Walter Acquisition

Issue Date:  17 February 2003
Issued By:  Leighton Holdings Limited

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

Re: Walter Acquisition

Dear Sir,

This is to advise that John Holland and Walter Bau- AG have not reached agreement on the terms of the acquisition and negotiations have been terminated.

Yours sincerely,


A.J. MOIR
Company Secretary