Lead Manager

BABCOCK & BROWN PROSPECTUS
AUSTRALIAN IFRS CONSOLIDATED PRO-FORMA INCOME STATEMENT
Year ended 31 December 2003
$000
Revenues from Ordinary Activities 1,505,581
Expenses from Ordinary Activities excluding Borrowing Costs and Bonuses (1,206,917)
Borrowing costs expense (44,452)
Share of net profits/(losses) of associates and joint ventures accounted for using the equity method 11,198
Profits from Ordinary Activities before Bonus Expense, Income Tax Expense and
Outside Equity Interests 265,410
Outside equity interests excluding BBIPL (9,645)
Profit from Ordinary Activities before Bonus Expense and Income Tax Expense
Attributable to Members and BBIPL Outside Equity Interest 255,765
BBIPL outside equity interest (76,730)
Profit from Ordinary Activities before Bonus Expense and Income Tax Expense
Attributable to Members 179,035
175