Lead Manager

BABCOCK & BROWN PROSPECTUS
As at 31 December ($000)
Liabilities
2003A
Accounts payable and accrued liabilities 244,848
Deposits held 48,431
Deferred income 32,097
Interest bearing liabilities
Transportation equipment notes payable 505,888
Real estate notes payable 341,617
Other notes payable 131,595
Shareholder dividend payable 12,981
Current tax liabilities 7,524
Deferred tax liabilities 5,150
Other liabilities 6,038
Total liabilities 1,336,169
Net assets 1,536,376
Equity
Contributed equity 1,048,999
Outside equity interest
BBIPL 449,595
Other minorities 37,782
Total equity 1,536,376
Investors should note that the actual statement of financial position (and in particular the amount of goodwill)
that arises following the Restructure will be based on actual assets and liabilities held at the date of the
Restructure and their respective fair values at that date.The actual statement of financial position and actual
amount of goodwill may therefore be significantly different than the position set out above.
5.3.2 Pro-forma forecast financial information under AGAAP – introduction
The Director’s pro-forma forecast summary of financial performance prepared under AGAAP for the years
ending 31 December 2004 and 2005 set out in Section 5.3.2.1 (AGAAP pro-forma Forecast) has been prepared
by Babcock & Brown for use in this document. Subject to the continuous disclosure requirements imposed on
publicly listed companies, the Company does not intend to update this information or to publish forecast
financial information in the future.
The AGAAP pro-forma Forecast has been prepared on the basis set out in Section 5.3.1.1 above, including
assuming that the Restructure occurred on 1 January 2004 and the Offer Proceeds net of the total transaction
costs are available to the Group as of 30 September 2004.The pro-forma Forecast for 2004 has been prepared
before income tax because the Restructure in 2004 reflects, among other things, the move from a private
partnership to a public company.Tax expense is forecast for 2005 because it is the first full year the new tax
structure will apply.
The AGAAP pro-forma Forecast set out in Section 5.3.2.1 has been presented before:
• The AGAAP accounting implications for the Restructure
• Income tax in relation to 2004
• Outside equity interest relating to interests of the pre-IPO US Executive Shareholders held directly in
BBIPL under the new structure in relation to 2004
• Currency gains, losses or costs
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