Offer Lapsed

Ryanair Holdings PLC
20 December 2006



                                  OFFER UPDATE

                                 LAPSE OF OFFER


Ryanair Holdings plc announces that following today's decision of the European
Commission to refer the acquisition of Aer Lingus to Phase II, Ryanair's Offer
lapses, in accordance with the requirements of the Takeover Rules, with
immediate effect and all acceptances of the Offer received to date are void.

Ryanair also announces that in the event of European Commission clearance
following its Phase II review, Ryanair intends to make a further offer for Aer
Lingus ('Further Offer'). The making of any such Further Offer would require
consent of the Panel to a derogation from the prohibition on making a further
offer within twelve months after the date on which the original Offer lapsed.
The Takeover Rules Notes specifically provide that the Panel may grant its
consent in circumstances where a previous offer has lapsed as a result of a
Phase II enquiry by the European Commission and following approval by the
Commission a new offer is made within 21 days of such decision.

Ryanair will make further announcements when appropriate.



Enquiries:

Ryanair                                    Telephone: [phone]

Howard Millar


Davy Corporate Finance                     Telephone: [phone]

(Financial Adviser to Ryanair)

Hugh McCutcheon

Eugenee Mulhern


Morgan Stanley                             Telephone: [phone]

(Financial Adviser to Ryanair)

Gavin MacDonald

Colm Donlon

Adrian Doyle


Murray Consultants                         Telephone: [phone]

(Public Relations Advisers to Ryanair)     Telephone: [phone]

Pauline McAlester

This announcement does not constitute an offer or an invitation to offer to
purchase or subscribe for any securities.

The directors of Ryanair accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Ryanair (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Any person who is the holder of 1 per cent. or more of any class of shares in
Aer Lingus or Ryanair may be required to make disclosures pursuant to Rule 8.3
of the Irish Takeover Panel Act, 1997, Takeover Rules 2001 to 2005, as applied,
with amendments by the European Communities (Takeover Bids (Directive 2004/25/
EC)) Regulations 2006.

Davy Corporate Finance, which is regulated in Ireland by the Financial
Regulator, is acting exclusively for Ryanair and no one else in connection with
the Offer and Further Offer, and will not be responsible to anyone other than
Ryanair for providing the protections afforded to clients of Davy Corporate
Finance nor for providing advice in relation to the Offer or Further Offer, the
contents of this document or any transaction or arrangement referred to in this
announcement.

Morgan Stanley & Co. Limited is acting exclusively for Ryanair and no one else
in connection with the Offer and Further Offer and will not be responsible to
anyone other than Ryanair for providing the protections afforded to clients of
Morgan Stanley & Co. Limited nor for providing advice in relation to the Offer
or Further Offer, the contents of this document or any transaction or
arrangement referred to in this announcement.

Ends.                                 Wednesday, 20th December, 2006



                      This information is provided by RNS
            The company news service from the London Stock Exchange