effect that, as of the date of such opinion and based upon and subject to the various matters, limitations, qualifications and assumptions set forth therein, the aggregate amount to be paid in respect of the internalization of the REIT's management is fair, from a financial point of view, to the REIT.

Advisors

TD Securities is acting as financial advisor to Dream Global in connection with the Transaction. Osler, Hoskin & Harcourt LLP and Greenberg Traurig Germany LLP are acting as legal counsel to Dream Global in connection with the Transaction. National Bank Financial is acting as financial advisor to the Special Committee. Goodmans LLP is acting as legal counsel to the Special Committee in connection with the Transaction.

RBC Capital Markets, BNP Paribas, and Deutsche Bank Securities Inc. are acting asthe state election.

As chairman of Networks NSW, Mr
Massy-Greene reports directly to Mr Baird and the Finance and Services
Minister, Greg Pearce.

The Treasurer told the hearing he had
known Mr Massy-Greene "through the years as someone ... through
business".

Challenged by Labor MPs about whether
the appointment was appropriate, given the donations, Mr Baird insisted it was
made by the Premier, Barry O'Farrell.

"It's a Premier's decision, he
made the decision," Mr Baird said. "We are appointing people on the
basis of their merits."

ICAC is yet to hear evidence in the second investigation concerning allegations that between April 2009 and April 2012, former Liberal NSW Minister for Resources and Energy Christopher Hartcher and Liberal MPs Darren Webber and Christopher Spence, along with others including Timothy Koelma and Raymond Carter, corruptly solicited, received, and concealed payments from various sources