nta, page-3

re: nta $5.12 - last price $4.10 Very interesting???

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14 February 2006
ASX Announcement
Babcock & Brown Capital – Net Tangible Asset Backing Per Share
Please find below information on Babcock & Brown Capital’s net tangible asset
backing as at 31 January 2006:
Net Tangible Assets pre-tax per share1 $2.46
Net Tangible Assets post-tax per share1 $2.48
Number of partly paid shares on issue 200,000,000
1 Unaudited
The net tangible asset backing per share calculation includes the following:
• Interest paid on cash balance;
• The investment in Eircom Group;
• Dividends paid by Eircom Group; and
• An Eircom Group share price at 31 January 2006 of €1.86.
The above net tangible asset calculation does not include the second instalment of
$2.50 per share, which was due and payable on 6 February 2006.
The NTA inclusive of the second instalment as at the allotment date of 13
February 2006 was approximately $5.12 per share on a post-tax basis. This
figure is calculated using Eircom’s closing share price at 13 February 2006 of
€2.06.