Lead Manager

BABCOCK & BROWN PROSPECTUS
2.11 ASX LISTING
Babcock & Brown will apply for admission to the official list of ASX and quotation of the Shares on ASX, no
later than seven days after the date of this Prospectus.
If the application is not made, or Babcock & Brown is not admitted to the official list of ASX within three
months after the date of this Prospectus (or any longer period permitted by law), the Offer will be cancelled and
all Application Money will be refunded (without interest).
ASX takes no responsibility for this Prospectus or the investment to which it relates.Admission to the official list of
ASX and quotation of the Shares on ASX are not to be taken as an endorsement by ASX of Babcock & Brown.
2.12 CONDITIONAL AND DEFERRED SETTLEMENT TRADING
It is expected that the Shares will be quoted initially on a conditional and deferred settlement basis on ASX on
or about Wednesday 6 October 2004.
All contracts formed on acceptance of bids in the Institutional Offer will be conditional on ASX agreeing to
quote the Shares on ASX, and on Settlement occurring under the Offer Management Agreement referred to
above.Trades occurring on ASX before Settlement occurs will be conditional on Settlement occurring.
Conditional trading will continue until Babcock & Brown has advised ASX that Settlement has occurred, which
is expected to be on or about Friday 8 October 2004.Trading will then be on an unconditional but deferred
settlement basis until Babcock & Brown has advised ASX that initial holding statements have been despatched to
Shareholders. Normal trading is expected to commence on or about Thursday 14 October 2004.
If Settlement has not occurred within 14 days (or such longer period as ASX allows) after the day Shares are first
quoted on ASX, the Offer and all contracts arising on acceptance of Applications under the Offer and bids under
the Institutional Offer will be cancelled and of no further effect and all Application Money will be refunded
(without interest). In these circumstances, all purchases and sales made through ASX members during the
conditional trading period will be cancelled and of no effect.
It is the responsibility of each Applicant or bidder to confirm their holding before trading in Shares.Applicants or
bidders who sell Shares before they receive an initial holding statement do so at their own risk. Babcock & Brown,
the Lead Manager and the Share Registry disclaim all liability, whether in negligence or otherwise, to persons who
sell Shares before receiving their initial holding statement, whether on the basis of a confirmation of allocation
provided by any of them or by the Babcock & Brown Share Offer Information Line or a Broker or otherwise.
2.13 BROKERAGE, COMMISSION AND STAMP DUTY
No brokerage, commission or stamp duty is payable by Applicants on acquisition of the Shares under the Offer.
See Section 8.9.2 for details of various fees payable to the Lead Manager and certain Brokers.
2.14 BABCOCK & BROWN’S DISCRETION
Babcock & Brown reserves the right not to proceed with the Offer or any part of it at any time before the
successful completion of the bookbuild. If the Offer or any part of it is cancelled, all Application Money, or the
relevant Application Money, will be refunded (without interest).
Babcock & Brown in consultation with the Lead Manager also reserves the right to close the Offer or any part of
it early, or extend the Offer or any part of it, or accept late Applications or bids either generally or in particular
cases, or (except in relation to the Foundation Offer) reject any Application or bid, or allocate to any Applicant or
bidder fewer Shares than applied or bid for.
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