CFI ACTION-OLYMPIC COMPLAINT

Ryanair Holdings PLC
22 November 2007


                        RYANAIR SUES EUROPEAN COMMISSION

                FOR ITS FAILURE TO INVESTIGATE ILLEGAL STATE AID

                              TO OLYMPIC AIRLINES

Ryanair, Europe's favourite low fares airline, today (Thursday, 22nd November
2007) lodged a case in the European Court of First Instance against the European
Commission's failure to act on Ryanair's complaint about a further approximately
€500 million worth of illegal State aid to Olympic Airlines, granted through
bogus 'arbitration' proceedings involving certain 'services' allegedly provided
by Olympic to the Greek Government. The Greek Government was found guilty of
providing hundreds of millions to Olympic to bail it out in the past and this is
the latest attempt to prop up this failed national carrier. Ryanair has called
on the Commission to investigate this obvious abuse of EU competition rules
already in 2006, but the Commission has so far failed to do so.

Announcing the launch of these proceedings Michael O'Leary, Ryanair's CEO, said:

        'This is just another example of the Commission's twin track approach to
        State aid in the air transport sector. On one hand they continue to
        waste time and taxpayers money investigating baseless complaints against
        standard free market deals at regional and secondary airports, for
        example Tampere and Alghero. These complaints were filed by inefficient
        high fare flag carrier airlines operating at expensive hub airports, who
        would never fly to smaller airports and are simply trying to prevent
        competition and consumer choice.

        'On the other hand, the Commission repeatedly ignores blatant State aid
        to Air France, Lufthansa, Olympic, Alitalia and others. The Greek
        Government's most recent tranche of State aid to Olympic involves
        approximately €500 million, mostly for 'unpaid services' allegedly
        provided by Olympic to the Government. However, the Commission has
        refused to do anything about this since 2006, which left us with no
        alternative but to challenge the Commission's inaction in the European
        courts.

        'It appears that the Commission applies two approaches to enforcing the
        State aid rules: one of ignoring or signing off on continuing unlawful
        State aid for the inefficient high fare flag carrier airlines, and the
        other of pursuing baseless complaints by flag carriers against low fares
        airlines operating out of regional and secondary airports. This twin
        track approach must end and we are therefore calling on the Commission
        to start promoting competition, end unlawful State aid, and stop
        protecting flag carrier airlines'.

Ends.                                    Thursday, 22nd November 2007

For reference: Peter Sherrard - Ryanair  Pauline McAlester - Murray Consultants

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