#1SID RYANAIR LOW FARES. MADE SIMPLE. FY 2016 Results#2Europe's Favourite Airline ✈ Europe's Lowest Fare/Lowest Cost Carrier ✈ No. 1, Traffic - 116m ✈ No. 1, Cover - 84 Bases ✈ No. 1, Service - Low Fares/On-time/Bags/Canx - "Always Getting Better" Program ✈ Fwd Bookings & Traffic Rising ✈ 330 new a/c order = growth to 180m by FY24 RYANAIR LOW FARES. MADE SIMPLE. 2#3Europe's Lowest Fares Avg. Fare Ryanair* Wizz* Norwegian easyJet Air Berlin Lufthansa IAG Air France/KLM Avg Competitor Fare Source: Latest Annual Reports, *includes 1st checked bag RYANAIR LOW FARES. MADE SIMPLE. €46 €61 €80 €91 €123 €226 €230 €249 €151 % > Ryanair +33% +74% +98% +167% +391% +400% +441% +229% 3#4Europe's Lowest Costs (€ per pax ex-fuel) Staff Airport & Hand. Route Charges Own'ship & maint. S & M other Total (PY) %> Ryanair Source: Latest Annual Reports RYANAIR LOW FARES. MADE SIMPLE. RYA 5 8 6 6 3 WIZ 5 12 6 14 3 28 (29) 40 (39) 43% EZJ 10 22 6 9 8 55 (51) 96% NOR 15 19 8 25 6 73 (62) 161% AB1 19 28 9 31 29 116 (107) 314% LUV 48 9 0 18 17 92 (74) 230% 4#5Europe's No. 1 Coverage ✈ 84 bases ✈ 200 airports ✈33 countries ✈1,800+ routes ✈116m c'mers ✈ 340 x B737 fleet ✈ 330 x B737s on order RYANAIR LOW FARES. MADE SIMPLE. KNOCK SHANNON KERRY CORK LANZAROTE TENERIFE (S) TENERIFE (N) DERRY OGRAN CANARIA BELFAST DUBLIN NEWQUAY FUERTEVENTURA PONTA DELGADA FARO GLASGOW (1) O LISBON LIVERPOOL MANCHESTER PORTO AGADIR CARDIFF SANTIAGO O VIGO BIRMINGHAM O BRISTOL GLASGOW (P) BOURNEMOUTH OEDINBURGH VALLADOLIDO MADRID OSEVILLE JEREZ MALAGA SANTANDER RABAT MARRAKESH FEZ NEWCASTLE LEEDS BREST DEAUVILLE LORIENT DINARD TOURS EAST MIDLANDS OLONDON (L) OLONDON (S) LONDON (G) TANGIER NANTES LA ROCHELLE CASTELLON ALMERIA DOLE BADEN CLERMONT MEMMINGEN BRIVE BASELO LIMOGES BERGERAC BORDEAUX O BIARRITZ TURIN ST. ETIENNE MILAN (MO RODEZ GRENOBLE TOULOUSE NIMES LOURDES O MONTPELLIER CUNEO MARSEILLE CARCASSONNE O PERPIGNAN ZARAGOZA REUS VALENCIA OALICANTE MURCIA NADOR OUJDA POITIERS HAUGESUND OBEZIERS BARCELONA (G) BARCELONA (E) IBIZA OPALMA OSLO O TORP HAMBURG BREMEN AMSTERDAM DUSSELDORF ODORTMUND BERLIN POZNAN EINDHOVEN MAASTRICHT LODZ O LILLE OBRUSSELS (Z LEIPZIG WROCLAW PARIS BRUSSELS (CO COLOGNE PRAGUE VATRY LUXEMBOURG FRANKFURT OSTRAVA STRASBOURG MENORCA FIGARI GOTHENBURG AARHUS BILLUNDO STUTTGARTONUREMBERG GENOA NICE STOCKHOLM MILAN (B) VERONA VENICE PARMA PERUGIA PISA ALGHERO SZCZECINO CAGLIARI PALERMO TRAPANI LINZ OSALZBURG ROME (F) OR COPENHAGEN BOLOGNA TRIESTE PULA COMISO VÄXJÖ LAMEZIA VÄSTERÅS OMALTA RIJEKA ZADAR OCATANIA BRNO GDANSK BRATISLAVA O BARI ANCONA NIS PESCARA PODGORICA ROME (C) KRAKOW RZESZOW PALANGA OSIJEK TAMPERE BUDAPEST BYDGOSZCZ WARSAW (M) WARSAW (C) LUBLIN OKATOWICE OBRINDISI CORFU O CROTONE KEFALONIA TALLINN CRAIOVA RIGA ATHENS KAUNAS VILNIUS TIMISOARA BUCHAREST O O CHANIA OSOFIA PLOVDIV THESSALONIKI MYKONOS KOS RHODES SANTORINI LARNACA PAPHOS O EILAT OVDA 5#6Europe's No. 1 Market Share Country (Cap m)* UK (130) Germany (122) Spain (117) Italy (90) France (77) Greece (27) Portugal (23) Poland (18) Ireland (17) Belgium (17) Note: CapStats intra Eur Departing capacity RYANAIR LOW FARES. MADE SIMPLE. No. 1 easyJet Luft RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. AF-KLM Aegean TAP RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. No. 2 RYANAIR LOW FARES. MADE SIMPLE. Air Berlin Vueling Alitalia easyJet RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. LOT Aer Lingus Brussels No. 3 BA RYANAIR LOW FARES. MADE SIMPLE. Iberia easyJet RYANAIR LOW FARES. MADE SIMPLE. easyJet easyJet Wizz BA Jetairfly Share 18% 6% 18% 26% 6% 15% 20% 29% 49% 27% 6#7Order book facilitates profitable growth 180 160 140 120 100 80 60 40 20 0 C'mers (m) 15/16 RYANAIR LOW FARES. MADE SIMPLE. 69 79 79 88 easyJet Lufthansa AIRFRANCE KLM IAG Source: Annual Reports, company forecasts 106 RYANAIR LOW ARES MADE SIMPLE 116 FY17 125 135 FY18 FY19 140 FY20 150 160 170 180 FY21 FY22 FY23 FY24 7#8Slower/controlled growth in FY17 737-800 Order MAX Order RYANAIR LOW FARES. MADE SIMPLE. FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Y.E. Fleet 308 341 380 401 419 450 472 507 535 546 C'mers 91m 106m 116m 125m 135m 140m 150m 160m 170m 180m Ann +11% +18% +9% +8% +8% +4% +7% +7% +6% +6% Growth Cum +11% +30% +42% +53% +65% +71% +83% +95% +108% +120% 8#9FY 2016 Profits +43% Traffic (m) Load Factor Avg. fare (incl. bag) Revenue (€m) Net Profit (€m)* Net Margin* EPS (€cent)* *excludes accounting gain €317.5m on Aer Lingus sale RYANAIR LOW FARES. MADE SIMPLE. Mar 15 90.6 88% €47 5,654 867 15% 62.59 Mar 16 106.4 93% €46 +18% +5% 19% -1% 6,536 +16% 1,242 +43% +4% 92.59 +48% 9#10FY 2016 Balance Sheet Assets (incl. a/c) Cash Total Liabilities Debt S/H funds Total RYANAIR LOW FARES. MADE SIMPLE. N Cash €364m Mar15 (€m) 7,389 4,796 12,185 3,718 4,432 4,035 12,185 Mar16 (€m) 6,883 4,335 11,218 3,598 4,023 3,597 11,218 N Cash €312m Post €700m b'back €398m El dist. €1,100m €1,412m 10#11Current Developments ✈ AGB 3 launched - Fwd bookings rising ✈ Comps can't match RYR prices / costs - gap widens ✈ Cheaper fuel hedged for FY17 (95%) & FY18 (44%) ✈ Ryanair Labs improves ancillary cross selling ✈ Terrorist events & ATC strikes dampen demand ✈ E.U. capacity growth weakens pricing ✈ Cautious FY17 guidance - fares lower RYANAIR LOW FARES. MADE SIMPLE. 11#12Always Getting Better Year 3 ✈ Even lower fares, more primary airports ✈ New interiors (more legroom) & uniforms Leisure Plus & better Business Plus Travel extras in app & 'one-flick' pay ✈ Rate my flight feature / Auto check-in ✈ Events & restaurant discounts ✈ New groups website & schools travel RYANAIR LOW FARES. MADE SIMPLE. 12#13Fwd Bookings* still rising Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY FY15 84% 85% 88% 91% 93% 90% 89% 88% 88% 83% 89% 90% 88% FY16 91% 92% 93% 95% 95% 94% 94% 93% 91% 87% 93% 94% 93% *Fwd bks as % of traffic target 10 May 2016 v 10 May 2015 RYANAIR LOW FARES. MADE SIMPLE. Incr pts +7% Apr +7% May +5% Jun +4% Jul +2% +4% +5% +5% +3% +4% +4% +4% +5% Aug Sep FY16 91% FY17 93% +2% +2% +2% +2% +2% +2% 13#14Others can't compete with RYR low fares CGN-LON Feb-14 Feb-15 Feb-16 WAW-LON Feb-14 Feb-15 Feb-16 AMS-DUB Jan-15 Jan-16 RYANAIR LOW FARES. MADE SIMPLE. Load factor EZY 85% 80% 75% WIZ 79% 81% 85% EI 74% 77% RYR 75% 80% RYR 78% 89% 92% RYR 84% EZY 9.6k 9.0k 4.5k C'mer WIZ 22.4k 23.4k 26.5k EI 37.6k C3 35.9k RYR 16.4k 21.9k RYR 24.6k 28.3k 36.5k RYR 39k 14#15Cost gap widens Lowest Cost Wins ✈ 5 year pay/productivity deals agreed - 84 bases ✈ Pay freeze - middle & senior mgt. ✈ Vol. growth deals (50:50 prim / second) ✈ Low cost aircraft & finance (hedged @ $1.31) ✈ Fuel Hedged - FY17 95% @ $622 saves €200m -FY18 44% @ $500 saves €160m — Personalisation = lower S&M cost per c'mer ✈ B737-MAX "Gamechanger" - 16% fuel savings RYANAIR LOW FARES. MADE SIMPLE. - 8 more seats (197 v 189) 15#16FY17 Guidance ✈ Load Factor flat (93%) ✈ Traffic up 9% to 116m ■ Cautious → Ex-fuel unit costs fall 1% (incl. fuel: -6%) ✈ Avg. fare -7% (H1 -5/-7%) / (H2 -10/-12%) ✈ PAT up 13% to €1.375bn - €1.425bn range RYANAIR LOW FARES. MADE SIMPLE. ✈ Subj to - Q2 & H2 yields (LF active/yield pass) - External shocks/ATC strikes/Capac growth 16#17RYANAIR LOW FARES. MADE SIMPLE. Appendices#18Capital Returns Buyback (€m) (Av Price €) 300 (5.05) 46 (2.54) FY08 FY09 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Total 125 (3.41) 67 (4.50) 484 (6.93) RYANAIR LOW FARES. MADE SIMPLE. 800) (12.69) 800 (13.97) 2,622 (i) Includes exceptional €398m A Lingus dist. €4bn & rising Spec Divs (€m) 500 Total €4,134m 492 520 1,512 18#19Only 3 EZ bases not served (S. 2016) 1 2 3 4 5 6 7 8 9 10 11 12 13. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RYANAIR LOW FARES. MADE SIMPLE. EZ base (by size) London LGW Milan Malpensa Geneva London LTN Amsterdam Paris - CDG Berlin - SXF Basel Bristol Belfast Nice Edinburgh Barcelona Manchester Paris - Orly London - STN Palma Mallorca Lyon Naples Liverpool Venice - Marco Polo Toulouse Lisbon Glasgow Intl. Hamburg Porto Newcastle London Southend FR Base ✓ (new) ✓ (new) ✓ (new) (new) FR Dest. (FY 17 Growth) ✓ (83%) (100%) (18%) (135%) BVA (100%) (18%) (100%) (17%) (14%) (30%) BVA (5%) (15%) (6%) TSF (9%) (100%) (4%) (21%) (251%) (5%) (140%) STN (5%) RYR v EZ City Pairs S'16 40% EZ network competes with RYR 20% RYR network competes with EZJ 19#20Oil Hedge Update Q1 Q2 Q3 Q4 FY FY15 $945 $942 $960 $959 $950 *Based on Jet forward curve 19 May 2016 RYANAIR LOW FARES. MADE SIMPLE. FY16 $934 $935 $876 $828 $898 ✈ FY17 95% hedged @ $622 saves €430m (€200m after vol. growth) Lower fuel = lower fares FY17 $659 (95%) $652 (95%) $590 (95%) $567 (95%) $622 (95%) ✈ FY18 44% hedged @ $500 saves €250m (€160m after vol. growth)* FY18 $514 (73%) $494 (62%) $461 (30%) $500 (44%) 20#21Disclaimer Certain of the information included in this presentation is forward looking and is subject to important risks and uncertainties that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. A number of factors could cause actual results and developments to differ materially from those express or implied by the forward-looking statements including those identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC. It is not reasonably possible to itemise all of the many factors and specific events that could affect the outlook and results of an airline operating in the European economy. Among the factors that are subject to change and could significantly impact Ryanair's expected results are the airline pricing environment, fuel costs, competition from new and existing carriers, market prices for the replacement aircraft, costs associated with environmental, safety and security measures, actions of the Irish, U.K., European Union ("EU") and other governments and their respective regulatory agencies, fluctuations in currency exchange rates and interest rates, airport access and charges, labour relations, the economic environment of the airline industry, the general economic environment in Ireland, the UK and Continental Europe, the general willingness of passengers to travel and other economics, social and political factors and flight interruptions caused by volcanic ash emissions or other atmospheric disruptions. These and other factors could adversely affect the outcome and financial effects of events or developments referred to in this presentation on the Ryanair Group. Forward looking statements contained in this presentation based on trends or activities should not be taken as a representation that such trends or activities will continue in the future. Except as may be required by the Market Abuse Rules of the Central Bank of Ireland, Listing Rules of the Irish Stock Exchange or by any other rules of any applicable regulatory body or by law, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward statements contained herein to reflect any changes in the Company's expectations with regard to any change in events, conditions or circumstances on which any such statement is based. This presentation contains certain forward-looking statements as defined under US legislation. By their nature, such statements involve uncertainty; as a consequence, actual results and developments may differ from those expressed in or implied by such statements depending on a variety of factors including the specific factors identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC RYANAIR LOW FARES. MADE SIMPLE. 21