Lead Manager

SECTION 6
INDEPENDENT ACCOUNTANTS’ REPORTS
substantiation.
Subsequent Events
Apart from the matters dealt with in this Report, and having regard to the scope of our Report, to the best of
our knowledge and belief no material transactions or events outside of the ordinary business of Babcock &
Brown have come to our attention that would require comment on, or adjustment to, the information referred to
in our Report or that would cause such information to be misleading or deceptive.
Independence or Disclosure of Interest
Ernst & Young Transaction Advisory Services Limited does not have any interest in the outcome of the proposed
transaction other than in connection with the preparation of this Report. Ernst & Young has prepared an
Independent Accountant’s Report on Reviewed Pro-Forma Historical Financial Information and participated in
due diligence procedures. Ernst & Young Transaction Advisory Services Limited will receive a professional fee for
the preparation of this Report. Ernst & Young also acts as the statutory auditor of Babcock & Brown.
Yours faithfully
Ernst & Young Transaction Advisory Services Limited
Paul Siviour
Director and Representative
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