Babcock & Brown

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Real Estate Six months ended 30 June $’m 2006 2005 %Change Base fees from AUM and FUM Performance fees from AUM and FUM Advisory fees from AUM and FUM Development fees, interest, and profits 5.7 30.5 37.8 20.4 2.2 11.9 2.1 16.0 153.1% 155.7% >1,000% 27.7% Principal Investment Third party advisory fees Net Revenue (before Minority interest) Segment Minority Interest Total Net Revenue (after Minority interest) 90.7 1.9 187.0 (3.2) 183.8 134.7 2.7 169.6 (9.2) 160.4 (32.7)% (26.3)% 10.3% (64.9)% 14.6% The Result was driven by: • Base, Performance and Advisory Fees earned from the funds platform including the GPT JV which grew from 10% to 40% of Net Revenue and grew 355% in total. • Base and Performance fees earned from BJT. • Revenue from the sale of real estate to BJT and BLP. • Revenue from <strong>Babcock</strong> & <strong>Brown</strong>’s capital investment in the GPT JV. • Continuing revenue from core real estate business in Australia, Europe and most recently the US. 30
Real Estate - Outlook • Following the completion of current commitments the GPT joint venture should be fully invested. The joint venture will explore refinancing and trading opportunities across the portfolio and the development of funds, both wholesale and listed. • Further expansion of US real estate activities will be undertaken, focused on specific asset classes including multi family dwellings, retail, residential development and conversions, and self storage. • Expansion of mezzanine debt investment globally. • In Europe the Division will remain focused on retail, residential and industrial property opportunities. BNB is also currently looking at a number of opportunities for portfolio acquisitions and is participating in a number of development projects. • The Division is considering opportunities for property investment in Asia (ex-Japan) in niche asset classes. 31
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 and 14: Funds Platform - Recent Significant
Page 15 and 16: 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: AGENDA 1. Result Overview 2. Divisi
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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