Both exercises are mentioned seperately in Nato documents. There is indeed an overlap in the dates. Previous rumours suggested Ramstein Flag would operate from Leeuwarden, can't confirm that. But it will definetly be a problem for the North Sea TRA's to handle two large exercises at a time.
Credit to FC: SLUM42 airborne from Mildenhall 07:55 currently working Lakenheath Departures on 136.5
Unsure of serial but going by taxi sequence assume this is a MC-130J