OverAllotment Option Exercise

Ryanair Holdings PLC
12 February 2002


                  RYANAIR RAISES AN ADDITIONAL EURO25 MILLION
               AS PLACEMENT AGENTS EXERCISE OVER-ALLOTMENT OPTION

DUBLIN (February 12, 2002) Ryanair Holdings plc ('Ryanair') announced today that
the placement agents have exercised their over-allotment option to purchase from
Ryanair an additional 4 million ordinary shares at a price of Euro6.25 per
ordinary share, raising the total gross proceeds to Euro187.5 million from the
placement of a total of 30 million ordinary shares. The closing of the full
placement is expected to take place on February 13, 2002.

This announcement has been prepared by and is the sole responsibility of Ryanair
Holdings plc (the 'Company') and has been approved by Morgan Stanley Securities
Limited ('Morgan Stanley') solely for the purposes of section 21 of the
Financial Services and Markets Act of 2000 of the United Kingdom. Morgan Stanley
is acting for the Company and no one else and will not be responsible for
providing to any other person the protections afforded to clients of Morgan
Stanley or for providing advice in relation to the offering. Morgan Stanley can
be contacted at 25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom.
Stabilisation/FSA.

This announcement does not constitute, or form part of an offer or solicitation
of an offer to purchase or subscribe for securities in the United States or any
other jurisdiction. The securities referred to herein have not been and will not
be registered under the United States Securities Act of 1933, as amended, and
may not be offered or sold in the United States or to or for the benefit of US
persons, except pursuant to an available exemption from registration. No public
offering of securities is being made in the United States.

Ends.                                        Tuesday, 12th February 2002

For further information please contact:           Howard Millar
                                                  Ryanair Holdings plc
                                                  Tel: + 353 1 812 12 12

                                                  Pauline McAlester
                                                  Murray Consultants
                                                  Tel: + 353 1 663 33 32


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