Laing O'Rourke Annual Review 2009 Outlook The Australasian hub has made huge progress in recent years as the leadership team has successfully integrated the business operations and exploited the opportunities. We are becoming increasingly active in securing contracts in sectors which have been previously closed to us, or where we have had restricted access due to dominant market incumbents or through our own lack of capability. We will continue to nurture and pursue these opportunities, drawing upon the Group's wider management and process expertise to bring them to fruition. Opportunities for further growth remain substantial, notably in the rail, mine infrastructure, and energy sectors. We believe that Australasia will continue to provide very good prospects in the coming months and years, and remain confident that the business will enjoy further value-creating growth. Operating review - Australasia 01 100 Mount Street, North Sydney, New South Wales, Australia Located in the heart of North Sydney, Laing O'Rourke is developing and constructing this 38- storey office development, which is currently in the planning phase. Once complete, it will be Laing O'Rourke's headquarters in Sydney. 01 50- 51

Our philosophy centres on the belief that responsible and sustainable business practices go beyond just the creation of goodwill; they are a mark of good business. While profits allow companies to prosper and provide the means for personal and corporate growth, we believe longer- term legacy benefits ( such as the careers we build for our people and the improvements in standards of living we are able to create - for this generation and those to come) must also be accurately measured. Consequently, Laing O'Rourke is embracing an agenda that covers a broad spectrum of corporate responsibility, so that we can seek to deliver long- term, authentic sustainable policies and practices. As the foundation upon which we have built this approach, our overarching priority is to maintain a business that sends everyone home safely at the end of each day. The health and safety of our people is of paramount importance, and we rigorously and consistently drive safety as our number one objective - both for individuals and the business. Furthermore, we approach our environmental responsibilities through tangible initiatives and policies, and we work tirelessly to attract, retain, develop and engage with our people. We continually aim to raise the bar as an industry leader, and we carefully consider the way in which we interact with the communities we work with and alongside. We call this our EPIC Agenda, and these central pillars - Environment, People, Industry and Communities - are the key drivers to our investment, development and construction operations. Further information can be found in our 2009 Corporate Responsibility review. Corporate responsibility Laing O'Rourke's mission to be first choice for all stakeholders recognises the commercial and operational benefits of acting responsibly. Accident frequency rate by year - Group AFR for year Total hours ( yearly) * Reported last year as 0.21 but restated this year to reflect a change in the reporting criteria in Australia 0 49 98 147 0.00 0.10 0.20 0.30 0.40 196 Accident frequency rate Total hours ( millions) 0.39 2005 0.33 2006 0.26 2007 0.19* 2008 0.13 2009 Apr 08 Accident frequency rate Total hours ( millions) 0.10 May 08 0.11 Jun 08 0.14 Jul 08 0.11 Aug 08 0.13 Sep 08 0.08 Oct 08 0.13 Nov 08 0.10 Dec 08 0.10 Jan 09 0.12 Feb 09 0.21 Mar 09 Accident frequency rate by month - Group AFR for month Total hours ( monthly) C umulative ( 2008) / rolling 12 month AFR 0 5 10 15 20 0.00 0.6 0.12 0.18 0.24 0.19