AGM Statement

Ryanair Holdings PLC
25 September 2001


                  Statement by Ryanair's CEO Michael O'Leary

                     at Ryanair's Annual General Meeting,

                         Dublin, 25th September 2001


Introduction:

During the past two weeks (following the terrorist outrage in the US on 11th
September), the airline industry has gone through considerable turmoil. This
is a time for cool heads and common sense. Contrary to the 'spin' of a number
of flag carriers, the world as we know it is not about to end, and despite the
efforts of the terrorists, normal life continues with many millions of people
travelling for normal leisure and business purposes.

There is little doubt that tragic events in the US are being used by a number
of European flag carriers as an excuse upon which to blame their long standing
cost problems and an opportunity to look for subsidies and hand outs. Many of
these airlines were loss making long before the events of the 11th of
September, and will continue to be loss making regardless of how many times
they are bailed out. State aids don't lead to lower fares, they simply promote
inefficiency.

The EU Commission and European Governments should firmly resist any calls for
state aid. Subsidies will only result in pouring good money after bad. If the
EU Commission or EU Governments really want to assist the airline industry in
the aftermath of 11th September, it should focus on measures that reduce
airlines costs (such as the air passenger duty in the UK, or airport and
landing charges at many Government owned airports), because this will result
in an immediate reduction in costs and air fares, which will in turn stimulate
air travel, and help to limit the impact of any economic downturn on the
economies of Europe.

Ryanair has responded vigorously to the circumstances that prevail following
the terrorist attacks in the US. We immediately reduced fares, and made these
lower fares more widely available in order to promote bookings, stimulate
travel traffic, and maintain our upward rate of growth. As a result of this
prompt action, Ryanair's bookings have been largely unaffected by the recent
events in the US. Forward bookings and load factors remain strong, and we
remain committed to continuing to fly our full summer schedule without
cancelling flights or grounding aircraft or making our people redundant.

As we announced seven days ago in our trading statement, we see no reason at
this time to alter analysts estimates for our immediate (quarter) or future
(annual) financial results. We are on target to meet the consensus half-year
results and to meet the consensus range of analysts forecasts for the
financial year. Obviously this situation can change depending on the nature
and extent of the response by the US and its allies to the terrorist attacks,
but for the moment Ryanair is continuing with its policy of aggressively
promoting our 56 routes and stimulating air travel with our guaranteed lowest
air fares.



Ryanair to appeal Irish Aviation Regulators Decision

Ryanair and many other airlines were deeply unhappy with the final
determination of the Irish Aviation Regulator in so far as it related to the
regime of excessive airport charges at the Aer Rianta Monopoly airports here
in Ireland. Something is fundamentally wrong when the Regulator's analysis
confirms that the Aer Rianta airports are up to 50% more inefficient than
their peers in Europe, and yet they are required to reduce costs by only 5%
over the coming five years. This determination wrongly rewards inefficiency.

We have written to Minister O'Rourke requesting that she appoint an appeals
panel, so that Ryanair can appeal the Aviation Regulator's final
determination, and we will be calling for a minimum reduction of 50% in the
charges levied at the Aer Rianta Airports. This is vital if we are to
incentivise these airports to become cost effective.

The Regulator's statutory obligation is 'to promote the development of cost
effective facilities which meet the requirement of users'. The Regulator's
final determination clearly falls way short of this regulatory obligation, and
we hope that the appeals panel will correct these grave short comings.

Ireland remains a small island economy on the periphery of Europe. Low access
costs are vital if we are to sustain Irish tourism and the Irish economy. You
cannot have low access costs and a high cost inefficient airport monopoly in
this country.

Recent change in Irish Government policy

We warmly welcome the recent announcement of Minister for Transport, Mary
O'Rourke that she was considering the possibility of a second competing
terminal at Dublin Airport. We strongly recommend that she proceed immediately
with this plan. Indeed we recommend that she not limit competition to just a
second terminal. She should encourage the development of a third and if
required a fourth terminal so that Ireland can maximise the terminal
facilities here at Dublin Airport and maximise the competition between those
competing terminal facilities. Only then will we foster a competitive low cost
airport regime to mirror the competitive low fare regime that exists between
the airlines flying to and from Ireland.

In the aftermath of the atrocities in the US two weeks ago, Irish tourism and
the Irish economy are facing a real threat of collapse in 2002. US originating
traffic will be substantially down and Aer Lingus are considering a 25%
reduction in capacity. If the Government acts quickly to develop and grow low
fare services between Ireland, the UK and Continental Europe then I believe
that we can make good any shortfall in transatlantic visitors next year.
Ryanair has offered to open up 10 new European routes over the next two years,
basing up to eight new aircraft here, creating 400 new jobs and delivering a
minimum of two million additional passengers per annum, a figure that is
double the current volume of transatlantic traffic. These proposals will
rescue Irish tourism and the Irish economy from any downturn in 2002 and save
as many as 20,000 to 30,000 jobs which are now at risk in the tourism sector.
There is no airline in Europe that can grow traffic or routes as quickly as
Ryanair. There is no airline in Europe that can match Ryanair's low fares.

The Irish Government has been wrong to block Ryanair's plans for the last two
years, and we now call on them to change this policy and work with Europe's
largest low fares airline to rescue Irish tourism for 2002.

Future Outlook

Over the coming months, Ryanair will take delivery of eight new 737-800 series
aircraft from Boeing. We will open up at least 10 or 12 new routes, all of
which will (unless there is a change in Irish Government policy) take place at
two new European bases where agreement has been reached on efficient
facilities and low costs. We remain on target to achieve our traffic forecast
of 9.2m passengers for the current fiscal year, and we remain determined to
open new bases and new routes next year with these new aircraft.

I remain convinced that the best way out of the current economic uncertainty
is to lower fares, promote travel, stimulate business and leisure activity,
and fight the proponents of gloom and subsidy. I am absolutely convinced that
the wrong response is to ground aircraft, make people redundant, offer fewer
flights and sell these remaining seats at higher prices. This seems to me to
be a one way ticket to oblivion, no matter how much subsidy and how much state
aid is given to loss making inefficient high fare carriers

At Ryanair we are determined to continue to grow and we expect that profits
will continue to grow as our traffic increases. We believe that we will
continue to deliver superior returns for our shareholders, as well as lower
fares for our customers and improved employment and promotion prospects for
our outstanding 1,500 people.
Ends.                                    Tuesday, 25th September 2001

For reference:    Michael O'Leary        Pauline McAlester
                  Ryanair                Murray Consultants
                  Tel: [phone]       Tel: [phone]