Sale and Leaseback Agreement

Ryanair Holdings PLC
09 December 2003


                 Ryanair Announces Sale and Leaseback Agreement
                          with Royal Bank of Scotland
                        for Ten Boeing 737-800 Aircraft


Ryanair Holdings plc is pleased to announce today (Tuesday, 9th December 2003)
that they have entered into a Sale and Leaseback agreement for up to ten Boeing
737-800 next generation aircraft with RBS Aviation Capital a subsidiary of Royal
Bank of Scotland. The 10 aircraft have a total value of $518m and will be
delivered between December 2003 and March 2004. Under the terms of the agreement
the aircraft will be leased back for 7-years.

Commenting on the successful conclusion of the agreement with RBS Aviation
Capital, Ryanair's Chief Financial Officer & Deputy Chief Executive, Howard
Millar said:

        'We are pleased to announce this Sale and Leaseback transaction with RBS
        Aviation Capital, who successfully won the mandate following a very
        competitive tendering process. This is the second financing agreement
        that we have concluded with RBS Aviation Capital as they financed eight
        Boeing 737-800 aircraft, delivered earlier this year under an
        Export-Import Bank of US export guarantee credit programme. This
        agreement further extends our strong relationship with Royal Bank of
        Scotland Group and their subsidiary Ulster Bank in Ireland, which we
        have a foreign exchange and deposit relationship'.

ENDS.                                                 Tuesday, 9th December 2003

For further info
please contact:

          Howard Millar                Pauline McAlester
          Ryanair Holdings plc         Murray Consultants
          Tel. [phone]Tel.       [phone]

Ryanair has 67 aircraft in its fleet comprised of 41 Boeing 737-800's, 16 Boeing
737-200's, 6 Boeing 737-300's, and 4 BAe146's. The Company has a purchase
agreement with Boeing for 125 firm aircraft and 125 options, of which, 13 firm
aircraft have already been delivered and the remaining 112 firm aircraft will be
delivered over the next 7 years.



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