Lead Manager

BABCOCK & BROWN PROSPECTUS
Country of Percentage of equity
incorporation interest held by the
consolidated entity
Espacio Shinjuku Co., Ltd Japan 25%
J-Club Holding Co., Ltd Japan 25%
Kabushiki Kaisha JBPI Japan 25%
J-Club Investment Co., Ltd Japan 25%
Kiel Property Investments S.a.r.l. Luxembourg 100%
BBAM Aircraft Holdings 98 (Labuan) Ltd Malaysia 100%
Babcock & Brown Asia Pacific Malaysia 100%
Babcock & Brown S.A. de C.V. Mexico 100%
Babcock & Brown Holding Inc United States 100%
Yarrow LLC United States 100%
Isis Investments Inc. United States 100%
Babcock & Brown PFI LLC United States 100%
Babcock & Brown GP LLC United States 100%
Babcock & Brown Investment Management Partners LP United States 100%
Babcock & Brown Stone Acquisition LLC United States 100%
Coho Finance Corporation United States 100%
BBIMP Credit Holdings LLC United States 100%
Babcock & Brown Coal Partners LP United States 100%
Babcock & Brown Coal LLC United States 100%
Harrison Partners LLC United States 100%
Sterling Energy Associates LLC United States 100%
Kings Park Energy, LLC United States 100%
Babcock & Brown Ski Lift LLC United States 100%
Baylease Technology LLC United States 100%
Babcock & Brown LP United States 100%
BBLP Credit Holdings LLC United States 100%
Babcock & Brown Electronics Management LLC United States 100%
BBEM-NBB 1 LLC United States 83%
BBEM-NBB 2 LLC United States 79%
Babcock & Brown TSEL Semiconductor Equipment I LP United States 56%
Babcock & Brown Power Operating Partners LLC United States 100%
BBOP Wind Investment LLC United States 100%
Babcock & Brown Combine Hills 1 LLC United States 100%
Babcock & Brown Sweetwater 1 LLC United States 100%
Babcock & Brown Blue Canyon 1 LLC United States 100%
Babcock & Brown Rail Management LLC United States 100%
Babcock & Brown Rail Funding LLC United States 100%
BBRM Sub #1 LLC United States 100%
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