Holding(s) in Company

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the Central Bank of Ireland)i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: Ryanair Holdings plc

LEI: 635400BR2ROC1FVEBQ56

2. Reason for the notification (please tick the appropriate box or boxes):

[ ] An acquisition or disposal of voting rights

[x] An acquisition or disposal of financial instruments

[ ] An event changing the breakdown of voting rights

[ ] Other (please specify)iii:

3. Details of person subject to the notification obligationiv :

Name:

The Goldman Sachs Group, Inc.

City and country of registered office (if applicable):

Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA

4. Full name of shareholder(s) (if different from 3.)v: Goldman Sachs International

5. Date on which the threshold was crossed or reachedvi: 21/12/2020

6. Date on which issuer notified: 23/12/2020

7. Threshold(s) that is/are crossed or reached: The 5% threshold was crossed within voting rights attached to financial instruments by Goldman Sachs International individually.

8. Total positions of person(s) subject to the notification obligation:

% of voting rights attached to shares (total of 9.A)

% of voting rights through financial instruments(total of 9.B.1 + 9.B.2)

Total of both in % (9.A + 9.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

1.43%

5.03%

6.46%

1,126,647,028

Position of previous notification (if applicable)

1.59%

5.03%

6.62%

9. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

Indirect

Direct

Indirect

IE00BYTBXV33

15,360,682

1.36%

US7835132033

717,281

0.06%

SUBTOTAL A

16,077,963

1.43%

B 1: Financial Instruments according to Regulation 17(1)(a) of the Regulations

Type of financial instrument

Expirationdatex

Exercise/Conversion Periodxi

Number of voting rights that may be acquired if the instrument is exercised/converted.

% of voting rights

Securities Lending

Open

411,594

0.04%

Swap

21/01/2021

9,999,928

0.89%

Swap

26/01/2021

5,004,746

0.44%

Call Option

19/03/2021

 4,307,300

0.38%

Put Option

17/09/2021

 50,000

0.004%

Put Option

19/03/2021

2,400

0.0002%

SUBTOTAL B.1

19,775,968

1.76%

B 2: Financial Instruments with similar economic effect according to Regulation 17(1)(b) of the Regulations

Type of financial instrument

Expirationdatex

Exercise/Conversion Period xi

Physical or cash settlementxii

Number of voting rights

% of voting rights

Swap

09/06/2021

Cash

 7,509,777

0.67%

Swap

28/09/2021

Cash

 5,877,668

0.52%

Swap

05/01/2021

Cash

 4,804,482

0.43%

Swap

27/09/2021

Cash

 4,555,457

0.40%

Swap

15/01/2021

Cash

 2,482,893

0.22%

Swap

18/01/2021

Cash

 2,402,846

0.21%

Swap

19/01/2021

Cash

 2,352,833

0.21%

Swap

20/01/2021

Cash

 2,322,843

0.21%

Swap

21/01/2021

Cash

 1,752,248

0.16%

CFD

30/09/2030

Cash

 1,312,041

0.12%

CFD

30/09/2030

Cash

 546,269

0.05%

CFD

30/09/2030

Cash

 251,230

0.02%

CFD

30/09/2030

Cash

 183,473

0.02%

CFD

23/12/2021

Cash

 99,999

0.01%

CFD

30/10/2030

Cash

 77,870

0.01%

CFD

25/10/2021

Cash

 67,500

0.01%

CFD

18/12/2030

Cash

 52,518

0.005%

CFD

08/07/2030

Cash

 43,425

0.004%

CFD

23/12/2021

Cash

 42,500

0.004%

CFD

16/12/2030

Cash

 29,622

0.003%

CFD

13/11/2023

Cash

 28,000

0.002%

CFD

16/12/2030

Cash

 19,981

0.002%

CFD

16/11/2022

Cash

 13,600

0.001%

CFD

15/07/2025

Cash

 10,134

0.001%

CFD

13/11/2023

Cash

 7,000

0.001%

CFD

19/12/2025

Cash

 4,174

0.0004%

CFD

27/09/2024

Cash

 3,231

0.0003%

CFD

02/05/2023

Cash

 2,991

0.0003%

CFD

25/11/2030

Cash

 2,700

0.0002%

CFD

16/12/2030

Cash

 2,525

0.0002%

CFD

25/11/2030

Cash

 2,400

0.0002%

CFD

30/07/2030

Cash

 2,277

0.0002%

CFD

16/12/2030

Cash

 1,792

0.0002%

CFD

17/12/2030

Cash

 1,502

0.0001%

CFD

30/07/2030

Cash

 1,135

0.0001%

CFD

15/04/2030

Cash

 1,056

0.0001%

CFD

16/12/2030

Cash

 900

0.0001%

CFD

30/07/2030

Cash

 869

0.0001%

CFD

17/12/2030

Cash

 753

0.0001%

CFD

31/07/2030

Cash

 589

0.0001%

Swap

15/01/2021

Cash

 554

0.00005%

CFD

17/12/2030

Cash

 551

0.00005%

CFD

18/12/2030

Cash

 500

0.00004%

CFD

17/12/2030

Cash

 358

0.00003%

Swap

05/07/2022

Cash

 342

0.00003%

Swap

08/07/2022

Cash

 323

0.00003%

Swap

15/02/2021

Cash

 128

0.00001%

Swap

04/09/2022

Cash

 28

0.000002%

Swap

17/05/2021

Cash

 13

0.000001%

SUBTOTAL B.2

 36,877,898

3.27%

10. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X] Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

The Goldman Sachs Group, Inc.

Goldman Sachs (UK) L.L.C.

Goldman Sachs Group UK Limited

Goldman Sachs International

5.02%

6.40%

The Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC

The Goldman Sachs Group, Inc.

GSAM Holdings LLC

Goldman Sachs Asset Management, L.P.

The Goldman Sachs Group, Inc.

Folio Financial, Inc.

Folio Investments Inc.

The Goldman Sachs Group, Inc.

IMD Holdings LLC

United Capital Financial Partners, Inc.

United Capital Financial Advisers, LLC

11. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

12. Additional informationxvi:

Please note, the total amount of voting rights have been rounded to 2 decimal places therefore there is a possibility of a rounding error.

General email contact:

[email protected]