Lead Manager

SECTION 3
BUSINESS OVERVIEW
Forecasts
Management fees and distributions from investment funds managed by the Australian business have continued to
provide a solid base of revenues in 2004.The assets managed by these vehicles are forecast to grow through the
development or expansion of existing assets, and new acquisitions, thus driving increased management fees and
advisory fees associated with these growth initiatives. Forecast Net Revenue in 2004 for the Australian business
includes advisory fees in relation to the acquisition by Prime Infrastructure of a majority stake in Powerco.
The Australian business also has a strong pipeline of wind and gas-fired energy development projects that are
forecast to be important contributors to revenue in the Forecast Period. Several of these projects are the product
of strategic site acquisitions by the Group in the last five years, underscoring the Group’s long-term perspective
on developing its investment management business. Activity from various other Infrastructure sub-sectors is also
forecast to generate revenue for the business.
Revenues for the European business are expected to be generated from a diverse range of activities in a number
of infrastructure industry sub-sectors including rail, toll roads, healthcare, defence equipment, conventional energy
and renewable energy.
Net Revenues forecast for the US business result from a heavy concentration on wind energy projects, with
advisory and development fees associated with these projects forecast to account for most of the business’ revenue.
Approximately $6 million of Net Revenue forecast for 2004 may be deferred until 2005 if US legislation extending
the Production Tax Credit (PTC) regime is not passed by the end of 2004. See Section 7.1.16 for a detailed
discussion of this legislation.
A material amount of the Forecast Net Revenues for the Infrastructure and Project Finance business, in both
2004 and 2005, is associated with windpower projects.The revenues are generated by over 20 different projects
across the US, Australia and Europe.The revenue is also diversified across advisory, investment management and
investment activities, and is entirely associated with projects for which the Group either has an advisory mandate,
an equity investment or both. Of course, fees and profits from projects are generally contingent on the project
proceeding to completion.
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