Babcock & Brown

Funds Platform - Recent Significant Achievements cont…
• The creation of value for all security holders through the de-stapling of EBB resulting in Everest
Capital becoming a separately listed funds management company named Everest Babcock &
Brown Limited and a re-rating of the stock on the market.
• Whilst BBW recently announced a downgrade to its FY06 IPO forecast it has completed a number
of accretive wind farm acquisitions which has grown its portfolio of wind farms from 4 at IPO in
October 2005 to 19 operational wind farms as compared to the 15 forecast at the time of the IPO.
BBW’s equity interest in total installed capacity has grown from 146.9MW to 468.2MW. The BBW
management team has recently explained the changes it has made to address the issues
impacting the downgrade. BNB is confident that these issues are being quickly addressed and that
the recent acquisitions will support growth in the level of distributions over the forecast period in
line with market expectations reflected in its share price at the end of last year.
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