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15 December 2010
15/12/2010 The London Stock Exchange welcomes Flybe to the Main Market

Flybe is Europe’s largest regional airline(1) and the UK’s largest domestic airline(2). Flybe currently operates 68 aircraft deployed on 215 routes(3) from 73 airports(4) across Europe.

flybe

Flybe’s Global Offer (pre the over-allotment option) comprised the issue of 20,338,983 new Ordinary Shares representing 28% of the issued ordinary shares at admission to trading on the Main Market of the London Stock Exchange, at a price of 295p per share. Based on the Offer Price, the market capitalisation of Flybe pre the commencement of conditional dealings was approximately £215million (excluding the exercise of the over-allotment option). Flybe’s closing share price on the last day of conditional trading was 340p (14 December 2010).

Flybe intends to use approximately 50% of the net proceeds from the Global Offer to provide it with capital to assist in funding its aircraft fleet expansion programme, and approximately 50% of the net proceeds to further strengthen its cash position, providing strategic flexibility to pursue additional growth opportunities (such as the expansion of codeshare arrangements, strategic arrangements with other European airlines and targeted acquisitions) should such opportunities present themselves.

Jim French, Flybe’s Chairman and Chief Executive Officer said:

“We are delighted to bring Flybe to the market. The Company has come a long way in a short time, from its origins as a provincial carrier to being one of Europe’s leading regional airlines.”

“A listing will assist Flybe in achieving the next stage in its exciting strategy for growth. We look forward to welcoming new shareholders on board for the next leg of our journey.”

Bank of America Merrill Lynch acted as Sponsor, Global Co-ordinator and Bookrunner, Investec acted as Joint Lead Manager and Execution Noble acted as Co-Lead Manager to the IPO. College Hill acted as PR advisers to the IPO.

(1) By passengers carried within Europe on aircraft with 100 seats or less in the 2009 calendar year (source: ATI);

(2) By passengers carried within the UK (including the Channel Islands and the Isle of Man) in the 2010/11 First Half Year (Source: CAA);

(3) Includes routes flown by Loganair under the Flybe brand; and

(4) Includes airports served by Loganair under the Flybe brand.

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