Chairman, Geoff Ashton AM

Opening of 43rd AGMOpening of 43rd AGM

Introducing the Leighton Holdings BoardIntroducing the Leighton Holdings Board

Non-executive DirectorNon-executive Director

David MortimerDavid Mortimer

Non-executive DirectorNon-executive Director

AchimDrescherAchimDrescher

Non-executive DirectorNon-executive Director

Robert Humphris OAM

Robert Humphris OAM

Non-executive DirectorNon-executive Director

Dr PeterNoéDr PeterNoé

Deputy CEO and CFO and Executive DirectorDeputy CEO and CFO and Executive Director

DieterAdamsasDieterAdamsas

CEO and Managing DirectorCEO and Managing Director

Wal King AO

Wal King AO

Deputy Chairman and Non-executive DirectorDeputy Chairman and Non-executive Director

Dr Hans-Peter KeitelDr Hans-Peter Keitel

Company SecretaryCompany Secretary

Ashley MoirAshley Moir

Non-executive DirectorNon-executive Director

DavidRobinsonDavidRobinson

Non-executive DirectorNon-executive Director

ThomasLeppartThomasLeppart

Non-executive DirectorNon-executive Director

GeoffDixonGeoffDixon

Non-executive DirectorNon-executive Director

Martin Albrecht AC

Martin Albrecht AC

Chairman, Geoff Ashton AM

Address to ShareholdersAddress to Shareholders

Group Financial HighlightsGroup Financial Highlights

6.0

3.6

4.5

5.3 5.6

00 01 02 03 04

Total Operating Revenue $bnat 30 June

Total Operating Revenue $bnat 30 June

Work in Hand $bnat 30 June

Work in Hand $bnat 30 June

13.0

6.2

7.8 8.49.7

00 01 02 03 04

110.0

134.1

156.2169.2

140.0

00 01 02 03 04

Operating Profit After Tax $mat 30 June

Operating Profit After Tax $mat 30 June

Australia/Pacific OperationsAustralia/Pacific Operations

Total Revenue $bn

at 30 June

Total Revenue $bn

at 30 June

Operating Profit Before Tax $m

at 30 June

Operating Profit Before Tax $m

at 30 June

4.65.0

03 04

145

59

03 04

Asian OperationsAsian Operations

Total Revenue $m

at 30 June

Total Revenue $m

at 30 June

Operating Profit Before Tax $m

at 30 June

Operating Profit Before Tax $m

at 30 June

8187

03 04

996 987

03 04

DividendDividend

45

33

3942 44

00 01 02 03 04

Dividends per Ordinary Share ¢at 30 June

Dividends per Ordinary Share ¢at 30 June

Shareholder returnShareholder return

0

100

200

300

400

500

600

700

800

900

1000

94 95 96 97 98 99 00 01 02 03 04

Leighton Total Shareholder ReturnLeighton Total Shareholder Return

All Ordinaries Accumulation Index for 10 YearsAll Ordinaries Accumulation Index for 10 Years

Performance Scaled to 100Performance Scaled to 100

Leighton Shareholder Return vs All OrdsLeighton Shareholder Return vs All Ords

Governance and the BoardGovernance and the Board

Outlook for 2004/05Outlook for 2004/05

1st quarter results1st quarter results

Total operating revenue 1,746 1,305Net profit after tax 38.2 36.4Work in hand 12,524 9,981

Total operating revenue 1,746 1,305Net profit after tax 38.2 36.4Work in hand 12,524 9,981

Sept 04 Sept 03 ($m) ($m)

Sept 04 Sept 03 ($m) ($m)

Chief Executive Officer, Wal King AO

Delivering on our potentialDelivering on our potential

StrategyStrategy

BrandsBrands

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

Markets/Products

BrandsBrandsMining & ResourcesEngineering & InfrastructureBuilding & PropertyOperations & Maintenance

Mining & ResourcesEngineering & InfrastructureBuilding & PropertyOperations & Maintenance

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

Markets/Products

Geography

BrandsBrands

AustraliaAsia/PacificAustraliaAsia/Pacific

Mining & ResourcesEngineering & InfrastructureBuilding & PropertyOperations & Maintenance

Mining & ResourcesEngineering & InfrastructureBuilding & PropertyOperations & Maintenance

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

Markets/Products

Geography

BrandsBrands

AustraliaAsia/PacificAustraliaAsia/Pacific

Mining & ResourcesEngineering & InfrastructureBuilding & PropertyOperations & Maintenance

Mining & ResourcesEngineering & InfrastructureBuilding & PropertyOperations & Maintenance

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

ThiessJohn HollandLeighton ContractorsLeighton Asia (Northern)Leighton Asia (Southern)Leighton Properties

DeliverySystems

Hard DollarDesign & ConstructionProject ManagementAlliancingNegotiatedDevelopmentPrivatised Projects/PPP

Hard DollarDesign & ConstructionProject ManagementAlliancingNegotiatedDevelopmentPrivatised Projects/PPP

Financial Strengthat 30 June

Financial Strengthat 30 June

200200

16001600A$mA$m

00

400400

600600

800800

10001000

12001200

22

1414

00

44

66

88

1010

A$bnA$bnwork in hand (RHS)work in hand (RHS)bank guarantees, insurance bonds & letters of credit (LHS)

bank guarantees, insurance bonds & letters of credit (LHS)

96/796/7 97/897/8 98/998/9 99/099/0 00/100/1 01/201/294/594/5 95/695/6 02/302/3 03/403/492/392/3 93/493/4

121214001400

Market OutlookAustraliaMarket OutlookAustralia

Australian Construction Marketat 30 June

Australian Construction Marketat 30 June

$bn$bn

Source: BIS ShrapnelSource: BIS Shrapnel

ForecastsForecasts

9191 9292 9393 9494 9595 9696 9797 9898 9999 0000 0101 0303 0404 050522

661010

0202

141418182222262630303434 Engineering ConstructionEngineering Construction

Non-Residential BuildingNon-Residential Building

0606

3838

Westlink M7 Leighton Contractors

Mitcham-Frankston Freeway Thiess & John Holland

Regional Fast Rail Project Thiess

South Walker Creek Coal Mine Thiess

Darwin LNG Project – Storage Tank Thiess

KENS Project Leighton Properties & Leighton Contractors

Viridian Noosa Leighton Properties & John Holland

Kempsey Prison John Holland

Waste Management Thiess

Market OutlookAsiaMarket OutlookAsia

Sangatta Coal Mine Thiess

Eagle’s Nest Tunnel Leighton Asia (Northern)

BlueScope Steel Coating Plant Leighton Asia (Northern)

Rawang-Ipoh Rail Leighton Asia (Southern)

ABK Loa Janan Coal Mine Leighton Asia (Southern)

Ability to DeliverAbility to Deliver

Spencer Street Station, Victoria Leighton Contractors

Spencer Street Station, Victoria Leighton Contractors

ConclusionConclusion

- Very positive outlook- We have strategy, diversity, financial

strength and people- $12.5 to 13 billion work in hand forecast for

June 2005- Opportunities still emerging- More normal profit for 2005

- Very positive outlook- We have strategy, diversity, financial

strength and people- $12.5 to 13 billion work in hand forecast for

June 2005- Opportunities still emerging- More normal profit for 2005

Chief Executive Officer, Wal King AO

Delivering on our potentialDelivering on our potential

- The total of valid proxies received for Resolution 1 is 191,490,041 being:

181,771,031 for the resolution17,813 against the resolution

8,681,377 to be voted at the proxy’s discretion

1,019,820 have abstained

- The total of valid proxies received for Resolution 1 is 191,490,041 being:

181,771,031 for the resolution17,813 against the resolution

8,681,377 to be voted at the proxy’s discretion

1,019,820 have abstained

- The total of valid proxies received for Resolution 2.1 is 191,490,041 being:

174,627,065 for the resolution8,053,884 against the resolution8,694,980 to be voted at the

proxy’s discretion114,112 have abstained

- The total of valid proxies received for Resolution 2.1 is 191,490,041 being:

174,627,065 for the resolution8,053,884 against the resolution8,694,980 to be voted at the

proxy’s discretion114,112 have abstained

- The total of valid proxies received for Resolution 2.2 is 191,490,041 being:

174,704,646 for the resolution8,039,402 against the resolution8,681,480 to be voted at the

proxy’s discretion64,513 have abstained

- The total of valid proxies received for Resolution 2.2 is 191,490,041 being:

174,704,646 for the resolution8,039,402 against the resolution8,681,480 to be voted at the

proxy’s discretion64,513 have abstained

- The total of valid proxies received for Resolution 2.3 is 191,490,041 being:

174,513,241 for the resolution8,211,810 against the resolution8,695,750 to be voted at the

proxy’s discretion69,240 have abstained

- The total of valid proxies received for Resolution 2.3 is 191,490,041 being:

174,513,241 for the resolution8,211,810 against the resolution8,695,750 to be voted at the

proxy’s discretion69,240 have abstained

- The total of valid proxies received for Resolution 2.4 is 191,490,041 being:

180,132,375 for the resolution2,597,103 against the resolution8,691,903 to be voted at the

proxy’s discretion68,660 have abstained

- The total of valid proxies received for Resolution 2.4 is 191,490,041 being:

180,132,375 for the resolution2,597,103 against the resolution8,691,903 to be voted at the

proxy’s discretion68,660 have abstained

- The total of valid proxies received for Resolution 2.5 is 191,490,041 being:

182,637,843 for the resolution73,859 against the resolution

8,712,267 to be voted at the proxy’s discretion

66,072 have abstained

- The total of valid proxies received for Resolution 2.5 is 191,490,041 being:

182,637,843 for the resolution73,859 against the resolution

8,712,267 to be voted at the proxy’s discretion

66,072 have abstained