Issue of Equity

Ryanair Holdings PLC
9 February 2001


       NOT TO BE RELEASED IN OR INTO THE UNITED STATES, CANADA OR JAPAN



 RYANAIR PLACING RAISES Euro116 MILLION AT A PRICE OF Euro11.60 PER ORDINARY
                                    SHARE

DUBLIN (February 9, 2001) Ryanair Holdings plc ('Ryanair') announced today
that it has successfully placed an aggregate of 13 million ordinary shares at
a price of Euro11.60 per ordinary share to raise Euro151 million. The placing
was more than 4 times over subscribed by investors. Ryanair will issue 10
million ordinary shares to raise approximately Euro116 million and 3 million
ordinary shares are being sold by Michael O'Leary, Ryanair's CEO, and he will
receive approximately Euro35 million. Application will be made to the Irish
Stock Exchange and to the UK Listing Authority for 10 million ordinary shares
to be admitted to the Official List of the Irish Stock Exchange and the
Official List of the UK Listing Authority. Application will also be made to
the London Stock Exchange for such shares to be admitted to trading and the
closing of the placing is expected to take place on February 14, 2001.

The placement agents have been granted an over-allotment option to purchase up
to an additional 2 million ordinary shares within 30 days of the pricing of
the offering. If the placement agents exercise this option, up to 1 million
shares will be sold by each of Ryanair and Mr. O'Leary at Euro11.60 per
ordinary share.

Morgan Stanley & Co. International Limited and Davy Stockbrokers are acting as
joint lead managers of the offering and Goldman Sachs is acting as a co-lead
manager.

The offering has been successfully directed at both existing and new
institutional investors in Ireland, the United Kingdom and Continental Europe.
The ordinary shares have been offered and sold outside the United States in
reliance on Regulation S under the U.S. Securities Act of 1933. The ordinary
shares have not been, and will not be, registered under the Securities Act,
and no offers or sales of the shares may be made in the U.S. or to U.S.
persons.

This announcement has been issued by and is the sole responsibility of Ryanair
Holdings plc (the 'Company ') and has been approved solely for the purposes of
section 57 of the Financial Services Act 1986 by Morgan Stanley & Co.
International Limited (' Morgan Stanley'), which is regulated in the United
Kingdom by The Securities and Futures Authority Limited. Morgan Stanley has
been advising the Company and Mr. O'Leary in relation to the offering and no
one else and will not be responsible to anyone other than the Company for
providing the protection afforded to customers of Morgan Stanley nor for
providing advice in relation to the offering. Stabilisation/FSA.

This announcement is not for publication or distribution or release in the
United States of America ( including its territories and possessions, any
State of the United States and the District of Columbia). This announcement
does not constitute or form part of an offer or solicitation of an offer to
purchase or subscribe for securities in the United States or any other
jurisdiction. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States or to or for the benefit of U.S.
persons, except pursuant to an available exemption from registration. No
public offering of securities is being made in the United States.



For further information please contact:

Howard Millar

Ryanair Holdings plc

Tel: + 353 1 812 12 12



Pauline McAlester

Murray Consultants

Tel: + 353 1 663 33 32

Ends.