full year result for the period to 30 june 2007 27 august 2007

Full year result for the period to 30 June 2007

27 August 2007

DisclaimerThe information contained in this presentation is given without any liability whatsoever to Babcock & Brown Wind Partners Limited, Babcock & Brown Wind Partners (Bermuda) Limited and Babcock & Brown Wind Partners Services Limited as responsible entity for Babcock & Brown Wind Partners Trust, and any of their related entities (collectively Babcock & Brown Wind Partners) or their respective directors or officers, and is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information.The information in this presentation has not been independently verified by Babcock & Brown Wind Partners. Babcock & Brown Wind Partners disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts. No representation or warranty is made by or on behalf of Babcock & Brown Wind Partners that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved.Please note that, in providing this presentation, Babcock & Brown Wind Partners has not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the recipients objectives, financial position or needs.This presentation does not carry any right of publication. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Babcock & Brown Wind Partners. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Babcock & Brown Wind Partners.

AgendaIntroduction & Highlights Financial StatementsOperational Performance Strategy & OutlookWrap Up AppendixFor further information please contact:Rosalie Duff+61 2 9216 [email protected]

Presenters:Miles GeorgeChief Executive OfficerGerard DoverChief Financial OfficerGeoff DutaillisChief Operating Officer

Who we areGlobal wind energy businessDiversified by geography, wind resource, currency, equipment supplier, customer & regulatory regimeOperating cash flows underpinned by long term contracts and legislated tariff regimes across multiple jurisdictionsDistributions paid from net operating cash flowsAttractive pipeline of potential future transactionsConservative capital structure and risk management policiesBBW is among the worlds top 5 wind farm owners & operators, with 1,4871 MW of installed capacity in its current portfolio, increasing to 2,1241 MW post the acquisition of US07 & interest in Enersis wind farms1. Includes construction projects; class B interests in US wind farms. The acquisition of US07 and Enersis are subject to security holder approval 1

IntroductionUnderlying PerformanceGeneration increased by 149% to 2,326.6 GWhEBITDA + US cash distributions increased by 90% to $99.7mNOCF increased by 133% to $79.8mFY07 distribution increased by 22% to 12.5cpsGrowth & DiversificationDelivered accretive acquisitions Invested approximately $944m during FY07Proposed acquisitions of US07 & Enersis Resolution to be put to AGM (9 November)Asset ManagementContinued focus on building operations capabilityCompleted first review of wind & energy assessments & no material adjustments made Commenced inter-annual climate variability analysisCapital ManagementSuccessful completion of institutional placement 1.03bn Global refinance & syndicationEIFEL WIND FARM

Financial Highlights (A$ millions)10.212.511.2FY06FY07FY07 IPODistribution22%11. Revenues of the U.S wind farms are not included in BBWs statutory revenue as BBW does not control these investments. The US revenue presented represents BBWs B class ownership interest 2. EBITDA after corporate costs3. Before incentive fee of $33.1m (EBITDA); $20.1m (NOCF)4. Excludes $8m positive impact of closing out interest rate swaps pursuant to the global refinance, includes $1.8m gains on FECs

110%73.0103.7105.312.668.219.3FY06FY07FY07 IPO86.4US1NON US

Financial Highlights (A$ millions)1. Includes $182m relating to the 29 June 2007 purchase of Allegheny Ridge Phase I and GSG (paid on 2 July 2007)66%LAKE BONNEY 2

Chart2

568

944

568

944

AcquisitionCapex

FY06568

FY07944

AcquisitionCapex

$AUD millions

Sheet2

Sheet3

Chart1

8693600.293

131210790.451

6922460.261

Equity

Net Debt

Net Debt / EV

1,0791

Total Revenue

1.Total Revenue Chart

FY0680.4

FY07168.5124.3

FY07 IPO

Total Revenue

80.4FY06

168.5124.3

FY076

FY06

FY07 IPO

Sheet1

3.EBITDA & US Distribution

FY0677.8

FY07162.486.4

FY07 IPO

2.NOCF

FY0634.1

FY0780.168.5

FY07 IPO

4.DISTRIBUTION

FY0656.2

FY0778.352.5

FY07 IPO

INIVESTMENTS

FY06

FY07 IPO

FY07

INTEREST EXPENSE

FY0612.8

FY07

6.NET DEBT/EV

FY0629.3%

FY0745.1%26.1%

Global Installed Capacity - cumulative

YearMW

200017.4

200123.9

200231.1

200339.3

200447.6

200559.1

200674.2

Global Forecast 2006 - 2010

200791

2008109.1

2009128.5

2010149.5

Sheet1

00

00

FY06

FY07

FY07 IPO

Contribution to EBITDA

00

00

FY06

FY07

FY07 IPO

Future Cash Flow Profile

0

0

0

0

0

0

0

GW

2001

2000

2002

2003

2004

2005

2006

EV

0

0

0

0

GW

2007

2008

2009

2010

00

00

FY06

FY07

FY07 IPO

34.1FY06

80.168.5

FY06

FY07

FY07 IPO

FY06 Contribution

US10.5%

Australia45.0%

Germany5.7%

Spain38.8%

FY07 Contribution

US31.5%

Australia30.2%

Germany9.1%

Spain29.2%

0.105

0.45

0.057

0.388

0.315

0.302

0.091

0.292

FY06FY07FY08FY09(figures in Aus millions - needs to be scaled properly as per the drawing)

34.279.8120141

55.265.4

FY06FY07FY08FY09

7.310.714.416.5

34.2FY067.3

79.8FY0710.7

12055.214.4

14165.416.5

16.5c

14.4c

10.7c

7.3c

5.EV

FY06FY07FY06FY07FY06FY07IPO

Equity86.8131.2Equity0.8681.312Equity8691312692

Net Debt360.2107.9Net Debt3.6021.079Net Debt3601079246

FY06FY07IPO

Net Debt / EV0.2930.4510.261

00

00

Equity

Net Debt

Equity1.312

Equity0.868

Net Debt3.60

Net Debt1.08

00

00

Equity

Net Debt

$AUD billions

Operational HighlightsGenerationProduction below forecast largely due to winds below long-term mean across a number of wind farmsPortfolio continues to expand and capture benefits of diversificationWarranties mitigate turbine availability downsideAvailability improvements will capture some upsideAnalysis of operational performance has confirmed confidence in P50 estimatesOperationsIntegration of 12 additional wind farms into operationsAsset management team expandedContinued integration and automation of reporting systemsConstructionLake Bonney Stage 2 (159MW) progressing well towards expected completion by mid 2008First stage of Fruges I (22MW) expected to be operational by September 2007

Chart2

932.66017244121015.3482266312

2326.73902124722595.6936948735

Actual

P50

GWh

BBW

BBWFY06FY07TotalBBW

(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07(GWh)FY06FY07

Budget (P50)89.8144.9380.9399.6479.1641.3730.8744.51,015.32,595.7Budget (P50)1,0152,596

Actual86.4150.7367.4328.1417.9596.7698.4613.7932.72,326.7Actual9332,327

%96%104%96%82%87%93%96%82%92%90%%92%90%

P25 and P75 lines are approximate and do not take into account any portfolio effect

Sep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07

P25108.3170.7444.2470.2551.1736.6845.0862.8

P5089.8144.9380.9399.6479.1641.3730.8741.3why don't these qtrs have Spanish adjustment?

P7571.3119.1317.7329.1407.0546.0616.6619.8

P25 and P75 lines are approximate; they are linked to an old file that needs to be checked for consistency with updated P50 and actual data.

BBW

0000

0000

0000

0000

0000

0000

0000

0000

Actual

P50

P75

P25

GWh

Quarterly - BBW Production

Aus

00

00

Actual

P50

GWh

BBW Production

Deu

AustraliaFY06FY07Total

(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07Australia

Budget (P50)62.954.6146.7129.3129.2169.0147.9130.5393.5576.6(GWh)FY06FY07

Actual58.555.7134.1115.9120.2150.4145.9124.2364.1540.7Budget (P50)393.5576.6

%93%102%91%90%93%89%99%95%93%94%Actual364.1540.7

%93%94%

Q2 FY06 excludes pre-commissioning production for Alinta;

Includes compensation production for Alinta in Q3 and Q4 FY06, and for Lake Bonney in Q1-Q4 FY07 (Jul-06 to Apr-07);

P25 and P75 lines are approximate and do not take into account any portfolio effect.


P2576.065.9161.7143.3145.0186.5163.2144.8

P5062.954.6146.7129.3129.2169.0147.9130.5

P7549.843.3131.7115.3113.4151.4132.7116.2

Deu

0000

0000

0000

0000

0000

0000

0000

0000

Actual

P50

P75

P25

GWh

Quarterly - Australian Production

Esp

00

00

Actual

P50

GWh

Australian Production

US

GermanyFY06FY07Total

(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07Germany

Budget (P50)0.02.224.522.115.829.242.222.748.8109.9(GWh)FY06FY07

Actual0.02.218.015.510.627.941.821.035.8101.4Budget (P50)48.8109.9

%0%101%74%70%67%96%99%92%73%92%Actual35.8101.4

%73%92%

Kaarst included from Mar-07 Qtr;

Eifel I&II included from Jan-06;



P250.02.730.127.119.435.855.527.8

P500.02.224.522.115.829.242.222.7

P750.01.718.917.112.222.628.817.6

US

0000

2.2372.2161.74239747572.6896025243

18.04824.4897518.91427981730.065220183

15.47722.0897517.085251277727.0942487223

10.6024051515.803377524812.237045843219.3697092065

27.90588130529.196622475222.613501769535.7797431808

41.841784659542.167470909128.815342559755.5195992585

21.00663895222.726125682217.606848211227.8454031533

Actual

P50

P75

P25

GWh

Quarterly - German Production

SpainFY06FY07TotalSpain


Budget (P50)26.941.968.395.469.6107.0102.399.6232.5378.5Budget (P50)232.5378.5

Actual27.948.461.559.155.881.895.876.1196.9309.5Actual196.9309.5

%104%116%90%62%80%76%94%76%85%82%%85%82%

P25 and P75 lines are approximate and do not take into account any portfolio effect

Public P50's (from Generation Act vs Budget file)69.6107.0102.399.6

Internal P50's67.1102.698.296.3


P2532.449.781.2113.783.2127.5121.9119.2

P5026.941.968.395.469.6107.0102.399.6

P7521.534.155.477.156.086.582.780.0guess

must include Apple and Conjuro

Babcock & Brown:Updated to include Eifel (wth P50's taken from Qtly Prodn Analysis

Actual

P50

GWh

German Production

35.762

48.7955

101.3567100665

109.8935965914

27.908226.934333119721.496423446732.3722427926

48.42804441.897677522234.101173735949.6941813084

61.5032768.299537518755.44637028781.1527047503

59.08640595.409636512277.1221981861113.6970748384

55.76983289669.655.981749061583.2182509385

81.823498823810786.491767117127.508232883

95.809102.382.664336738121.935663262

76.091562118499.6280119.24

Actual

P50

P75

P25

GWh

Quarterly - Spanish Production

USFY06FY07TotalUS


Budget (P50)0.046.2141.4152.8264.5336.1438.4491.7340.51,530.7Budget (P50)340.51530.7

Actual0.044.4153.8137.7231.3336.6414.9392.5335.81,375.2Actual335.81375.2

%0%96%109%90%87%100%95%80%99%90%%99%90%

Three US06 assets (Aragonne, Buena Vista and Mendota) included from Mar-07 Qtr;


Other Notes:

Q1FY07 includes JA and Bear Creek from Jul-06

Aragonne ownership 95%


P250.052.4159.6176.2303.6386.8504.3565.1

P500.046.2141.4152.8264.5336.1438.4491.7

P750.040.0123.3129.4225.4285.5372.5418.2

nraffan:Reduced to be consistent with public P50's

Neil Raffan:includes Apple and Conjuro

Actual

P50

GWh

Spanish Production

196.925919

232.5411846727

309.4938938382

378.52

0000

44.402224752646.21714765240.031295249652.4030000544

153.7836906887141.4367186364123.3138184872159.5596187856

137.657188152.82862777129.4275230156176.2297325244

231.272474409264.4925843395225.4005954054303.5845732736

336.587009411336.1217724323285.4783606968386.7651841677

414.859148804438.3990522113372.4502886543504.3478157684

392.450101491.666676361418.2125461026565.1208066194

Actual

P50

P75

P25

GWh

Quarterly - US Production

335.8431034412340.4824940584

1375.1687336241530.6800853441

Actual

P50

GWh

US Production

Portfolio Diversification and Growth1. EBITDA includes US Distributions & before corporate costs.2. Current portfolio including post balance date acquisitions3. FY06 & FY07: as at 30 June 2006 & 2007 respectively, MW & GWh are on an equity interest basis4. Includes BBWs 70% equity interest in the Conjuro wind farm. The remaining 30% equity interest was acquired post balance date.5. Includes Allegheny Ridge Phase II which BBW has agreed to acquire as part of the US06 Portfolio once the wind farm achieves operational status, MW & GWh are on an equity interest basis.

FY063FY073IncreaseOPERATIONAL4Installed Capacity MW6011,16894%Generation GWh1,8583,52490%UNDER CONSTRUCTION5Installed Capacity MW18128356%Generation GWh52880953%DIVERSIFICATIONTotal number of wind farms1634Number of wind regions69

Distributions: Growth + YieldFY07 Distribution of 12.5 cents per security, 22.5% increase on FY06

FY08 Distribution guidance 14.0 cents1 per security, 12% above FY07

Distributions expected to be fully tax deferred for FY08

Proposed acquisitions expected to provide scope for further distribution growth in medium term

1. Assumes P50 production and no performance feeStrong growth in distributions14.0c

Distributions (cents)22.5%12.0%

Chart1

10.2

12.5

14

DISTRIBUTION

10.2c

12.5c

14.0c

Sheet1

DISTRIBUTIONYIELD

FY06 Actual10.26

FY07 Actual12.57.7

FY08 Guidance148.5

Sheet1

00

00

00

DISTRIBUTION

YIELD

14.0c

12.5c

10.2c

8.5%

7.7%

6%

Sheet2

Sheet3

AgendaIntroduction & Highlights Financial StatementsOperational Performance Strategy & OutlookWrap Up Appendix

Revenue1. Non US includes Australia, Spain & GermanyUSNON US1

Chart1

73FY06 Actual012.60265865620

105.3387647091FY07 IPO019.25440279970

124.5931675088Acquisitions @ P5012.768259386560.50336386360

182.6690233566Wind15.1957674023Wind0

178.0715057303Availability4.597517626300

176.2227748648Network Loss Factor and Constraints1.84873086550Network Loss Factor and Constraints

176.2227748648Market TariffMarket Tariff0.58934565270

171.9380083258FX4.874112191800

FY07 Actual103.695607307468.2424010184FY07 Actual0

Invisible

Final

Unfavourable

Favourable

Initial

AUD Millions

- 1.8

- 4.6

- 15.2

- 4.9

US Cash Flow Waterfall Chart

InvisibleFinalUnfavourableFavourableInitial

GAAP Revenue68.20.034.10.0

Operating Cost41.526.70.00.0

EBITDA41.50.00.00.0

Change in Working Capital39.42.10.00.0

US Cash Distributions39.40.00.00.0

US Cash Flow Waterfall Chart

GAAP Revenue68.242406978034.10051337180

Operating Cost41.515289004926.72711797300

EBITDA41.5152890049000

Change in Working Capital39.43513874662.080150258300

US Cash Distributions39.4351387466000

Note: PTCs - Production Tax Credits Revenue applicable to the U.S Wind farms

Invisible

Final

Unfavourable

Favourable

Initial

AUD Millions

US Revenue to Cash Distributions Waterfall (Based on % B Class Ownership)

PTCs: 34.1

Total Rev Chart

PLEASE PUT IN KEY WHICH EXPLAINS SHADING. ALSO PUT IN TOTALS WHICH ADD UP MULTIPLE SHADED BARS


Split into U.S and Non U.sFY06 Actual73.00.012.60.0

Split into U.S and Non U.sFY07 IPO105.30.019.30.0

Acquisitions @ P50124.612.860.50.0

Wind182.613.22.10.0

Availability178.04.60.00.0

SwapNetwork Loss Factor & Constraints176.11.80.0

Market Tariff176.10.60.0

FX171.21.33.60.0

Split into U.S and Non U.sFY07 Actual103.768.20.0

171.9380083258

Total Rev Chart

Invisible

Final

Unfavourable

Favourable

Initial

AUD Millions

171.9

85.6

73.3

(1.8)

(4.6)

(15.2)

(4.9)

FX Graph

PLEASE FIGURE OUT HOW TO MAKE AXIS WRITING LOOK TIDY

.EuroUSD

Average Rate assumed at IPO in FY070.59160.7542

Average Rate observed in FY070.60180.7868

Average Rate of FX hedge rates in FY070.58700.7619


FX on Revenue-4.90.00.00.0

FX on Operating Expense-3.3-1.60.00.0

FX on Interest-2.7-0.60.00.0

FX on Principal Repaid and Working Capital Movement-2.4-0.30.00.0

Unhedged FX loss-2.40.00.0

FX Hedging-0.7-1.8

Hedged FX Loss-0.70.0

US EBITDA Margin for FY0762.8%

Non US EBITDA Margin for FY0782.3%

Average FY07 RateAverage IPO Rate

Total Interest42.4

USD3.00.82250.7522-0.3

Euro180.60180.5916-0.3

AUD21.40


Total Interest42.4

Euro Principal Repaid @ 12/06 and VAT Receipt (WC Movement in Foreign Currency)1.000.59330.59380.0

Euro Principal Repaid @ 5/075.600.61680.5851-0.3

FX Graph

-4.8741121918FX on Revenue00

-3.3170124223FX on Operating Expense-1.55709976950

-2.7277937494FX on Interest-0.58921867290

-2.4250216792FX on Principal Repaid and Working Capital Movement-0.30277207020

-2.4250216792Unhedged FX lossUnhedged FX loss0

-0.6650216792FX Hedging-1.76FX Hedging

-0.6650216792Hedged FX LossHedged FX Loss0

Invisible

Final

Unfavourable

Initial

AUD Millions

Net Impact of FX on Cash Flow

1.6

0.6

0.3

1.8

Tariff and EBITDA Margin

Implied TariffPTCsPool TariffFY06FY07AUDAUDEBITDA MarginOperating Costs per MWhrCapacity Factor

Spain FY060.00.030Market Pool Price/MWh50.7234.1484.2756.73Spain FY060%Spain FY060.0

Spain FY070.00.0Market Option Premium and Other Price Components/MWh45.6448.2475.8480.16Spain FY070%Spain FY070.0

Germany FY060.00.0Total Mean Price/MWh96.3682.38160.11136.90Germany FY060%Germany FY060.0

Germany FY070.00.0Germany FY070%Germany FY070.0

Australia FY060.00.0Australia FY060%Australia FY060.0

Australia FY070.00.0Australia FY070%Australia FY070.0

US FY060.023.1US FY060%US FY060.0

US FY070.023.1US FY070%US FY070.0

FY06FY07

USD0.82250.8225

EURO0.60180.6018

Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07FY06FY07FY06FY07

AlintaActualRevenueAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Lake Bonney 1ActualRevenueAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Lake Bonney 2ActualRevenueAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Bocholt-LiedernActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

EifelActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

KaarstActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

WachtendonkActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.0

ConjuroActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

El SardonActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

La Muela NorteActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

La PlataActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Monte SeixoActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

RedondalActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Serra da LobaActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Serra do CandoActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Sierra del TrigoActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.0

Allegheny AActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Allegheny BActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

AragonneActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Bear CreekActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Blue CanyonActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

BuenaVistaActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

CaprockActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Combine HillsActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Crescent RidgeActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

GSGActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Jersey AtlanticActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

KumeyaayActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

MendotaActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Sweetwater 1ActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0



Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07FY06FY07Inst Cap

AlintaActualGenerationAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.089.1

Lake Bonney 1ActualGenerationAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.080.5

Lake Bonney 2ActualGenerationAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Bocholt-LiedernActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.07.4

EifelActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

KaarstActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.010

WachtendonkActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.011.9

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

ConjuroActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.011.9

El SardonActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.025.5

La Muela NorteActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.029.8

La PlataActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.021.3

Monte SeixoActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.035

RedondalActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.030.6

Serra da LobaActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.036

Serra do CandoActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.029.2

Sierra del TrigoActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.015.2

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Allegheny AActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.080

Allegheny BActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

AragonneActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.085.5

Bear CreekActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.014.2

Blue CanyonActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.037.1

BuenaVistaActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.038

CaprockActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.064

Combine HillsActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.020.5

Crescent RidgeActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.040.8

GSGActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.080

Jersey AtlanticActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

KumeyaayActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

MendotaActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Sweetwater 1ActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0



Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07FY06FY07

AlintaActualEBITDAAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Lake Bonney 1ActualEBITDAAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Lake Bonney 2ActualEBITDAAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

Bocholt-LiedernActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

EifelActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

KaarstActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

WachtendonkActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

ConjuroActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

El SardonActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

La Muela NorteActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

La PlataActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Monte SeixoActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

RedondalActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Serra da LobaActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Serra do CandoActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Sierra del TrigoActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

Allegheny AActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Allegheny BActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

AragonneActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Bear CreekActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Blue CanyonActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

BuenaVistaActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

CaprockActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Combine HillsActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Crescent RidgeActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

GSGActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Jersey AtlanticActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

KumeyaayActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

MendotaActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Sweetwater 1ActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0



Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

Tariff and EBITDA Margin

85.672550173777.1005818346

57.750624776981.6023785702

148.72405898740

139.10862234030

87.98197953480

83.29630181080

34.948001766123.1015955299

42.687601614523.1015955299

Implied Tariff

PTCs

Implied Tariff by Country ($AU/MWhr)

US Rev Chart

0.828090579Spain FY06

0.8656522877Spain FY07

0.7019259609Germany FY06

0.7510400389Germany FY07

0.681138109Australia FY06

0.8219597173Australia FY07

0.5961971643US FY06

0.6290420588US FY07

EBITDA Margin

EBITDA Margin by Country

Non US Rev Chart

27.9822348777

18.7217572001

44.3307809804

34.6324772068

28.0541003694

14.8300971242

14.1121022149

15.8353048098

Operating Costs per MWhr


FY06 Actual12.60.00.00.0

FY07 IPO19.30.00.00.0

Acquisitions @ P5019.30.060.50.0

Market Tariff78.51.30.00.0

Availability73.94.50.0

Compensation for loss of Revenue73.9

Network Loss Factor and Constraints73.90.0

Wind71.82.10.0

FX68.23.60.0

FY07 Actual68.20.00.00.0

WindfarmDec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Total

Bear Creek0.00.00.02943891932011,078639.20

Blue Canyon7728596467429485905915,1482,059.33

Caprock7559858171,1501,1496598686,3824,084.56

Combine Hills2978093824703913943723,1151,245.85

Crescent Ridge0.00.00.00.00.00.00.00.00.0

Jersey Atlantic0.00.00.0110184139156589349.20

Kumeyaay0.05925891,0701,0387105114,5100.0

Sweetwater 13924643784503784992922,8541,141.48

Sweetwater 21,6021,1658961,1141,1151,1986177,7083,083.04

Sweetwater 30.01,4501,3831,6941,6651,8241,1209,1370.0

Total FY06 Rev12,602.66

WindfarmDec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06

Blue Canyon40%40%40%40%40%40%40%

Combine Hills40%40%40%40%40%40%40%

Sweetwater 140%40%40%40%40%40%40%

Caprock64%64%64%64%64%64%64%

Sweetwater 240%40%40%40%40%40%40%

Kumeyaay0%0%0%0%0%0%0%

Sweetwater 30%0%0%0%0%0%0%

Crescent Ridge0%0%0%0%0%0%0%

Bear Creek59%59%59%59%

Jersey Atlantic59%59%59%59%

Aragonne0%0%0%0%0%0%0%

BuenaVista0%0%0%0%0%0%0%

Mendota0%0%0%0%0%0%0%

Allegheny A0%0%0%0%0%0%0%

Allegheny B0%0%0%0%0%0%0%

12.6026586562FY06 Actual000

19.2544027997FY07 IPO000

19.2544027997Acquisitions @ P50060.50336386360

78.4647681236Market Tariff1.292998539700

73.9341670282Availability4.5306010954Availability0

73.9341670282Compensation for loss of RevenueCompensation for loss of RevenueCompensation for loss of RevenueCompensation for loss of Revenue

73.9341670282Network Loss Factor and Constraints0Network Loss Factor and ConstraintsNetwork Loss Factor and Constraints

71.7945046026Wind2.1396624256Wind0

68.2424010184FX3.5521035843FX0

FY07 Actual68.2424010184000

.

Invisible

Final

Unfavourable

Favourable

Initial

AUD Millions

FY07 Revenue Variances (Non U.S Portfolio)

- 1.3

- 4.5

- 2.1

- 3.6

InvisibleFinalUnfavourableFavourableInitialPreso

Wind/Avail Aus-3.2 for wind and avail

FY06 Actual73.00.00.00.0Wind/Avail Sp-9.4 for Winf/Avail and + 1.1 balancing figure

FY07 IPO105.30.00.00.0

Acquisitions @ P50105.30.012.80.0

Spanish Tariff118.11.90.0

Availability116.73.20.0

Compensation for loss of Revenue116.73.2

Network Loss Factor and Constraints118.11.8

Wind105.013.10.0

FX103.71.30.0

FY07 Actual103.70.00.00.0

73FY06 Actual000

105.3387647091FY07 IPO000

105.3387647091Acquisitions @ P50012.76825938650

118.1070240956Spanish TariffSpanish Tariff1.88234419250

116.7445336472Availability3.2448346409Availability0

116.7445336472Compensation for loss of RevenueCompensation for loss of Revenue3.17791811Compensation for loss of Revenue

118.0737208917Network Loss Factor and Constraints1.8487308655Network Loss Factor and ConstraintsNetwork Loss Factor and Constraints

105.0176159149Wind13.0561049768Wind0

103.6956073074FX1.3220086075FX0

FY07 Actual103.6956073074000

.

Invisible

Final

Unfavourable

Favourable

Initial

AUD Millions

FY07 Revenue Variances (Non U.S Portfolio)

- 1.3

- 13.1

- 1.8

- 3.2

Cash Flow1.Includes EBITDA from non-US operations + US Distributions2.Excludes $8m positive impact of closing out interest rate swaps pursuant to the global refinance3. Includes $2.8m FX gains4. Notional debt repayment assumes average net debt balance of $586m, straightline amortisation over 25 years, with a 30% residual balance.5.Net of DRP participation of H107: 23.6%; H207: 24.1%6.FY07 weighted no. of securities: 594.2mNo. of securities attributable to assets under construction: (92.7m)501.5mAssets under construction = $238m; Average gearing in FY07 36%; FY07 VWAP = $1.64 AustraliaSpain USA$37.0m$36.6mEBITDA1 from Operations$124.4 millionLess Corporate Overheads and Management Fees ($24.7 million)Less net finance costs and tax paid2,3($37.6 million)Notional debt repayment4$16.4 millionGermany $11.4m$39.4mGains on foreign exchange contracts$1.8 millionAdd Movement in working capital and non-cash items$15.9 millionNet operating cash flow$79.8 millionDistribution5$59.7 millionCarried Forward2$3.7 million

Income StatementUS Wind Farm InvestmentsNet Borrowing Costs1. Before incentive fee of $33.1m2. $39.4m excluding minority interest3. Finance costs & Tax paid per cash flow: Interest$32.0m Bank charges $4.7m Tax paid $3.7m FX gain on cash ($2.8m) $37.6m2

FY06FY07Revenue73.0103.7Operating Costs(13.3)(18.7)Corporate Costs & Management fees(14.2)1(24.7)US Wind farm investments2.118.6EBITDA(after US investments)47.678.9Depreciation and amortisation(20.0)(34.0)EBIT27.644.9Net borrowing costs(14.8)(33.1)Foreign exchange gains4.12.8Income tax expense-(0.8)Incentive Fee(33.1)-Net Profit/ (Loss)(16.2)13.8

FY06FY07Net interest expense(11.2)(32.0)3Net loss on financial instruments(0.9)(0.8)Other finance charges(2.7)(8.2)Global refinance- Gains on financial instruments- Write off of loan cost--23.9(16.0)TOTAL(14.8)(33.1)

Acquisitions & Investments1.Enterprise value including advisory fees and other transaction costs2.Includes US06 Phase 1: March 2007 and Phase 2: June 2007. Phase 2 ($182m) payment was made on 2 July 20073.Represents a purchase of 70%. The remaining 30% was purchased after 30 June 20074. Per statutory cashflow: - Payment for PPE 266 - Payments for investments in controlled entities 75 - Payments for investments in financial assets 297 638 - US06 Phase 2 Payment 2 July 2007 182 - Net debt assumed on acquisitions 124 944$246m$698mTOTAL INVESTED IN FY07 = $944M4

AcquisitionsAmount1(A$m)US05 Portfolio- Sweetwater III, Kumeyaay, Bear Creek, Jersey Atlantic117US06 Portfolio2- Buena Vista, Aragonne, GSG, Mendota, Allegheny Ridge (Phase I)361Monte Seixo/ Serra do Cando170Conjuro330Kaarst20

ConstructionAmount(A$m)Lake Bonney 2184Alinta16Eifel17Fruges29

Balance Sheet & Interest Rate Hedging1. $182m relating to the 29 June 2007 purchase of Allegheny Ridge Phase I and GSG paid on 2 July 2007. Deducted from cash and included in net debt. Restricted cash: FY07 = $14.2m; FY06 = $79.0m2.Net Debt / EV is calculated as Net Debt / (Net Debt + Equity); EV calculated using share price of $1.51 for FY06; $1.95 for FY073.Calculated from a simple average based on opening, half year and closing debt values and includes capitalised interest4. EBITDA + US Distribution /Net Interest excluding capitalised interest, fair value gains/losses on financial instrumentsamortisation of borrowing costs and bank charges. Net interest expense for FY07: $32.0m ; FY06: $11.2m5. Swaps existing at balance date (AUD; EUR; USD) and based on notional principal amount

Hedging Profile 15 year horizon

FY07FY06Gross Debt$1,338.9m$671.4mCash$259.81m$311.2mNet Debt$1079.1m$360.2mNet Debt / EV245.11%29.3%

FY07FY06Average interest rate (p.a.)36.2%5.8%Net interest cover43.1x4.7xAverage Swap Rate 55.3%5.1%Average Maturity of Swaps9.7yrs8.8yrs

AUD - BBW

BBW - PHOENIX

1Fixed rateJun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26

2AUD

3NEW DATA FORMAT

4Core Debt512,948537,840560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,9600000000

5Amortising Debt560,305556,695548,358536,651525,258513,172502,352483,589466,748449,376433,831417,730401,196383,726373,088361,272350,128335,805323,011306,642291,464269,031244,524217,736191,272162,834136,335107,76080,34252,13526,827000000000000000000

6

7Novation -0000000000000000000000000000000000

8Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia, WW: BNP)

9Grandfather - Walkaway CBA84,57584,57582,26780,71678,47176,94074,86473,19871,10069,63167,46765,84963,51061,73159,21957,26954,57352,45449,59847,29344,20841,68638,3690000000000000000

10Total - Fixed6.2550%84,57584,57582,26780,71678,47176,94074,86473,19871,10069,63167,46765,84963,51061,73159,21957,26954,57352,45449,59847,29344,20841,68638,3690000000000000000

11

12% Hedged16%16%15%14%14%14%13%13%13%12%12%12%11%11%11%10%10%9%9%8%8%7%7%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

13Overhedged000000000000000000000000000000000000000

14

15Floating88,37393,265118,693120,244122,488124,019146,096147,761209,860211,329213,492235,111237,450239,228321,740323,690326,387328,505331,361333,667336,751339,274342,591440,960480,960480,960480,960520,960520,960560,960560,960560,9600000000

16Total - Floating88,37393,265118,693120,244122,488124,019146,096147,761209,860211,329213,492235,111237,450239,228321,740323,690326,387328,505331,361333,667336,751339,274342,591440,960480,960480,960480,960520,960520,960560,960560,960560,9600000000

17

18PROPOSED TRANSACTIONS

19Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000

Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000

Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000

Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000

1Proposed Swaps6.6050%340,000360,000360,000360,000360,000360,000340,000340,000280,000280,000280,000260,000260,000260,000180,000180,000180,000180,000180,000180,000180,000180,000180,000120,00080,00080,00080,00040,00040,0000000000000

2Average fixed rate6.5353%

3Total - Fixed (incl. Proposed)424,575444,575442,267440,716438,471436,940414,864413,198351,100349,631347,467325,849323,510321,731239,219237,269234,573232,454229,598227,293224,208221,686218,369120,00080,00080,00080,00040,00040,0000000000000

4% Hedged (incl. Proposed)83%83%79%79%78%78%74%74%63%62%62%58%58%57%43%42%42%41%41%41%40%40%39%21%14%14%14%7%7%0%0%0%0%0%0%0%0%0%0%

5

6BBW POLICY

7Policy Min75%75%75%75%75%50%50%50%50%50%50%25%25%25%25%25%25%25%25%25%25%0%0%0%0%0%0%0%0%0%0%

8Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%

9

10Policy Min384,711403,380420,720420,720420,720280,480280,480280,480280,480280,480280,480140,240140,240140,240140,240140,240140,240140,240140,240140,240140,240000000000000000000

11Policy Max461,653484,056504,864504,864504,864448,768448,768448,768448,768448,768448,768336,576336,576336,576336,576336,576336,576336,576336,576336,576336,576280,480280,480280,480280,480280,480280,480280,480280,480280,480280,48000000000

12

13

14FOR GRAPH:

15Novation - Dexia / BOS000000000000000000000000000000000000000

16Close / Novate - BNP / SG / KBC / Suncorp000000000000000000000000000000000000000

17Grandfather - ANZ / CBA84,57584,57582,26780,71678,47176,94074,86473,19871,10069,63167,46765,84963,51061,73159,21957,26954,57352,45449,59847,29344,20841,68638,3690000000000000000

18Proposed Swaps340,000360,000360,000360,000360,000360,000340,000340,000280,000280,000280,000260,000260,000260,000180,000180,000180,000180,000180,000180,000180,000180,000180,000120,00080,00080,00080,00040,00040,0000000000000

19Overhedged - committed000000000000000000000000000000000000000

20Floating88,37393,265118,693120,244122,488124,019146,096147,761209,860211,329213,492235,111237,450239,228321,740323,690326,387328,505331,361333,667336,751339,274342,591440,960480,960480,960480,960520,960520,960560,960560,960560,9600000000

21Amortising Debt560,305556,695548,358536,651525,258513,172502,352483,589466,748449,376433,831417,730401,196383,726373,088361,272350,128335,805323,011306,642291,464269,031244,524217,736191,272162,834136,335107,76080,34252,13526,82700000000

22Policy Min384,711403,380420,720420,720420,720280,480280,480280,480280,480280,480280,480140,240140,240140,240140,240140,240140,240140,240140,240140,240140,240000000000000000000

23Policy Max461,653484,056504,864504,864504,864448,768448,768448,768448,768448,768448,768336,576336,576336,576336,576336,576336,576336,576336,576336,576336,576280,480280,480280,480280,480280,480280,480280,480280,480280,480280,48000000000

24

&L&8&Z&F&D, &T

USD - BBW

BBW - PHOENIX


2USD

3NEW DATA FORMAT

4Core Debt156,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,0940000000

5Amortising Debt405,621403,007396,971388,497380,249371,500363,666350,084337,892325,316314,062302,406290,437277,790270,089261,535253,468243,099233,837221,986210,999194,759177,018157,625138,467117,88098,69678,01058,16237,74219,421000000000000000000

6

7Novation - US06: HBOS5.3450%50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,000000

8Closeout/novate: US06 BNP

9Grandfather - ANZ5.2515%85,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,000000000000

10Total - Fixed135,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,00050,00000000000

11

12% Hedged86%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%12%0%0%0%0%0%0%0%0%

13Overhedged000000000000000000000000000000000000000

14

15Floating21,094141,094141,094141,094141,094141,094141,094141,094141,094141,094181,094181,094181,094181,094181,094181,094181,094181,094181,094241,094241,094241,094281,094281,094301,094301,094301,094301,094301,094301,094356,094406,0940000000

16Total - Floating21,094141,094141,094141,094141,094141,094141,094141,094141,094141,094181,094181,094181,094181,094181,094181,094181,094181,094181,094241,094241,094241,094281,094281,094301,094301,094301,094301,094301,094301,094356,094406,0940000000

17


19Swaps - executed 17/05/0700000000

20Swaps - executed 17/05/0740,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000

21Swaps - executed 17/05/0740,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000000000000000

Swaps - executed 17/05/0740,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000

40,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000

22Proposed Swaps5.2460%0160,000160,000160,000160,000160,000160,000160,000160,000160,000120,000120,000120,000120,000120,000120,000120,000120,000120,00060,00060,00060,00020,00020,000000000000000000

23

24Total - Fixed (incl. Proposed)135,000265,000265,000265,000265,000265,000265,000265,000265,000265,000225,000225,000225,000225,000225,000225,000225,000225,000225,000165,000165,000165,000125,000125,000105,000105,000105,000105,000105,000105,00050,00000000000


26Av fixed rate5.8603%

27BBW POLICY

28Policy Min75%75%75%75%75%50%50%50%50%50%50%25%25%25%25%25%25%25%25%25%25%0%0%0%0%0%0%0%0%0%0%

29Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%

30

31Policy Min117,071304,571304,571304,571304,571203,047203,047203,047203,047203,047203,047101,524101,524101,524101,524101,524101,524101,524101,524101,524101,524000000000000000000

32Policy Max140,485365,485365,485365,485365,485324,875324,875324,875324,875324,875324,875243,657243,657243,657243,657243,657243,657243,657243,657243,657243,657203,047203,047203,047203,047203,047203,047203,047203,047203,047203,04700000000

33

34

35FOR GRAPH:

36Novation - Dexia / BOS50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00000000000


38Grandfather - ANZ / CBA85,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,000000000000

39Proposed Swaps0160,000160,000160,000160,000160,000160,000160,000160,000160,000120,000120,000120,000120,000120,000120,000120,000120,000120,00060,00060,00060,00020,00020,000000000000000000


41Floating21,094141,094141,094141,094141,094141,094141,094141,094141,094141,094181,094181,094181,094181,094181,094181,094181,094181,094181,094241,094241,094241,094281,094281,094301,094301,094301,094301,094301,094301,094356,094406,0940000000

42Amortising Debt405,621403,007396,971388,497380,249371,500363,666350,084337,892325,316314,062302,406290,437277,790270,089261,535253,468243,099233,837221,986210,999194,759177,018157,625138,467117,88098,69678,01058,16237,74219,42100000000

43Policy Min117,071304,571304,571304,571304,571203,047203,047203,047203,047203,047203,047101,524101,524101,524101,524101,524101,524101,524101,524101,524101,524000000000000000000

44Policy Max140,485365,485365,485365,485365,485324,875324,875324,875324,875324,875324,875243,657243,657243,657243,657243,657243,657243,657243,657243,657243,657203,047203,047203,047203,047203,047203,047203,047203,047203,047203,04700000000

45

&L&8&Z&F&D, &T

EUR - BBW

BBW - PHOENIX


2EUR

3NEW DATA FORMAT

4Core Debt318,721348,213358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,8110000000

5Amortising Debt358,393356,083350,751343,262335,975328,245321,323309,322298,550287,438277,495267,196256,620245,446238,641231,083223,955214,794206,610196,140186,432172,082156,407139,272122,345104,15587,20568,92751,39033,34817,160000000000000000000

6

7Novation - (Olivo:Dexia & HBOS, Apple: 3rd party only )162,438157,868152,662146,997141,795136,964131,527126,490120,796115,564109,66494,51489,39184,63779,21574,15470,24865,05159,14853,59047,40141,52734,97828,73621,79215,1167,721000000000000

8Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia)

9Grandfather - ANZ / CBA

10Total - Fixed3.7990%162,438157,868152,662146,997141,795136,964131,527126,490120,796115,564109,66494,51489,39184,63779,21574,15470,24865,05159,14853,59047,40141,52734,97828,73621,79215,1167,721000000000000

11

12% Hedged51%45%43%41%40%38%37%35%34%32%31%26%25%24%22%21%20%18%16%15%13%12%10%8%6%4%2%0%0%0%0%0%0%0%0%0%0%0%0%

13Overhedged000000000000000000000000000000000000000

14

15Floating36,28370,34556,15061,81467,01671,84777,28482,32288,015133,247139,148154,297159,420164,175169,596174,657178,563183,761189,663195,221201,410207,285213,833220,075227,019233,695281,090288,811328,811358,811358,811358,8110000000

16Total - Floating36,28370,34556,15061,81467,01671,84777,28482,32288,015133,247139,148154,297159,420164,175169,596174,657178,563183,761189,663195,221201,410207,285213,833220,075227,019233,695281,090288,811328,811358,811358,811358,8110000000

17


19Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500

20Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500

21Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500

22Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500

23Proposed Swaps4.6080%120,000120,000150,000150,000150,000150,000150,000150,000150,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,00070,00070,00030,0000000000000

24

25Total - Fixed (incl. Proposed)282,438277,868302,662296,997291,795286,964281,527276,490270,796225,564219,664204,514199,391194,637189,215184,154180,248175,051169,148163,590157,401151,527144,978138,736131,792125,11677,72170,00030,0000000000000


27Average fixed rate4.1427%

28BBW POLICY

29Policy Min75%75%75%75%75%50%50%50%50%50%50%25%25%25%25%25%25%25%25%25%25%0%0%0%0%0%0%0%0%0%0%

30Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%

31

32Policy Min239,041261,160269,108269,108269,108179,406179,406179,406179,406179,406179,40689,70389,70389,70389,70389,70389,70389,70389,70389,70389,703000000000000000000

33Policy Max286,849313,392322,930322,930322,930287,049287,049287,049287,049287,049287,049215,287215,287215,287215,287215,287215,287215,287215,287215,287215,287179,406179,406179,406179,406179,406179,406179,406179,406179,406179,40600000000

34

35

36FOR GRAPH:

37Novation - Dexia / BOS162,438157,868152,662146,997141,795136,964131,527126,490120,796115,564109,66494,51489,39184,63779,21574,15470,24865,05159,14853,59047,40141,52734,97828,73621,79215,1167,721000000000000


39Grandfather - ANZ / CBA000000000000000000000000000000000000000

40Proposed Swaps120,000120,000150,000150,000150,000150,000150,000150,000150,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,00070,00070,00030,0000000000000


42Floating36,28370,34556,15061,81467,01671,84777,28482,32288,015133,247139,148154,297159,420164,175169,596174,657178,563183,761189,663195,221201,410207,285213,833220,075227,019233,695281,090288,811328,811358,811358,811358,8110000000

43Amortising Debt358,393356,083350,751343,262335,975328,245321,323309,322298,550287,438277,495267,196256,620245,446238,641231,083223,955214,794206,610196,140186,432172,082156,407139,272122,345104,15587,20568,92751,39033,34817,16000000000

44Policy Min239,041261,160269,108269,108269,108179,406179,406179,406179,406179,406179,40689,70389,70389,70389,70389,70389,70389,70389,70389,70389,703000000000000000000

45Policy Max286,849313,392322,930322,930322,930287,049287,049287,049287,049287,049287,049215,287215,287215,287215,287215,287215,287215,287215,287215,287215,287179,406179,406179,406179,406179,406179,406179,406179,406179,406179,40600000000

46

30,00030,00037,50037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500

&L&8&Z&F&D, &T

Data - BBW

BBW - PHOENIXJun-08Dec-08Dec-09Jun-10Dec-10Dec-11Jun-12Dec-12Dec-13Jun-14Dec-14Dec-15Jun-16Dec-16Dec-17Jun-18Dec-18Dec-19Jun-20Dec-20Dec-21Jun-22

1Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26

2

NOCF Notional amortisation14,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,010

3NOCF Notional amortising debt1,000,749986,739972,728958,718944,707930,697916,686902,676888,665874,655860,644846,634832,623818,613804,602790,592776,581762,571748,560734,550720,539706,529692,519678,508664,498650,487636,477622,466608,456594,445

hedging % NOCF debt77%77%78%78%77%78%74%70%67%65%65%66%60%60%61%61%61%56%56%56%51%43%37%37%31%26%21%12%6%0%

4Core Debt747,520975,9951,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,749

5Amortising Debt747,520975,9951,000,749957,383937,058915,497896,193862,721832,676801,684773,953745,228715,732684,565665,587644,507624,627599,075576,250547,047519,971479,950436,230388,440341,228290,495243,221192,243143,33093,00947,860-000000000000000000

6

7Novation - (Olivo:Dexia & HBOS, US06: HBOS/BNP, Apple, Walkaway: BNP )199,187194,616189,410183,745178,543173,713168,275163,238157,544152,312146,412131,262126,139121,385115,963110,903106,996101,79995,89690,33884,14978,27571,72665,48458,54151,86444,46936,74836,74836,74836,74800000000

8Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia)000000000000000000000000000000000000000


10Total - Fixed313,444286,824280,205273,590267,014261,246254,537248,480241,501235,370228,145212,004205,449199,606192,646186,391180,834174,340166,688159,718151,641144,222135,642105,90898,96492,28784,89277,17177,17177,17136,74800000000

11

12% Hedged42%29%28%27%27%26%25%25%24%24%23%21%21%20%19%19%18%17%17%16%15%14%14%11%10%9%8%8%8%8%4%0%0%0%0%0%0%0%0%

13Overhedged000000000000000000000000000000000000000

140.420.290.280.290.280.290.280.290.290.290.290.280.290.290.290.290.290.290.290.290.290.300.310.270.290.320.350.400.540.830.77

15Floating105,896231,150232,524239,138245,715251,483270,437276,494320,211366,342402,966431,353437,908443,751499,694505,949511,506518,001525,652576,720584,797592,216630,195696,667742,802749,478796,874829,086869,086923,578964,00100000000

16Total - Floating105,896231,150232,524239,138245,715251,483270,437276,494320,211366,342402,966431,353437,908443,751499,694505,949511,506518,001525,652576,720584,797592,216630,195696,667742,802749,478796,874829,086869,086923,578964,00100000000

17


19Swaps - Tranche AUD208,180220,426220,426220,426220,426220,426208,180208,180171,442171,442171,442159,197159,197159,197110,213110,213110,213110,213110,213110,213110,213110,213110,21373,47548,98448,98448,98424,49224,4920000000000

20Swaps - Tranche USD0117,595117,595117,595117,595117,595117,595117,595117,595117,59588,19688,19688,19688,19688,19688,19688,19688,19688,19644,09844,09844,09814,69914,699000000000000000

21Swaps - Tranche EUR120,000120,000150,000150,000150,000150,000150,000150,000150,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,00070,00070,00030,0000000000000

22Proposed Swaps328,180458,021488,021488,021488,021488,021475,775475,775439,037399,037369,638357,393357,393357,393308,409308,409308,409308,409308,409264,311264,311264,311234,912198,175158,984158,984118,98494,49254,4920000000000

23

24Total - Fixed (incl. Proposed)641,624744,845768,225761,611755,035749,267730,312724,255680,538634,407597,783569,397562,842556,998501,055494,800489,243482,749475,097424,029415,952408,533370,555304,082257,947251,271203,876171,663131,66377,17136,74800000000

25% Hedged (incl. Proposed) based on core debt86%76%77%76%75%75%73%72%68%63%60%57%56%56%50%49%49%48%47%42%42%41%37%30%26%25%20%17%13%8%4%0%0%0%0%0%0%0%0%

26% hedged based on bank profile86%76%77%80%81%82%81%84%82%79%77%76%79%81%75%77%78%81%82%78%80%85%85%78%76%86%84%89%92%83%77%

27BBW POLICY

28Policy Min75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%

29Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%

30

31Policy Min560,640731,996750,562718,037702,794686,623672,145647,041624,507601,263580,464558,921536,799513,424499,190483,380468,471449,306432,187410,285389,978359,962327,173291,330255,921217,872182,415144,182107,49769,75735,89500000000

32Policy Max672,768878,396900,674900,674900,674800,599800,599800,599800,599800,599800,599600,450600,450600,450600,450600,450600,450600,450600,450600,450600,450500,375500,375500,375500,375500,375500,375500,375500,375500,375500,37500000000

33

34

35FOR GRAPH:

36Novation - Dexia / BOS199,187194,616189,410183,745178,543173,713168,275163,238157,544152,312146,412131,262126,139121,385115,963110,903106,996101,79995,89690,33884,14978,27571,72665,48458,54151,86444,46936,74836,74836,74836,74800000000



39Proposed Swaps328,180458,021488,021488,021488,021488,021475,775475,775439,037399,037369,638357,393357,393357,393308,409308,409308,409308,409308,409264,311264,311264,311234,912198,175158,984158,984118,98494,49254,4920000000000


41Floating105,896231,150232,524239,138245,715251,483270,437276,494320,211366,342402,966431,353437,908443,751499,694505,949511,506518,001525,652576,720584,797592,216630,195696,667742,802749,478796,874829,086869,086923,578964,00100000000

42Amortising Debt747,520975,9951,000,749957,383937,058915,497896,193862,721832,676801,684773,953745,228715,732684,565665,587644,507624,627599,075576,250547,047519,971479,950436,230388,440341,228290,495243,221192,243143,33093,00947,860-00000000

43Policy Min560,640731,996750,562718,037702,794686,623672,145647,041624,507601,263580,464558,921536,799513,424499,190483,380468,471449,306432,187410,285389,978359,962327,173291,330255,921217,872182,415144,182107,49769,75735,89500000000

44Policy Max672,768878,396900,674900,674900,674800,599800,599800,599800,599800,599800,599600,450600,450600,450600,450600,450600,450600,450600,450600,450600,450500,375500,375500,375500,375500,375500,375500,375500,375500,375500,37500000000

45

&L&8&Z&F&D, &T

results preso

0.76765008950.7676500895

0.80575024530.7762031485

0.81490469850.7730561344

0.8172903770.7423896453

0.77237705760.6726752881

0.78638655290.6539771396

0.75280197510.6017789222

0.78325606410.6080558228

0.82446347270.6117800638

0.79995217730.5556692023

0.84944750030.5142739786

0.75593942660.3724773191

0.83823427880.3068119435

0.91860414480.2068627243

0.76783206920.0603960756

2008

2011

2014

2017

2020

% global facility profile

% notional debt profile

% hedged

Graph - BBW for banks

20052006200720082009201020112012201320142015

&L&"Arial,Regular"&8&Z&F&D, &T&R&"Arial,Regular"&8Quarterly Treasury Report - September 2005

Graph - BBW for banks

199186.726197797114256.9159573410328180.1523199910747520.157017446560640.117763084

194616.13189779792207.91895466340458020.6943138810975995.035034516731996.276275887

189409.87109779790794.71309471630488020.69431388101000749.28539228750561.964044207

178543.25885779788470.82009697260488020.6943138810937058.074355275702793.555766457

168275.20391779786261.78621220950475774.8030009410896192.885512116672144.664134087

157544.00963779783957.31213661530439037.1290621190832676.451310047624507.338482535

146411.86627779781732.89802465770369638.4663918810773952.5984017580464.448801275

126139.34117779779309.83718676730357392.5750789410715731.660653015536798.745489761

115963.30565779776682.90001505880308409.0098271780665587.009661378499190.257246034

106996.28283779773837.89719526790308409.0098271780624627.388529186468470.541396889

95896.222017796970791.81439094030308409.0098271780576249.963729619432187.472797214

84149.461177796967491.51974114190264311.0158218220519971.078956579389978.309217434

71726.106297796963916.24850026790234912.3531515850436230.264741605327172.698556204

58540.709897796840423.16117157650158983.5652517630341227.652979798255920.739734849

44469.050817796840423.16117157650118983.5652517630243220.520085747182415.39006431

36748.328337796840423.1611715765054491.78262588130143329.717021628107497.287766221

36748.3283377968000047859.85088573635894.888164302

00000-0.000000000544926

00000045107

&L&8&F&C&8&D&T&R&8Quarterly Treasury Report - April 2004

Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia

Novate Olivo:Dexia & HBOS, US06: HBOS/BNP, Apple, Walkaway: BNP

Core Debt

Grandfather Hedges - ANZ / CBA

Novation - Dexia / BOS

Grandfather - ANZ / CBA

Close / Novate - BNP / SG / KBC / Suncorp

Proposed Swaps

Overhedged - committed

Amortising Debt

Policy Min

EUR '000

BBW - Phoenix Interest Rate Hedging Position based on Latest Model

Graph - BBW Total

20052006200720082009201020112012201320142015

%

%

%

%

%

%

%

%

%

%

Current debt amortisation profile - fully drawn


Graph - BBW Total

199186.726197797114256.9159573410328180.1523199910105896.362542317747520.157017446560640.117763084672768.141315701

194616.13189779792207.91895466340458020.6943138810231150.289868174975995.035034516731996.276275887878395.531531065

189409.87109779790794.71309471630488020.6943138810232524.0068858811000749.28539228750561.964044207900674.356853048

178543.25885779788470.82009697260488020.6943138810245714.512123625937058.074355275702793.555766457900674.356853048

168275.20391779786261.78621220950475774.8030009410270437.492261328896192.885512116672144.664134087800599.428313821

157544.00963779783957.31213661530439037.1290621190320210.834555744832676.451310047624507.338482535800599.428313821

146411.86627779781732.89802465770369638.4663918810402966.05469794773952.5984017580464.448801275800599.428313821

126139.34117779779309.83718676730357392.5750789410437907.531948771715731.660653015536798.745489761600449.571235365

115963.30565779776682.90001505880308409.0098271780499694.069892242665587.009661378499190.257246034600449.571235365

106996.28283779773837.89719526790308409.0098271780511506.095532033624627.388529186468470.541396889600449.571235365

95896.222017796970791.81439094030308409.0098271780525652.23915636576249.963729619432187.472797214600449.571235365

84149.461177796967491.51974114190264311.0158218220584797.288651515519971.078956579389978.309217434600449.571235365

71726.106297796963916.24850026790234912.3531515850630194.577442626436230.264741605327172.698556204500374.642696138

58540.709897796840423.16117157650158983.5652517630742801.84907114341227.652979798255920.739734849500374.642696138

44469.050817796840423.16117157650118983.5652517630796873.50815114243220.520085747182415.39006431500374.642696138

36748.328337796840423.1611715765054491.78262588130869086.013257021143329.717021628107497.287766221500374.642696138

36748.32833779680000964000.95705447947859.85088573635894.888164302500374.642696138

000000-0.00000000054492644926

00000004510745107


Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia

Novate Olivo:Dexia & HBOS, US06: HBOS/BNP, Apple, Walkaway: BNP

Core Debt





Proposed Swaps


Floating

Amortising Debt

Policy Min

Policy Max

EUR '000


Graph - BBW AUD

20052006200720082009201020112012201320142015

%

%

%

%

%

%

%

%

%

%

Proposed Swaps: EUR30M Jun07 - Jun22, EUR50M Jun07 - Jun17, EUR20M Jun07-Jun10



Graph - BBW AUD

084574.910340000088372.6449524529560305.450524836384710.66621434461652.799457208

084574.910360000093264.6449524529556695.087108365403379.66621434484055.599457208

082266.86103600000118692.693952453548357.817428895420719.66621434504863.599457208

080715.50303600000120244.051952453536650.9574554420719.66621434504863.599457208

078471.47703600000122488.077952453525258.112124349420719.66621434504863.599457208

076940.33303600000124019.221952453513172.349194827280479.777476226448767.643961962

074863.68103400000146095.873952453502351.557524591280479.777476226448767.643961962

073198.48503400000147761.069952453483589.419382032280479.777476226448767.643961962

071100.01202800000209859.542952453466748.084025039280479.777476226448767.643961962

069630.60802800000211328.946952453449375.777961186280479.777476226448767.643961962

067467.09702800000213492.457952453433831.041891307280479.777476226448767.643961962

065848.58702600000235110.967952453417729.828215784140239.888738113336575.732971472

063509.75202600000237449.802952453401195.90359529140239.888738113336575.732971472

061731.14202600000239228.412952453383725.712312417140239.888738113336575.732971472

059219.43601800000321740.118952453373087.843450647140239.888738113336575.732971472

057269.22301800000323690.331952453361271.716680668140239.888738113336575.732971472

054572.97501800000326386.579952453350128.355818009140239.888738113336575.732971472

052454.1201800000328505.434952453335805.340336027140239.888738113336575.732971472

049598.1101800000331361.444952453323010.895849328140239.888738113336575.732971472

047292.85201800000333666.702952453306641.568031078140239.888738113336575.732971472

044208.06601800000336751.488952453291464.355056017140239.888738113336575.732971472

041685.78901800000339273.765952453269030.774219220280479.777476226

038368.9301800000342590.624952453244524.3166677060280479.777476226

0001200000440959.554952453217735.8842378060280479.777476226

000800000480959.554952453191271.5953406710280479.777476226

000800000480959.554952453162834.2040155920280479.777476226

000800000480959.554952453136334.7210876340280479.777476226

000400000520959.554952453107759.6313093680280479.777476226

000400000520959.55495245380341.97520350670280479.777476226

00000560959.55495245352135.08471694650280479.777476226

00000560959.55495245326827.33931948740280479.777476226

00000560959.5549524530

0000000


Close / Novate - SG / KBC / Suncorp/Dexia

Novation BNP

Core Debt





Proposed Swaps


Floating

Amortising Debt

Policy Min

Policy Max

AUD '000


Graph - BBW USD

20052006200720082009201020112012201320142015

%

%

%

%

%

%

%

%

%

%




Graph - BBW USD

500008500000021094.1787224905405620.654387293117070.634041868140484.760850241

500005500001600000141094.17872249403007.012185181304570.634041868365484.760850241

500005500001600000141094.17872249396971.431449669304570.634041868365484.760850241

500005500001600000141094.17872249388496.51085266304570.634041868365484.760850241

500005500001600000141094.17872249380248.914163772304570.634041868365484.760850241

500005500001600000141094.17872249371499.695208914203047.089361245324875.342977992

500005500001600000141094.17872249363666.224029652203047.089361245324875.342977992

500005500001600000141094.17872249350083.79190453203047.089361245324875.342977992

500005500001600000141094.17872249337891.882184822203047.089361245324875.342977992

500005500001600000141094.17872249325315.588045195203047.089361245324875.342977992

500005500001200000181094.17872249314062.322507557203047.089361245324875.342977992

500005500001200000181094.17872249302406.207398597101523.544680623243656.507233494

500005500001200000181094.17872249290436.840836353101523.544680623243656.507233494

500005500001200000181094.17872249277789.684872061101523.544680623243656.507233494

500005500001200000181094.17872249270088.636586782101523.544680623243656.507233494

500005500001200000181094.17872249261534.61472554101523.544680623243656.507233494

500005500001200000181094.17872249253467.626762186101523.544680623243656.507233494

500005500001200000181094.17872249243098.79863967101523.544680623243656.507233494

500005500001200000181094.17872249233836.545451957101523.544680623243656.507233494

50000550000600000241094.17872249221986.335079562101523.544680623243656.507233494

50000550000600000241094.17872249210999.12970265101523.544680623243656.507233494

50000550000600000241094.17872249194758.8383923510203047.089361245

50000550000200000281094.17872249177017.9341419130203047.089361245

50000550000200000281094.17872249157625.0449918120203047.089361245

5000055000000301094.17872249138466.8123344370203047.089361245

5000055000000301094.17872249117880.1961101230203047.089361245

5000055000000301094.1787224998696.48551781090203047.089361245

5000055000000301094.1787224978010.18556449250203047.089361245

5000055000000301094.1787224958161.78394532590203047.089361245

5000055000000301094.1787224937742.03367041390203047.089361245

500000000356094.1787224919421.05492646470203047.089361245

00000406094.178722490

0000000


Novation

Core Debt

Grandfather Hedges




Proposed Swaps


Floating

Amortising Debt

Policy Min

Policy Max

USD '000


Graph - BBW EUR

20052006200720082009201020112012201320142015

%

%

%

%

%

%

%

%

%

%




Graph - BBW EUR

162438.3978600120000036282.7561718702358392.76386014239040.865523903286849.038628683

157867.8035600120000070345.3504718702356083.43754151261159.865523903313391.838628683

152661.5427600150000056149.6112718703350750.601459559269108.365523903322930.038628683

146996.9732800150000061814.1807518702343262.446743066269108.365523903322930.038628683

141794.9305200150000067016.2235118703335975.147783896269108.365523903322930.038628683

136964.4043200150000071846.7497118703328244.632266669179405.577015935287048.923225496

131526.8755800150000077284.2784518703321323.240675317179405.577015935287048.923225496

126489.6486800150000082321.5053518703309322.26060536179405.577015935287048.923225496

120795.681300150000088015.4727318702298549.899351271179405.577015935287048.923225496

115563.9946001100000133247.15943187287437.908955646179405.577015935287048.923225496

109663.53794001100000139147.61609187277494.902121888179405.577015935287048.923225496

94513.83212001100000154297.32191187267195.95096003989702.7885079676215286.692419122

89391.01284001100000159420.14119187256620.22135283389702.7885079676215286.692419122

84636.53572001100000164174.61831187245445.61983294989702.7885079676215286.692419122

79214.97732001100000169596.17671187238641.23265559789702.7885079676215286.692419122

74154.36324001100000174656.79079187231083.18672324489702.7885079676215286.692419122

70247.9545001100000178563.19953187223955.46755770989702.7885079676215286.692419122

65050.65016001100000183760.50387187214793.91986869389702.7885079676215286.692419122

59147.89368001100000189663.26035187206610.10456340289702.7885079676215286.692419122

53589.77618001100000195221.37785187196139.65735675889702.7885079676215286.692419122

47401.13284001100000201410.02119187186431.73232991589702.7885079676215286.692419122

41526.6374001100000207284.51663187172082.357302690179405.577015935

34977.77796001100000213833.37607187156407.0911669040179405.577015935

28736.0658001100000220075.08823187139272.186751750179405.577015935

21792.38156001100000227018.77247187122344.6169189870179405.577015935

15115.9258001100000233695.22823187104154.9754217980179405.577015935

7720.7224800700000281090.4315518787204.89414288250179405.577015935

000700000288811.1540318768927.17545642020179405.577015935

000300000328811.1540318751389.79554847530179405.577015935

00000358811.1540318733347.59119028210179405.577015935

00000358811.1540318717159.79074756260179405.577015935

00000358811.154031870.0000000002

0000000


Close / Novate - BNP / HBOS/ HSH


Core Debt




Proposed Swaps


Floating

Amortising Debt

Policy Min

Policy Max

EUR '000


Active8_Reference_Sheet

%

%

%

%

%

%

%

%

%

%



Global Refinance1.03 billion global facility

Capital efficiency captured

Multi currency: enables FX Management

Scaleable with acquisitions

Reduced borrowing costs

Manager base fee adjusted to ensure no inadvertent increase

Revenue1 Operating ExpenseInterestDebt Principal and Working Capital MovementPre hedging FX LossFX HedgingPost hedging FX LossImpact of FX on FY07 Cash FlowNatural HedgeRisk Management1. Total Revenue including US(0.6)

Chart2

-4.874112191800

-3.3170124223-1.55709976950

-2.7277937494-0.58921867290

-2.4250216792-0.30277207020

-2.42502167920

-0.6650216792-1.76

-0.66502167920

Invisible

Final

Unfavourable

Initial

AUD Millions

(4.9)

(2.4)

(0.7)

1.6

0.6

0.3

1.8

Total Rev Chart

PLEASE PUT IN KEY WHICH EXPLAINS SHADING. ALSO PUT IN TOTALS WHICH ADD UP MULTIPLE SHADED BARS


Split into U.S and Non U.sFY06 Actual67.80.012.60.0

Split into U.S and Non U.sFY07 IPO105.30.019.30.0

Acquisitions @ P50124.612.860.50.0

Market Tariff197.30.00.60.0

Availability193.34.60.00.0

SwapNetwork Loss Factor and Constraints192.01.80.0

Wind176.815.20.00.0

FX171.94.90.00.0

Split into U.S and Non U.sFY07 Actual103.768.20.0

171.9380083258

Total Rev Chart

67.75012.60265865620

105.3387647091019.25440279970

124.593167508812.768259386560.50336386360

197.275445106200.58934565270

193.26727313264.597517626300

192.00788791991.848730865500

176.812120517615.195767402300

171.93800832584.874112191800

103.695607307468.24240101840

Invisible

Final

Unfavourable

Favourable

Initial

AUD Millions

FY07 Revenue Variances Total Portfolio

- 1.8

- 4.6

- 15.2

- 4.9

FX Graph

PLEASE FIGURE OUT HOW TO MAKE AXIS WRITING LOOK TIDY

.EuroUSD

Average Rate assumed at IPO in FY070.59160.7542

Average Rate observed in FY070.60180.7868

Average Rate of FX hedge rates in FY070.58700.7619


-4.90.00.00.0

-3.3-1.60.00.0

-2.7-0.60.00.0

-2.4-0.30.00.0

-2.40.00.0

-0.7-1.8

-0.70.0

US EBITDA Margin for FY0762.8%

Non US EBITDA Margin for FY0782.3%


Total Interest42.4

USD3.00.82250.7522-0.3

Euro180.60180.5916-0.3

AUD21.40


Total Interest42.4

Euro Principal Repaid @ 12/06 and VAT Receipt (WC Movement in Foreign Currency)1.000.59330.59380.0

Euro Principal Repaid @ 5/075.600.61680.5851-0.3

FX Graph

0000

0000

0000

0000

0000

0000

0000

Invisible

Final

Unfavourable

Initial

AUD Millions

1.8

0.3

0.6

1.6

FX ManagementRevenue1Cost2Based on current portfolio for FY081. Total revenue including US2. Includes Operating & Corporate Costs + Interest3. After notional repayment of debt4. Impact on FY08 after Forward Exchange ContractsNOCF3Net Exposure4AUDUSDEURAUDUSDEUREURUSDUSDEUR

Exchange Rate SensitivityA$/EuroA$/US$Movement in FX rate+ 5%- 5%+ 5%- 5%Impact on NOCF2-0.7%0.7%0.5%0.5%

Chart6

91977.7002501619

45396.6031819726

71633.524254035

COST FY08

FY08 FX

Revenue FY08

Revenue FY08COST FY08NOCF FY08Net Exposure FY08

AUD81,55991,9780.00.0

EUR99,75845,39735,7928,870

USD120,38571,63430,1817,003

Total in 000's3022096616

9319.6016.319.174.50

4.94.12.31.1

COST FY08 incl Interest0.2405948774

SensitivitiesNOCFNet Exposure-5%+5%

EURO35,7928,8700.67%-0.67%

USD30,1817,0030.53%-0.53%

NOCF FY08 after pricnipal deduction

Net Exposure FY08

FY08 FX

0

0

0

0

0

0

Revenue FY08

0

0

0

COST FY08

0

0

0

NOCF FY08

0

0

0

Net Exposure FY08

Chart7

0

35791.5073538788

30181.1518828718

NOCF FY08

FY08 FX

Revenue FY08

Revenue FY08COST FY08NOCF FY08Net Exposure FY08

AUD81,55991,9780.00.0

EUR99,75845,39735,7928,870

USD120,38571,63430,1817,003

full year result for the period to 30 june 2007 27 august 2007

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