Report from the Leighton Holdings Limited Annual General Meeting of 7 November

Projects from left to right Royal North Shore Hospital Birthing Unit New South Wales John Holland Liddell Open Cut Mine New South Wales Thiess Port of Brisbane Motorway Queensland Leighton Contractors Manjung Power Station Malaysia Leighton Asia (Southern) 2002 Report from the Leighton Holdings Limited Annual General Meeting of 7 November

02//03 Report from the Annual General Meeting November 2002 Key Performance Features for the 3 Months Ended 30 September 2002 (Unaudited) Projects from top to bottom right Sorell Causeway Bridge and Approaches Tasmania John Holland St Ives Gold Mine Western Australia Leighton Contractors Eastern Harbour Crossing Housing Project Hong Kong Leighton Asia (Northern) Goodwill Bridge Queensland John Holland Financial performance information $ 000 Revenue group 1,292,367 joint ventures 75,001 Total Revenue 1,367,368 Operating profit from ordinary activities before income tax 53,785 Income tax expense (16,308) Profit from ordinary activities after tax 37,477 Net profit attributable to outside equity interests (2,801) Net profit attributable to members 34,676 Financial position information Total assets 2,178,999 Total liabilities 1,332,916 Net assets 846,083 Net tangible assets 812,757 Net tangible assets per ordinary share ($) $3.00 Basic earnings per share 12.9 Number of employees 15,526 Address to Shareholders A Presentation to the 41st Annual General Meeting of Leighton Holdings Limited by the Chairman Mr John Morschel

Introduction On behalf of the Board of directors, I am pleased to report that despite the very competitive operating environment experienced during the last year the company has successfully delivered shareholders another strong performance. Financial Highlights The results achieved reflect a strong contribution from the Asian operations, an improved result from our property development activities and a solid performance across the Group s diversified contracting activities in Australia: Total operating revenue increased by 20 percent to a record level of $5.2 billion. The Group s success in securing some large-scale projects such as the Parramatta Rail Link in Sydney and the Regional Fast Rail contracts in Victoria boosted work in hand at 30 June 2002 to an all-time record level of $8.4 billion - up by 7 percent on the previous year. Our strategy of diversification by products, geography and delivery systems continued to yield results. This diversity reduced the impact of the recent construction downturn in Australia and helped lift operating profit before tax by 15 percent to $227 million. Operating profit after tax increased by 8 percent to an alltime record level of $169 million. This increase was achieved after making a provision of $45 million against the future investment in Nextgen Networks. The Board considered this a prudent decision given the current instability in the telecommunications market. The Group s balance sheet remained strong with $524 million of net cash and shareholders funds 7 percent higher at $789 million. Leighton s average return on shareholders funds, at 22.1 percent in 2001/2002, achieved a ranking of 8th out of the top 100 companies listed on the Australian Stock Exchange. Australia/Pacific Operations Our Australia/Pacific operations made a strong contribution to the Group s performance in the past year. Profit before tax of $141 million was up by 21 percent and total revenue of $3.9 billion was 29 percent ahead of the previous year s result. Thiess recorded another good performance in its mining and resources activities. It made a strong contribution to profitability whilst again increasing its level of uncompleted work in hand. Leighton Contractors performed well and continued to broaden its skills base and engineering capabilities into complex process and heavy engineering work. John Holland continued to meet its recovery program targets and made an increased contribution to Group results for the year. Leighton Properties maintained a good level of activity in its industrial and commercial markets along Australia s eastern seaboard and produced a satisfactory result after completing the sale of a number of development properties. Engineering and infrastructure remained the Group s largest source of revenue in Australia at $1.2 billion, which was up on last year by 19 percent. Increased activity in the rail sector boosted by major government initiated infrastructure projects and a continuing good level of new road construction contracts boosted work in hand by 79 percent to $2.1 billion at year-end. Mining and resources made a strong contribution to the Group s performance with revenue up 46 percent to $1.0 billion. Thiess, Leighton Contractors and John Holland were all active participants in this market sector during the year with overall work in hand levels rising by 5 percent to $2.5 billion at 30 June 2002. While Thiess maintained its leading position in the coal sector, competitive pressures are making this a tough market in which to win new work. Revenue from building and property activities was stronger with revenues up 28 percent to $916 million. Uncompleted work in hand was up 2 percent to $626 million although this figure has been significantly boosted by the awarding of new work post year-end. Revenue from telecommunications was up 40 percent to $619 million last year but the level of work in hand fell by 45 percent to $522 million. This reflected the good progress made on the construction of the Nextgen fibre-optic cable network, which is expected to be completed ahead of schedule early next year. While telecommunications is a market in which the Group will maintain a presence the lack of new capital expenditure in this sector is constraining opportunities for new work. Revenue from environmental services remained steady at $186 million. With conditions in the waste market remaining very competitive, work levels reduced by 9 percent to $379 million. Asian Operations Another strong performance was recorded by the Group in Asia with revenue of $1.2 billion and profit before tax of $77 million. The results were down marginally on the previous year due to the appreciation of the Australian dollar. Contract mining in Indonesia, construction in Malaysia and rail work in Hong Kong were the major contributors to the result. Leighton Asia was recently restructured into two business hubs with the formation of Leighton Asia (Southern) based in Kuala Lumpur and Leighton Asia (Northern) based in Hong Kong. This restructure will facilitate the continued expansion of the Group s operations throughout the region. Dividend Directors were pleased to announce an increased final ordinary dividend of 26 cents per share. This dividend was franked to the extent of 70 percent and was paid to shareholders on 30 September 2002. When added to the interim ordinary dividend of 16 cents per share paid in March 2002, which was also franked at 70 percent, the total ordinary dividend for the year rose by 8 percent to 42 cents per share. The dividend payout ratio was 67 percent. Leighton s objective is to provide superior total shareholder returns and in this regard over the last 10 years the Group s total shareholder return has exceeded returns provided by the All Ordinaries Accumulation Index by more than 300 percent. Corporate Governance I would like to take a few minutes to talk about corporate governance. Leighton has long recognised the need to have in place a comprehensive corporate governance policy. Now more than ever, being ethical, acting with integrity and, above all, being accountable and transparent, are essential ingredients of any company s business polices. For this reason I would like to briefly outline some of the key elements of Leighton s corporate governance practices to demonstrate the Board s determination to ensure that appropriate and high standards are maintained in the company. In Leighton, where people play such a fundamental role in ensuring the company s success, one of the prerequisites for a good corporate governance structure is the Board s role in setting and communicating standards for ethical behaviour. The Leighton Board is committed to maintaining a strong ethical culture throughout the Group and has had a comprehensive and realistic Code of Ethics in place since 1995. As ethics is an evolving discipline the Code of Ethics is an evolving document. Individual Group operating companies have adapted and expanded the Code of Ethics into their own codes, which focus more specifically on the ethical challenges they face. The enforcement of these codes is overseen by a series of ethics committees formed at both the holding and operating company levels. Future developments to assist the Board in monitoring the Group s ethical performance include the establishment of an ethical dimension reporting system. This is being undertaken in conjunction with the St James Ethics Centre and will place Leighton at the leading edge of Australian companies in this area. It is Board policy that the Board should comprise a majority of non-executive directors. Currently 10 of the 12 directors on the Board are non-executive directors. Commencing from September this year it is also Board policy that all Board committees dealing with corporate governance matters, except the nominations committee, are to be constituted with a majority of non-executive directors. The Board continually monitors the business environment for best practice in corporate governance and has consistently implemented new initiatives in this regard. For example, Leighton was one of the first companies in Australia to establish an Audit Committee in 1990 to assist the Board in fulfilling its responsibilities under the Corporations Act in relation to financial reporting, risk management and internal control. More recently amendments were made to the terms of reference for the Audit Committee. Membership of the Committee now comprises a majority of non-executive directors and the non-executive members of the Committee meet with the external auditors on at least two occasions each year without management in attendance. KPMG is the Group s principal auditor and was reappointed to that position by shareholders at last year s Annual General Meeting. KPMG s engagement partner responsible for the Leighton Group audit rotates at least every seven years with the last rotation occurring in February 2001. KPMG has confirmed to the Board that they have maintained their independence throughout the financial year by enforcing strict internal rules and policies and that they were free from conflicts of interest when discharging their professional responsibilities as statutory auditor for the year ended 30 June 2002.

04//05 Report from the Annual General Meeting November 2002 Projects from top Loa Janan Coal Mine Indonesia Leighton Asia (Southern) Lavarack Barracks Redevelopment, Stage 2 Queensland Thiess Address to Shareholders (continued) The Board has a Remuneration Committee which is responsible for making recommendations to the Board on remuneration arrangements for the executive directors and senior executives. Our remuneration policy has been structured to ensure that remuneration properly reflects the relevant person s duties and responsibilities, and is competitive in attracting, retaining and motivating people of the highest quality. In developing this policy the Board recognised that the construction sector, both in Australia and internationally, is an inherently volatile industry, which requires the application of exceptional skills in the successful management of risk across a broad range of disciplines. The Board also recognises that people are the Group s most valuable asset. An integrated system of training, career development and incentives has been established with the aim of retaining and motivating quality staff. This is particularly important given the large workload of over $9 billion already secured and the emerging upswing in our traditional construction markets in Australia. The Group s incentive schemes include an annual bonus, deferred incentive and share option plans. All these components have appropriate performance hurdles in place which are closely aligned to shareholder interests to ensure that if the employees benefit from good performance so do the shareholders. The company takes its continuous disclosure obligations very seriously and considers them an essential element in maintaining shareholder confidence and market trust. Accordingly the Group has detailed internal procedures in place for the gathering and release of price sensitive information to the Australian Stock Exchange. Electronic communication plays an integral part in ensuring the Group achieves its communication objectives. All releases made by the company to the ASX are now communicated electronically and once cleared for release are immediately posted on the Leighton Holdings website. The website has become a vital point of reference for shareholders and the investment community generally in researching information about the Group s workload, financial performance, capabilities and experience. Webcasts of events such as today s Annual General Meeting and the Group s financial results presentations are further examples of how the company achieves wider disclosure and communication with stakeholders. This list is not meant to be exhaustive. There are many other policies and processes in place which we believe are necessary to ensure adequate corporate governance standards at Leighton. These are continuously being improved and updated. Conclusion In concluding my remarks it is most pleasing to report that the Group has successfully navigated a substantial downturn in the industry in Australia and now has a number of excellent projects in its order book. Group companies are presently undertaking a diverse range of billion dollar projects and management s focus will remain on obtaining successful outcomes for our clients and shareholders. Operating revenue recorded during the first three months of the current financial year was $1.4 billion from which an operating profit after tax (unaudited) of $35 million has been generated. These first quarter results for the 2002/03 fiscal period are in line with budget expectations. Following the finalisation of contracts for the Stanwell Magnesium plant and Spencer Street Station redevelopment projects during the quarter, work in hand stood at $9.3 billion with incomplete management contracts valued at $553 million. This compares with $8.4 billion of work in hand and management contracts of $517 million at 30 June 2002. Our financial strength remains a competitive advantage and will be used to sponsor some of the major infrastructure projects being developed, underpin capital expenditure on plant and equipment, and provide bonds and guarantees to clients. It will also be used to take advantage of any rationalisation opportunities available in Australia and make other acquisitions or investments which will add to the Group s skill base and market presence. As announced recently the company has reaffirmed its commitment to Nextgen Networks by: Bringing forward our $92 million commitment to contribute equity to the project to the current calendar year; Converting our revenue guarantee of $50 million to a subordinated loan to be provided to Nextgen in June 2003; and Undertaking to provide an additional $8 million in subordinated debt to Nextgen in January 2003. Nextgen now has increased support for the initial development of the business and the flexibility to pursue industry development opportunities. On behalf of the Board, I would like to thank our shareholders for their continued support. I also express the Board s appreciation to members of the Leighton Group s management team and all employees for their excellent work during the year. Work in hand is, yet again, at record levels and should translate into a strong increase in revenue. The underlying performance of the Group s operations remains strong. The Board will continue to monitor Nextgen s performance very carefully and will review the residual carrying value of our interests at December this year and at June 2003. The outlook for the next few years is very good with a period of sustained growth forecast on the back of a higher level of activity. Approved Items of Business The following items of business, as set out in the Notice of Meeting dated 1 October 2002, were approved by shareholders at the Annual General Meeting: Adoption of the Financial and other Reports Election of M.C. Albrecht, D.S. Adamsas, G.J. Ashton and G.J. Dixon as Directors

Future Growth A Presentation to the 41st Annual General Meeting of Leighton Holdings Limited by the Chief Executive Officer, Mr Wal King AM As the Chairman has outlined in his address, we are proud to have delivered another strong performance for shareholders. We have significantly boosted our work in hand, with some major projects such as the Western Sydney Orbital tollroad still to come. The momentum generated by this level of work should underpin growth for the next few years in the core areas of our business. Today I will talk about our business strategy and about some specific areas of future growth. Business Strategy The Group s business strategy is built on three critical elements: diversity, financial strength and people. It is these three elements, working in unison, that are key to our success. Diversity, by geography, by the markets in which we operate, by the companies through which we operate, and the way in which services are delivered to clients, increases our market presence and our ability to grow. Over the years, we have progressively shifted away from being a construction-only entity operating in one market to being a multi-faceted contractor in Australia and across the Asian region. And we encourage our people to seek diversified opportunities where we can apply our contracting and development skills. The Group s financial strength is an equally fundamental part of our strategy, allowing us to facilitate and invest in development projects and to make opportunistic acquisitions. It also attracts the best business partners. We need to be able to support $1 billion worth of bonds and guarantees and we have significant working capital requirements. We also have a large investment in plant and equipment. To be a successful contractor, having a strong balance sheet is not an option, it s a necessity. Our people, numbering over 15,000 across our diverse operations, are critical to our success. We are a service based organisation and we succeed or fail because of the quality of that service. It is our people who manage relationships with clients, drive equipment, pour concrete, collect tolls and liaise with the community. We foster a performance driven culture throughout the Group and reward performance against stated objectives through various incentive schemes. Our decentralised management structure allows a high level of autonomy. It is a flexible structure that can adapt to changing market conditions and each of our companies has its own distinct identity and market position. We announced yesterday that John Holland has entered into a non-binding Memorandum of Understanding with Walter Bau AG to acquire the Australian operations of Walter Construction Group. The potential acquisition is part of John Holland s strategy to grow the business to a larger, more efficient national structure. If the deal is done, John Holland will gain $850 million of new work and specialist skills such as tunnelling, underground mining and the construction of water infrastructure. The Group s structure will stay the same with Walter merged into John Holland s operations. Before I talk about some specific opportunities, I will give a brief overview of the market outlook in Australia. The nonresidential construction market is heading for a significant upswing. BIS-Shrapnel is forecasting a strong upturn in both the non-residential building and engineering markets. Both sectors are expected to experience sustained growth from now until at least 2006, with the engineering market heading for an historic high. Resources Infrastructure Australia is expected to experience an upturn in resources due to its vast reserves, competitive exchange rate, reformed taxation system and labour market, and its cheap energy supply. This positive environment is leading to a surge in capital spending. Billions of dollars worth of new minerals and energy projects are being developed or are under consideration. A number include substantial value adding to refine and process resources. The North West Shelf liquefied natural gas project is a great example of adding value to our natural resources. The recent signing of a $25 billion contract to supply China, makes the North West Shelf one of the largest gas suppliers in the world. A fourth train, or processing plant, is currently being built at a cost of $1.6 billion. Both Thiess and John Holland are currently undertaking civil works on site. Oil and gas developments offshore may provide some opportunities for concrete gravity structures to service production facilities. Group companies have a track record in this area. Leighton Contractors developed the Wandoo concrete gravity structure off Dampier in Western Australia. Further afield, John Holland developed one in the Philippines at Malampaya. The development of Australia s oil and gas reserves, and production of cheap energy, should lead to the development of other related industries such as fertilizer production and alumina smelting. In August 2002, Leighton Contractors finalised an engineering, procurement and construction (EPC) contract with Australian Magnesium Corporation (AMC) to develop their $1 billion Stanwell magnesium project, near Rockhampton in Queensland. This is the first time an Australian company has taken on the role of EPC contractor for such a large scale project. This will see AMC become the world s largest producer of magnesium metal. Magnesium has the potential to significantly reduce the weight of motor vehicles, thereby improving fuel economy. AMC has already signed a 10-year supply agreement with the Ford Motor Company in the US. Also, Leighton Contractors in joint venture with Fluor, has recently been appointed as interim EPC contractor for the $3.4 billion greenfield aluminium smelter at the Aldoga Industrial Estate at Gladstone. Road Infrastructure I d now like to talk about some transport infrastructure projects. Contractors have become integral to the development of the complex road infrastructure that we take for granted in our cities. We are now involved in the roles traditionally provided by government including design, financing, community consultation, and operation and maintenance. The Leighton Group has developed a leading position as a provider of road infrastructure. Leighton Contractors developed the M5 Motorway in the early 90s and more recently the Eastern Distributor, both in Sydney. In these projects the Group s financial strength was a key component of successfully developing large scale, private sector projects and we expect that it will become more important in the future. In Queensland, Leighton Contractors recently delivered Brisbane s Inner City Bypass eight months early and on budget, taking over 40 percent of traffic out of the CBD. A number of major road projects are now either in active planning or under consideration around the country.

06//07 Report from the Annual General Meeting November 2002 Projects clockwise from top left QAL Stationary Calciner Project Queensland Thiess No.1 Margaret Street New South Wales Leighton Properties Alice Springs Darwin Railway Northern Territory John Holland Philip Morris Manufacturing Facility Philippines Leighton Asia (Northern) Future Growth (continued)

Leighton Contractors is a member of the recently announced preferred consortium for the first of these major new projects, the $1.5 billion Western Sydney Orbital (WSO). The WSO is a critical component of Western Sydney s transport infrastructure linking with the M5 at Prestons, the M4 near Minchinbury and the M2 at West Baulkham Hills. Nearly 40Km in length, it will have a fully automated tolling system resulting in significantly improved traffic flows. The Western Sydney Orbital brings $750 million worth of work in hand over the next four years and involves a 10 percent equity stake. Some $6 billion of road projects are likely to proceed over the next few years. The final link in the orbital road network around Sydney is the $850 million Lane Cove Tunnel which is currently being bid and is expected to be awarded in the first half of next year. Both Leighton Contractors and Thiess are in consortiums bidding for this project. In Sydney, two other major road projects are currently being evaluated by government. These projects are the F3 connector to the Sydney Orbital, providing freeway access from Sydney to Newcastle, and the M4 City Link, which will complete the link from Western Sydney to the city. These projects will both be in excess of $1 billion. In Melbourne, projects being progressed include the $1.8 billion Mitcham-Frankston (Scoresby) Motorway, and the Pakenham and Craigeburn bypasses. Rail Infrastructure After decades of inertia we are seeing a sustained resurgence in spending on rail infrastructure. The development of new intercity and interstate lines, the privatisation of parts of Australia s interstate track network, and the upgrading of the existing network is fuelling a mini-boom in the rail infrastructure sector. Expenditure on rail construction is expected to increase by more than 200 percent over the next five years. After 100 years on the drawing board, construction of the 1,420Km Alice Springs to Darwin rail line is underway and John Holland has a lead role in this project. Track laying started in April and is now proceeding at a rate of over 4Km a day with some 500Km of track laid. In Sydney, a consortium led by Thiess is designing and constructing the first leg of the $1.6 billion Parramatta Rail Link, a 28Km extension to the Sydney metropolitan rail network. The project involves the tunnelling, excavation of station caverns, laying of track, signalling and communications systems between Chatswood and Epping. The Victorian Government is currently investing $550 million to provide fast rail links for commuters between Melbourne and four regional centres. Both Thiess and John Holland were awarded work on these routes, which will terminate at the redeveloped Southern Cross Station in Spencer Street, currently being upgraded by Leighton Contractors. A number of other new rail initiatives are in planning around the country including construction of the Perth to Mandurah rail line in Western Australia, the development of the Gold Coast light rail project, the Epping to Castle Hill link in Sydney, the second stage of the Parramatta Rail Link, and upgrading of the Sydney to Newcastle line. While rail construction is experiencing a strong upturn, maintenance and refurbishment of the existing network is also providing good opportunities. John Holland is now the largest rail maintenance contractor in Australia and currently maintains over 5,600Km of track in Western Australia, and 800Km of track in South Australia and the Northern Territory. Privatisation of Melbourne s train and tram network has provided long-term maintenance work for Thiess Infraco. Also, the Australian Rail Track Corporation has recently earmarked $500 million for upgrading of rail infrastructure over the next five years and the Group is keen to undertake some of this work. Building and Property The Australian non-residential building and property market appears set to experience a period of growth, with a combination of low interest rates and a strong domestic economy expected to stimulate activity. The recovery is centred on CBD office developments along the eastern seaboard, redevelopment of shopping centres and some major hotels, as well as continued spending in health, education and defence. The Group has a strong presence in the building and property sector, recently boosted by Leighton Contractors acquisition of Broad Construction and John Holland s acquisition of Fletcher Construction. The potential acquisition of Walter Construction Group would also add to John Holland s building capability. Leighton Properties is currently developing some selected office projects including the MacArthur Chambers development in Brisbane and 700 Collins Street in Melbourne. Both have leasing pre-commitments. Other office prospects being progressed by Leighton Properties include the KENS site in Sydney s CBD and the 100 Pacific Highway site in North Sydney. Development Applications have been lodged for both of these projects. Also, we have developed a strategic partnership with the James Fielding Group and we are exploring joint development opportunities. We have sold one of our completed property developments, the Mulgrave e-park, into their retail investment vehicle. The retail and hotel sectors are providing some good opportunities. Leighton Contractors has recently commenced work on the $167 million refurbishment of the Hilton Hotel in Sydney s CBD and John Holland has two shopping centre projects in New South Wales. Around $6 billion worth of private and public projects are planned for the health and education sectors. Most of this activity is set to occur in New South Wales and Queensland, with some major projects such as a $400 million redevelopment of Sydney s Royal North Shore Hospital. Expenditure on defence facilities is expected to continue. Leighton Contractors and Thiess are working at three defence bases in Townsville and John Holland has a longterm maintenance contract for defence facilities in New South Wales. Asia Turning now to our Asian markets, the outlook remains positive with most markets forecast to recover over the next few years. We have recently restructured Leighton Asia to position it to profit from this recovery. Over the past five years, Leighton Asia, led by John Faulkner, has doubled in size and gained a far broader footprint across the region. We have separated the current operations of Leighton Asia into two companies. Leighton Asia (Northern), under the leadership of Will Hamilton, will be responsible for operations in Hong Kong, the Philippines, Thailand, Vietnam, Taiwan and China. Leighton Asia (Southern), under David Savage, will be responsible for operations in Malaysia, Indonesia, Singapore, Sri Lanka and India. I congratulate both Will and David on their appointments. The key objective of this restructure is to provide greater management strength to enable the business to continue growing. Indonesia remains the largest contributor from Asia with work in hand in excess of $1 billion. Of course, the recent tragedy in Bali has created some concern about our operations. Indonesia is a complex country with its own social and political issues. There has been no disruption to our projects and, whilst we continue to closely monitor the situation, we remain committed to Indonesia. Thiess contract mining activities in Kalimantan continue to perform well. Leighton Asia has also developed a solid presence in Indonesia with contract mining operations in Kalimantan and a rail project in West Java. We will continue to review a number of resources opportunities in Indonesia. In Hong Kong, Leighton Asia s workload has improved with the award of some major new projects such as the refuelling facility at the airport in addition to four current rail contracts. The Hong Kong government s investment in the development of rail and other civil engineering infrastructure should continue to generate work in the future. Leighton Asia s operations in Malaysia have performed strongly over the last couple of years on the back of some large projects. Whilst new work has been secured, activity levels in Malaysia have now come off recent highs. Opportunities are being pursued in power generation, telecommunications and general construction. Elsewhere in the region, Leighton Asia has some good prospects. Construction of the Philip Morris manufacturing facility has progressed well, boosting activity levels in the Philippines and some preparatory works have been carried out on the North Luzon Expressway in Manila. In Vietnam, an improved investment climate is providing opportunities such as a new power station near Ho Chi Minh City for Siemens. Leighton Asia is now working in Taiwan and is hopeful of securing further work on the High Speed Rail Link currently under construction. We have a strong position across much of Asia and the region remains a fundamental element of our diversity strategy. Conclusion The Group has successfully navigated the downturn in Australian construction markets. Work in hand is at an alltime record level of $9.3 billion with a diverse range of major projects in hand, and an upswing in activity ahead. However, the continued growth of the Group is not without its challenges. Our focus will remain firmly on the profitable execution of current projects and on managing our exposure to Nextgen Networks given the flat telecommunications outlook. We must also successfully manage our human resources and continue to win replacement work. The next few years should be a period of strong growth and we are confident that we have the management, the financial strength and the market opportunities to successfully deliver for shareholders.

Significant Current Contracts Total contract values are shown for all projects including associates and joint ventures. Thiess $61m alliance contract for mining at Yallourn Mine, Latrobe Valley, Vic, for Yallourn Energy. Thiess share is $27m. $28m contract for the removal of overburden and other ancilliary works at Hazelwood mine, Latrobe Valley, Vic, for Hazelwood Power. Thiess share is $12m. $1.3bn contract for mining and processing operations at Mt Owen coal mine, NSW, for Hunter Valley Coal Corporation. $1.1bn contract for mining operations at Burton coal mine, Qld, for Burton Coal. $880m contract to design and construct tunnels, stations, track, signal and communications work on the Parramatta Rail Link, Sydney, for NSW Department of Transport. Thiess share is $440m. $584m in alliance contracts for maintenance and renewal of the electrified infrastructure for M>Train and M>Tram, Melbourne, Vic, with National Express Australia. Thiess share is $292m. $564m contract for infrastructure maintenance, mining, washing and loading of coal at Collinsville coal mine, Qld, for Mt Isa Mines and Itochu Coal Resources Australia. $370m in contracts for underground coal mining at Southland Colliery, NSW, for Southland Coal. $361m contract for mining, processing and loading operations at North Goonyella coal mine, Red Hill, Qld, for North Goonyella Coal Properties. $329m joint venture contract for earthworks and mobile plant hire at Loy Yang power station, Gippsland, Vic, for SECV. Thiess share is $145m. $242m management contract for redevelopment of Royal Prince Alfred Hospital, Sydney, NSW, for the Department of Public Works and Services. $200m contract to design, construct and commission track, civil, signal and communications work on the Regional Fast Rail project, between Ballarat and Geelong, Vic, for the Department of Infrastructure. Thiess share is $100m. $171m management contract for construction of Lavarack Barracks Stage 3, Townsville, Qld, for Department of Defence. PT Thiess Contractors Indonesia $1.1bn contract for mining operations at the Satui and Senakin coal mines, South Kalimantan, Indonesia, for PT Arutmin Indonesia. $444m contract for overburden removal and coal haulage at Kideco coal mine, Kalimantan, for PT Kideco Jaya Agung. Thiess Services $33m contract to remediate the Penny s Bay site, Hong Kong, for China State Construction Engineering (HK) Ltd. $832m in fixed plant maintenance and telecommunications contracts throughout Australia with Siemens as joint venture partner, trading as Silcar Maintenance Services. Thiess share is $416m. $196m in waste collection and recycling services for various local government clients in NSW and ACT and the Waste Service of NSW at Chullora. $129m in contracts for the operation of transfer stations and landfills in Brisbane, Qld. $128m joint venture contract to design and construct all access network outsourced activity with Siemens, in areas within Qld and NSW, for Telstra. Thiess share is $64m. Hunter Valley Earthmoving $127m contract for overburden removal, mining and transport of coal at Liddell open cut mine, NSW, for Liddell Coal Operation Pty Ltd. Leighton Asia (Northern) $33m contract to remediate the Penny s Bay site, Hong Kong, for China State Construction Engineering (HK) Ltd. Indicates new projects won between 1 July 2002 and 30 September 2002. Indicates significant on-going projects. $264m contract for upgrading and extending an existing light rail system, Hong Kong, for Kowloon Canton Railway Corporation. $249m contract for design and construction of 84km of expressway upgrades and expansions, North Luzon, Philippines, for Manila North Tollways Corporation. $192m contract to construct three 47-storey and three 41-storey housing blocks, near the Eastern Harbour crossing, for Hong Kong Housing Authority. $187m contract for construction of trackwork from Nam Cheong Station to Kam Sheung Road Station, Hong Kong, for Kowloon Canton Railway Corporation s West Rail project. $185m management contract for the construction of Fisherman s Wharf, Macau, for Macau Fisherman s Wharf International Investment. $174m joint venture contract to design and construct trackwork for the Taiwan High Speed Rail Link, Taipei, for Taiwan High Speed Rail Corporation. Leighton Asia s share is $48m. $151m contract to design and construct an aviation fuel facility at Hong Kong International Airport, for ECO Aviation Fuel Developments Ltd. Leighton Asia (Southern) $376m contract for construction of 7,200 teachers apartments and project management for a further 2,800 teachers apartments, Malaysia, for Encorp Construct Sdn Bhd. $279m contract for mining, infrastructure, operation and maintenance at Sebuku coal mine, Indonesia, for PT Bahari Cakrawala Sebuku. $160m contract to mine, remove overburden, transport coal and maintain haul roads at the ABK Loa Janan coal mine, East Kalimantan, Indonesia, for PT Anugerah Bara Kaltim. Leighton Contractors $1.0bn contract to design and construct the Stanwell Magnesium plant, Rockhampton, Qld, for Australian Magnesium Corporation. $298m contract to redevelop the Spencer Street Station and upgrade the track and signalling, Melbourne, Vic, for Civic Nexus. $167m contract to refurbish and upgrade the Sydney Hilton, NSW, for Admiral III. $78m contract to construct 700 Collins Street, Melbourne, Vic, for Folkstone/Leighton JV. $14m contract to construct residue and surge ponds at the Alcoa Area L Stage 2 civil works, Kwinana, WA, for Alcoa of Australia. $10m contract for mine infrastructure and sample pit construction at the Rollerston coal mine, Qld, for MIM Holdings. Vytel $19m contract to design and construct a fibre-optic network along Victoria s four new fast rail corridors, for VicTrack Rail Corporation. $613m contract to build the Nextgen fibre-optic cable network across Australia, for Nextgen Networks. $143m contract to operate and maintain the Nextgen fibre-optic cable network across Australia, for Nextgen Networks. $135m contract to rehabilitate the Telstra network, throughout NSW and Vic, for Telstra Corporation. John Holland (70% owned) $29m management contract for the construction of the NIB Hospital John Hunter campus, Newcastle, NSW, for NIB Private Hospital. $1.1bn joint venture contract to design and construct the Alice to Darwin railway, NT, for APT. John Holland s share is $222m. $298m contract to design and construct regional rail links, from Melbourne to Taralgon and Bendigo, Vic, for the Department of Infrastructure. John Holland s share is $190m. $180m joint venture management contract for facilities management of defence bases, across NSW, for Department of Defence. John Holland s share is $90m. ACN 004 482 982 ABN 57 004 482 982 472 Pacific Highway St Leonards NSW 2065 Australia Tel: +61 2 9925 6666 Fax: +61 2 9925 6005 Web: www.leighton.com.au