Management Pay Freeze

Ryanair Holdings PLC
26 March 2008



RYANAIR ANNOUNCES MANAGEMENT PAY FREEZE AND FURTHER OTHER COST CUTS AS FUEL HITS
                                 $100 A BARREL


Ryanair, Europe's largest low fares airline today (Wednesday, 26th March 2008)
confirmed that it was freezing the pay of its senior management for 2008 as part
of a series of cost cutting measures over the coming weeks as the price of oil
rises to over $100 a barrel. From 1st April next Ryanair's current $68 per
barrel fuel hedges, expire.

Ryanair confirmed that it is reviewing all of its major costs including
airports, staffing, fuel and currency exposures and this cost reduction
programme will continue over the coming weeks. Since Ryanair is the only airline
in Europe to guarantee the lowest fares and no fuel surcharges, Ryanair must pay
for higher oil by reducing costs elsewhere.

Ryanair's Michael O'Leary said today:

    'Given the enormous increase in our fuel costs, and the likelihood that
    profits over the coming year may fall, it is appropriate that Ryanair's
    senior management lead this cost reduction programme by example, with a pay
    freeze in 2008.

    'None of Ryanair's senior management team (comprising of over 30
    individuals) will receive any pay increase this year unless the current high
    oil prices fall, and until we can see some prospect of profits being
    increased. We are working intensively on other cost reductions, including
    focusing on airport costs and handling costs, staff costs and other
    operating expenses, as we expand Ryanair while lowering fares but absorbing
    much higher oil costs.

    'Ryanair will continue to guarantee the lowest fares and no fuel surcharges
    on every route we operate, This can only be achieved in a period of higher
    oil prices by reducing costs in every other area. These cost reductions will
    mean that Ryanair's passengers can continue to enjoy Europe's guaranteed
    lowest fares, and a guarantee of no fuel surcharges whenever they travel
    with Ryanair'.

Ends.                                     Wednesday, 26th March 2008


For reference:  Peter Sherrard, Ryanair    Pauline McAlester, Murray Consultants
                Tel: [phone]        Tel: [phone]


















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