Guest Speaker:   Michael Cawley, Ryanair

Mr. Michael Cawley has been the Chief Operating Officer of Ryanair Holdings PLC since January 1, 2003 and also serves as Deputy Chief Executive. He served as Group Financial Director of Ryanair Limited, a subsidiary of Ryanair Holdings PLC since February 1997 and Chief Financial Officer of Ryanair Holdings PLC since April 21, 1997.

From 1993 to 1997, he served as Group Finance Director of Gowan Group Limited, one of Ireland's largest private companies and the main distributor for Peugeot and Citröen automobiles in Ireland.

Prior to joining Gowan Group Limited, he served as Joint Managing Director of Athlone Extrusions PLC, a plastics manufacturing and sales company, where he led a management buyout in 1990.