Babcock & Brown

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Funds Platform - Recent Significant Achievements cont… • BJT’s distribution for the 12 month period to 30 June 2006 was 12% higher than forecast at the time of its IPO in April 2005 driven by: - accretive acquisitions expanding its property portfolio from interests in 12 properties at IPO to interests in 31 properties at 30 June 2006; - a strong leasing performance; and - upward revaluation of portfolio assets. The recently announced acquisition of interests in 5 additional properties will take the portfolio to interests in 36 properties and is forecast to drive further growth in distributions. • The business plan for the GPT joint venture has been delivered, including outperformance by the much maligned German residential portfolio, and has in our view contributed to the strong market performance by GPT. • The successful execution of an $8bn takeover offer for Irish telecommunications company eircom Group plc coupled with the implementation of an attractive funding structure for BCM. 14
Funds Platform - Recent Significant Achievements cont… • The creation of value for all security holders through the de-stapling of EBB resulting in Everest Capital becoming a separately listed funds management company named Everest <strong>Babcock</strong> & <strong>Brown</strong> Limited and a re-rating of the stock on the market. • Whilst BBW recently announced a downgrade to its FY06 IPO forecast it has completed a number of accretive wind farm acquisitions which has grown its portfolio of wind farms from 4 at IPO in October 2005 to 19 operational wind farms as compared to the 15 forecast at the time of the IPO. BBW’s equity interest in total installed capacity has grown from 146.9MW to 468.2MW. The BBW management team has recently explained the changes it has made to address the issues impacting the downgrade. BNB is confident that these issues are being quickly addressed and that the recent acquisitions will support growth in the level of distributions over the forecast period in line with market expectations reflected in its share price at the end of last year. 15
Page 1 and 2: Babcock & Brown Interim Results 200
Page 3 and 4: Highlights • Net Profit after tax
Page 5 and 6: Net Revenue Breakdown $m 300 June H
Page 7 and 8: Cost Control 100% 80% Headcount* nu
Page 9 and 10: Impact of one-off items Six months
Page 11 and 12: Growth in Total AUM & FUM $Billions
Page 13: Funds Platform - Recent Significant
Page 17 and 18: Managing Expansion of Funds Platfor
Page 19 and 20: Balance Sheet - Assets Under Develo
Page 21 and 22: Balance Sheet - Real Estate for Sal
Page 23 and 24: Corporate Debt Facility Revolving s
Page 25 and 26: Deferred Income & Fees Unearned fee
Page 27 and 28: Risk Management • Risk management
Page 29 and 30: AGENDA 1. Result Overview 2. Divisi
Page 31 and 32: Real Estate - Outlook • Following
Page 33 and 34: Infrastructure - Outlook • On 2 J
Page 35 and 36: Corporate Finance - Outlook • Fol
Page 37 and 38: Operating Leasing - Outlook • We
Page 39 and 40: Structured Finance - Outlook • Th
Page 41 and 42: Strategic Direction - Business Posi
Page 43 and 44: Strategic Direction - Target by the
Page 45 and 46: Outlook • Basic EPS¹ growth guid
Page 47 and 48: 47 THANK YOU
Page 49: Appendix - Specialised Funds and As

Babcock & Brown

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