BBAM announces four aircraft leases with FlyDubai

Babcock & Brown Aircraft Management (“BBAM”) has signed a letter of intent to lease four new Boeing 737-800s to FlyDubai, a new low-cost carrier established by the Government of the Emirate of Dubai. These four Boeing 737-800 aircraft were allocated by BBAM and its long- term partner in the Japanese operating lease market, Nomura Babcock & Brown (“NBB”), from their order positions with Boeing. The first aircraft will be delivered to FlyDubai in December 2009, with the second following in January 2010. The remaining two aircraft will be delivered in February 2010.