Ryanair Growth Opportunities

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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

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