#1RYANAIR LOW FARES. MADE SIMPLE.#2Europe's Favourite Airline ✈ Proven, resilient business model ✈ Europe's Lowest Fare/Lowest Cost Carrier ✈ No. 1, Traffic -119m (+12%) ✈ No. 1, Cover - 85 Bases ✈ No. 1, Service - Low Fares/On-time/Fewest Canx - "Always Getting Better" Program ✈ Fwd Bookings & Traffic Rising (119m) ✈293 a/c order = grow to 200m p.a. by FY24 ➜ Industry leading cash generation & liquidity → Unblemished 32 year safety record ✈ Strong BBB+ (stable) rating S&P and Fitch RYANAIR LOW FARES. MADE SIMPLE. 2#3Resilient Model 20% 73 2000 6 2000 21% 9/11 8 24% IPAT (€m) RYANAIR LOW FARES. MADE SIMPLE. Net Margin 150 28% SARS 239 Customers (m) 11 21% 16 227 105 2001 2002 2003 2004 2005 2006 2007 Madrid Bombings 20% 23 269 18% 28 302 London Bombings Profit Growth Through Cycle 35 18% 401 45 18% 481 2008 Financial Crisis & Oil Spike 51 4% 105 11% 59 319 T 67 11% Ash Cloud 401 12% 72 503 2009 2010 2011 2012 2013 2014 12% 76 569 EU Recession 10% 79 523 82 15% 867 Terror Attacks 19% 2015 2016 91 1242 106 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3#4Ryanair Wizz* Europe's Lowest Fares Avg. Fare Norwegian easyJet Air Berlin Lufthansa IAG Air France/KLM €46 €57 €80 €91 €123 €226 €230 €249 Avg Competitor Fare €151 (Source: Latest Annual Reports, *includes 1 checked bag) RYANAIR LOW FARES. MADE SIMPLE. Change -2% -5% -1% +8% +2% -2% -2% % > Ryanair +24% +74% +98% +167% +391% +400% +441% +228% 4#5#6Europe's No. 1 Coverage ✈ 85 bases ✈ 200+ airports (105 Prim) 33 countries ✈1,800+ routes ✈119m customers ✈ 371 x B737 fleet ✈293 x B737s on order RYANAIR LOW FARES. MADE SIMPLE KNOCK SHANNON KERRY DERRY BELFAST CORKO TERCEIRA PONTA DELGADA DUBLIN NEWQUAY LANZAROTE TENERIFE (S) TENERIFE (N) OGRAN CANARIA OFUERTEVENTURA GLASGOW (1) O EDINBURGH GLASGOW (P) LISBON FARO PORTO LIVERPOOL MANCHESTER O AGADIR BIRMINGHAM CARDIFFO SANTIAGO O VIGO SANTANDER VITORIA BRISTOLO BOURNEMOUTH OSEVILLE JEREZ MALAGA O VALLADOLID O MADRID O RABAT ABERDEEN FEZ MARRAKESH NEWCASTLE LORIENT LEEDS EAST MIDLANDS TANGIER LONDON (L) LONDON (S) LONDON (G) NANTES LA ROCHELLE BREST DEAUVILLE 10 DINARD TOURS CASTELLON LIMOGES BERGERAC BORDEAUX O RODEZ BIARRITZ TOULOUSE LOURDES CARCASSONNE PERPIGNAN OZARAGOZA OMURCIA ALMERIA REUS VALENCIA ALICANTE NADOR OUJDA HAUGESUND IBIZA MENORCA PALMA OSLO (G) TORP GOTHENBURG AARHUS BILLUND AMSTERDAM EINDHOVEN OMAASTRICHT LILLE BRUSSELS (Z OCOLOGNE PARIS BRUSSELS (CO FRANKFURT 2 VATRY LUXEMBOURG FRANKFURT (H) STRASBOURG STUTTGART POITIERS ODOLE BADEN CLERMONT MEMMINGEN BRIVE BASEL MILAN (B) ST. ETIENNE MILAN (M) VERONA VENICE (T) O VENICE (M) TRIESTE TIMISOARA O CUNEO PARMA PULA GENOA OMARSEILLE BOLOGNA RIJEKA NICE BEZIERS OBARCELONA (G) OBARCELONA (E) FIGARI PRAGUE OSTRAVA NUREMBERG BRNO OLINZ SALZBURG GRENOBLE NIMES TURIN MONTPELLIER ZADAR STOCKHOLM PERUGIA PISA ROME (F) ALGHERO CAGLIARI HAMBURG BREMEN DUSSELDORF ODORTMUND BERLIN POZNAN LODZO WROCLAW SZCZECIN COPENHAGEN LEIPZIG VÄSTERÅS VÄXJÖ PALERMO TRAPANI O COMISO BYDGOSZCZ LAMEZIA OMALTA GDANSK CATANIA KAUNAS O VILNIUS OLSZTYN-MAZURY WARSAW (M) WARSAW (C) LUBLIN OKATOWICE BRATISLAVA TAMPERE PALANGA BUCHAREST OSIJEK 00 CRAIOVA ANCONA NIS OPESCARA PODGORICA CROME (C) NAPLES O OBARI OBRINDISI CORFU O KEFALONIA KRAKOW RZESZOW OBUDAPEST TALLINN RIGA ATHENS ORADEA OSOFIA CHANIA PLOVDIV THESSALONIKI MYKONOS KOS RHODESO SANTORINI LARNACA PAPHOS EILAT OVDA 6#7Europe's No. 1 Market Share (15%) Country (Cap m)* UK (134) Germany (125) Spain (122) CEE (93) Italy (91) Greece (27) Portugal (25) Poland (19) Ireland (18) 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. RYANAIR LOW FARES. MADE SIMPLE. 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 Wizz Alitalia RYANAIR LOW FARES. MADE SIMPLE. RYANAIR LOW FARES. MADE SIMPLE. LOT Aer Lingus Brussels No. 3 BA RYANAIR LOW FARES. MADE SIMPLE. Iberia Aegean Easyjet easyJet easyJet Wizz BA Jetairfly Share 18% 7% 18% 15% 27% 16% 19% 29% 50% 29% 7#8Always Getting Better (AGB) raises growth to 200m 200 185 165 145 125 105 85 65 C'mers (m) 15/16 RYANAIR LOW FARES. MADE SIMPLE. 69 easyJet 79 O Lufthansa 79 AIRFRANCE KLM 88 IAG FLE (Source: Annual Reports, company forecasts) 106 RYANAIR LOW ARES MADE SIMPLE 119 FY17 130 FY18 143 FY19 152 FY20 162 FY21 175 FY22 189 FY23 200 FY24 8#9Q3 Results Traffic (m) Load Factor Avg. fare (incl. bag) Revenue (€m) Cost Per Pax PAT (€m) Net Margin EPS (€ cent) RYANAIR LOW FARES. MADE SIMPLE. Dec 15 24.9 93% €40 1,330 €48 103 8% 7.73 Dec 16 28.8 95% €33 -17% €43 +16% 1,345 +1% 95 +2% 7.60 -12% -8% 7% -1ppt -2% DOO AVA 9#10Assets (incl. a/c) Cash Total Q3 Balance Sheet (BBB+ rated) Liabilities Debt S/H funds Total RYANAIR LOW FARES. MADE SIMPLE. Mar 16 (€m) 6,883 4,335 11,218 3,598 4,023 3,597 11,218 Dec 16 (€m) 7,742 3,165 10,907 2,305 3,741 4,861 10,907 www 10#11Conservative Financial Policies Liquidity Management ✈ Significant cash balances (€3.2bn) No liquidity lines required Ample unsecured hedging lines Cash in term or structured deposits Placed with highly rated institutions Hedging - - - ✈ OPEX, 95% FY17, 85% FY18 CAPEX, B737-800's hedged ✈ Match GBP costs & revenues ✈ Interest rate exposure c.80% fixed ✈ Floating interest exposure matched with cash deposits RYANAIR LOW FARES. MADE SIMPLE. Results in Industry Leading Liquidity ✈ Strong positive working capital Very low cost base Customers pay in advance Pre delivery payments paid with cash New aircraft purchased with cash - - - Shareholder Returns ✈ €550m buyback program Nov 16-Feb 17 ✈ €1bn total buybacks in FY17 ✈ Further returns subject to: Continuing profitability CAPEX & OPEX requirement Fuel prices Fares - 11#12Fuel Hedge Update RYANAIR LOW FARES. MADE SIMPLE. Q1 Q2 Q3 Q4 FY FY15 $945 $942 $960 $959 $950 FY16 $934 $935 $876 $828 $898 FY17 $659 $652 $603 $563 (95%) $623 ✈ FY17 95% hedged @ $623 per metric tonne ✈ FY18 87% hedged @ $493 per metric tonne ✈ Lower fuel passed on in lower fares FY18 $508 (90%) $494 (91%) $476 (90%) $490 (75%) $493 (87%) 12#13Highly Rated Airline ✈ BBB+ stable corporate rating from S&P & Fitch Strong investment grade - Stable outlook - "A-" anchor (S&P), notched due to possible CAPEX & shareholder returns - - Industry leading liquidity, cost base & cash generation Existing eurobonds included in ECB Corporate Sector Purchase Programme BBB+ (stable) note rating expected → Eurobond market offers attractive low-rate term funding ✈ Access to wide range of financing options - RYANAIR LOW FARES. MADE SIMPLE. 13#14Secured Debt Coverage €10.9bn RYANAIR LOW FARES. MADE SIMPLE. €0.9bn €3.2bn €6.8bn Total Assets (Book Value) €2.0bn €2.0bn ✈131 unencumbered aircraft (36% of fleet) ✈ Average age of fleet 6 years Secured Debt Other Assets Secured Debt Cash ■Book Value of Fleet 14#15Increased growth to FY24 737-800 Order MAX Order RYANAIR LOW FARES. MADE SIMPLE. FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Net Fleet additions +42 +44 +21 +33 +35 +24 +35 +10 Y.E. Fleet 308 341 383 427 448 481 516 540 575 585 C'mers p.a. 91m 106m 119m 130m 143m 152m 162m 175m 189m 200m Controlled Growth Ann Cum +11% +11% +18% +12% +9% +10% +6% +7% +8% +8% +6% +30% +46% +59% +75% +86% +98% +114% +131% +144% 15#16Fwd Bookings* still rising Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY FY15 RYANAIR LOW FARES. MADE SIMPLE. 84% 85% 88% 91% 93% 90% 89% 88% 88% 83% 89% 90% 88% *(Fwd bks as % of traffic target 24 Jan 2017 v 24 Jan 2016) FY16 91% 92% 93% 95% 95% 94% 94% 93% 91% 88% 93% 94% 93% 1 Year growth +7% +7% +5% +4% +2% +4% +5% +5% +3% +5% +4% +4% +5% FY17 93% 94% 94% 96% 96% 95% 95% 95% 94% +90% +2%* +2%* 2 Year rise +9% +9% +6% +5% +3% +5% +6% +7% +6% +7% 16#17Current Developments ✈ Forward bookings rise, on lower fares & AGB (119m) → Weak GBP, increased capacity dampens pricing ✈ Hard Brexit a negative - weaker GBP/lower UK growth ✈ FY18 Fuel > 85% hedged @ approx. $49bbl ✈ €550m share buyback over 90% completed ✈18m "MyRyanair" members, 20m by Mar 17 ✈17m app users, 4.5 star rating on iOS & Android RYANAIR LOW FARES. MADE SIMPLE. 17#18FY17 Outlook ✈ Q4 fares: down as much as -15% (no Easter) ✈ Fuel saving (c. €160m) - passed on in lower fares → Ex-fuel unit costs fall approx. 4% Downside risks: - Q4 fares (LF active/yield pass) - External shocks/ATC strikes/capac. growth RYANAIR LOW FARES. MADE SIMPLE. 18#19RYANAIR LOW FARES. MADE SIMPLE. Appendices#203 years of Always Getting Better (AGB) ● ● ● ● Year 1 New website Reduced fees GDS & Corporates Business Plus Free 2nd Bag Allocated seating ALWAYS GETTING BETTER CUSTOMER CHART RYANAIR LOW FARES. MADE SIMPLE. ● ● ● ● ● Year 2 Ryanair Car Hire New native app Customer Charter US website New interiors New uniforms ● ● MyRyanair One Flick Purchase Year 3 Simplified bags Ryanair Rooms New Leisure Plus Ryanair Holidays ***RA From €15.00 421 PM Trip to Paris Get your trip sorted e Sit Together Reserve Seats 07A, 07B Add bags Quick Add 20#21Disclaimer IMPORTANT: The following applies to this presentation, the oral presentation of the information in this document by Ryanair DAC (the "Company") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation. By attending the meeting where this presentation is made, by attending any question-and-answer session or by reading the presentation slides, you agree to be bound by the following limitations. This presentation is not for publication, release or distribution, into the United States or any other jurisdiction in which such dissemination would be unlawful. This presentation and the information contained herein are not an offer of securities for sale in the United States or any other jurisdiction. No action has been or will be taken by the Company in any jurisdiction that would, or is intended to, permit a public offering of securities in any jurisdiction where action for that purpose is required. In particular, no securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and securities may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws and may only be sold outside the United States in reliance on Regulation S under the Securities Act and otherwise in compliance with all applicable laws and regulations in each jurisdiction in which any such offer, sale or delivery of securities is made. The Company does not intend to register or to conduct a public offering of any securities in any jurisdiction. This presentation and its contents may not be viewed by persons within the United States (within the meaning of Regulation S under the Securities Act). This presentation may not be provided to any person in a member state of the European Economic Area ("EEA") which has implemented the Prospectus Directive (each, a "relevant member state") (except for the United Kingdom), who is not a "qualified investor" (as that term is defined in Article 2(1)(e) of the Prospectus Directive). This presentation must not be acted on or relied on in any member state of the EEA by persons who are not qualified investors. In any member state of the EEA, any investment or investment activity to which this presentation relates is available only to qualified investors to whom it may lawfully be communicated (all such persons together, "relevant persons"). Any investment activity to which this presentation relates is available only to and will be engaged in only with, relevant persons. This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to sell securities of the Company, or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Any decision to purchase any securities of the Company should be made solely on the basis of the conditions of the securities and the information contained in the offering circular, information statement or equivalent disclosure document prepared in connection with the offering of such securities. Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of the Company and the nature of any securities before taking any investment decision with respect to securities of the Company. By accessing this presentation the recipient will be deemed to represent that they possess, sufficient investment expertise to understand the risks involved in any purchase or sale of any financial instrument or any other information contained herein. The information in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the presentation and the information contained herein. None of BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, the Company, or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents. This presentation contains certain forward-looking statements as defined under U.S. 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 which 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 the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. 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 the Company's expected results are the airline pricing environment, fuel costs, "Brexit", 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 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. RYANAIR LOW FARES. MADE SIMPLE. 21