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1 8 October 2013 ASX Market Announcements Australian Securities Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000 Listing Rule 3.17 Shareholder Update for the 6 months to 30 June 2013 Further to the release of the Company s results for the 6 months ended 30 June 2013 to the Australian Securities Exchange on 14 August 2013, please find attached a copy of our Shareholder Update for the 6 months to 30 June 2013 as at 14 August 2013 containing highlights during the period and various feature articles. This report is now in a printed format and will be mailed to shareholders today. Yours faithfully LEIGHTON HOLDINGS LIMITED VANESSA REES Group Company Secretary

2 Shareholder 2 Update For the 6 Months to 30 June 2013 as at 14 August 2013

3 Leighton Holdings Limited Shareholder Update as at 14 August Key performance features for the six months ended 30 June Financial Highlights Leighton Holdings Limited recently announced its financial results for the Half Year to 30 June These results show a clear turnaround, supported by a diversified portfolio strategy. 6 months to 6 months to % Profit or Loss items ($M) 30 Jun Jun Movement Revenue Group 10,525 9,933 6 Joint ventures and associates 960 1,135 (15) Total revenue 11,485 11,068 4 EBITDA 1, Depreciation of property, plant and equipment (519) (514) 1 Amortisation of intangibles (13) (15) (13) EBIT Finance costs (112) (93) 20 Profit/(Loss) before tax Income tax (193) (30) 543 (Profit)/Loss attributable to minority interests 6 9 (33) NPAT (Profit after tax attributable to members) Of which UNPAT 2 (Underlying net profit after tax) Net gain/(loss) on sale & impairments 111 NPAT margin (NPAT to total revenue) 3.2% 1.0% Net margin (UNPAT to total revenue) 2.2% 1.0% Interest cover (EBITDA to finance costs)

4 Total Revenue 5 6 months to 30 June 2013 $11.5 billion Gearing 3,5,6 as at 30 June % months to 6 months to % EPS and DPS 30 Jun Jun 2012 Movement Earnings per ordinary share (basic) (cents) Dividends per ordinary share (cents) UNPAT Dividend payout ratio 60.0% 58.8% months to 6 months to Cash flow items ($M) 30 Jun Jun Cash flows from operating activities 148 (85) Capital expenditure June June June June June June June 2012 June 2013 Net profit after tax 5 attributable to members (NPAT) 6 months to 30 June 2013 $366 million (626) June 2012 June 2013 June June June For personal use only 3.4 June 2012 June 2013 NPAT Margin 5 6 months to 30 June % (6.5) June June June June 2012 June 2013 As at As at Balance Sheet items ($M) 30 Jun Dec Total shareholder equity 3,142 2,917 8 Total liabilities 8,658 8,800 (2) Total assets 11,800 11,717 1 Cash and cash equivalents 1,850 2,008 (8) Gross debt (Interest bearing liabilities) 3,118 2, Net debt 1, Operating leases (13) Net debt classified as held-for-sale 50 (100) Gearing % 32.6% Undrawn loan facilities (excl. Devine) 1, Available committed bonding capacity (7) As at As at Work in hand ($M) 4 30 Jun Dec 2012 Value of work in hand 40,134 43,486 (8) New contracts, extensions, variations and F/X (for six month period to June 2013/December 2012) 8,133 8,388 (3) 1 Restated to include the impact upon adoption of AASB 11 Joint Arrangements, as set out in Note 13 of the Consolidated Interim Financial Report (Appendix 4D). 2 UNPAT is NPAT adjusted for gains/ losses on sale and impairments. 3 Gearing is expressed as the ratio of net debt and operating leases to net debt, operating leases and shareholder equity. 4 Including the Group s share of joint ventures and associates. 5 All data reflects six months to June for the respective years. For periods prior to June 2012, the data was derived from the year to June results, less the prior six months to December results. 6 Periods prior to June 2013 have not been restated to include the impact of the adoption of AASB 11 on gearing. 3

5 Leighton Holdings Limited Shareholder Update as at 14 August April 2013 LEIGHTON CONTRACTORS TO END WORK AT BOWEN BASIN COAL MINE Leighton Contractors ceased mining operations at the BHP Billiton Mitsubishi Alliance (BMA) Peak Downs coal mine in Queensland on 3 July Leighton Contractors estimates the maximum impact is a reduction of work in hand at Peak Downs over the two years to 2015 of approximately $260 million. 12 April 2013 LEIGHTON APPOINTS PETER GREGG AS DEPUTY CEO, IN ADDITION TO HIS ROLES AS CFO AND EXECUTIVE DIRECTOR Chief Executive, Mr Hamish Tyrwhitt said that in appointing Peter as Deputy CEO, "I aim to ensure that the pace of progress accelerates as we rebase the business for sustainable growth in 2014 and beyond." 12 April 2013 LEIGHTON BOARD ENDORSES GOVERNANCE PROTOCOLS The Board of Leighton Holdings Limited endorsed the letter from HOCHTIEF AG (released to the market on 24 March 2013) which reaffirmed the existing non-binding protocols that govern the relationship between the Company and its major shareholder, HOCHTIEF. 15 April 2013 THIESS WINS MAJOR ENERGY CONTRACT IN WESTERN AUSTRALIA Thiess was awarded a new contract by Western Power to work with the energy provider to upgrade and maintain its electrical distribution network throughout metropolitan Perth, as well as the south-west and mid northwest regions of Western Australia. The new performance-based contract has an estimated value of $125 million over a 2-year term with options for further 2 x 1 year extensions. 17 April 2013 VISIONSTREAM SECURES NZ$500M CONTRACT FOR ULTRA FAST BROADBAND Visionstream, part of Leighton Contractors, announced a contract extension with Chorus worth over NZ$500 million to continue construction of New Zealand s Ultra Fast Broadband network in the greater Auckland region. 30 April 2013 JOHN HOLLAND AWARDED $110M DEFENCE BUILDING PROJECT John Holland was awarded a contract to deliver the $110 million Robertson Barracks Defence Logistics Transformation Program (DLTP), Works Package 4 for the Department of Defence in the Northern Territory. As part of the project, John Holland will develop 340,000m 2 of Robertson Barracks to provide 11 new buildings totalling nearly 50,000m 2, 67,000m 2 of pavements and a 2.2 km access road. 1 May 2013 HLG AWARDED AED250M OILFIELD INFRASTRUCTURE PROJECT IN ABU DHABI Habtoor Leighton Group secured an AED250 million contract for the design and construction of an accommodation camp and associated utilities on two artificial islands, S1 & S2. The work is part of the Satah Al Razboot oilfield development, located 120 km north-west of Abu Dhabi, for Abu Dhabi Marine Operating Company. LEIGHTON LAUNCHES A$700M SYNDICATED CASH ADVANCE FACILITY Leighton Holdings Limited launched a $700 million three-year Syndicated Cash Advance Facility. The Facility refinances and increases the size of the existing A$600 million Syndicated Cash Advance Facility, used for working capital and general corporate purposes, that matures in December News and media releases For the second quarter of 2013

6 6 May May June June 2013 LEIGHTON PROPERTIES SECURES MAJOR PRE- SALES AND TENANCIES IN KINGS SQUARE, PERTH Leighton Properties entered into an agreement to sell three commercial buildings planned within the Kings Square mixed-use development in Perth for $434.8 million, the largest commercial property pre-sale in Western Australia. LEIGHTON REPORTS Q NET PROFIT OF $123M, REAFFIRMS GUIDANCE Leighton Holdings Limited announced a Net Profit after Tax of $123 million for the first quarter of financial year 2013, compared to a loss of $80 million in the prior comparable period. Revenue was $5.4 billion, compared to $5.1 billion in the prior comparable period. 20 May 2013 LEIGHTON ESTABLISHING A SOLID PLATFORM FOR FUTURE PROFITABILITY At Leighton Holdings Limited's Annual General Meeting in Sydney, the Chairman, Mr Bob Humphris OAM, said that the Board was focused on further improving every aspect of the Company s operations, after the Group s position strengthened during SENAKIN AND SATUI MINING CONTRACTS IN INDONESIA Leighton Holdings Limited confirmed there was a dispute between its subsidiary Thiess and the owners of the Senakin and Satui mines in South Kalimantan, PT Arutmin Indonesia (owned 70% BT Bumi Resources and 30% Tata Steel). The Company said that the dispute was not expected to have any material impact on the Company s results. 4 June 2013 MOODY S AFFIRMS LEIGHTON BAA2 RATING; OUTLOOK STABLE Moody's Investors Service affirmed the existing Baa2 issuer rating of Leighton Holdings Limited and the senior unsecured bond rating of Leighton Finance (USA) Pty Ltd. Moody's said that the outlook is stable. 7 June 2013 S&P AFFIRMS LEIGHTON S 'BBB-/A-3' OUTLOOK STABLE RATING AND REMOVES NEGATIVE CREDITWATCH Standard & Poor s Ratings Services affirmed its 'BBB-/A-3' ratings on Leighton Holdings Limited and removed the the Company from CreditWatch with negative implications, where Leighton had been since March 22, S&P said that the outlook is stable. LEIGHTON APPOINTS RUSSELL HIGGINS, MIKE HUTCHINSON AND VICKKI MCFADDEN AS INDEPENDENT, NON-EXECUTIVE DIRECTORS Leighton Holdings Limited's Chairman, Mr Bob Humphris OAM, announced the appointment of Russell Higgins AO, Mike Hutchinson and Vickki McFadden as Independent, Non- Executive Directors of the Company s Board, effective immediately. 24 June 2013 LEIGHTON SECURES A$1BN IN COMMITMENTS FOR SYNDICATED CASH ADVANCE FACILITY Leighton Holdings Limited successfully completed the refinancing of a A$600 million Syndicated Cash Advance Facility which was launched in late April. Strong support was received from a consortium of Australian and international banks with total subscriptions of over A$1 billion. LEIGHTON CONTRACTORS $2.8BN PILBARA MINING DEAL LARGEST, SINGLE CONTRACT AWARD IN COMPANY S HISTORY Leighton Contractors was awarded a $1.3 billion contract variation to mine the Kings iron ore deposit at the Solomon Hub for Fortescue Metals Group. This takes the total value of work under the Solomon Hub agreement to $2.8 billion, the largest single contract award in the history of Leighton Contractors. THIESS, JOHN HOLLAND & DRAGADOS TO DELIVER FIRST MAJOR CONSTRUCTION FOR NORTH WEST RAIL LINK A joint venture between Thiess (50%), John Holland (25%) and Dragados (25%) was awarded a $1.15 billion contract by the New South Wales Government to construct the tunnels and excavate new underground stations for Sydney s visionary North West Rail Link. 28 June 2013 LEIGHTON COMPLETES SALE OF TELECOMMUNICATIONS ASSETS, USES PROCEEDS TO STRENGTHEN BALANCE SHEET Leighton Holdings Limited announced the completion of the sale of approximately 70% of its telecommunications assets to Ontario Teachers' Pension Plan. The sale price values 100% of the telecommunications assets (Nextgen Networks, Metronode and certain Infoplex assets) at $885 million. HOCHTIEF SHOWS SUPPORT FOR LEIGHTON BY INCREASING INVESTMENT Leighton Holdings Limited advised that its major shareholder, HOCHTIEF AG, has increased its stake in the Company to 54.96%. 13 June 2013 JOHN HOLLAND TO BUILD NEW UNIVERSITY OF SYDNEY BUSINESS SCHOOL John Holland was appointed head contractor for the construction of the new $180 million flagship home of the University of Sydney Business School, providing a state-of-the-art learning environment for the next generation of business leaders. 5

7 Leighton Holdings Limited Shareholder Update as at 14 August The result for the six months to 30 June 2013 (HY13) showed the positive progress of the Group s stabilise, rebase and grow strategy, combined with the benefits of diversification by brand, market sector and geography, in challenging macroeconomic conditions. The highlights of the result were: Revenue of $11.5 billion, up 4% on HY12 Net Profit after Tax (NPAT) of $366 million, up 218% on HY12 Underlying NPAT 1 of $255 million, up 122% on HY12 Underlying NPAT margin of 2.2% of revenue, up from 1% in HY12 Interim dividend of 45 cents per share, 50% franked Gearing 2 of 36%, down from 47.7% at 31 March 2013 Cash inflows from operating activities of $148 million Work in hand of $40.1 billion, down 5% from 31 March A further $3.9 billion of work won since 30 June 2013 On track to deliver 2013 full year underlying NPAT of $520 to $600 million and a gearing level within the target band of 25 to 35% by year-end, subject to market conditions and any unforeseen circumstances. Better financial performance, margin improvement Leighton Holdings' Chief Executive Officer, Mr Hamish Tyrwhitt, said: The higher revenue, margin and net profit achieved during the first half shows the clear turnaround of our business. The result demonstrates the strength of our business model and the relevance of our strategy amid challenging market conditions. Leighton s diversity not just by market sector, geography and brand, but also by contract type and size, activity, and customer allowed the Group to withstand headwinds in contract mining during the period and enabled us to deliver an improved operating performance. There are still challenges within our business. However, for each challenge we have a clear pathway to resolution and we are making good progress. During the second half of 2013, we will accelerate the rebase element of our strategy in order to expand the underlying NPAT margin and position the Group to meet the infrastructure demand in our addressable markets. Delivery on the balance sheet As at 30 June 2013, cash and equivalents were $1.9 billion, broadly stable compared to 31 December The Group received $614 million in pre-tax cash proceeds from the partial sale of its non-core telecommunications assets in June Gearing was 36% as at 30 June Gearing is expected to improve to between 25 and 35% during the second half, driven by stronger operating cash inflows. Work continued during the period on the management of working capital and capital expenditure. However, further progress is essential to drive a sustainable improvement in operating cash flows. The Group expects resolution on a number of underclaims 3 and contract debtors during the remainder of the year. Mr Tyrwhitt said: Rebuilding the Group s balance sheet and improving working capital are crucial to transforming the business. Detailed plans are in place to drive the recovery of receivables. Securing high quality, diversified work As at 30 June 2013, the Group had a diversified portfolio of $40.1 billion of work in hand, a further $7.8 billion in contracts beyond five years and preferred bidder positions of $3.1 billion. During the six weeks since 30 June 2013, the Group won a further $3.9 billion worth of contracts. The Group s focus is on achieving better operating margins, rather than expanding revenue at low margins. Mr Tyrwhitt said: Through the economic cycle some sectors will grow and some will contract. This is where our diversity comes in. During the period, we saw a different mix within the portfolio as we won work in Australian LNG construction and in Asia Pacific social and economic infrastructure. The work in hand project margin was approximately 10%, the result of a selective approach to tendering for new work amid challenging market conditions. We do not need to expand our book to deliver growth to our shareholders in the immediate future. Rather, we will optimise returns from the strong order book that we have while focusing on operating efficiencies. Half Year Results Leighton Holdings Limited recently announced an improved result for the six months to 30 June 2013 (HY13) demonstrating the resilience of its operations.

8 Completion of sale of telecommunications assets During the period, the Group sold 70.1 % of its non-core telecommunications assets to Ontario Teachers Pension Plan, retaining 29.9 % in order to access the upside value created by the new joint venture ownership structure. Proceeds of the sale were used to strengthen the balance sheet and reduce gearing. Habtoor Leighton Group (HLG) The Group s business in the Middle East, HLG, showed some signs of improvement. HLG achieved a break-even result during the first half and recovered funds from UAE legacy projects. The region s macroeconomic environment has stabilised and a robust pipeline of projects is being pursued. The decision of a Qatar-based client to call bonds on certain legacy projects delayed HLG from making repayments on Leighton s outstanding shareholder loans during the period. HLG believes its legal position on the matter is strong and it is working to a resolution. HLG s focus continues to be the collection of receivables and IPO-ready 2016 remains the target. The business is diversifying its sector and geographic base, and it continues to secure new work. Business transformation Mr Tyrwhitt said the Group was progressing on a number of initiatives that would accelerate the stabilise, rebase and grow strategy. To deliver on margin improvement we are focusing on five fundamental areas. First, reducing working capital continues to be a focus. Second, we are continuing to harness the benefits of the scale of our business through strategic procurement. Third, we are continuing our move to standardise business support processes within a Group-wide, shared services environment. This will enable us to deliver efficiencies whilst maintaining the diversity and integrity of our brands. Fourth, we are well progressed in the establishment of our single fleet management vehicle and we are taking a Group-wide approach to the management of all our assets. Finally, we are ensuring that we have the right management structures for our addressable markets. Through these initiatives we expect approximately $200 million in savings to be realised this year. Outlook The Group remains on track to deliver a 2013 full year underlying NPAT within $520 to $600 million and a gearing level within the target band of 25 to 35% by year-end, subject to market conditions and any unforeseen circumstances. Mr Tyrwhitt said: Once the rebase phase of our strategy is complete, Leighton will be well positioned for our next phase of growth. The Asia region is projected to experience significant economic expansion over the coming years. This expansion will require considerable infrastructure investment. With 38 years experience in Asia we are well positioned, geographically and operationally, in what will be one of the key growth markets of the world during the next 50 years. 1 Underlying NPAT is NPAT adjusted for gains or losses on sale and impairments. 2 Gearing is expressed as the ratio of net debt and operating leases to net debt, operating leases and shareholder equity. FY12 has been adjusted to include the impact of adoption of AASB 11 Joint Arrangements. 3 Underclaims represent work or variations that have been performed for clients but have not yet been billed. Once billed, they become contract debtors. Both are recorded within trade receivables. 7

9 DISCIPLINE INTEGRITY SAFETY SUCCESS