Share Split - Replacement

Ryanair Holdings PLC
3 December 2001


                                Issuer's Amendment

    The Issuer wishes to amend the following Ryanair announcement, released at
    15.05, on 3 December 2001, RNS No. 0878O. On the fifth paragraph which
    starts 'The Company's authorised ordinary share capital' it refers to a
    figure of Euro9,198,814.3, this figure should have been Euro9,211,561.1.
    The amended text is detailed below. No other changes were made to this
    announcement.



                               RYANAIR HOLDINGS PLC

                              ANNOUNCES STOCK SPLIT

The Directors of Ryanair Holdings plc have resolved to implement the
sub-division of the Company's Ordinary Shares of Euro0.0254 into Ordinary
Shares of Euro0.0127 (the 'Stock Split') which was approved by the
shareholders at the Annual General Meeting of the Company held on 25 September
2001.

The Stock Split is intended to increase the liquidity and marketability of the
stock by reducing the absolute price per share.

The Stock Split is expected to become effective on Friday 7 December 2001.
Following the Stock Split, shareholders will own two Ordinary Shares in the
Company for each one Ordinary Share they owned as at the record date (close of
business on Thursday December 6, 2001).

Subject to market movements, it is expected that the price of each sub-divided
Ordinary Share on the Irish Stock Exchange and the London Stock Exchange ('the
Stock Exchanges'), on the day the Stock Split becomes effective, will be one
half of the price of an Ordinary Share on the Stock Exchanges prior to the
Stock Split.

The Company's authorised ordinary share capital prior to the Stock Split will
be Euro10,668,000 divided into 420,000,000 Ordinary Shares of Euro0.0254 each
and the Company's issued ordinary share capital will be Euro9,211,561.1
divided into 362,659,884 Ordinary Shares of Euro0.0254 each (this figure
includes the number of shares listed under block listing procedures and not
yet allotted). Following the Stock Split, the total value of the authorised
ordinary share capital of the Company will remain at Euro10,668,000, but will
be divided into 840,000,000 Ordinary Shares of Euro0.0127 each and the total
value of the issued ordinary share capital of the Company will similarly
remain at Euro9,211,561.1 but will be divided into 725,319,768 Ordinary Shares
of Euro0.0127 each (this figure includes the shares listed under block listing
procedures but not yet allotted).

The Stock Split will not result in new Ordinary Shares being issued by the
Company or becoming available in whole or in part to the public. The Ordinary
Shares created pursuant to the Stock Split will carry the same rights in all
respects as the Ordinary Shares in existence prior to the Stock Split,
including full voting rights and rights to participate in any dividend of the
Company and in any surplus on a winding up, and will be transferable in the
same manner as Ordinary Shares in existence prior to the Stock Split. The
Ordinary Shares created pursuant to the Stock Split will be in registered form
and may be held in certificated or uncertificated form.

Application has been made to the Stock Exchanges for admission of the
sub-divided Ordinary Shares to the Official List of the Irish Stock Exchange
and the Official List of the UK Listing Authority and to the London Stock
Exchange for such shares to be admitted to trading. The last day of dealings
in the Ordinary Shares of Euro0.0254 each will be Thursday December 6, 2001
and the effective date for dealings to commence sub-divided Ordinary Shares of
Euro0.0127 each will be Friday December 7, 2001.

The Company's stock has been issued a new ISIN. New share certificates,
reflecting the sub-divided Ordinary Shares and the new ISIN, will be issued to
Ryanair shareholders as a replacement for their existing share certificates no
later than Wednesday December 12, 2001. Accordingly, existing share
certificates will cease to be valid on Thursday December 6, 2001.


   The Company's Registrars are Capita Corporate Registrars Plc, P.O. Box
   7117, Dublin 2, telephone: + 353 1 810 2400.


With regard to the Company's American Depository Shares ('ADSs'), the existing
ADS ratio, where one ADS represents five Ordinary Shares will remain.
Following the Stock Split the number of ADSs held by an ADR holder as of the
record date will be doubled. Trading in the ADSs on the Nasdaq National Market
will reflect the Stock Split as of the open of trading on Friday December 7,
2001. ADS holders need take no action. ADS accounts held in book entry form
will be credited with a 100% distribution in the mail.

The record date for the Stock Split will be the close of business in Dublin on
Thursday 6 December, 2001 with regard to the Ordinary Shares and close of
business in New York on Thursday December 6, 2001 with regard to the ADSs.


ENDS.


For results and further information please contact:

Howard Millar
Ryanair Holdings Plc
Tel: [phone]


Pauline McAlester
Murray Consultants
Tel: [phone]


www.ryanair.com


Certain of the information included in this release is forward looking and is
subject to important risks and uncertainties that could cause actual results
to differ materially. It is not reasonably possible to itemise all of the many
factors and specific events that could affect the outlook and results of an
airline operating in the European economy. Among the factors that are subject
to change and could significantly impact Ryanair's expected results are the
airline pricing environment, fuel costs, competition from new and existing
carriers, market prices for replacement aircraft, costs associated with
environmental, safety and security measures, actions of the Irish, U.K.,
European Union ('EU') and other governments and their respective regulatory
agencies, fluctuations in currency exchange rates and interest rates, airport
access and charges, labour relations, the economic environment of the airline
industry, the general economic environment in Ireland, the UK and Continental
Europe, the general willingness of passengers to travel and other economics,
social and political factors.