michael west - business day

From: Michael West [mailto:[email protected]]
Sent: Thursday, 20 November 2008 5:02 PM
To: G...
Subject: RE: RE Last gasp for Babcock

tks g..., i have already moved to pont this out and will revise copy later - goo dpoinit



--------------------------------------------------------------------------------
From: G... [mailto:[email protected]]
Sent: Thursday, November 20, 2008 4:59 PM
To: Michael West
Subject: RE Last gasp for Babcock


Hi Michael,

Probably I’m not your best fan since every time I read something written by you my portfolio shakes. Nevertheless, I believe it would be good at this time to differentiate some of Babcocks issues since I believe the people is being mislead and they’re putting everything in the same basket. My comment is referred to BBI which regrettably suffers the consequences of carrying a name. I believe the market is not acting in their best interest and probably by aligning the BBI and BNB debt in the same basket some of your colleagues have been misleading the market. Please note that the debt rating received by BBI, even when it has been downgraded, is totally different than the one BNB has received and BBI operates 100% independent of what BNB does. There is no parental relationship between BBI and BNB. BNB is a substantial shareholder on BBI and receives management fees; however, BBI owns their own destiny. Maybe this is one of the major differences with other satellites.

Please feel free to disregard any of my comments, probably your sources will be more reliable and educated than me, but I felt I needed to, somehow, reply to the media.

Thanks,

G