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Babcock & Brown Air Limited (B&B Air) is a global lessor of commercial jet aircraft. The Company's aircraft are leased under long-term to medium-term contracts to a group of airlines worldwide. The Company was formed to acquire, finance, lease and sell commercial jet aircraft and other aviation assets directly or indirectly through its subsidiaries. The Company subsidiaries include Babcock & Brown Air Funding I Limited (B&B Air Funding) and Babcock & Brown Air Acquisition I Limited (B&B Air Acquisition). The Company's portfolio is spread across 36 different airlines in 19 countries. As of December 31, 2008, B&B Air's aircraft portfolio consisted of 62 commercial jet aircraft with 58 narrow-body passenger aircraft (including two freighters) and four wide-body passenger aircraft. As of December 31, 2008, the Company had 34 Boeing aircraft and 28 Airbus aircraft in its fleet.