Lead Manager

BABCOCK & BROWN PROSPECTUS
14. INVESTMENTS IN FINANCIAL ASSETS
2003
$000
Shares in listed entities – current 24,373
Shares in unlisted entities – current 21,539
Shares in unlisted entities – non-current 12,739
15. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD
58,651
Ownership
interest by
Balance consolidated Carrying Principal
Name date entity value activity
$000
Babcock & Brown PFI Partners LP 31 Dec 2003 33% – (i)
Life Receivables Holdings LLC 31 Dec 2003 50% – (ii)
Plaza 246 Co., Ltd. 31 Dec 2003 22% 2,979 (iii)
Beaujolais Co., Ltd. 31 Dec 2003 66% 3,524 (iv)
Investment in TKs – various 31 Dec 2003 66% 356 (v)
Earthlease Limited 31 Dec 2003 50% – (ix)
Sentient Global Resources Fund 1, LLP 31 Dec 2003 7% 5,254 (vi)
Sentient GP 1, L.P. 31 Dec 2003 42% 347 (vi)
Sentient 2 GP, L.P. 31 Dec 2003 42% 72 (vi)
Sentient (Aust) Pty Limited 31 Dec 2003 25% – (vi)
Sentient Executive GP 1 Limited 31 Dec 2003 25% – (vi)
Sentient Executive 2 GP Limited 31 Dec 2003 25% – (vi)
The Sentient Group Limited 31 Dec 2003 25% 715 (vi)
Brightmore Pty Ltd 31 Dec 2003 24% 6,000 (vii)
Ferrier Babcock Pty Ltd 31 Dec 2003 25% – (vii)
Southern Oil Pty Ltd 31 Dec 2003 29% 1,546 (ix)
Harrison Street Partners LP 31 Dec 2003 1% 22 (vii)
MTM Funds Management Limited 31 Dec 2003 50% 753 (viii)
Citta Property Group Pty Ltd 31 Dec 2003 40% 3,881 (viii)
Bellagio Homebush Bay Trust 31 Dec 2003 50% 2,255 (viii)
International Infrastructure Fund 31 Dec 2003 33% – (ix)
International Infrastructure Management Pty Ltd 31 Dec 2003 33% – (ix)
Torquay Developments Unit Trust 31 Dec 2003 45% 4,608 (viii)
Babcock & Brown Renewable Power Investment
Pty Ltd atf Babcock & Brown Renewable Power
Investment Trust 31 Dec 2003 50% – (ix)
Eagle III Syndicate LLC 31 Dec 2003 33% 5,130 (i)
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