydney FreightLine between Macarthur & Leightonfield, for AustralianRail Track Corporation, NSW.• $104m JV to provide earth works, road works,drainage works, common services trenching &installation, for Rio Tinto at Hope Downs 4 mine, WA.• $84m for installation of a 2,600 bed camp facility atCurtis Island, for Bechtel Australia, QLD.• $55m operation & maintenance contract for the M5East, RTA, NSW.• $45m contract to construct a new mining area 4kmwest of Brockman mine, for Hammersley Iron, WA.• $45m for bulk earthworks for the process plant, wastefines storage facility, ROM pad & ancillary facilities &mine services, for Hammersley Iron, WA.• $1.85bn ($930m) to design and construct the NewRoyal Adelaide Hospital, for the SA HealthPartnership.• $814m for construction of civil and undergroundservices for the Gorgon Project, for Chevron Australia,Barrow Island, WA.• $768m to design and construct jetty and marinestructures for the Gorgon LNG project, for ChevronAustralia, Barrow Island, WA.• $467m contract to upgrade the M2, for Hills MotorwayLtd & Hills Motorway Mgt Ltd, Sydney, NSW.• $437m alliance to design and construct the Kingsgroveto Revesby Rail Quadruplication (K2RQ), NSW, for theTransport Infrastructure Development Corp.• $429m contract to load and haul ore and waste fromSt Ives gold mine, Kambalda, WA, for St Ives GoldMining Company.• $342m for mining services at the Duralie coal mine,Gloucester, NSW, for Duralie Coal.• $324m to design and construct the Kempsey Bypasspart of the Kempsey to Eungai Upgrade Project, NSW,for the RTA.• $288m EPC contract to construct a 420mw wind farm,VIC, for Macarthur Wind Farm P/L.$286m open cutcoal mining contract at the Dawson coal mine, QLD,for Anglo Coal (Dawson Management) Pty Ltd.• $250m alliance to design and construct 132kvsubstations, Sydney, NSW, for Energy Australia.• $245m for contract mining at the Poitrel coal mine,Qld, for BHP Mitsui Coal Pty Ltd.• $241m for contract mining services at the Sonomacoal mine Collinsville, QLD, for Sonoma MineManagement.• $470m ($235m) to design and construct the PacificHighway - Sapphire to Woolgoolga Upgrade, NSW, forthe RTA.• $216m for earthworks operations, road works anddrainage, in Moranbah, QLD, for BM Alliance CoalOperations.• $201m for contract mining services at the Peak Downscoal mine, Mackay, QLD, for BM Alliance CoalOperations.• $200m to construct Phase 1 and 2 of the road andirrigation channels, Ord River, WA, for the LandAuthority of Western Australia Government.• $181m for the operations and maintenance of theEastern Distributor Motorway, NSW, for AirportMotorway.• $155m contract for road maintenance of ISAWheatbelt region, WA for WA - Main Roads.• $150m alliance to upgrade the rail line in the UpperHunter Valley, NSW, for the Australian Rail TrackCorporation.• $229m ($131m) alliance contract to widen the GreatEastern Highway in Perth from four to six lanesbetween Kooyong Road and Tonkin Highway, WA, forWA - Main Roads.• $129m to design and construct a new gas fired opencycle power station, in Dalton, NSW, for AGL PowerGeneration Pty Ltd.• $125m contract to design and construct 4.1km offreeway from the south of Tilburn Road to FurlongRoad, Melbourne, VIC, for VicRoads.• $113m for construction services and early works inSouth Strathfield, NSW, for Sydney Ports Corporation• $110m for B9 new paper machine, in Matraville, NSW,for Amcor Packaging (Australia) Pty Ltd.• $97m for contract mining services at the Moorvale coalmine, Coppabella, QLD, for Macarthur Coal P/L.• $89m alliance to provide maintenance services for theAuckland road network, NZ, for Auckland City Council.• $81m to construct a new 6 level building and fit out of50% of the building, VIC, for Vic - Dept of Health.• $73m to design and construct a new wind farm inconsortium with GE near Geraldton, WA, for MumbidaWindfarm Pty Ltd.• $51m for construction works at the NewmarketViaduct, Auckland, NZ, for NZ Transport Agency.HWE Mining• $893m for contract mining operations at the SMRMagnet iron ore mine, Whyalla, SA, for OneSteelManufacturing.• $275m for mining operations at the Challenger goldmine, north-west of Adelaide, SA, for Dominion Mining.Note: ■ Indicates new project secured between 1 July 2011 – 31 December 2011• Indicates significant on-going projectLeighton Holdings Limited DECEMBER 2011 UPDATE Page 47

• $223m for mining services at Woodie Woodiemanganese mine, Pilbara region, WA for PilbaraManganese Pty Ltd.• $205m for contract mining, at the Telfer gold mine, WAfor Newcrest Operations Limited.• $180m for mining operations at the Favona gold mine,Waihi, North Island, NZ, for Newmont.• $308m ($154m) for contract mining services at theCockatoo Island iron ore mine, WA, for PortmanMining.• $121m for underground development and productionat the Cosmo Deep gold mine, in Humpty Doo, NT, forCrocodile Gold Australia Operations Pty Ltd• $103m for mining services at the Wattle Dam goldmine, WA, for Ramelius Resources.Broad• $91m for construction work at the Perth AirportTerminal, WA.• $474m ($237) for the design and construction of sevennew state schools, South East QLD, for AspireSchools.• $91m to construct housing and infrastructure forindigenous communities (SIHIP), Darwin, NT & Perth,WA, for the Australian, WA & NT Governments.• $95m to construct two 6-storey office buildings inPerth, WA, for CHOF 5 Pier Street Pty Ltd.• $45m to extend and refurbish an existing shoppingcentre at Mount Sheridan, Cairns, QLD, for GreenGroup Property Investments Pty Ltd.Telecommunications• $1.16bn contract to provide telecommunication fieldservices, Auckland, NZ, for Chorus (Telecom NewZealand).• $250m to provide fibre construction, design andproject management, to the Regional BackboneBlackspots Program (RBBP), for the Department ofBroadband Communications & the Digital Economy.• $138m to operate and maintain an emergency alertingsystem, across various areas, VIC, for the Departmentof Justice.• $119m site acquisition and construction for NBNWireless, VIC.• $55m Mobile digital network rollout. Cabe andWireless Optus, VIC.Thiess• $835m ($393m) alliance for construction of theFootscray to Deer Park section of Regional Rail LinkProject, VIC, for the Victorian Department of Transport.• $475m ($285m) alliance for construction of theRichlands to Springfield section of the Springfield RailProject, Springfield, QLD, for Queensland Rail.• $142m for construction of 3.2 kms of tunnel under thecity to connect existing and new substations, SurryHills, NSW for Ausgrid.• $97m for initial pioneering and mine establishmentworks at Solomon iron ore mine, Pilbara, WA, forFortescue Metals Group.• $60m for construction of a 1.2km long tunnelled shorecrossing to connect two offshore gas reserves,Ashburton North, WA, for Chevron Australia.• $4.14bn ($2.07bn) JV for the construction of theAirport Link tollroad, Northern Busway (Windsor toKedron) and Airport Roundabout Upgrade, Brisbane,QLD, for BrisConnections.• $3.69bn for mining operations at the Burton coal mine,Glenden, QLD, for Peabody Energy Australia.• $3.35bn for mining operations at the Mt Owen coalmine, Singleton, NSW, for Xstrata.• $2.9bn for mining operations at the Collinsville coalmine, Collinsville, QLD, for the Collinsville CoalCompany.• $3.5bn ($2.32bn) to design and construct the VictorianDesalination Plant, Wonthaggi, VIC, for theDepartment of Sustainability and Environment.• $968m for mining operations at the Prominent Hillcopper-gold mine, SA, for Oz Minerals.• $820m for mining operations at the Curragh North coalproject, Blackwater, QLD, for Wesfarmers Curragh PtyLtd.• $809m for mining services at the Wilpinjong coal mine,Wollar, NSW, for Peabody Energy Australia.• $765m ($255m) for engineering, procurement andconstruction of the Gorgon Village, Barrow Island, WA,for Chevron Australia.• $756m for approximately 13km of new expresswayfrom the end of the Newcastle link road at the F3 westto Kurri Kurri, including 24 bridges, NSW, for RTA.• $754m for mining services at the Lake Vermont coalmine, Dysart, QLD, for Lake Vermont Resources.• $721m for the construction of the Royal North ShoreHospital Redevelopment, Sydney, NSW, forInfrashore.• $695m for site preparation and temporary constructionfacilities at the Gorgon LNG Project, Barrow Island,WA, for Chevron Australia.• $684m for mining and coal processing at the Meanducoal project, Kingaroy, QLD, for Tarong EnergyCorporation Limited.• $543m to upgrade the Tulla to Sydney section of theM80 Ring Road, Tullamarine, VIC, for VicRoads.• $386m to design and construct the Lotus GlenCorrectional Centre, Mareeba, QLD, for QueenslandCorrective Services.• $345m for bulk earthworks and selected infrastructureat the Jimblebar iron ore mine, WA, for BHP Billiton.• $286m to design and construct infrastructure and acoal handling plant for Pakri Barwardih Coal MineIndia, for NTPC Ltd.• $273m for mining operations at South Walker CreekMine, Bowen Basin, QLD, for BHP Mitsui Coal Pty Ltd.• $213m for construction of upstream processingfacilities, Chinchilla, QLD, for Queensland GasCompany.• $172m alliance for project management and civilworks for installation of a 132kV transmission cable,Sydney, NSW, for Energy Australia.• $128m for the construction of King George Central,Brisbane, QLD, for Leighton Properties.• $221m ($111m) for a 5.5km extension of dual trackheavy rail from Noarlunga to Seaford, SA, for Dept ofTransport Energy and Infrastructure.• $100m for the construction of the Townsville HospitalUpgrade, Townsville, QLD, for Queensland Health.• $97m to demolish and rebuild infrastructure atGoodna, QLD, for Ipswich Water.•Leighton Holdings Limited DECEMBER 2011 UPDATE Page 48

• $85m for site preparation at the QCLNG gas plant,Gladstone, for Bechtel Australia.• $70m for providing construction management servicesfor the expansion of the existing steam and electricitysupply to the Worsley Alumina Refinery, Collie, WA,for WR Carpenter (for Worsley Alumina).• $58m to develop and construct wastewaterinfrastructure, Ipswich, QLD, for Queensland UrbanUtilities.• $113m ($57m) to design and construct the northernsection of the Brighton Bypass, Tasmania, for the Deptof Infrastructure, Energy and Resources.• $45m for earthworks for the construction of rail cardumper number 5, Finucane Island, WA, for BHPBilliton Iron Ore.PT Thiess Contractors Indonesia• US$4.50bn for contract mining at the Senakin andSatui coal mines, South Kalimantan, Indonesia, for PTArutmin Indonesia.• US$2.82bn for mining services and related works atthe KPC (Sangatta) coal mine, East Kalimantan,Indonesia, for Kaltim Prima Coal.• US$1.4bn for mining services at the Bayan FKP coalmine, East Kalimantan, Indonesia, for Gunung BayanPratama Coal PT.QLD, for Brisconnections. $82m contract to providewater, waste water, and stormwater maintenanceservices to Auckland City, New Zealand, forMetrowater.• $74m for central zone underground and overheaddistribution work & high voltage live line work for ErgonEnergy's Distribution and sub-transmission electricitynetwork, QLD.• $69m contract for the implementation, design andconstruction of wideband services (high speed data2Mbits/s & above) for Telstra's retail and wholesalecustomers.• $62m for contract for the inspection and maintenanceon Ergon Energy's Distribution and sub-transmissionelectricity network, QLD.• $49m contract to operate and maintain a recyclablematerials recovery facility, Canberra, ACT, for the Deptof Urban Services.• $47m contract for electrical distribution, constructionand maintenance work, Brisbane Metro & North Coast,QLD, for Energex.• $47m contract for the distribution, networkconstruction, maintenance and management services,South Country WA, Metropolitan Perth & Geraldton,Western Australia, for Western Power.• $41m material recover facility, to sort, process andrecover recyclable material received from local councilareas for Amcor, Petrie, QLD.• $40m contract for waste collection & recycling,Caloundra, QLD, for the Caloundra City Council.Thiess Services• $1.49bn ($595m) contract to operate and maintain theWonthaggi desalination plant, Wonthaggi, VIC, forAquasure.• $780m alliance contract for the provision of operations,maintenance and construction services to South EastWater Ltd, Victoria, for South East Water.• $410m contract for the facility management andbuilding plant & equipment maintenance of the RoyalNorth Shore Hospital for Infrashore Consortium(RNSH), NSW.• $358m contract to provide maintenance services forMelbourne Water, VIC.• $373m ($279m) contract for the passive fibre networkconstruction for NBN Co.,ACT, NSW and QLD.• $488m ($244m) contract for the installation &maintenance of the broadband and access services,QLD & NSW, for Telstra.• $234m for operations of waste transfer stations andlandfill for Brisbane City Council, Brisbane, QLD, forthe Brisbane City Council.• $201m contract for collection of domestic generalwaste, recyclables, green waste and bulk waste,Gosford &Wyong, NSW, for the Gosford & WyongCouncils.• $350m ($175m) contract for the provision of telepowerand network building facility management services toTelstra.• $280m ($140m) contract for the design andconstruction of Telstra's Telepower Network, AustWide, Telstra.• $262m ($131m) contract for the provision ofmaintenance and asset management services,Victoria, for BlueScope Steel.• $128m contract for domestic, green, and recyclingwaste for the Wollongong City Council.• $124m contract for the operations and maintenance ofAirportLink Tunnel and associated works, Brisbane,•John Holland• $367m for the construction of a 3,800 bed camp forthe Wheatstone onshore LNG project at AshburtonNorth, WA, for Chevron Australia Pty Ltd.• $223m for the construction of permanent site buildingsfor the Wheatstone onshore LNG project at AshburtonNorth, WA, for Chevron Australia Pty Ltd.• $106m to construct a new access road and loadingdock at the Sydney Opera House, NSW for SydneyOpera House Trust.• $102m for the engineering, procurement andconstruction of a product load out berth and approachjetty at the APLNG site, QLD for Bechtel Australia.• $48m to upgrade the Iluka Rd to Woodburn, NSW forthe RTA.• $7.60bn ($1.52bn) to operate and maintain themetropolitan rail network, Melbourne, VIC, for theDepartment of Transport.• $4.14bn ($2.07bn) for the construction of the AirportLink tollroad, Northern Busway (Windsor to Kedron)and Airport Roundabout Upgrade, Brisbane, QLD, forBrisConnections.• $644m to operate, manage, maintain and upgradecountry railway lines across NSW for Country RailInfrastructure Authority• $575m to construct 10.5 kilometres of new twin trackelectrified rail line from Glenfield to Leppington,including new passenger stations and a stabling yard,Sydney, NSW for Transport Construction Authority• $370m for mining operations at the Jellinbah Plainscoal mine, QLD, for Jellinbah Resources Pty Ltd.• $338m for mining operations at the Isaac Plains coalmine, Moranbah, QLD, for Isaac Plains CoalManagement.• $333m for expansion of port facilities, Cape Lambert,WA, for Hammersley Iron Pty Ltd.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 49

• $339m ($301m) alliance to delivery rail, tunnelling andcivil works for the Perth City Transport Hub, WA for thePublic Transport Authority.• $281m alliance to construct rail works betweenMaitland and Whittingham, NSW, for the AustralianRail Track Corporation.• $500m ($250m) alliance to construct waterinfrastructure, Canberra, ACT, for ACTEWCorporation.• $240m to maintain rail infrastructures, WA, forBrookfield Rail Pty Ltd.• $546m ($218m) to deliver a new 4.8 kilometre highwaycorridor, including 2.8 kilometres of elevated roadway,Adelaide, SA, for Department for Transport, Energyand Infrastructure.• $217m for mining operations at the Oak Park and LakeLindsay coal mines, Middlemount, QLD, for Anglo Coal(Capcoal Management) Pty Ltd.• $198m to deliver a 5 year program of works includingmajor civil, rail, signalling and overhead traction works,NSW, for Rail Corporation.• $183m to design and construct the production centre,maintenance, vehicle maintenance, canteen and otherancillary buildings at the Gorgon facilities, WA, forChevron Australia.• $175m alliance to upgrade water infrastructure, forBarwon Region Water Corporation, Vic.• $165m to construct marine offloading facilities at theGLNG site, QLD for the Santos, PETRONAS, Total &KOGAS joint venture.• $152m for the redevelopment and expansion of theAlbany hospital, WA, for Department of Treasury &Finance.• $130m for managing contractor role on Stage 1 of theconstruction of a new hospital, WA, for the Departmentof Treasury & Finance.• $112m to construct facilities and supportinginfrastructure for the Singleton Military Area, NSW, forthe Department of Defence.• $106m to construct a new 200 bed co-located privatehospital adjacent to Sunshine Coast UniversityHospital, QLD, for Ramsay Health Care Australia.• $100m for construction of a product load out jetty atthe GLNG site, QLD for the Santos, PETRONAS, Total& KOGAS joint venture.• US$237m (US$107m) to construct twin 1 km longrailway tunnels, an underground cavern station, 200mof cut and cover tunnels and one cut and cover boxstation on the South East Line, Hong Kong, for MTRCorporation Limited.• $89m for strengthening of the rail line betweenNarngulu and Mullewa, WA, for Brookfield Rail Pty Ltd.• US$561m (US$87m) for a sludge treatment facility,Hong Kong, for Hong Kong Environmental ProtectionDepartment.• $88m management contract to deliver track, stationupgrade and signalling works at Liverpool station,NSW, for TIDC.• $86m to construct new facilities and the refurbishmentof existing working accommodation, training, andstorage accommodation, South East QLD, for theDepartment of Defence.• $80m to construct a 20 storey commercial office block,NSW, for Hassall Street Pty Ltd.• $77m to construct a wastewater treatment plant at theShell Refinery, Barwon Region, for Barwon RegionWater Corporation.• $76m for construction of a product load out jetty andoperations jetty at the QCLNG site, QLD for QGC.• $70m to construct additional facilities at the CessnockCorrectional Centre, Newcastle, NSW, for theDepartment of Corrective Services.•• US$130m (US$65m) for construction of twin 780mlong rail tunnels plus station box on the Down TownLine, Singapore for Land Transport Authority.• $63m for expansion and refurbishment of existingmorgue facilities, Melbourne, VIC, for Department ofJustice.• $62m to construct marine offloading facilities at theQCLNG site, QLD for QGC.• $160m ($60m) JV for the delivery of track workupgrade to the Adelaide metropolitan passenger railnetwork, Adelaide, SA, for the Department ofTransport, Energy & Infrastructure.• $55m for construction of a bulk liquids berth at PortBotany, NSW, for Sydney Ports Corporation.• $54m to construct an emergency department, 70 bedpublic ward and 12 new theatres, WA, for JoondalupHospital Pty Ltd.• $44m for expansion of Carousels 6 & 7 and Gates 18& 20 at Melbourne Airport for Australia Pacific Airports.• $98m ($49m) to construct extra facilities andinfrastructure as part of Stage 1 of the Kapookaproject, Kapooka, NSW, for the Department ofDefence.• $43m to construct 4.5 km of sewers with crossconnections to an existing sewer, Eight Mile Plains,QLD, for Queensland Urban Utilities• $83m ($42m) for the upgrade of the Murrumbidgeeirrigation network in NSW, for the MurrumbidgeeIrrigation Council.• $42m to construct 2 new metropolitan train stations inMelbourne, Victoria for Metro Trains Melbourne PtyLtd.• $69m ($41m) for activation and enabling works atSouthern Cross Station for the Regional Rail Linkproject, Melbourne, for Metro Trains Melbourne PtyLtd.• $40m to expand the wireless network throughout ruralAustralia for Optus.Leighton Asia, India and Offshore• US$1.01bn (US$504m) to construct a main concoursewith deep excavation, platforms for trains, road andbridge connections around the main site in WestKowloon Terminus North, Hong Kong, for MTRCorporation Limited.• US$88 ($79m) worth of contracts to provide fireservices, plumbing and drainage to the West KowloonTerminus Station, Hong Kong, for the MTRCorporation Limited.• US$52m for advance works, design and build of a20,000-square metre, five-storey school for the HongKong Academy at Sai Kung.• US$518m for building two offshore platforms, a 75-kmlong 1.2-m diameter oil pipeline and a single pointMooring system, Iraq, for South Oil Company.• US$3.05bn for mining operations at the Wahana coalmine, Indonesia, for PT Wahana Baratama Mining.• US$1.36bn for mining services at the Ukhaakhudag(UHG) coal mine, Mongolia, for Energy ResourcesLLC.• US$1.24bn for mining operations at MSJ coal mine,Indonesia, for PT Mahakam Sumber Jaya.• US$879m to install 4 single point moorings and 120km of pipelines, Iraq, for South Oil Company.Leighton Holdings Limited DECEMBER 2011 UPDATE Page 50

• US$512m (US$333m) for engineering, procurementand construction of a 2 lane road tunnel, Jammu,Northern India, for IL&FS Transportation Networks Ltd.• US$346m for mining operations at the Masbate goldmine, Philippines, for the Philippines Gold Processing& Refining Corporation.• US$442m (US$333m) for construction of Rail tunnelsand associated ventilation and access structuresbetween Tse Uk Tseun in Kam Tin and Shek Yam inKwai Chung, Hong Kong, for MTR CorporationLimited.• US$324m to construct 1.8km of elevated viaduct andtwo elevated stations with footbridge connections,Hong Kong, for MTR Corporation Limited.• US$300m contract to develop and operate theKhushuut coal mine in western Mongolia for MongoliaEnergy Corporation.• US$279m (US$223m) for the construction of Stage 2Aof the Harbour Area Treatment Scheme (HATS), HongKong, for Hong Kong Drainage Service Department.• US$176m to install approximately 360km of doubletrack from Ipoh to Padang Besar, for the MMCGamuda Joint Venture Sdn Bhd.• US$163m to construct a cut and cover tunnel for theHighways Department of the Hong Kong Government.• US$160m to construct drainage tunnels at the Lai ChiKok Transfer Scheme, Hong Kong, for the Hong KongDrainage Service Department.• US$154m for mining operations at Martabe gold mine,Indonesia, for PT Agincourt Resources.• US$284m (US$142m) JV to construct a cut and coverapproach tunnel for West Kowloon Terminus, HongKong, for MTR Corporation Ltd.• US$561m (US$135m) JV to design and constructsludge treatment facilities at Tuen Mun, for VW-VES(HK) Ltd.• US$131m for mining operations at the Toka Tindunggold mine, Indonesia, for PT Meares SoputanMining/Achipelago Resources Pty.• US$237m (US$130m) JV to construct railway tunnelsbetween the Aberdeen Channel Bridge and theproposed South Horizons Station, for MTRCorporation Limited.• US$110m (US$72m) to design and construct the WINRevamp Project, India, for Oil & Natural GasCorporation Ltd.• US$205m (US$105m) to design and construct aneight-storey, 160 bed hospital block, Hong Kong, forthe Architectural Services Department of the HongKong Government.• US$98m to prepare site and bulk earthworks inpreparation for gold mining and a processing plant atMartabe, North Sumatra, for PT Agincourt Resources.• US$96m for the construction of a Grade A OfficeTower with 34 office floors and 5 basement parkingfloors in the Philippines, for Bridgebury RealtyCorporation-Zuellig Group.• US$82m for the demolition, disposal anddecommissioning of concrete storage bunkers, for theMMC Gamuda Joint Venture Sdn Bhd.• US$78m (US$51m) to construct the Ramanujan ITPark, Chennai, India, for Tata Realty andInfrastructure.• US$72m for engineering, procurement, projectmanagement, and installation of a single point mooringsystem, for Tanzania Ports Authority.• US$130m (US$65m) to construct the Sungei RoadRail Station together with twin tunnels of approximately770m, for the Land Transport Authority of Singapore.• US$50m for project management services for theUkhaa Khudag to Gashuun Sukhait freight railway inthe South Gobi region of Mongolia, for EnergyResources Rail LLC.• US$46m to modifiy works to the Black Point powerstation in preparation for a new gas supply due in2013, for the China Light & Power Limited, HongKong.• US$40m for site preparation work, for the JGCCorporation, Hong Kong.Leighton Middle East & Africa• US$290m (US$131m) for the construction of NorthGate Mall, Qatar, for Northgate Group.• US$306m (US$69m) for the construction of nineinterchanges and 50 kilometres of service roads,Oman, for the Government of the Sultanate of Oman.• US$2.41bn (US$1.08bn) for the construction of theDubai Pearl, Dubai, UAE, for Pearl Dubai FZ LLC.• US587m (US$352m) to deliver mining services atJwaneng, Botswana, for Debswana.• US$498m (US$224m) for the construction of the AlBustan mixed use development, Abu Dhabi, UAE, forthe Al Hamid Group.• US$430m (US$193m) for the construction of the RitzCarlton Hotel, Abu Dhabi, UAE, for Abu Dhabi NationalHotels.• US$347m (US$156m) for the construction of the AlGhurair City Expansion, Dubai, UAE, for Al GhurairCentre LLC.• US$338m (US$152m) for the construction of the P9Mixed Use Development, Abu Dhabi, UAE, for East &West International Group.• US$324m (US$146m) for the construction of roadsand services for the KPIZ Industrial, Abu Dhabi, UAE,for the Abu Dhabi Ports Company (ADPC).• US$316m (US$142m) for the construction of the KPIZPort Infrastructure-Onshore Civil & Building, AbuDhabi, UAE, for the Abu Dhabi Ports Company(ADPC).• US$591m (US$128m) for the construction of Al MafraqHospital, Abu Dhabi, UAE, for the Abu Dhabi HealthServices Company.• US$443m (US$120m) for the construction of the DubaiTower, Qatar, for Dubai International Properties.• US$441m (US$99m) for the construction of the 72storey Landmark Tower, Abu Dhabi, UAE, for theDepartment of Presidential Affairs.• US$214m (US$96m) for the construction of a hotel,office and residential Towers at DIFC, Dubai, UAE, forDaman Real Estate Capital Partners.• US$206m (US$93m) for the construction of the Duhailand Umm Qarn water reservoirs, Qatar, for QatarGeneral Electricity & Water Corporation.• US$140m (US$63m) for the construction a four levelbasement structure, Dubai, UAE, for DubaiInternational Real Estate.• US$139m (US$63m) for the construction of anadministration and accomodation complex, Abu Dhabi,UAE, for the Abu Dhabi Company for Onshore OilOperations (ADCO).• US$118m (US$53m) to construct the Arzanah MedicalCentre, Abu Dhabi, UAE, for Medical HoldingCompany LLC – Mubadala.• US$110m (US$50m) for the construction of new bankheadquarters, Abu Dhabi, UAE, for Abu Dhabi IslamicBank.•Leighton Holdings Limited DECEMBER 2011 UPDATE Page 51

• US$109m (US$49m) for the construction of theSamriya Tower, Qatar, for Sheikh Faisal Bin QassamAl Thani-Al Jazi Real Estate Investment Company.• US$105m (US$47m) for the construction of the IrisBay commercial development, Dubai, UAE, for ShethEstate (International) Ltd.• US$424m (US$191m) for the construction of the CityCentre Phase 3, Qatar for Sheikh Faisal Bin QassamAl Thani-Al Rayyan Tourism Investment Company.Leighton Properties• Section 63: A 50% owner and joint venturedevelopment partner for a planned $900m 4-buildingphased commercial development in Civic, Canberra,ACT.• 567 Collins Street: A 50% joint venture developmentpartner of a site where a $350m commercial building isproposed in Melbourne CBD, VICic.• Cranbourne West: An owner and developer of a 120hectare industrial site on Westernport Hwy, inMelbourne, VIC.• Bay Road Cheltenham: Owner of units in a completedstrata unit development in Melbourne, VIC.• Hallam: Leighton Properties is a 50% owner and jointventure development partner of an industrial lot subdivisionunderway in Melbourne, VIC.• Deer Park: Leighton Properties is a joint venturedevelopment partner of a staged industrial lotdevelopment underway in Melbourne, Vic.• 486 Pacific Hwy: A 50% owner and joint venturedevelopment partner of a commercial office buildingproposed for redevelopment in St Leonards, Sydney,NSW.• Erskineville: A joint venture owner and developer of asite for a planned 320 unit medium rise residentialdevelopment in Erskineville, Sydney, NSW.• 60 Station St: A 50% owner and joint venturedevelopment partner for a commercial building,“Eclipse Tower”, which is under construction inParramatta, NSW.• King George Central: The developer of a commercialoffice tower which has been sold to CommonwealthProperty Office Fund (CPA) for $210m and is underconstruction in Brisbane CBD, QLD.• Ipswich Tower A: The developer of a commercial officetower which has been pre-sold to Cromwell Group for$94m and is under construction in Ipswich, QLD.• Ipswich ICON Project: An agreement with Ipswich CityProperties to develop a $1 billion mixed usecommercial, retail and residential development,including Ipswich Tower A, at Ipswich Town Centre,QLD.• Hamilton Harbour: Leighton Properties and Devinejointly own and are developing a $500m staged mixeduse residential and office development in Hamilton,Brisbane QLD. The first two towers have completedconstruction and a third tower is under construction.• Mosaic: A joint venture owner and developer of amixed use development including 212 residentialapartments which is under construction in ChurchStreet, Fortitude Valley, Brisbane, QLD• Townsville: Leighton Properties and Devine jointly owna site where a mixed use residential, retail and officeprecinct is proposed for development in TownsvilleQLD.• Beckmans Green: An owner and developer of lots in acompleted residential land subdivision at Noosaville,QLD.• Boggo Rd: An agreement with the QLD StateGovernment to develop a $350m mixed usecommercial, retail and residential development atDutton Park, QLD.# # # # # # #•Leighton Holdings Limited DECEMBER 2011 UPDATE Page 52

Media Release13 February 2012 Underlying strength puts Leighton back on trackLeighton Holdings Limited has generated a profit after tax of $340 million for the 6 monthtransitional year from 1 July 2011 to 31 December 2011 (the period) based on strongperformances across the core construction and mining operations in Australia and Asia.The directors have restored the dividend with the payment of an unfranked final dividend of [60]cents per share which demonstrates the Board’s confidence in the outlook for the LeightonGroup.Chief Executive Officer, Mr Hamish Tyrwhitt, said that the results were testament to the Group’sstrategy and the strength of our business model, which allows us to pursue opportunities acrossthe infrastructure, resources and property markets in a range of diverse geographies.“The Group reported a strong underlying profit (profit adjusted for the capital gain andimpairments) after tax of $272 million for the period. Supplementing the result was a capital gainof $167 million after tax from the sale of the HWE Mining iron ore business,” said Mr Tyrwhitt.The Group has also taken a $50 million after tax impairment to the investment value of theHabtoor Leighton Group and a $49 million after tax impairment to the equity commitment withrespect to BrisConnections, the listed toll-road developer. The net gain after impairments of $68million, when added to the operating profit after tax of $272 million, produced a reported profitafter tax for the period of $340 million.Revenue for the period totalled $12.2 billion with $10.0 billion generated from theAustralia/Pacific region and $2.2 billion from the Group’s international operations. The majorrevenue generating markets for the Group were infrastructure $6.7 billion, resources $4.4 billionand property $885 million. The Group’s Operating Companies provided a range of services tothese markets including construction $7.3 billion, contract mining $3.1 billion, and operationsand maintenance $1.0 billion.Work in hand as at 31 December 2011 was $44.6 billion, with 64% coming from theAustralia/Pacific region and 36% from international markets. After adding back the $1.2 billion ofwork in hand that was sold as part of the HWE Mining iron ore transaction, work in hand isaround the same level as the record of $46.2 billion as of 30 June 2011.“Our major PPPs – Brisbane’s Airport Link and the Victorian Desalination Project - are drawingto completion. Both projects have stabilised during recent months and positive progress is beingmade,” said Mr Tyrwhitt.“Underpinning our ability to pursue and deliver work is the strength of the Group’s balancesheet. At year end, the Group had a solid capital base with $2.8 billion of shareholders’ equityand $9.9 billion of total assets.“The Group retained $1.5 billion in cash, and gearing including operating leases improved from35% at 30 June 2011 to 32% as at 31 December 2011, which is an improvement on the Group’stargeted range of between 35% and 45%,” said Mr Tyrwhitt.“The Group’s outlook is positive with near record level of work in hand, a solid balance sheetand favourable market conditions. We are currently preparing around $30 billion worth oftenders which demonstrates that there is no shortage of opportunities for us to pursue. We havewon $1.7 billion new contracts since 31 December and have preferred positions on another $6billion of contract potentials.Page 1 of 3

Media Release 13 February 2012“Our strategy has us positioned in the best parts of the world for a contracting organisation –particularly Australia and Asia – based on the industrialisation and urbanisation of Asia and theregion’s demand for minerals and energy,” said Mr Tyrwhitt.“We have the broadest footprint of any international contractor operating in this part of the worldand are focused on further developing our international presence. We are located in marketsthat are continuing to grow and are offering good opportunities for our construction, mining, andoperations and maintenance services.“In Australia, we see that the construction market will remain strong, driven in particular byprivate sector investment in the gas sector. This is an area where the Group has greatexperience and competency in delivering civil engineering and building work for major LNG andcoal seam methane projects,” said Mr Tyrwhitt.“Government spending on infrastructure is likely to remain at high levels with some major railprojects in New South Wales and Victoria driving opportunities. Government spending on roads,other transport infrastructure and telecommunications will continue to underpin a solid outlookfor civil construction work.“As the world’s largest contract miner, this market remains core for the Group in Australia,Indonesia, Mongolia, the Philippines and Southern Africa. While capital intensive, contractmining offers stable earnings and opportunities for growth, fuelled by continued demand growthfrom Asia for coal and other minerals. Additionally, substantial investment in new mine, rail andport infrastructure for coal and iron ore projects will continue to be made in Australia,underwriting a range of construction opportunities for our Operating Companies,” he said.“Asia’s growth is also providing construction opportunities for the Group in markets like HongKong, Macau, Indonesia and India where clients are continuing to look for the experience andcapability of an international contractor like the Leighton Group. We will target opportunities inthese markets where our services are valued and where we can create value for shareholders.“We have rebounded strongly to report a solid level of profitability during the period and this setsthe Group up for a positive 2012 year. The Group had previously issued guidance for the 12month period ending 30 June 2012 for profit after tax of between $600-650 million, excludinggains from sales and impairments. We remain committed to this guidance,” he said.“For the full financial year to 31 December 2012, the Group expects to deliver profit in a similarrange to that forecast for the 12 month period ending 30 June 2012,” said Mr Tyrwhitt.ENDSIssued by Leighton Holdings Limited ABN 57 004 482 982 www.leighton.com.auFurther information:MR JUSTIN GROGAN EGM, Investor Relations and External Affairs T+61 2 9925 6628MR MATTHEW SULLIVAN Manager, Investor Relations T+61 2 9925 6121Page 2 of 3

Media Release 13 February 2012LEIGHTON HOLDINGS LIMITED, founded in Australia in 1949, is the parent company of the Leighton Group, one ofthe world’s leading international contractors. The Group is also the world’s largest contract miner. Listed on theAustralian Stock Exchange since 1962, Leighton Holdings is a top 30 company by market capitalisation and has itshead office in Sydney, Australia. Leighton Holdings owns and operates through a number of diverse and independentoperating companies: Leighton Contractors, Thiess, John Holland, Habtoor Leighton Group, Leighton Africa, LeightonAsia, Leighton Welspun India, Leighton Offshore and Leighton Properties. These operating companies providedevelopment, construction, contract mining, and operation and maintenance services to the infrastructure, resourcesand property markets. They operate in more than 25 countries throughout Australia, Asia, the Middle East andSouthern Africa from headquarters in Australia, Hong Kong and Dubai. These operating companies directly employmore than 53,000 employees and each function autonomously with its own Board and Managing Director.Page 3 of 3

PRELIMINARY FINAL REPORTPRESENTATION BY HAMISH TYRWHITT, FEBRUARY 2012

PRELIMINARY FINAL REPORTPRESENTATION BY HAMISH TYRWHITT, FEBRUARY 2012The Leighton Group is a leadinginternational contractor. We aim tobe renowned for excellence throughour operating brands and theempowerment of our people.

PRESENTATION OUTLINE1. Overview of the Year2. Strategic and Operational Update3. Detailed Financials4. Market Outlook and Priorities5. Appendix3PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

1. Overview of the Year

Overview of the YearWHERE WE’VE COME FROMooooRecovering from tough periodRequired focus and leadershipA strategic management companyCreating a performance driven cultureoAim to be renowned for excellence through our operatingbrands and the empowerment of our people5PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Overview of the YearNOW BACK ON TRACKoooooAPL and VDP under control, dealing with HLGSenior appointments madeProfit after tax of $340m, underlying of $272m*Good opportunities across core marketsWork in hand of $44.6bno Guidance of $600-650m for year to June 2012o Expect similar profit range for Dec 2012* See page 44 of appendix6PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Overview of the YearTHE FOCUS FOR THE FUTUREooooooRegaining investor trustMeeting guidanceDelivering cash earnings and returnsImproving marginsRecycling capitalAligning performance and remuneration7PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

2. Strategic and OperationalUpdate

Strategic and Operational UpdateDIVERSITY PROVIDES A FRAMEWORK FOR GROWTHGeographieso Export core competencies to newmarkets, i.e. mining to SouthernAfricao Grow into attractive marketswhere our services are valuedo Integrate Group capabilities,i.e JHG to JV with HLG in Qataron railGeographiesBrandso Committed tocompetitive model inAustraliao Encouraging focus oncore competenciesMarkets/ActivitiesoooCommitted to contractmining in Australia andAsiaPursue acquisitions tobroaden offer, i.e.Leighton EngineeringTarget growthmarkets suchas oil & gasMarkets/ActivitiesBrandsDeliverySystemsDelivery Systemso Seek opportunities tobroaden offer, i.e.mechanical & electricalo Risk weighted approach toPPP’s9PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Strategic and Operational UpdateFINANCIAL STRENGTH A KEY ELEMENT OF STRATEGYooooRecycling capital to improve returnsImplement Economic Profit measuresAssigning virtual balance sheetSeek purchasing synergies where possible, i.e. travel, IT,materials, services10PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Strategic and Operational UpdatePEOPLE CRITICAL IN DELIVERING STRATEGYoooooFurther develop performance driven cultureIndividual KPI’s for businesses and senior managersChanges to remuneration structureChief HR Officer for the GroupCommunication of values11PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Strategic and Operational UpdateRISK MANAGEMENT CHANGES AT LEIGHTONoooooComprehensively reviewed the ‘project life cycle’Developed ‘Project Risk Assessment’ systemIdentifies ‘High-Risk’ projectsNeed bid strategy before submitting an EOIStrengthened Work Procurement guidelines12PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Strategic and Operational UpdateVICTORIAN DESALINATION PROJECT - CURRENT STATUSo Marine, tunnel and pipelinesubcontracts completeo Sea water lift station nearingcompletiono Reverse osmosis plant 76%completeo 87% complete by cost at 31 Deco Targeting production of water bymid 2012o Completion towards end of theyear13PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Victorian Desalination Project,Victoria, Thiess

Strategic and Operational UpdateAIRPORT LINK - CURRENT STATUSo Construction to be completed inMarch 2012o Sound progress being made onmechanical, electrical and fit-outo Integrated commissioningtargeted to commence March2012o 92% complete by costs at 31Deco Program targets traffic ontollway by 30 June 201215PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Airport Link, Queensland,Thiess/John Holland

Khalifa Port and Industrial Zone,Abu Dhabi, Habtoor Leighton Group

Strategic and Operational UpdateSAFETY IS AN ABSOLUTE PRIORITYWe strive to ensure employees return home each day in the samehealth and condition as when they arrived at work.FATALITIES AND LTIFR12108660000500004000030000NUMBER OF EMPLOYEES42000021000002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011*Fatalities - Australia Fatalities - International LTIFR - Australia^0LTIFR - International^Number of Employees (rhs)LTIFR – Lost Time Injury Frequency Rate per million Man-hours Worked ^ 12 month rolling average* For 6-months to 31 Dec 201119PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Strategic and Operational UpdateSHAREHOLDER CHANGESooooACS a significant holder in HochtiefMaintain a good relationship with HochtiefACS and Leighton have a commercial relationshipACS’s IP offers opportunities20PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Strategic and Operational UpdatePOTENTIAL BREACH OF CODE OF ETHICSooooooReferred to AFPRelates to Leighton Offshore works in IraqAFP investigating and we are fully cooperatingAny deviation from Code will not be toleratedUrge anyone with information to cooperateEstablished Leighton Ethics line21PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

3. Detailed Financials

Detailed FinancialsSUMMARY OF FINANCIALS – 6 MONTH COMPARABLEDec 11 ($m) Dec 10 ($m) % changeTotal revenue 12,177 9,709 25New contracts, extensionsand variations10,054 16,054 (37)Value of work in hand 44,560 45,641 (2)Profit before tax 475 324 47Profit after tax 340 217 57Dividends (cents perordinary share)60 60 -23PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsREVENUE UP OVER THE PERIOD – 6 MONTH COMPARABLEA$m1412REVENUE - BY GROUP ANDJOINT VENTURES & ASSOCIATESo Total revenue up 25%o Group revenue up 38%oJV & Associates down 14% asVDP winds down10864202010 2011GroupJV's & AssocNote: 6 months to 31 Dec 2011 v 6 months to 31 Dec 201024PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsSUMMARY OF OPERATING COMPANY PERFORMANCEKEY OPERATING COMPANY METRICS IN A$MThiess LCPL JHG LMEA LAIOCommercialResidential #Dec 2011Work in hand 16,103 9,826 6,928 2,280 8,171 1,342Revenue 3,809 3,595 2,400 330 1,389 529Segment result 24 492 25 (154) 135 1Dec 2010Work in hand 16,257 12,296 7,053 2,126 6,984 925Revenue 3,596 2,865 1,848 509 807 78Segment result 101 128 20 (158) 289 (20)Source Note: ASX Report and 4E, and Dec 2010 ASX Report and 4E# Commercial and residential includes Leighton Properties and Devine25PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsPROFIT BEFORE AND AFTER TAX6 MONTHS TO DEC 20106 MONTHS TO DEC 2011A$m600A$m6005005004004003003002002001001000EBITFinanceCostsTaxNPAT0EBITFinanceCostsTaxNPAT26PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsSOLID OPERATING CASH FLOWA$bn21.81.61.41.210.80.60.40.20JULY 2011 - DEC 2011 CASH FLOW RECONCILIATION27PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsBALANCE SHEET – ASSETS UP MARGINALLYAssetsDec 2011($M)June 2011($M)% changeCash & cash equivalents 1,503 1,415 6Trade & other receivables 3,238 2,857 13Current tax assets 93 103 (10)Inventories 902 1,149 (21)Investments – equityaccounted999 1,004 0Other investments 64 65 (1)Deferred tax assets 307 433 (29)Property, plant & equipment 2,525 2,619 (4)Intangibles 269 156 72Total Assets 9,900 9,800 128PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsLIABILITIES – DOWN BY ALMOST $350MLiabilitiesDec 2011($’000)June 2011($’000) % changeTrade & other payables 4,378 5,061 (13)Current tax liabilities 59 47 26Provisions 552 546 1Interest bearing loans 2,144 1,826 17Total 7,133 7,480 (5)Net Assets 2,767 2,320 1929PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsDEBT FACILITIESLimit Term MaturityTerm DebtLMENA Syndicated bank loan US$312m 5 years Sept 2012Medium Term Notes A$280m 5 years July 2014US Private Placement US$280m 5, 7, 10 years Oct 2013, 2015, 2018US Private Placement US$350m 5, 7, 10 years July 2015, 2017, 2020Finance leases US$753m Up to 5 years 2012-2017Bilateral facility US$110m 1 year July 2012Devine facilities $188m 2014 VariousOther $52m - VariousWorking CapitalSyndicated loan A$600m* 3 years Dec 2013Bilateral facilities A$256m* 1-2 years Sept 2012 to Dec 201430PRELIMINARY FINAL REPORT* UndrawnLEIGHTON HOLDINGS

Detailed FinancialsDEBT MATURITY PROFILEA$mCALENDER YEAR DEBTMATURITY PROFILE12001000800600400200012 13 14 15 16 17 18 19 20W/C LoanUS PPMTNTerm LoanBilateralFinance LeasesDevineoooooMajor re-financing over the next2 years:– $825m of undrawn workingcapital facilities– $284m of finance leases– US$312m LMENA loanEvaluating options for LMENAloanAggregate bonding facilities of$3.9bnRestructuring to longer termdebtRobust debt maturity profile31PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Detailed FinancialsCURRENT FINANCING UPDATEoConcerted focus on cash managemento Gearing currently at 32%o Target of 35-45%ooExpect gearing of:– ~43% by June ’12– ~40% by Dec ‘12No need to raise capital32PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

4. Market Outlook andPriorities

Market Outlook and PrioritiesAUSTRALIAN INFRASTRUCTURE MARKETA$bn200180160140120100806040200TOTAL CONSTRUCTION VALUE OF WORK DONE BYPRIVATE SECTOR96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16Resources Transport Utilities Social Commercial and Industrial Building Residential BuildingSource: ABS; Macromonitor, Australian Construction Outlook, January 2012Note: Total value of work done by the private sector. Year end June.Forecast34PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesAUSTRALIAN RESOURCES MARKETA$bn908070605040302010RESOURCES CONSTRUCTIONForecast098 00 02 04 06 08 10 12 14 16Value of Work CommencedValue of Work DoneSource: ABS; Macromonitor, Australian Construction Outlook, January 2012Note: Total value of work done by the private sector. Year end June.35PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesAUSTRALIAN RESOURCES MARKETMillion Tonnes0.70.60.50.40.30.20.1COMMODITY PRODUCTION VOLUMESForecast004 05 06 07 08 09 10 11 12 13 14 15 16Iron ore (Australia) Coking coal (Australia) Thermal coal (Australia) Thermal coal (Indonesia exports)Source: Australian Bureau of Resources and Energy Economics (BREE); Macromonitor36PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesASIAN CONSTRUCTION MARKETSThailandSingaporePhilippinesMalaysiaIndonesiaHong KongREAL GROWTH INCONSTRUCTION OUTPUTIndiaVietnamTaiwan0% 5% 10% 15%average 2011-2016 average 2006-2010US$bn120010008006004002000INDIA’S INFRASTRUCTURECONSTRUCTION10th Plan 11th Plan (est.) 12th Plan (est.)Infrastructure spendSource: IMA Asia, Asia Pacific Executive Brief and ForecastOutlook, January 2012Source: Planning Commission37PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesOPPORTUNITIES IN THE MIDDLE EASTMIDDLE EAST PROJECTS PLANNED OR UNDERWAYAT NOVEMBER 2011Total: US$2.5 trillionIran, $313bnIraq, $356bnBahrain, $56bnKuwait, $177bnOman, $115bnQatar, $214bnUAE, $603bnSaudi Arabia, $659bnSource: MEED projects database38PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesPRIORITIES – SHORT TERM (6-12 MONTHS)ooooooComplete Airport Link and VDPSecure new work in the Middle EastFinalizing payment agreements with HLG’s major clientsEmbed new incentive systemsDevelop our performance oriented cultureContinuing to enhance risk management systems39PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesPRIORITIES – LONGER TERM (2-5 YEARS)oIncrease ROSF to traditional levelso Grow onshore/offshore to 70:30ooImprove safety cultureDevelop our people40PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Market Outlook and PrioritiesSUMMARYooooooBack on track$44.6bn worth of work in handOutlook for most major markets is very positiveEmbedded gross margin of 10% plusDynamic management teamBringing a disciplined approach to the businesso Guidance of $600-650m to June 201241PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

PRELIMINARY FINAL REPORTPRESENTATION BY HAMISH TYRWHITT, FEBRUARY 2012The Leighton Group is a leadinginternational contractor. We aim tobe renowned for excellence throughour operating brands and theempowerment of our people.

Appendix:Including OperationalCompany Performance

Appendix:Including Operational Company PerformanceTHE LEIGHTON FRAMEWORKThe Leighton Group is a leading international contractorWe aim to be renowned for excellence through our operating brands and the empowerment of our peopleOUR PURPOSE OUR STRATEGY OUR DIVERSITYWeCreateSafe rewardingand fulfilling careersTo take our core competencies todiverse markets and delivervalue added services andprojects for clients,through ourempowered people,diversity andfinancialstrengthMarkets/ActivitiesGeographiesBrandsDeliverySystemsOUR VALUESDISCIPLINETake responsibilityand deliverINTEGRITYDo what’s right andethicalSAFETYEnsure physical, mentaland emotional well-beingSUCCESSFoster a winning cultureo Set clear goals andmeet themo Innovate withinboundarieso Don’t compromiseo Ask for helpo Respect yourself andotherso Be trustworthyo Speak up whensomething is wrongo Don’t take personaladvantageo Ensure a safeworkplaceo Address safetyconcernso Check-in and offersupporto Take time outo Empower employeeso Encourage teamworko Use initiativeo Deliver excellenceo Recognise efforto Celebrate and rewardsuccess44PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceRECONCILIATION OF REPORTED PROFIT TO UNDERLYING PROFITPre-tax ($m)Tax($m)After-tax($m)Profit/(loss) for the period 475.4 (130.5) 344.9Less Minority interest (4.9)Profit attributable to members ofthe parent entity340.0Plus HWE Mining capital gain 229.3 (62.3) 167.0Less BrisConnections impairment (70.0) 21.0 (49.0)Less HLG impairment (50.0) -- (50.0)Underlying profit for the period 272.045PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceTHIESS’ OPERATIONAL PERFORMANCEKey metricsREVENUEDec2011($’m)WORK IN HANDDec2010($’m)Work in hand 16,013 16,257Revenue 3,809 3,596Segment result 24 101Margin 0.6% 2.8%ooooWork in hand down marginallyRevenue stronger by 9% onprevious 6-month periodSegment result diluted byprofitless revenue from AirportLink, losses on VictorianDesalination Project and $35mBrisConnections impairmentBruce Munro appointed MD inSeptember37%37%63%63%InfrastructureResourcesInfrastructureResources46PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceLEIGHTON CONTRACTORS’ OPERATIONAL PERFORMANCEKey metricsREVENUE6%40%54%Dec2011($’m)WORK IN HAND6%33%61%Dec2010($’m)Work in hand 9,826 12,296Revenue 3,595 2,865Segment result 492 128Margin 13.7% 4.5%o Work in hand downo HWE sale worth $1.2bn of workin hando Revenue up 25% on previous 6-month periodo Sold HWE Mining iron ore for$452mo Generated after-tax capital gainof $167mo HWE also contributed after-taxprofit of $103mInfrastructureResourcesInfrastructureResourcesPropertyProperty47PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceJOHN HOLLAND’S OPERATIONAL PERFORMANCEKey metricsDec2011($’m)Dec2010($’m)Work in hand 6,928 7,053Revenue 2,400 1,848Segment result 25 20oWork in hand flato Revenue up 30% on previous 6-month periodo Segment result impacted byprofitless revenue on AirportLink and $35m share ofBrisConnections impairmentMargin 1.0% 1.1%REVENUEWORK IN HAND22% 2%76%2%27%71%InfrastructureResourcesInfrastructureResourcesPropertyProperty48PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceLMEA’S OPERATIONAL PERFORMANCEKey metricsREVENUEDec2011($’m)WORK IN HANDDec2010($’m)Work in hand 2,280 2,126Revenue 330 509Segment result (154) (158)Margin (47.9%) (31.0%)oooHabtoor Leighton Group– Work in hand of $2,032m– Revenue of $318m– Segment result of ($156m)HLG result included $79m ofoperating losses, a $50mimpairment and interest andoverheadsBalance of result is LeightonAfrica55%42%3%62%23%15%InfrastructureResourcesInfrastructureResourcesPropertyProperty49PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceLAIO’S OPERATIONAL PERFORMANCEKey metricsREVENUE2%37%61%Dec2011($’m)WORK IN HAND1%35%64%Dec2010($’m)Work in hand 8,171 6,984Revenue 1,389 807Segment result 135 289Margin 9.7% 35.8%oooLeighton Asia– Work in hand of $7,184m– Revenue of $873m– Segment result of $92mLeighton Offshore– Work in hand of $594m– Revenue of $415m– Segment result of $37mLeighton Welspun– Work in hand of $393m– Revenue of $101m– Segment result of $6mInfrastructureResourcesInfrastructureResourcesPropertyProperty50PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceCOMMERCIAL AND RESIDENTIAL OPERATIONAL PERFORMANCEKey metricsDec2011($’m)Dec2010($’m)Work in hand 1,342 925Revenue 529 78Segment result 1 (20)Margin 0.2% (25.6%)oooLeighton Properties– Work in hand of $490m– Revenue of $243m– Segment result of ($4m)Balance is Devine which wasconsolidated in June 2011Made good progress on somedivestments including HQ NorthTower and Ipswich CBD towerREVENUEWORK IN HAND100%100%PropertyProperty51PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

Appendix:Including Operational Company PerformanceSUMMARY OF KEY VARIABLESDec 2011 Dec 2010Year end FX Rate* $1.00 $1.00cInterest expense $53.2m $65.3mDepreciation $513m $448mNo. of issued shares 337,087,596 336,515,596* $1.07 as at 30 June52PRELIMINARY FINAL REPORTLEIGHTON HOLDINGS

PRELIMINARY FINAL REPORTPRESENTATION BY HAMISH TYRWHITT, FEBRUARY 2012The Leighton Group is a leadinginternational contractor. We aim tobe renowned for excellence throughour operating brands and theempowerment of our people.