Advice Re Future Board Change

Issue Date:  22 December 2003
Issued By:  Leighton Holdings Limited

Company Announcements Office
The Australian Stock Exchange Limited
Level 4
20 Bridge Street
Sydney NSW 2000

Dear Sir,

Advice Re Future Board Change

We regret to inform that Mr John P Morschel has advised his intention to resign as Chairman and Director of Leighton Holdings Limited due to the increasing probability of conflicts of interest arising between Leighton and other companies of which he is a director.

The Board’s Nomination Committee will work with Mr Morschel to find a suitable replacement and whilst a date for his resignation to become effective has not been finalised it is expected to be by the end of March, 2004.

Yours sincerely,


A.J. MOIR
Company Secretary