#1RYANAIR MORE CHOICE. LOWER FARES. GREAT CARE. Sep 2020#2Cautionary Statement Disclaimer: This presentation has been prepared by Ryanair DAC and Ryanair Holdings plc ("Ryanair") and comprises the written materials/slides for a presentation concerning Ryanair. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is solely for information purposes and not to be construed as a solicitation, inducement or an offer to buy, subscribe for or sell any securities in Ryanair or any other securities or related financial instruments and should not be treated as giving investment, legal, accounting, regulatory, taxation, or other advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. None of Ryanair or any of their affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material. This document is for information purposes only and is not a prospectus. In member states of the EEA and in the United Kingdom, this presentation is directed only at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"). 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The Notes are not intended to be offered, sold or otherwise made available to and, should not be offered, sold or otherwise made available to any retail investor in the open Economic Area (the "EEA") or in the United Kingdom (the "UK"). For these purposes, a "retail investor" means a person who is one (or more) of (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II") or (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPS Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPS Regulation. Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels. This document is an advertisement for the purposes of the Prospectus Regulation. The relevant base prospectus, as supplemented is available on the Irish Stock Exchange plc trading as Euronext Dublin (www.ise.ie). Neither this document nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, into the United States or to a U.S. Person (as defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). Forward-looking statements This presentation includes "forward-looking statements". By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Ryanair or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Certain statistical and other information about Ryanair included in this presentation is sourced from publicly available third party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Ryanair expressly disclaims any responsibility for, or liability in respect of, such information. No Investment Advice This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 2#3Credit highlights ✈ Strong balance sheet (BBB) - one of the best in sector ✈ Solid liquidity: (€3.9bn June 30), unencumbered assets (€7bn book value) ✈ Funding strengthens RYR financial position & facilitates post C-19 growth ✈ Return to Service in July - 40% capac.; Aug 60% (90% network covered) ✈ Europe's cost leader - Right-sizing the cost base ✈ Lowest fare/Lowest cost airline group ✈ Financial strength + Lowest cost = Long term winner RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 3#4Strong Balance Sheet (BBB) €'bn 31 Mar 20 30 Jun 20 Assets 10.94 10.65 - Incl. 333 unencumb. B737s (€7bn book val) Cash 3.81 3.94 Strong liquidity position Total 14.75 14.59 Accruals 5.62 5.12 Debt 4.21 4.81 - €1.9bn maturing debt next 12 months S/H Funds 4.92 4.66 Total 14.75 14.59 RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. * 4#5Europe's No. 1 Coverage ✈ 79 bases ✈ Over 240 airports ✈ 2,100+ routes ✈ RTS 90% network only ✈ 149m guests (FY20) ABERDEEN TAMPERE GLASGOW (1)O EDINBURGH OSLO (G) LAPPEENRANTA DERRY GLASGOW (P) HAUGESUND BELFAST TORP VÄSTERAS TALLINN KNOCK NEWCASTLE STOCKHOLMO SHANNON DUBLIN KERRY LIVERPOOL MANCHESTER LEEDS AALBORG AARHUS VAXJO EAST MIDLANDS CORK GOTHENBURG COPENHAGEN RIGA PALANGA BILLUND BIRMINGHAM O MALMO KAUNAS CARDIFF LONDON (L) BREMEN BRISTOLO LONDON (ST) HAMBURG SZCZECIN GDANSK O VILNIUS NEWQUAY EXETER BOURNEMOUTH LONDON (SO) DUSSELDORF (W) DUSSELDORF BYDGOSZCZ BERLIN (T) O OLSZTYN-MAZURY WARSAW (M) LONDON (G) AMSTERDAM DORTMUND BERLIN (S) POZNAN WARSAW (C) EINDHOVEN LILLE BREST MAASTRICHT BRUSSELS (ZO DRESDEN LODZ WROCLAW BRUSSELS (C DINARD TOURS NANTES LA ROCHELLE POITIERS PARIS LUXEMBOURG COLOGNE PRAGUE O VATRY FRANKFURT (M) FRANKFURT (H) PARDUBICE STRASBOURG STUTTGART ONUREMBERG DOLE BADEN MUNICH LUBLIN KATOWICE KYIV KRAKOW KHARKIV RZESZOW OSTRAVA BRNO LVIV CLERMONT MEMMINGENO BRATISLAVA KOSICE LIMOGES BRIVE BASELO SALZBURG KHERSON BERGERAC MILAN (B) VIENNA OBUDAPEST ODESA SANTIAGO OBORDEAUX O MILAN (MVERONA VENICE (T) VIGO SANTANDER BIARRITZ RODEZ TOULOUSE GRENOBLE TIMISOARA PORTO BILBAO VITORIA LOURDES VALLADOLIDO NIMES TURIN VENICE (M) TRIESTE CLUJ CUNEO PARMA PULA BANJA LUKA BUCHAREST CARCASSONNE PERPIGNAN LISBON MADRID O ZARAGOZA TERCEIRA 0 OMARSEILLE BEZIERS BARCELONA (G) BARCELONA (E) GENOA BOLOGNA RIJEKA о KUTAISI NICE PISA ZADAR RIMINI ANCONA PERUGIA CASTELLON PESCARA PONTA DELGADA FARO REUS VALENCIA SPLIT DUBROVNIK PODGORICA NIŠ TBILISI OSOFIA BURGAS FIGARI ROME (F) PLOVDIV о ROME (C) GYUMRI OSEVILLE JEREZ LANZAROTE OALICANTE MURCIA MENORCA PALMA BARI ALGHERO NAPLES BRINDISI KAVALA THESSALONIKI YEREVAN MALAGA O IBIZA CAGLIARI TENERIFE (S) ALMERIA LAMEZIA TANGIER TENERIFE (N) PALERMO CORFU CROTONE KEFALONIA AKTION PREVEZA BODRUM GRAN CANARIA RABAT FEZ DALAMAN NADOR TRAPANI MYKONOS ATHENS FUERTEVENTURA OUJDA CATANIA COMISO RHODES ESSAOUIRA SANTORINI MALTA MARRAKESH CHANIA OUARZAZATE HERAKLION PAPHOS LARNACA AGADIR BEIRUT TEL AVIV AMMAN EILAT OVDA AQABA RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. * A 5#6Europe's Lowest Fares Avg. Fare Change YoY % > Ryanair Ryanair €37 +2% Wizz €43 -3% +16% easyJet €59 -3% +59% Norwegian €99 +9% +168% BACK FLYING 1.000 FLIGHTS PER DAY Lufthansa €178 +1% +381% FLY FROM IAG AF/KLM €190 +414% €213 +1% +476% Avg Competitor Fare €131 RYANAIR +254% READY, SET, GO SUMMER €24.99 Book your beach break today. Book now (Source: FY results/Annual Reports) MORE CHOICE. LOW FARES. GREAT CARE. * 9#7Europe's Lowest Costs Wins! € per pax RYA WIZ EZJ NOR E'Wings LUV Staff/efficiency 7 6 10 19 20 55 Airport & Hand. 8 11 22 19 18 9 Route Charges UT 5 5 5 7 7 0 Own'ship & maint. 7 14 9 28 21 17 S & M other Total 4 3 7 14 28 20 31 39 53 87 94 101 %> Ryanair +26% +71% +181% +203% +226% (Source: FY results/Annual Reports) RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 7#8EU's Cost Leader - Right size the cost base ✈ Pay deals agreed - pay cuts & flexibility to minimise job losses ✈ Headcount reductions where necessary ✈ New airport growth deals - WIP ✈ Enhanced supplier terms - maint, mkting, acft (lessors & OEMs) ✈ Lauda rescue plan: Cut fleet/Pay cuts (CLAS)/Lower lease rates ✈ Lower cost MAX acft (Boeing talks ongoing) - RTS USA Q4 2020 - "Gamechanger" 4% more seats, 16% lower fuel, 40% less noise - Drives EU mkt share gains post Covid-19 (200m pax p.a.) RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. * 80#9Return to Service - July ✈ Successful RTS in Jul: 40% capac.; Aug 60% (90% network covered) ✈ Comp. health measures (ECDC/EASA) ✈ OTP excellent: 95%+ ✈ Sep & Oct capacity cut 20% - Fwd bookings softer (ltd visibility) ✈ State aid drives seat sales - weaker yields FY21 RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 6#10Post C-19 Growth Opp ✈ Failures incl. Flybe, Gerwings, Level, Sun Express, & others ✈ Competitors retrench - airport growth opps. AFKLM: 2021 capacity -20% Alitalia: "focus strongly on LH routes" Forbes Like Nothing We've Ever Seen Before: Airlines Brace For EZJ: 51 acft (-14%) by Sep 21 (no growth to '25) Rocky Recovery IAG: 57 SH delivs 2020-2022 LUF: 300 acft parked NAS: cancelled Boeing order, in hibernation IATA: return to pre-C-19 levels 2024 - expect faster S.H. recovery ✈ Opportunity: 200m RYR Group pax p.a. next 5/6 years RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. Source: Forbes June 29, 2020 10#11Conservative Financial Policies ✈ Right mix of debt & equity Senior unsecured benchmark issuance for Gen. Corp. Purposes (EMTN) Recent equity placing €400m ✈ Strengthen RYR's robust financial position. ✈ Commitment to strong BBB rating underpinned by equity raise ✈ Pre-fund June 2021 maturing Eurobond & growth opps RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 11#12Summary: Europe's Lowest Cost Airline Group ✈ Lowest fare/lowest cost airline group ✈ No. 1, Traffic - 149m guests (FY20) ✈ No. 1, Cover - 240 apts/2,100 routes ✈ Successful return to service 1 Jul ✈ Solid BBB balance sheet, underpinned by equity raise ✈ Financial strength + Lowest cost = Long term winner ✈ Funding strengthens financial position & facilitates growth opps RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 12#13Europe's Lowest Cost Airline Group Issuer Proposed Transaction Terms & Conditions Ryanair DAC Guarantor Ryanair Holdings Plc Expected Rating of Notes BBBBBB (S&P/Fitch) Senior, Unsecured Ranking of Notes Size Benchmark Tenor Use of Proceeds Listing Governing Law Documentation Bookrunners 5 years General Corporate Purposes Euronext Dublin English Law €5bn EMTN Programme dated 31 July 2020, Reg S, Bearer, 100x1k Barclays, BNP Paribas, Citi RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 33 13