Ryanair May 2021

Credit highlights ✈ Strong balance sheet (BBB) - one of the best in sector ✈ Solid liquidity: €3.15bn Mar 31, 85%+ B737 fleet unencum. (€7.3bn book value) ✈ Funding strengthens RYR financial position & facilitates post C-19 growth → Low fares to drive strong volume recov. - pent up demand ✈ Lowest fare/Lowest cost airline group ✈ Financial strength + Lowest cost = Long term winner RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 3

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