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Qtr02

inside this issue • Half Year Report• Road construction leads the way • Mt Keith ramps up

• City of Dreams takes shape • 400 George Street pre-sold• Gold Coast desalination plant update

“Our work load translated into revenue growth of 14% with total revenue for the six months of $6.5bn. Of the Group’s major markets, infrastructure provided revenue of $3.6bn (up 20%), resources of $1.7bn (down 8%) and property of $1.2bn (up 44%),” said Mr King.

“A highlight of the period was the acquisition of a 45% stake in Al Habtoor Engineering, one of the leading construction contractors in the Gulf region, for approximately $860m. Al Habtoor-Leighton immediately became one of the region’s largest multi-disciplined contractors.

“Al Habtoor provides Leighton with a significant increase in capacity to enable both parties to fully capitalise on the numerous opportunities in the Gulf market, particularly in the United Arab Emirates. The transaction brought an incremental work in hand to the Group of some $1.5bn.

“A long-term joint venture agreement has also been signed with Tourism Development & Investment Company (TDIC) in Abu Dhabi. The JV will undertake contracting and provide management services for TDIC as they develop billions of dollars of real estate and infrastructure over the next few years,” said Mr King.

“The longer term outlook for the Group remains positive driven by a record level of work, >>

Leighton Holdings has announced a 32% increase in operating profit after tax and minorities to $250m (versus $190m last year) from a pre-tax profit of $322m. A 50% franked interim dividend of 60 cents was also announced by the directors representing a 33% increase (45 cents unfranked last year).

Chief Executive, Mr Wal King, said that he was very pleased with both the operating performance of the Group and the progress that had been made in implementing a number of strategic initiatives during the period.

“The Group has secured some $12bn of new work, extensions and variations during the period boosting work in hand to a record $26.7bn versus $21.1bn at June 2007. Major construction projects awarded included the $625m Sugarloaf pipeline JV project in Victoria, the $1bn Sydney desalination JV project and the $560m Saadiyat Island highway in Abu Dhabi,” he said.

“New mining contracts includes the Tarong, Sonoma and Lake Vermont coal mines in Queensland. Significant extensions were also awarded at the Yandi and Area C iron ore mines in Western Australia, the South Walker Creek coal mine in Queensland, the Challenger gold mine in South Australia and at the MSJ coal mine in Indonesia.

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Leighton half year profit up 32%, work in hand at record $26.7bn

Southbank Redevelopment, Queensland, John Holland

Leighton Holdings

Quarterly Update

2ndQuarter 02

30000

Key Performance Indicators for the Half Year period to 31 December

Financial Highlights

Interim DividendThe directors have announced an interim dividend of 60 cents per share, 50% franked at a tax rate of 30%, payable on 31 March 2008. For non-resident and corporate shareholders the dividend will include 30 cents per share conduit foreign income.

Close of BooksFor the purpose of determining dividend entitlements, the Company’s Share Registry Office will accept registrable transfers up to 5pm on Friday, 14 March 2008 if paper-based, or by end of day on that date if transmitted electronically on CHESS. Leighton shares are expected to trade ex-dividend on the Australian Securities Exchange on 7 March 2008.

Leighton NotesInterest on Leighton Holdings Limited’s $200m of Convertible Unsecured Subordinated Resettable Notes (‘Leighton Notes’) will be paid on 2 June 2008 at the rate of 8.01% pa in respect of the period from 30 November 2007 to 28 January 2008 (both dates included) and at the rate of 8.51% pa in respect of the period from 29 January to 30 May 2008 (both dates included). For the purpose of determining Noteholders entitlements to the payment of interest on the Leighton Notes only those persons who are registered as Noteholders at 7.00pm on 23 May 2008 ('Record Date') shall be entitled to receive the payment.

New Perth Bunbury Highway, Western Australia,Leighton Contractors

Leighton Holdings

Quarterly Update

2ndQuarter 03

31 Dec 2007 31 Dec 2006 % $’000 $’000 Change

Revenue - Group 4,755,610 4,897,513 (2.9%)- Joint Venture Entities and Associates 1,755,074 805,065 118.0%Other Revenue 25,125 22,395 12.2%Total Revenue (includes the Group’s share 6,535,809 5,724,973 14.2%of joint ventures and associates)

New Contracts, Extensions & Variations 12,347,103 9,630,252 28.2%Value of Work in Hand (includes the Group’s 26,657,038 20,095,854 32.6%share of joint ventures and associates)

Profit before tax 321,712 246,143 30.7%Income Tax (70,989) (55,558) 27.8%Minorities (473) (578) (18.2%)Profit after tax 250,250 190,007 31.7%

Earnings per Ordinary Share 90.0¢ 68.3¢ 31.8%Dividends per Ordinary Share 60.0¢ 45.0¢ 33.3%

31 Dec 2007 30 June 2007 % $’000 $’000 Change

Total Capital and Reserves 1,432,889 1,350,473 6.1%(excludes minority interests)Total Assets 5,830,202 4,745,202 22.9%Cash net of Borrowings (644,783) 669,262 (196.3%)Undrawn Facilities and Guarantees 736,108 740,512 (0.6%)

a strong competitive position in core markets, continued growth in those core markets, and the implementation of a range of strategic initiatives. The backing of a strong balance sheet means that the Group is well placed to invest for growth and to pursue opportunities.

“Construction levels across the infrastructure and property markets are forecast to stay strong for the next five years stimulated by Australia’s sustained economic growth. Investment in infrastructure will continue to be driven by a growing population, past under-investment and a commitment by governments to resolve some of the existing bottlenecks and deficiencies.

“The resources boom is set to continue for coal, iron ore and energy related commodities during 2008 and 2009 with high commodity prices likely to sustain investment in projects at high levels. The Group is well positioned to increase its contract mining activity as new mines are opened up and existing clients seek to increase production,” he said.

“Non-residential property remains strong in 2008, due primarily to the strength of the economy - with employment and business conditions remaining positive - and the market should stay at similarly high levels over the next five years. Medical and educational facilities are likely to benefit from continued investment from both the public and private sectors.

“Real estate has been the major driver of project activity in the Gulf, however a shift is now occurring towards public infrastructure projects –

in water, power and transport. Construction across both these sectors is now occurring simultaneously and Al Habtoor-Leighton is well positioned to undertake this work.

“Mining remains a key driver for Indonesia and, with vast reserves of coal, oil and gas, and its proximity to China and India, its future looks positive. The Hong Kong Government has announced an increase in capital expenditure over the next few years, with rail and infrastructure projects expected to dominate the market,” said Mr King.

“In Macau, expansions to existing casino and hotel complexes are underway or in planning while other new developments remain on the drawing boards. The current building boom in Macau is coinciding with large infrastructure demands – particularly for transport,” he said.

“We have restructured Leighton Asia and I’m pleased to advise that Mr Hamish Tyrwhitt has taken over the role of Managing Director from 1 January 2008 and has been appointed an Associate Director of Leighton Holdings Limited. This follows the decision by Mr Joe Dujmovic to step down as Managing Director to concentrate on health and personal matters.

“Hamish was most recently General Manager, Victoria, South Australia, Tasmania and New Zealand for Leighton Contractors and prior to that was General Manager, Malaysia for Leighton Asia (Southern). He has 25 years of industry experience and spent more than 20 years working for the Leighton Group,” said Mr King.

Gateway Bridge Duplication, Queensland, Leighton Contractors

John Holland Aviation Services, Victoria

Prominent Hill copper gold mine, South Australia, Thiess

Leighton Holdings

Quarterly Update

2ndQuarter 04

“The balance sheet remains solid with total assets of $5.8bn and gross cash of $511m. A disciplined capital management plan is in place which ensures the Group has the financial resources to pursue growth opportunities to further diversify the business.

“The Group’s work in hand maintains the great momentum and revenue for the full year is forecast to be over $14.5bn. We expect our 2008 profit to be up by at least 30% on last year’s record result of $450m, which was up 63% on the previous year,” said Mr King.

>>

Leighton Holdings

Quarterly Update

2ndQuarter 01

The new 51:49 joint venture, TDIC-Leighton Contracting LLC, has been formed to undertake contracting for civil engineering and infrastructure, building, and mechanical and electrical projects, project and construction management and facilities management services for TDIC.

Initial projects covered by the agreement include the 6.5km, Saadiyat Link road (awarded to Leighton in September this year) which will connect Abu Dhabi's Shahama district to Saadiyat Island, the 27km2 island lying offshore Abu Dhabi city and which is being transformed into a signature leisure, cultural and residential destination. The Saadiyat Link road will transverse the island and connect to the 10-lane Saadiyat Bridge, which is already under construction from Abu Dhabi's Mina Zayed area. The Saadiyat Link, which includes five lanes in each direction, is due for completion in 2009.

The contract covers construction of the Saadiyat Link and associated side roads; the main feeder road to the up-market Saadiyat Beach district, providing easy access to the planned five-star resorts and golf course; seven bridges with a total deck length of 1.6km; three tunnels; 10.7km of storm water drainage; 22.3km of sewerage systems; a 30km potable water network with a ground storage tank and pump station,

various mechanical and electrical works, and installation of all utilities required to service Saadiyat Link and the Saadiyat Beach district including all hotels, residential developments and road systems.

Other projects covered by the agreement include the Eastern Mangroves Hotel and the new TDIC headquarters being built adjacent to Maqta Bridge, the main gateway to Abu Dhabi city.

Managing Director of the Al Habtoor Leighton Group and Leighton International, David Savage, says the agreement represents one of the Group's most significant partnerships, and will underwrite the company's business in Abu Dhabi for the foreseeable future.

"TDIC is one of Abu Dhabi's largest, most respected developers," he said. "We are delighted that it has selected us as its partner for its exciting development program. We look forward to working with TDIC to develop Abu Dhabi into one of the world's leading tourist and cultural destinations."

The agreement is expected to generate a minimum annual revenue of US$270m in the first year, growing to a minimum of US$1.4bn in the fifth year.

"In line with TDIC's overall ethos of employing best practices, this new joint venture will adhere to global standards in human resources, health, safety and environment deployment," said Lee Tabler, Chief Executive Officer, TDIC.

"While Leighton will bid for additional TDIC contracts, it will be judged on a purely professional and commercial basis in a transparent and competitive process.

"Leighton has repeatedly demonstrated long-term commitment to Abu Dhabi and the wider region in terms of investment, a factor which weighed heavily in its favour when selecting a joint venture partner. Once again, TDIC has demonstrated its own ability to forge partnerships with truly world-class providers raising the benchmark for quality delivery.

"The size, scope and complexity of some of the projects we are planning here require world-class contractors who prioritise environmental sustainability in the design and construction processes. Leighton is regarded as a world-leader in its field and is a good fit for what we are trying to achieve", added Mr Tabler.

Leighton International signs long-term joint venture agreement with TDIC in Abu DhabiTourism Development & Investment Company (TDIC), the tourism asset development arm of the Abu Dhabi Tourism Authority (ADTA), has entered into a joint venture agreement with Leighton to create a major new force in construction in the United Arab Emirates’ capital.

Saadiyat Link expressway, United Arab Emirates

TDIC Headquarters enabling works, United Arab Emirates

Angsana Eastern Mangrove project, United Arab Emirates

Traditionally, road construction activity has tended to follow residential construction cycle trends, driven by subdivision work undertaken by private developers and the construction of local roads. A key component of the current roads 'boom,' however, has been the $15bn Federal Government Auslink program, which has directed State and Federal funding into national arterials, highways and tollways, with additional contribution from the private sector. Population growth and the establishment of regional corridors are two of the reasons for increased focus on nation-wide long term roads planning. Additionally, the movement of road freight in Australia has doubled in the last twenty years and is forecast to double again

over the next twenty years. Based on the success of the first five year program, and the incredible amount of work still to be done, Auslink II is due to commence in 2009/10 for another five years, with a record $22bn budget. This is expected to coincide with a dramatic upturn in residential activity which would take road construction to new heights.

The shift from public to private spendingThe other significant element of the increase in road construction is the level and percentage of work undertaken by the private sector. There has been a considerable change in the delivery of key economic infrastructure and the new models are likely here to stay. The success of alliances and Private Public Partnerships (PPPs) for tollroads and major highway upgrades has also seen an increase in the value of maintenance work outsourced as it is built into the overall project contract period.

Spending cycles across the States to diverge Based on current State and Federal project commitments, there is considerable difference in the growth potential of construction work across the States. Brisbane and its surrounds has a record, much needed commitment of over $4.0bn per annum to create and improve transport routes around the city and between its satellite cities, as it prepares for a population expansion of over 1.5 million people over the next 20 years. This includes the $3.0bn Airport Link and the proposed widening of the Ipswich Motorway estimated to cost $1.5bn. Bids for the Airport Link closed in

Total road and bridge construction work done at historical peaks

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Stand-alone bridges

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Value of construction work done in 2005/06 constant dollars for year ending June.Source: BIS Shrapnel

Road construction market leads the wayThe road and bridge construction market is approaching a record value of $12bn of annual work done, which currently represents over 20% of engineering construction work occurring nationally. The immediate future holds very strong and consistent levels of work, with the major challenges being the availability and cost of labour and materials.

Leighton Holdings

Quarterly Update

2ndQuarter 06

Qld to drive the nation's spending, with NSW expecting future growth

Total project Major road projects for the future State value ($m)

M4 Tollroad - City West Link (M4 East) NSW 7000

F3 - Sydney Orbital Link NSW 3000

F6 tollroad NSW 2200

Gateway Motorway Upgrades QLD 3500

Airport Link QLD 3000

Northern Link QLD 2000

Ipswich Motorway QLD 1600

Toowoomba Range Bypass QLD 1500

Bruce Highway: Brisbane to Sarina QLD 1200

Further South Road Improvements SA 2000

East-West Link Tunnel VIC 5000

Western Ring Road - widening VIC 2200

Eastern Freeway extension VIC 2000

to 2009/10. It's economy is entering a new era of growth with major mining opportunities pumping new investment into the State. This has created solid business conditions and employment, as well as underlying demand for key infrastructure.

Post 2012 road construction expected to climb even higherAcross Australia there are at least 12 projects with a combined value of over $25bn waiting in the wings, as set out in the table above. There is the

Queensland

New South Wales

Victoria

Western Australia

South Australia

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Value of construction work done in 2005/06 constant dollars for year ending June.Source: BIS Shrapnel

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Source: BIS Shrapnel

December 2007 with a decision expected to be announced mid-2008. Expressions of interest have also just been called for the $2.0bn Northern Link which would commence in 2010.

NSW has just finished its record levels of road construction peaking at $4.0bn in 2006. This was driven by the completion of the Westlink M7, Cross City Tunnel and Lane Cove Tunnel. However, as the nation's most populous State it has not seen the end of the required investment. Major upgrades are proposed for the Pacific Highway and Hume Highway, and new connecting roads including the M4 East, F3 - Sydney Orbital Link, F3 - Branxton Link and a new F6 tollroad are planned. This is expected to coincide with the long-awaited pick-up in subdivision activity, pointing to another particularly competitive time for resources.

Victoria has also come off its record spend of over $2.5bn in 2007 with the near completion of EastLink. This provided a massive investment with over 40km of roads and 88 bridges constructed over a three year period. Victoria has no projects of this size in the immediate pipeline, and activity is expected to remain below $2.0bn per annum over the next five years. This is still considerably higher than historical trend levels however and should provide steady workflow. Post 2012 it is expected that either the Eastern Freeway Extension or the East West Tunnel will commence.

The other state to see a significant change is South Australia. While its total value of investment is small relative to other States at around $0.5bn, it is likely to see over 65% growth in private sector road construction in the four years

possibility some of these will be brought forward to commence before 2012 once the allocation of Auslink II occurs, including the M4 East in NSW. Overall, the future for roads looks very bright.

Leighton Holdings

Quarterly Update

2ndQuarter 07

Hard at work on Brisbane's North South Bypass TunnelLeighton Contractors, along with partners Baulderstone Hornibrook and Bilfinger Berger Concessions, is designing and building Brisbane's first privately financed toll road, the $1.94bn North-South Bypass Tunnel (NSBT).

Tony Spink, the Project Director discusses the progress made so far."The project is 6.8km from end to end, and comprises 4.8km of tunnels that will link the Inner City Bypass and Lutwyche Road in the north with Shafston Avenue, Ipswich Road and the Pacific Motorway in the south. The NSBT will greatly reduce traffic congestion in Brisbane.

"While contract completion for the project is October 2010, we’re working very solidly towards opening the project earlier.

"There are several big challenges to meet. It’s not a green field site, we’re working right in the middle of the city. We have to deal with very hard rock called Brisbane Tuff that has a strength of about 100mva, or about 3 or 4 times harder than Sydney Sandstone. We are boring underneath the Brisbane River. Importantly though, we have assembled a highly capable and experienced construction team that is very focused on effectively managing each of these challenges.

"The job connects into the Brisbane arterial road system at either end and in the middle but it’s really a tunnelling job with some big equipment.

"We’re using two tunnel boring machines (TBMs) as well as eight roadheader mining machines. The value of all that equipment and the ancillary equipment that goes with it is about $150m.

"The TBMs we’re using are 12.4m in diameter and double shielded - the largest ones ever used in Australia. The tunnel boring machines will be critical to our success and there’s been a lot of work put into the design, development and then the procurement of them through Herrenknecht which is a German company specialising in TBMs.

"Each TBM will advance 16 to 20 metres every day leaving behind a completely lined and safe tunnel for the state of the art mechanical and electrical installations. Roadheaders are used for the atypical sections of excavation and by comparison each roadheader advances less than 2 metres per day.

"Due to the severe water restrictions in Brisbane we can’t use potable (town) water for any construction purpose and we do have a big demand with our tunnelling operations. The TBMs require something like 500,000 litres of water a day. It has to be clean water, so to produce this water we’re taking water out of a nearby creek adjacent to the work and we’re putting it through a desalination plant. So that’s made us relatively independent going forward.

"Health and safety is a big issue on this job. We have 2,000 employed at the coal face. We’ve got a precast concrete segment producing factory out at Eagle Farm near the airport and the job extends right through to Woolloongabba down in the south. So keeping those people safe over that scattered distance is a big logistics exercise for us and the work is done on a 24/7 basis which just renders the task even more difficult.

"We’ve really taken a practical common sense approach to safety and have a simple plain English system with a view that we have to communicate this system to some 2,000 people. It seems to have worked quite effectively to date.

"This is a job built on the outskirts of the Brisbane CBD, right in the middle of built up suburbs. A lot of our work sites are built within 10m or less of private homes and most of the work is located right next door to very dense traffic on heavily congested roads around Brisbane.

"Managing the interface with the community is a big task. We’ve got a dedicated team of 7 people to do it and we have an extensive programme of proactive consultation and notification of impending work.

"Success for me on the NSBT will be providing a good workplace for people where they’re paid well and they’re safe, and that we finish the job early to reduce risk. The other thing I’d like to leave behind on the job is that our neighbours feel that they’ve been dealt with fairly and reasonably by us in what is quite a difficult environment,” emphasised Mr Spink.

Leighton Holdings

Quarterly Update

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NSBT Tunnel Boring Machines at a glance:

- Largest double-shield tunnel boring machine ever manufactured in the world.

- Largest tunnel boring machine ever used in Australia.

- The cost of each TBM is $50m.- The diameter of each TBM is 12.4 metres

(equivalent to a 4-storey building).

- The length of each TBM is 253m. - The weight of each TBM is 4,000 tonne

(as much as 2,350 family cars).- The tunnel boring machines are made

from steel. - Each TBM cutterhead includes 77

tungsten carbide tipped 19 inch disc cutters.

- A team of 21 people per shift will operate each tunnel boring machine 24-hours per day.

- The TBMs will remove approximately 3.5 million tonnes of rock to construct Brisbane’s first major road tunnel (enough rock to fill the Brisbane Cricket Ground, the Gabba, nine times over).

Leighton Asia's City of Dreams takes shape

Roger Barnett, Project Director of the City of Dreams talks about the project."The City of Dreams project in Macau is a US$2bn+ fast track construction project. The Leighton Asia, China State and John Holland joint venture (LCJ) client is the Melco PBL Development Company which is an organisation formed by Laurence Ho's Melco gaming industry and James Packer's Crown Limited.

"We are constructing over 600,000m2 of floor area within the development, which is the equivalent of about 55 soccer pitches. The progress here is quite remarkable. We poured the first blinding concrete on the ground on 17 January 2007. Since then we have poured 225,000m3 of concrete. That's about a hundred trucks every day since then.

"40,000 tonnes of structural steel have been fabricated over in mainland China in a factory that we established for this project. We have broken all records for fabricating steel in Guangzhou

Province. There's another 40,000 tonnes of steel reinforcing in the concrete structure. We also have dedicated factories in China manufacturing the façade and other construction components.

"The client is undertaking the design of the City of Dreams. Design and statutory approvals are currently controlling progress on the project, so we are doing all we can to help its advancement. We have recently combined all our staff into a 600 man office on the northern edge of the site to streamline the coordination process.

"Macau used to be a very sleepy little town where people, such as myself, used to bring our families for a quiet weekend. Now of course it has completely changed, it has overtaken Las Vegas in the gambling stakes. It is like Las Vegas on steroids. It is absolutely booming. Having said that there is still some of the old Macau here. There's the old red district (so called for the dyes from the garment factories,) the old narrow streets and there is Coloane, which is a quiet beach area. It is a unique blend of the modern casinos and the little restaurants. It is quite a pleasant place to live and work.

Leighton Asia and John Holland, in joint venture with China State Construction Engineering, are undertaking a management contract for the construction of the City of Dreams in Macau. The development comprises: four deluxe towers of between 28 and 35 storeys, providing hotel accommodation ranging from four stars up; serviced apartments; an underwater-themed casino; a luxury retail arcade; international food and beverage outlets, and a performance hall with seating for around 2000 people.

Leighton Holdings

Quarterly Update

2ndQuarter 10

"About 50% of our 2,500 workforce come from Hong Kong. The remainder are Macanese and mainland Chinese labour. This creates challenges because the Macanese have never been exposed to the level of safety standards that our Hong Kong labour works to and for the mainlanders this is a completely different ball game.

"We are developing a program with Mandarin speaking safety officers to communicate the need for good safety behaviours. We have also introduced the Leighton SafeX "reward for safety" system into this project and it's proving very successful with the Macanese and the mainlanders, who haven't encountered this approach before. It's really quite exciting to see how it changes their attitude.

"The casino projects in Macau have created a lot of jobs for the local community, certainly in the gaming and catering areas. We are quite well known in the community and we need to keep high standards of behaviour and communication here. We also need to be conscious that we are guests in somebody else's country.

"We continually interface with the university and the international school next to us. We have improved their facilities and assist them wherever we can.

"Environmentally we maintain the standards of Leighton Asia and have all the usual procedures that go with it.

"Our staff are a combination of secondees from Leighton Asia, mainly out of Hong Kong, John Holland out of New South Wales and China State of course. We are working very well together. I never cease to be amazed at the way the young Australians fit into this very different environment. It really suits their culture and background.

"We do introduce technology into the job wherever we can, but the Chinese traditionally like to do things their own way. A lot of our Australians, certainly the site managers, bring in their way of doing things. Our big balloon lights are an example. I know these were used on the Lane Cove Tunnel project in New South Wales, but they have never been used in these parts of the world before. They raised a lot of interest and because

we are working here seven days a week, 24 hours a day, we have to have good lighting and they are proving very effective.

"Another initiative we are employing is the aluminium pan formwork system or the slab construction on the hotels, rather than the traditional Chinese knock down timber formwork. This is proving very successful.

"A primary measure of success on this project is turnover. Quite simply, the more we spend the better the progress we are making. Every month, the first thing we look out for is how much turnover we have achieved and the figures are quite staggering. We believe at some stage we are going to hit the HK$1bn per month mark during our peak periods. We haven't got there yet but we are determined to.

"City of Dreams is a fantastic project to be involved with. It is an enormous challenge, we have a great team of people here and they're all completely dedicated to getting this job over the line," enthused Mr Barnett.

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Leighton Holdings

Quarterly Update

2ndQuarter 11

Leighton Holdings

Quarterly Update

2ndQuarter 01

Ben Hiatt, the Project Manager, discusses the ramping up of the project."We have just increased our mining from 37 million bank cubic meters (BCM) a year to 45 million BCM a year and will be further expanding the output to 57 million BCM by June 2008.

"We currently run a fleet of 48 Caterpillar 793 haul trucks, 3 Leibherr 996 shovels and 3 O&K 340 shovel/excavators. We'll soon be adding another 13 Caterpillar 793 trucks along with 2 Hitachi EX8000 face shovels, the first 850 tonne hydraulic shovels in Australia.

“One of the biggest challenges with ramping up the output is staffing. Currently we have 555 people in the Alliance, but we'll be expanding this to more than 650 people by the second half of 2008. In order to mitigate the skill shortage being experienced around Australia and particularly in Western Australia, the Alliance is sourcing people from interstate and overseas. We are also undertaking a substantial 'Green Program,' training inexperienced people to operate the equipment.

“BHP Billiton acquired a simulator to enhance the Green Program. The simulator is a great resource for teaching people that have had no mining experience, in a safe environment, the basics of operating a haul truck. BHP Billiton recently also added a shovel module that will assist with up-skilling our operators' shovel and excavator skills. The simulator reduces the impact of training on production while people are learning the hand-eye skills and minimises equipment damage.

“Zero harm is a primary focus and concern at Mt Keith. We are striving to ingrain a leading 'zero harm' culture within the Alliance. We have substantial processes and auditing systems that support our health and safety performance, but we also put a lot of effort into behaviour modification and peer-on-peer empowerment to safely manage our day to day tasks.

“Technology is also helping our site safety. We use slope stability radars to monitor the mine walls. These radars can detect mine wall movement to within 3mm. Due to the depth of the Mt Keith pit and because of its complex highwall structures the radars are crucial to continued operations. They give us the confidence to continue mining knowing that we can evacuate operators before any rock fall.

“As you can imagine with a pit this size dust can be a problem. We currently have 4 water trucks working at any one time. We’re using sub-potable water and we’re also trialling a number of different products for dust suppression on the roads. Automatic watering via remote sprinkler heads has also been introduced and is working well on the mine stockpile. It is being considered for other areas on site as our workload increases.

“I believe the culture within the Alliance is a positive one. We have the opportunity to use the strengths of both Thiess and BHP Billiton to get the best possible outcome for the business. I have a number of different people reporting to me from both BHP Billiton and Thiess. No-one talks about which organisation they work for. It’s all about the project and how we’re going to get the job done, how we’re going to do it safely, how we’re going to continue to improve and how we’re going to meet the goals and targets," said Mr Hiatt.

Thiess' Mt Keith nickel mine ramps up operationsThe Mt Keith project is an alliance between BHP Billiton and Thiess, which has been running successfully for the past five years.

Leighton Holdings

Quarterly Update

2ndQuarter 13

Gold Coast Desalination Project now over 50 percent complete

The John Holland Group is part of the GCD Alliance, which wasawarded a contract to construct, operate and maintain the Gold Coast Desalination Project in December 2005. The GCD Alliance is comprised of John Holland, Veolia Water, Sinclair Knight Merz and Cardno, and is delivering the project on behalf of SureSmartWater - a 50/50 joint venture between Queensland State Government and Gold Coast City Council.John Pincock, Project Director of the Gold Coast Desalination Project, talks about it's operation and progress."The Gold Coast Desalination Plant is a project capable of delivering 125 megalitres per day ensuring the future water supply of South East Queensland. The project is on schedule to supply first water in November 2008 and full water capacity in January 2009.

"John Holland is the principal contractor in the alliance, Veolia provides the process technology, SKM provides the detailed main plant design and Cardno provides the detailed pipeline design.

"The project is located at Tugun, on a 6ha site, on the coast of South East Queensland. The site was chosen specifically because of its proximity to both the ocean and also to the existing water pipework infrastructure. We commenced the project in August 2006 with remediation of the site which was an ex-waste disposal area.

"In order to proceed with the project we carried out a full Environmentally Relevant Activity Application, involving numerous plans and studies by various universities to ensure that the impact of the project on the environment is minimal.

"The project is comprised of three main components. The first of these are the two

tunnels, an inlet tunnel and an outlet tunnel, one 2.4km long and the other 2.2km and both are nearing completion. The second component is our 24km pipeline, which is currently at about 9km laid, and is scheduled to take water around about mid-June this year. The final component and the heart of the project is the desalination plant, which is around 60% complete.

"The two tunnels we are constructing are about 3m in diameter. In order to get the job completed on time we acquired two Herrenknecht tunnel boring machines, manufactured in Germany. Once we are finished with the machines they are buried out under the sea bed as we are unable to retract them from the tunnels that they have formed.

"In order to get 100 year durability for the concrete inlet and outlet tunnels, our segment liners have metal fibres in the concrete instead of the standard metal reinforcing. This hasn't been done for this application before in Australia, although it has been done in Europe with great success.

"The desalination process is really quite simple. We take water in from the sea, using a gravity fed system, through the intake tunnel which is 20m

drum screen

underground inlet tunnel

flocculation tanks

filter bedsfilter bedsds

reverse osmosis building

15Ml tank

pumping station

pumps

residuals area

underground brine outlet tunnel

underground fresh water pipe

15Ml tank

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below the surface of the sea. It then comes into the site through a shaft which is approximately 70m below ground level. On top of that shaft we have a number of pumps which pump the sea water through a preliminary intake drum screen before it reaches the flocculation tank. There we add a flocculent aid which causes fine suspended particles in the sea water to aggregate before the water goes through a number of filter beds. The filters are very similar to swimming pool filters, using sand and anthracite as a filter medium.

"We then hold that filtered sea water in a tank before pumping it into the reverse osmosis building. There we have a number of modules carrying reverse osmosis membranes (which are very fine membranes.) The water is pumped through at a relatively high pressure of 64 bar and there the salt is trapped in the membranes. Because the processed water is so pure, we have to add minerals to make it taste like tap water. The water comes out from the membranes into two large 15Ml tanks. When we backwash the filters, instead of pumping that backwash out to sea we put it through the residuals area where it forms into sludge and we take it to landfill.

"In order to get the water from the plant out to the distribution network for the public, it goes through a pumping station, then via a one metre diameter cement lined pipe which is buried underground. This pipeline will be laid through a number of easements and roads. Once we have gone through these areas, we reinstate them and revegetate them.

"Of the water that comes into the plant only one third of it actually goes out as pure water. The other two thirds, which is brine, is twice as salty as the water that's coming in and this is pumped back into the discharge shaft and then by gravity goes back out to sea. When it goes back out to sea, in an area of about 120m by 225m, the water mixes in with the sea water and returns to normal salinity levels. This is due to the wave and tidal movements and to the design of our distribution system on the sea bed which also has minimal effect on the marine micro organisms that live in the sand.

"Site safety has been a first priority for us. It has been a magnificent feat for the alliance to reach 1.75 million man-hours without a lost time injury. This has taken a lot of commitment and hard work

from the team. Our motto is that if it doesn't feel safe, if it doesn't look safe, then we don't do it.

"Working at heights is a major risk here. We ensure that everybody is thoroughly trained to work at heights. We also have barge work in over 20m deep water and tunnelling work under pressure, which is why we have a hyperbaric chamber on site. Because we are such a compact site, one of the other important safety issues is pedestrian and vehicular interaction. We are constantly evolving the layout of the site as the project progresses and at our pre-starts we make a point of advising everybody of any changes to crane movements and to road access changes.

"Another challenge is that we are located in a heavily populated part of South East Queensland. At the start of our project all access to the site was through Boyd Street which goes through a residential area and in order to minimise the effect on the community we built our own access road to take all construction traffic away from Boyd Street. Our interaction with the community has been carried off in an exemplary manner with their full support," said Mr Pincock.

filtered sea water tank

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Quarterly Update

2ndQuarter 15

Cox Rayner to complete the design. Cox Rayner were aligned 100% with our commitment to develop a high quality sustainable development.

"Thiess commenced construction in December 2006 and the project is on track for completion by mid 2009. 400 George Street will showcase Australian excellence in environmentally sustainable design, and has achieved a 5 Star Green Star office design rating with a predicted 4.5 Star ABGR rating. 400 George Street's smart technology and facilities will create what we believe to be the best building in Brisbane and an iconic landmark for the future.

“Jones Lang LaSalle’s Corporate Services Team in Canberra identified a possible Federal Government 11,500m2 requirement in Brisbane which resulted in the first 9 commercial levels of the 400 George Street development being leased. After securing a lease agreement, for in excess of 23,000m2, to the Commonwealth Government and private sector tenants, Leighton Properties sold its half share of the project to HSBC Trinkaus of Germany for $210m last December.

"HSBC Trinkhaus were working with CBRE to find

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Andrew Borger, Leighton Properties' Queensland Manager, offers an insight into this development.“400 George Street is a joint venture with Grosvenor Australia. The development includes 43,000m2 of 'A-grade' office space, a food hall, restaurants, a childcare centre and a gymnasium.

“Leighton Properties and Grosvenor Australia secured the prominent 2,902m2 site in the middle of 2006 and contracted award winning architect

Leighton Properties pre-sells its half share in 400 George Street Brisbane for $210m The sale, to HSBC Trinkaus, settled in December 2007. The transaction demonstrates the level of international interest in Brisbane’s booming commercial property market.

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2ndQuarter 16

their first investment in the Australian market and decided on the booming Brisbane market and 400 George Street. This is a record pre-sale for any project on a rate per m2 basis anywhere in Australia. It reflects both the quality of the projects that Leighton Properties develops and the healthy state of the Brisbane market.

“When we first started this project we wanted to understand what people really wanted out of their buildings. We engaged Wesley Corporate Health to do a major study into the future of work. We found that it wasn’t just the office space that people were focused on, there were a lot of other things. That's why we introduced a childcare centre into the development, a gymnasium, a healthy food court, restaurants, and retail services. We will also provide some 282 bike racks, showers, change rooms and locker rooms, offering people an alternative way to come into work. We’ve had a great response to that, resulting in this project attaining one of the largest leasing pre-commitments in 2007 in the Brisbane CBD.

“We’re working with our neighbour - the owner of the adjoining 100 year old heritage listed

McDonnell and East building, integrating its carparking access and loading dock facilities into our development to provide a best-for-site solution. That building was able to be refurbished and re-positioned as a result. A great win-win partnership with our neighbour.

“One of the things that we’ve done to deliver a very sustainable 400 George Street is to provide a 3.1m floor-to-ceiling height around the perimeter, to a depth of around 1.5m on all floors. That means that there will be significantly more daylight penetrating into our floors. This will reduce our energy consumption and also provide a superior working environment. Also it will provide a great 'wow' factor for occupants and visitors.

“One of the reasons we believe we’re able to deliver on our projects is the strong relationship we have with each of our contractors. At 400 George Street, Thiess is delivering our vision. Thiess has been involved from day one, working up our design, working with the subcontractors, and now importantly constructing this building.

“At our monthly project meetings the first item

we always speak about is safety, we’ve passed on the baton of safety responsibility to Thiess but Leighton Properties monitors it closely. Thiess has a fantastic approach to safety through their weekly tool box talks and the integration of subcontractors into their safety systems.

“I think success on the project will be measured in a number of ways. There’s definitely the financial hurdles, but also what I measure is the long term benefit. This building is at the pinnacle of excellence for sustainability in Australia - it’s providing a benchmark for change.

“Leighton Properties philosophy is to always push the boundaries. To try and provide a solution that’s not just going to be sustainable in the first year or five, but one that we can look back at in 20 years time and say we are really proud to have delivered that building; it stood the test of time. The basis for that is growing a culture where you don’t take second best as an answer. That often means having to work that extra bit harder and having to create a skill base of diverse team members to find that solution. So we set the bar very high at Leighton Properties,” observed Mr Borger.

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2ndQuarter 17

Leighton International's Agra to Bharatpur Highway Project is nearing completionThe US$50m Agra to Bharatpur Highway Project for the National Highways Authority of India, spans the states of Rajasthan and Uttar Pradesh in the north of India. The project involves turning an existing road into a 45km long dual carriageway.

Garrett English, the project's Commercial Manager offers an insight into the project."This is part of a nation-wide initiative to improve the transport infrastructure in India - to make it easier to transport goods from one part of the country to another and that will help the economy.

"Rajasthan is notoriously one of the hottest states in India, we get temperatures between May and July of up to 48 degrees Celsius. We also have a monsoon season here, starting in early July, which goes on for about three months.

"One of the main health and safety issues that we're facing is the interaction of our equipment with a public unfamiliar with road building activities. We have a dedicated liaison team who go into the local communities and explain to them what we're doing and also go into local schools to talk to children about the dangers associated with a project of this nature.

"Creating a culture of safety, including the use of personal protective equipment, for the largely

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Quarterly Update

2ndQuarter 18

locally employed staff and workforce who are not very familiar with these practices is also a priority. We carry out regular tool box talks to highlight specific safety initiatives which we're taking.

"Interestingly we're finding that we have on the footprint of the project lots of monuments and temples which we need to relocate. It's very important that we respect the values of the local community and, so far so good, everything is working out OK.

"We've also got a lot of animals moving around on the project ranging from water buffalo to monkeys and dogs etc. That's just a part of life here and we have to work around that, which we've done successfully so far.

"We strive on this project to minimise the impact on the environment - we source only locally produced materials. We use clean diesel in all of our machines and all of our production plants. We always use dust suppression as well and we've got nine or ten dust suppression water trucks operating throughout the project.

"We use the Leighton style of management here on this project, we try to be largely permissive in our management style. We like to give people flexibility to manage the way in which they do their work. The result of this is that we've seen a lot of staff blossom and become very proactive and take responsibility for what they're doing, which is a big cultural shift for them. Essentially we're using these projects as a training ground to create the managers to run our business in the future.

"How do we measure our success on this project? Well first and foremost is how safely we work, secondly how efficiently we work which obviously leads to the profitability of the project and thirdly, how we interact with the community and how we deal pre-emptively with their concerns.

"Additionally this project will certainly help with tourism in the area, which is a very large part of the economy around here. The Taj Mahal is only 20km from here and the highway will help increase flows of people to it," concluded Mr English.

Leighton Holdings

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2ndQuarter 19

“Our current contract at Sonoma is for five years and is valued at around $500m, with the prospect of a further 10 year extension. The client is a joint venture between QCoal (a Queensland operator), Cleveland Cliffs (a US based iron ore miner), and two other overseas shareholders. The contract is performance based with key performance indicators (KPIs) built into it. The KPIs are firstly, safety and environment, and then production of overburden and coal.

"The coal seam initially runs at a 20 degree angle. The equipment moves around 35,000 bank cubic metres (BCMs) of overburden and 30,000 tonnes of ROM coal daily. 20 million BCMs of overburden is expected to be moved each year with 5 million tonnes of ROM coal. In 2010, coal production will increase up to 6 million ROM tonnes annually.

"On site Leighton Contractors has two Liebherr 9350 Excavators - one on the coal and the other on overburden. In addition an Hitachi EX5500 will be mobilised to site in response to our clients request to substantially increase coal and overburden production earlier than originally planned. These excavators will be supported by fourteen 789

Graham Goodwin, the Project Manager and Site Senior Executive (SSE) discusses the new project.“I’ve been working on the Sonoma project since December 2006. The Sonoma coal mine started production last year. The first overburden was moved on 16 October 2007 and we sent our first coal to the coal handling and processing plant on 13 December 2007. It’s been a good start for the project and to see it come through to fruition has been a very satisfying and rewarding experience for me.

“I’ve been in the coal mining industry for 25 years. I commenced my career in the coal fields of NSW as an operator and I worked my way up through the ranks to my current role as Project Manager and SSE.

Leighton Contractors up and running at the Sonoma coal mine

The Sonoma coal mine is located in the Bowen Basin, 200 kilometres north-west of Mackay, Queensland. A contract for bulk excavation and selective coal mining operations at the new project was awarded in July last year.

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Quarterly Update

2ndQuarter 20

Caterpillar trucks. The 789 Caterpillar mining truck has a nominal capacity of 177 tonnes. The Liebherr excavators weigh in excess of 300 tonnes and have a bucket capacity of 18m3.

“Leighton Contractors' workforce at Sonoma is currently 100 people. Employees are predominantly hired locally from Collinsville, Bowen and other northern centres. The operators have been inducted on site, trained on the new equipment and are meeting production targets already. This great achievement has been accomplished safely with no lost time injury, which is fantastic!

“In the township of Collinsville Leighton Contractors is quite active, donating to the local community, including the Collinsville Rodeo, the local community centre, and a golf day raising funds for the elderly. In the future, it is hoped to give support to the community of Collinsville by training young people to operate mining equipment.

“Additionally, Leighton Contractors, in conjunction with Sonoma Mine Management, is collaborating with the local Birri people to ensure that the

cultural heritage of the site is respected. There is a display cabinet set up in Sonoma's office to display artefacts that have been retrieved from the site. These will remain in Sonoma's care until the area is mined out and rehabilitated.

"Furthermore, Leighton Contractors and Sonoma Mine Management are aware of the environmental impacts of mining and, therefore, have established many measures, such as monitoring of ground water and airborne dust. So the result is a site which is responsible to both the environment and the community.

“On site, I strive to achieve two things; that the site itself is a safe environment and that people enjoy coming to work. I believe that if this is accomplished then production will flow. I’ve tried and trusted in this philosophy over many years,” enthused Mr Goodwin.

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Carmelo DiBella, Senior Project Manager at Lavarack Barracks Redevelopment Stage 4, discusses the project and working again with the DOD. “The project combines adaptive re-useof existing facilities and infrastructure and the construction of new buildings including office accommodation, amenity and storage areas, logistical, medical and training facilities, plant and vehicle workshops, transport compounds, road and services infrastructure and landscaping. There are approximately 80 buildings in the Lavarack project that we’ll be working on, totalling some 60,000m2 of floor area.

“Our client is the Defence Support Group Infrastructure Asset Development (DSG-IAD) arm of the DOD, and we also work very closely with the barrack's resident 3rd Brigade, which is part of

the Australian Defence Forces Ready Deployment Forces. As we’ve been on the Lavarack project since the late 1990’s carrying out the earlier Stages 2 and 3 we have put a major emphasis on our relationship with the DOD. One of the keys to the success of our relationship has been the continuity of key players within the Thiess team. We have developed a great understanding of how the DOD operate.

“One of the challenges associated with continuing to do work on successive Lavarack Redevelopment Projects is ensuring that we don't become complacent in our ongoing client relationship. To that end, we have conducted relationship management forums with relevant parties within the DOD project team to ensure our objectives are aligned, we have the right behaviours in place and we continue to focus on the challenges ahead to deliver the DOD's desired outcomes.

“This is a very large, diverse site and we’re working in an environment where the army is operating in a high level of readiness for a wide range of operational tasks. Our biggest challenge is to maintain our program and deliver the facilities progressively by September 2010 while the army maintains its normal operations. To date, on all three stages of the Lavarack Barracks Redevelopment, we have not had any significant unplanned disruptions to the army’s operations. A great result for us.

"On completion of this project we will have undertaken in excess of $500m of work at Lavarack Barracks which is a pretty significant achievement for Thiess in this region.

“From a health and safety point of view we have many challenges in relation to the number of work sites that we are managing and therefore it’s important that we plan and coordinate the work properly to have the right amount of supervision to maintain our focus on a high level of safety.

“We have a workforce that’s 100% subcontracted which will peak at about 200 construction employees, although over the life of the project

Thiess awarded Lavarack Barracks Redevelopment Stage 4

The Lavarack Barracks Redevelopment Stage 4 project is a 'managing contractor' contract to provide building facilities and infrastructure for the Department of Defence (DOD) in Queensland.

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we’ll need to induct in excess of 2,000 employees as most of the subcontractors will only spend about 3 months on the site at any one time. We have to get their safety, culture, commitment and competency level in place in a very short time while they’re on our site.

“Just recently we implemented a safety initiative committing all of our Thiess team to be a part of a certain number of safety observations and communications each month. It has resulted in our team becoming more visible to the workforce and taking more ownership of the safety culture of the site, and our subcontractors get an appreciation that we really do care about their safety.

“In setting clear safety standards we have ten non-negotiable site safety rules that we want our entire subcontract workforce to adhere to. When any of the rules are breached we sit down with the subcontractors involved in a counselling forum to understand what the contributing behavioural factors were at the time and what actions can be taken to prevent the incident from reoccurring. The objective is to change the mindset of those involved towards safety. We’re finding that by

stopping the work area involved to hold the counselling sessions and communicating with the workforce at the right level that we’re getting a positive response. We are demonstrating that Thiess is prepared to put safety ahead of program to achieve an incident and injury free work place.

“Our client is committed to environmental management. The office facilities being delivered achieve equivalence to a 4.5 Star Australian Building Greenhouse Rating. Our design management team is implementing a number of ecologically sustainable initiatives. We’re looking at achieving 20% less water consumption than Building Code of Australia requirements by using waterless urinals, AAA rated fixtures, and appliances with electronic metering.

“DOD project criteria require us to provide facilities that are primarily non-air conditioned to assist in the Army being acclimatised for action in comparable, harsh climatic conditions. Our design management team has focused on the orientation of buildings, cross flow ventilation and solar shading. Cladding materials have high thermal reflectance and insulation characteristics

combined with a reduced maintenance requirement. Over the previous two stages of Lavarack Barracks we have been able to provide facilities that are both comfortable and suitable for the operations that occur within them.

“Due to the large area our site covers we have a significant environmental challenge in the management of erosion and sediment run-off. The waterways on Lavarack run into the region's major river system then out to sea, which is the Great Barrier Reef lagoon. We've implemented a comprehensive environmental management plan and to date we’ve had a great deal of success handling the environment.

“A successful project outcome for me is to: have an incident and injury free workplace; maximise the amount of scope that we can deliver for our client's budget; deliver quality facilities; maintain uninterrupted army operations; and achieve a better financial outcome than that established at the start of the project,” said Mr DiBella.

Lavarack Barracks Redevelopment Stage 3 included the Headquarters building of the Third Brigade.

Lavarack Barracks Redevelopment Stage 2 included accommodation units.

"I'm Carmelo DiBella, Senior Project Manager on Lavarack Barracks Redevelopment Stage 4.

“I’ve been with Thiess 18 years working on various infrastructure projects mostly in the North Queensland region. I’ve worked on Defence projects over the last 12 years and have been based at Lavarack since 1999. I’m originally from Ingham, a small township just north of Townsville, where I grew up on a cane farming property. I studied civil engineering at Townsville's James Cook University and joined Thiess on completion of my studies.

“Working on a project such as Lavarack allows me to lead a diverse team on a complex regional project, for a motivated, decisive and appreciative client. I get a great deal of satisfaction working with our subcontractors developing a safety culture and competency level that will help Thiess achieve an incident and injury free workplace.”

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2ndQuarter 23

Work resumes atLeighton Asia's Aviation Fuel Supply Facility projectThe new aviation fuel supply facility augments the existing fuel supply to the Chek Lap Kok airport in Hong Kong which was built by Leighton Asia over ten years ago. The new facility will receive tankers direct from the Middle East of up to 80,000 tonnes.

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Brian Gillon, Project Director of the Aviation Fuel Supply Facility speaks about the project."The first part of the project is a 650m long jetty with two berths, one for vessels up to 80,000 tonnes and the second for vessels up to 40,000 tonnes. Fuel will be offloaded along the jetty into another part of the project, a tank farm with an initial capacity of 140 million litres of fuel. The

fuel is stored here, certified and then pumped via a pair of new submarine pipe-lines, 4.5km long, to an existing pipeline and then on to the existing aviation fuel facility.

"Our client is ECO Aviation Fuel Development Limited, a wholly-owned subsidiary of the Hong Kong and China Gas Company Limited. ECO has a franchise agreement with the Airport Authority Hong Kong to build and operate this facility to provide fuel.

"The project value is in excess of A$100m. We were initially awarded the project nearly 6 years ago, however, some of the project's neighbours were uncomfortable with having a fuel facility nearby and lodged a number of protests resulting in delays to the project. Ultimately the environmental permit was revoked, requiring the Airport Authority Hong Kong to gain a second environmental permit. We have been on-site since last year and anticipate completion in the fourth quarter of 2009.

"In terms of safety the real challenge on this project is the diversity of the work. We're working offshore on a jetty structure, doing piling work

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Quarterly Update

2ndQuarter 24

over water as well as working on the tank farm. The tanks are 43.5m in diameter and 24.7m high, so we have the hazard of working at height. Later on we have piping and concrete work, and a submarine pipeline to install.

"One of the things that we've done differently on this project is to divide our staff up into teams and each day we have one team go out onto site and do a safety inspection. They have specific items to look at each day. The site inspection teams encompass everybody, the draftsman, the quantity surveyors, the engineers, everybody. The people who wouldn't normally get out on site to look at safety specifically are going out with a fresh set of eyes to help the field team.

"One of the particular challenges that we have in terms of safety on this project is crossing a very busy shipping channel known as Urmston Road. Urmston Road has a lot of river traffic coming from China into Hong Kong. To avoid the necessity for our pipe-laying barge to cross Urmston Road and interface with extremely heavy marine traffic, we're proposing to place the barge 2km offshore and then do a bottom pull of the pipe-line along the sea bed to the tank farm.

"While the project is located in a primarily industrial area we do have a community liaison group visiting the project every quarter to go over the progress of the works and, in particular, the safety features of the project. Whilst I don't speak Cantonese, the community group does seem to appreciate the fact that I take the time to introduce the project, the members of our team and the progress that we've made to date on the project.

"The project is located in an industrial area and the environmental impact of the project is quite small, but there is a unique feature environmentally - the jetty area is the habitat of the Chinese white dolphin. While the dolphins don't have any particular interest in our jetty they are particularly sensitive to underwater noise. In the construction of the jetty we use hydraulic hammers to drive the piles which causes considerable underwater noise. On the first Aviation Fuel Facility project, ten years ago, we used what was called a bubble curtain to reduce the noise. We have gone one step further on this particular project and we have developed a bubble jacket which is effectively a sleeve that goes over the outside of the pile. We inject

compressed air at the base of the pile and this has the effect of reducing the underwater noise. We did considerable monitoring during a test phase prior to construction to ensure that we were having as little impact as possible on the dolphins as far as underwater noise goes.

"Also we had to do a very detailed investigation along the route of the offshore pipeline to identify contaminated soils. There is natural contamination in some of the soil and it's necessary for us to dispose of that soil. We're now in the process of removing specific layers of dredged material and disposing of it in dedicated sites in Hong Kong.

"Ultimately the success of the project for us is to send everybody home safely each night and to finish the project on time and within budget.

"At the completion of this project we will have built the most up to date aviation fuel facility of any airport in the world," concluded Mr Gillon.

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2ndQuarter 25

Carl O'Hehir, Project Manager at South Walker Creek, talks about the relationship with Thiess' client BMC and life at the mine. "We've been here for 11 years and recently negotiated a contract extension which sees us working until June 2010. So overall Thiess are looking at 14 years here at South Walker Creek.

"We're located about 20km west of Nebo and about 170km west of Mackay which is the major centre in the area.

"We've got a very good relationship with the client. We've been working very hard to further develop that over the last two years and now we've reached the point where Thiess are responsible for the short term mine planning and the client is looking further ahead and preparing the long term planning. It's really a collaborative approach.

"Recently we've had the opportunity to go away from site and do a bit of team building with BMC. We spent two days in the hinterland of Mackay where we focused on what the different key drivers for Thiess and BMC were. Out of that we reached a better understanding of why our positions don't always align but we came away with a charter to always look for win/win outcomes that achieve the best for South Walker Creek as a whole.

"We're responsible for everything here; the topsoil removal, the drilling and blasting, the waste removal and the primary mover (the dragline). Then

there's the coal mining and transfer to the coal preparation (prep) plant which we operate and maintain. We're also responsible for maintaining all the plant and equipment that's here as well.

"This 07/08 financial year we're planning to produce about 3.5 million tonnes of product coal. We're looking to move approximately 30 million bank cubic metres (bcms) of waste and forecasting to haul 5.2 million tonnes of coal. This year we're looking at about $140m worth of revenue or turnover.

"Thiess supplies the fleet to South Walker Creek, apart from the dragline which is the client's. The coal preparation plant is also the client's. We run four excavators, about 20 trucks and we've got some ancillary gear and a couple of loaders for the hopper at the prep plant. Overall the fleet has a replacement value of about $100m.

"South Walker Creek is a bit of a boutique operation and what I mean by that is we've got up to nine different types of coal here and what makes it really challenging for us is we need to meet customer specifications by optimising the blending of these different types of coal.

"We've got some steep dipping seams in the coal at South Walker Creek, upwards of 10% so it makes it very challenging for drag line operation and also trucking. We've recently opened up two new box cuts, trying to establish this pit as a fully operational 20km long coal mine.

"Thiess had a great year in terms of safety performance at South Walker Creek in the

06/07 financial year. We were able to reduce our recordable injury rate and were successful in taking out the Thiess Queensland/Northern Territory/Pacific (QNP) quarterly safety award for two consecutive quarters. The first time any project within Thiess QNP has achieved this and we were very proud of this. We were also awarded the BMA Platinum Award for safety performance. That was a real highlight for us in that it was the first time that any BMA operation - port or coal mine - was awarded this highest achievement. For a contractor operation to be awarded that, well we were very, very proud.

"One of the special initiatives we've taken on in our health and safety program is engaging more with our subcontractors. We've actually gone out of our way to involve them in our safety talks. We've extended the QNP field leadership time policy to allow a team of senior managers, along with our client representative, to go out and spend a couple of hours talking with the subcontractors daily. At the beginning we were getting a very negative response from the subbies, but now we're finding that it's become very positive. Communication has improved so that the subbies feel they're comfortable enough to talk to us about issues they have. We can then action those issues and get them the outcomes we are looking for. We're finding that this is working for us. It's about getting back to the basics - involving the guys.

"We support community activities that our guys from South Walker Creek are involved in. We've donated to the Mackay Water Ski Open Day. A lot of the guys here are involved with the Mackay

Good client relations at work at Thiess' South Walker CreekThiess secured a $345m three year contract extension for services at the BHP Mitsui Coal (BMC) owned South Walker Creek Coal Mine in August last year. Thiess have been operating at the site since 1996.

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"The second application was on a variable speed drive on a hose down pump. The benefit there is reduced power usage which has a direct impact on greenhouse gas emissions. At the moment it's only in its infancy but we're seeing power reduction of about 30% since its introduction three months ago and now we're looking for bigger benefits from other applications in the coal handling prep plant. It's the first time that this magnadrive coupling has been used in the Australian mining industry so Thiess were at the forefront of that and we've already implemented the technology on two of our other prep plant operations here in the Bowen Basin.

"Our key indicators of success at South Walker Creek are focused around our safety performance and reducing our injury frequency rates, waste/overburden movement and coal product output. If we are on target here then the costs will also be in good order. This is talked about each day in detail with a genuine focus on the safety of our people and reviewed on a monthly basis once the final costs and production figures come through.

"The culture at South Walker Creek is a very positive one and we're very people oriented here. We have an open door policy where the guys from the workshop floor or anywhere else can come into the office and talk to anyone. We try and enjoy what we do because we're all here away from our families. So if I was to sum up in a couple of words; it's about having fun, staying safe and getting the results at the end of the day," concluded Mr O'Hehir.

Water Ski club. We realise the importance those guys place on their own employer supporting their local community groups.

"Thiess is a major sponsor each year for SIDS Trek for Kids which is a good excuse to get the guys from site together socially. They bring their families and trucks and utes to site; we have a barbecue and take photos, it's a great atmosphere and it's a great feeling for us to know that we're contributing.

"More recently one of the initiatives we've taken on board is going to the high school kids and rolling out some relevant workplace health and safety initiatives. Our own health and safety superintendent Tony Barrow has been heavily involved with this and finding some real benefits in getting out there and giving the kids some awards. The awareness that these kids have about safety in the workplace is very impressive.

"An example of innovation and use of technology here at South Walker Creek is the adoption of the magnadrive coupling. It uses magnetic fields to replace a mechanical coupling. This was an idea that our own operations manager, Danny McCarthy went over to America and investigated. He brought it back here and we've had two opportunities to apply the coupling. The first was a fixed drive coupling on the feed conveyor belt in our prep plant. We're seeing huge benefits there in reducing our maintenance costs and also it generates a built in belt protection capacity which is giving longer term belt savings for us in the prep plant.

"I'm Carl O'Hehir.

"I'm a mining engineer by trade. I left uni in 1999 and started work with a mining house here in the Bowen Basin. I left that company four and a half years later after filling various technical and supervisory roles to join Thiess at Oaky Creek coal mine. I had the opportunity to come to South Walker Creek and have been here for just over two years. I've been project manager since July last year.

"I live in Mackay. It's about 170km away. This morning I got up at about quarter to five, left the wife and kids and you think to yourself why do you do it, but the truth of the matter is I love what I do. I enjoy being out here. I enjoy being around the gear, particularly the dragline - it's a personal favourite of mine and I enjoy working with the people that are here. South Walker is a very challenging place. When you walk away each day knowing that everyone you work with leaves safely, and you've hit your production targets then you've actually achieved something. That's why I'm here and that's why I do it every day."

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Chris Dando, formerly Manager of Operations and Maintenance at the Cross City Tunnel, is now the Project Manager for Operations and Maintenance at both projects. Chris talks to us about the undertaking."It was a somewhat challenging transition taking over an operating motorway but we managed to do that quite successfully.

"The Eastern Distributor motorway is 6km long and almost 2km of that is a piggy-back tunnel - the south-bound and north-bound lanes sit one on top of the other. The Cross City Tunnel is approximately 2km long, but the whole tunnel network comprises of about 8km when you consider all the on and off ramps. The Eastern Distributor alone has daily traffic averaging between 120,000 and 130,000 vehicles.

"We deal with a range of traffic issues every day, keeping minor traffic incidents and breakdowns from escalating into major traffic incidents is the key outcome of our business. That's why the co-ordination of our patrol crews and the Emergency Services by our control room operators is so important.

"After working in a motorway environment for two years I have to say that driver behaviour can be quite amazing. We've had truck drivers ignore height restrictions, a motor cyclist attempt to drive through the tunnel the wrong way but noticed and did a u-turn. Topping that was a car and caravan that did the same thing - but when they tried to u-turn they stopped traffic all together.

"We also had 20 police vehicles chasing a car against the flow of traffic, a dog that ran through the full length of the Cross City Tunnel, a homeless person walking against traffic and a drunken reveller who entered the motorway and fell asleep in the middle of the road! Never a dull moment.

"An important issue that we deal with is maintaining a healthy tunnel environment. The traffic we move can produce many potentially harmful gases. We monitor these gas levels very, very closely in the tunnels. A range of operational procedures are available to the motorway controllers to deal with any gas levels that may be of concern.

"Regular maintenance of the tunnels is equally important for driver safety. It includes wall washing, road surface sweeping, closed-circuit television system inspections (there are 263 cameras over the two motorways), emergency phone system inspections (there are 331 phones in the tunnels), crash barrier replacement and light replacement, and inspection and repairs to the industrial sized fans (127 across the two

Eastern Distributor and Cross City Tunnel operations and maintenance uniteLeighton Contractors was awarded the contract to operate and maintain the Eastern Distributor in 1999 for a 48 year period. Last year a consortium of Leighton Contractors and ABN AMRO successfully bid for the nearby Cross City Tunnel. The Industrial and Services Division of Leighton Contractors has taken on a 25 year contract to operate and maintain that tunnel. The synergies between the Cross City Tunnel and the Eastern Distributor have led to a merging and rationalisation of management structure.

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motorways.) We have over 9,000 lights and 5,000 of those are fluorescent which are replaced every four to five years.

"We not only have to take care of the travelling public, we also have a lot of local residents and businesses at both sites to look after. The Cross City Tunnel, in particular, opened when air quality outside the tunnel was a very, very sensitive issue. Consequently an Air Quality Consultative Committee was established to review community concerns. We have to provide a lot of air quality data to the committee and decided an open-book approach best demonstrated that we have nothing to hide as far as maintaining the air quality at Cross City Tunnel. We've had good feedback from this group on the way we deal with a number of air quality issues.

"The other big issue for our local residents is noise. We can only do our maintenance at night between the hours of 10.00 pm and 5.00 am and being in the city there are a lot of high rise residents around our two projects. The local residents are very sensitive to any noise at night time. We find that if we give them sufficient notice and keep the noise to a minimum in the early hours, we meet their requirements.

"The major goal of the underground motorways is to take traffic off the suburban and city streets. One of the major benefits of motorways is the reduction in traffic fuel consumption and the figure estimated for the Eastern Distributor was a saving of 1.2 million litres per year.

"Another issue concerning the environment that most people don't think about is the amount of ground water and salt water seepage that we get in both the vehicle tunnel and ventilation tunnels. This is more pronounced at the Cross City Tunnel where the tunnels are quite deep and sit below the tide line, therefore, we get in excess of 500 tonnes a day. We collect and treat that water in tanks before it is discharged to stormwater drains. Part of that water is actually free of salt and is a valuable resource, so we went through our client to Sydney Council about it. Sydney Council are keen to make use of it and have made it a major component of the City of Sydney's groundwater re-use program. We are currently working with our client and Sydney Council to get this water re-use project up and running.

"Traffic management and toll collection are fairly IT based businesses. At the moment the use-by-date of a lot of equipment at Eastern Distributor has been reached and we're undergoing a tolling system upgrade at various levels. The upgrade will bring greater efficiencies. The Cross City Tunnel opened as a cashless tollroad and certainly that will happen in due course at the Eastern Distributor.

"Safety on site is critical - an operating motorway is a potentially dangerous environment. We have a lot of remote areas in both these tunnel networks and communications with workers in those areas is important. We have to keep track of who is working where in the tunnel, what work they're doing and when we expect to hear from them.

"In addition to meeting forecast returns and safe operation of both sites, success in the short term is achieving steady state operation of the Cross City. As I mentioned before we've only been on site for 3 months. We took it over when it was an operating motorway so getting that site settled down and operating in a more steady state environment is a key short term goal. We had a major planned maintenance shutdown at Cross City soon after we moved in; preparing for that and successfully achieving it, and completing all the scheduled maintenance that was required was a major achievement.

"I've found a very positive culture here at the operations and maintenance group at the Eastern Distributor. Some of the people have been here for seven or eight years - that's from the opening of the motorway and there have been a lot of good relationships formed. I see that both in the work environment and socially. Certainly working in this new environment has been a great experience for me. It's only early days but I've got a great team working with me," said Mr Dando.

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John Holland has been awarded a $625m contract to construct the 70 kilometre Sugarloaf Pipeline, a major drought-proofing measure linking the Goulburn River to Melbourne’s Sugarloaf Reservoir.

The $625m pipeline is one component of the Victorian Government’s "Our Water, Our Future" plan to secure Victorian water supplies for the long term. The Pipeline will transfer 75 billion litres of water to Melbourne per annum, helping to modernise the Food Bowl irrigation system and saving 225 billion litres of water each year.

The contract is an alliance between Melbourne Water, John Holland and designers SKM and GHD. Construction of the Sugarloaf Pipeline will combine John Holland’s Southern Region construction business with the specialist capabilities of John Holland’s Water and Structural Mechanical Process businesses.

The John Holland Group has been appointed Managing Contractor at Melbourne Airport to deliver a series of projects under the Strategic Terminal Expansion Program for Australia Pacific Airports (Melbourne). John Holland has been awarded two expansion projects worth $117m and is preferred contractor on the third project, which is worth $84m.

John Holland’s Southern Region will deliver these expansions to Melbourne Airport’s International Terminal, adding five new aircraft gates, a new international baggage processing system and a new outbound passenger and retail precinct to the existing International Terminal, as part of a proposed $330m investment in airport expansion.

Work commenced on the projects at the end of November 2007. The Program represents one of the biggest private sector construction contracts in Victoria and the biggest private sector investment in Victorian transport infrastructure.

John Holland’s Managing Director, David Stewart said, “John Holland’s work on Melbourne Airport’s Expansion Program will be undertaken in a fully

operational environment, drawing upon John Holland’s exemplary track record in both safety and delivery on complex projects. We will work in partnership with Melbourne Airport to ensure that all work is carried out in a safe and timely way, without delays to passengers and aircraft.”

Peter Kessler, General Manager of John Holland’s Southern Region said, “This award continues a strong partnership between John Holland and Melbourne Airport. Together, we won the 2006 Australian Construction Achievement Award for Melbourne Airport’s remarkable runway widening works. We look forward to working with the team again during this significant project.”

More recently, Melbourne Airport and John Holland formed a five year Relationship Framework Contract for infrastructure works, commencing with the Taxiway Victor contract, which is currently underway.

Details of how the completed International Terminal will look can be seen at www.melbourneairport.com.au/t2

John Holland awarded $117m Melbourne International Terminal Expansion Works

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Leighton Contractors wins Pluto LNG Site Preparation Project in WALeighton Contractors has secured a $163m contract to undertake site preparation bulk earthworks at the new Burrup Liquid Natural Gas (LNG) Park site on Western Australia’s Burrup Peninsula near Karratha.

The contract has been awarded by Woodside as part of the Pluto LNG Project. It comprises the first phase of works to develop a new onshore LNG processing plant.

Peter McMorrow, Managing Director of Leighton Contractors, said that the skills and experience of our people remain key factors in winning new work.

“The award of this site preparation contract for Woodside highlights our ability to mobilise people and equipment within a tight labour market and timeframe,” Mr McMorrow said.

Site preparation and earthworks commenced in January and are expected to continue through until third quarter 2008. The project involves drill and blast, load and haul, placement and compaction, and crushing and screening works.

Ray Sputore, General Manager of Leighton Contractors’ Western Australian construction operations said that this contract reflects well on the company’s ability to service the rapidly expanding resources and energy sector.

“Leighton Contractors worked with Woodside over two decades ago to complete civil works for the Northwest Shelf Development on the Burrup Peninsula. At the time, this landmark project was one of the largest earth moving tasks in Australia and laid the foundations for future development of the Burrup,” he said.

John Holland Group Managing Director, David Stewart said that “the Sugarloaf Pipeline project is critical to securing Melbourne’s water supply. John Holland is delighted to bring our diverse expertise and long-standing experience to this new alliance with Melbourne Water.”

The initial development phase of the project will commence immediately, involving extensive survey works and community consultation program. Construction of the pipeline is expected to begin in April 2008 and to be completed in 2010.

General Manager of John Holland Southern Region, Peter Kessler commented that “with the Sugarloaf Pipeline, John Holland is excited to renew its decade-long relationship with Melbourne Water. We applaud Melbourne Water’s selection of a relationship-based contracting model and look forward to delivering this essential infrastructure for the state of Victoria.”

John Holland awarded $625m Sugarloaf Pipeline Project

Leighton International, through its 45%-owned associate Al Habtoor Engineering, has been awarded US$1.3bn of new work in Dubai and Abu Dhabi in the United Arab Emirates.

The first of these projects awarded, and the first contract won by Al Habtoor Engineering since it merged with Leighton International in September 2007, is a US$290m (A$310m) contract for the construction of the new JW Marriott Hotel in Abu Dhabi.

The project, for Abu Dhabi National Hotels, involves the construction of a 10-storey hotel with basement, 88 chalets, a marine village, a staff accommodation building, a spa facility and a lagoon. Work commenced last year and is due for completion in January 2010.

In December 2007, the company secured a US$520m contract for the construction of the new JAFZA convention centre in Dubai for the Jebel Ali Free Zone Authority. The JAFZA convention centre complex will comprise twin towers for the convention centre, a food court, a 33-storey office complex and seven-storey hotel.

A construction contract for two hotels on Yas Island in Abu Dhabi, for Aldar, worth a total of US$130m, was also awarded last December.

The project for Aldar comprises the construction of two separate 4-star hotels on adjacent plots on Yas Island in Abu Dhabi. The first hotel comprises 400 rooms and 30 suites; the second 200 rooms and 10 suites. Also included is a ballroom, numerous function rooms, food and beverage outlets and recreational facilities including pools. Construction commenced in December 2007 and should be completed in September 2009.

In January, this year, a US$350m contract was awarded for the construction of a major mixed-use development in Abu Dhabi for United Holdings.

The project, currently known as the Plot 9 hotel, residential and commercial complex, comprises:- a 40-storey hotel tower;- a 25-storey tower containing serviced

apartments;

- a 19-storey residential tower; and- an 18-storey office tower.

The overall built up area of the project exceeds 240,000m2.

Construction on the project commenced in early February and will be completed in two stages. Stage 1 will be completed in December 2009, and Stage 2 will be completed in July 2010.

Managing Director of Leighton International, David Savage, said that the new contracts highlighted the opportunities available to the company since the merger with Al Habtoor.

"Al Habtoor has an unrivalled track record in the region for these type of projects and is considered the contractor of choice for high quality building work," he said.

"The construction opportunities available in the region are enormous. More than $120bn will be invested over the next four to five years on infrastructure projects in Abu Dhabi alone.

"The outlook for us in this region is very positive, and we expect to secure a number of new projects in the next few months," Mr Savage said.

Plot 9, Abu Dhabi, Leighton International

HWE Mining has been awarded a three-year contract extension worth approximately $600m at the Yandi iron ore mine in Western Australia’s Pilbara region.

The contract extension at BHP Billiton’s Yandi mine will see HWE Mining provide complete mining services at the project from the current completion date of August 2009 until August 2012, with an option for BHP Billiton to extend the contract by a further two years.

The award of the Yandi contract extension follows a decision in June 2007 to award HWE Mining a two-year contract extension worth A$400m to operate the Yandi mine.

Peter McMorrow, Managing Director of Leighton Contractors, said that the contract extension reflected the highly successful business partnership between HWE Mining and BHP Billiton Iron Ore that has spanned many years.

“The award of this contract is an outstanding achievement that recognises our ability to work alongside BHP Billiton in delivering mining solutions that add value to their operations,” Mr McMorrow said.

Craig Laslett, Executive General Manager of Leighton Contractors’ Mining Division, said the contract extension was an excellent result for the HWE Mining team.

“HWE Mining has a proud association with Yandi and has been providing contract mining services at the mine for BHP Billiton Iron Ore since 1991,” Mr Laslett said.

“Our team at Yandi have played a significant part in delivering a world class operation that has an exceptional safety record, and we look forward to being part of the mine’s future success.”

Henry Walker Eltin commenced operations at Yandi in 1991 with the construction of the first process plant producing 5 million tonnes per annum (Mtpa) of iron ore. Production has increased over this period and HWE Mining now produces more than 40Mtpa of iron ore, with over 400 employees on site.

Leighton Contractors' subsidiary HWE Mining awarded $600m contract extension at Yandi, WA

Leighton International wins US$1.3bn of new work in UAE

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Leighton Holdings LimitedABN 57 004 482 982

472 Pacific Highway, St Leonards NSW 2065, Australia

www.leighton.com.au Telephone (02) 9925 6666 Facsimile (02) 9925 6005

Encouraging Indigenous engineers

Twenty young Indigenous Australians from around the country spent a week this summer getting a taste of engineering to encourage them to consider a career in the industry.

As students of the Indigenous Australian Engineering Summer School, the teenagers were given the opportunity to work in laboratories, use computers, visit engineering projects and meet successful and inspiring engineers.

The school is run by Engineering Aid, a philanthropic organisation that provides engineers and related services to assist disadvantaged communities both in Australia and overseas, and was hosted this year by the University of Newcastle.

Leighton Holdings actively supports a range of education and training opportunities for future generations of young Australians. We have sponsored the Engineering Summer School since its inception in 1998.

Our partnership with the University of New South Wales provides rural and regional students with scholarships to study engineering and the opportunity to undertake on-the-job training through our operating companies.

"Our support for the Summer School is another way Leighton provides opportunities for students to learn about an industry that provides the basic services required for a community to function," said Leighton Holdings' Chief Executive, Wal King.

"It is also an investment in the skills required to meet future growth in the infrastructure and resources markets which are so vital to our national prosperity," added Mr King.

Former Prime Minister Bob Hawke, Patron of the Summer School, believes the lack of Indigenous engineers has been a significant factor in the lack of proper housing and infrastructure in many Aboriginal communities.

Engineers Australia in a recent article about the Summer School acknowledged that 23 of its alumni have graduated from university with engineering degrees.

New headquarters for the Leighton GroupLeighton Holdings and Leighton Properties have returned to their head office in St Leonards NSW following an extensive refurbishment of the building that has housed various areas of the Group since 1984. The project was developed by Leighton Properties and constructed by Leighton Contractors. The design reflects the quality, longevity and strength of the business and its people.

Leighton House was officially opened in December with a short recital from the Sydney Symphony Fellows. Leighton Holdings is a proud sponsor of the Sydney Symphony Sinfonia mentoring program for tertiary music students.

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