The following offer was made yesterday (Sunday) by fax to Mr De Regt, which you will find self-explanatory.

FAX

FROM: STELIOS HAJI-IOANNOU, EASYJET
TO: ED DE REGT, AIR HOLLAND
DATE: 8TH FEB 98

Dear Ed

Further to your last telecom with Ray Webster, I am writing to express my disappointment that you decided to accept the offer of the minority shareholder. I do not believe that was in the best interest of the shareholders you represent.

I was even more surprised when I saw in the Dutch press a comment by the minority shareholder stating that he did not even have to match our offer.

As a final attempt to gain control of a company that would `fast track` our development in Holland I am willing to increase my offer for your shareholding from US$11million to US$12 million in cash, always subject to the conditions expressed in our earlier letter. Moreover if the deal with the minority shareholders is already done, then I am willing to extend the offer on a pro-rata basis for the 100% shareholding of Air Holland.

This offer is valid for your/ the other shareholders` acceptance in writing by close of business London on Tuesday 10th February 1998.

Best regards

Stelios

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