BABCOCK & BROWN

• performance fees earned from BJT;
• revenue from the transfer of real estate to the GPT JV; and
• rent and partial profit from the sale of portfolios of
residential property in Germany prior to the GPT JV.
5.7.3 Operating Leasing group results
The Operating Leasing group experienced solid activity
levels across all leasing units as the fundamentals of the aircraft
and rail sector remain strong. Over the six month period the
Operating Leasing group completed transactions with a value
in excess of $1.3 billion.
The Electronics and Eurorail businesses continue to grow from
a low base. Traditionally the Operating Leasing group results
have been skewed to the second half of the year.
5.7.4 Infrastructure and Project Finance group results
The 2005 result was driven by:
• revenue earned on financial close of wind farms in US
and Europe;
• investment income from operating wind farms in Australia
and the US;
• income from advisory mandates in Asia; and
• advisory, management and performance fees from BBI.
5.7.5 Structured Finance group results
The result for the period included:
• revenue from securitisation of life receivables;
• revenue from advisory mandates to the aircraft and
rail industry; and
• investment income and advisory fees from structured
finance products.
5.7.6 Corporate Finance group results
5.7.2 Real Estate group results
In the half-year to 30 June 2005 the performance of the Real
Estate group was driven by:
• ongoing revenue from its core real estate businesses
in Australia and the UK;
• profit and performance fees from the sale of real estate
to BJT;
The out-performance of the Corporate Finance group was
driven by:
• net revenue from the partial sale of the interest in the
management rights of EBB;
• fees and profit associated with the merger of Forstaff with
Chandler Macleod; and
• advisory income and income from investment in funds
management activities.
BABCOCK & BROWN SUBORDINATED NOTES 47