Joint venture agreement between Aviapartner Handling and handling agent 2Serve in Cyprus | Press Release

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Press Release

Issued by .

December 19, 2007

Joint venture agreement between Aviapartner Handling and handling agent 2Serve in Cyprus

Aviapartner proudly announces that it has signed a joint-venture agreement with the Cypriot handling company 2Serve.

This joint venture deal creates a joint company, with a view to tendering for a full ramp handling licence at Larnaca and Paphos airports. With Cyprus' accession to the EU, the market for ramp handling services in Cyprus is being opened and licences for both Larnaca and Paphos are up for tender, for a concession of 7 years, commencing 1 May 2008.

2Serve, a well established Cypriot company with a strong reputation, currently provides passenger services, flight operations and cargo handling services at Larnaca and Paphos airports in Cyprus.

Under the terms of the partnership, 2Serve will transfer its existing business to the joint venture with Aviapartner holding a 51% shareholding in the new business. The joint venture will trade as Aviapartner Cyprus and will be headed by Ian Hay, the current General Manager of 2Serve. The venture has full support from the boards of both companies.

With their longstanding experiences in their respective service ranges Aviapartner and 2Serve are the ideal team to partner for the ramp licences in Larnaca and Paphos, two attractive and growing airports.

Ian Hay, General Manager of 2Serve: "We are very happy to have signed this agreement with Aviapartner. Our joint know-how in the handling sector is a recipe for success. Our co-operation will give Aviapartner Cyprus the best chance to win the ramp handling licences that are for tender in Larnaca and Paphos, as well as fantastic opportunities for further growth in Cyprus."

Peter Oostenenk, Acting CEO of the Aviapartner Group: "This joint venture agreement represents a major step forward for our company, extending our boundaries for the first time outside of Continental Europe. It gives us the possibility to add two airports to our network whilst entering a growing market. We are looking forward to working with 2Serve on consolidating our position as the largest independent handler in Europe."