Ryaniair Announces Mandate

Ryanair Holdings PLC
02 December 2002

                       Ryanair Announces Mandate awarded

                           to Royal Bank of Scotland

               for the Financing of Eight Boeing 737-800 Aircraft



Ryanair Holdings plc today (Monday, 2nd December 2002) is pleased to announce
that they have mandated Royal Bank of Scotland ('RBS') to underwrite the
financing of 8 Boeing 737-800 next generation aircraft, under an Export-Import
Bank of the US export credit guarantee programme. The eight aircraft have a
total value of $414m and will be delivered between December 2002 and April 2003.

The transaction will be managed by RBS' specialist aviation unit, Lombard
Aviation Capital, based in Dublin, in conjunction with RBS Structured Trade
Finance. Ryanair has an established relationship with Ulster Bank, RBS' Irish
banking subsidiary.

Commenting on the mandating of Royal Bank of Scotland, Ryanair's Director of
Finance, Howard Millar said:


        'We are pleased to mandate Royal Bank of Scotland to underwrite the
        financing of eight Boeing 737-800 aircraft, following a very competitive
        tendering process. Not only are RBS a provider of specialist aviation
        financing products but we also have a banking relationship with RBS and
        its Irish subsidiary Ulster Bank in relation to treasury products. We
        look forward to Royal Bank of Scotland being a part of Ryanair's core to
        long-term banking relationships.'


ENDS.                                                  Monday, 2nd December 2002


For further info
please contact:               Howard Millar               Pauline McAlester

Ryanair Holdings plc          Murray Consultants

Tel. [phone]            Tel. [phone]



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