Buzz Transaction Completed

Ryanair Holdings PLC
11 April 2003



  RYANAIR ANNOUNCES THE SUCCESSFUL COMPLETION OF THE BUZZ TRANSACTION WITH KLM

Ryanair, Europe's No.1 low fares airline today (Friday, 11th April 2003)
announced that it had completed the transaction with KLM, to acquire certain
assets (but not the company) of KLM UK Ltd which traded as Buzz. The final terms
involve Ryanair paying a sum of €20.1m to KLM to acquire 10 aircraft (6 x
737-300's and 4 x BAe146's), up to 130 employees, together with the relevant
operating manuals, postholders and some airport facilities that were formerly
owned by KLM UK Ltd and which comprise the core operation of Buzz. KLM UK will
retain up to 470 of the staff previously dedicated to the Buzz operation, as
well as the Headquarters building in Stansted, the assets and liabilities of the
legal entity KLM UK Ltd which was trading as Buzz up to 31 March 2003.

Ryanair confirmed that the agreed purchase price has been reduced from €23.9m to
a final agreed figure of €20.1m as a result of a number of issues, which arose
during the due diligence process. Ryanair has formed a new subsidiary - Buzz
Stansted Ltd - and this company will operate the fleet of 10 aircraft, will
employ up to 130 people and will hold the UK AOC approval to enable the company
to commence flying on 1 May next. It is intended that the company will operate
its aircraft on a subservice basis flying directly for Ryanair, primarily
operating on a network of 12 routes, which were formerly operated by KLM UK/
Buzz.

Ryanair are delighted to announce that the key operational postholders have
agreed to join Buzz Stansted Limited, as this forms a core of experienced,
senior aviation people led by Doug Stephen, Chief Pilot and Roland Stroud, Chief
Engineer. Floris Van Pallandt the former Chief Executive of Buzz will be
returning to KLM as previously agreed. The new Chief Executive of Buzz Stansted
Limited will be Mr John Osborne a former Director of Operations for Ryanair and
former Chief Executive of GB Airways and Virgin Express. This experienced team
will work closely with the CAA over the coming weeks to ensure a smooth
resumption of flight services on 1 May next.

Ryanair have confirmed that bookings on the 12 routes, which have already been
relaunched and will commence flying on 1 May next have been exceptionally
strong. Already for the month of May over 100,000 passengers have reserved seats
on these services and for the six months of the Summer period more than 400,000
seats have already been sold, generating advance revenues of over €20m. These
advance sales will be more than sufficient to fund the entire acquisition of the
core assets and operation of Buzz.

Whilst this transaction has already received approval from the relevant
regulatory authorities in Ireland and Germany, it has not yet received
regulatory clearance from the UK competition authorities. This is entirely due
to the very tight schedule which Ryanair and KLM have adhered to in order to
complete this rescue of Buzz and the saving of up to 130 jobs.

Ryanair and KLM have advised the OFT of their intention to complete the
acquisition without waiting for regulatory approval in advance.

Welcoming the completion of this transaction today, Ryanair's Chief Executive,
Michael O'Leary said:

    'We have been delighted with the speed and success of the turnaround and
    relaunch of the core Buzz operation. Thanks to the Herculean efforts of our
    friends in KLM, the outstanding team of people in Buzz and Ryanair, we have
    restructured and relaunched the core Buzz operation within a period of two
    months. This turnaround will transform a company that was losing over €1m a
    week, to one that will be profitable when it relaunches on 1 May next.

    'In doing so we have rescued the core operation of Buzz, we have doubled the
    capacities and halved the fares on 12 of its most important routes. In doing
    so, we will have saved up to 130 highly paid jobs and we will more than
    double the traffic on these routes to over 3 millions passengers during the
    coming year.

    'To achieve such a dramatic and successful turnaround during perhaps the
    worst two months in the history of the aviation industry (when we have been
    bedevilled by a war in Iraq, fuel prices at all time highs and the
    reluctance of people to travel because of fears over security and
    terrorism), is a magnificent tribute to the courage of the 130 outstanding
    people of Buzz who will now form the core of Buzz Stansted Limited.

    'This success would not have been possible without the help and assistance
    of the regulatory authorities and we are working closely with the CAA to
    ensure that it is satisfied with the financial status of the operation and
    more importantly with the operating and safety structures which will
    continue to be managed by the key senior operations and engineering staff of
    the former KLM UK. We are delighted to have secured the services of John
    Osborne who has a long and successful career at senior levels in a number of
    European airlines, and who is now returning to the Ryanair group based in
    the UK.

    'We will continue over the coming two weeks to liaise closely with both the
    CAA and the OFT and look forward to obtaining their approval in due course
    of the purchase and rescue of the core operation of Buzz and its successful
    relaunch from 1 May onwards, as part of Europe's No.1 low fares airline -
    Ryanair'.

Ends.     Friday, 11th April 2003

For further information

please contact:


Howard Millar

Ryanair

Tel. [phone]

Pauline McAlester

Murray Consultants

Tel. [phone]

                      This information is provided by RNS
            The company news service from the London Stock Exchange