#160 VANAIS ARR Half 1 Results - Nov 2014 RYANAIR LOW FARES. MADE SIMPLE.#2Europe's Favourite Airline → Europe's Lowest Fares/Lowest Unit Costs Europe's No 1, Traffic Europe's No 1, Coverage ➜ Europe's No 1, C'mer Service 89m (No.1 or 2 mkt leader) 70 Bases (incl CPH) Low Fares/On-time/Bags/Canx Always Getting Better/Digital rollout ✈ Fwd bookings, Ld factors & Traffic rising → Unblemished 30 year Safety Record World's highest rated airline - S&P, Fitch (BBB+) New aircraft order to deliver over 150mpa by FY24 O Ryanair 2014 RYANAIR LOW FARES. MADE SIMPLE. 2#3Europe's Lowest Fares LOW MEDIUM HIGH Alitalia Ryanair Norwegian easyJet Aer Lingus (s/h) €93 Air Berlin €121 Lufthansa IAG AF-KLM Ave .Fare Avg. Fare Source: Latest Annual Reports O Ryanair 2014 €46 (-4%) €83 €84 €148 €235 €242 €300 €163 % > Ryanair + 80% + 83% + 102% + 163% + 222% + 411% + 426% + 552% Lemn THE LOWEST FARES IN EUROPE CHU £1 Lonachus London-Franket Han London Bremen London Bidan-Badkar London -- Du We London - Cey London Simon London-Gon London - Eindhoven London G Londo-Blond London Kerry London Corp London-Chierd London - Stock Vasteran London B London Dortmund London - Hote London-Pallere London-Malmo London-Tour London Sholafton London - Haugen London - Ok Loco-Lache London Par London Berger London-- Dorry London-Milan Bergamo London Brid Lenden-Huremberg LVS ETALON Lotion --- STILIN $10.00 £10.00 £10.00 London 210.0 Lite €10.00 £10 Loison- London Turi London An €10.00 £30.00 London Bologna $15.00 London Brid- 21 fitopl App Store Google day O 429 ROUTES FROM THE UK £19.99 Louding Limon Communi ETUM London Podgorica £19.00 Landon War Modi 210.00 TOIMI Land Latin Landon - Tuon London Lod 200 Landon Brit London Mimmin London La London Linz London Lebon Landon Bydgoszc Landon Budapest Landon low internal Landsn + Edinburgh Landon Cologne EIGON Landon Oslo Ry Landon Sh Lamb Cirk Lands 15- Bindown £10.00 €10.00 £19.00 C10.00 €10.00 £10:00 £19.00 C10.00 €10:00 £:19:00 10.00 210.00 10:00 London Sa 10.00 Landon Buchaut (Otopan) 210.00 Landon Ancona London Turin London + Parugle Landon Bologn Landon Billund Landon Landon Gothenburg City Landon Athe Landon Fr Hahn London Bremen Landon Bad-Ban Landon Der We £19.00 £10.00 C10.00 C10.00 210.00 £10.00 130.00 €10.90 €10:00 210.00 100 THEM RYANAIR LOW FARES, MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. 3#4Europe's Lowest Cost (Ex Fuel) Staff Airport & hand Route charges Own'ship & maint. S & M other Total % > Ryanair Source: Latest Annual Reports O Ryanair 2014 RYA €6 €8 €6 €7 €2 €29 EZY NOR €9 €21 €6 €9 €7 €52 €15 €14 €8 €21 €4 €62 +79% +114% AB1 €17 €27 €8 €29 €26 €107 +270% LUV Spirit €35 €8 €0 €16 €15 €74 €19 €6 €0 €19 €15 €59 +155% +103% RYANAIR LOW FARES. MADE SIMPLE. 4#5Europe's No 1 Coverage ✈ 70 bases ✈183 airports 30 countries ✈ 1,600+ routes ➜ 89m c'mers (+9%) ✈299 x 737-800's ✈180 x 800 order (Mar 13) ✈200 x MAX order (Sep 14) ✈ Newest fleet (c. 5 Yrs) O Ryanair 2014 KNOCK SHANNON KERRY CORK DUBLIN SANTIAGO LISBON PORTO DERRY O FAROO AGADIR GLASGOW (1) LIVERPOOL MANCHESTER LANZAROTE TENERIFE (5) TENERIFE (N) O GRAN CANARIA FUERTEVENTURA ESSAOUIRA BIRMINGHAM CARDIFF BOURNEMOUTH BRISTOL SANTANDER VALLADOLID SEVILLE JEREZ MALAGA MADRID O CE RABAT EDINBURGH GLASGOW (P) FEZ MARRAKESH BREST TANGIER RENNES NANTES LA ROCHELLE NEWCASTLE EAST MIDLANDS ⒸLONDON (L) LONDON (S) LONDON (G) LEEDS DINARD ALMERIA NADOR OUJDA TOURS CARCASSONNE PERPIGNAN ZARAGOZA POITIERS REUS VALENCIA ALICANTE MURCIA HAUGESUND GRONINGEN DUSSELDORF EINDHOVEN MONTPELLIER CUNEO MARSEILLE LILLE IBIZA BEZIERS BARCELONA (G) BARCELONA (E MEMMINGEN BASEL LIMOGES CLERMONT BERGERACO BRIVE ⒸST. ETIENNE ⒸMILAN BORDEAUX RODEZ GRENOBLE TURIN VENICE O BIARRITZ NIMES LOURDES PARMA ⒸPALMA OSLO TORP BILLUND MENORCA GOTHENBURG AARHUS HAMBURG BREMEN O MUNSTER ⒸPOZNAN MAASTRICHT LODZ BRUSSELS 27 LEIPZIG WROCLAW BRUSSELSCY COLOGNE PRAGUE PARIS FRANKFURT VATRY STRASBOURG DOLE CBADEN-BADEN FIGARI GENOA NICE TOULON DORTMUND STOCKHOLM PERUGIA ROME (F) ALGHERO O CAGLIARI PISA ⒸNUREMBERG PALERMO TRAPANIO BERLIN MALMÖ COPENHAGEN OSTRAVA COMISO BOLOGNA SKELLEFTEÅ LINZ ⒸSALZBURG TRIESTE PULA LAMEZIA SMALAND LAPPEENRANTA O VÄSTERÅS MALTA SZCZECIN ANCONA O PESCARA ROME (C) GDANSK CATANIA BRNO ZADAR RUEKA OSIJEK BYDGOSZCZ BRATISLAVA BARI WARSAW LUBLIN KATOWICE KRAKOW ORZESZOW TAMPERE BUDAPEST PODGORICA BRINDISI CORFU CROTONE KEFALONIA ZAKYNTHOS KALAMATA TALLINN RIGA KAUNAS VILNIUS BUCHAREST OCHANIA PLOVDIV THESSALONIKI □ VOLOS PATRAS ARAXOS ATHENS KOS RHODES PAPHOS RYANAIR LOW FARES. MADE SIMPLE. 5#6110 100 90 80 70 60 50 40 Europe's No 1 For Traffic Growth C'mers (m's) 52 IAG INTERNATIONAL AIRLINES 62 11 AIR FRANCE KLM Lufthansa easyJet RYANAIR LOW FARES MADE SIMPLE. 54 81.7 61 Source: Latest traffic stats for 12 mths to Mar14 and company forecasts. O Ryanair 2014 89 FY 2015 +40% 95 100 I I 106 114 I I I I I FY 2016 FY 2017 FY 2018 FY 2019 RYANAIR LOW FARES. MADE SIMPLE. 6#7Strong Market Positions Country (Cap m) UK (117) Germany (112) Spain (105) Italy (85) France (72) Portugal (19) Belgium (15) Ireland (15) Poland (15) Morocco (12) Source: Capstats 2014 dep. seats © Ryanair 2014 No. 1 easyjet Luft RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. AF- KLM TAP RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. RAM No. 2 RYANAIR LOW FARES. MADE SIMPLE. Air Berlin Vueling Alitalia easyJet RYANAIR LOW FARES. MADE SIMPLE. SN Brussels Aer Lingus LOT RYANAIR LOW FARES. MADE SIMPLE. No. 3 BA RYANAIR LOW FARES. MADE SIMPLE. Iberia easyJet RYANAIR LOW FARES. MADE SIMPLE. easyJet Jetairfly IAG Wizz easyJet Share 16% 4% 18% 25% 7% 17% 25% 46% 26% 12% RYANAIR LOW FARES. MADE SIMPLE. 7#8Half Year Results Traffic Load Factor Avg. Fare (incl. bag) Rev. Per Pax Revenue Profit after Tax Net Margin O Ryanair 2014 Sep 13 49m 85% €52 €66 Sep 14 51m 19% 89% +4% €54 €3,255m €3,537m +4% €69 +4% +5% 23% €602m €795m +32% +9% +4% pts RYANAIR LOW FARES. MADE SIMPLE. 8#9Aircraft (inc. dep.) Cash Total Strong H1 Balance Sheet Liabilities Debt S/H Funds Total Net Cash €158m Mar 14 €m 5,570 3,242 8,812 2,442 3,084 3,286 8,812 (i) Includes €850m euro bond proceeds (17 June 2014) O Ryanair 2014 Sept 14 €m €5,927 4,375 (i)← 10,302 2,320 3,757 (i) 4,225 10,302 Net Cash €618m RYANAIR LOW FARES. MADE SIMPLE. 9#10Current Developments ✈ "Always Getting Better" - drives stronger demand ✈ Fwd Bookings, LF & Traffic Rising (Q3 +12%, Q4 +20%) ✈ FY Traffic raised from 87m to 89m (+9% PY) ✈ Oil Price Falling - 90% hedged for FY16 ✈ Winter Sched & 4 new bases launched ✈23 State Aid Cases being resolved (favourably) ✈ AGM approves €520m spec div (Feb 15) ✈200 x B737-MAX order => Growth to 150m pax by 2023 © Ryanair 2014 RYANAIR LOW FARES. MADE SIMPLE. 10#11Always Getting Better ✈2nd small carry on bag ✈ Improving c'mer & digital experience drives fwd b'kings ✈ Allocated seating ➜ New Business & Family products Wider GDS distrib - Amadeus Oct ✈ Web & Mobile App improves ✈ UK's most searched airline website ✈RYR Labs to drive more innovation — © Ryanair 2014 Customer Experience RYANAIR LOW FARES. MADE SIMPLE. 11#12UK's Most Searched Airline Website No.3 to No.1 Website ✈ No.1 6 months in row ✈ Brand Index +27% ✈ Improving brand drives traffic growth O Ryanair 2014 Hitwise UK Visit Share 22% 20% 18% 16% 14% 12% 10% 1 Hitwise UK Website Visits 2 3 1 2 2 Dec-13 Mar-14 British Airways easyJet.com Ryanair -You Gov Index (% Improvement) Jun-14 2 Sep-14 1 30% 25% 20% 15% 10% 5% 0% You Gov Index % improvement RYANAIR LOW FARES. MADE SIMPLE. 12#13Forward Bookings & Load Factors Rising Apr May Jun Jul Aug Sep Oct Load Factors 13/14 14/15 81% 82% 84% 88% 89% 85% 83% (i) Fwd bks as a % of traffic target @31 Oct 2014 O Ryanair 2014 84% 85% +3% 88% 91% +3% 93% +4% +3% +4% 90% +5% 89% +6% Fwd bookings (31/10) (₁) Nov +2% Dec +7% Jan +5% Feb +5% Mar +3% RYANAIR LOW FARES. MADE SIMPLE. 13#14W15 Bases, Routes & Business Schedules 4 New Bases • Cologne, Gdansk, Glasgow, Warsaw (CPH Mar 15) 41 New Routes • ATH-CRL, CGN-MAD, EIN-LIS, LIS-BGY, OPO-HAM ✈ Increased Domestic Frequencies: Italy: FCO-CTA (6), FCO-PMO (4) • Scotland: GLA-STN (3), EDI-STN (3) • Poland: GDN-WMI (2), WRO-WMI (2) Portugal: OPO-LIS (2) O Ryanair 2014 ● 429 ROUTES FROM THE UK WOUL THE LOWEST FARES IN EUROPE €19.99 Download on the BETON App Store Google play RYANAIR LOW FARES, MADE SIMPLE. Increased International Frequencies: • DUB: STN (8), LGW (5), BHX (4), MAN (4), BRS (3), EDI(3), GLA (3), LPL (3) • DUB: BRU (3), CIA (2), BCN (2), BGY (2), MAD (2) STN: BGY (4), CIA (4), BCN (4), MAD (4), RYG (3), WMI (3), LIS (3) RYANAIR LOW FARES. MADE SIMPLE. 14#1523 State Aid Cases Airport Charleroi Beauvais 1 2 3 4 5 6 7 8 9 10 Reus 11 12 Hahn Girona Niederrhein Marseille Cagliari Alghero Bratislava 2013 Pax State Aid 5.6m 3.4m 2.6m NO 2.5m 2.4m 1.7m 1.6m 1.0m 0.8m 0.6m Schönefeld Carcassonne 0.4m 0.5m (i) ? = still to be decided, 5 negative rulings under appeal © Ryanair 2014 NO NO NO NO NO NO ? 13 14 Lübeck 15 Aarhus ? 16 Klagenfurt 17 La Rochelle 18 Nîmes 19 Västerås 20 Altenburg 21 Angoulême 22 Pau 23 Zweibrücken ? ? Being Resolved (favourably) ? Airport Tampere 2013 Pax State Aid 0.3m 0.2m 0.1m 0.1m 0.1m 0.1m 0.1m NO 0.0m 0.0m 0.0m 0.0m NO NO ? ? ? YES YES YES YES YES RYANAIR LOW FARES. MADE SIMPLE. 15#16✈200 x Boeing MAX - "Gamechanger" ordered Sept 2014 100 Firm & 100 Options Deliveries from 2019 to 2023 ✈ 197 seats (+4%), CFM LEAP Engines & competitive pricing, delivers: Lower unit costs & lower fares drives growth Slimline seats = more leg room ● Boeing 737-MAX "Gamechanger" Aircraft ● ● ✈ Fleet grows to 520 a/c by FY24 Boeing Sky Interior improves c'mer experience Up to 18% lower fuel costs & 40% noise emission redn. © Ryanair 2014 Drives growth to 150m c'mers by FY24 Flexibility via options, sales & lease handbacks Maintains youngest fleet age <5 yrs ✈ Subject to EGM approval in Nov RYANAIR LOW FARES. MADE SIMPLE. 16#17New Boeing Sky Interior 14.#18Fleet / Traffic Growth FY15 to FY24 © Ryanair 2014 737-800 Order MAX Order FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Fleet (at YE) 308 340 368 402 420 451 468 489 509 520 C'mers P.A. 89m 95m 100m 106m 114m 120m 130m 136m 143m 150m Growth Ann + 9% + 7% + 5% + 6% + 8% + 5% + 8% + 5% + 5% + 5% Cum + 9% + 16% + 22% + 30% + 40% + 47% + 59% + 66% + 75% + 84% RYANAIR LOW FARES. MADE SIMPLE. 18#19Outlook ✈ Improving c'mer & digital experience driving demand ✈ Fwd bookings +5% v PY despite 16% H2 traffic growth ✈ FY'15 ex fuel unit costs flat - incl fuel down 4% ✈ H1 traffic up 4%, LF up 4% points, fares up 5% ✈ H2 traffic up 16% (Q3 +12%; Q4 +20%) ✈ H2 fares down: Q3 -3% to -5%; Q4 -6% to -10% ✈ FY Guidance raised 17% from €650m to €750m - €770m (+45% over PY) ✈ Spec. div €520m (€0.375) approved for pmt Feb 2015 ✈ "Always Getting Better" program delivers for customers & shareholders O Ryanair 2014 RYANAIR LOW FARES. MADE SIMPLE. 19#20737 MAX200 Appendices RYANAIR RYANAIR LOW FARES. MADE SIMPLE.#21Better Brand New Distribution Extended Product Better Service Better Digital Always Getting Better INTRODUCINA Campaign CATED #1 ALLOCATED Nov 13 O Ryanair 2014 Quiet Flights Website V1 Salo Groups Winter 14 & new bases 2nd Free Bag Pay Google Google Flight My Ryanair Fees Cut 8 MyRyanair Airport Rebrand £€ GDS 1 RYANAIR FAMILY extra LOW FARES, MADE SIMPLE C Allocated seats Travelport Website V2 500000 PED use GDS 2 AMADEUS Campaign $19.99 #2 NEW BUSINESS PLUS €69.99 App V1 Premium seating. Flexible ticket. Checked bag Priority boarding (Vour boss will approve) S Nov 14 Corporate Summer 15 & new routes App V2 Dec 14 RYANAIR LOW FARES. MADE SIMPLE. 21#22Shareholder Returns O Ryanair 2014 FY 2008 - share buyback 1 FY 2009 share buyback 2 FY 2011 - special div 1 FY 2012 - share buyback 3 FY 2013 - share buyback 4 FY 2013 - special div 2 FY 2014 - share buyback 5 FY 2015 - special div 3 (Feb 2015) Total Shareholder Returns €300m €46m €500m €125m €67m €492m €484m €520m €2,534m RYANAIR LOW FARES. MADE SIMPLE. 22#23Fuel Hedging ✈ FY'15 90% hedged - $950pmt @ $1.34 (-9% fuel cost/pax v PY) FY14 $965 (Act) $965 (Act) $990 (Act) $985 (Act) $980 ✈ FY'16 90% hedged - $930pmt @$1.33 (-2% fuel cost/pax v PY) Cost/Tonne Q1 O Ryanair 2014 Cost/Tonne Q1 Q2 Q3 Q4 FY Q2 Q3 Q4 FY FY15 $947 (Act) $944 (Act) $960 (90%) $959 (90%) $950 FY15 $947 (Act) $944(Act) $960 (90%) $959 (90%) $950 FY16 $950 (90%) $944 (90%) $929 (90%) $884 (90%) $930 -2% -2% -3% -3% -3% 0% 0% -3% -8% -2% RYANAIR LOW FARES. MADE SIMPLE. 23#24Disclaimer 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 O Ryanair 2014 RYANAIR LOW FARES. MADE SIMPLE. 24