Ryanair Announces Mandate for More Planes

Ryanair Holdings plc today (Monday, 2nd December 2002) is pleased to announce that they have mandated Royal Bank of Scotland (“RBS”) to underwrite the financing of 8 Boeing 737-800 next generation aircraft, under an Export-Import Bank of the US export credit guarantee programme. The eight aircraft have a total value of $414m and will be delivered between December 2002 and April 2003.

The transaction will be managed by RBS` specialist aviation unit, Lombard Aviation Capital, based in Dublin, in conjunction with RBS Structured Trade Finance. Ryanair has an established relationship with Ulster Bank, RBS` Irish banking subsidiary.

Commenting on the mandating of Royal Bank of Scotland, Ryanair`s Director of Finance, Howard Millar said:

“We are pleased to mandate Royal Bank of Scotland to underwrite the financing of eight Boeing 737-800 aircraft, following a very competitive tendering process. Not only are RBS a provider of specialist aviation financing products but we also have a banking relationship with RBS and its Irish subsidiary Ulster Bank in relation to treasury products. We look forward to Royal Bank of Scotland being a part of Ryanair`s core to long-term banking relationships.”