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Babcock & Brown announces cash alternative proposal to acquire BEI

Babcock & Brown, an investment and specialized funds and asset manager, has announced that it would be offering a cash alternative of $0.50 for each share in Babcock & Brown Environmental Investments.

The cash consideration will be an alternative to the previously announced consideration of one Babcock & Brown subordinated note (BBSN) for every
200 Babcock & Brown Environmental Investments (BEI) shares held.

The cash price of $0.50 is a premium of approximately 31% above $0.38, the closing price of BEI on November 9, 2007, and approximately 6% higher than the $0.47 closing price of BEI yesterday, November 22, 2007.

The addition of the cash alternative provides BEI shareholders who would prefer not to own BBSNs with a simple and certain alternative