BABCOCK & BROWN AIR REPORTS FIRST QUARTER 2010 (.pdf)

Dublin, Ireland, May 5, 2010 – Babcock & Brown Air Limited (NYSE: FLY)
(“B&B Air”), a global lessor of modern, fuel-efficient commercial jet aircraft, today announced its financial results for the first quarter of 2010.
First Quarter 2010 Highlights:
Net income of $16.7 million, EPS of $0.55
Available Cash Flow of $45.0 million, $1.49 per share
Gain of $12.5 million from sale of option to purchase notes payable
Unrestricted cash increased to $130.3 million at quarter end
Declared Q1 dividend of $0.20 per share on April 14th
Invested $8.75 million in BBAM LP (“BBAM”), on April 29th
Repurchased over two million shares at $8.78 per share on April 29th
“B&B Air’s strong first quarter helped increase our unrestricted cash to more than......