Holding(s) in Company

Paddy Power plc
06 February 2003

Paddy Power plc

6 February 2003

Re: Holding in Company

A letter from Merrill Lynch Investment Managers Limited to Paddy Power plc dated
27 January 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 January 2003

Class of shares:     EUR0.10 Ordinary Shares

Total interest held by: Merrill Lynch Investment Managers Limited - 4,323,701 (9.17%)

Made up as follows:

Registered Holders (if known)            Number of shares  Investment Management Company        Beneficial
                                                             (if separately Disclosable)        Interests? 
                                                                                                  (Yes/No)

Rowan Nominees Limited (Designated &            2,498,679                                               No
Undesignated)

Nutraco Nominees Limited                          378,323                                               No

AIB Dublin                                         67,724                                               No

Chase Nominees Limited                            617,404                                               No

Mellon Nominees Limited                           374,732                                               No

Other Names                                       386,839                                               No

Total                                           4,323,701




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