11 April 2011

Company Announcements Office Australian Securities Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

RE: Leighton to downgrade profit forecast for 2010/11

Please find attached a copy of the Investor Presentation to be provided later today in relation to a downgrade in the Company’s profit forecast for 2010/11.

Yours faithfully,

A. J. MOIR Company Secretary

For personal use only use personal For

Investor presentation For personal use only use personal For

April 2011 Important notices

Disclaimer Forward looking statements This presentation includes forward-looking statements. Although Leighton Holdings Limited (the Company) believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this presentation. Investors are cautioned that statements contained in this presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements. Reliance on third party information The information and views expressed in this presentation were prepared by the Company on a confidential basis. They may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. No responsibility, warranty or liability is accepted by the Company, its officers, employees, agents or contractors for any errors, misstatements in or omissions from this presentation. Not investment advice This presentation is not intended and should not be considered to be the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. The information provided in this presentation has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each party to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. No offer of securities Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Company securities in any jurisdiction. US Securities Act This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. This presentation may not be distributed or released in the United States. The offer and sale securities referenced herein have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “Securities Act”) or the securities laws of any state or other jurisdiction of the United States and such securities may not be offered or sold, directly or indirectly, in the United States absent registration except in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable securities laws. Non-GAAP Measures You should be aware that certain financial data included in this presentation are “non-GAAP financial measures” under Regulation G under the United States Securities Exchange Act of 1934, including “EBITDA”. The disclosure of such non-GAAP financial measures in the manner included in this presentation would not be permissible in a registration statement under the Securities Act. These non-GAAP financial measures do not have a standardised meaning prescribed by AIFRS and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Although the Company believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of our business for the reasons set out in this presentation, you are cautioned not to place undue reliance on any non- GAAP financial measures and ratios included in this presentation. No liability To the maximum extent permitted by law, neither the Company nor its related bodies corporate, directors, employees or agents, nor any other person, accepts any liability, including without

limitation any liability arising from fault or negligence, for any direct, indirect or consequential loss arising from the use of this presentation or its contents or otherwise arising in connection with it. For personal use only use personal For

2 Leighton Holdings Limited Agenda

 Introduction  Airport Link Project  Victorian Desalination Project  Habtoor Leighton Group  Business outlook

 Summary For personal use only use personal For

3 Leighton Holdings Limited Introduction Overview

 Major review of business

 Revised FY11 forecast due to: — Airport Link Project (‘APL’) — Victorian Desalination Project (‘VDP’) — Habtoor Leighton Group (‘HLG’)

 $757m capital raising

 Outlook remains very positive

 $46bn of work in hand For personal use only use personal For  Expect NPAT of $600-650m for FY12

4 Leighton Holdings Limited Introduction Reconciliation of FY11 statutory forecasts

Reconciliation of FY11 statutory forecasts Pre-tax NPAT Cash impact ($m) ($m) FY11 FY12 FY13

Feb 2011 guidance 480 Airport Link (470) (329) (708) (94)

Victorian Desalination (282) (197) (282)

HLG equity impairment (200) (200)

HLG earnings reduction (120) (120)

Other (76) (61) 50

Tax impact 211 40

Total (1,148) (907) 50 (779) (54)

For personal use only use personal For April 2011 guidance (427)

5 Leighton Holdings Limited BalanceIntroduction sheet and credit rating Recapitalisation of balance sheet

 Covenant headroom maintained  Improves gearing  Supports credit rating metrics  No final FY11 dividend  Supports pursuit of growth opportunities

 Expect to resume dividend in FY12 For personal use only use personal For

6 Leighton Holdings Limited Introduction Why have issues emerged so quickly? Indicative Project Cost Schedule

Current Original budget Contractual time completion completion

Original Profit Cumulative & Cost Revenue $

For personal use only use personal For Time Original Cost D&C Revenue

7 Leighton Holdings Limited Introduction Why have issues emerged so quickly? Indicative Project Cost Schedule

Current Original budget Contractual time completion completion

Revised Draft Profit Cumulative & Cost Revenue $

For personal use only use personal For Time Original Cost Revised Cost Draft D&C Revenue

8 Leighton Holdings Limited Introduction Why have issues emerged so quickly? Indicative Project Cost Schedule

Current Original budget Contractual time completion completion

Revised New design introduced confirmed loss Cumulative & Cost Revenue $

For personal use only use personal For Time Original Cost Revised Cost Draft Revised Cost Confirmed D&C Revenue

9 Leighton Holdings Limited Airport Link Project status

Project status

 Currently ~70% complete overall  TBM tunnel ~60% complete  Airport flyer completed 9 months ahead of schedule  Civil design 99% complete  Program targets completion 30 June 2012 — Commissioning targeted to commence mid April 2012

— Accelerated hours to meet target For personal use only use personal For

10 Leighton Holdings Limited Airport Link Key project challenges

Issue Impact/description  Authority approvals and access issues (including Clem7 interface) 1. Access and approvals have significantly delayed the project  These delays have added substantially to the forecast final cost

 Some areas more difficult and variable than anticipated 2. Ground conditions  Has impacted tunnelling performance and productivity

 Unprecedented wet weather conditions, particularly from October through January (Brisbane flooding), has severely hampered 3. Weather progress  Impacted time and costs to complete

 Completion of design has taken much longer than expected 4. Design  Actual design hours more than double tendered allowance

 Construction complexity has resulted in material quantities significantly exceeding tender expectations

For personal use only use personal For 5. Materials  133k tonnes of reinforcing steel v 86k tendered, 945k m3 of concrete v 820k m3 tendered

11 Leighton Holdings Limited Airport Link Project cost review and financial impact

1— Very thorough bottom up analysis 4— Realistic cost assessment

2— Greater cost visibility, now 70% 5— Tunnelling close to completion complete

3— Design 99% complete 6— Time and cost contingency reset

 Further access and approval delays  Commissioning process Remaining  Weather (although less so as mainly underground) risks For personal use only use personal For  Ability to successfully conclude claims  Retention of key staff

12 Leighton Holdings Limited Airport Link Delivering the project

Strategy Impact/description

 Support construction activities to achieve earliest possible 1. Drive to completion completion

 Work integrally with BrisConnections, Government authorities and 2. Handover arrangements Brisbane City Council on handover arrangements to minimise impacts to road opening

3. Insurance  Progress policy claims wherever appropriate

 Identify and pursue entitlements for compensation where we have 4. Cost recoveries

incurred additional cost and time overruns For personal use only use personal For

13 Leighton Holdings Limited Victorian Desalination Project Project status  The project incorporates 4 components, 3 of which are progressing profitably  However, the reverse osmosis plant which is the largest component is facing challenges

Thiess share Thiess value Profitable

Marine 97% 100% $272m 

Tunnels 90% 100% $150m 

Pipeline to dams 74% 32.5% $155m 

Plant 40% 65% $1.9bn  For personal use only use personal For

14 Leighton Holdings Limited Victorian Desalination Project Key project challenges

Issue Impact/description  Has impacted the ability to construct the reverse osmosis building 1. Weather  Lost 33% of available time causing lower productivity on site  Flooding of pipeline

 Labour productivity on the project significantly less than budgeted 2. Labour  Significant planning issues due to complexity

 Design costs increased from $141m in tender to $200m 3. Design  Inconsistency and errors between tender and final design

 Final design has increased materials quantities from tender level: 4. Materials structural steel by 226%, bored piles by 226%, bulk earthworks by

149%, rebar by 181% , cables by 131% and pumps by 128% For personal use only use personal For 15

15 Leighton Holdings Limited Victorian Desalination Project Delivering the project

Issue Impact/description

 Final project commissioning and handover is targeted for June 1. Timeframe 2012 with acceleration

 Allowances made for further bad weather but expect improvement 2. Weather in productivity and increased production with night shift operation and roofed structure

 Extending 4-on/4-off roster to accelerate program 3. Labour  Working night shift for additional production

 Failure to achieve improved productivity — Further costs and risk to timeline Risks

 Extreme weather For personal use only use personal For  Timely completion of final design tasks

16 Leighton Holdings Limited Habtoor Leighton Group Investment overview

Investment in HLG($m) 31 December 2010  $299m reduction in book value due to operating losses, FX and $100m impairment 1144 299  impairment reflected lack of new work and losses on pre-acquisition projects 845 320 Current valuation 525  Further $320 million reduction in book value — $200m Leighton corporate impairment — $120m operating loss reflects Leighton’s share of HLG result

Jun-10 Impairment Dec-10 Impairment Apr-11 — Underlying business operating profitably, result impacted by Book value Impairment provisioning Operating loss FX Impact  Request for further AED1bn in funding Note: Leighton has provided $289m of shareholder loans to

For personal use only use personal For HLG and pledged cash as security against a AED500m bank loan facility

17

17 Leighton Holdings Limited Habtoor Leighton Group The new HLG business is performing

Top Ten Contracts by Value to HLG

Contract Value to LHL ($m) % Complete Profitable Dubai Pearl, Dubai 1084 2  Al Shaqab, Qatar 340 93  City Centre expansion, Qatar 275 89 

KPIZ Industrial Zone, 264 9 

Al Bustan Mixed Use, Abu Dhabi 218 67 

Zayed University 183 76  Ritz-Carlton, Abu Dhabi 175 71  Al Ghurair City expansion, Dubai 158 81 

JAFZA Convention Centre 158 83 

P9 Development 150 85  For personal use only use personal For

18 Leighton Holdings Limited Habtoor Leighton Group Repositioning Habtoor Leighton Group

Key business improvement initiatives  Increase diversification of business  Geographic diversification — Increasing focus outside UAE (Dubai and Abu Dhabi) and Qatar — Saudi Arabia, Kuwait, Iraq are key growth markets  Sector diversification — Increased focus on infrastructure — Opportunities in oil & gas  Business improvement and efficiency

— Reduced workforce numbers but increased Zayed University, Abu Dhabi productivity — Improved worker accommodation and morale — Introduce Leighton management systems and processes

For personal use only use personal For — Greater accountability for performance — More selective with clients

19 Leighton Holdings Limited Habtoor Leighton Group Market conditions looking positive in the longer term

Market conditions Upcoming projects by Geography (~US$1 trillion)* —next 5 years  Recent new work includes Oman — AED2.2bn JV to build the Al Mafraq Bahrain 4% 4% Hospital in Abu Dhabi Kuwait — AED400m Abu Dhabi Islamic Bank’s new 6% KSA headquarters in Abu Dhabi Qatar 32%  Short term outlook remains challenging 8%  Gulf Cooperative Council (GCC) economies expected to grow at average 5% p.a. from 2011 to 2015  Award to Qatar of the 2022 FIFA World Cup will Iraq stimulate development in the medium to longer 15% term  Longer term outlook for region is positive Levant UAE + Libya  Approx US$1.1tn worth of projects to be

For personal use only use personal For 15% awarded in region over next 5-10 years 16% * Includes all projects yet to be awarded

20 Leighton Holdings Limited Habtoor Leighton Group Identified regional opportunities

Kuwait AEDm Qatar AEDm Sabah Al Salam University 1,500 Lusail Expressway 3,300 Kuwait Airport Runway 1,385 Doha Metro 2,000 KOC Small Boat Harbour 750 Musheireb Phase 2 1,500 Northgate Mall 1,200 Qatar Education City 500

UAE AEDm Midfield Terminal 10,000

Saudi Arabia AEDm Union Railway 4,000 Ministry of Interior 10,000 Abu Dhabi 2,000 hospitals program airside works 400 Water Projects 3,000 Jeddah Airport Hangers 2,000 Ma’adan Mine 2,000

Oman AEDm Sohar Airport Terminal 3,000

For personal use only use personal For Ras Al Hadd Airport 2,000 Oman Convention Centre 2,000 Bidbid Sur Road 1,400

21 Leighton Holdings Limited Business outlook Major projects worth more than $1bn

Total contract value1 Type of project Location

Airport Link $4.2bn Design and construct Queensland Senakin & Satui Coal Mines $3.9bn Contract mining Indonesia Area C Iron Ore Mine $3.6bn Contract mining Western Australia Mt Owen Coal Mine $3.4bn Contract mining New South Wales Sangatta Coal Mine $2.6bn Contract mining Indonesia Victorian Desalination Project $2.5bn Design and construct Victoria Burton Coal Mine $2.2bn Contract mining Queensland Wahana Coal Mine $2.2bn Contract mining Indonesia Yandi Iron Ore Mine $2.1bn Contract mining Western Australia Metro Trains $1.2bn Operation & maintenance Victoria Dubai Pearl $1.1bn Design and construct Dubai UHG Coal Mine $1.0bn Contract mining Mongolia

For personal use only use personal For MSJ Coal Mine $1.0bn Contract mining Indonesia

Note: 1:- For long term contracts extending beyond five years, the total contract value shown includes the value of work completed to date plus five years worth of work in hand.

22 Leighton Holdings Limited Business outlook Group risk profile  Outside of the two large PPP projects, Leighton has a well diversified and performing portfolio

Total Work in Hand ($46bn) Airport Link/ VDP 6% - 2 contracts 15% Construction Construction contracts >$500m contracts >$500m Contract PPP Structure Size Complete Profitable Dubai Pearl  D&C $1bn 2%  Construction 23% contracts <$500m Barrow Island (civil)  Alliance $814m 1%  Barrow Island (jetty)  D&C $768m 11%  Hunter Expressway  Alliance $757m 5%  Royal North Shore Hospital  D&C $729m 38%  Iraq—offshore oil pipeline  D&C $733m 16%  Contract mining/ M80 Ring Road  Alliance $558m 18%  services/ 57% development Barrow Island (site prep)  D&C $541m 25%  contracts Leppington rail line  D&C $530m 0% 

Ballina Bypass  Alliance $527m 83%  For personal use only use personal For

Note: All figures as of 31 Dec 2010

23 Leighton Holdings Limited Business outlook Portfolio effect of diverse work load spreads risk

 Record $46bn of work in hand

Diversification by activity Diversification by geography (work in hand)

 43% of work in hand  Half of construction is fixed price- 3% 2% Construction fixed time 2% 3% Aust - infrastructure  Shares some or all risks with client 6% Aust - resources on balance 36% Aust - property Indonesia 14% Middle East  42% of work in hand India Contract  Different and lower risk profile 3% Hong Kong/Macau mining Mongolia  Longer term contracts 31% Other

 13% of work in hand Services

 Lower risk profile RoW = 30% Australia = 70% For personal use only use personal For

24 Leighton Holdings Limited Business outlook Lessons learnt

 Increased focus on: — Tender accuracy and risk identification — Adequate time allowances — Adequate pricing of risk — Project delivery and risk management — Client cooperation and issues that could impact performance

 Senior manager to oversee APL and VDP For personal use only use personal For

25 Leighton Holdings Limited Business outlook Positive outlook across major markets

 Infrastructure market to remain strong  Good contract mining outlook  LNG and coal seam gas to drive construction work  Good opportunities in Asia  Record $46bn of work in hand

 Diversification strategy remains sound For personal use only use personal For

26 Leighton Holdings Limited Summary

 Addressing issues — Airport Link — Victorian Desalination Project — Habtoor Leighton Group  Undertaking review of major projects  Recapitalisation underway  No final FY11 dividend  Position for growth, outlook remains very positive

 Expect NPAT of between $600-650m in FY12 For personal use only use personal For

27 Leighton Holdings Limited

Investor presentation For personal use only use personal For

April 2011 Leighton Holdings Limited