PAYNOVA TAKES OFF WITH RYANAIR

Paynova and Europe’s largest low cost airline, Ryanair, has agreed to utilize Paynova’s electronic payment services to enlarge the market share as well as reduce costs. Initial launch will take place before year-end in Sweden, Norway, Denmark and Finland. The intention is to expand into all Ryanair geographical markets. This agreement is a first step for Paynova to enter into the European large-scale enterprise market with its significant higher transaction volumes. For this year, Ryanair is expected to increase its sales to more than EUR 1.2 billion.

Ryanair is one of the most important travel players of the Internet. During 2004 more than 27 million passengers are expected to travel with the airline. Approximately 95% will book and pay on-line at www.ryanair.com. However in the Nordic market payments until now could only be made with cards affiliated to VISA and MasterCard. Through Paynova’s payment solution, travellers gain access to more and locally customised payment options, including Internet banking, national bank transfers and various giro options. The Ryanair Nordic market accounts for approximately 10% of Ryanair’s total sales and passenger volume.

Announcing the deal today, Ryanair’s Head of Customer Service, Caroline Green said:

“Ryanair is constantly looking at ways to lower airfares to European consumers and improve our customer service. Ryanair offers the lowest fares, unbeatable punctuality and fewest lost bags; and now with Paynova, it’s just become easier to book!”

The agreement is in line with a Letter of Intent signed in June 2004 and also incorporates a Ryanair Web promotion of the payment methods included in the Paynova wallet. The intention is to launch these services before year-end.

“This is the most important and potentially the largest agreement to date that Paynova has reached,” says Pelle Hjortblad, CEO of Paynova AB. “It shows the significantly higher transaction volumes and powerful cash flows that are available to us on the European market. This co-operation illustrates our strategy to first establish ourselves with the leading companies in the major market segments on the Internet, making it thereafter easier to attract followers.”

The agreement with Ryanair is the third one, recently entered for Paynova’s "Large Enterprise Services", within the high priority segment "Travel". During the second quarter 2004 Paynova entered into agreements with two Swedish travel operators, SJ (the Swedish state railway company) and Swebus Express. The passenger transportation industry is characterised by frequent transactions and large payment flows where Paynova offers tailor-made services and access methods adjustable to size.

For further information, please contact:

Mats Jonnerhag, Information Manager, Paynova AB

Telephone: + 46 (0)708 – 754 920, e-mail: mats.jonnerhag@paynova.com

Pelle Hjortblad, CEO Paynova AB

Telephone: +46 (0)70 – 181 01 10 Phone: +46(0)8-517 100 07,

e-mail: pelle.hjortblad@paynova.com

Caroline Green, Head of Customer Service, Ryanair Holdings plc

Tel: +353 (0)18 12 12 12

www.paynova.com

www.ryanair.com

About Ryanair:

Ryanair Holdings plc, based in Dublin, Ireland, is Europe’s largest low cost airline. The company was formed in 1985 and has expanded rapidly following the deregulation of the European aviation market. In 1997 Ryanair was floated on the Dublin and NASDAQ stock exchanges (the market value then was €380 million, its current value is approximately €3,100m) and the following year was listed on the London Stock Exchange. Ryanair is Europe’s No. 1 Low fares airline with 186 low fare routes across 17 countries, 11 European bases, operating a fleet of 76 aircraft, with firm orders for up to a further 98 new Boeing 737-800s which will be delivered over the next five years. Ryanair currently employs a team of 2600 people & will carry in excess of 27 million scheduled passengers in the current financial year.

For booking & further information visit www.ryanair.com

About Paynova

Paynova (listed on the Nordic Growth Market, NGM: PAY) is a Payment Service Provider, PSP, with a total transaction processing, offering several services/forms of access for payments and other transfers via the Internet.

The payment services, which primarily are directed towards the segments, Travel, Media and Retail, include the Paynova Wallet, Large Enterprise Services, Mobile Services, Partner Network Services and Payout Services. The transactions, between e-retailers, consumers, banks and other players, are processed fast, easy, secure and cost-effective.

Paynova’s transaction processing and payment services are connected up with traditional banks, card companies and other PSPs, making a total financial infrastructure with both geographical cover and facility of minimising transaction costs.

Paynova’s Partner Network includes established Internet banks, card companies (VISA, MasterCard, etc.), PSPs and other similar players (GZS/easycash, Paybox, TripleDeal, WM-Data, etc.). Paynova can process transactions globally with over 20 000 banks via VISA and MasterCard. Paynova’s existing market focus is on Europe.

Important agreements have been recently concluded with, for example, SJ, Swebus Express and CDWOW.

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