Holding(s) in Company

Paddy Power plc
28 February 2003

Paddy Power plc

28 February 2003

Re: Holding in Company

A letter from Merrill Lynch Investment Managers Limited to Paddy Power plc dated
25 February 2003

Irish Companies Act 1990 ss 67-89

We are advised that there has been a change of circumstances affecting the
interests which Merrill Lynch Investment Managers Limited has in the relevant
share capital of your company which have previously been disclosed to you under
the above Act. Save where specifically identified to the contrary such interests
arise by reason of discretionary investment management arrangements entered into
by us or by our affiliates in the Merrill Lynch Investment Managers Limited.
Each such affiliate is interested in the relevant share capital to the extent
set out in the attachment and, where applicable, this letter constitutes
disclosure on behalf of such affiliates. Relevant details of such interests are
set out in the attachment to this letter.

Merrill Lynch Investment Managers Limited

Company Name:        Paddy Power plc

Date:                24th February 2003

Class of shares:     EUR0.10 Ordinary Shares

Total interest held by : Merrill Lynch Investment Managers Limited - 
4,300,639 (9.12%)

Made up as follows:

Registered Holders (if known)       Number of shares         Investment              Beneficial Interests?
                                                     Management Company
                                                         (if separately                           (Yes/No)
                                                           disclosable)
Rowan Nominees Limited                     2,498,679                                                    No
(Designated & Undesignated)
Nutraco Nominees Limited                     376,386                                                    No
AIB Dublin                                    67,724                                                    No
Chase Nominees Limited                       400,000                                                    No
Mellon Nominees Limited                      374,732                                                    No
Other Names                                  583,118                                                    No
Total                                      4,300,639




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