A non-binding letter of intent (LOI) has been signed on 15 March 2004 by Virgin Express SN Brussels Airlines, which contemplates placing their respective operational airlines, Virgin Express and SN Brussels Airlines, under common ownership.

The parties have not as yet determined a detailed plan of how the Virgin Express NV/SA and SN Brussels Airlines business would be jointly managed. However, it is foreseen that both operational companies will remain separate legal entities.

Both companies expect significant mutual benefits through network optimisations.

If the common ownership of the two airlines is realised, SN Airholding (Majority shareholder of SN Brussels) will offer the market two airlines with different brands and products to satisfy the growing needs of the competitive market in Belgium: a flexible full service airline and a low fare airline. SN Airholding will ensure that there will be no product confusion for the customer.

VEX PLC (majority shareholder of Virgin Express) would own 29.9% of the shares, with the remaining 70.1% owned by the present shareholders of SN Airholding.

The holding company would own 100% of the shares of Virgin Express NV/SA and 92% of the shares of SN Brussels Airlines (the SIC would continue to hold the remaining 8 % of the shares of SN Brussels Airlines).