H1 Results - Nov 2016

Brexit - negative surprise ✈ No exit plan - final outcome uncertain for 2 - 4 yrs ✈ Weaker Sterling (-18%) - lower fares ✈ Slower UK & EU GDP growth - lower fares ✈ Best outcome: UK stays in Open Skies, no change ✈ Worst outcome: WTO rules -Restore bilaterals? -Close UK dom routes or UK AOC? -UK s'holders treated as "Non EU"? -UK comps more adversely affected? ✈ Ryr <2% (intra UK cap) affected; Easy >40% (intra EU cap); BA/IAG break up? ✈ Pivot growth away from UK for next 2 years ✈ Contingency plans in place but weaker fares & profit for next 2 years RYANAIR LOW FARES. MADE SIMPLE. 11

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