Ryanair Pilot Share Options

Ryanair Holdings PLC
04 November 2005


                       RYANAIR DUBLIN PILOTS EACH RECEIVE
                         €50,000 SHARE OPTION WINDFALL

Ryanair, Europe's largest low fares airline, today (Friday, 4th November 2005)
confirmed that many of its Dublin pilots will, next month (1 Dec), exercise
share options which at the current share price (over €7) have a profit of
approx. €50,000 each. These share options (which formed part of the 5 year pay,
benefit and share option scheme collectively negotiated directly between the
Dublin pilots and the airline in November 2000) fall due to be exercised at the
end of November. The total value of the shares held by each qualifying pilot
under the scheme are presently valued at over €175,000. If any pilot were to
exercise and dispose of their options at this week's price of €7 he/she would
make a profit of just over €50,000 on these options.

These latest share options are the ninth tranche of options which Ryanair's
Dublin pilots have enjoyed over each of the past nine years. The total value of
these options to each qualifying Dublin pilot since Ryanair floated in 1997 is
almost €500,000 and if disposed of at the exercise date, they have generated a
total profit of almost €300,000 for each qualifying Dublin pilot.

Welcoming this latest tranche of profitable share options for Ryanair's pilots,
Ryanair's Director of Personnel, Eddie Wilson said:

    'This ninth round of share options is the latest in a long line of share
    options and other benefits which Ryanair's pilots have successfully
    negotiated directly with the airline in recent years. Since Ryanair floated
    in 1997, a Ryanair Captain in Dublin has seen

   •his/her annual earnings rise to over €120,000 per annum,
   •his/her transfer to flying brand new Boeing 737-800 series aircraft,
   •he/she enjoys a fixed roster which guarantees 5 days off in every 15
    days,
   •he/she enjoys a legal limit of 900 flying hours per annum, which equates
    to 18 flight hours per week,
   •share options, which thus far have yielded profits of almost €300,000 per
    qualifying pilot.

    'This €50,000 share option profit is just the latest benefit which Ryanair's
    Dublin pilots have negotiated directly (through collective bargaining) with
    the airline. Ryanair's pay, promotion, job security and share options are
    better than any other similar 737 pilot package in Europe. This is why
    Ryanair has over the past 12 months recruited more than 150 pilots from
    other airlines including Easyjet, Lufthansa, SAS, Alitalia, Aer Lingus and
    British Midlands. Ryanair will continue to negotiate directly with all our
    pilots, and we hope that as a result of this internal collective bargaining
    process they will continue to share in Ryanair's success as we continue to
    grow to become Europe's largest and most valuable airline'.

Ends.                     Friday, 4th November 2005
                          

For further information
please contact:           Eddie Wilson               Pauline McAlester
                          Ryanair                    Murray Consultants
                          Tel. [phone]         Tel.[phone]
                                                     



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